Banking Finance
SBI changes IFSC codes of 1,300 branches. Here’s help to find out your branch’s code, ET BFSI
State Bank of India (SBI) has changed the IFSC codes and names of 1,300 branches after the merger of five its associates. The banking behemoth has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai,...
Funds transfer now allowed from prepaid wallets using third party apps, ET BFSI
UPI Access for prepaid instruments: Now you can transfer funds from prepaid wallets using third party appsThe Reserve Bank of India (RBI) in its monetary policy committee (MPC) meeting said that now individuals can make payments from prepaid payment instruments like...
REC sanctions record Rs 3.59 lakh crore loan in FY24, BFSI News, ET BFSI
New Delhi: State-owned REC has made record loan sanctions worth Rs 3.59 lakh crore during 2023-24, posting a year-on-year rise of 33.66 per cent. It had sanctioned Rs 2.68 lakh crore as loan during the preceding 2022-23 fiscal, the company said in an exchange filing....
UBS on the brink of Switzerland’s ‘too big to fail’ reckoning, ET BFSI
ZURICH - Since UBS rescued its stricken rival Credit Suisse a year ago, it has been waiting to hear how authorities will protect Switzerland from the risk of the country's only remaining big bank also imploding. It is about to find out.The Swiss government is this...
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one, ET BFSI
Not paying enough attention to tax matters can put you in a tight spot. Having coughed up a high tax for the past three months, Shilpa Bose knows this too well. The Delhi-based marketing professional submitted investment proof and other documents before the 15 January...
This NBFC has hiked FD interest rates by up to 60 bps; earn up to 8.85% on this fixed deposit tenure, ET BFSI
Bajaj Finance, part of Bajaj Finserv, has announced hikes in fixed deposits (FDs) interest rates across most tenures. The new rates will be effective from April 3, 2024, according to the NBFCs press release issued on April 8 2024.FD rates for general citizensFor...
HSBC targets wealthy expats, bullish Asian firms to drive Europe unit: Executive, ET BFSI
LONDON - HSBC's European chief is betting on rising regional wealth and overseas expansion by Asian corporate clients to boost his unit's contribution to group profit after a multi-year reboot turned the business from laggard to profit engine.The turnaround in Europe,...
Which can generate higher return, where you should invest, ET BFSI
The active-passive investing debate has gained momentum with the release of the 2023 S&P Indices Versus Active Funds (SPIVA) India Scorecard. It shows that a large chunk of actively managed Indian equity mutual funds underperformed their benchmarks. Many advocate...
Eid business keeps textile market upbeat, BFSI News, ET BFSI
Representative imageEid-ul-Fitr is around the corner and the city’s textile market is buzzing with activity. Retail demand has been high, leaving the market in a bullish mode for the festival season ahead. The order cycles usually run around four months ahead of each...
Last date to invest in SBI Amrit Kalash extended, ET BFSI
State Bank of India (SBI) has extended the validity of the Amrit Kalash special fixed deposit (FD) scheme. The special fixed deposit scheme for retail customers offers higher interest rates for regular and senior citizens.What is last date to invest in Amrit...
Rupee settles on flat note at 83.31 against US dollar, BFSI News, ET BFSI
Mumbai: The rupee settled on a flat note on Monday at 83.31 (provisional) against the US dollar, as the support from positive domestic equities was negated by the strength of the American currency in the overseas market. Forex traders said investor sentiments got a...
Blackstone-backed Aadhar Housing Finance gets Sebi nod to launch Rs 5,000 crore IPO, ET BFSI
Capital markets regulator Sebi has approved the IPO of leading affordable housing finance company Aadhar Housing Finance. The company, which aims to raise around Rs 5,000 crore through the offer, had filed its draft papers in February.Earlier, Aadhar Housing filed...
Swiss government’s ‘too big to fail’ proposals loom for UBS, ET BFSI
ZURICH - The Swiss government will this month present proposals aimed at protecting the country against the risk of banks deemed "too big to fail" in response to UBS's emergence as the country's sole big lender with its 2023 takeover of Credit Suisse.Following are key...
Eye on banks! ICICI Bank, Bank of Baroda could give up to 15% return in 1 year, ET BFSI
Systemic credit growth remains robust at 16.5% for the fortnight ending 8th Mar’24, and we anticipate this trend to be mirrored across our coverage universe.This healthy growth is fuelled by sustained momentum in retail and business banking, along with a gradual...
Phoenix ARC buys two stressed loans from IIFL, BFSI News, ET BFSI
Representative Image Kotak Mahindra Bank-sponsored asset reconstruction company Phoenix ARC has bought ₹1,800 crore of two real estate developer loans from IIFL in a structured deal, offering around 83% recovery to the Fairfax-backed non-bank lender, people aware of...
Outgoing Bandhan chief Chandra Sekhar Ghosh gives a peek into his next plan of action, ET BFSI
Chandra Shekhar Ghosh, who recently announced he would resign as Bandhan Bank's CEO & MD this July, told ET Now in in a interview that he felt the time was right for him to hang up his boots.He said he took the decision to move on after a look at the bank's...
China may surge 30% in next 12 months but India is vastly superior to any emerging market long term: Mark Matthews, ET BFSI
Mark Matthews, MD, Julius Baer, says: “China is not a good market to invest for the long term and if you put $100 into India 30 years ago, it would be about $1,800 today, which is remarkable considering what the rupee has done over that period of time. $100 in China...
Global cues, Q4 earnings, FII flows among six factors to set Dalal Street trajectory this week, ET BFSI
MUMBAI: Indian equities kickstarted the new financial year on a good note as benchmark indices scaled fresh lifetime highs. The action however, was more prominent in the broader market, as smallcap stocks got their mojo back and outperformed the largecaps. After a...
Fearless Stock Bulls Start Hedging as Fed Policy Pivot Stalls, ET BFSI
A bumpy week for the S&P 500 Index prompted long-complacent traders to look at the hedges they’ve ignored for months.The demand for broad market insurance plunged to multi-year lows in the first quarter as US stocks posted a series of fresh highs despite growing...
What’s driving the Big growth?, BFSI News, ET BFSI
Ecommerce, gaming, utilities, government services, and financial services reportedly dominated online transactions in the second half of 2023, accounting for nearly 80% of the total volume. The findings are of a recent report by French payment firm Worldline on...
Markets to monitor Q4 results in upcoming week, BFSI News, ET BFSI
New Delhi: Investors are expected to closely monitor developments in the upcoming week as Q4 results are unveiled, says Vinod Nair, Head of Research, Geojit Financial Services.The auto sector anticipates positive results in Q4 due to volume growth in the premium...
PMO asks commerce ministry to examine model text of investment treaty, ET BFSI
The Prime Minister's Office (PMO) has asked the commerce ministry to examine the model text of the bilateral investment treaty (BIT) and suggest modifications to further improve the ease of doing business, according to sources. The exercise assumes significance as...
Now you can transfer funds from prepaid wallets using third party apps, ET BFSI
The Reserve Bank of India (RBI) in its monetary policy committee (MPC) meeting said that now individuals can make payments from prepaid payment instruments like digital wallets using UPI that too through any third party app. RBI Governor Shaktikanta Das has said...
Four of top 10 valued firms add Rs 1.71 lakh cr to mcap; HDFC Bank, LIC lead gainers, ET BFSI
New Delhi: Four of the top 10 valued firms added Rs 1,71,309.28 crore to their market valuation last week with HDFC Bank and Life Insurance Corporation of India (LIC) emerging as the biggest gainers in line with an overall positive trend in equities. On the other...
Fundraise by InvITs, REITs surges multi-fold to Rs 17,116 cr in FY24 on promising returns, ET BFSI
Investor enthusiasm towards InvITs and REITs is on the rise, with fundraising through these routes reaching Rs 17,116 crore in 2023-24, a 14-fold year-on-year surge fuelled by the prospect of stable returns. Going ahead, the outlook for infrastructure investment...
FPIs withdraw Rs 325 crore from Indian equities so far in Apr, ET BFSI
New Delhi: FPIs have turned cautious as they pulled out Rs 325 crore from Indian equities in the first week of this month owing to relatively high valuations and the upcoming general elections. The net outflow came after a staggering investment of Rs 35,000 crore in...
Top banks offering up to 8.1% interest rates on 1-3 year FDs; check list, ET BFSI
Fixed Deposit Interest Rates: Fixed deposits (FDs) offer a secure avenue for investment, particularly favored by risk-averse individuals and senior citizens. Recently, several top banks have raised their FD interest rates, with some offering up to 8.1% on 1-3 year...
Small & midcap stocks may be headed towards a pre-election rally: Abhishek Basumallick, ET BFSI
Abhishek Basumallick, Founder & Chief Equity Advisor, Intelsense Capital, points to two sectors which have not been in the public limelight, chemicals and insurance. “While I am pretty bullish on insurance, chemicals sector is getting to the stage where we are...
No justifications for gold’s recent rally, investors riding on Fed rate cut hope, ET BFSI
Spot gold closed with a solid gain of 1.76% at $2330 Friday as the metal rallied for the third straight week. It hit a fresh record high just above $2330. It posted a whooping gain of nearly 4.50% on the week despite surging yields and a largely steady US Dollar. Part...
2 Trichy Women Lose 24 Lakh To Online Fraudsters, BFSI News, ET BFSI
Trichy: Two women of Trichy city have lost around 24 lakh to online fraudsters. A 65-year-old woman from Ponmalaipatti, in her complaint on National Cybercrime Reporting Portal (NCRP), said she opened a link (Esky ticketing) received on her Telegram on Dec 8 and it...
Experts decode policy impact on stock markets. Here’s what they said, ET BFSI
The Reserve Bank of India (RBI) on Friday left the repo rate unchanged at 6.5% for the 7th straight time, while remaining focused on the withdrawal of accommodation to ensure that inflation progressively aligns to the target while supporting the growth.The policy was...
Delhi police bust gang of cheaters; one accused held, BFSI News, ET BFSI
New Delhi [India], April 5 (ANI): Delhi police said it has busted a gang for allegedly indulging in cyber fraud and cheating businessmen across the country on the pretext of providing high profit through investment in IPO trading.A team of Cyber Police Station West...
Is profitability at the peak?, BFSI News, ET BFSI
The deposit lag, coupled with the repricing of deposits and a liquidity deficit in the market, is likely to elevate the cost of funds in the near term exerting pressure on banks’ net interest margins, potentially leading to a moderation in overall profitability. The...
Sensex, Nifty end flat as RBI holds rates; realty stocks jump, ET BFSI
Indian shares ended flat on Friday, recovering from earlier losses as banks and real estate stocks received a boost from the country's central bank standing pat on rates, while IT stocks dropped amid uncertainty around U.S interest rate cuts.The BSE benchmark Sensex...
Private bank loses Rs 4.5cr in online transaction failure fraud; 3 held, ET BFSI
Mumbai: Cyber crime police have arrested three men, including a BTech (IT) graduate from Ghaziabad, for their alleged involvement in an online transaction failure fraud causing a loss of nearly Rs 4.5 crore to a private bank. The trio were beneficiaries, police said,...
Mutual fund managers decode RBI rate pause for investors, ET BFSI
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) in its bi-monthly monetary policy review again decided to keep the policy rate unchanged at 6.50%. The MPC of the central bank also retained its stance of remaining focussed on “withdrawal of...
FPIs pare stakes in HDFC Bank, but not enough for ETF gush, BFSI News, ET BFSI
Mumbai: HDFC Bank may have missed out on the prospect of fresh foreign purchases of its stock by a whisker.Overseas investors' stake in the bank fell in the March quarter but this fell short of index provider MSCI's requirements to increase the stock's weight on the...
Global shares mostly decline, as investors look toward US jobs report, ET BFSI
TOKYO - Global shares mostly declined Friday as investors looked to a key U.S. jobs report due later in the day to gauge the health of the economy and see what the Federal Reserve might do on interest rates. France's CAC 40 declined 1.3% in early trading to 8,042.05,...
Bandhan Bank posts 18% loan growth in FY24, BFSI News, ET BFSI
Kolkata: Bandhan Bank on Thursday said its loans and advances have clocked Rs 1.28 lakh crore at the end of the fourth quarter of the 2023-24 fiscal, registering a 17.8 per cent growth year-on-year. The lender said the same was Rs 1.09 lakh crore by the end of March...
What should fixed deposit investors do as RBI keeps repo rate unchanged?, ET BFSI
High Fixed Deposit Rates: If fixed deposits are your go to investment avenue, then the RBI monetary policy meet has good news for you. RBI governor Shaktikanta Das announced that the MPC has decided to keep the repo rate unchanged at 6.5%. This means that the higher...
SFBs believe rupee interest derivative products will boost balance sheet resilience, ET BFSI
The Reserve Bank of India (RBI) on Friday announced its decision to allow Small Finance Banks (SFBs) to use permissible rupee interest derivative products. While announcing the key outcomes of the Monetary Policy Committee (MPC) decision, the RBI Governor Shaktikanta...
Dollar steadies, yen touches two-week high ahead of key US jobs data, ET BFSI
LONDON - The dollar headed for its first weekly loss in a month on Friday, but pulled away from two-week lows, ahead of a key U.S. jobs report later in the day, while tensions in the Middle East kept investors on edge.Demand for safe-haven currencies, along with more...
RBI penalises IDFC First Bank, LIC Housing Finance, BFSI News, ET BFSI
The Reserve Bank on Friday said it has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain norms. The penalty on IDFC First Bank has been imposed for non-compliance with certain directions on 'Loans and...
Rahul Gandhi’s bet on record Dalal Street rally makes him richer, ET BFSI
Indian opposition leader Rahul Gandhi’s wealth rose more than 28% in the past five years, aided by his stock investments amid a bull run in Indian equities.Gandhi, who is being positioned as a challenger to Prime Minister Narendra Modi in the national elections that...
Chandra Shekher Ghosh to retire as Bandhan Bank’s chief in July, may play active role in the holding company, ET BFSI
MUMBAI: Chandra Shekher Ghosh, founder managing director and CEO of Bandhan Bank, will retire in July, ending nearly a quarter of century of leading the financial institution that started as a microfinance lender.Ghosh informed the company board that he would retire...
India’s forex reserves hit record high at $645.58 billion for week ending on March 29, ET BFSI
The Reserve Bank of India’s foreign exchange reserves touched a new record high of $645.58 billion in the week ended March 29, topping the previous high of $642.49, latest central bank data showed.Forex reserves increased by $2.9 billion in the week ended March 29,...
PNB reports 11.5 pc loan growth in Q4, BoB’s up 12.4 pc, BFSI News, ET BFSI
State-owned Punjab National Bank (PNB) on Friday said it has posted a credit growth of 11.5 per cent at Rs 9.85 lakh crore for the March quarter. Total advances were Rs 8.84 lakh crore at the end of March 31, 2023, PNB said in a regulatory filing. The lender reported...
FD interest rates of 8-9% to continue for a longer period as RBI holds repo rate; how to invest in fixed deposits, ET BFSI
The Reserve Bank of India (RBI) has kept the repo rate unchanged for the seventh consecutive time, at its bimonthly monetary policy committee meeting held on April 5. The previous repo rate hike happened in February 2023 when it was raised from 6.25% to 6.5%. An...
IndusInd Bank records 18 pc loan growth in Q4, BFSI News, ET BFSI
New Delhi, Private sector lender IndusInd Bank on Thursday said it has posted an 18 per cent growth in advances at Rs 3,42,857 crore during the March quarter. Net advances stood at Rs 2,89,924 crore at the end of the fourth quarter of the last financial year, IndusInd...
Soon, you can deposit cash through UPI at ATMs, announces RBI, ET BFSI
Unified Payments Interface (UPI) has become a part of our day-to-day life in the last few years. However, we mostly use it to transfer money or scan the QR code and pay at shops. But, the usage of UPI is just not limited to payments. Now, you can withdraw cash from...
Are banks closed this Saturday, April 6?, ET BFSI
Banks in India are closed on national holidays, regional state holidays depending on the state, and the second and fourth Saturdays of every month and Sundays. Likewise, the first, third and fifth are working Saturdays for banks.Is it a bank holiday this Saturday,...
New Tax Regime Hits Pvt Sector Addition To Nps, ET BFSI
NEW DELHI: The pension scheme for the corporate and individuals, regulated by Pension Fund Regulatory and Development Authority (PFRDA), may have been hit by the new tax regime, which offers lower tax rates but no exemptions, such as, those for investment.Latest data...
Bank of Maharashtra logs 16% loan growth in Q4, BFSI News, ET BFSI
New Delhi: State-owned Bank of Maharashtra (BoM) on Friday said it has posted a credit growth of 16.31 per cent at Rs 2.03 lakh crore for the March quarter. The outstanding credit was Rs 1.75 lakh crore at the end of March 31, 2023, BoM said in a regulatory filing....
Top crypto assets to watch & buy in April 2024, BFSI News, ET BFSI
2024 continues to be a great year for crypto enthusiasts. Bitcoin has registered seven green months in a row and is aiming to do one better in April – its halving month. The current pullback and consolidation is likely a healthy flush out needed to push for the next...
NBFCs record strong growth led by retail loans, ET BFSI
Non-banking finance companies (NBFCs) have continued their strong growth numbers in the third quarter led by retail loans while Poonawalla Fincorp recorded its highest-ever disbursement at Rs 9,680 crore. L&T Finance's retail disbursements were at Rs 15,030 crore,...
RBI’s policy decision a prudent step, affirmation of goldilocks for India: Bankers, ET BFSI
RBI Governor Shaktikanta DasThe Reserve Bank of India Monetary Policy Committee announced on April 5, 2024 its decision of keeping the repo rates unchanged at 6.5 per cent for the seventh straight time. The RBI Governor Shaktikanta Das forecasts the India GDP growth...
Japan’s Nikkei slumps in worst week since Dec 2022 as tech tumbles, ET BFSI
Japan's Nikkei share average tumbled nearly 2% to a three-week low on Friday, logging its worst week since December 2022, as tech shares slid on Wall Street's lead.Investors were also cautious ahead of a key monthly U.S. jobs report due later in the day, with the...
SIDBI’s Prakash Kumar, ET BFSI
Small Industries Development Bank of India (SIDBI) has undertaken a number of initiatives to boost the MSME sector. The MSME Cluster Development Initiatives, for instance, aim to support clusters in addressing skilling, technology, marketing and credit facilitation...
What should fixed deposit investors do as RBI keeps repo rate unchanged?, ET BFSI
High Fixed Deposit Rates: If fixed deposits are your go to investment avenue, then the RBI monetary policy meet has good news for you. RBI governor Shaktikanta Das announced that the MPC has decided to keep the repo rate unchanged at 6.5%. This means that the higher...
Rupee ends higher on foreign, state-run banks’ dollar sales, ET BFSI
MUMBAI - The Indian rupee rose on Friday, bolstered by dollar sales from foreign and state-run banks and after the Indian central bank kept rates unchanged for a seventh consecutive meeting.The rupee closed at 83.2950 against the U.S dollar, up nearly 0.2% compared...
India’s Aavas Financiers hits near 3-month high as assets under management rise, ET BFSI
Shares of Aavas Financiers Ltd up 6.3% at 1,544 rupees, their highest since Jan. 17.Mortgage bank lender's assets under management (AUM) up 22% y/y as of March-end, disbursements up 20%.Citi believes AVAS can maintain margins despite rise in financing costs, sees AUM...
RBI to review liquidity coverage ratio norms for banks, ET BFSI
Mumbai: The RBI has decided to undertake a comprehensive review of the liquidity coverage ratio (LCR) framework for banks to prevent a situation where a sudden withdrawal of money by a very large number of customers from their accounts could precipitate financial...
RBI’s policy will create stability in financial market and growth for Indian economy: Nilesh Shah, ET BFSI
Nilesh Shah, MD, Kotak AMC, says “the monetary policy is reaffirming that RBI's policy will create stability in the financial market, trust in the financial market, and growth for the Indian economy. The equity markets today will be less bothered about food inflation....
“Be mindful…” RBI Governor Das flagged this to banks and NBFCs over public money during MPC meeting, ET BFSI
Reserve Bank of India governor Shaktikanta Das on Friday called upon financial entities like the NBFCs, banks to be mindful of the fact that they are dealing with public money."Let me emphasise that banks, NBFCs and other financial entities must continue to give the...
HDFC Bank’s Q4 deposits up 7.5%, Macquarie report says ‘fantastic outcome’, ET BFSI
The largest private lender, HDFC Bank, gave a solid push to deposit mobilisation in the fourth quarter of FY24, resulting in 7.5% growth or Rs 1.6 lakh crore in the last quarter alone, according to disclosures made by the bank to the exchange.Its total advances rose...
Three small cap funds fail to beat benchmark in two consecutive years, ET BFSI
Three small cap schemes have continuously underperformed their respective benchmarks in two consecutive years (2022 and 2023), an analysis of yearly returns of the category by ETMutualFunds showed.Around 23 small cap schemes have completed two years of existence in...
EFL secures INR 400 crore to boost MSME financing, BFSI News, ET BFSI
"This association with two leading social impact investors helps us support small businesses to thrive and deliver resilient, low-carbon growth," said Shilpa Pophale, MD & CEO at EFL.Electronica Finance Ltd (EFL) said on Thursday it has secured INR 400 crore in an...
J&K Bank partners with Paymart to launch Virtual ATM Facility, ET BFSI
J&K Bank on Thursday announced its partnership with Paymart India Pvt Ltd to introduce a Virtual ATM (VATM) facility. The partnership aims to introduce cardless cash withdrawal for the Bank’s customers through their neighbourhood merchants. The goal of the...
7 smallcaps with double-digit returns in each of last three months turn multibaggers!, ET BFSI
After a rocking 2023, the party in the smallcap universe has continued unabated in 2024, as some of the stocks have turned multibaggers in just three months. ETMarkets gauged the performance of stocks with a market capitalization of over Rs 1,000 crore in the first...
Government penalises Planify Capital for bending law to raise funds, ET BFSI
NEW DELHI: Govt has imposed a penalty on Planify Capital, which calls itself a startup marketplace to invest in startups pre-IPOs and unicorns, and a small-time retailer Mayasheel Retail for using the platform to sell shares indirectly to investors. Maximum penalty...
HDFC Bank loan book crosses Rs 25 lakh cr in Q4, BFSI News, ET BFSI
HDFC BankNew Delhi: Private sector lender HDFC Bank on Thursday said its loan book crossed Rs 25 lakh crore in the fourth quarter ended March 2024. The bank's gross advances aggregated to Rs 25.08 lakh crore as of March 31, 2024, a growth of 55.4 per cent over Rs...
If you have money anxiety, knowing your financial attachment style can help, ET BFSI
London, Apr 4 (The Conversation): The number of people struggling with money in Britain is at a record high. Financial charities say that people are contacting them for help with debt, paying bills and insolvency. The campaign group Debt Justice found in a survey that...
Strong AUM Growth of 13% QoQ, Asset Quality Improves, ET BFSI
Poonawalla Fincorp Limited provided the following information with respect to the quarter ended 31st March 2024: 1. Disbursements: Total disbursements during Q4FY24 were highest ever at approximately Rs. 9,680 crore up 52% YoY and 11% QoQ compared to disbursements of...
Valuation gap between mid-tier and frontline banks has narrowed, ET BFSI
New Delhi: With outperformance by other private and mid-tier PSU banks, the valuation gap between mid-tier and frontline banks has narrowed, Elara Securities said. Frontline banks - HDFC, ICICI and Kotak Mahindra among private banks - and State Bank of India among PSU...
Japan won’t intervene unless yen slides below 155, says ex-FX diplomat Watanabe, ET BFSI
TOKYO - Japanese authorities likely won't intervene in the currency market unless the yen plunges below 155 to the dollar, former top currency diplomat Hiroshi Watanabe said on Thursday.Markets are on alert for the chance of yen-buying intervention by Japanese...
NCLT admits insolvency resolution plea against the erstwhile promoter of DHFL Kapil Wadhawan, ET BFSI
The National Company Law Tribunal (NCLT) has admitted Union Bank of India’s application to initiate insolvency resolution proceedings against Kapil Wadhawan, the erstwhile promoter of Dewan Housing Finance (DHFL), for a Rs 3,958-crore default by the mortgage...
EU banks are ‘robust’ as some loans show stress, says watchdog, ET BFSI
LONDON - Banks in the European Union hold record high levels of capital backed by improving levels of liquidity, but there are early signs that loans, such as those linked to real estate, have come under pressure, the bloc's banking watchdog said on Thursday.The...
London stocks edge higher with economic data in focus, BFSI News, ET BFSI
April 4 (Reuters) - British stocks edged higher on Thursday supported by a rise in mining and automobile shares, while caution prevailed ahead of a slew of domestic and global economic data that could provide cues on the interest rate path.As of 8:13 GMT, the FTSE 100...
Securitisation volume growth slows to 4 pc in FY24 on HDFC merger: Icra, ET BFSI
Mumbai: The overall securitisation volume growth slowed to 4 per cent in FY24 to Rs 1.88 lakh crore due to the impact of the HDFC twins merger, domestic rating agency Icra said on Thursday. In FY23, the securitisation volume had grown by 33 per cent to Rs 1.80 lakh...
Decline in debit cards transaction volume by 13%, credit cards witness uptick in Feb’24, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 13 per cent while the value decreased by approximately 4 per cent in February 2024. However, month-on-month, the total debit cards transaction...
Why is rupee at an all-time low when all economic indicators are favourable? Indranil Sengupta explains, ET BFSI
Indranil Sengupta, Thematic Economist & Head of India Research, CLSA, says the dollar is strengthening and as a result, the rupee is weakening. It is not necessarily weakening against everybody. It is only weakening against the dollar. Sengupta points out that...
Microfinance loan accounts jump 9% to 14 crore as NBFC disbursements surge 32%, ET BFSI
The microfinance sector is experiencing significant growth, as indicated by a 9% year-on-year increase in the number of loan accounts serviced by micro lenders, totalling 140.8 million as of December 31. Notably, microfinance disbursements by diversified NBFCs surged...
Baldev Prakash, J&K Bank, ET BFSI
"So, for us, the current account and the saving bank has been quite encouraging. We have ended the year above 50% of CASA," says Baldev Prakash, MD & CEO, J&K Bank.Let us first understand how things are stacked up because last couple of quarters have been...
How to secure an overseas education loan top-up with an existing loan, ET BFSI
Pursuing higher education abroad is a dream for many Indian students, but the financial burden associated with it can be overwhelming. While an initial education loan may cover the tuition and living expenses for the first year or two, the costs often escalate...
Iob Gets 620 Crore Demand Notice From Income Tax Dept, ET BFSI
Chennai: Public sector Indian Overseas Bank (IOB) has received a demand notice of Rs 620 crore from the income tax department for the assessment year (AY) 2022-23. The Notice of Demand under Section 156 of Income Tax Act, 1961 was on account of certain additions and...
Get name, DOB details mismatch in PAN and mutual fund folio corrected by April 30, here’s why, ET BFSI
It is now mandatory to provide your name and date of birth in your mutual fund (MF) folio as listed on your PAN card or other provided proof of identity. You have to make sure that there is no mismatch, and if there is a mismatch, you should rectify it by April 30,...
SBI forecasts 15% growth in deposits for FY25; expects RBI rate cut only in Q3FY25, ET BFSI
The State Bank of India (SBI) has unveiled expectations of substantial growth in both deposits and credit for the fiscal year 2025. SBI forecasted deposits to grow at a rate of 14.5 per cent-15 per cent and credit to expand between 16.0 per cent-16.5 per cent in FY25,...
What type of gift is taxed and what is exempted? Arnav Pandya explains, ET BFSI
Arnav Pandya, Founder, Moneyeduschool, says “if the value is less than 50,000, then no income will be considered as taxable, while gifts of value of above 50,000 are the ones which are liable to be taxed under. Then we come to the third point, which is that if a gift...
Goldman sees Indian banks’ profitability coming under pressure, ET BFSI
Goldman Sachs Group Inc. sees increasing headwinds for India’s banks, and expects their returns on assets to decline in the coming quarters.Indian banks were in a Goldilocks period over the last couple of years, during which lenders improved their top line and enjoyed...
5 HRA tax exemption proofs you must have in case income tax dept asks, ET BFSI
Most salaried individuals have House Rent Allowance (HRA) as part of their salary structure. To save income tax, many people claim HRA tax exemption for living in rental accommodation during the financial year. As per a Times of India report, the Income Tax Department...
Microfinance industry body wants members to explore underserved market, ET BFSI
India's microfinance operations have remained highly concentrated, with top 10 states accounting for 85%of the total market, leaving a majority of districts and villages under-penetrated in terms of access to credit despite recent giant strides toward boosting...
Standard Chartered picks new regional heads amid investment banking reshuffle: Sources, ET BFSI
DUBAI - Standard Chartered has picked new regional heads, according to a person with knowledge of the matter, as the Asia-focused bank undergoes a major management reshuffle in its corporate and investment banking business (CIB) business.The new appointments are...
Best small cap mutual funds to invest in April 2024, ET BFSI
Small cap mutual fund schemes are in focus these days. These schemes that invest in the stocks of very small companies have given over 40.44% in 2023. No wonder, investors are in love with these schemes. They invested Rs 2,922.45 crore in small cap funds in...
Warburg Pincus frontrunner to buy Shriram Housing Finance, ET BFSI
Mumbai/Kolkata: Warburg Pincus is closing in on Shriram Housing Finance Ltd (SHFL), having emerged as the frontrunner to acquire the unit of Chennai-based non-banking finance company (NBFC) Shriram Finance, said people in the know. In a closely fought race, Bain...
CCI clears Axis Bank-Max Life Insurance Company deal, BFSI News, ET BFSI
New Delhi, Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has approved Axis Bank's proposed acquisition of a stake in Max Life Insurance Company Ltd. Last year in August, the company announced a capital infusion by Axis Bank by issuance...
Turmoil in India’s exchange-traded FX options on forced position unwinding, ET BFSI
Indian rupee's exchange-traded options went into a tizzy on Wednesday after brokers asked clients to submit proof of underlying exposure on their derivative contracts or unwind their existing positions, three market participants said.This came after brokers thought a...
Macquarie, BFSI News, ET BFSI
Mumbai: Shares of Aditya Birla Capital surged over 10% to a six-and-a-half-year high on Tuesday after brokerage Macquarie initiated coverage on the stock with an outperform rating and a price target of ₹230. The price target implies an upside potential of 14.4% from...
Citi to lay off 430 employees in New York across units, BFSI News, ET BFSI
The bank last week ended a sweeping overhaul, its biggest in decades, as part of an effort to simplify its structure and improve performanceCitigroup will lay off 430 employees across different divisions in New York, the bank disclosed in filings with the State...
Why financial space could turn out to be a dark horse of FY25, says Satish Ramanathan, ET BFSI
“Financials continue to trade at valuations below their historic average and could be a dark horse, as also pharma and chemicals,” says Satish Ramanathan, CIO - Equity, JM Financial Asset Management.In an interview with ETMarkets, Ramanathan said: “In FY’25, Indian...
Aspire and Innovative Advertising stock lists with 5% premium on NSE SME platform, ET BFSI
The shares of Aspire and Innovative Advertising debuted on the NSE SME platform with a premium of 4.6%. The stock was listed at Rs 56.5, compared with an offer price of Rs 54.Ahead of the debut, the company's shares traded with a GMP of Rs 5 in the unlisted market.The...
For PSB employees, stock may be an option; decision on proposal likely after elections, ET BFSI
New Delhi:The government has resumed talks with public sector banks (PSBs) on offering stock options to eligible employees, rekindling hope for this longstanding demand of the lenders.The proposal to offer employee stock ownership plans or ESOPs, has been on the...
FOREX-Dollar hits 5-month high while jawboning supports yen, BFSI News, ET BFSI
LONDON/TOKYO - The U.S. dollar hit its highest in almost five months on Tuesday as stronger-than-expected economic data caused investors to cut their bets on a June rate cut, boosting the currency.Fears of intervention by Japanese officials slowed the dollar's gains...
IREDA logs highest-ever loan sanctions, disbursements in FY23-24, ET BFSI
IREDANew Delhi: The state-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday said that it has recorded its highest-ever annual loan sanctions and disbursements in fiscal 2023-24. The company has sanctioned loans amounting to Rs 37,354 crore and...
Bank of China says net interest margin will continue to face pressure, ET BFSI
BEIJING - Bank of China (BoC) said its net interest margin (NIM) - a key gauge of profitability - will still face significant pressure this year.Vice President Zhang Yi made the remarks in an earnings press conference on Tuesday. Five of China's largest lenders have...
Bitcoin dominates FY24 with over 150% surge, outpacing traditional markets, ET BFSI
As we bid farewell to fiscal year 2024, investors across the financial spectrum are contemplating a year marked by remarkable gains in various sectors, spanning traditional equities, bonds, gold, and the ever-evolving world of cryptocurrencies.Amidst this dynamic...
Aditya Birla Capital shares jump 7%, Macquarie says stock can double in 3 years, ET BFSI
Shares of Aditya Birla Capital on Tuesday rose 7.3% to Rs 195 on NSE after global broking firm Macquarie initiated coverage on the NBFC with an outperform rating. It has set a target price of Rs 230 on the stock for the next 12 months and also said the scrip can even...
Two go on trial in Switzerland over ‘kleptocracy’ scandal involving Saudi oil firm, Malaysian bank, ET BFSI
Geneva, Apr 2 (AP): Two managers of a Saudi oil exploration company went on trial in Switzerland on Tuesday for alleged fraud and money laundering over a scandal years ago linked to a Malaysian sovereign wealth fund that the US Justice Department once described as the...
Investors flock to sustainable opportunities in 2024, ET BFSI
India, along with many developed countries, is accelerating its efforts to ensure growth based on globally accepted principles of sustainable economic development. Various regulatory controls and processes have been mandated, like the Energy Conservation (Amendment)...
Naman In-Store shares list at 40% premium over IPO price on NSE SME platform, ET BFSI
The shares of Naman In-Store listed on the NSE SME platform on Tuesday at a premium of 40.45%. The stock debuted at Rs 125 as against an offer price of Rs 89.Ahead of the listing, the company's shares traded at a premium of Rs 45 in the unlisted market.The IPO, which...
Goldman Sachs digital asset head says crypto rally driven by retail investors, ET BFSI
The recent surge in cryptocurrency prices has been driven by retail investors, but institutions are starting to join in, Goldman Sachs' head of digital assets Mathew McDermott said on Tuesday.Bitcoin, the biggest cryptocurrency, hit a new all-time high of $73,794 last...
Nifty may surge to 23,400 before general election outcome, says ICICIdirect; here’s why, ET BFSI
Nifty is expected to hit 23,400 levels around the time of the general election outcome led by BFSI, auto, capital goods and metal stocks according to estimates by ICICIdirect, which sees largecaps outperforming the broader market. The brokerage picks nearly 8 dozen...
iThink Logistics onboards ONDC to strengthen outreach to SMEs, MSMEs, ET BFSI
Mumbai: Logistics startup iThink Logistics on Tuesday announced it has onboarded ONDC (Open Network for Digital Commerce) to strengthen its outreach to SMEs and MSMEs. iThink Logistics going live on the ONDC Network unfolds advantages for Small and Medium-sized...
SBI leads debit cards market, HDFC Bank dominates credit cards share in Feb’24, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a 24 per cent share in February 2024, revealed latest data by 1Lattice. Top banks followed the list like Bank of Baroda which held about 10 per...
World Bank set to issue up to $1 bln in debut hybrid note this year, ET BFSI
LONDON - The World Bank is looking to issue up to $1 billion in a debut hybrid note on capital markets this year, a senior executive told Reuters, as development banks face increasing pressure to find new ways to boost their lending.The G20 group of major economies...
IIT-Kanpur Alumnus Sandeep Jain takes charge as new FISME president, ET BFSI
Auto-component manufacturer and alumnus of IIT-Kanpur, Sandeep Jain, has been unanimously elected President of the Federation of Indian Micro and Small & Medium Enterprises (FISME) for 2024-25.His name was approved in the meeting of the Central Executive Committee...
With AI, blockchain, RBI should study a new banking structure to fund future needs: PM Modi, ET BFSI
Speaking at the 90th-anniversary celebration of the Reserve Bank of India (RBI), Prime Minister Narendra Modi on Monday asked the central bank to assess a newer banking structure to fund future needs. PM Modi said an assessment of the credit needs should be done by...
Taxman puts some FPI assessments on hold for more information, ET BFSI
After a flurry of probing questionnaires over the past few months, the income tax (I-T) department has held back assessment orders on several foreign portfolio investors (FPIs) to fish out more information on them from jurisdictions such as Mauritius.While the...
Digitisation will be key driver for Mahindra Finance, says MD designate, ET BFSI
Mahindra Finance is undergoing a paradigm shift in senior management with vice chairman Ramesh Iyer handing over the baton to Raul Rebello this April-end. Analysts feel that while it may take time to create new business models, the company’s robust rural reach and...
Credit quality outlook of India Inc positive in first half of FY25: Crisil Ratings, ET BFSI
Crisil Ratings on Monday said the credit quality outlook for Indian corporates remains positive for the April-September period of the 2024-25 fiscal year with upgrades continuing to outpace downgrades. In the last fiscal year, Crisil gave 409 rating upgrades and 228...
China stocks see biggest jump in 1-month on strong PMI data, BFSI News, ET BFSI
China stocks jumped on Monday, logging their biggest daily gain in a month, after the latest manufacturing activity data signalled that the economy's recovery is gaining traction, while the Hong Kong market was closed for a holiday.China's manufacturing activity...
Bank of India receives Rs 1,128 cr tax demand order, ET BFSI
Bank of India on Sunday announced that it has been issued a demand notice totaling Rs 1,127.72 crore by the Income Tax Department's Assessment Unit, pertaining to the assessment year 2016-17.The Bank has received a demand notice under section 156 of the Income Tax...
A comprehensive guide to 3-in-1 accounts, ET BFSI
Non-Resident Indians (NRIs) looking to invest in the Indian stock market can opt for the NRI 3-in-1 Account - a combination of a bank account, demat account, and trading account into a single online platform, providing convenience and efficiency for NRI investors.The...
RBI directs banks to step up hassle-free loans to Self Help Groups, ET BFSI
Mumbai: The RBI on Monday directed all banks to provide adequate incentives to their branches in financing the Self Help Groups (SHGs) and establish linkages with them, making the procedures simple and easy. "The group dynamics of working of the SHGs need neither be...
How to save tax on House Rent Allowance, BFSI News, ET BFSI
For most employees, House Rent Allowance (HRA) is a part of their salary structure. Although it is a part of your salary, HRA, unlike basic salary, is not fully taxable. Subject to certain conditions, a part of HRA is exempted under Section 10 (13A) of the Income-tax...
Time for Nifty and Bank Nifty to hit new highs; be neutral to bullish on IDFC First Bank: Aditya Arora, ET BFSI
Aditya Arora, Adlytick, says this time, it would not be a domestic rally, but a global-led rally because Nasdaq is at lifetime high, Dow Jones is at lifetime high. Now it is time for Nifty and Bank Nifty to hit new highs. Arora’s target for Nifty is 22,500 to 23,000...
This large cap mutual fund gave 15% returns in three years; should you invest?, ET BFSI
ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision.ICICI PRU BLUECHIPBASIC FACTSDATE OF LAUNCH23 MAY...
PM Modi pitches for studying a newer banking structure to fund future needs, ET BFSI
Mumbai: Prime Minister Narendra Modi on Monday said there is a need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Speaking at the inauguration event for the commemoration of 90 years of the Reserve bank of India...
Best large cap mutual funds to invest in April 2024, ET BFSI
Mutual fund advisors have been recommending investing in large cap schemes in the coming year. They believe that the large cap category may do well as the market is entering into the expensive territory. They say that the stock market is at an all-time high and the...
Centrum’s fund modulus ropes in SBI veterans to drive growth, BFSI News, ET BFSI
Mumbai: Modulus Alternatives, the ₹2,500-crore private credit fund run by Jaspal Bindra's Centrum Group, has hired three State Bank of India veterans to lead functions such as deal origination, fundraising and governance.Raghavendra Rao, a former deputy managing...
No urgent relief to Wadia Group in Bank of Baroda case, ET BFSI
The Bombay High Court refused to grant urgent relief to the Wadia Group, which sought to restrain the Bank of Baroda from invoking a corporate guarantee given by one of its group companies at the instance of Go First Airlines to the tune of Rs 500 crore. Nowrosjee...
Ola Electric raises $50 million in debt financing from EvolutionX Cap, ET BFSI
Initial public offering (IPO)-bound electric two-wheeler maker Ola Electric Mobility Ltd has raised Rs 410 crore (about $50 million) through non-convertible debentures from EvolutionX Debt Capital, showed regulatory filings made with the Registrar of Companies...
TP Ostwal on how new tax laws will help MSMEs and its pitfalls, ET BFSI
TP Ostwal, Tax Expert, strikes a word of caution. He says: “I would take a view that if the interest liability is already provided, which is penal in nature, why should there be a disallowance if the taxpayer makes the payment before filing his tax return to the MSME?...
Rakuten Group aims to integrate bank, fintech units, ET BFSI
Rakuten Group plans to integrate its fintech businesses into one group, it said on Monday, aiming to strengthen collaboration and customer acquisition across areas from online banking and credit cards to securities and insurance.Rakuten Group and Rakuten Bank entered...
Can you claim HRA tax exemption for rent paid to wife, parent or any other relative?, ET BFSI
The Income Tax Act, 1961, allows individuals to save income on house rent allowance (HRA) received as a part of their salary provided they have lived in a rented accommodation and paid rent in the financial year concerned. However, many salaried individuals use the...
PNB Housing Finance’s shares jump 14% on CARE Ratings upgrades, ET BFSI
Shares of PNB Housing Finance shot-up over 14% on Monday to hit the day's high of Rs 720.40 on the NSE following rating agency CARE Ratings upgrading various facilities/instruments of PNB Housing Finance to CARE AA+ (Stable) from CARE AA (Positive), the company...
State Bank of India net banking, YONO mobile app, UPI will be down today during this time, ET BFSI
State Bank of India (SBI) said that the services of Internet Banking, Yono Lite, Yono Business Web & Mobile App, YONO and UPI will not be available on April 1, 2024 due to Annual Closing activity. SBI stated this on the website.When SBI digital services will not...
RBI policy, FII flows among 10 factors that will steer D-Street this week, ET BFSI
Nifty ended the March series on Thursday with gains of 1.6% amid significant monthly volatility. When markets resume trading on Monday, a host of important domestic and global events are likely to impact them. "Benchmark indices logged a second week of gains, ending...
Will investing in PPF and SSY on March 30 and March 31 qualify for tax benefits in FY 2023-24?, ET BFSI
Individuals who need to make any tax-savings investments for FY 2023-24 may be looking forward to making use of March 30 and March 31, as these are the last two dates of the financial year. If any individual misses to do so there will be no opportunity to invest in...
Sebi chief on T+0 settlements, ET BFSI
Attaining the global first of T+0 settlement involved a lot of problem-solving and personal discomforts, Sebi chairperson Madhabi Puri Buch has said giving the analogy of "onion peeling" for the achievement. Speaking at the annual convocation of the Indian Institute...
Looking For A Job Or Shares? Beware Of Cyber Fraudsters, ET BFSI
BHOPAL: The Covid pandemic made work-from-home the new normal, but cyber fraudsters are preying on those looking for WFH jobs.Such scams, called ‘task-frauds’, are spreading like a virus and making it that much more difficult for cybercops to clamp down on these...
Fundraising via QIP hits Rs 78,000 crore in FY24 on strong market sentiment, ET BFSI
Fuelled by improved market sentiments and robust underlying demand, fundraising by issuing shares/units to institutional investors soared to Rs 78,000 crore in 2023-24, a more than seven-fold surge year-on-year. The 2024-25 fiscal is expected to be very robust as...
Market valuation of 7 most valued firms climbs Rs 67,260 crore; Reliance top gainer, ET BFSI
New Delhi: The combined market valuation of seven of the 10 most valued firms climbed Rs 67,259.99 crore in a holiday-shortened last week, with Reliance Industries emerging as the biggest gainer, amid an overall optimistic trend in equities. Last week, the BSE Sensex...
RBI mulls to set up Digital India Trust Agency to check illegal lending apps, ET BFSI
As part of its efforts to curb growing cyber fraud, the Reserve Bank is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps. The proposed agency will enable verification of digital lending apps and maintain a...
Delay in salary and other payments, ET BFSI
HDFC Bank has informed its customers that National Electronic Funds Transfer (NEFT) transactions may not be available on April 1, 2024, due to procedures regarding financial year-ending. Even if the NEFT facility is available for select HDFC Bank customers, it may get...
Centre gets a dividend boost as receipts from state-run undertakings surpass revised estimates by 26% to Rs 63,000 cr, ET BFSI
The Centre's kitty got a boost as dividend receipts from state-run undertakings exceeded the revised budget estimate by 26 per cent to about Rs 63,000 crore. Finance Minister Nirmala Sitharaman had revised dividend receipts in the Interim Budget to Rs 50,000 crore for...
Rule on timely payment to MSMEs comes into force from Monday, ET BFSI
New Delhi: The Income Tax rule disallowing businesses from claiming tax deductions for payments beyond 45 days to MSMEs for supply of goods and services will come into effect on Monday. According to Section 43B(h) of the Income Tax Act, introduced through Finance Act...
HDFC Bank proposes to sell its subsidiary HDFC Education, ET BFSI
HDFC Bank has decided to sell its 100 per cent stake in HDFC Education and Development Services Private Ltd. The transaction will be undertaken through the Swiss challenge method, HDFC Bank said in a regulatory filing on Saturday. "In this regard, HDFC Bank has, on...
From fake refunds to AI phishing attacks, hackers are cashing in, ET BFSI
Cybercriminals are getting ready to take advantage of people during tax season by using a variety of tactics to steal personal information and refunds. Scams such as AI-powered phishing emails, QR code schemes, and the sale of sensitive tax documents on the dark web...
Exporters seek exemption from 45-day payment rule for supplies from MSEs, ET BFSI
Indian exporters have urged the government to exempt them from the 45-day payment rule for goods bought from micro and small enterprises (MSEs) as it will impact their businesses. In a letter to Prime Minister Narendra Modi, chiefs of major export promotion councils...
BoI raises lending rate by 10 basis points, BFSI News, ET BFSI
State-owned Bank of India (BoI) has announced a hike in lending rate by 10 basis points, a move which will make loans, including retail, expensive. The lending rate increase comes ahead of the monetary policy announcement by the Reserve Bank of India on April 5. The...
The unintentional tax-saving investment that most salaried employees do, ET BFSI
The last date to complete tax savings exercise for the current financial year, 2023-24, is just a few days away - March 31, 2024. Many people tend to do last-minute tax-saving investments around this timeHowever, there are only two categories of individuals who should...
US inflation cools; Japanese Yen stays weak, ET BFSI
A key measure of underlying US inflation favored by the Federal Reserve cooled last month, and consumer spending rebounded sharply.Earlier in the week, the collapse of a major bridge in Baltimore will cause weeks or months of transportation disruptions in the...
A complete guide for NRIs to invest in government securities via RBI, ET BFSI
Investing in government securities has become significantly more accessible via the Reserve Bank of India's (RBI) retail direct platform, specially for non-resident Indians (NRIs). This platform offers several advantages, including the absence of brokerage fees,...
Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle, ET BFSI
Salaried individuals usually have to submit necessary proof of expenses and investments to their employers to claim deductions and exemptions under various sections of the Income-tax Act. If you are contemplating whether or not to submit proof to your employer now as...
Is the stock market open on Good Friday today?, ET BFSI
Equity markets will remain closed on Friday on account of Good Friday, according to the market holiday calendar of BSE. Accordingly, all the segments including, the equity segment, derivative segment, and SLB segment will be closed today.The Multi-Commodity Exchange...
Nifty scores at 28% in FY24; investor wealth surges Rs 133,00,000 cr, ET BFSI
Mumbai: Traders carried forward fewer bullish bets in Nifty futures to the April series on Thursday - the expiry day of the March contracts - amid uncertainty as to whether the index would extend its two-day winning run. The Nifty and Sensex notched up nearly 1% gains...
These 3 sectors had a blast in a tentative March month. What to look forward to?, ET BFSI
Fiscal 2024 has come to an end with a lot of churn in the broader market, which spilled, to a certain extent, onto the largecap stocks as well.If we look at the overall year, it was a rewarding period for Indian investors, where large caps rallied substantial 33%,...
Founder Amit Jain, ET BFSI
Amit JainAutotech and financial solution provider CarDekho Group is eyeing over 40 per cent consolidated headline growth in FY25 and is on the prowl for value-accretive acquisitions, chief executive and co-founder and Shark Tank India judge Amit Jain has said. Jain...
Fake govt official, origin numbers like +92, ET BFSI
A new modus operandi by the cyber fraudsters leading to financial crime has been highlighted by the government on Friday. These fraudsters are duping as personnel from the Department of Telecommunications (DoT), Ministry of Communications, and ask for the personal...
ICICI Securities gets shareholder nod to delist, setting up merger with ICICI Bank, ET BFSI
BENGALURU - India's ICICI Securities has secured shareholders' nod to delist its stock, the brokerage said in the early hours of Thursday, paving the way to merge with parent and majority shareholder ICICI Bank.About 71.9% of the brokerage's minority shareholders...
Amidst regulatory scrutiny, banks look for ‘audit ready’ partners for co-branded cards biz, ET BFSI
Co-branded credit cards have quite been the flavour of 2024, as banks started to increasingly partner with good, popular brands offering exciting rewards, specific features and benefits alongwith cashbacks. Co-branded credit cards have now gone beyond fuel and travel,...
How will India’s credit growth fare in FY25?, ET BFSI
Bank credit growth is likely to be in the range of 14%-14.5% at FY25 end on account of economic expansion, rise in capital expenditure, growth in retail credit and the anticipated expansion in capex spending especially by the private sector."The growth is anticipated...
These 43 equity mutual fund schemes deliver up to 70% in FY24, ET BFSI
Around 43 equity mutual fund schemes have offered up to 70% in FY24, an analysis by ETMutualFunds showed. There were 249 equity mutual fund schemes in the market during the year.Quant Value Fund, the topper in the list, offered 69.40% CAGR on a lumpsum investment made...
3,50,000 frauds happen daily via SMSs, BFSI News, ET BFSI
~Shrishti SharmaWhat does your SMS inbox look like? The usual flurry of texts, appointment reminders, discount codes for your favorite stores, utility bills, travel updates, and more. Amidst this, there is one message that stands out: a seemingly official notification...
Short yuan-long rupee trades catch the eye, RBI unlikely to stay on sidelines, ET BFSI
Mumbai: The Federal Reserve's commentary and the course of the dollar may dominate global market discussions, but a set of India-focused investors are moving their rupee trading calls to the Chinese yuan from the greenback, with Mint Road seen smoothening swings in...
Karnataka Bank Approves Allotment Of Equity Share Capital Of ₹600cr Under Qip, ET BFSI
Mangaluru: The Committee of Directors of Karnataka Bank, in its meeting held on Thursday, has approved the allotment of shares under the Qualified Institutional Placement (QIP), at Rs 227 per equity share (including premium of Rs 217 per share), amounting to an...
FPIs make remarkable comeback; infuse Rs 2 lakh cr in equities in FY24, ET BFSI
New Delhi: Foreign investors made a strong return by injecting more than Rs 2 lakh crore into Indian equities in 2023-24, driven by optimism surrounding the country's robust economic fundamentals amidst a challenging global environment. Looking forward to 2025, Bharat...
L&T Finance Holdings receives approval for name change from RoC, ET BFSI
New Delhi, The name of L&T Finance Holdings (LTFH) has been changed to L&T Finance Ltd following approval from the Registrar of Companies (RoC), the company said in a statement on Friday. Mumbai-headquartered L&T Finance, formerly known as L&T Finance...
Banks’ GNPAs set to improve further to 2.1 pc by FY25: Report, ET BFSI
The gross non-performing assets (GNPA) of the Indian banking system are set to improve further to up to 2.1 per cent by the end of FY25, a report said on Friday. GNPAs are likely to come at 2.5-2.7 per cent in FY24 and will improve further to 2.1-2.4 per cent by the...
India’s foreign exchange reserves hit fresh all-time high, ET BFSI
New Delhi [India], March 29 (ANI): India's foreign exchange reserves rose for the fifth straight week to hit a fresh all-time high of USD 642.631 billion in the week ending on March 22, as per the latest data released by the Reserve Bank of India (RBI).Prior to the...
L&T Finance Holdings receives approval for name change from RoC, ET BFSI
New Delhi, The name of L&T Finance Holdings (LTFH) has been changed to L&T Finance Ltd following approval from the Registrar of Companies (RoC), the company said in a statement on Friday. Mumbai-headquartered L&T Finance, formerly known as L&T Finance...
Bank credit growth in India expected at 14-14.5% in FY25: CareEdge Ratings, ET BFSI
CareEdge Ratings estimates bank credit growth in India to be in the range of 14-14.5 per cent in financial year 2024-25. In current financial year 2023-24, credit offtake is anticipated to close with a growth of around 16 per cent excluding the HDFC merger.According...
Rs 70,000 crore pipeline awaits IPO market in FY25, featuring some household names, ET BFSI
The primary market is witnessing a tremendous surge in activity with high liquidity and enhanced investor appetite for new issue launches irrespective of the market sentiments.Companies raised Rs 62,000 crore through initial share sales in fiscal 2024 and the pipeline...
Some Axis Bank customers hit by fraud international transactions, ET BFSI
Mumbai: Axis Bank said on Thursday that the fraudulent credit card transactions reported by some of its customers appeared to be a `BIN attack'. The bank said there was no indication of any breach anywhere, and as the frauds were undertaken with basic card...
Sustainable packaging startup Bambrew raises $7 million in funding led by Blume Ventures, ET BFSI
Bambrew, a cleantech startup operating in the sustainable packaging space, on Friday said it has raised Rs 60 crore (about $7 million) in Series A funding round led by Blume Ventures.The funding was a mix of equity and debt. The equity element totalled to about Rs 30...
Bank loans to industry and services grow, retail lags in February, ET BFSI
The pace of expansion in retail loans, hitherto the primary growth lever for several high-street lenders, moderated in February after the banking regulator enhanced the risk weighting on such exposure over concerns of potential future defaults. Overall credit demand...
1 in every 5 stocks in Nifty 500 doubled your money in a year, ET BFSI
India’s stock market concluded the financial year 2023-24 on a buoyant note, with the Nifty jumping nearly 28.6%, making it one of the top-performing markets in the world.The index’s performance is also its second-best in the previous 10 years. Mid- and small-cap...
Govt updates list of banks authorised to import gold, silver during FY25, ET BFSI
The government on Thursday updated the list of banks authorised to import gold and silver during 2024-25. As per the list, 11 banks, including HDFC Bank and ICICI Bank, have been authorised by the Reserve Bank of India to import gold and silver for 2024-25 with effect...
PPF, SSY, Senior Citizen Savings Scheme, other post office schemes interest rates for April- June quarter 2024, ET BFSI
The government revises small savings schemes interest rates every quarter. For the quarter April-June 2024, the government has kept the interest rates of post office schemes unchanged from the rates prevailing during the January March 2023 quarter."The rates of...
When you should opt for what?, ET BFSI
When it comes to managing your home loan, understanding the differences between home loan refinancing and restructuring is crucial. Let's delve into each option.Home loan refinancingThis involves replacing your existing home loan with a new one. Essentially, you take...
Bank of India gets Rs 564 cr I-T penalty order, BFSI News, ET BFSI
New Delhi, The Income Tax department has levied a penalty of Rs 564.44 crore on Bank of India, the public sector lender said on Thursday. The bank is in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC)...
Here’s all you need to know, ET BFSI
India's stock market is set to usher in the T+0 settlement system from today, making it among the handful of countries to implement the shorter trade settlement cycle. To start with, a 'beta version' will be implemented to ensure the smooth functioning of the shorter...
Canara Bank to sell 13% stake in Canara Robeco MF via IPO, BFSI News, ET BFSI
Canara Bank will sell a 13% stake in arm Canara Robeco Mutual Fund through an initial public offering of shares, and the lender has received the board’s consent for the same.This is, however, subject to approvals of the Reserve Bank of India, the finance ministry, and...
S&P 500 records best first quarter since 2019 going into Easter break, ET BFSI
In an impressive display of resilience, the S&P 500 and the Dow Jones Industrial Average soared to new heights in New York on Thursday, marking a significant prelude to the Easter holiday break. This rally not only set new records but also signaled the best start...
Banking transactions you can do on March 30, 31, ET BFSI
The Reserve Bank Of India (RBI) has said that all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 30 and March 31, 2024.According to the RBI...
NBFC-MFIs continue to dominate market share in microfinance, banks follow: Report, ET BFSI
Representative ImageEver since the AP crisis in 2010 and the creation of a new category of NBFC-MFIs in December 2011, the regulations have carefully nurtured the growth of microfinance in India.The microfinance sector in India today is growing rapidly, allowing small...
Wanted man held for killing bank employee at Delhi bar, BFSI News, ET BFSI
New Delhi: Delhi Police's Crime Branch has arrested a wanted man in connection with the death of a Bank employee following a quarrel that broke out between "Yaaran Da Adda" restaurant workers and customers over some misunderstanding during birthday celebrations in the...
Japan’s Nikkei posts biggest point gain for fiscal year, ET BFSI
TOKYO - Japan's Nikkei share average ended higher on Friday, driven by chip-related heavyweights, and posted a record fiscal-year gain in terms of points amid heavy foreign buying.The index hit successive record highs this month, after breaking levels on Feb. 22 last...
Transactions you can do on March 30, 31 2024, ET BFSI
It is the financial year end weekend this weekend, however, March 31 is a Sunday and March 28 is Good Friday, which is a holiday for many institutions like banks, insurers and even the tax department. March 31 is the also the last day to complete one's tax-saving...
Stupendous FY24 drives market cap of 25 cos by Rs 1 lakh crore; Zomato among them, ET BFSI
A stellar run by domestic equities in FY24 saw the market capitalization of 25 companies rise by atleast Rs 1 lakh crore in a year. Of this, 17 of them are part of benchmark Nifty 50.The Nifty has gained nearly 29% in FY24 and it also tested a lifetime high after a...
Aye Finance projects 40% spike in AUM next fiscal, to launch IPO in FY26, ET BFSI
Sanjay Sharma, MD of Aye FinanceSanjay Sharma, MD of Aye Finance, shared that the AUM growth of the NBFC is likely to close at Rs 4300 crore by March-end of the Financial Year 2023-24. While the AUM, which was recorded in FY23 at Rs 2700 crore, is likely to close at...
How to block Axis Bank credit card, get money back, ET BFSI
Many Axis Bank credit card customers have taken to social media to complain about fraudulent activities they have noticed. They said they have been noticing transactions they have not authorized or are getting OTPs for transactions they have not done. Some are even...
What would Japanese intervention to boost a weak yen look like?, ET BFSI
TOKYO - Japanese authorities are facing renewed pressure to combat a sustained depreciation in the yen, as traders drive down the currency on expectations that any further interest rate hikes by the central bank will be slow in forthcoming.The yen rallied after Tokyo...
Avanse Financial Services secures Rs 1,000 crore investment from Mubadala and Avendus PE, ET BFSI
Kolkata: Warburg Pincus-backed Avanse Financial Services has raised Rs 1000 crore in equity from Abu Dhabi-based Mubadala Investment Company and Avendus PE Investment Advisors.Avanse, the education-focused non-banking financial company, announced the development...
Warburg Pincus likely to sell entire 2.3% stake in IDFC First Bank via block deals: Report, ET BFSI
Private equity major Warburg Pincus is likely to exit IDFC First Bank by selling its entire 2.3% stake in the lender through block deals on Thursday, according to news reports. Cloverdell Investment, an affiliate of Warburg Pincus, is likely to offload 15.9 crore...
8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket, ET BFSI
If your income falls under the taxable category, you have to choose between the old tax regime and the new tax regime to calculate taxes. While the income tax rates are relatively lower in the new tax regime, the old tax regime gives you an opportunity to claim higher...
Report, BFSI News, ET BFSI
Mumbai: Microlending portfolio across lenders of all categories grew 30.9 per cent to Rs 4.02 lakh crore during the December quarter. When compared with the preceding September quarter-end, the overall portfolio showed a 6 per cent growth, the report by a credit...
UBS looks to keep, grow shipping loans in post-merger green overhaul, ET BFSI
LONDON - UBS will look to increase lending to the shipping sector and run off some loans to fossil fuel clients inherited from Credit Suisse, executives told Reuters, in the biggest test yet of the impact of a mega-merger on banks' sustainability commitments.The...
Behind London Stock Exchange’s move to list crypto ETNs in May, ET BFSI
After the US’s financial regulator allowed trading of cryptocurrency securities this year, the UK has become the second financial market to follow suit. The London Stock Exchange, on Monday, notified the launch of a market for bitcoin (BTC) and Ethereum (ETH)...
P2P lending platforms shift focus to fixed-tenure products after RBI glare, ET BFSI
As the Reserve Bank of India (RBI) expresses concerns over liquid funds and instant withdrawal products, peer-to-peer (P2P) lending platforms are redirecting their attention towards fixed-tenure offerings. A significant portion of customers has transitioned from...
US flags data gap as banks deploy AI in fraud prevention, BFSI News, ET BFSI
The US financial sector faces a "significant" data gap between big and small banks as they deploy AI to fight fraud, the Treasury Department said Wednesday, noting that smaller institutions are disadvantaged.While big banks have more internal data to develop AI models...
Rupee ends slightly lower, falls 1.5% over fiscal year, ET BFSI
MUMBAI - The Indian rupee closed slightly weaker on Thursday, pressured by weak Asian peers and strong dollar demand from local companies, but likely intervention from the Reserve Bank of India (RBI) limited losses.The rupee ended at 83.40 against the U.S. dollar,...
Kotak Mahindra Bank acquires Sonata Finance for Rs 537 crore, BFSI News, ET BFSI
Kotak Mahindra Bank has acquired 100% of the issued and paid-up capital of Sonata Finance Pvt Ltd for a total consideration of approximately Rs 537 crore, the private setor lender said on Thursday.Sonata Finance is a non-banking finance company, or a micro finance...
Banking transactions you can do on March 30, 31, ET BFSI
The Reserve Bank Of India (RBI) has said that all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 30 and March 31, 2024According to the RBI...
South African brokerage firm Banxso announces plan to enter Indian market, ET BFSI
South African brokerage firm Banxso has announced plans to enter the Indian market. According to the company, it has secured licenses in multiple countries, aiming to capitalize on India's growing digital economy.Banxso emphasized the importance of fostering...
Piramal Capital set to add gold, micro business loans to portfolio next fiscal, ET BFSI
Mumbai: Piramal Capital and Housing Finance will add gold loans, micro business loans and unsecured microfinance loans to its portfolio next fiscal to broaden its consumer finance focus as it continues to move away from its original avatar as a real estate lender, a...
Banks to be closed for 14 days in April 2024, BFSI News, ET BFSI
Banks to be shut for as many as 14 days in April 2024 as per the list of holidays released by the Reserve Bank of India (RBI). This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays. April will see some significant festivals across...
RBI keen to further build up record high forex reserves: Sources, ET BFSI
MUMBAI - India's central bank will keep building its forex reserves as it seeks to build larger buffers, and strong inflows into the country's equity and debt markets give it an opportunity to do so, two sources familiar with the bank's thinking said.The Reserve Bank...
Shriram Housing may see $260 million in inflows post Nifty inclusion, ET BFSI
Mumbai: Shriram Housing Finance will receive flows worth $260 million as part of its inclusion into the Nifty on March 28, according to a brokerage Nuvama Research. UPL, which is being excluded from the benchmark index, could see outflows to the tune of $95 million....
Axis Bank revises rules for accessing airport lounges and others; these debit cards to be less rewarding, ET BFSI
Axis Bank has revised its rules regarding airport lounge access of its Burgundy, Delight, Priority, and other debit cards. Further, the bank has also revised BookMyShow offers, reward point rules (EDGE rewards) and a specific feature-related to international usage of...
Yen hits 34-year low against dollar, BFSI News, ET BFSI
Tokyo, Mar 27, 2024 - The yen hit a 34-year low against the dollar on Wednesday, just over a week after the Bank of Japan announced a much-anticipated interest rate hike in a shift away from years of ultra-loose monetary policy.The unit weakened to 151.97 per dollar,...
ED attaches assets worth Rs 124 crore in Religare Finvest case, ET BFSI
Representative ImageNEW DELHI: The Enforcement Directorate on Tuesday said it has attached assets worth more than Rs 124 crore belonging to various companies as part of a money laundering investigation against Religare Finvest Limited (RFL) and others.The properties...
UBS sells $8 bn of Credit Suisse assets to Apollo, BFSI News, ET BFSI
ZURICH - UBS has sealed the sale of the securitised products business of Credit Suisse to Apollo Global Management, as part of efforts to wind down non-core assets after its takeover of the collapsed banking giant.Apollo will purchase $8 billion of "senior secured...
6 important money-related changes that will come into effect in April 2024, ET BFSI
April is the start of the new financial year 2024-25 and with comes a few important money-related changes that can have an impact on the way you spend money and invest. Let us look at five such important financial changes that will come into effect in April 2024The...
Shriram Finance may see $260 million in inflows post Nifty inclusion, ET BFSI
Mumbai: Shriram Finance will receive flows worth $260 million as part of its inclusion into the Nifty on March 28, according to a brokerage Nuvama Research. UPL, which is being excluded from the benchmark index, could see outflows to the tune of $95 million. The rejig...
Citi lays off 10 research staff in Asia Pacific as part of global revamp, sources say, ET BFSI
HONG KONG - Citigroup Inc has laid off at least 10 people in its equities research department in Asia Pacific this week, two sources with knowledge of the matter said, as the bank pushes through the last phase of a sweeping global overhaul.The bank, which has hundreds...
Best gilt mutual funds to invest in March 2024, BFSI News, ET BFSI
Many mutual fund advisors are recommending gilt funds to ‘aggressive’ or ‘sophisticated’ debt investors as they believe that gilt funds are likely to offer superior returns in the coming months. This is based on the assumption that the RBI may start cutting interest...
Incremental bank lending to NBFCs may fall after RBI’s increase in risk weights, ET BFSI
Bank direct lending to non-banking finance companies (NBFCs) in the upcoming financial year (FY25) is anticipated to range between Rs 1.7 trillion to Rs 1.9 trillion, according to rating agency ICRA. In the current financial year (FY24), incremental direct bank...
Indian banks expected to maintain profitability amid margin pressure: Fitch Ratings, ET BFSI
New Delhi [India], March 27 (ANI): Fitch Ratings has projected that Indian banks will sustain their profitability despite facing margin pressure in the medium term.According to Fitch, while net interest margins (NIMs) are anticipated to narrow by 10 to 20 basis points...
Good time to enter Reliance; IndiGo like HDFC Bank 8-10-year ago: Hemang Jani, ET BFSI
Hemang Jani, Independent Market Expert, says “InterGlobe is in a position that HDFC Bank probably was in maybe 8-10 years back where people questioned the valuations but the company kept on delivering and it became one of the best wealth creation stories. Of course,...
Indiabulls raises $350 million through dollar bonds, ET BFSI
Indiabulls Housing Finance, has raised $350 million through its first overseas bond issue in more than four years as it seeks to diversify funding after years of reducing liabilities to deal with after effects of the IL&FS collapse.The bonds were raised on Tuesday...
Banks closed for 14 days across states; check state-wise list of bank holidays in April, ET BFSI
Banks will be closed for 14 days in the month of April in different states including Sundays, second and fourth Saturdays, according to the Reserve Bank of India (RBI)holiday listBank customers should make sure to check the bank holiday list in the state their are...
RBI permits Innoviti to operate as online payment aggregator, ET BFSI
Innoviti is targeting Link for SME merchants in tier 3 and 4 cities, and for its existing marquee offline customers.Bengaluru-based Innoviti Technologies, a payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced on...
Aye Finance raises Rs 137 crore debt from German fund Invest in Visions, ET BFSI
Non-bank lender Aye Finance has received Rs 137 crore of debt funding from German impact and portfolio management firm Invest in Visions.The funding has come from IIV Mikrofinanzfonds and another private fund managed by Invest in Visions, Aye Finance said on...
Digital must, but branches remain the ‘soul’ to retail deposit mobilization: Report, ET BFSI
The rising digital transactions reduce cash dependence and, thus, deposit leakage at the macro level, while helping banks tap digitally savvy new-age customers and their transaction flow, leading to better customer float/deposit growth.However, branches remain the...
Housing finance cos’ AUMs poised to grow in double-digits in FY24 and FY25, ET BFSI
Continued growth momentum in housing loans coupled with an expected revival in developer loans is likely to lead to 12-14% AUM growth for HFCs."Segment-wise, while the share of wholesale financing of HFCs is expected to rise in the medium term, it is broadly expected...
Indian shares set to open higher tracking Asian peers, ET BFSI
BENGALURU - Indian shares are likely to open marginally higher on Tuesday, kicking off a holiday-truncated week in line with Asian peers.The Gift Nifty was trading at 22,124 as of 8:07 a.m. IST, indicating that the Nifty 50 will open above Friday's close of...
PSU banks surpassing private sector counterparts in stock market surge, ET BFSI
Recent market dynamics have seen a notable trend emerge, with Government Banks (PSBs) in India outshining their private sector counterparts in stock market performance. This deviation from traditional expectations begs the question: What factors are driving this...
Profit booking could weigh on Nifty, BFSI News, ET BFSI
Technical analysts continue to maintain a cautious outlook on Nifty for the truncated trading week ahead. According to analysts, profit-taking may resume until the index decisively reclaims 22,200. Some of the stocks recommended by analysts for short-term trades...
Private Banks Expand Atm Network, Psbs Reduce, BFSI News, ET BFSI
Mumbai: The share of public sector banks in ATMs deployed in the country has shrunk as they consolidate their network and push digital services, while private lenders have been on expansion mode in a war for deposits.In the 12 months ended Jan 2024, PSU banks shrunk...
Rupee likely to lean on RBI help; bond yields to track US Treasuries, ET BFSI
By Dharamraj Dhutia and Jaspreet KalraMUMBAI - The Indian rupee's direction this week is likely to be determined by whether the country's central bank steps in to cap depreciation after the currency fell to a historical low on Friday, while bond yields will track U.S...
Tata Capital raises $200 million via overseas term loans, ET BFSI
Mumbai: Tata Capital, the flagship financial services company of the ₹31-lakh crore Tata Group, has raised $200 million through a three-year loan from Singapore's DBS Bank and Taiwan's CTBC Bank.The company has the flexibility to price the loan 120 basis points above...
CBI, banks differ over fair hearing to ‘old’ cases of ‘fraud’, ET BFSI
Mumbai: A silent tussle is going on between high-street banks and the Central Bureau of Investigation (CBI) over ‘old’ cases of ‘fraud’. The central agency, it is understood, is insisting on what could be a retrospective application of last year’s Supreme Court (SC)...
INDIA RUPEE-Rupee likely to recover slightly after fall to record low, all eyes on RBI, ET BFSI
By Jaspreet KalraMUMBAI, - The Indian rupee is likely to open mildly higher on Tuesday after slumping to a record low last week, with traders keeping a close eye on possible intervention from the Reserve Bank of India (RBI) to curb pressure on the local...
Star Housing Finance inks co-lending partnership with Tata Capital Housing Finance, ET BFSI
NEW DELHI: Star Housing Finance (Star HFL) has partnered with Tata Capital Housing Finance (TCHFL) to serve customers across multiple geographies with differential origination capabilities and differential level of franchise on the borrower base.Kalpesh Dave, CEO of...
RBL Bank aims to grow retail with new products, cut back on wholesale book, ET BFSI
RBL Bank turned shaky a few years ago and the regulator intervened by nominating one of its members to its board of directors to boost sagging confidence. In a management shakeout, the CEO was replaced. The new CEO, R Subramaniakumar, details the proposed turnaround...
PSU banks offer better risk reward with the entire PSU theme: Mayuresh Joshi, ET BFSI
Mayuresh Joshi, Head of Research, MarketSmith, says “our take is that PSU banks still offer a reasonable amount of risk reward. A lot of cleanup has probably happened. As the rate cuts will start happening even in the Indian context in the second half, the NIM...
DPI, bankruptcy law, tax code make India attractive investment destination: WEF official, ET BFSI
A combination of policy changes such as bankruptcy law and taxation code and the enabling environment created by the digital public infrastructure has made India an attractive investment destination for the financial technology sector, a senior World Economic Forum...
FPIs infuse over Rs 38,000 cr in equities in March so far amid strong domestic economic outlook, ET BFSI
FPIs have shown a significant resurgence in their investment activity within the Indian equity markets this month, injecting over Rs 38,000 crore, mainly driven by favourable shifts in the global economic scenario and strong domestic macroeconomic outlook. The...
EPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st time, ET BFSI
Retirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday. Around 8.08 lakh members were enrolled for the first time in January 2024, a labour ministry statement said on Sunday. The Employees'' Provident...
Public sector banks’ dividend payout may exceed Rs 15,000 crore in FY24, ET BFSI
New Delhi, Public sector banks (PSBs) are likely to pay a dividend in excess of Rs 15,000 crore for the financial year ending March 2024 on the back of improved profitability, according to sources. In the first three quarters of the current financial year, all 12 PSBs...
Tata Investment: What to do with Zomato, Tata Investment and 4 other stocks? Aamar Deo Singh of Angel One decodes, ET BFSI
Amid a fierce competition between bears and the bulls, selling is being witnessed at higher levels, Aamar Deo Singh, Senior Vice President-Equity, Commodity & Currency at Angel One said. Given that the current trading week is truncated, investors are expected to...
Banks get ready to count int’l credit card spend in liberalised remittance scheme, ET BFSI
Mumbai: Splashing cold water on lavish holidays may be the last thing now on New Delhi's mind. But banks are not taking chances despite the poll fever hotting up. They have been told by the banking regulator to be ready for a possible inclusion of international credit...
JGB yields inch down as investors await further BOJ policy clues, ET BFSI
TOKYO - Japanese government bond (JGB) yields ticked down on Monday, as investors looked ahead this week for clues on the timing of further rate hikes in Japan.The 10-year JGB yield fell 1.5 basis points (bps) to 0.725%, tracking a drop in U.S. Treasury yields...
Money supply growth settled at lower levels for Indian banks, led to liquidity tightness: Emkay, ET BFSI
Broader Money Supply (M3) growth and deposit growth in the Indian banking system have settled at a lower level (<15 per cent) over the past decade and even slipped below 10 per cent for a few years, leading to current liquidity tightness, revealed a latest report...
Global Stock Market: GLOBAL MARKETS
SYDNEY - Asian shares dithered on Monday as investors worried U.S. inflation data this week could derail the outlook for lower interest rates, while the risk of currency intervention from Japan stalled the yen's decline for the moment.China's central bank also...
Rbi To Conduct Special Audit Of Iifl Fin, Jm Fin, BFSI News, ET BFSI
New Delhi: IIFL Finance and JM Financial Products (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank of India (RBI) has initiated the process for the appointment of auditors. The RBI has floated two separate tenders...
NPA levels fall among majority of banks in last six months, finds FICCI-IBA survey, ET BFSI
A substantial 77 per cent of respondent banks reported a decline in non-performing asset (NPA) levels over the past six months, according to the eighteenth round of the FICCI-IBA Bankers’ survey conducted for the period of July to December 2023. Notably, all...
Asian shares trade mixed after Wall Street closes near record finish, ET BFSI
TOKYO - Asian shares were trading mixed on Monday, as investors awaited further indications the Federal Reserve might begin cutting interest rates. Japan's Nikkei 225 shed 0.7% to 40,619.40, as investors sold shares to lock in profits after the benchmark recently hit...
Il&fs Looks To Sell Stake In Insolvent Cos’ With A ‘haircut’, ET BFSI
New Delhi: IL&FS group has approached the NCLAT to seek permission to sell its stake with a “haircut” and without shareholders’ approval in its companies, which are insolvent with unsustainable debt and placed under Category II list of resolution framework.Govt...
Card spending in S.Korea slow in 2023 amid slump in private spending: Report, ET BFSI
Seoul: Daily card spending in South Korea gained 6.2 per cent last year, but its growth slowed from the previous year amid a slump in domestic demand, central bank data showed on Monday. Holders of credit and debit cards spent an average 3.3 trillion won ($2.46...
How to build a well-diversified mutual fund portfolio for next 10 years?, ET BFSI
Hello. I am 28 years old. My risk appetite is high for another 10 years since I am at a very young age. I have a lumpsum amount with me from which I am planning to do SIP. Kindly let me know if it is a well-diversified portfolio:1) UTI Midcap Fund Growth2) ICICI...
Serial gifter! IDFC First Bank CEO gifts 7 lakh shares to retired Air Force officer, 4 others, ET BFSI
Known for generously gifting shares to friends and for philanthropic reasons, IDFC First Bank MD and CEO V Vaidyanathan is at it once again. The banker has gifted 7 lakh shares worth nearly Rs 5.5 crore of the private sector lender to five people, including an Air...
Union Bank of India announces resignation of its CDO Rajnish Khare, ET BFSI
Union Bank of India has announced the resignation of its Chief Digital Officer (CDO) Rajnish Khare. In a regulatory disclosure submitted on Friday, the bank said that Khare has submitted his resignation and will no longer be associated with the services from April 12,...
BAT’s stake sale in ITC to trigger $50 million inflows as Sensex adjustment comes into effect: Nuvama, ET BFSI
FMCG major ITC's weight will go up in the S&P BSE Sensex, resulting in likely inflows of $50 million, according to estimates by Nuvama. Today, Sensex will adjust ITC's free float factor as a result of British American Tobacco's (BAT) 3.5% stake sale in the...
Only strong bank FDs, guarantees may be used to settle trades, ET BFSI
Mumbai: Only stronger banks could be chosen for accepting fixed deposits and guarantees that back the trading and settlement in the equity market, according to a proposal under discussion between Sebi and institutions such as stock exchanges and clearing houses.The...
Expect one more rally before elections; bullish on midcap PSUs: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “artificial corrections never last too long, but they are painful. In bull markets, the retracement is sharper. The Dow, the Nasdaq, the S&P, the Japanese Nikkei, all are in upward momentum. It is about time India...
Changes to credit card rules of SBI Card, ICICI Bank, Axis Bank, Yes Bank, ET BFSI
Many big credit card issuers have made major changes in their credit card rules which may impact customers if ignored. So credit card holders of SBI Card, ICICI Bank, Axis Bank, Yes bank should note the following changes that will come into effect in April 2024Also...
Outward remittances from India witnessed 9% uptick in Jan’24, BFSI News, ET BFSI
According to latest data by 1Lattice, the outward remittances from India has witnessed an uptick of approximately 9 per cent, month on month in January 2024. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from India....
Banks will be closed in these states on Monday, March 25, ET BFSI
In March 2024, banks across states will be closed for 14 days, according to the Reserve Bank of India holiday list. With the upcoming festival of colors, many bank customers are confused when are banks closed in their state for HoliLet us take a look at the states...
How investors can benefit, ET BFSI
The government in the interim budget 2024 announced its intention to reduce its borrowings in the upcoming fiscal year, 2024-25. According to the Interim Budget speech 2024, "The gross and net market borrowings through dated securities during 2024-25 are estimated at...
DBS Bank India commits USD 250 million lending support for new economy startups, ET BFSI
The bank's advanced risk assessment framework, which combines traditional metrics with modern analytical tools, ensures a balanced approach to financing.DBS Bank India on Thursday announced a lending commitment of USD250 million for new-age start-ups today. The...
ED freezes Rs 16.43 crore during raids at payment aggregators in Bengaluru, Pune, ET BFSI
New Delhi [India], March 22 (ANI): The Enforcement Directorate (ED) has frozen amounts totalling Rs 16.43 crore in a web-based mobile application called "DData" and others.The amount was frozen under the Prevention of Money Laundering Act, 2002 after the Ahmedabad...
Changes to credit card rules of SBI Card, ICICI Bank, Axis Bank, Yes Bank, ET BFSI
Many big credit card issuers have made major changes in their credit card rules which may impact customers if ignored. So credit card holders of SBI Card, ICICI Bank, Axis Bank, Yes bank should note the following changes that will come into effect in April 2024Also...
Young Indians’ online purchases pay off for credit card companies, ET BFSI
Credit card transactions surged 30% year-on-year in January despite regulatory restrictions on some business payments through this mode as reward points offered by banks were lucrative, as were the repayment terms, said experts.Reserve Bank of India (RBI) data showed...
Some banks will open on Sunday, March 31! Check full list of RBI’s Agency Banks here, ET BFSI
March 2024 bank holidays: Certain bank branches will be open to cater to government transactions for the fiscal year 2023–2024 on Sunday, March 31. This decision comes from the Government of India, which has asked all bank branches handling government receipts and...
Sebi wants stock brokers to use only strong bank FDs, guarantees to settle trades, ET BFSI
Mumbai: Only stronger banks could be chosen for accepting fixed deposits and guarantees that back the trading and settlement in the equity market, according to a proposal under discussion between Sebi and institutions such as stock exchanges and clearing houses.The...
HDFC bank raises $1 billion in 3-yr syndicated loan, BFSI News, ET BFSI
HDFC Bank, the country's largest lender by market value and the biggest Nifty constituent by weight, has doubled its overseas borrowing through a term loan syndication from a clutch of 23 global banks in a greenshoe option to the primary facility, having initially...
India’s forex reserves hit record high of $642.5 bn: RBI data, ET BFSI
India's foreign exchange reserves rose for a fourth straight week to hit a record high of $642.49 billion as of March 15, central bank data showed on Friday.The reserves rose by $6.4 billion in the reporting week, after rising $20 billion in the previous three...
Standard Chartered Bank elevates Tanuj Kapilashrami to Chief Strategy & Talent Officer, ET BFSI
Tanuj Kapilashrami, Global Chief Human Resources Officer, Standard Chartered BankStandard Chartered Bank has announced the appointment of Tanuj Kapilashrami as its Chief Strategy and Talent Officer, effective April 1.Kapilashrami is currently working at the...
All-tolerant Powell sends Wall Street into a buying frenzy, ET BFSI
Arguments on Wall Street rage anew over Federal Reserve policy — and how Jerome Powell should handle soaring asset prices. Yet for traders there’s no debate about what to do right now as they sink money across markets of all stripes.More cash has been sent to...
India reaches out to multilateral development banks to draw road map for becoming developed nation by 2047, ET BFSI
India has asked multilateral development banks (MDBs) to share their project implementation expertise and help draw the road map for becoming a developed nation by 2047.The finance ministry held a meeting with multilateral lenders on March 7 and sought their inputs on...
Dollar strengthens after big shift in global rate outlook, ET BFSI
The dollar headed toward a second week of gains on Friday, after a slight rate hike in Japan gave the yen a slight reprieve and a surprise cut in Switzerland highlighted the gap in interest rate policy between the Federal Reserve and other central banks.The week...
Top 10 NBFCs in Q2 FY24 in terms of AUM, BFSI News, ET BFSI
In the second quarter of FY24, top NBFCs managed Rs 7,65,753 crores in assets, up 18.2 per cent from Rs 6,47,855 crores in Q2 FY23. Capri Loans led with a 59.1 per cent AUM growth to Rs 12,358.5 crores, followed by Satin Creditcare and Bajaj Finance with 38.6 per cent...
Is it a bank holiday today?, BFSI News, ET BFSI
As per the Reserve Bank of India rules Sundays, second and fourth Saturdays of the month are a bank holidays. Many people are uncertain as to whether this Saturday is a bank holiday. The holidays are determined by the state governments and the Reserve Bank of India...
Should you invest in MF based on stress test results? Kshitiz Mahajan explains, ET BFSI
“The stress test results provide insights into the liquidity profile of mutual fund portfolios, indicating the fund's ability to convert assets into cash within specific time frames under stress conditions,” says Kshitiz Mahajan, CEO of Complete Circle Wealth.In an...
Cash-rich NBFCs lure banking professionals for CXO roles amid rapid growth, ET BFSI
MUMBAI: Leading non-banking finance companies (NBFCs), flush with funds from global and local private equity firms, are increasingly poaching CEO and CXO talent from large Indian banks amid a rise in loan demand, higher credit spending, and large-scale digitisation...
HDFC bank raises $1 billion in 3-yr syndicated loan, BFSI News, ET BFSI
HDFC Bank, the country’s largest lender by market value and the biggest Nifty constituent by weighting, has doubled its overseas borrowing through a term loan syndication from a clutch of 23 global banks in a greenshoe option to the primary facility, having initially...
Smallcaps make a striking comeback with 52 double-digit gainers. Are valuation concerns over?, ET BFSI
After a steep decline a week earlier, the broader market, particularly smallcap stocks, bounced back following improved investor sentiments and an overall rally in the equities.The BSE small and midcap indices rose over 1% during the week with improved buying led by...
How innovation solutions can help fix the Sec 43B conundrum for MSMEs, ET BFSI
The Micro, Small, and Medium Enterprises (MSME) industry stands as the growth engine of the Indian economy, contributing significantly to the nation’s GDP, exports, and employment. Currently the sector accounts for 30% of the country’s GDP, 48% of total exports, and...
Serial gifter! IDFC First Bank CEO gifts 7 lakh shares to retired Air Force officer, 4 others, ET BFSI
Known for generously gifting shares to friends and for philanthropic reasons, IDFC First Bank MD and CEO V Vaidyanathan is at it once again. The banker has gifted 7 lakh shares worth nearly Rs 5.5 crore of the private sector lender to five people, including an Air...
Sensex rises for 3rd day, ends 191 pts higher despite Accenture worries; Nifty above 22,050, ET BFSI
Benchmark equity indices recovered from a weak start to finish higher for a third straight session on Friday, as sector bellwether Accenture's revenue warning offset optimism around US Federal Reserve rate cuts.The BSE benchmark Sensex gained 191 points or 0.26% to...
Private bank manager, five others held for duping UP woman of Rs 3.5 cr, ET BFSI
Varanasi (UP): The Varanasi police have arrested the regional head of a private bank, along with a cashier and four others, for orchestrating a scam under the guise of police personnel.The gang was busted after a retired teacher, Shampa Rakshit was duped of Rs 3.55...
Rupee falls to record low against the US dollar, BFSI News, ET BFSI
MUMBAI - The Indian rupee fell to its lowest level on record against the U.S. dollar on Friday, weighed down by broad weakness in its Asian peers and aggressive local dollar demand, traders said.The rupee fell to an intra-day low of 83.43, before ending marginally...
Spain’s Santander bank sees over 6 bn euros in dividends, buybacks on solid 2024 start, ET BFSI
MADRID - Spain's Santander on Friday said it expected to pay over 6 billion euros ($6.50 billion) in dividends and share buybacks against 2024 results and that it was on track to meet this year's targets.The lender's executive chair Ana Botin is set to tell...
Finish your tax saving investments well before March 31 this year: Here’s why, ET BFSI
March 31 is the deadline to complete tax saving investments/expenditures every financial year - and it is just a few days away in this financial year, 2023-24. However, the deadline falls on a Sunday this year. Further, there is a bank and stock market holiday on...
Collection efficiencies jump across asset classes, says ICRA, BFSI News, ET BFSI
Collection efficiencies ranging from 92% to 107% across all asset classes in FY2024 so far, aided by a favourable operating environment, rigorous collection efforts, and adoption of digitised processes, according to ratings agency ICRA. Housing Loans (HL) and Loans...
Can you change credit card billing cycle, due date multiple times now? What RBI says, ET BFSI
If you use a credit card, you may already know that you should pay the bill on time. Missing the due date of your credit card bill will have an impact on your credit score. Further, you will have to pay a hefty late payment fee for missing the due date over three...
Can you change credit card billing cycle, due date multiple times now? What RBI says, ET BFSI
If you use a credit card, you may already know that you should pay the bill on time. Missing the due date of your credit card bill will have an impact on your credit score. Further, you will have to pay a hefty late payment fee for missing the due date over three...
P2P lenders to stop ‘liquid funds’ as RBI peers into business, ET BFSI
In a concerted attempt at self-regulation, a grouping of the country’s peer-to-peer (P2P) lending platforms has asked its members — including Liquiloans, Lendbox and Faircent — to stop offering instant withdrawal products to customers after March 31, people aware of...
Check date, timings, alternate channels to use, ET BFSI
State Bank of India has informed that there would be non-availability of certain digital channels on March 23, 2024 for some time for scheduled activity, according to the SBI website.Which services will not be availableServices of Internet Banking, Yono Lite, Yono...
Government not in favour of regulatory intervention in stock markets: Report, ET BFSI
The finance ministry is not in favour of any major regulatory intervention in the stock market, and believes that over-regulation could lead to nervousness among participants, ETNow news channel reported, quoting sources. The news comes in the backdrop of the recent...
How UGRO Capital emerged as India’s largest co-lending NBFC partner for banks: Shachindra Nath, ET BFSI
Shachindra Nath, Founder & MD, UGRO Capital, says “UGRO is now becoming India's largest, most dedicated data tech driven MSME financing company and we keep saying MSME accha hai, which means the underlying MSME economy and especially the micro enterprises economy...
Is it a bank holiday on Saturday, March 23, 2024?, ET BFSI
As per the Reserve Bank of India rules Sundays, second and fourth Saturdays of the month are a bank holidays. Many people are uncertain as to whether this coming Saturday is a bank holiday. The holidays are determined by the state governments and the Reserve Bank of...
Japan’s Nikkei ends at record high on Wall Street gains, weaker yen, ET BFSI
TOKYO - Japan's Nikkei share average closed at an all-time high on Friday, underpinned by record gains on Wall Street overnight and strength in automakers' stocks on a weaker yen.The Nikkei rose 0.18% to end at 40,888.43, after hitting 41,087.75 earlier in the session...
CRISIL Ratings upgrades U GRO Capital Limited’s rating to CRISIL A/Stable, ET BFSI
Mumbai (Maharashtra) [India]: U GRO Capital, a DataTech NBFC focused on MSME lending marks a milestone as CRISIL Ratings upgraded its long-term rating on bank loans and non-convertible debentures to 'CRISIL A/Stable' from 'CRISIL A-/Positive', affirming the short-term...
Government to strengthen regional rural banks; Rs 6200 crore allotted for recapitalisation, ET BFSI
NEW DELHI: The Modi government has provided Rs 6212.03 crore to regional rural banks under the recapitalization scheme as of March 6.Regional Rural Banks (RRBs) are commercial banks owned by the Indian government that operate at the regional level in different states....
Over Rs 5 lakh crore added to investors’ kitty! Key factors behind 500-point rally in Sensex today, ET BFSI
After Fed chair Jerome Powell kept hopes alive for an interest rate cut in June, the Sensex closed 540 points higher, while the Nifty saw a jump of 0.8% on Thursday, with metals leading the charge on the back of a softer US dollar.Meanwhile, following the rally, the...
ICICI Bank says over a crore non-customers use its mobile pay app, ET BFSI
Mumbai: ICICI Bank's retail mobile banking app, iMobile Pay, has achieved a milestone with over one crore customers from other banks registering themselves on the app. The development comes within just three years of its launch. The app's interoperability, introduced...
Sebi asks mutual funds to stop fresh subscriptions in overseas ETFs from April, ET BFSI
As the $1 billion investment limit is about to get breached, markets regulator Sebi has told asset management companies (AMCs) to stop fresh subscriptions in overseas ETFs with effect from April 1, 2024, according to sources aware of the development.In a communique to...
Emkay Institutional Equities, ET BFSI
New Delhi [India], March 21 (ANI): Credit growth in India is expected to moderate down to 12-14 per cent on a yearly basis over the financial year 2024-25-2026-27 from the current 16.5 per cent, according to Emkay Institutional Equities.The loan-to-deposit ratio (LDR)...
India bond yields plunge as Fed sticks to rate cut forecast for 2024, ET BFSI
MUMBAI - Indian government bond yields plunged on Thursday, tracking a sharp fall in U.S. peers after the Federal Reserve maintained its outlook for three rate cuts this year. A surprise rate cut from the Swiss National Bank, making it the first major central bank to...
Banks’ export credit at Rs 20,489 crore surges to 12-month high amid global demand, ET BFSI
Kolkata: Bank loans to exporters late January reached their highest level in the past 12 months, in line with renewed global demand for Indian goods despite the Red Sea crisis that has affected trade since late autumn due to piracy raids and question marks over...
VC firm Alphatron Capital raises $30 mn in its first fund, BFSI News, ET BFSI
New Delhi: US-based venture capital (VC) firm Alphatron Capital (formerly SMK Ventures) on Thursday said that it raised $30 million (nearly Rs 249 crore) in its first fund. According to the company, the fund aims to provide access to a diversified pool of India's...
MV Rao, MD & CEO of Central Bank of India, appointed as IBA chief, ET BFSI
MV Rao, the Managing Director and CEO of Central Bank of India has been appointed as the Chairman of the Indian Banks’ Association (IBA) for the 2023–24 term, a release by the bank said. The decision was taken by the Managing Committee of the IBA in a meeting on...
New York keeps top spot, London second in Z/Yen financial centre survey, ET BFSI
LONDON - New York easily remains the world's top financial centre, cementing its position for the past six years after it overtook London, in second place ever since, ahead of Singapore, the latest Z/Yen rankings of global financial centres showed on Thursday.Hong...
Luminous Power Technologies teams up with Credit Fair to offer affordable solar financing options, ET BFSI
Energy solutions provider, Luminous Power Technologies announced a strategic partnership with Credit Fair, a fintech lender to offer affordable solar financing options to a diverse range of customers, including individuals, trust-run institutions, housing societies,...
Overall credit growth likely to moderate amid regulatory action: Report, ET BFSI
The Indian banking sector is structurally in stronger shape to ride the retail credit growth story over the next decade, amid rising consumerism. However, funding such growth via retail deposits at a reasonable cost among rising structural disruptions could emerge as...
Rupee rises 6 paise to close at 83.13 against US dollar, ET BFSI
Mumbai: The rupee appreciated 6 paise to close at 83.13 (provisional) against the US dollar on Thursday, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets. At the interbank foreign exchange market, the local...
Exporters seek exemption from 45-day payment to MSMEs rule, BFSI News, ET BFSI
Exporters across sectors have sought exemption from a new rule that requires them to pay any pending bills to micro and small units within 45 days.Around 150,000 exporters, represented by as many as 15 export promotion councils, including the Federation of Indian...
Banks should pass reasoned orders while declaring entity/person wilful defaulter, says Bombay HC, ET BFSI
The Bombay High Court has said banks and financial institutions should pass reasoned orders before declaring an entity or person a wilful defaulter under the Reserve Bank of India's Master Circular. A division bench of Justices B P Colabawalla and Somasekhar...
FTSE 100 hits over 10-month high on Fed stance boost; BoE decision eyed, ET BFSI
London equities opened higher on Thursday as investors welcomed the Federal Reserve sticking to its three rate-cut stance for 2024, while they switched focus to the Bank of England's monetary policy update.The internationally-focussed FTSE 100 was up 1.1% as of 0818...
IDFC FIRST Bank revises FD interest rates; offers 8.5% rate on this fixed deposit tenure, ET BFSI
IDFC FIRST Bank has revised fixed deposit interest rates on amounts less than Rs 2 crore, according to the bank website. The new FD interest rates are effective March 21, 2024.Following the change, the bank currently offers interest rates ranging from 3% to 8% on...
Motilal Oswal Private Wealth, ET BFSI
New Delhi [India], March 21 (ANI): The Indian stock market outlook continues to remain positive given the strength of corporate balance sheets and the healthy rise in capital expenditure, according to Motilal Oswal Private Wealth.The government proposes to increase...
Non-bank lender Sugmya Finance raises $3 million in funding from existing investors, ET BFSI
Sugmya Finance, a Delhi-based non-banking financial company (NBFC), has raised $3 million in a funding round led by its existing investors.The company's existing backers include Angelbay, an angel investment network, Kaptable Holdings Private Limited, PolicyBazaar...
PNB likely to raise up to Rs 2000 crore through AT-1 bonds this week, ET BFSI
Punjab National Bank is likely to raise up to Rs 2000 crore through the issuance of additional tier-1 bonds this week as the state-owned lender looks to raise capital amid firm credit growth.The bank’s bond issuance is likely to have a base size of Rs 500 crore and a...
Best aggressive hybrid mutual funds to invest in March 2024, ET BFSI
You might have heard from your favorite mutual fund manager or experts that hybrid funds are likely to show their mettle in the coming year. Hybrid mutual funds or schemes that invest mostly in equity and debt fare better in an uncertain or volatile environment....
All agency banks to remain open for public on Sunday, March 31, ET BFSI
In an effort to handle the huge volume of transactions, all agency banks will remain open to the public on Sunday, March 31, 2024, the Reserve Bank of India (RBI) sent a press release on Wednesday announcing the same."The government of India has made a request to keep...
Who holds the edge and top 5 funds in each category, ET BFSI
Focused funds are different from thematic funds in a way that the former allocate their holdings between a limited number of carefully researched securities while the latter invest in specific themes which may not have restrictions on the number of stocks in their...
NCLAT directs PSBs to not take coercive action against IL&FS, its board, ET BFSI
The National Company Law Appellate Tribunal (NCLAT) has directed 11 public sector lenders not to take coercive action against IL&FS and its group companies till its next hearing on May 14. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan also...
Interest-free cash withdrawal, complimentary airport lounge access, ET BFSI
If you are someone travels frequently then it is advisable to get a credit card that offers lounge access, discounts on hotel and flight bookings, discount on fees and more"To save on their international travel spends, consumers generally look for a credit card with...
DBS Bank India announces $250 million lending support for start-ups, ‘new economy’ companies, ET BFSI
DBS Bank India announced a lending commitment of $250 million for new-age startups on Wednesday. The initiative is part of the bank's focus on fostering innovation and entrepreneurship within the country's thriving startup ecosystem.The Indian start-up sector, a...
Airtel Payments Bank joins Noise, Mastercard to launch smartwatch, ET BFSI
New Delhi: Airtel Payments Bank on Tuesday said that it collaborated with smartwatch brand Noise and global technology company in the payments space Mastercard to launch the new smartwatch to redefine and make contactless payments accessible to a larger consumer...
SBI to shift global back office from Kolkata to Mumbai, ET BFSI
State Bank of India is likely to shift its centralised global back office and some other foreign exchange related departments from Kolkata to Mumbai, the country's financial capital, in yet another move to centralize operations.The back office was set up in 2015 in...
6 ways Digital Public Infra can work for women when financial services are integrated, ET BFSI
DPIs can truly work for women when all financial services are integrated; they are seamlessly connected via digital processes; and are frictionless and efficient. Digital financial tools are growing in importance across economies as technology becomes universal,...
Which bank is offering lowest interest rate on personal loans?, ET BFSI
A personal loan is a loan that does not require collateral or security and you can avail it by providing minimal documentation to the lender. You can use the funds from this loan for any legitimate financial need, stated the HDFC Bank website. And like any other loan,...
Bajaj Markets Partners with L&T Finance for Housing Finance Solutions, ET BFSI
NewsVoirPune (Maharashtra) [India], March 20: Bajaj Markets takes another significant step in empowering homebuyers by introducing L&T Finance Home Loan and Loan Against Property on its digital platform. This adds to the range of financial products by L&T...
Will banks be closed for three days this weekend? Check March 2024 bank holidays, ET BFSI
Holi 2024 bank holiday in March 2024: In March 2024, banks are closed for 14 days across states, as per the Reserve Bank of India's holiday list. With Holi falling on a Monday, there will be an extended break for states. These holidays, including Sundays, second and...
LIC responds to the front-running case, says appropriate action taken, ET BFSI
The Securities and Exchange Board of India, the market regulator on 19 March, 2024 confirmed that an employee of the Life Insurance Corporation of India (LIC) was involved in the front-running of a big client's trades.Front running, also known as tailgating, refers to...
HSBC India CEO Hitendra Dave, ET BFSI
Whether it is the returns expectations or policy stability, India is at the top of the chart for global investors, said HSBC India CEO Hitendra Dave. The absence of global banks in Indian retail lending and the soaring wealth effect of the Indian middle class have...
Record Forex Spending Despite TCS Introduction in FY24, ET BFSI
Mumbai: Foreign exchange remittances for the first 10 months of FY24 stood at $27.4 billion, crossing the FY23 level of $27.1 billion. This is despite the introduction of tax collection at source (TCS) in the Budget.With average monthly remittances in FY24 touching...
Indian online banking users face shocking hidden charges and interface interference: Survey, ET BFSI
A recent survey conducted by LocalCircles sheds light on widespread concerns among online banking users in India regarding deceptive practices commonly referred to as "dark patterns." The survey, which garnered over 44,000 responses from users across 363 districts,...
What is the SSY interest rate for April-June 2024 quarter?, ET BFSI
The Sukanya Samriddhi Yojana Account (SSA) is designed to provide a bright future for your girl child and to promote welfare of Girl Child. Interest rate on Sukanya Samridhi Yojana (SSY) is revised every quarter by the government.What is the SSA interest rate for...
HDFC Bank’s home loan business head to lead Poonawalla Fincorp, ET BFSI
MUMBAI: HDFC Bank’s mortgage business head Arvind Kapil has filed papers to take charge as MD & CEO of Poonawalla Fincorp. Kapil is a 25-year veteran of HDFC Bank and was placed in charge of the legacy housing finance business of HDFC after its merger with the...
How can I increase my monthly income to Rs 3-4 lakh?, ET BFSI
I’m a 65-year-old homemaker and own two flats valued at Rs 5 crore. These generate a combined monthly rental income of Rs 1.5 lakh. Additionally, I have Rs 20 lakh invested in equities and a corpus of Rs 1.5 crore from a property re-development project. How can I...
HDFC Bank inaugurated 60 banking outlets at unbanked rural centres, ET BFSI
These solutions include AePS transactions, deposit services, government-backed insurance, and access to credit facilities, all of which are vital for the economic development of these regions.“We aim to empower these communities and contribute to the government's...
How investors can benefit, ET BFSI
The government in the interim budget 2024 announced its intention to reduce its borrowings in the upcoming fiscal year, 2024-25. According to the Interim Budget 2024, "The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs...
DBS looks to be a banker to startups, BFSI News, ET BFSI
Mumbai: DBS Bank India has earmarked $250 million (about ₹2,000 crore) to lend to new-age startups as improved operating metrics and a sharper focus on profitability have enhanced the broader view on the sector facing a prolonged funding winter."It's not a bad time to...
SoftBank India elevates Sarthak Misra to partner role, BFSI News, ET BFSI
SoftBank India has elevated its investment director Sarthak Misra to a partner, per sources in the know of the matter. The technology-focussed investment fund’s India portfolio companies are also being informed of the same on Tuesday, according to people aware of the...
Apply online for 146 Specialist Officer posts, ET BFSI
NEW DELHI: Indian Bank has announced the commencement of the Indian Bank SO Recruitment 2024, providing 146 vacancies for Specialist Officer positions. Interested candidates can find the notification on the official website, www.. The application window opened on 12th...
Euro zone bond yields hold steady as BOJ ends negative rates, ET BFSI
LONDON - Euro zone bond yields were little changed on Tuesday, with the focus of global markets on the Bank of Japan, which ended eight years of negative interest rates. Germany's 10-year bond yield, the benchmark for the euro zone, was last up less than 1 basis point...
Interest-free cash withdrawal, complimentary airport lounge access, ET BFSI
If you are someone travels frequently then it is advisable to get a credit card that offers lounge access, discounts on hotel and flight bookings, discount on fees and more"To save on their international travel spends, consumers generally look for a credit card with...
DSP Mutual Fund launches DSP S&P BSE Liquid Rate ETF, ET BFSI
DSP Mutual Fund has launched DSP S&P BSE Liquid Rate ETF, an open-ended scheme replicating/ tracking the S&P BSE Liquid Rate Index. The new fund offer of the fund is open for subscription and will close on March 20.Also Read | Foreign flavour helping mutual...
IL&FS seeks to save group companies from wilful defaulter tag, ET BFSI
NEW DELHI: The newly appointed board of debt-ridden IL&FS has moved an urgent application before NCLAT to restrain 11 public sector lenders from initiating proceedings to declare its group companies as wilful defaulters.In its petition, IL&FS said it is...
YES Bank partners with Indian Olympic Association for Paris Olympics 2024, ET BFSI
The private sector bank, YES Bank on Tuesday announced its partnership with the Indian Olympic Association (IOA) as the official banking partner for the Indian Olympic team for the upcoming Paris Olympic 2024.Emphasising on the shared team efforts required for any...
I-T dept demanded income tax on Rs 1.48 crore surrendered policy payout, ET BFSI
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has exempted an non-resident Indian (NRI) from paying any income tax on gains made on surrender of pension policy bought from ICICI Prudential Life Insurance Company. The individual had purchased the pension...
Shriram Finance raises $300 million via innovative ABS transaction, ET BFSI
Mumbai: In a first-of-its-kind transaction, Shriram Finance Monday raised $300 million through an international transaction model using asset-backed securities (ABS) at a lower interest rate than the initial guidance, underpinned by firm investor demand for the debt...
SBI Chairman Dinesh Khara, ET BFSI
Much-needed private investments to quicken the pace of economic expansion are just ‘around the corner’, State Bank of India (SBI) chairman Dinesh Kumar Khara tells Joel Rebello and MC Govardhana Rangan, pointing to aggregate capacity utilisation reaching thresholds...
Mutual funds have Rs 1.3 lakh crore cash, Warren Buffett $168 billion. What about you?, ET BFSI
As investors continue to pour money into stocks and equity funds, asset managers are raising more cash in their portfolios. February month data shows that the total cash pile at equity mutual funds rose for the second consecutive month to 4.82% of total assets under...
L&T Finance board approves raising up to Rs 1.01 lakh crore through NCDs, ET BFSI
The board of L&T Finance Holdings on Monday approved raising of up to Rs 1.01 lakh crore through the issuance of non-convertible debentures in one or more tranches."The Board approved raising of funds by issuance of non-convertible debentures (including...
Public sector banks told to spell out 3-year business plans by March-end, ET BFSI
The government has directed state-owned banks to submit their business plans till 2026-27 by the end of this month, officials said, adding that these plans will be assessed on a quarterly basis by the government-nominated directors on the boards of the banks.The...
Are they even worth it?, BFSI News, ET BFSI
NFOs attract a lot of new investors but is investing in NFOs for you? How are these different from other funds and what is so special about it? ETMarkets spoke exclusively to Chirag Muni, Executive Director, Anand Rathi Wealth Ltd to decode everything for you. Excerpt...
Banks asked to check mis-selling, safeguard account holders’ interest: DFS secretary, ET BFSI
NEW DELHI: Financial services secretary Vivek Joshi has said that public sector banks have been asked to check mis-selling of insurance products and ensure protection of account holders' interest. Banks have been sensitised on the matter, as the Department of...
Digitise as many new asset classes as possible to boost capital formation, ET BFSI
At a seminar recently organized by SEBI and NISM, I participated in an interesting panel discussion on path-breaking ideas for capital formation. Remarkably, it was our regulators asking the panelists about out-of-the-box ideas for capital formation over a horizon of...
Which offers higher interest rate?, ET BFSI
The government revises small savings schemes interest rates every quarter. However, for the April- June 2024 quarter, the government has kept the rates unchanged of all the 10 small savings schemes which includes Post Office Time Deposit (POTD) of 5 year tenure. Many...
23% returns in five-year period; should you invest in the surging healthcare funds?, ET BFSI
The healthcare sector mutual funds have emerged as the third best equity category, with 59% average return in the past one-year period, marking a swift turnaround from losses in the previous 12 months. Though the recent positive performance may tempt investors eager...
Solar rooftop installation loans of SBI vs Canara Bank vs Union Bank of India vs Bank of Baroda vs Bank of India, ET BFSI
PM Surya Ghar Muft Bijli Yojana is a scheme that aims to provide free electricity to households who opt to install rooftop solar electricity units. The households will be able to get 300 units of electricity free every monthHow does PM Surya Ghar Muft Bijlee Yojana...
How to restructure your salary to reduce income tax outgo by more than Rs 1 lakh, ET BFSI
The average salary hike this year will be 9.5%, according to a study of 1,414 companies across 40 sectors by global HR firm, Aon India. However, the averages hide disparities, and increments depend on a range of factors, including the individual’s performance, how...
This bank now offers FD interest rate up to 9.25%, announces new fixed deposit schemes; check details, ET BFSI
The North East Small Finance Bank (NESFB) has announced the launch of enhanced fixed deposit (FD) schemes. The bank now offers FD rates of up to 8.50% for the general public and 9.25% for senior citizens, according to a press release issued by North East Small Finance...
Now transfer your shares to anyone through off market transfer just like money transfer in net banking, ET BFSI
Now it's easy to transfer your shares to other individuals in a way that is very similar to money transfer done through net banking. The off-market share transfer allows individuals to transfer shares without waiting for market hours. This transfer process from demat...
How do top Indian banks treat customer data privacy?, BFSI News, ET BFSI
A recent report by IDfy, an integrated identity verification and digital onboarding platform, has shed light on data privacy practices among India's top 10 banks. According to the report, Nine out of ten banks surveyed were found to have misleading or unclear privacy...
Now, National Common Mobility Card can be issued with a limit of Rs 3,000 without any KYC as RBI eases rules, ET BFSI
RBI eases rules for National Common Mobility Card: The National Common Mobility Card (NCMC), designed to streamline digital payments across various public transport systems in India, has seen limited adoption so far. However, recent regulatory changes may boost its...
Researchers warn that criminals are using eSIMs to hijack phone numbers and access bank accounts, ET BFSI
Bleeping Computers reports that F.A.C.C.T., a Russian cybersecurity company, has issued a caution regarding the exploitation of eSIM technology by SIM swappers to pilfer phone numbers and circumvent security protocols. Since autumn 2023, the firm has identified more...
Central bank meetings could influence global market trajectory, ET BFSI
New Delhi: Many events like the Fed meeting outcome on Wednesday, the spike in the US 10-year bond yield to 4.3 per cent and the possible SEBI directives based on the stress tests in mid- and small-cap schemes will influence the market in the near term, said V. K....
Cedar Capital announces first close of Rs 240 crore Fintech VC fund, ET BFSI
Cedar Capital, a joint investment venture of Cedar Consulting and fintech market intelligence platform IBS Intelligence, has announced the first close of its Rs 240 crore ($30 million) Fintech Venture Capital fund, raising capital in the range of Rs 50 to 75 crore,...
ETMarkets Smart Talk: FY25 is likely to see private banks doing well along with PSU utilities: Naveen Kulkarni, ET BFSI
“FY25 is likely to see private banks doing well, PSU utilities could continue their uptick, while Pharma and IT could be the sectors to watch out for” says Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.In an interview with ETMarkets, Kulkarni said:...
An $80 billion crash in smallcaps flashes warning signs, ET BFSI
A sharp correction in small-cap stocks portends souring risk appetite on the broader Indian market, which is now an underperformer in Asia Pacific after a multi-year rally.An index of small-cap stocks has lost more than $80 billion in market value in less than two...
Public sector banks told to spell out 3-year business plans by March-end, ET BFSI
The government has directed state-owned banks to submit their business plans till 2026-27 by the end of this month, officials said, adding that these plans will be assessed on a quarterly basis by the government-nominated directors on the boards of the banks.The...
FOMC, FII action among 10 factors to impact D-Street movement this week, ET BFSI
Nifty ended with weekly declines of 2.1% amid massive selling in state-owned company stocks along with energy, realty and financial stocks. However, the IT pack ended with weekly gains. When markets resume trading on Monday, a host of important domestic and global...
ETMarkets Smart Talk: Retail money fueling rally in small & midcaps; expect modest return in FY25: Ramkumar K, ET BFSI
“There are pockets of exuberance emerging, so caution is advised in selecting sectors and scrips. Modest returns from equities should be anticipated in the next year.” says Ramkumar K, Chief Investment Officer, Reliance General Insurance.In an interview with...
Now transfer your shares to anyone through off market transfer just like money transfer in net banking, ET BFSI
Now it's easy to transfer your shares to other individuals in a way that is very similar to money transfer done through net banking. The off-market share transfer allows individuals to transfer shares without waiting for market hours. This transfer process from demat...
Bull market intact but corrections to continue for couple of months at least: Amisha Vora, ET BFSI
Amisha Vora, Chairperson & MD, Prabhudas Lilladher, says “for quite some time, the sentiment was intact and the correction was shallow and this was not so broad-based. In the last 7-10 days, there was a broader correction across market caps,, less in Nifty but of...
The everything rally comes to derivatives market, BFSI News, ET BFSI
Bond fund managers have so much cash they’re turning to the derivatives market to put it to work, pushing down the cost of protection against defaults close to levels that prevailed when central banks were just starting to raise interest rates.The bets on tightening...
Broking companies likely to give out generous increments, bonuses to top talent across the board, ET BFSI
MUMBAI: Brokerage executives and the thousands of bright young people that run Mumbai’s buzzing dealing rooms and research, sales and product desks will likely get record incentive payouts and bonuses this year, matching the handsome rewards for both D-Street veterans...
Market valuation of 5 of top 10 firms tanks Rs 2.23 lakh cr; Reliance, LIC biggest laggards, ET BFSI
New Delhi: Five of the top 10 valued firms faced a combined erosion of Rs 2,23,660 crore from their market valuation last week, with Reliance Industries and Life Insurance Corporation of India taking the steepest hit amid an overall bearish trend in equities. Last...
FPIs infuse over Rs 40,000 cr in equities on strong economic growth, ET BFSI
New Delhi: FPIs came back strongly to invest in the Indian equity markets, buying shares worth Rs 40,710 crore in the first fortnight of the month amid an improvement in the global economic landscape and robust domestic macroeconomic outlook. The inflows came...
What recent RBI crackdowns on JM Financial, IIFL and Paytm Payments Bank show, ET BFSI
When scores of companies complained to the Reserve Bank of India (RBI) that they lost hundreds of crores of rupees in currency derivatives manipulatively sold by banks, the central bank slapped the lenders with penalties in the range of Rs 5-15 lakh. That was 2011....
Federal Bank, South Indian Bank stop new co-branded card issuance, ET BFSI
KOLKATA: Federal Bank and South Indian Bank have said that they have stopped issuing co-branded credit cards following regulatory changes in credit card rules.The Reserve Bank of India has made amendments in master direction for credit and debit card issuance and...
Sensex falls 400 pts on weak global cues amid US rate cut concerns; Nifty below 22,050, ET BFSI
Indian equity indices opened in the red on Friday, tracking weakness from global peers on rising worries over future rate trajectory in the US, while investors brace for the results of stress test of small- and mid-cap mutual funds amid concerns of froth in these...
RBI imposes penalty on Bank of India, Bandhan Bank, ET BFSI
The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with...
Rupee falls 12 paise to 82.96 against US dollar in early trade, ET BFSI
The rupee depreciated 12 paise to 82.96 against the US dollar in early trade on Friday, weighed down by a strong American currency and a negative trend in domestic equities. Forex traders said foreign fund outflows and elevated crude oil prices in the international...
PSU bank stocks ride past private sector peers in 2024, but how long will good days last?, ET BFSI
MUMBAI - Private banks, which have always been the favourites of institutional investors, lost the spot to public sector banks who are touching the sky riding on retail bulls. So far in 2024, all public sector banks have given double-digit returns to investors. On the...
Paytm hits upper circuit as NPCI allows UPI operation via SBI, 3 other banks, ET BFSI
NEW DELHI: Shares of Paytm's parent company, One97 Communication, hit upper circuit on Friday following National Payments Corporation of India (NPCI) approval to join UPI as a Third-Party Application Provider (TPAP) under a multi-bank model.Paytm shares surged nearly...
UBS’s rescue of Credit Suisse has created new risks for Switzerland: OECD, ET BFSI
ZURICH - UBS's rescue takeover of Credit Suisse a year ago has created "new risks and challenges" for the Swiss economy, the Organisation for Economic Cooperation and Development said on Thursday, the latest international forum to raise concerns about the deal.The...
Indian market has maintained certain level of sanity, says Sitharaman, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman on Friday said despite huge fluctuations globally, the Indian stock market has maintained "a certain level of sanity" and the market should be allowed to play on its own. The statement from the Finance minister comes days...
Banks’ credit-deposit ratio crosses 80% mark as credit demand shoots up, ET BFSI
The credit-deposit ratio which has been generally hovering around 80% since September 2023, saw an uptick of 26 bps, compared to the previous fortnight, and stood at 80.2% for the fortnight (February 23, 2024). Excluding the HDFC merger impact, the CD ratio for the...
India’s forex reserves surge by $6.55 bn to $625.63 bn as of March 1, ET BFSI
India's foreign exchange reserves are up by $6.55 billion to $625.63 billion for the week ending on March 1, latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves surged by $2.98 billion to $619.07 billion, for the week ended on...
Bank of Maharashtra former CEO AS Rajeev assumes charge as Vigilance Commissioner, ET BFSI
PNNMumbai (Maharashtra) [India], March 15: Bank of Maharashtra former CEO AS Rajeev took charge as a vigilance commissioner at the Central Vigilance Commission on 11-March-2024. Rajeev is a career banker with over 38 years of experience in four banks - Syndicate Bank,...
What is IPO financing?, BFSI News, ET BFSI
It is a loan given by finance cos to investors to apply for an IPO. It gives investors more flexibility to apply for more shares in an IPO, increasing their chances of a bigger allotment.How much can you borrow?There is a cap of Rs 1 crore per PAN for every IPO to...
Is RBI narrowing down on NBFCs after Fintechs?, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has been aggressive over the Non-Banking Financial Companies (NBFCs) in the last week coming down on two key entities. RBI had put curb on the IIFL gold loan business directing the company to cease and desist, with immediate effect,...
Who can invest, interest rate, tenure of bob Earth Green Term Deposits, ET BFSI
After the State Bank of India, Bank of Baroda has now announced the launch of its green fixed deposit, bob Earth Green Term Deposit Scheme, to raise deposits to fund qualifying environmental initiatives and sectorsAlso read: SBI vs Bank of Baroda green fixed deposits...
Supreme Court issues notice to government on review pleas by Deloitte and BSR in IL&FS case, ET BFSI
The Supreme Court on Friday issued a notice to the government on various pleas led by Deloitte Haskins and Sells LLP, seeking review of its May judgment that allowed the Serious Fraud Investigation Office (SFIO) to resume criminal proceedings against it and BSR &...
Muthoot Microfin announces foray in Telangana, BFSI News, ET BFSI
New Delhi, Muthoot Microfin on Friday announced foray in Telangana and will inaugurate four branches in the state during March in the first phase of expansion. These branches will serve locations including Bhuvanagiri, Jangaon, Hanmakonda and Parakala, enhancing...
RBI reconstitutes Abhyudaya Coop Bank’s Committee of Advisors, ET BFSI
The Reserve Bank of India on Thursday reconstituted the Committee of Advisors of city-based Abhyudaya Cooperative Bank. In November last year, the RBI superseded the board of Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an...
Four financial service firms purchase electoral bonds worth Rs 87 crore, ET BFSI
New Delhi: Financial services firms like Bajaj Finance, Piramal Enterprises, and Edelweiss Group together purchased electoral bonds worth Rs 87 crore between April 1, 2019 and January 2024. Piramal Enterprises, PHL Finvest Pvt Ltd and Piramal Capital and Housing...
Here’s the full list, BFSI News, ET BFSI
Banks across India would be closed for about 14 days in the first month of the new financial year, April 2024, national and region specific. This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays.The first month of the new financial...
Sensex sinks 454 points, Nifty holds 22,000 as stress test jitters hit small & midcaps, ET BFSI
Indian equity indices closed lower on Friday, dragged by financial, auto and IT stocks on concerns about delays in US rate cuts, while small and midcap stocks declined as stress test results of mutual funds trickled in.The 30-share BSE benchmark Sensex declined 454...
How much value can HDFC Bank unlock through HDB Financial listing, ET BFSI
HDFC Bank is gearing up for the much-anticipated initial public offering (IPO) of its subsidiary, HDB Financial Services, according to reports.Holding an impressive 94.7% stake in HDB Financial Services, HDFC Bank is strategically planning to divest around 10% in the...
China appoints Zhang Jinliang as party chief of China Construction Bank, CCB says, ET BFSI
China appoints Zhang Jinliang as party chief of China Construction Bank Corp (CCB) , according to a statement released by CCB on Friday. Zhang, currently the president of CCB, will also be appointed as chairman of the bank, Reuters reported on Wednesday. Published On...
6 easy income tax saving tips, BFSI News, ET BFSI
Jan-Feb-March or JFM: It is that time of the year when many of us scramble to get our tax savings for the financial year. To help you with your tax-saving exercise for the financial year 2023-24, here are six easy tax-planning tips. Your complete tax-saving guide....
FIDC emphasises urge for NBFCs to unite, cooperate amid ambitious growth targets, ET BFSI
In a recent meeting convened by the Board of Directors of the Finance Industry Development Council (FIDC) in Jaipur, the imperative for collaborative partnerships, innovative funding structures, and the exchange of best practices among NBFCs were talked about.The...
Solar rooftop installation loans of SBI vs Canara Bank vs Union Bank of India vs Bank of Baroda vs Bank of India, ET BFSI
PM Surya Ghar Muft Bijli Yojana is a scheme that aims to provide free electricity to households who opt to install rooftop solar electricity units. The households will be able to get 300 units of electricity free every month.How does PM Surya Ghar Muft Bijlee Yojana...
Indian debt’s improving risk profile makes 30-year bonds alluring, Bandhan AMC says, ET BFSI
MUMBAI - Bandhan Asset Management has taken the unique stop of investing in 30-year Indian government bonds due to the structural reduction in the risk profile of domestic fixed income and the fund house's plan to cut reinvestment risks, its fixed income head...
MSMEs online registrations on Udyam, UAP cross 4 crore mark, ET BFSI
On July 1, 2020, a simple, online and free Udyam Registration Portal was launched for formalization of enterprises having PAN.As on March 15, the total number of registered enterprises on Udyam and UAP crossed four crore, which is a major milestone for the...
Axis Bank stops redemption of credit card reward points earned by these customers; asks for proof of usages, ET BFSI
Axis Bank has suspended the reward points redemption for some of its Atlas credit card users. The bank claims that it suspects these credit card users carried out 'commercial usage'. One of the affected customers Priyesh Sharma speaking exclusively to ET Wealth Online...
Rupee closes weaker tracking Asian peers, notches weekly decline, ET BFSI
MUMBAI - The Indian rupee closed lower on Friday, tracking a fall in Asian peers, after U.S. bond yields surged in light of data that signalled inflation in the world's largest economy could be sticky.The rupee closed at 82.8775 against the U.S. dollar, down from its...
Rupeek lays off 200 employees amid slowdown in funding, BFSI News, ET BFSI
In a written communication to employees on Tuesday morning, Rupeek founder and chief executive Sumit Maniyar said the company had taken a “decision to part ways with 10-15% of Rupeek’s colleagues and friends”Bengaluru: Gold loans provider Rupeek has become the latest...
RBI imposes penalty on Bank of India, Bandhan Bank, ET BFSI
The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with...
Largest smallcap MF scheme to take 27 days to liquidate 50% of portfolio, ET BFSI
Nippon India Mutual Fund stress test shows that for Nippon India Small Cap Fund, the largest scheme in the smallcap category based on assets managed, the number of days required to liquidate 50% and 25% portfolio is 27 days and 13 days respectively. The number of days...
Manba Finance files DRHP with Sebi for an IPO, BFSI News, ET BFSI
Manba Finance, an NBFC-BL providing financial solutions for auto loans, used cars, small business loans, filed a draft red herring prospectus with Sebi for an IPO.The IPO is completely a fresh equity issue of 1.25 crore shares with no offer for sale (OFS) segment.The...
Subramanian Swamy’s PIL for probe against Axis Bank not maintainable, HC told, ET BFSI
Axis Bank on Wednesday opposed before the Delhi High Court BJP leader Subramanian Swamy's public interest litigation (PIL) seeking a probe into an alleged fraud committed by the bank to make "undue profits" through sale and purchase of shares in Max Life Insurance....
New demat accounts surged to 4.3 million in February, BFSI News, ET BFSI
New Delhi: The total number of demat accounts increased to 148 million in February 2024, as per Motilal Oswal Financial Services.New account additions surged to 4.3 million in February 2024 versus average monthly additions of 2.1 million in FY23.In February 2024, CDSL...
IIFL Finance to raise up to Rs 1,500 cr from rights issue, ET BFSI
New Delhi, IIFL Finance on Wednesday said its board has approved raising of up to Rs 1,500 crore from rights issue amid the Reserve Bank of India (RBI) barring the NBFC from sanctioning or disbursing gold loans. The board has approved fund raising for an amount not...
FCA would not block an end to free banking in Britain, BFSI News, ET BFSI
LONDON - Britain's Financial Conduct Authority "would not stand in the way" of moves to end Britain's free banking model if lenders chose to offset rising regulation costs by charging fees for holding accounts, its CEO said on Thursday.In remarks prepared for a speech...
Greaves Finance lending platform evfin joins with Muthoot Capital for E2W financing, ET BFSI
The collaboration entails a total deal size of up to INR 150 crore (USD 18 million.)Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., through its 100% ev-focused lending platform evfin, has partnered...
Fitch places IIFL Finance on ‘Rating Watch Negative’, says other portfolio might affect, ET BFSI
The global ratings agency Fitch Ratings on Thursday placed IIFL Finance Limited's 'B+' Long-Term Issuer Default Rating (IDR) and medium-term note (MTN) programme rating on Rating Watch Negative (RWN).The RWN follows RBI’s directive on March 4 for IIFL Finance to cease...
These 3 banks have revised fixed deposit rates in March 2024, ET BFSI
When you open an FD account, the interest rate given is used to calculate guaranteed returns. Depending on the duration and amount you choose, interest rates will vary depending on the bank. Here are small finance banks (SFBs) which have revised fixed deposit interest...
Fitch puts IIFL Finance on ‘Rating Watch Negative’ after RBI action, ET BFSI
Fitch Ratings has placed IIFL Finance on 'Rating Watch Negative' following a Reserve Bank's order, which asked the company to stop new gold-backed lending and related off-balance-sheet funding transactions.The ratings agency said the impact of the restrictions will...
Greaves Finance lending platform evfin joins with Muthoot Capital for E2W financing, ET BFSI
The collaboration entails a total deal size of up to INR 150 crore (USD 18 million.)Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., through its 100% ev-focused lending platform evfin, has partnered...
Deutsche Bank CEO’s 2023 pay dips to 8.7 mn euros, BFSI News, ET BFSI
FRANKFURT - Deutsche Bank CEO Christian Sewing earned 8.7 million euros ($9.52 million) in 2023, down slightly from 8.9 million euros in 2022 after a fall in profit, the bank said in its annual report on Thursday.Germany's biggest bank saw its 2023 profit fall to 4.21...
India second-largest region for VC investments in Asia-Pacific: Report, ET BFSI
Representative imageNew Delhi: India retained its position as the second-largest destination for venture capital and growth funding within the Asia-Pacific region last year, a report showed on Thursday.Despite facing headwinds, India's VC landscape exhibited...
Delhi HC seeks reply from RBI, SEBI on unlawful lending practices carried by Paisalo Digital, ET BFSI
New Delhi: The Delhi High Court has sought response from the Reserve Bank of India and Securities and Exchange Board of India and others on a plea seeking independent inquiry into the alleged “unethical and unlawful lending practices” carried by Paisalo Digital, a...
Yes Bank share price jumps over 8%. Here’s why, ET BFSI
Shares of Yes Bank jumped 8.5% to Rs 22.75 in Thursday's trade on BSE amid reports that the private lender is looking for a new promoter.According to a report by Livemint, the bank is considering selling up to 51% of its stake, aiming for a target valuation ranging...
Investors become richer by Rs 8 lakh crore as Sensex rebounds 335 points to reclaim 73K, ET BFSI
Indian benchmark equity indices recovered from a weak start to finish higher on Thursday, led by IT and energy stocks, while small and midcaps also surged after tumbling in the previous session as investors ignored valuation-related worries.The 30-share BSE benchmark...
Muthoot FinCorp partners with Veefin Solutions to start supply chain finance operations, ET BFSI
Non-banking finance company Muthoot FinCorp has picked Veefin Solutions Ltd as a technology partner to start supply chain finance (SCF) operations in India. Muthoot Fincorp will deploy Veefin's suite of solutions across all SCF products, which include onboarding...
5 flouting PSBs laid out action plan to meet minimum public shareholding requirement: Official, ET BFSI
New Delhi [India], March 14 (ANI): Five out of 12 Public Sector Banks (PSBs) are still not complying with the minimum public shareholding (MPS) norm (25 per cent), a senior government official said on Thursday.Speaking to ANI, Vivek Joshi, Secretary at the Department...
Scaled startups could drive venture capital investment activity in 2024: Report, ET BFSI
Scaled startups that raised money in the boom period of 2020 and 2021 could come back to the market this year for more funds, driving growth in venture capital investment activity in 2024, according to a report by Bain & Company and Indian Venture and Alternate...
NCLT directs IIHL to complete Reliance Capital’s resolution plan within 90 days, ET BFSI
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday allowed an application filed by the administrator of Reliance Capital and directed Hinduja Group-owned IndusInd International Holdings Ltd (IIHL) to implement the resolution plan for the...
Standard Chartered’s head of investment banking Cooper to leave, ET BFSI
LONDON, - Standard Chartered's head of investment banking Simon Cooper is to leave, the lender said on Tuesday as part of a management reshuffle that will see Roberto Hoornweg and Sunil Kaushal take over as co-heads of corporate and investment banking.As part of the...
Rs 14 lakh-crore shock! Sensex crashes 900 points. Is the smallcap bubble bursting?, ET BFSI
Sensex on Wednesday ended 906 points to crack below the 73,000-level while Nifty also fell below 22,000 but the pain was unbearable on the other end of the market comprising smaller stocks. The smallcap index fell over 5% to record the worst single-day fall since...
PSU banks lead decline in complaints with regulator, BFSI News, ET BFSI
MUMBAI: RBI's integrated ombudsman has recorded a decline in the volume of grievances from regulated entities in FY23. Grievances dropped to 2.35 lakh in FY23 - a nearly 39% reduction from the 3.8 lakh recorded in FY21. This marks the second year in a row with a...
Rupee logs worst day in 3 weeks as outflows, weak Asian peers weigh, ET BFSI
The Indian rupee logged its worst day against the dollar in nearly three weeks on Wednesday, pressured by foreign outflows, while weakness in regional peers following hotter-than-expected inflation data in the United States also weighed.The rupee closed at 82.8625 to...
Bandhan Bank appoints Rajinder Kumar Babbar as executive director & chief business officer, ET BFSI
Kolkata: Bandhan Bank has appointed Rajinder Kumar Babbar as executive director & chief business officer. Babbar will oversee all business verticals, including digital banking and treasury portfolio, of the bank. With an experience of 35 years, Babbar has handled...
Is crypto a future competition to local equity markets? Here’s what Uday Kotak says, ET BFSI
With a rebound in the cryptocurrency market and Bitcoin hitting record highs, Uday Kotak on Wednesday said the future competition for equity markets could be coming from the digital currency."Capital formation in India has a lot to do with development and regulation...
Airtel Payments Bank appoints Anuj Bansal as chief financial officer, ET BFSI
Airtel Payments Bank has appointed Anuj Bansal as its chief financial officer. Prior to his new role, Bansal was vice president for financial planning & analysis at MasterCard India.Bansal will be responsible for overall financial strategy, including corporate...
Global shares trade mixed despite Wall Street’s record rally, ET BFSI
TOKYO - Global shares were mixed in muted trading Wednesday as optimism set off by a record rally on Wall Street gradually ran out of momentum. France's CAC 40 edged up nearly 0.1% in early trading to 8,095.34, while Germany's DAX was little changed, up less than 0.1%...
CARE Ratings, BFSI News, ET BFSI
Chennai, Credit off-take from banks continued to grow, increasing by 20.5 per cent year-on-year (y-o-y) to reach Rs 162.1 lakh crore, for the fortnight ending February 23, 2024, said CARE Ratings. In its latest report, CARE Ratings said the rise can continue to be...
B2B, manufacturing tech drove IPO market in past five years: report, ET BFSI
Business-to-business (B2B) and manufacturing technology sectors constituted 56% of the new listings on the mainboard over the last five years, Boston Consulting Group and venture capital firm Matrix Partners said in a joint report.According to the latest ‘Digitizing...
UP CM Yogi Adityanath distributes Rs 30,826 crore loan to MSME sector, ET BFSI
Uttar Pradesh chief minister Yogi Adityanath on Wednesday participated in the distribution of loans for the MSME sector. Updated On Mar 13, 2024 at 04:19 PM IST NEW DELHI: Uttar Pradesh chief minister Yogi Adityanath on Wednesday participated in the distribution of...
Public sector banks asked to reassess gold loan process amid debt risk concerns, ET BFSI
New Delhi [India], March 13 (ANI): The Ministry of Finance has written to public sector banks to reassess their gold loan procedures amid concerns over risky debt as gold prices surge, according to a senior government official.This comes against the backdrop of a rise...
Capex has emerged as a key growth driver in India: Morgan Stanley, ET BFSI
New Delhi: A decade after steadily decline in investment to GDP, capex has emerged as a key growth driver in India, global brokerage, Morgan Stanley said."We think the capex cycle has more room to run, therefore the current expansion closely resembles that of...
L&T Finance signs $125-million pact with JICA to aid farmers and women entrepreneurs, ET BFSI
L&T Finance Holdings Ltd. has signed a pact with Japan International Cooperation Agency (JICA) for $125 million to fund mostly farmers and women entrepreneurs in rural and semi urban India. This is the second such fund raise by the company in the past four months....
You can’t use mobile banking app if you don’t have this, ET BFSI
HDFC Bank has announced the addition of new security features to the latest version of the HDFC Bank Mobile Banking App. According to an email from HDFC Bank sent to its customers, the new version would be available to all customers in a staged manner beginning March...
Where to invest Rs 40 lakh to get regular income, BFSI News, ET BFSI
I am 57 years old. I have about Rs 3 crore in mutual funds, gold bonds and shares, Rs 1.5 crore as gratuity and PF corpus, PPF corpus of Rs 70 lakh, Ulips worth Rs 30 lakh, and a Bajaj Allianz term policy that will give me about Rs 50 lakh when I turn 65. I have a...
Godrej Capital Stepping up Operations in Rajasthan to Increase State’s Contribution, ET BFSI
Jaipur: Godrej Capital is stepping up its operations in Rajasthan to increase the state’s contribution to 10% of its total balance sheet of Rs 50,000 crore that it intends to reach by 2028, said Manish Shah, MD and CEO of the company here. The financial services arm...
RuPay card set to gain market share after RBI directive to give consumers a choice of card network, ET BFSI
Market share of RuPay cards is set to improve within months of banks implementing the latest Reserve Bank of India (RBI) directive of giving customers an option to choose card networks, said people from the banking industry.The banking regulator has asked banks to...
ONDC, USOF, Prasar Bharati join hands to digitally empower rural India, ET BFSI
New Delhi: In a bid to provide affordable and accessible digital services in rural parts of the country, Universal Service Obligation Fund (USOF) under Department of Telecommunications (DoT) on Tuesday collaborated with Prasar Bharati and Open Network for Digital...
Bank of Japan makes no ETF purchases despite Topix slump, BFSI News, ET BFSI
TOKYO - The Bank of Japan (BOJ) made no purchases of Japan stock exchange-traded funds (ETF) on Monday, data from the central bank showed, despite Japanese stocks dropping below the central bank's usual threshold for stepping in to buy stocks.The Topix index closed...
How NPS investment of Rs 50,000 can help you save more income tax, ET BFSI
The tax saving season is in full swing. The last date to complete the tax savings exercise for the current financial year, 2023-24, is March 31, 2024. Various deductions and exemptions are available to save income tax if you have or are planning to opt for the old tax...
SBI meets Supreme Court deadline, sends electoral bonds data to Election Commission, ET BFSI
In accordance with the Supreme Court order, the State Bank of India on Tuesday submitted details of electoral bonds. The bank has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018.The bank's Chairman and Managing...
Bitcoin’s rally is creating around 1,500 ‘millionaire wallets’ daily, ET BFSI
Bitcoin’s record-breaking rally appears to be creating around 1,500 new “millionaire wallets” daily, according to crypto analytics firm Kaiko Research.The wallets are digital addresses on the Bitcoin blockchain, in which users can store cryptocurrency. Data such as...
British banks given more time to check payments for scams, ET BFSI
LONDON - British banks will be allowed to hold up payment transfers for an extra three days if they have grounds to suspect a customer is being scammed, the government said on Tuesday.Regulators are cracking down on 'authorised push payment' fraud, when people are...
ITR portal shows inflated income to some taxpayers; Rs 450 showed as Rs 45000. Here’s what to do if you face similar issue, ET BFSI
The ‘Compliance Portal’ launched by the Income-tax department is showing inaccurate/inconsistent financial information for several taxpayers, as per numerous complaints on social media and chartered accountants. As per chartered accountants, the compliance portal is...
5 State Bank of India special fixed deposits offering higher rates, ET BFSI
The State Bank of India (SBI) provides customers with a range of financial services and special deposit schemes. The bank offers a various special fixed deposit for regular citizens and senior citizens such as SBI Amrit Kalash, SBI Wecare, SBI Green Deposits, SBI...
Best tax saving mutual funds or ELSS to invest in March 2024, BFSI News, ET BFSI
Most taxpayers finalise their investments in the last three months of the financial year (January-March). Most of them look for investment options available under Section 80C of the Income Tax Act. The Section 80C of the Income Tax Act allows tax deduction of up to Rs...
REC to finance power, infra projects in Rajasthan worth ₹20,000 cr annually for next 6 years, ET BFSI
REC provides loans of various maturities to state, Central and private companies for creation of infrastructure assets in the country.Maharatna CPSE and leading NBFC under the Ministry of Power, REC Ltd, has signed a memorandum of understanding (MoU) with the...
Bank liquidity conditions to ease soon due to high govt expenditure: Goldman Sachs, ET BFSI
Goldman Sachs in a report titled Asia Economics Analyst: Changing dynamics of banking system liquidity in India, expected the liquidity conditions to ease on drawdown of cash balances and rising government expenditure going forward. We expect some intermittent...
NSE to cut cash, derivative transaction charges by 1%; rival BSE stock slumps, ET BFSI
MUMBAI - The National Stock Exchange (NSE) will cut the transaction charges on trades in both cash and derivatives segments by 1%. Currently, the transaction charge in the equity delivery or cash segment is 0.00325% and in the derivatives segment, it is 0.0019%.The...
IREDA gets ‘Excellent’ rating for third year in row, celebrates 38th foundation day, ET BFSI
CMD Pradip Kumar Das during IREDA's 38th Foundation Day celebration on Monday.Indian Renewable Energy Development Agency (IREDA) celebrated its 38th Foundation Day on March 11, 2024, marking a significant milestone in its journey towards fostering renewable energy...
What is the FD rate?, ET BFSI
The State Bank of India (SBI) offers a special fixed deposit for senior citizens known as SBIWeCare, which gives higher interest rates to senior citizens for terms ranging from 5 to 10 years.When is the last date to invest in SBI Wecare? The last date to invest in SBI...
Small cap stocks down 7.8% from the peak, BFSI News, ET BFSI
New Delhi: Small cap stocks continue to sink on regulator warnings about froth building up. BSE Small Cap index is down almost 2 per cent on Tuesday even as the benchmark Sensex is up 0.31 per cent.There can be redemptions from small cap funds adding to the downside,...
Former Bank of Maharashtra CEO assumes charge as Vigilance Commissioner, ET BFSI
It was during his tenure the bank emerged out of the RBI's restrictive prompt corrective action. Published On Mar 12, 2024 at 08:39 AM IST Mumbai: Former Bank of Maharashtra CEO AS Rajeev took charge as a vigilance commissioner at the Central Vigilance Commission on...
Top 20 equity mutual funds which offered over 10% in 2024 so far, ET BFSI
Most equity mutual fund investors look for best performing mutual fund schemes in a longer horizon, say five and 10 years. ETMutualFunds did some data crunching and found out that around 64 equity mutual funds have offered more than 10% in 2024 so far. We considered...
L&T Fin among 7 non-banks to forgo licences, BFSI News, ET BFSI
MUMBAI: L&T Finance, L&T Infra Credit, and five other non-banking financial companies have surrendered their certificates of registration to RBI. Following this, the central bank cancelled their certificates of registration as they ceased to be a legal entity...
Indian Banks Five-day Work Week: Will banks switch to a five-day work week soon? What IBA has agreed upon
Soon you may not be able to visit your bank on a Saturday! Banking in India might soon witness a shift in its operational schedule. Currently, banks open on the first and third Saturdays but stay closed on the second and fourth Saturdays. Soon, bank employees might...
Was Public Provident Fund rate hiked for April-June 2024 quarter?, ET BFSI
The government announced the interest rates for small savings plans for the quarter April-June 2024 and has decided to keep the rates of all schemes unchangedThe Public Provident Fund (PPF) is one of the most popular savings instruments. Note that only one PPF account...
Aditya Birla Capital, Aditya Birla Finance announce a Scheme of Amalgamation for creation of a large NBFC, ET BFSI
The Boards of Aditya Birla Capital Limited (ABCL) and Aditya Birla Finance (ABFL) on Monday approved the Scheme of Amalgamation (Scheme) of the two companies, to further create a large unified operating NBFC. It is to be noted that while, ABCL is a listed systemically...
HDFC Bank gears up to list NBFC arm HDB Financial, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
Europe’s stocks fall from record highs, inflation data in focus, ET BFSI
LONDON -European stock indexes fell from recent record highs on Monday, and Wall Street looked set for losses, as traders grappled with an uncertain economic outlook and waited for U.S. inflation data later in the week.U.S. stocks started to fall from record highs on...
HDFC Bank gears up to list NBFC arm HDB Financial, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
HSBC to hire almost 50 bankers for startup, venture lending in US, ET BFSI
NEW YORK - HSBC is planning to recruit about 50 more bankers in its U.S. commercial bank to lend to startup companies, mainly in the technology and healthcare sectors, according to a senior executive.The London-headquartered bank hired about 40 people from Silicon...
10-year bond yield at 9-month low, cost of borrowing eases, BFSI News, ET BFSI
Yield on the 10-year benchmark government paper yield slid to its lowest level in nine months, bringing down cost of borrowing across the economy, as a fall in US bond yields and a favourable view on domestic demand-supply dynamics for bonds spurred appetite for...
Deposit-taking NBFCs may shrink further amid RBI glare, BFSI News, ET BFSI
With the Reserve Bank of India (RBI) tightening its scrutiny on the activities of non-banking financial companies (NBFCs), industry experts predict that many NBFCs will reconsider their reliance on deposits. While larger NBFCs with good credit ratings and established...
Bank of Baroda Launches bob Earth Green Deposits, to offer up to 7.5% interest rates, ET BFSI
The public sector bank, Bank of Baroda on Monday announced the launch of bob Earth Green Term Deposit Scheme, in a press note. The objective is to raise deposits deployed towards financing eligible environment-friendly projects and sectors, the bank said. With...
Rupee ends higher on inflows, likely RBI intervention caps rise, ET BFSI
The Indian rupee rose for a third straight session on Monday on the back of dollar inflows, but its rally was run into by likely intervention from the central bank.The rupee closed at 82.7575, up from its previous close of 82.7850.The local unit had hit an over...
Amid RBI tightening noose over NBFCs, FIDC releases advisory, ET BFSI
Amid the Reserve Bank of India’s tightening noose over the NBFCs with its recent circulars to IIFL Finance and JM Financial, the representative body of the NBFC, FIDC, on Monday has released an advisory for the entities. RBI had put curb on the IIFL gold loan business...
Dhanaraj T assumes position of Executive Director at Indian Overseas Bank, ET BFSI
Dhanaraj T, Executive Director, Indian Overseas bankThe Indian Overseas Bank on Monday announced the appointment of Dhanaraj T as its Executive Director. He has assumed the role from Sunday, March 10, 2024 and his tenure will be for a period of three years. Starting...
Japan’s Nikkei falls 3% on stronger yen, BFSI News, ET BFSI
Tokyo, Mar 11, 2024 -Japanese stocks fell as much as three percent on Monday as the yen strengthened against the dollar and semiconductor stocks suffered a sell-off.The Nikkei index sank to 38,496.66 in afternoon trade before bouncing back to sit 2.91 percent...
MD & CEO of JM Financial Home Loans, ET BFSI
Here are the edited excerpts: Q: What are the factors that contributed to the growth of JM Financial Home Loan businesses?Since inception in 2017, JM Financial Home Loans has been witnessing steady growth in AUM, targeting the underserved market segments. Our Retail...
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi and other small savings schemes’ rates announced for April-June quarter; check here, ET BFSI
The government announced the interest rates applicable to small savings schemes for the quarter April-June 2024. The government said that it has decided to keep the rates unchanged. "The rates of interest on various Small Savings Schemes for the first quarter of FY...
HDFC Bank gears up to list NBFC arm HDB Financial, BFSI News, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
A year later, what are the lessons from Silicon Valley Bank’s epic collapse?, ET BFSI
March 10, 2023, should’ve been a day to celebrate for Eric Vogel. He was about to sign a funding deal for his recycling startup, Circularr, after five months of due diligence. The investor just wanted to talk to one last reference, a formality before the deal...
Mcap of 7 of top-10 most valued firms climbs Rs 71,301 crore; Bharti Airtel shines, ET BFSI
The combined market valuation of seven of the top-10 most valued firms climbed Rs 71,301.34 crore in the holiday-shortened last week, with Bharti Airtel emerging as the lead gainer. In a record-breaking rally last week, the BSE benchmark climbed 374.04 points or 0.50...
Next 6-8 months, should you go long private banks and take some profits off for NBFCs? Shreyash Devalkar explains, ET BFSI
Shreyash Devalkar, Head-Equity, Axis MF, says "rather than calling out a segment like PSU versus private versus NBFC, etc, I would like to more focus on which end use or which end segment these lending entities are catering to and the outlook on the credit growth in...
What is it, how it works and more, BFSI News, ET BFSI
A WhatsApp investment scam is a deceptive scheme where criminals exploit your desire for financial gain by tricking you into investing in fake or risky ventures through the WhatsApp messaging platform. Scammers utilise various tactics to lure you in and steal your...
FDI into China collapses, BFSI News, ET BFSI
The European Central Bank left interest rates unchanged for a fourth meeting as a softer outlook for inflation and economic growth bolstered expectations for cuts starting in June. Separate data showed the euro-area economy stagnated at the end of last year,...
Israel’s digital brokerage eToro considers New York IPO, seeks $3.5 billion valuation: report, ET BFSI
Israeli digital brokerage eToro is seeking a valuation of more than $3.5 billion and considers the U.S. a potential destination to list its shares, the Financial Times reported on Sunday.The retail trading platform is weighing an initial public offering (IPO) in New...
With over 62% returns, this asset class is leading returns in 2024 so far, ET BFSI
Investors in gold would be laughing their way to the banks with the back-to-back lifetime highs in the yellow metal this week. Its returns in March and 2024 so far have surpassed those of the S&P BSE Sensex. However, Bitcoin (BTC) remained the showstopper with...
27 Indian startups raise $308 million in funding this week, ET BFSI
Digital lending platform mPokket raised up to Rs 500 crore (around $60 million) in debt capital from BPEA Credit's private credit platform.At least 27 startups in India raised about $307.8 million this week, which includes 17 early-stage and seven growth-stage...
FPIs inject over Rs 6,100 crore in equities in March on strong economic growth, market resilience, ET BFSI
Foreign Portfolio Investors (FPIs) are turning steady buyers as they bought Indian equities worth Rs 6,139 crore so far this month driven by strong economic growth, market resilience and decline in US bond yields. This came following a modest investment of Rs 1,539...
Macroeconomic data, global cues, IPOs among 6 factors that will steer D-Street this week, ET BFSI
After clocking moderate gains last week, the overall bias for Indian equities remains positive, but the primary market will see more action as a plethora of companies will hit the market to raise capital, while as many as eight stocks are set to debut on Dalal...
How to use NPS benefit from employer to save Rs 80,000 in tax, ET BFSI
Bengaluru-based software professional B. Raghu earns well, but almost 15% of his income goes in tax. TaxSpanner estimates that Raghu can reduce his tax by Rs.80,000 if he opts for the NPS benefit offered by his company, and his pay structure is rejigged to include...
These investment options can help you create retirement corpus of Rs 5.62 crore
The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the...
Next 6-8 months, should you go long private banks and take some profits off for NBFCs? Shreyash Devalkar explains, ET BFSI
Shreyash Devalkar, Head-Equity, Axis MF, says "rather than calling out a segment like PSU versus private versus NBFC, etc, I would like to more focus on which end use or which end segment these lending entities are catering to and the outlook on the credit growth in...
US embrace of remote working empties offices, weighs on banks, ET BFSI
WASHINGTON: The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks."There will be bank failures, but this is not the...
Institutional investors may help Bitcoin sustain new heights, ET BFSI
As traditional institutions pour money into bitcoin, the cryptocurrency's latest meteoric rally to a record high may have more legs than in 2021, experts say. The world's largest cryptocurrency, notorious for its volatility, touched $69,202 on Tuesday, driven by...
Goldman Sachs India to train over 1,000 non-engineers in AI, ET BFSI
American investment bank Goldman Sachs has set up a facility in India to train both engineers and non-engineers in generative artificial intelligence (GenAI) to explore the usage of the technology in its businesses.Since 2006, Goldman Sachs has invested more than $7...
Sensex, Nifty end flat after record highs; M&M, RIL drag, ET BFSI
After hitting new record highs, Indian equity indices closed flat in a volatile market on Thursday, weighed down by Mahindra & Mahindra, Reliance Industries and private banking stocks. However, the blue-chips extended their rally to record highs for a second...
SC to hear on Monday SBI plea on poll bond data disclosure, BFSI News, ET BFSI
NEW DELHI: A five-judge constitution bench of SC will hear on March 11 an application filed by State Bank of India (SBI) seeking extension of time till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last...
Gold Price Touches Record High of 67,500 per 10g
Ahmedabad: Continuing its rally in the international market for the seventh consecutive day, gold price in the local markets rose to a new record high on Friday, reaching Rs 67,500 per 10g. Analysts attribute this spike to the weakening of the US dollar, fuelled by...
PSU banks ordered to test purity of gold loan book, BFSI News, ET BFSI
The finance ministry ordered state-run banks to review gold loan processes amid fears about risky debt given a rally in prices of the metal, said people familiar with the matter. The worry is that the surge led to lenders giving top-up loans over existing debt, said...
Forex kitty jumps USD 6.55 bn to USD 625.63 bn, BFSI News, ET BFSI
Mumbai, India's forex reserves jumped USD 6.55 billion to USD 625.626 billion for the week ended March 1, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had risen by USD 2.975 billion to USD 619.072 billion. It can be...
Bank employees to get 17% annual wage hike; 5-day work week awaits govt approval, ET BFSI
The revised working hours will be effective after notification by the government, it saidNew Delhi: Indian Banks' Association and bank employee unions agreed on an annual wage hike of 17 per cent, a move that will result in an additional yearly outgo of around Rs...
Multiple-price Method for Bond Auctions Likely, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has sought the industry's views on reviving the multiple-price method for government bond auctions instead of a Covid-era practice that was initially intended to have only a temporary run.Another point discussed between the RBI and...
Bank employees to get 17% annual wage hike; 5-day work week awaits govt approval, ET BFSI
New Delhi, Indian Banks' Association and bank employee unions on Friday agreed on an annual wage hike of 17 per cent, a move that will result in an additional yearly outgo of around Rs 8,284 crore for public sector banks. As many as 8 lakh bank employees are set to...
Rupee ends slightly higher, notches fourth straight weekly gain, ET BFSI
MUMBAI - The Indian rupee ended marginally stronger on Thursday after hitting its highest level in six months earlier in the session, as likely intervention from the central bank limited the currency's rise.The rupee closed at 82.7850 against the U.S. dollar, higher...
In June, July, RBI could consider the first cut in interest rates: Keki Mistry, ET BFSI
Keki Mistry, Non-executive Director, HDFC Bank, says “I continue to hold the view that if RBI believes that the monsoon forecast is reasonable, that we are not going to see any abnormal monsoon and therefore not any sharp increase in food prices, somewhere in June,...
Markets struggle ahead of key US jobs data, BFSI News, ET BFSI
Hong Kong, Mar 07, 2024 - Equities were mixed on Thursday as investors try to assess the Federal Reserve's plans for interest rates after boss Jerome Powell indicated they would start to come down this year.Focus is also on the release of key US jobs data due Friday,...
Banks closed in these states on Friday, March 8, ET BFSI
Banks in many states will be closed on the occasion of Mahashivratri which falls on March 8 (Friday). The holidays are determined by the state governments and the Reserve Bank of India (RBI)The Reserve Bank of India holiday list shows that banks across states will be...
Equity mutual fund inflows increase by 23% in February to Rs 26,866 crore, smallcaps record decline, ET BFSI
The inflows in the equity category surged by approximately 23%, according to the AMFI data released on Friday. The inflows in February stood at Rs 26,866 crore against Rs 21,780.56 crore in January. Among the equity categories, all categories except for focused funds...
Innovation and prudence combined necessary in the current regulatory environment: SBI MD, ET BFSI
Financial organisations should accelerate innovation with speed, break down team barriers and have agile operating models to make an impact, said State Bank of India CS Shetty.Delivering the keynote address at the ETBFSI CIO Digital Conclave 2024, he said, "To be...
Can credit cards be used beyond the sanctioned credit limit? Check RBI’s latest FAQs, ET BFSI
Using a credit card can help you improve your financial situation and develop better money management skills. Just utilise your credit cards to pay your expenses and make sure you pay off your credit card debt on time to raise your credit score.The Reserve Bank of...
Bank of Baroda announces special benefits on women-centric accounts, ET BFSI
Bank of Baroda introduced special offerings to celebrate International Women's Day, extending exclusive benefits to its female customers who opt for the bob Mahila Shakti Savings Account or the bob Women Power Current Account. These accounts cater specifically to...
Tata Sons trying to avoid IPO. Is it Ok Tata Bye Bye for multi-billion-dollar rally?, ET BFSI
This week's multi-billion-dollar rally in several Tata group stocks, sparked by a what-if bull case scenario, might fade away soon with India's most valued conglomerate now trying to avoid Tata Sons IPO. The worst affected would, undoubtedly, be Tata Chemicals which...
Are banks closed this Saturday, March 9, 2024?, ET BFSI
The Reserve Bank of India holiday list shows that banks across states will be closed for 14 days in March 2024 including Sundays, second Saturdays and fourth Saturdays of the month.Many citizens get confused about whether the upcoming Saturday is a bank holiday or...
Sebi bars JM Fin from managing fresh debt public issues, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi) Thursday barred JM Financial from taking new mandates as a merchant banker for debt public issues due to alleged rule violations. The latest curbs follow those ordered this week by the banking regulator, which...
Goldman Sachs says it will exit Japan transaction banking, BFSI News, ET BFSI
The financial group will close Goldman Sachs Bank USA Tokyo Branch, whose sole purpose was to support transaction banking in Japan, it said in an emailed statement."While remaining focused on growing transaction banking as a strategic priority, we are stepping back...
Sebi bars JM Financial from managing bond offers, BFSI News, ET BFSI
MUMBAI: Markets regulator Sebi on Thursday barred JM Financial from taking on any new mandate to act as a lead manager to public issue of debt securities over its NBFC arm JM Financial Products's irregularities. JM Financial can, however, continue to manage issues...
Elara Capital appoints Manoj Kohli as Non-Executive Chairman of Board, ET BFSI
Elara Capital India announced the appointment of Manoj Kohli, former Country Head of Softbank India, Softbank Group International and Ex-MD and CEO, Airtel, as Non-Executive Chairman of the Board.Manoj Kohli has held leadership positions across the globe, he was...
Banks asked to list stalled housing projects, BFSI News, ET BFSI
Looking to push for faster resolution and completion of stressed housing projects, the government has asked banks to compile and share a list of stalled legacy projects under the SWAMIH fund.After discussions with all stakeholders, it was pointed out that procedural...
Yes Securities records strong growth in women investors, BFSI News, ET BFSI
Yes Securities has announced a record high of women investors, with growth in women investor accounts exhibiting a steady rise. The company recorded a 75% YoY growth in accounts opened by women investors in FY24 so far (period compared is 1st April 2023 till 31st...
As RBI acts tough, NBFCs fear banks may turn wary of lending, BFSI News, ET BFSI
Finance companies would moderate loan disbursals as they look to boost internal control systems after the banking regulator recently ordered curbs on two high-margin - but potentially risky - business lines: Gold loans and securities financing. Such restrictions would...
Bank profitability to remain healthy despite some moderation: Moody’s, ET BFSI
Indian Banks' profitability will remain at healthy levels despite slight moderation on account of declines in net interest margins (NIMs) according to global ratings firm Moody’s.Also, higher risk weights for exposures to non-bank finance companies (NBFCs) and...
Put your money in Bank Nifty; 4 banks you can bet on now: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “the next few days, weeks, months belong to banks. We think the proxy play of weaker dollar, weaker bond yields is playing out exceptionally well and banks are going to lead the market. So Bank Nifty is where you should...
CBI raids 62 locations in Rajasthan, Maharashtra, ET BFSI
The Central Bureau of Investigation (CBI) has conducted raids across 62 locations in Rajasthan and Maharashtra in connection with the suspicious IMPS transactions worth Rs 820 crore reported at UCO Bank.On March 6, the CBI raided ‘extensive search operations’ in...
IT minister:30-plus countries want to adopt India’s UPI payment system, ET BFSI
Union IT minister Ashwini Vaishnaw is upbeat on the global adoption of digital payment system Unified Payment Interface (UPI). Speaking to Times Now media at the third edition of the FinTech Festival India in New Delhi, the IT minister said that as many as 30...
Global banking watchdog cracks down on big lenders gaming capital rules, ET BFSI
LONDON - Global banking regulators proposed measures on Thursday to crack down on "unacceptable" attempts by the world's biggest banks to game rules in a bid to avoid heavier capital requirements.About 30 globally systemic banks (G-SIBs), such as JPMorgan, HSBC, BNP...
Goldilocks gone? Rs 40,000 crore FII sell-off in banks, other financial stocks, ET BFSI
While the most common advice for long-term investors on Dalal Street is to buy largecap bank stocks, FIIs have been selling financial stocks incessantly to the extent of nearly Rs 40,000 crore in just 2 months amid fears that the proverbial Goldilocks period could be...
HDFC Bank revises interest rates on these loans; check latest loan rates, ET BFSI
HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 5 basis points on select tenures. The new rates are effective from March 7, 2024, according to the HDFC Bank website.Latest HDFC Bank MCLRHDFC Bank’s MCLR ranges between...
Best mid cap mutual funds to invest in March 2024, BFSI News, ET BFSI
Many mutual fund investors are worried about the valuations in the mid cap segment. Mid cap stocks have witnessed a robust rally in the last few months. Investors made handsome returns on their investments in mid cap funds. Mid cap funds offered an average return of...
MD Sanjay Agarwal, ET BFSI
AU Small Finance Bank, which has remained a western regional player, is set to expand into South as it is confident of replicating its model amid strong demand for credit, said managing director Sanjay Agarwal in an interview. Here's an edited excerpt: Q. Let me first...
Wall Street indexes advance as Fed’s Powell fuels hopes for rate cuts this year, ET BFSI
Wall Street's three major indexes closed higher on Wednesday as economic data and comments from Federal Reserve Chair Jerome Powell reinforced expectations that the U.S. central bank would reduce its benchmark interest rate this year.Powell said on Wednesday he...
One third of all new jobs created by women-owned MSMEs went to female employees: Study, ET BFSI
New Delhi: Women-owned MSMEs hired 11 per cent more women employees than male-owned MSMEs, as per a data analysis of women-owned MSMEs by Kinara Capital. The analysis further revealed that 1/3rd of all new jobs created by women-owned MSMEs went to women employees,...
Put your money in Bank Nifty; 4 banks you can bet on now: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “the next few days, weeks, months belong to banks. We think the proxy play of weaker dollar, weaker bond yields is playing out exceptionally well and banks are going to lead the market. So Bank Nifty is where you should...
Asian shares broadly higher; BOJ chatter lifts yen, dents Nikkei, ET BFSI
SYDNEY -Asian stocks were mostly up on Thursday as investors took comfort from growing signs the Federal Reserve will soon embark on rate cuts, while chatter of an imminent policy shift in Japan lifted the yen and pulled the Nikkei off its all-time highs. Markets were...
Shriram Finance plans to raise $200 million, BFSI News, ET BFSI
Mumbai: Non-banking finance company Shriram Finance is set to borrow $200 million through a external commercial borrowing (ECB) facility from a clutch of foreign banks as early as next week as it shores up its funding to feed credit demand.The company has sought...
RBI is more proactive, acting ahead of time; we have to be in step with regulation: Shanti Ekambaram, ET BFSI
Shanti Ekambaram, Dy MD, Kotak Mahindra Bank, says for me, financial independence, financial literacy, financial planning, and actually being involved in the nuances of financial life or ecosystem is very important and that is the message I want to give all women. I...
Kotak Securities was ordered by NCDRC to refund Rs 5.67 lakh lost in F&O trading to NRI after 13 years of long fight, ET BFSI
A retired non-resident Indian (NRI) has allegedly lost Rs 5.67 lakh when representatives of Kotak Securities dabbled in futures and options (F&O) with his money without his knowledge. In this regard, the National Consumer Disputes Redressal Commission (NCDRC) has...
Nine states get nod for strategic investment plan for MSME units, ET BFSI
NEW DELHI: The Centre Wednesday approved Strategic Investment Plans (SIPs) of nine states, including Rajasthan, West Bengal and Gujarat, that seek to bring down the cost of compliance and improve access to credit for micro, small and medium enterprises there, a...
SC assures listing of ADR’s contempt plea against SBI, after bank’s ‘mala fide’ extension request, ET BFSI
The Supreme Court on Thursday assured the listing of ADR's contempt plea against the State Bank of India (SBI) in the electoral bonds case on March 11, 2024.In its plea, the ADR said that the application is "mala fide" and demonstrates a wilful and deliberate...
FPI Flows Into Indian Shares Positive In February: FPI flows into Indian shares turn positive in February
BENGALURU - Foreign portfolio investors (FPI) turned net buyers of Indian stocks in February, adding 15.39 billion rupees (~$186 million) led by inflows into auto and pharma, data from the National Securities Depository Ltd (NDSL) showed, while weightage hike in a key...
Banks go big on renewables, reduce credit exposure to fossil fuel projects, ET BFSI
India is witnessing a significant shift in the financing landscape, with a decline in bank credit towards non-renewable energy sectors and a simultaneous rise in support for renewable energy projects. According to the recent data released by the Reserve Bank of India...
The Role of Government Policies in Enhancing Financial Literacy, ET BFSI
Financial literacy has no longer remained a rare luxury. Ever since the pandemic and lockdown in 2020, more and more people are becoming aware about how important it is to plan one’s financial well-being. To make this wave of financial literacy, I still believe a few...
Indian banks’ gross NPAs hit all-time low; may fall below 3% by FY24 end, ET BFSI
Gross Non-Performing Assets (GNPAs) of Scheduled Commercial Banks (SCBs) reduced by 21.1% y-o-y to Rs. 4.85 lakh crore as of December 31, 2023, due to lower slippages, steady recoveries & upgrades, and some write-offs. Meanwhile, advances grew by 20.3% y-o-y in...
Can you settle unclaimed deposits using RBI’s UDGAM portal?, ET BFSI
The Reserve Bank of India (RBI) announced the launch of a Centralised Web Portal UDGAM (Unclaimed Deposits - Gateway to Access inforMation) on August 17, 2023 for the general public to make it simpler for them to look for their unclaimed deposits at several banks at...
Earn up to 7.6% on SBI Amrit Kalash special FD; check last date to invest, who is eligible, ET BFSI
The State Bank of India (SBI) has extended the last date to invest in its Amrit Kalash special fixed deposit scheme many times. SBI Amrit Kalash special FD offers investors a higher interest rate compared to regular SBI FDsWhat is the last date to invest in SBI Amrit...
Seven-step guide for women investors in 2024, BFSI News, ET BFSI
Being financially independent is not just a dream; it is a crucial way to empower women. As we celebrate Women's Day in 2024, we must remember that achieving financial independence and security is not just a goal but a necessary step towards empowerment.Powerful...
Banks turn to bulk deposits to meet credit demand on tepid retail FDs, ET BFSI
Banks, struggling with slow growth in deposits, have tapped the bulk deposit market aggressively in the last few months, resulting in the outstanding certificates of deposit (CDs) in the banking system rising to a decadal high.Reserve Bank of India (RBI) data show...
Venugopal Garre, Bernstein, ET BFSI
Venugopal Garre, MD, Bernstein, says the entire India shining story, which is real as well, is being very well articulated by foreign investors. They are going around sending LinkedIn posts saying, hey, I was in India, I saw this bridge! The reality is they are not...
RBI says banks have to offer customers a choice of credit card network, ET BFSI
The Reserve Bank of India (RBI) has directed banks and credit card companies like American Express, Diners Club, MasterCard, Rupay, and Visa not to enter into any exclusive agreement to issue credit cards.In a notification the central bank has directed banks to...
NPCI joins hands with IISc for joint research on blockchain, AI tech, ET BFSI
National Payments Corporation of India (NPCI) on Wednesday announced a long term agreement with the Indian Institute of Science (IISc), Bangalore, for conducting joint research on blockchain and Artificial Intelligence (AI) technology. The collaboration will also...
RBI’s punitive actions will keep NBFCs on the edge, BFSI News, ET BFSI
New Delhi: In continuation with its system clean-up mission, the RBI imposed an embargo on IIFL's gold loan business on March 4 and on JM Financial Products' (subsidiary of JM Financial) loan against shares & IPO financing business the next day, citing persistent...
Banks closed in these states on Friday, March 8, ET BFSI
Banks in many states will be closed on the occasion of Mahashivratri which falls on March 8 (Friday). The holidays are determined by the state governments and the Reserve Bank of India (RBI).The Reserve Bank of India holiday list shows that banks across states will be...
Global bond inclusion inflows help rupee buck EM currency losses, ET BFSI
The Indian rupee outperformed all its emerging market peers in the first two months of the year, setting the stage for a strong 2024 as the nation’s inclusion in global bond indexes spur inflows.The rupee was broadly steady versus the dollar in the past two months,...
Al Rajhi Bank sells $1 bn in 5-year sustainable sukuk, document shows, ET BFSI
Al Rajhi Bank, the largest Islamic lender in the world, has raised $1 billion from sale of 5-year sustainable Islamic Bonds or 'sukuk', an arranging bank document showed on Tuesday.The spread for the U.S. dollar-denominated sukuk was narrowed to 90 basis points (bps)...
Pending income tax refunds relating to AY 2021-22 would be processed by this date; check email for confirmation, ET BFSI
There is good news for those taxpayers who are still waiting to get their income tax refund for FY 2020-21 (AY 2021-22). In an order dated March 1, 2024, the Central Board of Direct Taxes (CBDT) has said that these individuals can get their income tax refund by April...
Greece’s Eurobank eyes presence in India, may set up office in Mumbai, ET BFSI
Athens-headquartered Eurobank is looking to establish a presence in India and is in the process of consulting with advisors and the Reserve Bank of India to open a representative office in Mumbai, said people close to the bank.With 80.5 billion euros of assets and 540...
Rs 100 lakh crore stock frenzy crushes record, propels India towards Rs 4 trillion, ET BFSI
As the India stock rally remains unstoppable with Mr Retail behaving like the biggest bull of Dalal Street, investors have been left richer by nearly Rs 100 lakh crore in 8 months. The market capitalisation of all BSE-listed stocks, as a result, is now within kissing...
2 booked for duping Navi Mumbai bank of Rs 18.6 lakh by mortgaging fake jewellery, ET BFSI
Thane: Police have registered a case against two persons for allegedly cheating a bank in Navi Mumbai township in Maharashtra of Rs 18.61 lakh by mortgaging fake jewellery, an official said on Tuesday. A woman mortgaged the jewellery at the branch of a cooperative...
Top banks’ credit cards with low annual fee, BFSI News, ET BFSI
Low annual fee credit cards are usually basic entry-level cards, offering benefits across multiple spending categories, with some being co-branded with popular merchants. Though the benefits on low-fee cards are not on par with those on premium cards, they can still...
RBI bars JM Fin from doing any form of financing against shares & debentures after it finds ‘serious deficiencies’, ET BFSI
The Reserve Bank of India on Wednesday barred JM Financial Products from doing any form of financing against shares and debentures after it found 'serious deficiencies' that are detrimental to the interest of the customers, during a review of its books.With immediate...
Asian traders give bitcoin blast-off, BFSI News, ET BFSI
Bitcoin's runaway rally is being driven by investors in Asia. Traders in South Korea, China and other Asian countries are responsible for roughly 70% of bitcoin trading volumes, much like they were in 2021 when bitcoin last hit such heady highs, according to crypto...
Earn up to 9.25% FD interest rate; this bank hikes fixed deposit rates by up to 41 bps, ET BFSI
Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits on select tenures for amounts below Rs 2 crore. The new rates are effective from March 1, 2024. Interest rates in 25 months tenor was revised by 41 basis points (bps), according to the...
Bandhan Mutual Fund files draft document for healthcare index fund, ET BFSI
Bandhan Mutual Fund has filed a draft document with Sebi for Bandhan S&P BSE Healthcare Index Fund. It will be an open‐ended scheme tracking S&P BSE Healthcare Index. The objective is to replicate the S&P BSE Healthcare Index by investing in securities of...
Top banks’ credit cards with low annual fee, BFSI News, ET BFSI
Low annual fee credit cards are usually basic entry-level cards, offering benefits across multiple spending categories, with some being co-branded with popular merchants. Though the benefits on low-fee cards are not on par with those on premium cards, they can still...
Amount you need to save in 10 years to create a Rs 10 crore retirement corpus, ET BFSI
I am 40 years old and our monthly household income is about Rs 3.5 lakh. We have saved close to Rs 2.4 crore in equities and nearly Rs 50 lakh in the Provident Fund. How much should we save in the next 10 years to create a Rs 10 crore retirement corpus? We also need...
Over 1.50 crore informal micro enterprises registered on Udyam assist platform, ET BFSI
Udyam Assist Platform was launched by the Ministry of Micro, Small and Medium Enterprises on January 11, 2023 to facilitate registration of informal micro enterprises (IMEs) through generation of Udyam Assist Certificate.Udyam Assist Platform was launched by the...
Bank of India strengthens its Leadership; Adds M R Kumar and Rajiv Mishra, ET BFSI
M. R. Kumar after having assumed the role of Non-Executive Chairman, chaired the Board meeting on 29 February, 2024. Kumar will be responsible for overseeing the overall growth trajectory of the bank.A science graduate from the University of Madras, the industry...
Billion dollar boost! Bloomberg to add Indian bonds to EM indices from 2025, ET BFSI
Leading to the inflow of billions of dollars into India, Bloomberg Index Services has decided to include Indian bonds in the Bloomberg Emerging Market Local Currency Index and related indices in a phased manner from January 31, 2025."Indian FAR bonds will be included...
NBFC sector witness uptrend in credit growth fueled by personal & agri loans: Report, ET BFSI
The NBFC sector has continued to witness an upward trend in credit growth between September 2022 and September 2023. The gross advances grew by 20.8 per cent— a substantial increase from 10.8 per cent a year ago, revealed a recent report by Mazars.This growth was...
Standard Chartered appoints Sanjay Gurjar as Co-Head, Client Coverage – CCIB, India & South Asia, ET BFSI
Standard Chartered Bank, India on Tuesday announced the appointment of Sanjay Gurjar as the Co-Head, Client Coverage - Corporate, Commercial and Institutional Banking (CCIB) for India and South Asia.Sanjay’s remit will cover Local Corporates & Middle Markets in...
High valuations of market can constrain further rally, say analysts, ET BFSI
New Delhi: While the market is steady, the small cap index is showing some strain with a cut of 0.5 per cent on Monday, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.Perhaps there is some selling happening in small caps in response to...
NCLT approves Aditya Birla group plan to merge NBFCs: Sources, ET BFSI
Aditya Birla Group plans to consolidate its non-banking finance companies (NBFCs) to create better synergies and ensure optimal utilisation of resources and greater economies of scale, following approval by the National Company Law Tribunal (NCLT), said people aware...
Amid calls for 5-day week in banks, IBA invites employee unions for wage settlement signing, ET BFSI
The Indian Banks Association or IBA has invited bank unions to sign the wage revision settlement at Chennai on 11th March, 2024. CH Venkatachalam, the general secretary of AIBEA of All India Bank Employees' Association has informed this through a post on social...
Rupee rises 2 paise to settle at 82.89 against US dollar, ET BFSI
Mumbai: The rupee appreciated 2 paise to settle at 82.89 (provisional) against the US dollar on Monday, tracking a weak American currency overseas and positive equity market sentiment. However, volatile crude oil prices and foreign fund outflows weighed on the Indian...
Advisory to mutual funds likely to restrain performance of broader market, says analyst, ET BFSI
New Delhi: The massive 350-point rally in the Nifty on Friday was primarily driven by the far better-than-expected Q3 GDP numbers which came at 8.4 per cent year on year, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. This hot number...
ARCIL buys Saraswat’s NPAs at 86% haircut, ET BFSI
US-based Avenue Capital-backed Asset Reconstruction Company (India) (ARCIL) has bought nearly ₹400 crore worth of bad loans or non-performing assets (NPAs) of Saraswat Bank with a haircut of nearly 86%.Saraswat Bank, one of the largest cooperative banks in the...
Angel One ropes in top Kotak executive Srikanth Subramanian to lead wealth management biz, ET BFSI
Leading broking firm Angel One has roped in a group of seasoned wealth managers as co-founders to lead its private wealth management business.Former Kotak Cherry executive Srikanth Subramanian has joined Angel One Wealth as co-founder and CEO of Angel One. Subramanian...
NCLT approves Aditya Birla group plan to merge NBFCs: Sources, ET BFSI
Aditya Birla Group plans to consolidate its non-banking finance companies (NBFCs) to create better synergies and ensure optimal utilisation of resources and greater economies of scale, following approval by the National Company Law Tribunal (NCLT), said people aware...
Term deposits yielding over 7% capture a bigger share of deposits even as CASA growth plummets, ET BFSI
Term deposits captured an impressive 98% of incremental deposits from April to December 2023 even as there has been a notable shift in credit growth across key sectors in January 2024 as compared to the same period in the previous year, the Reserve Bank of India (RBI)...
Value investors in Indian stocks face few options in retail banks, consumer sectors, Mirae says, ET BFSI
MUMBAI - Surging valuations of Indian stocks have left investors with few value-investing options, with retail-oriented private banks and firms catering to rural consumption among those that seem likely reasonable bets, a fund manager at Mirae Asset Investment...
CM Yogi launches ‘MYUVA Scheme’ to empower youth entrepreneurs in Uttar Pradesh, ET BFSI
LUCKNOW: Chief Minister Yogi Adityanath is poised to launch the "Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)" scheme in Uttar Pradesh, aimed at nurturing entrepreneurship among the state's youth. This ambitious initiative reflects the government's commitment to...
Rising interest rates prompting more people to go in for term deposits, ET BFSI
New Delhi, Rising interest rates seem to be driving more people to go in for term savings plans as the share of such instruments in total bank deposits increased to 60.3 per cent in December 2023 from 57.2 per cent in March 2023, according to the Reserve Bank data. On...
NFRA chairman Ajay Bhushan Pandey, ET BFSI
The annual inspections of major audit firms planned by the National Financial Reporting Authority (NFRA) will help bolster compliance with auditing standards and protect the interests of investors and shareholders, said its chairman Ajay Bhushan Pandey. In an...
RBI bans IIFL Finance from sanctioning fresh gold loans, BFSI News, ET BFSI
RBI bans IIFL Finance from sanctioning fresh gold loansThe Reserve Bank of India on Monday crackdowns on the IIFL Finance Ltd. banning the sanctioning or disbursing of gold loans by the financier with immediate effect. It directed the company to cease and desist, with...
Banks to remain shut for 14 days this month, check full list, ET BFSI
NEW DELHI: The holiday schedule from the Reserve Bank of India indicates that banks in various states will be closed for a total of 14 days in March 2024.In March, several states are poised to experience two consecutive long weekends, each spanning three days of bank...
Flipkart Internet receives $111 million in new fund infusion, BFSI News, ET BFSI
Flipkart Internet, the marketplace arm of Walmart-owned ecommerce firm Flipkart, received a cash infusion of about Rs 924 crore ($111 million) in two parts from its related entities based in Singapore in January, regulatory filings with the Registrar of Companies...
Instead of banks, time to bet more on NBFCs; bottom fish in chemicals: Vinay Jaising, ET BFSI
Vinay Jaising, MD and Co-Head, Portfolio Management Services, JM Financial Ltd, says “for us, capex and industrials put together, had north of a 50-55% growth. Railways, again, fantastic growth. So that space, in terms of earnings trajectory, did really well. In...
ICICI Bank branch manager forged signatures, siphoned off ‘Rs 11.95 crore’ by transfer and cash, alleges the customer; case in EOW’s net, ET BFSI
The branch manager of an ICICI Bank branch has admitted having committed fraud by forging the signature of an NRI customer. In a complaint letter dated January 6, 2024, to Vikas Puri Police Station in Delhi, ICICI Bank said, "It is pertinent to mention that the...
Friends Lose 27L in Online Forex Fraud, BFSI News, ET BFSI
Rajkot: A resident of Mundra town in Kutch and his friend lost Rs 27.42 lakh after falling prey to a fraudulent online investment offer of foreign exchange trading.They were lured with handsome returns and the fraudsters, who created the mobile application, also...
LIC Housing Finance plans to raise funds via green bonds in next financial year, ET BFSI
New Delhi: LIC Housing Finance, the mortgage arm of insurance behemoth LIC, plans to mobilise funds through green bonds in the coming financial year with an aim to finance environmentally-sustainable housing projects. "Green financing is something that we will look at...
Want higher rate on your tax-saving FD? Book it right now, ET BFSI
If you are planning to invest your hard-earned money before March 31, 2024, to save some tax, you must be looking for suitable options. Among the fixed income instruments, tax-saving fixed deposits (FDs) are one of the investment options that will offer a deduction of...
India’s forex reserves dip by $1.13 bn to $616.1 bn as of Feb 16, ET BFSI
India's foreign exchange reserves dipped by $1.13 billion to $616.1 billion for the week ending on February 16, latest data by Reserve Bank of India (RBI) showed on Friday.According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets...
8 major money deadlines, changes in March 2024, ET BFSI
With the current financial year coming to an end, there are certain significant money deadline that shouldn't be overlooked as it can have an impact on your financial matters. These dates pertain to a few regulations that taxpayers and investors must follow in order...
Rupee ends flat after shedding early gains, logs third straight weekly rise, ET BFSI
The Indian rupee ended little changed on Friday after rising to its highest level in a week as dollar demand from importers and a mild uptick in the dollar index eroded gains driven by inflows, traders said.The rupee closed at 82.90 after ending at 82.9125 on...
Stock Market New High: BSE Sensex surges 1,245 points to cross 73,000; Nifty50 ends above 22,300
Stock market today: BSE Sensex and Nifty50, the Indian stock market indices, surged in trade on Friday. The stock market witnessed a strong surge today as the BSE Sensex soared over 1,200 points and ended the day at 73,745.35. NSE Nifty50 also hit a milestone by...
These 5 midcap mutual funds have given over 50% returns in last one year, ET BFSI
Even as the talks of froth in small and midcap stocks have regained ground following market regulator Sebi issuing an advisory to industry body Association of Mutual Funds in India (Amfi) to moderate flows and rebalance portfolios, an ETMarkets analysis found that...
Simple steps to merge multiple EPF account UANs, ET BFSI
Merging multiple EPF account UANs: When employees switch jobs, they may end up with multiple Universal Account Numbers (UANs). Combining all your old UANs with the newest one can help avoid potential losses. The UAN is a unique 12-digit number given by the Employees’...
NEFT records 4.1 cr transactions on Feb 29, highest single-day volume, ET BFSI
The National Electronic Funds Transfer (NEFT) recorded its highest ever single-day transactions on February 29, with the payment system processing 4.10 crore transactions on that day, the Reserve Bank of India said.The NEFT processed 4,10,61,337 transactions on...
Record highs for Sensex & Nifty on glitch-free special session, ET BFSI
Indian headline indices ended Saturday in the green recording their third successive session gains led by uptick in metal, auto and FMCG stocks. While The S&P BSE Sensex recorded a new lifetime high of 73,994.7 before settling at 73,806.15, higher by 60.80 points...
Bank fixed deposits may gain from taxation on debt MFs and big-ticket insurance products, ET BFSI
The introduction of taxation on debt mutual funds and high-value participatory life insurance policies may make bank fixed deposits more attractive. Earlier, interest on bank deposits was taxed at individual rates, while debt mutual funds enjoyed LTCG of 20% with...
7 new issues, 8 listings to kickstart a busy month for primary market, ET BFSI
The primary market is all set for a busy month ahead with several new public offerings scheduled to debut on the Street. Next week, as many as seven companies will launch their issues — three of them will be from the mainboard segment.The mainboard IPOs of RK Swamy,...
Banks use liquid assets to fund credit growth as deposit growth lags; face NIM hit, ET BFSI
The banking industry operating at a deficit has led to a lowering of the Liquidity Coverage Ratio (LCR) with liquid assets being used to fund credit growth. The lowering LCR along with slower deposit growth may affect credit expansion and limit NIMs, according to a...
74 BSE500 stocks gave double-digit returns in February; can gains sustain?, ET BFSI
While the Sensex gave moderate returns in February, as many as 74 stocks on the BSE 500 clocked double-digit gains of up to 32%.In the last month, benchmark Sensex net gained just 1%, amid volatility and selling pressure, particularly towards the end of the...
Ind-Ra maintains neutral outlook on banking, BFSI News, ET BFSI
Mumbai: Fitch Group company India Ratings & Research (Ind-Ra) on Thursday said that it has maintained a neutral outlook on the banking sector, with lenders likely to face challenges in mobilising deposits while ensuring a minimal impact on margins."The lagging...
How to spot and safeguard your money from fraudsters, ET BFSI
There has been a concerning rise in mule accounts in India, according to a report '2024 Digital Banking Fraud Trends in India' by BioCatch, a leader in digital fraud detection powered by behavioural biometric intelligence. What is even more concerning is that most of...
Report, BFSI News, ET BFSI
The BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 20 per cent on a yoy basis in January, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate...
India-Nepal enhance financial cooperation; digital payment to be inaugurated soon, ET BFSI
Nepal's Ambassador to India, Shankar Sharma on Saturday appreciated the new guidelines of the Reserve Bank of India, which allow multiple financial services between the people of India and Nepal.He said that now Nepal citizens can send Rs 2 lakh per transaction to...
Swiss central bank head steps down in surprise move, ET BFSI
The head of Switzerland's central bank, Thomas Jordan, will step down in September after 12 years in charge, the bank said in a surprise statement Friday. "The Bank Council and the Governing Board greatly regret Thomas Jordan's decision, and express their sincere...
Shah launches NUCFDC, sets target to establish one urban cooperative bank in each town, ET BFSI
New Delhi: Cooperation Minister Amit Shah on Saturday launched the National Urban Cooperative Finance and Development Corporation (NUCFDC) and asked the umbrella body to set up one urban cooperative bank in each town. NUCFDC has received the RBI approval to function...
Banks to remain shut for 14 days this month, check full list, ET BFSI
NEW DELHI: The holiday schedule from the Reserve Bank of India indicates that banks in various states will be closed for a total of 14 days in March 2024.In March, several states are poised to experience two consecutive long weekends, each spanning three days of bank...
GDP numbers propels Sensex and Nifty to new peaks, BFSI News, ET BFSI
MUMBAI: India’s GDP growth rate for Oct-Dec, which at 8.4% beat estimates by every economist and analyst by wide margins, enthused Dalal Street investors and the subsequent buying pushed sensex and Nifty to new all-time peaks on Friday. The day’s rally also lifted...
Bank credit to NBFCs dips even as credit card debt continues to grow, ET BFSI
MUMBAI: Banks are reducing credit to NBFCs after RBI increased the risk weightage on some of these loans even as credit cards outstanding, which are primarily consumer-driven, continue to grow, RBI data showed. According to data released on Thursday, bank credit to...
Kotak Mahindra Bank aims to grow gold loan book faster than the industry, ET BFSI
Kotak Mahindra Bank’s senior officials on Thursday said that it aims to grow its gold loan book faster than the industry.Speaking to the media, Manish Kothari, president and head of commercial banking, indicated that there is significant scope for them to expand their...
5 post office savings schemes that do not offer tax saving benefit under section 80C, ET BFSI
Those looking to save taxes should note that not all post office schemes offer tax benefits under section 80C of Income-tax Act, 1961The schemes that do not come with section 80C benefit are:Kisan Vikas Patra (KVP)Post Office Time deposits (except 5-year tenure)Post...
Growth in bank credit to industry decelerates to 7.8% in January: RBI, ET BFSI
Growth in bank credit to industry decelerated to 7.8 per cent year-on-year in January compared to 8.7 per cent in the same month last year, according to Reserve Bank data released on Thursday. The RBI's data on 'Sectoral Deployment of Bank Credit - January 2024' also...
How to avoid rejection of EPF withdrawal claim; Steps provident fund member should take, ET BFSI
Many Employees’ Provident Fund (EPF) members are facing issues while making withdrawal claims from their EPF accounts. The Employees’ Provident Fund Organisation (EPFO) rejects the EPF claim when the information in their database does not match the information shared...
RBI approves appointment of ex-Sebi executive director Ravindran as TMB’s part-time chairman, ET BFSI
CHENNAI: The Reserve Bank of India (RBI) has approved the appointment of S Ravindran as the part-time chairman of the Tamilnad Mercantile Bank (TMB).The bank said in a regulatory filing on Friday that RBI approved his appointment with effect from February 29, 2024...
Some common questions answered, BFSI News, ET BFSI
The Unified Payments Interface (UPI) is a real-time payment system created by the National Payments Corporation of India (NPCI), which operates under the regulatory oversight of the Reserve Bank of India (RBI). Leveraging the IMPS infrastructure, UPI enables immediate...
Some common questions answered, BFSI News, ET BFSI
The Unified Payments Interface (UPI) is a real-time payment system created by the National Payments Corporation of India (NPCI), which operates under the regulatory oversight of the Reserve Bank of India (RBI). Leveraging the IMPS infrastructure, UPI enables immediate...
How much should you save? 50-30-20 rule in financial planning explained, ET BFSI
Looking to better manage your finances amidst increasing inflation and living costs? Embrace the straightforward 50/30/20 budgeting rule. This approach, widely recognized for its simplicity, is adaptable to any income level, fostering essential financial...
Decline in debit cards transaction volume by 16%, credit cards witness uptick, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 16 per cent while the value decreased by approximately 7 per cent in January 2024. However, month-on-month, the total debit cards transaction...
Japan’s Nikkei closes at record high as tech heavyweights surge, ET BFSI
Japan's Nikkei share average soared to all-time peaks and closed 2% higher on Friday, as tech-related stocks tracked record-high closings among their U.S. peers after comments from Federal Reserve officials provided cues on the interest rate trajectory.The Nikkei...
HDFC Bank vs ICICI Bank vs Kotak Mahindra Bank; which bank is offering highest RD rates in February 2024, ET BFSI
In February 2024, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank revised their fixed deposit and recurring deposit interest rates. With the help of a recurring deposit (RD) plan, you can save money over time by making consistent monthly payments of a predetermined...
Razorpay’s payments entity reports profit of Rs 7.3 crore in FY23, ET BFSI
Merchant-focused payments provider Razorpay has reported a flat net profit of Rs 7.3 crore for the fiscal year 2022-2023 (FY23), despite its revenues seeing a jump.Revenue from operations for Razorpay Software Pvt Ltd (RSPL) stood at Rs 2,279 crore in FY23, a 54%...
Top tips to avoid banking and financial frauds in the name of KYC updation, ET BFSI
The Reserve Bank of India (RBI) has repeatedly issued warnings to the public regarding scams related to KYC (Know Your Customer) updates. Given the ongoing instances of customers being deceived by fraudulent activities under the guise of KYC updates, the RBI has...
43 equity-oriented hybrid schemes which have never posted negative returns in last 6 years, ET BFSI
Around 43 equity oriented hybrid schemes have never offered negative returns in the last years (2018-2023), an analysis by ETMutualFunds showed. Around 83 equity oriented hybrid schemes have completed six years of existence.ETMutualFunds considered all equity-oriented...
Thomas Jordan, head of Switzerland’s central bank, to step down after 12 years, ET BFSI
Thomas Jordan, the head of Switzerland's central bank, will be stepping down in September after serving for 12 years, according to an announcement made by the bank on Friday.The Bank Council and the Governing Board thanked him for his dedicated service in maintaining...
CloudSEK alerts CERT-In, RBI, agencies about app handling financial fraud operations, ET BFSI
According to the report released by CloudSEK, cyber criminals are operating through an app XHelper to manage a network of money mules for loan scams, e-commerce scams, Illegal gambling apps, etc.Cyber security firm CloudSEK has informed watchdog CERT-In, banking...
Lenders push to stay ahead of the curve in climate financing, BFSI News, ET BFSI
Mumbai: Several banks including State Bank of India, Axis Bank, ICICI Bank and HDFC Bank have taken the lead in funding green projects even as the Reserve Bank of India comes up with norms for lenders to disclose their actions on climate risk.RBI has given a glide...
SBI Life, Biocon among top 3 trading ideas for 1 March 2024, ET BFSI
Indian market is expected to open higher on Friday tracking positive global cues.The Nifty future closed positive with gains of 0.28% at 21983 levels on Thursday. India VIX was down by 4.65% from 16.33 to 15.57 levels. Volatility cooled off after steaming in the...
HDFC Bank, ICICI Bank vie for slice of index flows into India, ET BFSI
Large Indian lenders are vying with their global peers for a share of the billions of dollars that are expected to flow following the inclusion of the nation’s bonds in JPMorgan Chase & Co’s emerging markets debt index.ICICI Bank Ltd. and HDFC Bank Ltd. are...
Rupee ends little changed, logs third consecutive monthly gain, ET BFSI
The Indian rupee ended little changed on Thursday, as dollar demand from foreign and state-run banks eroded positive cues from an uptick in most Asian currencies, traders said.The rupee closed at 82.9125 against the U.S. dollar, barely changed from its previous close...
Lagged deposit growth to constrain credit growth for banks in FY25: India Ratings, ET BFSI
Mumbai: Lagging deposit accretion poses the risk of constraining credit growth for banks in FY25, India Ratings and Research said on Thursday. Maintaining its "neutral" outlook on the banking sector for FY25, the agency said the deposit growth is likely to moderate to...
Mutual funds showing red flags to smallcap investors. Ignore at your risk!, ET BFSI
Even before market regulator Sebi directed AMCs to find ways to protect the interest of smallcap investors in a frothy market, mutual fund houses have been trying to tame down the euphoria. AMCs like SBI, Tata and Nippon already do not accept lumpsum investments in...
5 things to know if you have a bank locker or plan to open one, ET BFSI
Bank locker rules: Do you have a bank locker or are you considering opening one? This article is essential for understanding the intricacies and your entitlements as a customer. The objective is to provide comprehensive understanding regarding bank locker agreements,...
Will Sebi-AMFI nudge derail the story in the broader market? Aashish Somaiyaa answers, ET BFSI
Aashish Somaiyaa, CEO, White Oak Capital Management, says “as portfolio managers or AMCs any which way, we continuously keep monitoring how many days it would need us to liquidate a particular stock. How many days would it need us to liquidate say 5%, 10%, 15%, 20% of...
When does a bank account go dormant? Reactivate it at no cost, ET BFSI
Have a dormant bank account? The Reserve Bank of India (RBI) has rules for inactive bank accounts. Here's an overview of what this means and how to avoid penalties.Recognising dormancy A bank account, whether it's a savings or current account, becomes dormant if there...
Jio Financial Services shares rise over 4% on inclusion in Nifty Next 50, ET BFSI
Jio Financial Services (JFSL) shares rose 4.4% to Rs 322 in Thursday trade on BSE amid inclusion in the Nifty Next 50 index. The National Stock Exchange (NSE) announced the change in its semi-annual review of broad market indices. JFSL will enter the index on March...
ICICI Bank branch manager booked for siphoning off customer’s Rs 16 crore, ET BFSI
However, it is claimed that the accused subsequently misappropriated the entire sum without the couple's awarenessNew Delhi: A private bank manager has been booked by the Delhi Police's Economic Offence Wing (EOW) for allegedly siphoning off a customer's entire...
8 major money deadlines, changes in March 2024, ET BFSI
With the current financial year coming to an end, there are certain significant money deadline that shouldn't be overlooked as it can have an impact on your financial matters. These dates pertain to a few regulations that taxpayers and investors must follow in order...
Why RBI cancelled licence of Sumerpur Mercantile Urban Cooperative Bank?, ET BFSI
NEW DELHI: The Reserve Bank of India (RBI) has revoked the licence of the Sumerpur Mercantile Urban Cooperative Bank Limited located in Sumerpur, Pali district of Rajasthan. This decision has immediate effects, leading to the cessation of all banking activities by the...
Paytm shares extend losses, fall 10% in three sessions, ET BFSI
Shares of One 97 Communications fell 5% to the day's low of Rs 385.90 on Thursday, witnessing their third successive decline and losses extending to 10%.Vijay Shekhar Sharma's resignation as the part-time non-executive chairman and board member at Paytm Payments Bank...
SBI dominates debit cards market, HDFC Bank leads credit cards share in Jan’24, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a 24 per cent share in January 2024, revealed latest data by 1Lattice.Top banks followed the list like Bank of Baroda which held about 10 per...
More mid and small cap funds likely to impose restrictions on lump sum investments, ET BFSI
New Delhi: More mid and small cap funds are likely to impose restrictions on lump sum investments into the mid and small cap schemes, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. A significant development is the communication from SEBI...
Guard steals 12.7 lakh from bank and blows it on horse races, ET BFSI
BENGALURU: In a case of fence eating the crop, an armed guard of a State Bank of India (SBI) branch on Residency Road allegedly stole Rs 12.7 lakh from its strongroom recently.After spending most of the money betting on horse races, the guard dialled the bank’s...
Fortunes of startup founders swing with stock prices in past 12-14 months, ET BFSI
The worth of startup founders has fluctuated along with stock prices over the last 12-14 months. Some like Zomato’s Deepinder Goyal and Policybazaar’s Yashish Dahiya and Alok Bansal have reaped mega rewards while Paytm founder Vijay Shekhar Sharma has seen his wealth...
Relief sought over hike in risk weights on infrastructure finance companies’ loans to NBFCs, ET BFSI
Some lenders have reached out to the Reserve Bank of India (RBI) seeking exemption for government-backed infrastructure finance companies such as IREDA and IIFCL from the higher risk weights imposed on their loans to non-banking finance companies (NBFCs).In November...
Axis Bank gets RBI nod for appointing Munish Sharda as executive director, ET BFSI
Axis Bank on Tuesday received approval from the Reserve Bank of India (RBI) to appoint Munish Sharda as the executive director of the company."We refer to our letter no. AXIS/CO/CS/390/2023-24 dated October 26, 2023, informing that the Board of Directors of the Bank...
Rs 6 lakh investment doubles in 5 years with this large & midcap mutual fund scheme. Check details, ET BFSI
HDFC Large and Mid Cap Fund mutual fund scheme formerly known as the HDFC Growth Opportunities Fund has given an extended internal rate of returns (XIRR) of over 27% in the last five years. This means that an investment of Rs 10,000 via monthly systematic investment...
Tata Capital plans to raise $750 million in debut foreign funding next fiscal year, ET BFSI
MUMBAI: Tata Capital is looking at overseas fundraising for the very first time and hopes to raise around $750 million via offshore bonds or loans in the next fiscal year starting in April, a senior company official told Reuters on Wednesday."The company, as a part of...
Citigroup’s new banking chief must relish a challenge. Here’s why, ET BFSI
Viswas Raghavan is a great hire for Citigroup Inc. but, boy, does he have his work cut out to help his new employer along its road to renewal. Raghavan is a 20-plus-year veteran of JPMorgan Chase & Co. who held a string of senior leadership roles over the past...
Here’s why you need to invest, rather than just saving, ET BFSI
Bhanu Pratap Singh, a 35-year-old father of two, is a responsible individual who values the financial security of his family. With a stable job and his wife working as a teacher, they have taken the necessary steps to plan for the future. Singh has diligently...
Fintech powers banks to storm NBFC bastion, ET BFSI
High-street banks are harnessing fintechs to build disproportionately dominant market shares in India's burgeoning consumption credit market, once considered the bailiwick of non-banking financial companies (NBFCs) and home financiers, which are now ceding ground in...
EU deal on euro clearing ‘light’ on banks but a first step, EU official says, ET BFSI
LONDON - The European Union's deal this month on rules to end the bloc's "over-reliance" on London for clearing derivatives is "light" on big banks, but just a first step if they do not shift enough business, EU financial services chief Mairead McGuinness said on...
Why mutual fund investors must track the riskometer for an MF scheme, ET BFSI
The Securities and Exchange Board of India (Sebi), the market regulator, has mandated that all mutual funds display a riskometer in their scheme documents. This riskometer is a standardized scale that helps investors understand the risk associated with a particular...
Mahindra Finance forays into MSME focused co-lending partnership with Lendingkart, ET BFSI
MUMBAI: Mahindra & Mahindra Financial Services Limited, (MMFSL), a Non Banking Financial Corporation (NBFC), on Monday announced collaboration with Lendingkart,a fintech company. This co-lending partnership is set to provide business loans for the Small &...
SBI Chairman Dinesh Khara, ET BFSI
Much-needed private investments to quicken the pace of economic expansion are just ‘around the corner’, State Bank of India (SBI) chairman Dinesh Kumar Khara tells Joel Rebello and MC Govardhana Rangan, pointing to aggregate capacity utilisation reaching thresholds...
Feb 29 last date to update FASTag KYC; step-by-step guide on how to update FASTag KYC, ET BFSI
The deadline for updating FASTags KYC is February 29; else, banks will deactivate/blacklist accounts that do not have comprehensive KYC details. The National Highway Authority of India (NHAI) has taken this step in response to recent reports of the issuance of more...
Kedaara close to raising $1.7 billion for India’s biggest PE fund, sources say, ET BFSI
MUMBAI -Kedaara Capital is set to raise $1.7 billion for what would be India's biggest-ever private equity fund, two people with direct knowledge of the matter said, highlighting huge interest in the country's fast-growing economy amid a shift away from China.The...
Check when banks will be closed, ET BFSI
The Reserve Bank of India holiday list shows that banks across states would be closed for 14 days in March 2024. In March, many states will observe three days of consecutive bank holidays twice, i.e., there are two long holiday weekends.The holidays are determined by...
Sensex plunges 800 points, smallcaps bleed most. 6 factors behind Rs 6 lakh crore crash, ET BFSI
Just ahead of the monthly derivative expiry, Nifty gave up its hold over the 22,000 level while Sensex fell around 800 points or 1% to the day's low at 72,300 on Wednesday. The sell-off was deeper in the broader market where midcaps, smallcaps and microcap indices...
Will shareholders get money after Reliance Capital delists from stock exchanges?, ET BFSI
The Anil Ambani-led Reliance Capital Limited (RCL) announced on Wednesday that its shares might be delisted from stock exchanges as part of the approved resolution plan.Notably, the trading in the stock has been restricted, and the shares of Reliance Capital last...
Citigroup’s new big hire is a no nonsense, hard-charging dealmaker, ET BFSI
As Citigroup Inc. Chief Executive Officer Jane Fraser shrinks Wall Street’s underdog into a leaner competitor, her newest big hire is a dealmaker known for his scrappy streak — and little tolerance of laggards.In one of his less conventional achievements in almost 24...
Most active stocks of the day in terms of total traded value, ET BFSI
NEW DELHI: Vodafone Idea(Rs. 1212.36 crore), Tata Motors(Rs. 770.22 crore), Mazagon Dock Ship(Rs. 658.88 crore), Jio Financial Servic(Rs. 645.66 crore), Indus Towers(Rs. 635.38 crore), Railtel Corp(Rs. 519.20 crore), Cochin Shipyard(Rs. 515.51 crore), HDFC Bank(Rs....
NCLT Approves Hinduja’s Rs 9,650 crore Bid to Buy Reliance Capital, ET BFSI
Mumbai: The National Company Law Tribunal has approved the Rs 9,650-crore resolution plan submitted by Hinduja’s IndusInd International Holdings (promoter of IndusInd Bank) for bankrupt Reliance Capital.IIHL will bring in upfront Rs 9,650 crore in cash within 90 days...
Banks branch out as deposits hard to come by on apps, ET BFSI
India's determined digital drive, which linked its villages to the internet at breakneck speed, also prompted what now seems to be rather premature obituaries of branch banking. More banks, contrary to expectations, are busy building brick-and-mortar presence across...
Take a small exposure to Canara’s new fund to gain from manufacturing push, ET BFSI
Mumbai: Long-term equity investors eyeing a thematic allocation and believe India is well positioned to become the next manufacturing hub, can consider a small allocation to the new fund offer of the Canara Robeco Manufacturing Fund. Conservative equity mutual fund...
Banks closed for 14 days across states; check state-wise list of bank holidays in March, ET BFSI
In March 2024, banks across states will be closed for 14 days, according to the Reserve Bank of India holiday list. The holidays are set by the respective state governments and the Reserve Bank of India (RBI). These include all Sundays, the second and fourth...
Nvidia adds record $277 billion in stock market value, ET BFSI
Nvidia added $277 billion in stock market value on Thursday, Wall Street's largest one-day gain in history after the heavyweight chipmaker's quarterly report beat expectations and reignited a rally fueled by optimism about artificial intelligence.The company's stock...
RBI imposes monetary penalty on State Bank of India, Canara Bank, ET BFSI
NEW DELHI: The Reserve Bank of India (RBI) has imposed a monetary penalty on the State Bank of India (SBI) Rs 2 crore under the relevant section of the Banking Regulation Act. According to a statement, this action was taken due to shortcomings in regulatory compliance...
NPS investment can save you tax on income up to Rs 9.5 lakh under old, new tax regime: Here’s how, ET BFSI
Many people invest in the National Pension System (NPS) to save for retirement. The additional advantage of NPS is that it offers tax benefits in the old as well as new tax regime. Under the old tax regime, NPS offers tax benefits under three sections of the Income...
SIDBI’s Sivasubramanian Ramann, ET BFSI
Mumbai: The first day of the IVCA Conclave 2024 in Mumbai featured a panel discussion with , the Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI). Indian Venture and Alternate Capital Association (IVCA) is a not-for-profit, apex...
RBI approves reappointment of Ajay Kanwal as the MD & CEO of Jana SFB, ET BFSI
The Reserve Bank of India (RBI) on Monday approved the re-appointment of Ajay Kanwal as the Managing Director and CEO of Jana Small Finance Bank. Kanwal’s tenure has been extended by three years starting from March 21, 2024.He has been serving as Jana SFB’s MD and CEO...
IT, auto stocks trigger revival as Sensex jumps 305 points, reclaims 73,000, ET BFSI
Indian headline indices snapped their two-session losing streak on Tuesday reversing the bearish opening trends mainly led by a rebound in IT stocks as investors await key domestic and US economic data due later in the week. While the Nifty ended at 22,198, gaining...
Banks warily warm up to Fed repo backstop, BFSI News, ET BFSI
Federal ReserveBanks are finally signing up for a U.S. Federal Reserve funding backstop that has been lying nearly dormant for more than two years, putting them in a stronger position to deal with any stress. But it is unclear whether they will want to use it in a...
Rupee closes flat, wedged between inflows and local oil companies’ dollar demand, ET BFSI
MUMBAI - The Indian rupee ended flat on Tuesday after drifting in a tight band throughout the session as dollar demand from domestic oil companies eroded room for gains on the back of sustained inflows.The rupee closed at 82.8975 against the U.S. dollar, barely...
Mizuho courting India elite shows Japan banks’ global ambition, ET BFSI
Mizuho Financial Group Inc.’s showcase of its business ties at Mumbai’s luxury St Regis hotel this month underscored its growing foothold in India, a market that has lately been endorsed by Wall Street giants.An awards ceremony to fete financial professionals drew...
Dollar droops before key data, bitcoin soars above $57,000, ET BFSI
TOKYO - The dollar traded on the back foot on Tuesday, as markets looked ahead to a week of U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.Leading cryptocurrency bitcoin soared to a more than...
ICICI Bank customer accuses manager of stealing Rs 16 crore from her FDs. Bank responds, ET BFSI
A Gurgaon woman has accused an ICICI Bank manager of embezzling Rs 16 crore from her account. This was reported by BBC. Shveta Sharma alleged that she transferred funds from her US account to ICICI Bank for fixed deposits, but the bank official created fake accounts,...
Avanse Financial Services appoints Vikrant Gandhi as CFO, ET BFSI
Education-focused non-banking financial company Avanse Financial Services on Tuesday said it has brought on board Vikrant Gandhi as its chief financial officer.Gandhi has over 28 years of experience across BFSI, automobile, and other consumer brand sectors. In his...
Mahindra Finance forays into MSME focused co-lending partnership with Lendingkart, ET BFSI
This pan India collaboration marks the foray of Mahindra Finance, which is part of the M&M Group, into the co-lending space exclusively for the SME sector under an 80:20 structureMahindra & Mahindra Financial Services Limited, (MMFSL), a Non Banking Financial...
RBI imposes monetary penalty on State Bank of India, Canara Bank, ET BFSI
NEW DELHI: The Reserve Bank of India (RBI) has imposed a monetary penalty on the State Bank of India (SBI) Rs 2 crore under the relevant section of the Banking Regulation Act. According to a statement, this action was taken due to shortcomings in regulatory compliance...
HDFC Focused 30 mutual fund has returned 35.25% in one year; should you invest?, ET BFSI
ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision. BASIC FACTSDATE OF LAUNCH17 SEPTEMBER 2004CATEGORYEQUITYTYPEFLEXI...
Investors can earn up to 8.85% on FDs in this bank, ET BFSI
The RBL Bank has revised the fixed deposit interest rate for amounts below Rs 2 crore. The revised FD interest rates are effective from February 14, 2024.RBL Bank offers the highest interest rate of 8.10% on FDs maturing between 18 months and 24 months. On the same FD...
IT, metal stocks drag Sensex 353 points lower; Nifty below 22,150 mark, ET BFSI
Indian headline indices ended in the red for the second straight session on Monday amid selling pressure in IT, metals, and pharma stocks. While Nifty ended at 22,122, down by 91 points or 0.41%, the 30-stock S&P BSE Sensex dropped over 350 points or 0.48% to...
Bandhan Financial Holdings acquire Aegon Life, BFSI News, ET BFSI
Digital life insurance company, Aegon Life has announced the transfer of the shareholdings of Aegon India Holding B.V. (“Aegon”) and Bennett, Coleman & Company Limited ("BCCL”) to Bandhan Financial Holdings Limited (BFHL). With this, Bandhan Financial Holdings is...
EU adopts euro instant payments rules to take on Visa, Mastercard, ET BFSI
BRUSSELS - The European Union Council on Monday adopted rules to make instant payments in the euro currency fully available round-the-clock in a move it expected to help European payments companies compete against U.S. firms Visa and Mastercard.The new regulation will...
5-day work week for banks? Here’s what the proposal from United Forum of Bank Unions states, ET BFSI
5-day week for banks soon? The United Forum of Bank Unions, a coalition of bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman, urging for the implementation of a five-day working week in banks. The proposal assures that there will be no...
Sterling heads for longest streak of daily gains of 2024, ET BFSI
LONDON - The pound edged up against the dollar on Monday, heading for a fifth straight daily gain, its longest unbroken streak so far this year, but volatility was subdued, as investors took a breather from a spate of influential economic data and earnings.Sterling...
Religare Finvest ready for business, completes debt repayment of over Rs 9,000 Cr, ET BFSI
Religare Enterprises Limited (REL) on Monday announced that its wholly-owned subsidiary, RFL, has successfully cleared all its debts with external lenders, effectively resolving all legacy issues. The debt resolution initiative has resulted in clearing the default...
CEO Prashant Kumar, ET BFSI
MUMBAI - Indian private lender Yes Bank will boost lending to small- and mid-sized companies as it tries to push up its return on assets (RoA), its chief executive officer said on Monday."The single agenda (for the bank) is to focus on profitability without doing...
RBI’s Financial Literacy Week kicks-off today targeting young adults, students, ET BFSI
The Reserve Bank of India (RBI) is observing the Financial Literacy Week (FLW) this year from February 26 to March 1, 2024. The theme for this year’s RBI FLW is “Make a Right Start – Become Financially Smart” focussing especially towards the young adults and students....
High valuations of the market creeping into PSU stocks, say analysts, ET BFSI
New Delhi: The overall high valuations of the market is creeping into PSU stocks too. If the markets correct significantly, there can be steep corrections in PSU stocks that are highly valued, says V K, Vijayakumar, Chief Investment Strategist, Geojit Financial...
JGB yields fall amid slide in US peers, fiscal year-end buying, ET BFSI
TOKYO - Japanese government bond (JGB) yields fell to multi-week lows on Monday, pressured by declines in U.S. Treasury yields and as domestic long-term investors bought longer-dated bonds into the fiscal year-end.The 10-year JGB yield declined 3 basis points (bps) to...
YES Bank shares fall over 7% in two sessions on Goldman’s downgrade, ET BFSI
Shares of YES Bank fell nearly 4% to the day's low of Rs 25.25 on Monday, extending their losses to the second straight session and falling over 7% following last week's downgrade by Goldman Sachs, where it issued a 'Sell' rating.The development comes ahead of YES...
How investors can plan to do income tax planning to avoid the last minute rush, ET BFSI
Tax season often brings a frantic rush of investments in tax-saving instruments, but a strategic approach to tax planning can significantly enhance your financial health. This detailed guide will delve into incorporating tax planning into your broader financial...
IL&FS moves NCLAT to avoid wilful defaulter tag, BFSI News, ET BFSI
The IL&FS Group is seeking judicial intervention to restrain banks from declaring it a "wilful defaulter" and taking action against the members of its board that took control of the infrastructure financier after it went bankrupt in October 2018.The group has...
‘Entrepreneurial acumen inherent in women’, says Bandhan Bank’s Chandra Shekhar Ghosh, ET BFSI
Illuminating the essence of women's empowerment, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank on Monday emphasized the pivotal role of financial support in elevating women and nurturing their entrepreneurial spirit."Every woman possesses innate...
Best debt mutual funds to buy now; how to choose the right debt MF, ET BFSI
Do you think interest rates are very high right now? Amit Goel certainly feels so. That’s why the Delhi-based finance professional is gorging on long-duration debt funds. “I started buying long-term debt funds last year, when bond yields were close to 7.5%,” he says....
LIC Housing Finance hopes to earn Rs 5,000 crore profit in FY24, ET BFSI
NEW DELHI: LIC Housing Finance, the mortgage arm of insurance behemoth LIC, is expecting a net profit of Rs 5,000 crore in the current financial year on the back of robust loan demand and expansion in non-core business.The non-core business includes Loan Against...
More savers ditch bank deposits to flirt with equity, ET BFSI
Mumbai: Indian banks' biggest collective strength - exclusive access to low-cost current and savings account (CASA) deposits - can no longer be taken for granted with the average urban saver increasingly tilting in favour of higher-yielding Dalal Street instruments,...
Mcap of 8 of top-10 valued firms soars to Rs 1.10 lakh crore; RIL biggest gainer, ET BFSI
Market valuation of eight of the 10 most valued firms jumped Rs 1,10,106.83 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. Last week, the 30-share BSE Sensex benchmark rose 716.16 points or 0.97 per cent. RIL, ICICI Bank, Life...
Bank employee unions press for 5-day week ahead of IBA settlement. What is the alternative proposed?, ET BFSI
The United Forum of Bank Unions, a coalition representing bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman, urging for the implementation of a five-day working week in banks. Presently, banks operate with closures on the second and...
Lured by promise of big returns from stock trading, ET BFSI
NAVI MUMBAI: The wife of a BARC employee from New Panvel was duped of Rs 1.93 crore to a gang of cyber fraudsters offering huge returns on stock market trading.An FIR of cheating has been registered against nine people on Feb 20. According to the FIR, on Dec 7 last...
Security Lapses at Banks Under Lens After PNB Cashier Shot at Jaipur, ET BFSI
Jaipur: As head cashier Narendra Singh Shekhawat(49) fights for his life following a brave stand against two armed robbers at Punjab National Bank (PNB) on Friday, concerns regarding the spotty security measures within leading banks have come under intense scrutiny....
FPIs infuse Rs 18,500 cr in debt market in Feb, ET BFSI
New Delhi: Foreign Portfolio Investors (FPIs) continued their bullish stance on the country's debt markets with a net infusion of over Rs 18,500 crore so far this month, driven by upcoming inclusion of Indian government bonds in the JP Morgan Index. This came...
Bank manager behind ₹50cr fraud held from Nepal border Mohali, ET BFSI
Mohali: On the run for the past 10 days, the bank manager allegedly involved in fraudulently withdrawing Rs 50 crore (approx) from bank accounts of several customers was finally arrested by the Mohali police from near Nepal border late on Friday night.The accused,...
Because it is all about valuing what you have created and earned, ET BFSI
The recent consultation paper by Securities & Exchange Board of India (SEBI) points out that 70% of the demat accounts with a single holder have opted out of appointing a nominee. This observation from the Sebi has triggered a discussion about the importance of...
InCred AMC is holding 26% in cash. CEO Mrinal Singh explains why, ET BFSI
Mrinal Singh, CEO & CIO, InCred AMC, says “one can look at our cash as a proxy largecap allocation. We have kept that largely in anticipation of volatility in the market and we would look to deploy it as the market offers volatility at interesting prices.”Did you...
IDBI Bank looks to sell Rs 280-crore MSME loans, BFSI News, ET BFSI
MUMBAI: IDBI Bank has come out with a portfolio of micro, small and medium enterprises (MSME) loans for sale. It has put Rs 280-crore of MSME loans up for sale and received interest from seven asset reconstruction companies, including JC Flowers ARC, ARCIL, Omkara and...
How to trade HCL Tech, Canara Bank today, BFSI News, ET BFSI
Led by continued investor optimism, Nifty on Friday hit yet another record high level of 22,297.50. Until the support of 21,800 is defended, the upside bias remains intact, chart readers say. The RSI is far from the overbought territory, suggesting more room for an...
Unsecured retail loans building up stress in financial system, ET BFSI
MUMBAI: Indian banks in general may have reported strong earnings growth and a drop in gross bad loans, but the numbers hide the building stress in the unsecured credit portfolio of banks such as IndusInd Bank, Bandhan Bank and Yes Bank, among others.The rise in bad...
India market value to reach $10 trillion by 2030, says Jefferies, ET BFSI
India’s stock market value is set to more than double to $10 trillion by 2030, going by its history of delivering double-digit returns and expectations of continued economic reforms, according to Jefferies Financial Group Inc. The nation’s market, currently the...
SBI fails to draw buyers for Hindusthan National Glass’ Rs 1,703-cr bad debt, ET BFSI
MUMBAI: State Bank of India (SBI) failed to attract investors at an auction held on Thursday to sell Rs 1,703 crore debt of Hindusthan National Glass & Industries (HNGIL), the country's largest glass bottle maker, whose debt resolution has been delayed by more...
Get Rs 1 lakh interest-free loan for budding entrepreneurs, ET BFSI
The Government of Odisha has recently launched the Odisha Swayam Yojana 2024. The initiative provides interest-free bank loans of up to Rs 1 lakh to budding entrepreneurs aged 18-35 years (or 18-40 years for special categories) - to help them start new businesses....
Goldman says Goldilocks period over for banks, downgrades, SBI, ICICI, Yes Bank, ET BFSI
Global investment banking firm Goldman Sachs has downgraded State Bank of India (SBI) and ICICI Bank, saying the Goldilocks period for banks is over. The report highlights a 5% to 2% cut in earnings estimates across the coverage universe for FY25E/26E, with an...
Sensex ends flat, Nifty retreats from record high; TCS, SBI among laggards, ET BFSI
Indian equity index Sensex closed flat after lacklustre trade on Friday, dragged down by shares of Tata Consultancy Services and State Bank of India, while benchmark Nifty50 hit a new record high for the fifth consecutive session in early trade.The BSE benchmark...
Lowballed, banks may seek better offer for Go First; liquidation a possibility, ET BFSI
New Delhi | Mumbai: Lenders to Go First may ask bidders in the resolution process for the airline to improve their offers in order to maximise recoveries, people involved in the process said. The lenders may opt for liquidation if the bids aren’t good enough, said the...
Rupee falls 8 paise to close at 82.93 against US dollar, ET BFSI
Mumbai: The rupee consolidated in a narrow range and depreciated by 8 paise to close at 82.93 (provisional) against the US dollar on Friday, tracking a strong American currency and muted trend in domestic equities. Forex traders said the Indian currency depreciated as...
ED attaches shops worth over Rs 13 crore in Pune mall, ET BFSI
New Delhi: The Enforcement Directorate on Friday said it has attached shops worth more than Rs 13 crore in a Pune mall in the Punjab and Maharashtra Cooperative (PMC) Bank loan fraud-linked money laundering case. The "fraud" worth Rs 6,117.93 crore (principal Rs...
Want to have financial independence and retire early? Anil Rego on how to go about it, ET BFSI
Anil Rego, Founder & CEO, Right Horizons, says “if you want to retire early, you should make your money work for you and that was simple, one liner and avenues which can help you do that, which can help you beat inflation, which can also grow well, it also means...
How to open tax saving fixed deposit in ICICI Bank, BFSI News, ET BFSI
It is last leg of the tax-saving season for the current financial year. The majority of investment plans that come with tax benefits come under Section 80C of the Income-tax Act, 1961, which allows the taxpayer to claim an exemption of up to Rs 1,50,000 during an FY....
FPIs’ financial stock holdings drop below Nifty sector weighting, ET BFSI
Foreign Portfolio Investors (FPIs) have substantially reduced their exposure to the financial services sector below the sector’s 33% weighting in the benchmark National Stock Exchange Nifty50 Index, though it remains in line with the Nifty 500. Their share of...
CEIB launches portal for antecedent verification of prospective borrowers, NPAs, ET BFSI
New Delhi, The Central Economic Intelligence Bureau (CEIB) on Friday launched a portal for antecedent verification of prospective borrowers and bad loans to streamline intelligence clearance process for banks for loan disbursement. The portal was launched earlier this...
India’s forex reserves hit two-month low, BFSI News, ET BFSI
BENGALURU: India's foreign exchange reserves dropped for a second straight week and stood at a two-month low of $616.10 billion as of Feb 16, data from the Reserve Bank of India (RBI) showed on Friday. The reserves fell by $1.13 billion in the reporting week, after...
Go First liquidation a possibility; lowballed banks may seek better offer, ET BFSI
Lenders to Go First may ask bidders in the resolution process for the airline to improve their offers in order to maximise recoveries, people involved in the process said. The lenders may opt for liquidation if the bids aren’t good enough, said the people cited above....
New enrollment in EPF and ESIC hit over three-month high; NPS declines, ET BFSI
New enrollments to Employees’ Provident Fund (EPF) and Employees' State Insurance Corporation hit the highest level in over three months in December, as formal job additions picked up after the festive season, according to government data released Friday.The average...
HDFC Bank, ICICI Bank increase FD rates in February 2024; compare latest FD interest, ET BFSI
In February, many big banks including HDFC Bank and ICICI Bank revised their fixed deposit interest rates. How do they compare with each other? Take a lookICICI Bank has revised its fixed deposit (FD) interest rates with effect from February 17, 2024, for amounts...
FTSE 100 rises on Standard Chartered boost, BFSI News, ET BFSI
Feb 23 (Reuters) - Britain's FTSE 100 edged higher at open on Friday, propped by financial stocks following Standard Chartered's results, though the index was on course for marginal losses in the week as markets digested a raft of mixed earnings updates.The FTSE 100...
Sell YES Bank, says Goldman and downgrades SBI, ICICI Bank. Goldilocks period over?, ET BFSI
While arguing that the proverbial Goldilocks period is over for the financial sector, investment banker Goldman Sachs has issued a sell call on retail favourite YES Bank and downgraded two other banks - SBI and ICICI Bank. But when it comes to HDFC Bank, it sees a 33%...
Indian mutual fund industry likely to hit Rs 100 lakh crore by 2030: Axis Capital, ET BFSI
The Indian mutual fund industry is expected to become Rs 100 lakh crore in valuation by 2030, according to a report by Axis Capital.India’s mutual fund industry has doubled its AUM in just four years to reach a landmark Rs 50 lakh crore in December 2023. Prior to...
StanChart lowers income target, launches $1 bln share buyback as profit jumps 18%, ET BFSI
HONG KONG/LONDON - Standard Chartered PLC on Friday rewarded shareholders with dividends and a fresh $1 billion buyback as profit rose 18%, but set out underwhelming growth forecasts that will concern investors amid worries about global banks' exposure to China.The...
France proposes starting EU Capital Markets Union with small group of countries, ET BFSI
European Union France proposed on Friday that European Union member states which back the creation of Capital Markets Union should initially go it alone to accelerate a project that has dragged on for a decade.Speaking before a meeting of EU finance ministers in the...
RBI shares tips, ET BFSI
The number of frauds in the banking sector has increased significantly in the last few years. To protect customers against scams, the Reserve Bank of India (RBI) has time and again come up with various guidelines and to-do lists. What are things you need to keep in...
International funds offer 2.3% average return in three years. Should you invest?, ET BFSI
International funds have offered an average return of around 2.32% in three years, data crunching by ETMutualFunds showed. There were around 32 schemes in the category that have completed three years of existence in the market.In three years, around 12 schemes offered...
Robbery attempt in Jaipur, cashier shot at in PNB Bank, ET BFSI
Jaipur: Two masked men carrying weapons attempted to loot a bank here on Friday and shot at the cashier, but were forced to give up on their plan as people rushed in.The two barged in a branch of the Punjab National Bank in the Jhotwara area of Jaipur on Friday at...
Now you can UPI abroad, but don’t leave cards behind, ET BFSI
Good news for millions of UPI (unified payments interface) users is that most mainstream payment apps have been enabled for global transactions. UPI payment rails for QR scan-and-pay are in place in six countries. But do not leave your cards at home just yet. While...
Shriram looks to raise up to Rs 2,400 crore to buy Piramal stake in group firms, ET BFSI
Mumbai: The promoter entity of the Shriram Group is seeking to raise ₹2,000-2,400 crore in debt to fund the planned purchase of Piramal Enterprises' stake in Shriram Investment Holdings and other group businesses, said people aware of the plan.Shriram Ownership Trust...
ED raids SP leader, his company, BFSI News, ET BFSI
Lucknow: The Enforcement Directorate on Friday raided locations in Uttar Pradesh, Gujarat and Haryana as part of an alleged Rs 750 crore bank loan fraud linked money laundering probe against a road construction and toll plazas operating company promoted by SP leader...
Mastercard sued by digital wallet startup over access to payment tech, ET BFSI
Mastercard Inc is facing a new lawsuit by a technology startup that accused the payments giant of stymying its efforts to build a "universal" digital wallet for consumers that can work across different mobile device platforms.Massachusetts-based OV Loop Inc filed the...
Mubadala leads Rs 1100 crore funding round in Avanse, BFSI News, ET BFSI
MUMBAI: Abu Dhabi's Mubadala Investment Co, Kotak Pre-IPO Opportunities Fund and Avendus Future Leaders Fund are all set to deploy Rs 1100 crore of primary capital into Warburg Pincus backed Avanse Financial Services, said people aware of the developments. The...
More savers ditch bank deposits to flirt with equity, ET BFSI
Indian banks' biggest collective strength – exclusive access to low-cost current and savings account (CASA) deposits - can no longer be taken for granted with the average urban saver increasingly tilting in favour of higher-yielding Dalal Street instruments, such as...
Techie and bizman lose 56L in online share trading frauds, BFSI News, ET BFSI
Pune: A software engineer from Pimple Saudagar and a Wakad businessman collectively lost Rs56 lakh in online share trading frauds between Jan-end and Feb 20. An officer from the Wakad police said the businessman (44) stated in his complaint that he came across an...
Jio Financial Services hits m-cap of Rs 2 lakh crore, share price at record high, ET BFSI
The market capitalisation of Jio Financial Services (JFS) exceeded Rs 2 lakh crore for the first time on Friday, driven by a 35% surge in its share price this year.JFS shares have rallied more than 48% in the past three months and over 40% on a year-to-date (YTD)...
Are banks next in line for big RBI action for flouting KYC norms?, ET BFSI
In a significant move to curb potential fraud within the financial sector, the Reserve Bank of India took action against Paytm, signaling a broader crackdown. Last month, RBI suspended most activities of Paytm's banking affiliate. The suspension was a result of...
Is flexi loan or dropline overdraft better than a personal loan and conventional overdraft?, ET BFSI
It is not uncommon to get a call from lending institutions offering a flexi loan, also known as dropline overdraft facility. However, not many are aware how this loan works and whether it is a better option than the conventional overdraft facility or a personal loan....
Union Bank QIP lapped up by global funds, BFSI News, ET BFSI
State owned Union Bank of India has raised Rs 3000 crore through a qualified institutional placement (QIP) allowing the bank to deepen its capital and also reduce its government holding below the regulatory ceiling of 75%, multiple people aware of the details...
ADB approves USD 23 million loan to boost fintech in Gujarat, ET BFSI
New Delhi: The Asian Development Bank (ADB) on Thursday said it has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India. GIFT is a state-owned enterprise...
European Central Bank books first loss since 2004 as rate hikes bite, ET BFSI
The European Central Bank said Thursday its series of interest rate hikes had led it to a loss in 2023, its first in nearly two decades, with no swift return to profit expected.The Frankfurt-based institution lost 1.3 billion euros ($1.4 billion) last year, after...
Rs 22,500-crore dent! FPIs remain in sell mode, 6 sectors face the brunt, ET BFSI
Foreign institutional investors (FIIs) remained net sellers in the Indian market this month, with six sectors seeing outflows of over Rs 22,500 crore ($2.71 billion) in the first fortnight.However, the pace of selling slowed down from the previous fortnight when FIIs...
RBI to meet banks to examine grey areas in overseas investment rules, ET BFSI
MUMBAI: The Reserve Bank of India (RBI) will meet banks to sort out the grey areas in overseas investment (OI) regulations which have stalled the plans of several wealthy Indians, business families, and startups from taking exposures to foreign securities, funds and...
NIIF to acquire Morgan Stanley-backed in-building connectivity firm iBus for Rs 1600 crore, ET BFSI
MUMBAI: National Investment and Infrastructure Fund Ltd (NIIF), the India government-backed infrastructure fund, will acquire a majority stake in iBus Networks, a leading provider of in-building wireless solutions, for Rs 1600 crore ($200 million), said multiple...
Q3 housing loan uptake at five-year high in Ahmedabad, ET BFSI
Representative ImageAHMEDABAD: The desire to own a house of one’s dreams is becoming a reality for many across the state, considering the sharp growth in home loan disbursals and the number of takers. Rising disposable incomes and growing aspirations have collectively...
SBI becomes 5th most valuable firm; surpasses Infosys, BFSI News, ET BFSI
New Delhi, Public sector lender State Bank of India (SBI) has surpassed IT major Infosys to become the country's fifth most valued firm by market valuation on Wednesday. The scrip of the state-owned company gained 1.51 per cent to close at Rs 771.55 apiece on the BSE....
Rupee ends at over 5-month high, tracking Asian peers, foreign fund inflows, ET BFSI
The Indian rupee closed at its strongest level in more than five months on Thursday, aided by an uptick in its Asian peers and on the back of dollar inflows into the domestic share and bond markets.The rupee settled at 82.84 to the U.S. dollar, its highest closing...
Regulators need not be too conservative, should respond fast to ‘accidents’ in financial sector: Uday Kotak, ET BFSI
Veteran banker Uday Kotak on Wednesday said regulators should not be too conservative and cautious but should respond fast to "accidents" in the financial sector. "Zero accident policy is also dangerous. If you are wanting to grow fast, there will be need for good...
‘Thousands’ of new ETFs seen in $8 trillion market’s next leap, ET BFSI
New York: Outside the Fontainebleau Hotel in Miami, Florida last week, dozens of drones moved slowly through the night sky, projecting the Bitcoin symbol far and wide above one of the largest ETF gatherings of the year.But inside the annual Exchange conference,...
MSMEs demand centralised, single window system for licences and registration, ET BFSI
About 23.4 million MSMEs are currently registered on the MSME ministry’s UDYAM portal. Sections of MSMEs working across multiple states are petitioning the Union government to come up with a single window compliance and registration system, freeing them from the...
SBI crosses 50 crores customer milestone, Dinesh Khara expresses gratitude, ET BFSI
State Bank of IndiaIndia's largest public sector lender, the State Bank of India on Thursday announced over social media that it crossed about 50 crore customers, making it a monumental milestone for the bank."The Banker to Every Indian celebrates a monumental...
Can India catch up with China’s weight in MSCI index over next 5-6 years? Nilesh Shah explains, ET BFSI
Nilesh Shah, MD, Kotak AMC, says “if our governance standards falter like it has faltered in Russia, China, Brazil and South Africa, then certainly the premium valuation which we are enjoying will not be available. So as long as the 3G of growth, governance, and green...
Dvara KGFS secures USD 27 million in debt financing, BFSI News, ET BFSI
Chennai, Non-banking finance company Dvara Kshetriya Gramin Financial Services of the Dvara group has raised USD 27 million through debt funds, to fuel its growth plans in the country, the company said on Wednesday. Dvara KGFS secured USD 20 million as External...
Who will win the race in the tale of two opposites?, ET BFSI
While bulls aren't yet ready to give up on the potential of PSU bank stocks given the sharp earnings turnaround, the case for the underdogs is getting louder as the valuations of PSU banks are at historical highs while private banks are languishing near decade-long...
Nifty hits fresh record high, holds 22,200 level on gains in banking & auto stocks, ET BFSI
Indian equity indices opened marginally higher for the seventh straight session on Wednesday, with the benchmark Nifty 50 hitting fresh all-time highs, led by banking, financial and auto stocks.The BSE Sensex was trading 68 points or 0.09% higher at 73,125. Nifty50...
HSBC reports ‘record profit’ of $30.3 bn in 2023, ET BFSI
Hong Kong, Feb 21, 2024 - HSBC said Wednesday it achieved "record profit" in 2023 as pre-tax gains soared by nearly 80 percent, with the banking giant also announcing further share buybacks.The Asia-focused lender and its peers have been buoyed by rising interest...
Here’s how to increase your chances of IPO allotment, ET BFSI
There has been a trend lately, especially among retail investors to apply for an IPO. While some prefer to sell it immediately after listing while some prefer to hold it for a longer period. The number of people who wish to take advantage of any possible listing gains...
Indian SMEs expect human interaction to remain critical within a digital corporate world: HSBC survey, ET BFSI
Small and Medium Enterprises (SMSe) in India believe that the power of human interaction will continue to play a critical role in the coming decade, even as technology such as AI, robotics and quantum computing dramatically reshapes entire sectors and business models,...
Paytm bank RBI crackdown may just be the start? Banks’ rush for clients set for reckoning, ET BFSI
For Indian regulators seeking to crack down on potential fraud in the financial sector, Paytm may just be the beginning.India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that...
Sensex snaps 6-day winning streak, slides 434 points; IT, energy stocks drag, ET BFSI
After a 6-day winning streak, benchmark equity indices took a breather on Wednesday, dragged down by information technology stocks on fading hopes of early US rate cuts and energy stocks.Barring metal, PSU bank, and realty, all major sectoral indices closed in the...
BlackRock, SBI Life among investors in Union Bank QIP, ET BFSI
State owned Union Bank of India has raised Rs 3000 crore through a qualified institutional placement (QIP) allowing the bank to deepen its capital and also reduce its government holding below the regulatory ceiling of 75%, multiple people aware of the details...
Mirae Asset Mutual Fund file draft document for Nifty MidSmallcap400 Momentum Quality 100 ETF, ET BFSI
Mirae Asset Mutual Fund has filed a draft document with Sebi for the Nifty MidSmallcap400 Momentum Quality 100 ETF. Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF will be an open-ended scheme replicating/tracking Nifty MidSmallcap400 Momentum Quality 100...
Indian banks seek tweaks to cenbank liquidity management to align call and repo rates, ET BFSI
MUMBAI - Cash conditions in the Indian banking system could tighten further in the coming weeks and require more active management if the central bank intends to keep the overnight cash rates close to the policy rate, several market participants said.The weighted...
Rupee ends flat as importers’ dollar demand erodes gains; Fed meeting minutes eyed, ET BFSI
The Indian rupee ended little changed on Tuesday despite rising to its highest in nearly three weeks in the session as dollar demand from state-run banks, likely on behalf of importer clients, eroded the local unit's gains, traders said.The rupee ended at 82.97...
No pledge creates absolute right for bank to recover any amount: Court, ET BFSI
CHANDIGARH: Punjab and Haryana high court has made it clear that an undertaking given by a pensioner does not create an absolute right in favour of a bank to recover any amount assessed and paid by them.HC said that in such cases the bank, in view of the undertaking,...
Best gilt mutual funds to invest in February 2024, BFSI News, ET BFSI
Mutual fund advisors are recommending gilt funds to ‘aggressive’ or ‘sophisticated’ debt investors as they believe that gilt funds are likely to offer superior returns in the coming months. This is based on the assumption that the RBI may start cutting interest rates...
Union Bank of India share price jumps 7% on Rs 3000 crore QIP, ET BFSI
Union Bank of India's share price jumped 7% to Rs 151 in Wednesday's trade on BSE after the state-owned bank approved a Rs 3,000 crore share sale proposal at a floor price of Rs 142.78 per share to fund its business growth.The floor price is at a marginal premium...
Motilal Oswal Alternates raises Rs 1,250 cr as first close of sixth realty fund, ET BFSI
MUMBAI: Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services, has raised over Rs 1,250 crore as the first close of its sixth real estate fund India Realty Excellence Fund VI (IREF VI) to invest across the top eight...
Kotak Bank’s rejig seen to help retain key executives and ensure stability, ET BFSI
The stock climbed 1.8% Tuesday, reflecting investor confidence in the appointmentsThe first management rejig at Kotak Mahindra Bank by its new CEO, Ashok Vaswani, has preempted potential exits of top executives who were seen as internal contenders for the top job,...
World Bank, others issue offshore India rupee bonds as demand soars, ET BFSI
MUMBAI: The World Bank's lending arm and other global institutions have issued $1.4 billion worth of offshore rupee-denominated bonds so far this year to meet strong demand spurred by India's inclusion in JP Morgan's widely tracked emerging market debt index, two...
Religare, BFSI News, ET BFSI
Mumbai: Religare Enterprises has told financial regulators there is "no occasion" for the company to approach them to seek approval for the Burman family, the financial services firm's largest shareholders, to increase their stake. The management of Religare led by...
Banks report robust home loan growth in Q3 despite high interest rates, ET BFSI
Banks reported robust growth in their home loan portfolios in the third quarter of the current fiscal year, showcasing an expansion of over 15%. Despite consistent increases in interest rates on home loans over the past two years, with the weighted average lending...
Most Indian financial institutions have a clean white shirt: Uday Kotak, ET BFSI
As the NPA levels of Indian banks are at multi-year low levels, billionaire banker Uday Kotak believes that most financial institutions now have a clean white shirt after a difficult decade 2009-19.While speaking at the Chasing Growth 2024 Investor Conference...
Bank liable for fraud ATM withdrawals
Govind Lal Sharma held a Pension Account at State Bank of India's Special Branch in the Court Complex. He was also issued an ATM card for the account.On Feb 12, 2019, at around 4.00pm Sharma received a call from 911412822408, informing him of daily debits of Rs...
Financials lift Nifty to record high for second day; Sensex reclaims 73,000, ET BFSI
Benchmark equity index Sensex closed with gains for the sixth consecutive session on Tuesday while Nifty50 hit a record high for the second session in a row, led by HDFC Bank, Axis Bank and Power Grid Corporation.The BSE benchmark Sensex advanced 349 points or 0.48%...
UK bank Barclays logs falling profit but shares rally, ET BFSI
London, Feb 20, 2024 -UK bank Barclays said on Tuesday its annual profit slid on a large restructuring charge, but shares rallied on a £10-billion ($12.6-billion) plan to return cash to investors.Profit after tax slid 15 percent to £4.3 billion last year on a...
Japan extends Rs 12,814 crore loan for 9 infra projects in India, ET BFSI
New Delhi: The Government of Japan on Tuesday committed Official Development Assistance (ODA) loan to the tune of approximately Rs 12,814 crore for nine projects across various sectors in India.The notes for the agreement were exchanged between Vikas Sheel, Additional...
Nifty Bank reclaims 47K; buy on dips for a target of 48,000, suggest experts, ET BFSI
The Nifty Bank closed in the green for the sixth day in a row to close above the 47,000 level on Tuesday. The index rose over 500 points to close at 47,094. The Nifty50, on the other hand, hit a fresh record high, ending a tad below 22,200.HDFC Bank, Axis Bank, Kotak...
Does earnings growth justify investment in small & midcap stocks?, ET BFSI
There is one segment in the investing world where greed and fear are both ruling at the same time - Indian Small and Midcap (SMID) stocks.The monster rally in SMID indices has led to their outperformance in relation to the most watched benchmark indices - the Nifty...
Kotak Mahindra Bank appoints Devang Gheewalla as CFO, ET BFSI
Kotak Mahindra Bank appoints Devang Gheewallla as CFKotak Mahindra Bank has announced the appointment of Devang Gheewalla as its new Group Chief Financial Officer (CFO), effective April 1, 2024. Gheewalla will succeed Jaimin Bhatt, who will be retiring on March 31,...
Mutual funds join multi-billion dollar PSU rally, eye 2014 record in election year, ET BFSI
The multi-billion dollar rags-to-riches story of Indian PSU stocks is leaving mutual fund managers with no option but to join the party even if they are late than momentum-chasing retail investors. The ownership of PSUs in mutual funds has just crossed a 3-year high...
SBI recruiting for Specialist Cadre Officers on regular basis, ET BFSI
State Bank of IndiaThe State Bank of India (SBI) announced the recruitment for Specialist Cadre Officer posts on regular basis, through a notification released on its website.The online applications for about 80 posts opened on Tuesday, February 13, 2024 and the...
Rupee inches higher as importers cap gains from foreign banks’ dollar sales, ET BFSI
The Indian rupee ended slightly higher on Tuesday as dollar demand from importers capped gains that came on the back of likely inflows, traders said.The rupee ended at 82.9625 against the U.S. dollar, higher by 0.06% compared to its close at 83.0150 in the previous...
Bank of America expects India fundraising to be busier than ever, ET BFSI
Fundraising activity in India will be stronger than ever over the next two years as conglomerates, tech firms and financial services providers hunt for capital to fuel growth and owners seize the moment to sell holdings, Bank of America Corp.’s co-head of investment...
At Rs 376, Paytm shares hit upper circuit for third straight session, ET BFSI
PaytmNew Delhi: Shares of Paytm's parent firm One97 Communications rallied 5 per cent and touched upper circuit for the third straight session on Tuesday. According to reports, the Directorate of Enforcement (ED), which has been probing One97 Communications' arm Paytm...
Kotak Mahindra Bank shares rally as management rejig reduces attrition risk, ET BFSI
Shares of Kotak Mahindra Bank rallied 2% on Tuesday after the private sector lender rejigged top management, elevating KVS Manian as joint managing director and Shanti Ekambaram as deputy MD.This follows shortly after Ashok Vaswani took over as MD and CEO of the bank...
Best corporate bond mutual funds to invest in February 2024, BFSI News, ET BFSI
Are you planning to invest in relatively-safe debt schemes to take care of your near-term goals? Or are you searching for ‘relatively safe’ debt funds to invest for three years or more? If the answer is yes, you can consider investing in corporate bond funds in...
Kotak Bank rejigs senior management roles, BFSI News, ET BFSI
MUMBAI: Ashok Vaswani, MD & CEO of private sector lender Kotak Mahindra Bank who took over on Jan 1 this year, on Monday announced top-level changes in the bank's top management.KVS Manian, a veteran with the bank and whole-time director now, has been designated...
Three flexi cap funds fail to beat benchmark in four consecutive years, ET BFSI
Around three flexi cap funds have failed to beat their respective benchmarks in four consecutive years, an analysis of performance of the flexi cap category showed. Around 24 flexi cap schemes have completed four years of existence in the market. Out of these 24 flexi...
Siemens, SBI among top 2 stocks that could give 12-14% return in next 12 months, ET BFSI
The 3QFY24 corporate earnings ended on a strong note, with widespread outperformance across aggregates, driven by continued margin tailwinds.Domestic cyclicals such as Autos and Financials, along with global cyclicals (i.e., Metals and O&G) drove the beat....
2k Fake Currency Notes Found in 16 Banks, BFSI News, ET BFSI
Ahmedabad: As many as 1,904 counterfeit notes in various denominations were deposited in 17 different banks in the city. The counterfeit notes, with a face value of Rs 7.29 lakh, comprised denominations including Rs 2,000, Rs 500, Rs 200, Rs 100, Rs 50, and Rs 20. A...
Small and mid cap index continue to outperform large cap index, ET BFSI
New Delhi: Mid-cap and small cap index continue to outperform the large cap index on both one month and one year period, as per a report by Tata Mutual Fund. For the year ending January 2024, Realty (108%) and PSU Bank (57%) made the highest gains while Bank (13%) was...
Despite RBI measures, banking liquidity stays tight, overnight borrowing rates climb, ET BFSI
Short-term borrowing rates have hit uncomfortably high levels days after the Reserve Bank of India's assurances to manage liquidity in the banking system.The weighted average call money rate, a crucial indicator for the RBI's monetary policy, had briefly eased towards...
Why the rupee was most stable emerging market currency?, ET BFSI
The Indian rupee was the most stable emerging market currency in the past year amid global economic uncertainty. What are the factors that contributed to its relative stability? It is largely the narrowing current account deficit (CAD), besides robust economic...
PropTech startup Crib to invest $1 million in digitising student housing and co-living market, ET BFSI
PropTech startup Crib, which specialise in technological solutions for co-living, hostels, Paying Guest (PG), and serviced apartments operators, has invested $1 million in 'Crib Plus' to digitize India's multi-billion-dollar student housing and co-living market.Crib’s...
HC calls out CBI for abuse of power while arresting former ICICI chief, husband, ET BFSI
The Bombay High Court, in an order made available on February 19, came down heavily on the Central Bureau of Investigation (CBI) over the manner in which the agency handled the loan fraud case involving former ICICI Bank chief Chanda Kochhar and her husband Deepak...
Tide aims to revolutionise SME finance in India, backed by learning & experience from UK, ET BFSI
Tide, a prominent business financial platform in the UK, has onboarded 200,000 SMEs in India since it entered the market a year ago. The fintech company serves the financial needs of small businesses, and claims to have a 10% market share among small businesses in the...
Tide aims to revolutionise SME finance in India, backed by learning & experience from UK, ET BFSI
Tide, a prominent business financial platform in the UK, has onboarded 200,000 SMEs in India since it entered the market a year ago. The fintech company serves the financial needs of small businesses, and claims to have a 10% market share among small businesses in the...
9 banks that offer high interest rates on fixed deposits, ET BFSI
Small finance banks (SFBs) often offer comparatively higher interest rates on fixed deposits (FDs) than what private and public sector banks offer. Interest rates on FDs usually range from 8 to 8.5% in small finance banks now. Higher returns can be lucrative for many...
NIIF commits Rs 207 crore to Amicus Capital, BFSI News, ET BFSI
National Investment and Infrastructure Fund Limited (NIIF) has announced a commitment of Rs207 crore ($25 million) from NIIF Fund of Funds – I, the first fund under its Private Markets business to Amicus Capital Partners India Fund II.With a target size of $200...
Indian Renewable Energy Development Agency, Punjab National Bank to co-finance green energy projects, ET BFSI
State-owned renewable sector non-banking finance company IREDA and Punjab National Bank have inked a pact to co-finance green energy projects across the country. "Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have joined hands...
SC says no scope for belated payment, asks carrier to clear dues by March 15, ET BFSI
The Supreme Court on Monday asked low-cost carrier SpiceJet to clear all outstanding dues by March 15 in the ongoing Credit Suisse case.“There is no scope of belated payment. The respondent is not justified in saying so. The very fact that the respondent is in default...
4 mutual fund NFOs open for subscription this week, ET BFSI
Four mutual fund NFOs or new fund offers will open for subscription this week. Two multi-asset allocation funds, a dynamic asset allocation fund, and a fund of funds (overseas) will open for subscription, according to data by ACE MF.Bandhan US Treasury Bond 3-7 year...
Yasuhiro Kubota, Asia Pacific Co-CEO, Mizuho Bank, ET BFSI
Mizuho Bank, Japan’s third-largest ‘megabank’ with close to $2 trillion in assets, made its biggest bet in India with a Rs 4,100-crore capital infusion in November and followed it up with a Rs 1,200-crore investment in NBFC Credit Saison. Asia Pacific co-CEO Yasuhiro...
List of all the banks where you can get your new FASTag, ET BFSI
Following the Reserve Bank of India's (RBI) directives, the National Highway Authority of India (NHAI) has delisted Paytm from its approved Fastag providers. Despite the RBI extending the deadline for Paytm Payments Bank from February 29 to March 15, it has emphasized...
Affordable housing finance companies to see boom continuing; set for 29% growth in FY24, ET BFSI
Affordable Housing Finance Companies (AHFCs) which experienced a resurgence in growth during FY23 are expected to continue on the growth trajectory with a 29% growth in FY24 and a further 30% in FY25."The optimistic outlook for AHFCs is supported by several factors,...
Use these 6 financial, banking instruments to save taxes, ET BFSI
It doesn't have to be a hard chore for many people to save money on taxes. You may lower your tax liability and create a safe financial future with plenty of savings by making thoughtful investments in tax-saving products.Under Section 80C and other provisions of the...
PayNearby launches platform Digital Naari to generate self-employment for women, ET BFSI
PayNearby, a branchless banking and digital network, has launched a platform to generate sustainable self-employment for women, the company said in a statement on Saturday.The initiative, named by the company Digital Naari, is aimed at providing additional income...
FPI selling stands at Rs 29,519 crore for this year, ET BFSI
New Delhi: The spike in US bond yields triggered by the higher-than-expected consumer price inflation led to sustained selling by FPIs in the cash market, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In February through 16th, FPIs had...
NFRA’s first annual inspection of key audit firms to start by April, ET BFSI
The National Financial Reporting Authority (NFRA) will initiate the first annual inspection of key audit firms-including the Big Five-latest by April, focussed on their processes and standards adopted, people aware of the regulator's thinking told ET.The regulator...
Are banks closed for Chhatrapati Shivaji Maharaj Jayanti on Monday, February 19?, ET BFSI
Banks in India are closed on public holidays, with some being closed for state-specific holidays. In February banks will be closed for 11 days, according to the RBI holiday list.Banks are closed in Maharashtra. While, in other states, banks will work as regular...
FPIs sell equities worth Rs 3,776 crore in February so far, ET BFSI
After turning net sellers in January, foreign portfolio investors remained net sellers during the first fortnight in February, offloading Indian equities worth Rs 3,776 crore. With this, the net outflows in 2024 have risen to Rs 29,520 crore. The FPIs bought shares...
HDFC Bank to launch savings linked home loan, BFSI News, ET BFSI
MUMBAI: Mumbai: HDFC Bank said that home loans were growing faster than the industry post-merger and that the home loan business is helping to scale up deposits.The bank will introduce a seamless journey for home refurbishment loans by mid-March, followed by a Home...
High-flying Nvidia’s earnings could test US stock market’s AI dreams, ET BFSI
Next week's earnings report from chipmaker Nvidia could prove a gut check for one of the market's hottest names, and for the artificial intelligence fever that has helped power gains for U.S. stocks in recent months.Excitement over the business potential of AI has...
SBM Bank India appoints Ashish Vijayakar as MD & CEO, BFSI News, ET BFSI
Ashish Vijayakar, MD & CEO, SBM Bank IndiaSBM Bank India on Friday announced the appointment of Ashish Vijayakar as its Managing Director and Chief Executive Officer for a period of three years from February 17.The appointment has been made as per the approval...
BofA’s Hartnett says US tech in a bubble that’s waiting to pop, ET BFSI
A host of similarities between tech stocks now and previous bubbles suggest the Magnificent Seven is nearing — but not yet at — levels that may lead it to pop, according to Bank of America Corp. strategists.They cite a handful of indicators, such as bond yields,...
Are banks closed today, February 17?, BFSI News, ET BFSI
Banks in India are closed on national and public holidays depending on the state. In India banks are closed on Sundays, second and fourth Saturdays of the month, according to the RBI guidelines. While banks will work as usual on first, third and fifth in some...
Number of smallcaps with double-digit gains drop with some signs of profit booking, ET BFSI
Despite a subdued beginning to the week, Indian equity markets continued their resilient rally, unlike other Asian peers, buoyed by weaker-than-expected inflation data from the US.Largecaps gained traction during the week, with mid and small caps seeing some profit...
Karnataka MSMEs seek reservation in state government procurement, ET BFSI
Sections of Karnataka’s MSMEs have petitioned the state government ahead of the budget on Friday to come up with a policy for the latter to procure goods and services from them, on the lines of the Central policy. In a pre-budget memorandum, the Federation of...
Bandhan Bank authorised to collected revenues of West Bengal govt, ET BFSI
Bandhan Bank has been authorized by the West Bengal government to collect tax and non-tax receipts through the Government Receipt Portal System (GRIPS). This mandate allows people to pay taxes such as property tax, motor vehicle tax, and professional tax through the...
L&T Finance Holdings Ltd. Achieves its Highest CDP Score of ‘A-‘, ET BFSI
Mumbai, Maharashtra, India (NewsVoir) L&T Finance Holdings Ltd. (LTFH), one of the top retail financiers in the country, is thrilled to announce that the Company has achieved highest ever Carbon Disclosure Project (CDP) score of 'A-' in the 'Leadership' band. For...
Bandhan Bank stock price up 3.42 per cent as Sensex climbs , ET BFSI
Shares of Bandhan Bank Ltd. rose 3.42 per cent to Rs 204.1 at 10:05AM hours (IST) on Friday. Earlier in the day, the stock saw a gap up start to the session. As per data available on BSE, total traded quantity on the counter stood at 462,923 shares with a turnover of...
Are banks closed today?, BFSI News, ET BFSI
Amid continuous farmer demonstrations calling for the enactment of laws about minimum support prices (MSPs) and other agricultural reforms, Samyukat Kisna and the Kisan Mazdoor Morcha have unitedly called for a Bharat Bandh on February 16, 2024, as per an Economic...
Au Small Fin Bank shares gain 0.32% as Sensex rises , BFSI News, ET BFSI
Shares of Au Small Finance Bank Ltd. traded 0.32 per cent up at Rs 583.6 at 01:39PM (IST) on Friday, even as BSE benchmark Sensex gained 412.77 points to 72463.15. The scrip had settled at Rs 581.7 in the previous session. The stock quoted a 52-week high price of Rs...
These investors can get 7.25% on 444-day fixed deposit tenure, ET BFSI
IDBI Bank has revised the interest rates on its term deposits. According to the bank's website, these rates will come into effect on February 15, 2024. IDBI Bank provides interest rates ranging from 3% to 7% on FDs maturing in seven days to five years to regular...
HDFC Bank to launch savings linked home loan, BFSI News, ET BFSI
MUMBAI: Mumbai: HDFC Bank said that home loans were growing faster than the industry post-merger and that the home loan business is helping to scale up deposits.The bank will introduce a seamless journey for home refurbishment loans by mid-March, followed by a Home...
Govt to waive interest on overdue loans of district cooperative banks, ET BFSI
The Karnataka government has decided to waive interest on medium and long-term overdue loans of District Cooperative Central and Primary Cooperative Agriculture and Rural Development banks, Chief Minister Siddaramaiah said on Friday, claiming that it would benefit...
Now, card networks face stringent RBI’s KYC norms, asked to halt commercial card transactions, ET BFSI
The Reserve Bank of India (RBI) has instructed card networks to halt commercial card transactions under the Business Payment Solution Providers (BPSP) business segment. This directive from the central bank arises from concerns regarding the legitimacy and...
SBM Bank India names Ashish Vijayakar MD & CEO, BFSI News, ET BFSI
Private sector lender SBM Bank India Friday said it has appointed Ashish Vijayakar as managing director and chief executive officer.The appointment is for three years starting February 17, the bank said in a statement.Vijayakar is a veteran banker with a track record...
Sensex climbs 300 points tracking global peers, Nifty reclaims 22K, ET BFSI
In line with the rise in global peers, benchmark equity indices opened higher for the fourth consecutive day on Friday, led by banking, auto, and IT stocks.The BSE Sensex was trading 302 points or 0.42% higher at 72,353. Nifty50 was trading at 22,007, up 97 points or...
How Digital Public Infrastructure propelled growth of MSME businesses?, ET BFSI
The micro, small and medium Enterprises (MSMEs) sector contributes to nearly 30% of India’s GDP, and is a key in India’s growth journey. According to the International Finance Corporation, the credit gap for MSMEs in 128 developing countries was estimated at $5.2...
SBI announces Clerk Prelims Exam 2023 results, dates for main exam, ET BFSI
The State Bank of India (SBI) has announced the results of the Junior Associates (Customer Support & Sales) Exam. The SBI Clerk Prelims Exam 2023 took place on January 5, 6, 11, and 12, 2024. Candidates who appeared for the exam can check their results on the...
What is the interest rate of Sovereign Gold Bond, ET BFSI
Sovereign Gold Bond (SGBs) are substitutes for holding physical gold and are government securities denominated in grams of gold. The investors must pay the issue price in cash and the bonds will be redeemed in cash on maturity. SGB is issued by the Reserve Bank of...
How National Housing Bank plans to drive expansion in Indian RMBS Market?, ET BFSI
India's housing finance market, valued at around Rs 30 lakh crores in FY23, is expected to double up in next 5 years. With the demand for housing loans reaching unprecedented levels, the traditional avenues of funding may face inherent limitations. In a strategic move...
Will SBI snatch the most India’s profitable firm tag from HDFC Bank?, ET BFSI
The ongoing financial year's race for the most profitable company is anticipated to be closely monitored by analysts with HDFC Bank edging past State Bank of India to emerge as the most profitable company during the initial nine months of the current fiscal year, with...
Bearish bets on HDFC Bank rise to record levels, BFSI News, ET BFSI
Mumbai: Bearish bets on stock futures of HDFC Bank, India's most valuable lender, are at the highest level ever as concerns that the firm's profitability is under pressure are seen weighing down its share price.Total open interest, or outstanding positions, in HDFC's...
PNB, Bandhan Bank among 13 stocks under trade ban on Tuesday, ET BFSI
Thirteen stocks are under the F&O ban list on Tuesday, February 13 viz. Aditya Birla Fashion and Retail (ABFRL), Ashok Leyland, Aurobindo Pharma, Balrampur Chini, Bandhan Bank, Biocon, Delta Corp, Hindustan Copper, India Cements, Indus Towers, Punjab National Bank...
HDFC Bank taps HDFC customers for banking account, shoring up CASA, ET BFSI
After successfully completing the merger of its mortgage lender parent seven months ago, HDFC Bank is now strategically targeting customers of HDFC Ltd to expand its customer base. The technical and system integration required for this initiative has been completed,...
Sensex climbs over 450 pts, Nifty above 21,700 ahead of US inflation data, ET BFSI
Indian equity indices traded rose on Tuesday ahead of crucial U.S. inflation data, with easing domestic inflation and hopes of potential inflows after the addition of five Indian stocks into a key MSCI index aiding sentiment. The BSE Sensex was trading 462 points...
Indian banks’ margins set to fall, credit growth to moderate in FY25: S&P, ET BFSI
Funding conditions in India are likely to play a crucial role in constraining loan growth for many banks in the country, and credit expansion could moderate by 200 basis points in the next fiscal year, S&P Global Ratings said in note on Thursday.The rating agency...
No need to go to ATM; use OTP to get cash from nearby shop; how to use, ET BFSI
Unified Payments Interface (UPI) has become so popular that many do not carry cash nowadays when stepping out. All they need is a suitable phone and Internet connectivity to make payments online. This convenience has created a complication: many do not carry their...
HDFC Bank to launch home saver and home refurbishment loans, BFSI News, ET BFSI
HDFC Bank plans to launch the Home Saver product in April and Home Refurbishment loans in the coming months, said a senior bank official speaking to the media on Thursday. The Home Saver product is like an overdraft facility and will directly compete with the State...
Real-time payment service between India and US banks soon? NPCI in talks for linking, ET BFSI
The National Payments Corporation of India (NPCI) and banks in the US and India are in advanced discussions to establish a real-time payment link between the two countries, according to sources familiar with the matter. The initiative aims to leverage NPCI's expertise...
NBFCs continue to dominate market share in microfinance, banks follow : Report, ET BFSI
Ever since the AP crisis in 2010 and the creation of a new category of NBFC-MFIs in December 2011, the regulations have carefully nurtured the growth of microfinance in India.The microfinance sector in India today is growing rapidly, allowing small borrowers access to...
Banks to club home loans with funding for rooftop solar gear, BFSI News, ET BFSI
Banks will bundle housing loans with rooftop solar installations, following a government push to revise and enhance these schemes to boost solar energy usage in the country, said people aware of the developments.Lenders will also consider developing and revising...
IFSCA on the job to set up international arbitration centre at IFSC, says chairman, ET BFSI
New Delhi, The International Financial Services Centres Authority (IFSCA) is "on the job" to set up an international arbitration centre at the IFSC, Gandhinagar, to speed up dispute resolution, its chairman K Rajaraman said on Wednesday. Finance Minister Nirmala...
Private equity funds close in on deal, ET BFSI
Mumbai | Kolkata: Bain Capital, Advent International and CVC Capital are among the private equity funds that are competing to buy Shriram Housing Finance Ltd (SHFL), an arm of Chennai-based non-banking finance company (NBFC) Shriram Finance, said people with knowledge...
Canara Bank raises Rs 2,000 cr from bonds, BFSI News, ET BFSI
New Delhi, State-owned Canara Bank on Wednesday said it has raised Rs 2,000 crore by issuing bonds to fund business growth. The fund has been raised through non-convertible, taxable, perpetual, subordinated, fully paid up, unsecured Basel III compliant Additional Tier...
Card networks seek clarity from RBI on compliance lapses in card-based B2B payments, ET BFSI
Global card payment players like Visa and Mastercard are reaching out to the Reserve Bank of India for clarifications on business payments made through their networks, industry insiders said.Simultaneously, fintechs offering business payment solutions are looking at...
Private equity funds close in on deal to acquire Shriram Housing Finance, ET BFSI
Representative ImageMUMBAI | KOLKATA: Bain Capital, Advent International and CVC Capital are among the private equity funds that are competing to buy Shriram Housing Finance Ltd (SHFL), an arm of Chennai-based non-banking finance company (NBFC) Shriram Finance, said...
Bearish bets on HDFC Bank rise to record levels, BFSI News, ET BFSI
Mumbai: Bearish bets on stock futures of HDFC Bank, India's most valuable lender, are at the highest level ever as concerns that the firm's profitability is under pressure are seen weighing down its share price.Total open interest, or outstanding positions, in HDFC's...
AIIMS Delhi switches to cashless system with launch of digital patient care card service, ET BFSI
The digital patient care or smart card facility was inaugurated by Union Health Minister Dr Mansukh Mandaviya in the presence of Dr M Srinivas, Director of AIIMS New Delhi, and SBI General Manager Manjeet Singh.Aiming to transition all payments to digital mode and...
Yes Bank set to recover 50% of dues from sale of Katerra India debt, ET BFSI
Yes Bank is set to recover about half of its dues from Katerra India by selling loans of the company undergoing corporate insolvency. Prudent ARC on Monday matched a counter-offer by Asset Reconstruction of India (Arcil) for Katerra India at a Swiss challenge auction...
Rebound in financials drives Sensex 483 points higher; investors gain Rs 1.93 lakh crore, ET BFSI
Benchmark equity indices closed higher on Tuesday, led by a rebound in financials, while easing domestic inflation and hopes of an increase in foreign inflows aided sentiment. IT stocks also contributed to the rally, ahead of a key US inflation report that could help...
Jana Small Finance Bank shares list with 4% discount to IPO price, ET BFSI
The shares of Jana Small Finance Bank debuted with a discount of 4.35% on the exchanges on Wednesday. The stock listed at Rs 396 on BSE as against an issue price of Rs 414.Ahead of the listing, the company's shares traded with a premium of Rs 30 in the unlisted...
Rupee ends flat tracking subdued Asian peers in lead up to US inflation data, ET BFSI
MUMBAI - The Indian rupee closed unchanged on Tuesday after hovering in a narrow range through the day's session as traders awaited the release of U.S. inflation data which may modestly spur the local unit but is not expected to cause sharp moves.The rupee ended at...
Capital Small Finance Bank debuts with 7% discount to IPO price, ET BFSI
The shares of Capital Small Finance Bank debuted with a discount of 7% on the exchanges on Wednesday. The stock listed at Rs 435 on BSE as against an issue price of Rs 468. Meanwhile, the stock listed at Rs 430.20, down 8% on NSE.Ahead of the listing, the company's...
India narrows gap with China in key MSCI index with weight hitting new high, ET BFSI
BENGALURU -India has narrowed the gap with China in MSCI's Global Standard index, which tracks emerging market stocks for investors, after the latest revision.Index provider MSCI raised India's weightage in the index to an all-time high of 18.2% on Tuesday, which...
Capital Small Finance Bank makes a disappointing debut. What should investors do now?, ET BFSI
Capital Small Finance Bank made a disappointing debut on the bourses on Wednesday, mainly on account of muted investor sentiments and current sluggishness in the market.The stock has listed at an 8% discount as against an issue price of Rs 468.Analysts said the...
Jana Small Finance Bank shares list with xx% premium/discount over IPO price, ET BFSI
The shares of Jana Small Finance Bank debuted with a premium/discount of xx% on the exchanges on Wednesday. The stock listed at Rs xx on NSE/BSE as against an issue price of Rs 414.Ahead of the listing, the company's shares traded with a premium of Rs 30 in the...
Banks’ exposure to NBFCs rises slower compared to that of MFs, ET BFSI
The credit exposure of banks to Non-Banking Financial Companies (NBFCs) stood at Rs 15.2 lakh crore in December 2023, indicating a 15.1% year-on-year (y-o-y) growth, much slower than the rate witnessed inNovember 2023 and the approximately 27% average growth for the...
Bank of America names Infosys US unit for over 57,000 users data leak, ET BFSI
Top American lender Bank of America has named Infosys McCamish Systems (IMS), the US subsidiary of Indian software services giant Infosys, as the source of a data leak owing to a ransomware attack suffered by over 57,000 of its users in November, according to...
Gold drops as traders eye US CPI data for Fed clues, ET BFSI
By Anushree Ashish Mukherjee- Gold prices slipped on Monday ahead of U.S. inflation data and comments from Federal Reserve officials that could offer insight into the central bank's interest rate plans. Spot gold was down 0.2% to $2,020.97 per ounce at 01:47 p.m. ET...
Mizuho takes 15% stake in Credit Saison as it dives deeper into India, ET BFSI
Mizuho Bank, Japan's third largest bank by assets has invested Rs 1200 crore for a 15% stake in Bangalore based non-banking finance company (NBFC) Credit Saison as it seeks to diversify into lending to small enterprises and consumer finance in India even as it expands...
Indian banks face profit squeeze as deposits lag, says S&P Global, ET BFSI
Indian banks face a slowdown in growth and profit margins as deposits lag despite higher interest rates, according to S&P.In the 2023 October-to-December quarter, most major banks reported income gains, but net interest margins (NIM) declined due to tighter...
FIIs dumped Rs 7K-crore worth Paytm shares before RBI ban. Look, what else they sold, ET BFSI
Many on Dalal Street have been dumping Paytm shares since the Reserve Bank of India (RBI) ordered its unit Paytm Payments Bank to stop many of its activities, citing non-compliance and supervisory concerns. But call it premonition or foresight, foreign institutional...
PFC incorporates subsidiary at GIFT City in Gujarat, BFSI News, ET BFSI
New Delhi, State-owned PFC Ltd on Tuesday said it has incorporated a wholly-owned subsidiary at the International Financial Services Centre (IFSC) GIFT City, Gujarat. The subsidiary, PFC Infra Finance IFSC Ltd, was officially incorporated on February 11 following a...
EY to audit 51 lakh microfinance accounts of Bandhan Bank, BFSI News, ET BFSI
E&Y is conducting audit on Bandhan Bank's 51 lakh microfinance borrower accounts as part of its mandate to examine the Rs 22750 crore worth of loans against which the bank sought insurance claims from the government. Bandhan Bank managing director Chandra Shekhar...
PM Modi & UAE President introduce UPI services in Abu Dhabi, ET BFSI
Prime Minister Narendra Modi and United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan on Tuesday introduced UPI (Unified Payment Interface) services in Abu Dhabi. The Indian Prime Minister is on a two-day visit to the Gulf nation where he is set to...
31 equity mutual funds offer over 50% returns in one year, ET BFSI
Around 31 equity mutual fund schemes have offered more than 50% in one-year horizon, an analysis by ETMutualFunds showed. There were around 245 equity mutual fund schemes that have completed one year in the market.These 31 equity schemes were from small cap, value...
HUDCO recruiting for Assistant and Deputy Executives across various departments, ET BFSI
The Indian public sector undertaking, Housing and Urban Development Corporation (HUDCO), which engages in housing finance and infrastructure project finance, announced the applications for the posts of Assistant Executive, Deputy Executive and Executives, through a...
Can the India-US tax treaty help you save more on your investments?, ET BFSI
In the complex landscape of Indian tax laws, an individual's residential status holds the key to understanding the scope of taxable income and reporting obligations. According to Section 6 of the Income-tax Act, 1961, individuals can be categorized as Ordinarily...
Slower growth seen in NBFC and other personal loans in December on RBI tightening, ET BFSI
Gross bank credit offtake witnessed an increase of 19.9% year-on-year (y-o-y) in December 2023 propped by sustained demand from the personal loans and services segments. However, both categories have moderated compared to prior periods and the impact of the merger...
Countries Where Indians Can Use UPI for Payments and Future Support, ET BFSI
Unified Payment Interface, commonly known as UPI, services are now available in two more countries: Sri Lanka and Mauritius. During a virtual ceremony, Prime Minister Narendra Modi said that the countries are connecting historical relations in a modern digital...
Msme Units Seek Level-playing Field, BFSI News, ET BFSI
The medium-sized units are demanding they should be included as beneficiaries under section 43B(H).While micro and small enterprises (MSEs) are seeking deferment in the implementation of section 43B(H) of the Income Tax Act that directs buyers to make payment within...
Axis Bank and Paytm Partnership for New Business Opportunities, ET BFSI
Mumbai: Axis Bank, which claims leadership in the merchant acquiring space, is in talks with Paytm regarding partnerships across business lines. The bank, which has partnered with Paytm earlier, is now discussing newer areas for collaboration following RBI’s action...
Is it possible to save Rs 2 crore in 12 years for my retirement?, ET BFSI
I am 46 years old and plan to increase my SIPs from Rs 40,000 to Rs 65,000 a month for my daughter’s education, wedding and my retirement. For her education, I need Rs 45 lakh in eight years, and for her wedding, I need Rs 40 lakh in 12 years (both current costs). I...
Mahindra Finance partners with IBM to build a Super App for financial inclusion, ET BFSI
Representative Image Mahindra & Mahindra Financial Services Limited and IBM announced their partnership to create a “Super App” aiming to provide customers with a single digital financial services platform, through a press note on Tuesday, February 13, 2024.The...
List of banks that have revised loan interest rates in February 2024, ET BFSI
Many banks have revised their loan interest rates in February 2024. Here is a list of banks that have revised their loan interest rates this month.Bank of Baroda lending rates The bank has not changed the previous rate. The overnight MCLR is at 8.05%. The one-month...
15% uptick in overall outstanding loans in Dec’23, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 15 per cent on a yoy basis in December, 2023. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime....
Japan’s Mizuho Bank acquires 15 pc stake in Credit Saison India for Rs 1,200 crore, ET BFSI
Digital non-banking finance company Credit Saison (CS) India on Tuesday said Japan's Mizuho Bank has acquired 15 per cent stake in it for Rs 1,200 crore. This is Credit Saison's first investment from an external investor, a statement from CS India said. This strategic...
Nifty Bank index advances 1.13% in an upbeat market, ET BFSI
NEW DELHI: The Nifty Bank index traded positive around 11:00AM(IST)on Tuesday in an upbeat market. Punjab National Bank(up 2.84 per cent), ICICI Bank Ltd.(up 2.24 per cent), Axis Bank Ltd.(up 1.55 per cent), Kotak Mahindra Bank Ltd.(up 1.21 per cent) and State Bank of...
List of countries where Indians can use UPI to make payments; how to activate, make payments using UPI International, ET BFSI
The Unified Payment Interface (UPI) services are now available in Sri Lanka and Mauritius, the Ministry of External Affairs announced today. Prime Minister Narendra Modi attended a virtual event marking the inauguration of Unified Payment Interface (UPI) and Rupay...
SC refuses to interfere with HCs’ orders in Indiabulls Housing’s case, ET BFSI
Representative ImageNEW DELHI: Supreme Court on Monday turned down Enforcement Directorate’s plea challenging Delhi and Bombay HC orders quashing police and ED investigation against Indiabulls Housing Finance Ltd (IHFL) and asked the agency to resort to alternative...
Canara Bank plans to seek RBI’s permission for credit card subsidiary this month, ET BFSI
Kolkata: Canara Bank will soon seek regulatory approval to convert an IT subsidiary into a credit card company as the state-owned lender aims to leverage its existing customer base for selling credit cards with unbridled focus to tap this potential growth...
BSE Sensex ends 523 points down; Nifty50 below 21,650, ET BFSI
Stock market crash today: BSE Sensex and Nifty50 were dragged down by banking stocks and Reliance Industries stock in trade on Monday. Benchmark equity indices experienced significant selling pressure in the afternoon session on Monday. The losses in bank stocks...
PSU bank stocks outshine private peers, BFSI News, ET BFSI
Mumbai: Investors who had almost written off public sector banks in favour of their private peers are being forced to reconsider some of their choices, at least for now. As state-owned lenders witness a on better asset quality and improved profitability, their shares...
udaanCapital disburses over Rs 170 cr to Saint Gobain’s distribution network, ET BFSI
New Delhi: Fintech platform udaanCaptial on Monday said it has facilitated disbursal of over Rs 170 crore working capital to the distribution network of Saint Gobain, via its channel financing programme for MSMEs. Saint Gobain, a global glass manufacturer, partnered...
A bank for transaction of ‘spirituality & inner peace’, ET BFSI
AYODHYA: There is a unique bank in the land of Lord Ram where money does not matter and the only return its 35,000 account holders get is peace of mind, faith and spirituality.Catching the attention of devotees and tourists visiting the newly-constructed Ram temple is...
NRI home buyer gets a relief from paying income tax on imposed income of Rs 40.45 lakh, due to delayed registry, ET BFSI
The Delhi bench of the Income-tax Appellate Tribunal (ITAT) has spared a non-resident Indian (NRI) from paying any tax in a case dealing with underpayment of stamp value related to the purchase of a flat in Mumbai, where payment period was three years. The assessing...
Here’s how you can check status, ET BFSI
The share allotment of Jana Small Finance Bank is likely to be finalised today. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made.They can check the allotment status through the BSE or by visiting the...
Sachin Bansal’s Navi Finserv to raise Rs 600 crore through NCDs, ET BFSI
Flipkart cofounder Sachin Bansal’s lending startup Navi Finserv is looking to raise Rs 600 crore through non-convertible debentures (NCDs), the company said in a statement on Monday.The bonds will have tenors of 18, 27 and 36 months with effective yields ranging from...
Why public sector banks are beating private banks on the stock market, ET BFSI
Public sector banks, once overshadowed by their private counterparts, are now regaining investor interest due to improved asset quality and profitability. Recent market trends show state-owned lenders outperforming private banks, with shares of banks like State Bank...
7 NFOs open for subscription this week, BFSI News, ET BFSI
Seven mutual fund NFOs or new fund offers will open for subscription this week. While Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF, and Kotak Technology Fund have already kicked off, Union Business Cycle Fund, Edelweiss Technology Fund, Baroda BNP Paribas...
Yes Bank shares fall 11% on profit booking post 40% rally. Should you buy, sell or hold?, ET BFSI
Yes Bank shares fell nearly 11% in the intraday trade to the day's low of Rs 28.05 on the NSE on Monday amid profit booking, having witnessed a near 40% rally in the past four trading sessions. The stock has been on a strong uptrend after the Reserve Bank of India's...
Rupee ends little changed as dollar’s uptick erodes early gains, ET BFSI
MUMBAI - The Indian rupee ended little changed on Monday as an uptick in the dollar index eroded the local currency's early gains which were aided by mild dollar sales from foreign and local private banks, traders said.The rupee ended at 83.0025 against the U.S....
Ex-bank Exec Dupes 85-Yr-Old of Rs 9.4 Crore in Name of Stocks, ET BFSI
MUMBAI: A former executive of a multinational bank has been arrested for transferring an 85-year-old customer’s Rs 9.4 crore into his own personal accounts from 2019-23 after convincing him to invest in stocks.The alleged swindler, Ravi Sharma, was arrested by Gamdevi...
Tata Power, RBL Bank among 5 stocks with short buildup, ET BFSI
In Monday’s trading session, the following five stocks witnessed a build of fresh short positions. Lets first understand how this conclusion is reached that whether the stock has seen a buildup of fresh short position or not. To understand it we have to look at what “...
Here’s how you can check status, ET BFSI
The share allotment of Capital Small Finance Bank will likely be finalised today. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made.They can check the allotment status through the BSE or by visiting the...
Luxury car financing market surges as more Indians trade up, BFSI News, ET BFSI
The consumer behaviour has changed since Covid, with more wealthy and higher-middle-class Indians now open to splurge on luxury.Sales of luxury vehicles are growing at a quick pace in India, so is the demand for loans to finance those purchases.Banks such as HDFC...
Businesses navigate new tax law impacting MSE payments, seek government intervention, ET BFSI
Many big and small businesses are playing a cat-and-mouse game. Some are taking an aggressive stance, while most are waiting it out, knocking on the government's doors, as a well-meaning, yet unsettling, law aims to move the wheels of commerce faster. Under the law -...
Banks ask RBI to permit foreign ETPs to execute g-sec trades, ET BFSI
Ahead of Indian sovereign debt’s inclusion in global bond indices, some banks have on behalf of their overseas clients requested the Reserve Bank of India to permit international electronic trading platforms to execute trades in domestic government securities in order...
EPF interest rate hiked to 8.25% for FY 23-24; 4 ways to check your EPF balance, ET BFSI
The Central Board of Trustees (CBT) EPF has proposed an annual rate of interest on EPF accounts for the fiscal year 2023-24. This interest rate will be formally announced in the government gazette if approved by the Ministry of Finance. EPFO will then credit the...
NSE Q3 net profit rises 8 pc to Rs 1,975 cr, BFSI News, ET BFSI
New Delhi: The National Stock Exchange (NSE) on Saturday reported an 8 per cent rise in consolidated net profit to Rs 1,975 crore for three months ended December 2023. The consolidated income from operations stood at Rs 3,517 crore for the October-December quarter of...
IndusInd Bank Staff Arrested for Misappropriating 7.33 Crore
Coimbatore: The city crime branch police on Friday arrested the deputy branch manager and two cashiers of IndusInd Bank’s Coimbatore branch and three customers for misappropriation of 7.33 crore. Police also have formed a special team to arrest 10 more accused in the...
FIIs sell Indian stocks worth Rs 29,000 crore so far in 2024. What’s the stress point?, ET BFSI
Adding to the selling pressure on Sensex and Nifty, foreign institutional investors or FIIs have been net sellers on Dalal Street to the tune of Rs 28,819 crore so far in the calendar year 2024. However, on the other hand, dollar money has been flowing into debt with...
Canara Bank may join Team Nifty Bank, inflows of $73 million expected, ET BFSI
At the expense of Bandhan Bank, PSU stock Canara Bank is likely to make it to Nifty Bank, which may lead to inflows worth $73 million from passive funds. The semi-annual index rejig will come into effect from March 31 but an announcement on this is expected from Nifty...
Interest rates on provident funds for 2023-24 recommended at 8.25%, ET BFSI
New Delhi [India], February 10 (ANI): An interest rate of 8.25 per cent would be provided on Employees' Provident Fund (EPF) deposits for 2023-24, and a decision around it was taken at the 235th meeting of Central Board of Trustees held on Saturday.In 2022-23, the...
MD & CEO Ajay Kumar Srivastava, ET BFSI
Public sector Indian Overseas Bank has drawn up expansion plans to open 88 new branches during the year commemorating the 88th Foundation Day celebrations, a top official said on Saturday. The Chennai-headquartered bank marking the occasion unveiled RuPay Credit Card...
Inflation, industrial production data, global trends to drive market trends this week: Analysts, ET BFSI
New Delhi: Stock markets would take cues from the upcoming macroeconomic data announcements and global trends besides keeping a watch on the trading activity of foreign investors, analysts said. The last batch of the ongoing earnings calendar would trigger...
YES Bank shares jump 32% in 1 week. What should traders do?, ET BFSI
YES Bank shares jumped 32% in the week to witness a breakout with strong volumes, indicating a significant base formation on the technical chart. “The support for the stock is established at Rs 27, and any pullbacks towards this support level present an opportunity to...
FPIs infuse over Rs 15,000 cr in debt mkt in Feb, ET BFSI
New Delhi: Foreign Portfolio Investors (FPIs) continued their bullish stance on the country's debt markets with a net infusion of over Rs 15,000 crore so far this month, on the back of inclusion of Indian government bonds in the JP Morgan Index along with relatively...
India Shelter Finance Corporation releases maiden result post IPO, registers strong AUM growth of 42%, ET BFSI
NEW DELHI: India Shelter Finance Corporation Limited (ISFC) reported impressive first financial results for FY 2024, reflecting robust performance after its successful IPO. The company's board approved unaudited results for the quarter and nine months ending December...
Punjab & Sind bank partners with WDRA to offer low-interest loans against e-NWRs for farmers, ET BFSI
PUNE: In a bid to empower farmers and traders with accessible financing options, the Warehousing Development Regulatory Authority (WDRA) has sealed a Memorandum of Understanding (MoU) with Punjab & Sind Bank (PSB). The collaboration, aimed at bolstering awareness...
Market cap of 4 most valued firms jumps Rs 2.18 lakh crore; LIC, SBI lead gainers, ET BFSI
NEW DELHI: Four of the top-10 most valued firms together added Rs 2.18 lakh crore in market valuation last week, with Life Insurance Corporation and State Bank of India emerging as the biggest gainers. From the top-10 pack, Reliance Industries, Tata Consultancy...
Consumer Panel, BFSI News, ET BFSI
Raipur: The Chhattisgarh State Consumer Disputes Redressal Commission has upheld a district commission's order, stating that the State Bank of India (SBI) has committed gross negligence and deficiency in service, facilitating an illegal withdrawal of Rs 1,33,890...
US Short-seller alleges accounting fraud by Fairfax, ET BFSI
Indian-Canadian entrepreneur Prem Watsa's Fairfax Financial Holdings has faced a short seller attack from US hedge fund Muddy Waters, which alleged wrongdoing on the part of the Toronto Stock Exchange-listed company and sent its shares tumbling by 12% on Thursday. The...
Bandhan Bank aims to increase secured loan portfolio to 50% by FY26, says CEO Chandra Shekhar Ghosh, ET BFSI
Bandhan Bank is targeting to increase its share of the secured loan portfolio to 50% of the total loan book by FY26, Chandra Shekhar Ghosh, MD and CEO of Bandhan Bank, informed analysts soon after declaring its Q3 results. Last November, the Reserve Bank of India...
Last leg of Q3 earnings among 5 factors to dictate Nifty mood this week, ET BFSI
Led by the downside in private bank stocks, Nifty slipped 0.33% lower and broadly consolidated in the 21,600–22,000 range during the week. PSU banks outshined with SBI leading with a 12% upside in just five days.Going ahead, analysts expect the consolidation to...
SoftBank Group posts $6.6 bln profit, first in five quarters, BFSI News, ET BFSI
TOKYO: SoftBank Group posted its first profit in five quarters on Thursday thanks to the increased value of publicly listed investments, marking a turnaround for the Japanese company after a period of slashing investment activity and selling off...
Repo rate left unchanged at 6.5%; Sensex slide over 700 points, ET BFSI
MUMBAI - The Reserve Bank of India on Thursday left the repo rate unchanged at 6.50% following the conclusion of its three-day monetary policy meeting. This is the sixth consecutive time the central bank has left policy rates untouched. The Monetary Policy Committee...
RBI Hikes Cap on Bank Directors’ Fees, BFSI News, ET BFSI
MUMBAI: The RBI has increased the ceiling on fees paid to non-executive directors of banks to Rs 30 lakh per year from the existing level of Rs 20 lakh. The revision comes two years after RBI came out with new guidelines for directors as a part of corporate...
Sensex rises 140 points, Nifty above 21,760; LIC jumps 5%, Zomato 4%, ET BFSI
After the Reserve Bank of India (RBI) kept the interest rate unchanged, Indian benchmark indices traded marginally higher in a volatile market on Friday, led by Reliance Industries, and ICICI Bank.The BSE Sensex was trading 144 points or 0.20% higher at 71,582....
Profit surges 2.5 times YoY to Rs 733 crore, ET BFSI
Lower provisions helped private sector Bandhan Bank report an over two-and-a-half fold jump in net profit at Rs 733 crore for the third quarter to December 31, 2023 against Rs 291 crore in the year-ago period, while a fall in other income put pressure on operating...
Rupee falls 5 paise to 83.01 against US dollar in early trade, ET BFSI
The rupee depreciated 5 paise to 83.01 against the US dollar in early trade on Friday, tracking a strong American currency and elevated crude oil prices in the international market. Forex traders said a negative trend in domestic equities and foreign fund inflows...
Three ways to invest in HDFC Bank tax-saving FDs, BFSI News, ET BFSI
Investing in a tax-saving Fixed Deposit (FD) with a bank stands out as a highly favored choice among investors seeking to leverage the benefits of Section 80C within the ambit of the Income Tax Act. Many individuals opt for this investment avenue for tax-saving...
Govts must recognize potential of innovative finance in clean technology, ET BFSI
The government's detailed framework and financial incentives for BESS projects, along with initiatives like IndiGrid's awarded 20 MW/40 MWh project in Delhi, further emphasise BESS as a critical element for grid reliability and decarbonization.In the pursuit of a...
Check subscription on last day, GMP and other details, ET BFSI
The initial public offer (IPO) of Capital Small Finance Bank was subscribed 4 times on the third day of the bidding process. All the categories reserved for the Rs 523-cr IPO were fully subscribed.The IPO is a fresh equity issue of Rs 450 crore and an offer for sale...
Multi-billion dollar PSU stock rally and the hidden hand of low free float, ET BFSI
Imagine a stock worth Rs 28,000 crore but free float as low as 1%, which means shares worth only Rs 280 crore are available for trading in the open market. Low public float means less supply and when even a few investors start buying, the stock price can skyrocket...
Jana Small Finance Bank IPO booked 18.5 times on last day. Check GMP and other details, ET BFSI
Jana Small Finance Bank IPO was subscribed 18.5 times on Friday, the third day of the bidding process, led by robust bidding from non-institutional and institutional investors. The categories of QIBs and NIIs were booked 38 times and 25 times, respectively. The retail...
Rs 40,000-crore blow! FPIs dumped stocks from 7 sectors in January, but one bore the brunt of it, ET BFSI
After pumping in billions of dollars into Indian equities during November and December, 2023, foreign portfolio investors went on a reverse mode in January, as they dumped stocks worth about Rs 40,300 crore ($4.8 billion) across seven sectors. But, one sector bore the...
HDFC Bank increases FD interest rates by up to 25 bps; now earn 7.75% on this fixed deposit tenure, ET BFSI
HDFC Bank has increased fixed deposit interest rates on certain tenures by up to 25 basis points (bps) for deposits below Rs 2 crore. The new FD rates are effective from February 9, 2024, as per the HDFC Bank website. Which FD tenure interest rate has HDFC Bank?The...
Sensex rises 167 points in volatile trade on gains in RIL and banking stocks, ET BFSI
Indian equity indices closed with gains in a highly volatile market on Friday, led by the index heavyweights Reliance Industries, banking and financial stocks.The S&P BSE Sensex rose 167 points or 0.23% to settle at 71,595. The broader NSE Nifty gained 64 points...
IDBI Bank Announces Results for Executive Post Exam 2024, Cut-off Marks Revealed; Direct Link, ET BFSI
IDBI Executive Result 2024: The Industrial Development Bank of India (IDBI) has recently declared the results for the Executive post examination held on December 30, 2024. Aspirants who participated in the exam can now access their IDBI Bank results 2024 by logging in...
Rupee falls 7 paise to close at 83.03 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee depreciated by 7 paise to 83.03 (provisional) against the US dollar on Friday, tracking a strong American currency and elevated crude oil prices in the international market. Forex traders said the Indian rupee depreciated as foreign fund outflows...
YES Bank shares surge 9%, hit fresh 52-week high. Here’s why, BFSI News, ET BFSI
YES Bank shares shot up over 9% in the early trade on Friday and hit a fresh 52-week high on the buzz that State Bank of India (SBI) was mulling booking partial profits in the private lender by selling a stake via block deals. YES Bank shares settled marginally lower...
What is the last date of completing tax-savings investments?, ET BFSI
If you still have not completed the tax-saving exercise for the financial year 2023-24, then you should hurry up as March 31, 2024 is the last date to do it. Remember, if the tax-saving related investments and expenditures are not made by you by this date, then your...
Cashinvoice partners with HDFC Bank to enhance supply chain finance solutions, ET BFSI
Mumbai-based supply chain financing platform Cashinvoice has raised $3.4 million in its Series A round from HDFC Bank, Pravega Ventures and Accion Venture Labs. Founded in 2019, the fintech firm operates a digital marketplace for invoice discounting, providing...
Employer deals earn BofA more than $10 bln in deposits, investments, ET BFSI
Some banks, NBFCs and finance institutions like SIDBI and NIIF may be affected due to the provisioning rules, especially if the AIF's investment involves stressed loans of the investee NBFCs or banksBank of America has brought in $10.5 billion in deposits and...
Bank of India MF aims to raise Rs 500 crore from multi-asset allocation fund in NFO period, ET BFSI
NEW DELHI: Bank of India Mutual Fund is targeting to garner at least Rs 500 crore through its newly launched multi-asset allocation fund during the primary subscription period.The new fund offer (NFO) of Bank of India Multi Asset Allocation Fund, which opened for...
Net Profit 7.33 Billion Rupees, BFSI News, ET BFSI
India's Bandhan Bank Q3 Net Profit 7.33 Billion Rupees Updated On Feb 9, 2024 at 04:21 PM IST Bandhan Bank Ltd:* INDIA'S BANDHAN BANK Q3 NET PROFIT 7.33 BILLION RUPEES* BANDHAN BANK Q3 GROSS NPA 7.02%* BANDHAN BANK Q3 INTEREST EARNED 46.65 BILLION RUPEES* BANDHAN BANK...
More Indian asset managers shift overseas business to GIFT City, ET BFSI
Several Indian asset managers said they are moving, or planning to move, some offshore fund business from financial centres such as Dubai and Singapore to a finance hub in the western state of Gujarat to gain better access to India's capital markets.The Indian...
UGRO Capital NCDs offer effective yields up to 11.03%; subscription open until February 21, ET BFSI
UGRO Capital's non-convertible debentures (NCDs) opened on February 8 for subscription and the investors of this issue have the opportunity to earn between 10.72% and 11.03% income per annum across categories. The face value of each NCD is Rs 1,000 (1 NCD).It will...
Three ways to invest in HDFC Bank tax-saving FDs, BFSI News, ET BFSI
Investing in a tax-saving Fixed Deposit (FD) with a bank stands out as a highly favored choice among investors seeking to leverage the benefits of Section 80C within the ambit of the Income Tax Act. Many individuals opt for this investment avenue for tax-saving...
Hero MotoCorp, Mamaearth, Tata Power among 350 companies to announce earnings, ET BFSI
Over 350 companies will be announcing their December quarter earnings on Friday, with Street tracking the results of Hero MotoCorp, Mamaerath’s parent Honasa Consumer and Tata Power.Among other important results will be those by Alkem Laboratories, Bajaj Hindusthan...
SC adjourns hearing on CBI’s plea against interim bail to ex-ICICI Bank chief Chanda Kochhar, ET BFSI
New Delhi: The Supreme Court on Friday adjourned till February 12 the hearing on the CBI's petition challenging interim bail granted by the Bombay High Court to former ICICI Bank chief Chanda Kochhar in the alleged Videocon loan fraud case. At the very outset, a Bench...
IMF urges Bank of Japan to end bond yield control, huge asset buying, ET BFSI
TOKYO: The Bank of Japan should consider ending its yield curve control and massive asset purchases now, then gradually raise short-term interest rates, the IMF said on Friday, as markets ramp up bets on a near-term turn in the central bank's ultra-easy policy.As...
Home loan EMIs may fall 3.5% this year despite RBI MPC holding repo rate, ET BFSI
Home loan borrowers’ wait for a fall in their EMIs got longer with the RBI deciding to keep the repo rate unchanged for the sixth consecutive MPC meeting since February 2023. The borrowers have been eagerly waiting for the interest rate cycle to reverse so that they...
Credit still king of shopper street, BFSI News, ET BFSI
Credit-driven purchases picked up pace in 2023, with credit card dues surging to a six-year high, gold loans increasing in high teens and vehicle and home loans expanding in double digits year-on-year, showed the latest RBI data.Chief executives said last year saw...
Zomato, LIC, Grasim among 270 companies to announce earnings, ET BFSI
Over the halfway mark into the earnings season, 270 companies will be announcing their December quarter earnings on Thursday with Street tracking the results of food delivery platform Zomato and state-run insurer Life Insurance Corporation (LIC) along with one by...
Yes Bank shares rally for 3rd straight session, extend gains to 43%, ET BFSI
Shares of Yes Bank continued their winning run for the third session in a row on Thursday, hitting a fresh 52-week high of Rs 32.70 on the NSE. The private lender's stock has rallied nearly 43% during this period after the Reserve Bank of India's (RBI) nod to HDFC...
Modi effect? LIC shares zoom 9% to become 4th largest stock, bigger than ICICI Bank, ET BFSI
A day after Prime Minister Narendra Modi highlighted the success of Life Insurance Corporation of India (LIC) openly in the Rajya Sabha, the PSU stock jumped 9.5% to a fresh all-time peak of Rs 1,144 on BSE. LIC's market capitalisation crossed the Rs 7 lakh crore mark...
New York Community Bank woes renew banking sector fears, BFSI News, ET BFSI
New York, Feb 08, 2024 - The US regional bank NYCB, which took over Signature Bank last year, saw its share price plummet and then rebound on Wednesday after posting disappointing earnings results and a downgrade by Moody's.New York Community Bank's shares plummeted...
Private banks pull Sensex 724 points lower as RBI holds rates steady, ET BFSI
Sensex fell 724 points on Thursday, while Nifty tumbled below 21,750 levels with rate-sensitive banks and auto stocks leading the downside after the Reserve Bank of India (RBI) kept interest rate unchanged, as was expected, but fell short of keeping a dovish tone.The...
Finmin to PSU banks, ET BFSI
Financial Services Secretary Vivek Joshi has asked public sector banks and insurance companies to deal with sensitivity the cases of trade finance and insurance to exporters who are facing problems on account of the Red Sea crisis. "In view of the Red Sea crisis, we...
LIC Mutual Fund launches LIC MF Nifty Midcap 100 ETF, BFSI News, ET BFSI
LIC Mutual Fund on Thursday launched LIC MF Nifty Midcap 100 ETF, an open-ended scheme, replicating/tracking the Nifty Midcap 100 Total Return Index.The new fund offer or the NFO of the scheme is open for subscription and will close on February 12. The scheme will...
Karnataka Bank launches centenary campaign, BFSI News, ET BFSI
Karnataka BankThe Mangaluru-headquartered Karnataka Bank, one of India's oldest private sector banks, has launched its centenary campaign, 'Bharat Ka Karnataka Bank,' marking a hundred years of its service to the nation. Commemorating a century of banking legacy, the...
Online facility to ease onboarding and seeding of Aadhaar for APY subscribers, ET BFSI
The government of India launched the Atal Pension Yojana (APY) to promote a society inclusive of pensions and give all Indian citizens working in the unorganised sector a way to guarantee their income in old age. The Pension Fund and Regulatory and Development...
Full List of Closure Dates State-Wise, ET BFSI
Bank holidays February 2024: The Reserve Bank of India (RBI) has released a schedule detailing bank closures for the month. Across various states in India, banks will be closed for a total of 10 days in February 2024. These closures include the routine second and...
Govt launches DigiReady Certification portal to empower MSMEs, small retailers, ET BFSI
The Quality Council of India (QCI) and Open Network for Digital Commerce (ONDC) announced the launch of the DigiReady Certification (DRC) portal, Ministry of Commerce & Industry said on Thursday. By leveraging this online self-assessment tool, MSMEs can evaluate...
Eligibility, fees and charges, features, ET BFSI
In an effort to expand its card business and reach small and medium-sized businesses (SME), HDFC Bank introduced four credit cards. The four credit cards are BizFirst, BizGrow, BizPower, and BizBlack, as per an HDFC Bank press release issued on February 6,...
60 equity mutual fund schemes fail to beat benchmark in three, five, seven, and 10 years, ET BFSI
Around 60 equity mutual fund schemes have failed to beat their respective benchmarks in three, five, seven, and 10 year horizons, an analysis of performance showed. For the study, we considered the trailing returns of 146 equity schemes that have completed three years...
Bank & other rate-sensitive stocks fall up to 8% post RBI policy decision, ET BFSI
Shares of rate-sensitive sectors like banking, finance, auto, and real estate fell as much as 8% after the Reserve Bank of India’s (RBI) policy decision.The RBI on Thursday left the repo rate unchanged at 6.50% following the conclusion of its three-day monetary policy...
Sensex falls over 700 points after RBI announcement. How did Shaktikanta Das spook the market?, ET BFSI
Sensex on Thursday fell over 700 points, while Nifty tumbled close to 21,700 levels with rate-sensitive banks and auto stocks leading the downside after the Reserve Bank of India (RBI) kept interest rate unchanged, as expected, but fell short of keeping a dovish...
Despite RBI MPC holding repo rate, home loan EMIs may fall 3.5% this year, ET BFSI
Home loan borrowers’ wait for a fall in their EMIs got longer with the RBI deciding to keep the repo rate unchanged for the sixth consecutive MPC meeting since February 2023. The borrowers have been eagerly waiting for the interest rate cycle to reverse so that they...
Check subscription on Day 1, GMP and other details, ET BFSI
The initial public offer (IPO) of Jana Small Finance Bank was subscribed 59% on Wednesday, the first day of the bidding process. The retail portion of the issue was booked the most at 91%, followed by non-institutional investors at 66%. There were no bids yet in the...
PSU bank shares jump up to 13% ahead of RBI MPC outcome; IOB top gainer, ET BFSI
Shares of PSU banks jumped up to 13% on Wednesday ahead of Thursday's monetary policy meeting by the Reserve Bank of India (RBI) where the Central Bank is expected to strike a dovish note. Moreover, bond yields drifted lower on Wednesday which led to heightened...
HDFC Bank raises $700 mn from two international bond issues via Gift City IFSC, ET BFSI
Mumbai: HDFC Bank has raised $700 million from two tranches of a foreign bond issuance, which includes a $300 million sustainable bond issue. The sustainable bond issuance is part of an overall raise of $750 million through Regulation S Bonds.Of the $700 million...
Capital Small Finance Bank IPO subscribed 50 pc on Day 1 of offer, ET BFSI
New Delhi: The initial share sale of Capital Small Finance Bank Ltd received 50 per cent subscription on the first day of bidding on Wednesday. The Rs 523 crore-IPO got bids for 40,77,696 shares against 81,47,373 shares on offer, as per data available with the NSE....
Online application for 500 posts to begin on Feb 12; check how to apply, ET BFSI
IDBI JAM recruitment 2024: The Industrial Development Bank of India (IDBI) has released the notification for IDBI Bank JAM recruitment 2024. The recruitment drive aims to fill 500 Junior Assistant Manager posts in the IDBI.Eligible candidates will be able to apply for...
Jana Small Finance Bank IPO subscribed 88 pc on first day of bidding, ET BFSI
New Delhi: The Initial Public Offering (IPO) of Jana Small Finance Bank was subscribed 88 per cent on the first day of subscription on Wednesday. Private equity majors TPG and Morgan Stanley-backed IPO received bids for 89,11,404 shares against 1,01,16,284 shares on...
Manappuram Finance tops Q3 profit view on strong loan demand, BFSI News, ET BFSI
BENGALURU - Manappuram Finance, one of India's biggest gold-loan providers, reported a bigger-than-expected rise in third-quarter profit on Wednesday, aided by strong demand in its non-gold business like auto and housing loans.The gold-loan financier's profit rose...
IndusInd Bank revises FD interest rates; now earn 8.25% on this fixed deposit tenure, ET BFSI
IndusInd Bank has revised the interest rates on fixed deposits under Rs 2 crore. The new rates came into effect on February 6, 2024, according to the bank's official website.The bank now offers an interest rate of 3.50 per cent on FDs with maturities between 7 days to...
Sensex ends flat after volatile session as IT drags; cenbank policy in focus, ET BFSI
Indian equity indices closed flat on Wednesday as gains from index heavyweights Reliance Industries, SBI and Axis Bank were offset by Infosys, TCS, and HDFC Bank.Information technology stocks dropped after global major Cognizant's quarterly results and commentary...
Yes Bank shares jump 23% in two days after RBI allows HDFC Bank to pick 9.5% stake, ET BFSI
Shares of Yes Bank continued their winning run for the second session in a row on Wednesday, gaining nearly 23% following a rally in stock after Reserve Bank of India's (RBI) nod to HDFC Bank for acquiring up to 9.50% of the paid-up share capital or voting rights of...
Rupee rises 9 paise to close at 82.96 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee appreciated 9 paise to close at 82.96 (provisional) against the US dollar on Wednesday, tracking a correction in the greenback against major currencies and fresh foreign capital inflows. However, a rise in crude oil prices and muted domestic markets...
Yes Bank, LeRemitt in pact to enable smooth cross-border transactions for MSMEs, ET BFSI
Fintech startup LeRemitt and Yes Bank have partnered to introduce a cross-border platform that enables micro, small and medium enterprises (MSMEs) to conduct international transactions in key currencies, including US dollars and euro, according to a statement released...
Corporate loan demand gets stronger as govt focuses on infra development, ET BFSI
Corporate loan demand in banks has surged during the third quarter, driven by increasing requests from companies in the infrastructure and power sectors. This growth is attributed to the anticipation of a faster-paced economy and the government's focus on...
Retail loan growth moderates in Sept qtr; unsecured loan NPAs go up: Report, ET BFSI
Mumbai: Lenders tightened credit supply in the September quarter, leading to a slowdown in retail credit growth, a credit information company said on Tuesday. The unsecured loans of personal loans and credit cards, which have come under intense regulatory scrutiny,...
Singapore bank DBS cuts CEO pay on digital disruptions despite record profit, ET BFSI
SINGAPORE: DBS Group cut CEO Piyush Gupta's pay by S$4.1 million ($3.05 million), penalising him for last year's digital banking disruptions, even as Singapore's largest lender posted a record 2023 profit and its fourth quarter earnings beat expectations.The pay cut...
Juspay, Zoho, Decentro secure RBI nod for payment aggregator business, ET BFSI
Even at a time when the Reserve Bank of India is tightening controls over the fintech industry, fintech startups are getting the regulatory nod to operate as payment aggregators.Two fintech startups Juspay and Decentro have received the final licence to operate as...
Jana Small Finance Bank IPO opens for subscription. Should you bid?, ET BFSI
The initial public offer (IPO) of Jana Small Finance Bank opened for subscription today. Through the issue, the company plans to raise about Rs 570 crore. Ahead of the issue opening, the company raised Rs 167 crore from anchor investors.Jana SFB is the fourth-largest...
With 9.9% growth, Nifty Microcap 250 emerged as best performing index in Jan, ET BFSI
New Delhi: In January 2024, Nifty Microcap 250 emerged as the best performing Index with an impressive growth of 9.9%, according to a report by Motilal Oswal Asset Management Company.The Index has been performing well since the past year and has given 26.8%, 41.9%,...
SBI leads debit cards market, HDFC Bank dominates credit cards share in Dec’23, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a 24 per cent share in December 2023, revealed latest data by 1Lattice.Top banks followed the list like Bank of Baroda which held about 10 per...
Record sales in Indian financial stocks snap FPI buying streak in January, ET BFSI
BENGALURU - Foreign portfolio investors (FPI) sold a record amount of Indian financials in January - the sector in which they have the largest holdings - after the country's largest lender HDFC Bank posted disappointing earnings, according to National Securities...
US appeals court to weigh fate of $12 bn bank collusion case, BFSI News, ET BFSI
A U.S. appeals court on Monday said it will hear a challenge to a judge's order allowing American cities to band together in a $12 billion class action accusing eight major banks of artificially inflating interest rates on a popular municipal bond.The New York-based...
Three IPOs to hit primary market on Wednesday; aim to raise Rs 1,700 cr, ET BFSI
New Delhi: The IPO lane is getting busy with three entities -- Rashi Peripherals, Jana Small Finance Bank and Capital Small Finance Bank-- set to float their maiden public issues on Wednesday to collectively mobilise around Rs 1,700 crore. Additionally, Entero...
UBS to reward shareholders as Credit Suisse-linked losses narrow, ET BFSI
Zurich, Feb 06, 2024 - Swiss banking giant UBS said Tuesday it would hand shareholders up to $1 billion in share buybacks as it posted a smaller-than-expected quarterly loss stemming from the costs of absorbing fallen rival Credit Suisse.Presenting its fourth-quarter...
GrowthCap Ventures secures initial funding of Rs 20 crore, ET BFSI
GrowthCap Ventures, a category II AIF fund, has secured an initial funding of Rs 20 crore. The firm is now poised to make investments in early-stage startups specializing in Fintech, SaaS and Deeptech, offering funding in the range of Rs 2 crore Rs 6 crore. The...
Deutsche Bank no longer expects U.S. recession in 2024, BFSI News, ET BFSI
Deutsche Bank no longer expect the U.S. economy to tip into recession this year, given cooling inflation and the labor market returning to a "better balance" without unemployment rising significantly.The brokerage earlier expected the economy to enter a mild recession...
Tata Group first Indian conglomerate to cross Rs 30 lakh crore market capitalisation, ET BFSI
Tata Group first Indian conglomerate to cross Rs 30 lakh crore market capitalisationTata Group achieved a historic milestone as its combined market capitalization surpassed Rs 30 lakh crore on February 6, making it the first Indian business house to reach this...
