Banking Finance
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...
MFs shunned these 10 mid, smallcap stocks for 3 months in a row; what should investors do?, ET BFSI
Midcap and smallcap stocks have been the flavour of the season for Dalal Street investors, giving superlative returns.However, the sharp rally has prompted mutual funds to book profits in some of them.The monthly MF holdings data showed that the domestic institutions...
Manappuram Finance beats Q2 profit estimates on high loan demand, ET BFSI
BENGALURU: Manappuram Finance Ltd on Monday reported a bigger-than-expected rise in second-quarter profit, aided by strong demand for loans.The gold financing company's consolidated net profit rose nearly 37% to 5.58 billion rupees ($67.01 million)for the quarter...
PNB Housing Finance aims to add 60 Roshni branches by FY24-end, ET BFSI
NEW DELHI: PNB Housing Finance, a housing finance company, aims to add 60 more Roshni branches by the end of this financial year, taking the total number of affordable branches to 160.The company recently opened its 100th and first all-women branch Roshni branch in...
NBFCs’ profit and revenue remain in a green for Q2FY24, ET BFSI
The cumulative performance of the Non-Banking Finance Companies (NBFCs) for the second quarter of the financial year 2024 has showcased an uptick.For this quarter, the sector remains in a green, marking spike in profit and revenue. The analysts expected the quarter to...
Startup funding winter continues as global VC investments fall 5.4% in Q3, ET BFSI
Global VC investment fell from $81.4 billion across 9,563 deals in Q2’23 to $77.05 billion across 7,434 deals in Q3’23 as VC investors continued to act cautiously, taking much longer to make deals than in recent quarters, intensifying their due diligence, business...
Dubai to offer 25% stake in taxi business in planned IPO, BFSI News, ET BFSI
Representative imageDubai plans to offer 25% of shares in its taxi business through an initial public offering (IPO), the company said in a statement on Monday, as part of a broader privatisation programme of state assets.Dubai Taxi Company, the largest taxi operator...
Rupee falls 4 paise to 83.32 against US dollar in early trade, ET BFSI
The rupee depreciated 4 paise to 83.32 against the US dollar in the morning session on Monday, tracking a negative trend in domestic equities. Persistent foreign fund outflows also weighed on the local unit, forex traders said. At the interbank foreign exchange, the...
Long-term wealth can only happen in ‘hold’ phase. So, be patient: Mihir Vora, ET BFSI
Mihir Vora, CIO, Trust Mutual Fund, says “there have been times where I have been ruthless in selling when the markets turned. Probably I did not catch the top. But even 10% below or 15% below, I do not mind selling. Once I believe that the trend has turned. So, that...
Tamil Nadu issues GO to waive peak-hour electricity charges for MSME sector; but industries not satisfied, ET BFSI
Peak hour charges were introduced for the first time in the MSME sector last year on a par with high-tension consumers. The Tamil Nadu government has issued an order (GO) waiving peak-hour electricity consumption charges for the MSME sector until installation of...
Bitcoin ETF exuberance drives 4-week ‘nothing for sale’ rally, ET BFSI
Bitcoin is climbing for a fourth consecutive week, with the digital token’s price lingering just below an 18-month high of $38,000, as more investors bet that US exchange-traded funds that hold the largest cryptocurrency are on the verge of winning regulatory...
There is no country with a $2,500, $5,000 or $10,000 per capita income that has a market like India: Ashish Chauhan, ET BFSI
Ashish Chauhan, MD & CEO, NSE, says “effectively the Indian corporate ethos has always been about social good and slowly it is also getting formalised in some ways, with the Companies Act 2013 making CSR contribution compulsory for a company beyond a particular...
Tamil Nadu issues GO to waive peak-hour electricity charges for MSME sector; but industries not satisfied, ET BFSI
CHENNAI: The Tamil Nadu government has issued an order (GO) waiving peak-hour electricity consumption charges for the MSME sector until installation of meters. The GO also reduces network charges for rooftop solar connections by 50%. However, the Federation of the...
India’s forex reserves up $4.67 bn to $590.78 bn, BFSI News, ET BFSI
India's foreign exchange reserves increased by $4.67 billion to $590.78 billion for the week ending November 3, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves saw a rise of $2.6 billion to $586.5 billion for the week...
Moneyboxx Finance to raise equity of over Rs 75 crore, BFSI News, ET BFSI
NEW DELHI: Moneyboxx Finance on Friday announced equity capital raise of over Rs 75 crore by way of preferential allotment to HNIs, family offices and individual investors. The proposed equity funding will almost double its existing capital base and provide a strong...
FIIs withdraw Rs 40,000 crore in 9-week-long non-stop selling. U-turn ahead, ET BFSI
Foreign institutional investors (FIIs) have been on a selling spree in the Indian market, pulling out their money for 9 weeks in a row. In fact, this is the 3rd largest selling streak by FIIs since the year 2000. They have withdrawn Rs 39,794.6 crore in this streak....
With rupee at new low, RBI seeks explanation from Refinitiv post FX market trading glitch, ET BFSI
The Reserve Bank of India has sought an explanation from Refinitiv after a glitch on the electronic trading platform caused trading volumes in the foreign exchange market to dry up, causing volatility in the rupee, which marked new lows versus the US dollar on...
Investors hit jackpot with 172 smallcap multibaggers in Samvat 2079. What next?, ET BFSI
Samvat 2079 has been a good year for small and mid cap stocks as equity markets navigated the highs and lows of interest rate uncertainties and geopolitical tensions.The smallcap indexes have surged over 30% during this period, compared with 9% gain in benchmark...
Bharat Puri explains the rationale behind Pidilite’s NBFC foray, ET BFSI
Bharat Puri, Managing Director, Pidilite Industries, says: “We have a domain ecosystem which is extremely large and which addresses a fairly large market. The market size would be extremely large. This has been a system which has consistently been asking us that at...
Rupee falls to lifetime low, notches weekly decline, ET BFSI
The Indian rupee fell to a record low on Friday as a rebound in U.S. Treasury yields pressured Asian currencies.The rupee closed at 83.34 against the U.S. dollar, a record closing low, and down 0.07% versus its close of 83.28 on Thursday. On the week, the local unit...
Rupee hits new lifetime low vs US dollar on hawkish Fed commentary, ET BFSI
The Indian rupee recorded a new lifetime low of 83.3050 against the US dollar on Friday tracking weakness in other Asian currencies. The drop comes following the hawkish statement by US Federal Chair Jerome Powell on Thursday where he said that the central bank will...
ESAF Small Finance Bank shares to debut on Friday. What GMP signals ahead of listing, ET BFSI
The shares of ESAF Small Finance Bank will be listed on the exchanges on Friday. Ahead of the listing, the company's shares are commanding a premium of Rs 19 in the unlisted market.Considering the upper price band of Rs 60, the stock is likely to be listed with a...
ESAF Small Finance Bank shares list at 20% premium over IPO price, ET BFSI
Shares of ESAF Small Finance Bank debuted at a premium of 19.8% on the BSE on Friday. The stock got listed at Rs 71.9 on BSE as against the issue price of Rs 60. Meanwhile, on NSE, it debuted at Rs 71, a premium of 18.3%.Ahead of the listing, the company's shares were...
Tata Capital soars in unlisted market on IPO hopes, BFSI News, ET BFSI
Mumbai: Tata Capital is now valued at ₹1.5 lakh crore on the platform for unlisted stocks, making the mutual fund and lending arm of India's most valuable conglomerate the third biggest non-bank lender by market capitalisation - just after the Bajaj twins.Like Tata...
Muthoot Finance shares crack over 7% post Q2 results. What should investors do?, ET BFSI
Shares of Muthoot Finance fell 7% to Rs 1,216 in Friday's trade on NSE after the firm reported a lower-than-expected rise in its September quarter net profit, hurt by high finance costs.The gold loan company reported a 14.3% year-on-year (YoY) rise in net profit at Rs...
Net profit jumps 27% YoY to Rs 6,628 crore, ET BFSI
New Delhi: State-owned Power Finance Corporation (PFC) on Wednesday posted a nearly 27% rise in its consolidated net profit to Rs 6,628.17 crore in the July-September quarter compared to a year ago. The consolidated net profit of the company was Rs 5,229.33 crore in...
Microfinance portfolio up 24% in June quarter, delinquencies contained, ET BFSI
Mumbai: Small ticket borrowers from the bottom of the pyramid borrowed 24 percent higher during the June quarter and have also managed to contain delinquencies, a report by credit bureau Crif High Mark said.The outstanding portfolio of the micro-finance sector is at...
Wall St slips as investors assess central bank comments, ET BFSI
Wall Street's main indexes slipped on Wednesday as investors parsed earnings reports and comments from Federal Reserve officials for clues on how long the U.S. central bank will keep interest rates high and eventually start cutting it.Treasury yields have retreated...
InCred set to secure Rs 500 crore in equity funding from a clutch of investors, join unicorn club, ET BFSI
Mumbai-based nonbanking finance company InCred Financial Services is set to raise Rs 500 crore ($60 million) in a fresh round of funding from a clutch of investors, including corporate treasuries, global private equity funds, family offices and ultra-high-networth...
Finance ministry focuses on bringing all business establishments under GST net, ET BFSI
Finance minister Nirmala Sitharaman on Tuesday said that the finance ministry's focus is not only on increasing GST revenue but also on bringing all the business establishments under its ambit. She was speaking at a function to open 12 GST Suvidha Kendras in Gujarat...
Adhesive maker Pidilite to enter lending business, to acquire promoter group’s NBFC firm, ET BFSI
New Delhi, Adhesive and construction chemicals manufacturer Pidilite Industries plans to enter the lending business, providing small-value retail loans. To facilitate this, Pidilite Industries, would acquire an existing NBFC - Pargro Investments, belonging to its...
ESAF Small Finance Bank IPO share allotment to be finalised today. Here’s how you can check status, ET BFSI
The share allotment of ESAF Small Finance Bank IPO has been finalised on Sunday. Investors received shares on a lottery basis and the whole process was supervised by the registrar.On the allotment date, investors get to know about the number of shares allotted to them...
NBFC honchos say agility, data integration, collabs needed for creating a thriving lending marketplace, ET BFSI
Non-banking finance company honchos have stressed on the importance of agility, data integration, and collaboration as key strategies for thriving in India's rapidly changing lending marketplace.At a panel discussion at the ETBFSI Converge Summit, leaders of India's...
US consumer watchdog proposes rules for Big Tech payments, digital wallets, ET BFSI
The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards. The Consumer Financial Protection...
As global companies chart course for India, FDI set to rise, ET BFSI
Overall foreign direct investment (FDI) into India may have declined but there are reasons to be sanguine with the country seeing interest in greenfield investments amid the first-ever decline posted by China, experts said.Last week, in a detailed presentation to the...
Shriram Group to start ARC, build wealth management, BFSI News, ET BFSI
Shriram Capital, the holding company for the financial services in the Shriram Group will invest Rs 300 crore to start a new business aggregating retail bad loans as it seek to leverage its collection efficiencies, company executives said. The company will also expand...
Rupee unable to capitalise on oil price drop, positive Asian FX, ET BFSI
The Indian rupee was little changed on Wednesday as a drop in oil prices and strength in Asia currencies failed to budge the local unit in the face of persistent local U.S. dollar demand.The rupee was at 83.25 against the U.S. dollar as of 10:18 a.m. IST, compared...
Mufin Green Finance and Perpetuity Capital collaborate to accelerate EV financing in India, ET BFSI
ISB accelerated Perpetuity Capital, a digital platform for electric vehicle (EV) finance, has announced a strategic financing partnership with Mufin Green Finance, India's first listed Non-Banking Financial Company (NBFC) with a 100% focus on EV financing. The...
ESAF Small Finance Bank IPO subscribed 73.15 times, BFSI News, ET BFSI
New Delhi, The Initial Public Offering (IPO) of ESAF Small Finance Bank was subscribed 73.15 times on the last day of subscription on Tuesday. The Rs 463-crore initial share sale received bids for 4,22,28,99,750 shares against 5,77,28,408 shares on offer, as per NSE...
Finance ministry focuses on bringing all business establishments under GST net, ET BFSI
Vapi (Guj), Finance minister Nirmala Sitharaman on Tuesday said that the finance ministry's focus is not only on increasing GST revenue but also on bringing all the business establishments under its ambit. She was speaking at a function to open 12 GST Suvidha Kendras...
Dream run! Samvat 2079 IPOs have 90% success rate and 6 multibagger triumphs, ET BFSI
More than making up for the muted first few months, the primary market has been one of the shining lights in the investment arena this year with a bumper rush of public offers and healthy listing gains.Six IPOs have turned multibaggers in Samvat 2079 with the highest...
NBFCs’ reliance on bank lending jumps 3.5X since 2018; MF exposure reduces 23.5%, ET BFSI
The credit extended by banks to NBFCs has exhibited a consistent upward trend over the last five years and continued its acceleration along with the phased reopening of economies after the Covid-19 pandemic. This growth momentum further accelerated during FY23 and has...
15% uptick in overall outstanding loans in Sept’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 September, 2023. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate...
Bajaj Finance launches QIP issue; floor price set at Rs 7,533.81/share, ET BFSI
MUMBAI - Bajaj Finance Ltd said that the company has launched the share sale programme for qualified institutional buyers on Monday, and the floor price for the same has been set at Rs 7,533.81 a share.The floor price is at a marginal discount to the closing price of...
Global economic recovery slow & uneven, needs joint action: Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman on Monday said world economic recovery remains "slow and uneven" and medium-term growth prospects have weakened further, as she called for coordination at both global and domestic levels to ensure a swift rebound.At a seminar on...
Factors to check when comparing car loans this Dhanteras, Diwali, ET BFSI
Festive season is the time banks and non-banking finance companies (NBFCs) announce attractive offers like lower interest rates on car and home loans, waiver of processing fees, cashback and more. This is a big reason why many people make big-ticket purchases like...
$3.5-billion dent! FII dollars pulled out from these 8 sectors in Oct; will the exodus continue?, ET BFSI
The selling in Indian equities by foreign portfolio investors intensified in October as a sharp spike in the US bond yields amid concerns that interest will stay higher for longer triggered a risk-off mood on Dalal Street. Data shared by the National Securities...
Sundaram Finance reports 20.8% growth in PAT, BFSI News, ET BFSI
CHENNAI: Sundaram Finance on Monday posted 20.8% growth in profit after tax (PAT) at Rs 366 crore in the quarter ended September 30, 2023 against Rs 303 crore in the year ago quarter. On a sequential basis, the NBFC recorded a 30.2% rise when compared with Q1 FY24 at...
Protean well placed to benefit from growth in digital public infrastructure, ET BFSI
Mumbai headquartered Protean eGov Technologies (earlier named as NSDL e-Governance Infrastructure) plans to raise upto Rs 490.3 crore through an offer for sale by some of the existing shareholders. The company does not have any promoters and is owned by institutions...
Dollar steady but remains vulnerable after Fed steer, BFSI News, ET BFSI
Major global currencies were steady early on Monday but seemed poised to extend last week's uptrend as the dollar nursed its losses after the Federal Reserve dialled down its hawkish rhetoric.The dollar index was flat at 105.11, with the euro at $1.0726. The dollar...
Nifty can hit 19,500, a hold there can keep bears out: Analysts, ET BFSI
Considering the significant decline witnessed last month, technical analysts anticipate a potential pullback in the Nifty index to 19,450-19,500 levels. Analysts emphasise that only by staying above this range can the index find respite from the persisting volatility....
How to safeguard your festive shopping from digital lending frauds?, ET BFSI
The festive season has witnessed massive sales both in offline and online marketplace, and the atmosphere is still blossoming in the sales mood.A recent report by consulting firm RedSeer highlighted that the online sales from Amazon, Flipkart and others reached 47...
Should You Subscribe? Check GMP, Price, Lot Size, ET BFSI
The IPO allotment will take place on November 13, while the share listing is likely to take place on November 17. Ahead of IPO, Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) mobilised a little over Rs 143 crore from anchor investors on...
Finance ministry launches amnesty scheme for filing appeals against demand orders, ET BFSI
NEW DELHI: The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders. The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals...
Q2 earnings, global cues among 8 factors to drive Dalal Street this week, ET BFSI
Domestic equities are likely to trade rangebound this week as a plethora of corporate earnings will keep the overall action stock-centric on Dalal Street.In the week gone by, equities ended positive as dovish comments from the US Federal Reserve eased bond yields and...
Can you open more than one SCSS account?, ET BFSI
The government-backed Senior Citizen Savings Scheme (SCSS) is one of the most preferred investment options among retirees. For investments made in the October-December quarter, the Senior Citizen Savings Scheme offers an interest rate of 8.2% per annum. Individuals...
Where should you invest on Dhanteras 2023?, ET BFSI
Buying gold especially during festival time is a tradition followed by many Indians as it is considered auspicious and is thought to bring good luck. Dhanteras falls on November 10 and 11, 2023. If you are looking at investing in paper gold you can do it either...
Protean eGov Tech, ASK Automotive among 4 IPOs set to light up market in run-up to Diwali, ET BFSI
Two mainboard IPOs, namely Protean eGov Technologies and ASK Automotive, and two SME issues will keep the primary market abuzz in the coming week as companies look to cash in on robust demand from investors.Apart from new offers, markets will also see listings of...
Ahead of IPO, Protean eGov Tech collects Rs 143 crore from anchor investors, ET BFSI
Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Friday said it has mobilized a little over Rs 143 crore from anchor investors, days before its initial public offering (IPO). The company has allotted 18.12 lakh equity shares to 18...
Protean eGov Tech IPO to open on November 6. Here are 10 things to know about the offer, ET BFSI
Protean eGov Technologies is a leading IT-enabled solutions company engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions. Published On Nov 4, 2023 at 06:20 PM IST The initial public offering...
NCLT admits Aditya Birla Finance’s insolvency plea against Siti Broadband Services, ET BFSI
The National Company Law Tribunal (NCLT) has admitted Siti Broadband Services, a subsidiary of Essel Group-owned cable TV and broadband company Siti Networks, into the corporate insolvency resolution process following a plea by lender Aditya Birla Finance.The NCLT has...
India’s forex reserves rise $2.6 billion to $586.1 billion as of October 27, ET BFSI
India's foreign exchange reserves saw a rise of $2.6 billion to $586.5 billion for the week ending on October 27, latest data by Reserve Bank of India (RBI) showed on Friday. Previously, forex reserves were down by $2.36 billion, dragging the reserves to $583.5...
Aditya Birla Capital Q2 profit up 44 percent to Rs 705 crore, BFSI News, ET BFSI
NEW DELHI: Aditya Birla Capital on Friday reported a 44 per cent rise in profit at Rs 705 crore on a consolidated basis for the quarter ended September 2023. It had posted a net profit of Rs 488 crore in the same period a year ago. The total consolidated revenue of...
Central banks’ gold purchases at a record in Jan-Sept, BFSI News, ET BFSI
Mumbai: Gold purchases by central banks surged to a record high of 800 tonnes between January and September amid sticky inflation in the US and Europe's richer nations and mounting geopolitical uncertainties.The central banks of China, Poland and Singapore were among...
ESAF SFB mobilises Rs 135 crore from anchor investors, ET BFSI
ESAF Small Finance Bank has raised Rs 135.15 crore from 11 anchor investors led by ACM Global Fund VCC, Edelweiss Tokio Life Insurance Company and Kotak Mahindra Life Insurance Company a day ahead of the bank's Rs 463 crore initial public offer (IPO).ESAF has...
A gush of state bonds may upend market dynamics, BFSI News, ET BFSI
Mumbai: Even as the sword of large-scale open market bond sales by the Reserve Bank of India hangs over the debt market, state governments in the poll season have upset bond traders' demand-supply calculations by overshooting their stated borrowing plans.So far in...
Baroda BNP Paribas’ small cap fund collects over Rs 1,100 crore, ET BFSI
Baroda BNP Paribas Small Cap Fund, an open-ended equity scheme that predominantly invests in small-cap stocks, opened on October 6 and closed on October 20. The fund has re-opened for subscriptions on November 1, the company said in a statement.. This is the seventh...
Abu Dhabi plans $50 billion investment in fast-growing India, BFSI News, ET BFSI
The United Arab Emirates is considering investing as much as $50 billion in India, its second-largest trading partner, as part of a broader bet on the world’s fastest-growing major economy.Provisional pledges from the UAE could be announced early next year, people...
Chola posts 35% rise in PAT in Q2 FY24, ET BFSI
CHENNAI: Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, on Thursday reported a 35% rise in profit after tax (PAT) in the quarter ended September 30, 2023 at Rs 762 crore against Rs 563 crore in the year...
Rupee closes slightly higher, dollar demand from importers caps gain, ET BFSI
The Indian rupee closed marginally higher on Thursday aided by a pullback in U.S. Treasury yields but dollar demand from importers, including local oil companies, curbed gains.The rupee closed at 83.2425 against the U.S. dollar, compared with its close at 83.28 in the...
Sensex, Nifty join global rally on bets of end to Fed rate hikes, ET BFSI
BENGALURU: Indian shares advanced on Thursday, in tandem with global stocks, after the US Federal Reserve's less hawkish-than-expected stance on monetary policy.After two straight sessions of losses, the NSE Nifty 50 index settled 0.76% higher at 19,133.25, while the...
Bullish fund tied to Nvidia top performing ETF so far this year, ET BFSI
An exchange traded fund (ETF) tied to high-flying shares of U.S. chipmaker Nvidia Corp is the top-performing ETF so far this year, as the frenzy around artificial intelligence attracts buyers. The GraniteShares 1.5X Long NVDA Daily ETF, that tracks 1.5 times the daily...
Finance needs of developing countries 10-18 times as big as international public finance flows, says UN report, ET BFSI
BATHINDA: United Nations Environment Programme (UNEP) Adaptation Gap report finds the progress on climate adaptation is slowing on all fronts when it should be accelerating to catch up with rising climate change impacts and risks.Released on Thursday ahead of the...
Aptus Value Housing Finance’s net profit up 20% in Q2 FY24, BFSI News, ET BFSI
NEW DELHI: Aptus Value Housing Finance India has reported a growth of 20.04 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 148.01 crore in Q2 FY24 as against Rs 123.30 crore it registered in the...
Financial Services Secretary, ET BFSI
New Delhi, Financial Services Secretary Vivek Joshi has said that India is becoming a favoured destination for Foreign Direct Investment (FDI) in the infrastructure sector as government has taken many supportive measures.Speaking at an event organised by the India...
Lenders still prefer salaried class over others, ET BFSI
Salaried borrowers with steady flow of income are still a preferred choice for lenders despite expansion of personal loans to varied types of borrowers, reported TOI. A recent study by online loan platform, PaisaBazar has revealed that borrowers from non-metros...
Premji Invest saw three long-term partners leaving firm this year, ET BFSI
Azim Premji's private investment arm Premji Invest, has seen the exit of three out of its four long-term partners this year, with the most recent being the resignation of Rajesh Ramaiah in August after a thirteen -year long stint with the Bengaluru-based investment...
Outward remittance from India witnessed 43% uptick in Aug’23, ET BFSI
According to latest data by 1Lattice (Prev. PGA Labs), the outward remittances from India has witnessed an increase of approximately 43 per cent, month on month in August 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward...
Finance Minister Nirmala Sitharaman visits Indian investments in Sri Lanka’s east, inaugurates SBI branch, ET BFSI
COLOMBO: Finance minister Nirmala Sitharaman on Thursday visited Sri Lanka's eastern port town of Trincomalee where she opened a branch of the State Bank of India and appreciated its role in supporting corporates in international trade. Sitharaman, who is in the...
Indian companies can list on foreign bourses directly, BFSI News, ET BFSI
NEW DELHI: After GIFT City, the government has allowed India companies to list directly on foreign exchanges in a move that has been in the works for several years.While some other steps, such as, notification under Fema will have to be taken, the tougher part will be...
Geojit Financial Services Shares Jump Over 14%, Hit 52-Week High As Q2 Profit Rises 58% YoY, ET BFSI
Shares of small-cap stock broking firm Geojit Financial Services jumped 14.5% to Rs 68.9 in Wednesday's trade on BSE as the company reported a 58% YoY rise in second-quarter profit at Rs 38 crore as against Rs 24 crore a year earlier.In the quarter, the consolidated...
Mahindra Finance and SBI in a co-lending partnership to enhance affordable credit solutions, ET BFSI
Mahindra Finance has recently announced its inaugural co-lending partnership with SBI, India's largest public sector bank. The primary objective of this collaboration is to address the underserved segments of the population by offering accessible and affordable credit...
To tap FPIs, govt plans to GIFT wrap masala bond issue, BFSI News, ET BFSI
Mumbai: About a decade after the International Finance Corp helped facilitate the initial sale of masala bonds, New Delhi plans to test the waters with an initial bond sale worth around ₹20,000-25,000 crore. Sources aware of the development told ET that in recent...
Govt Allows Direct Overseas Listing Of Indian Cos; Notifies Relevant Section Under Companies Law, ET BFSI
In a significant move, the government has permitted Indian companies to list on foreign exchanges, subject to certain conditions. The corporate affairs ministry has notified the relevant section under the companies law in this regard. Currently, overseas listings by...
Indian markets face tough October, Sensex log worst month in 2023, ET BFSI
Indian markets faced a challenging day on Tuesday, marking the end of their most difficult month in 2023. The main factors contributing to this decline were the consistent selling by foreign investors, driven by elevated US interest rates, and the ongoing conflict in...
Wall Street Closes Higher On Eve Of Fed Decision; Investors Assess Earnings, ET BFSI
Wall Street's main indexes ended Tuesday's session with gains as investors looked ahead to the Federal Reserve's monetary policy update while they digested a mixed batch of earnings reports.The Fed kicked off a two-day monetary policy meeting. The central bank is...
Fsbf Q2 Fy24 Pat Grows 38%, BFSI News, ET BFSI
Chennai: NBFC Five-Star Business Finance Limited on Tuesday reported a growth in Profit after Tax (PAT) by 38% at Rs 199 crore in the quarter ended September 30, 2023 against Rs 144 crore in the corresponding quarter last year. The company's disbursement grew by 50%...
US dollar slides ahead of central bank meetings, key data this week, ET BFSI
The U.S. dollar fell on Monday, dropping to a two-week low against the yen, as traders looked ahead to several major central bank meetings and a slew of major economic data releases this week.The Bank of Japan (BOJ) kicked off its two-day monetary policy meeting on...
Will the Telangana HC ruling change fortunes for Andhra microfinance sector?, ET BFSI
In light of a recent judgment by the Telangana High Court, the microfinance sector is hopeful for a positive turnaround in both states in the foreseeable future but is growing slow in expanding presence in the states of Andhra Pradesh and Telangana.On February 14,...
Decline in debit cards transaction volume by 16.4%, 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 16.4 per cent while the value decreased by 5.9 per cent in September 2023. Month on month, the total debit cards transaction volume decreased by...
Rupee settles flat at 83.26 against US dollar, BFSI News, ET BFSI
The rupee settled flat at 83.26 (provisional) against the US dollar on Tuesday as weak domestic equity markets and sustained foreign fund outflows weighed on investor sentiments. However, a decline in crude oil prices supported the local currency amid geopolitical...
Uday Odedra to head India and the Philippines wing of Wells Fargo, ET BFSI
Uday Odedra is named as Wells Fargo & Company’s Head for India and the Philippines region, the company said in a press note on Tuesday.Uday will report to the Head of Global Operations, David Owen, who said that he is pleased to welcome Uday to the leadership team...
Rupee almost flat against US dollar in early trade, BFSI News, ET BFSI
The rupee inched up 1 paisa against the US dollar in early trade on Tuesday, as the support from positive domestic equities was negated by elevated crude oil prices and a strong American currency overseas. Forex traders said the dollar strengthened on safe-haven...
Vridhi Home Finance secures Rs 150 crore from Elevation Capital, ET BFSI
Vridhi Home Finance, a housing finance lender, has raised Rs 150 crore in its maiden round of funding from venture capital firm Elevation Capital.With the fresh funding, the lending startup wants to scale up operations, raise credit lines from larger lenders and enter...
Gold flat as central bank meetings take spotlight, ET BFSI
Gold prices were flat on Tuesday after slipping below the critical $2,000 milestone in the last session, as investors prepared for central bank meetings this week with particular focus on the U.S. Federal Reserve's policy outlook.FUNDAMENTALS* Spot gold was steady at...
Muthoot Fincorp arm Muthoot Microfin gets Sebi nod for Rs 1,350-cr IPO, ET BFSI
Muthoot Fincorp arm Muthoot Microfin has received a final observation letter from capital markets regulator Sebi to raise funds through IPO.The company, in which Muthoot Fincorp holds a majority stake, refiled its draft IPO papers in July this year.The company plans...
Reliance bets big on AI to power its consumer finance business, ET BFSI
Led by veteran banker KV Kamath, Reliance Group-owned Jio Financial Services (JFS) is chalking out a startup business plan backed by artificial intelligence (AI) and a digital focus to compete effectively on costs as a late-comer in the business. Officials close to...
Vridhi Home Finance secures Rs 150 crore from Elevation Capital, ET BFSI
Vridhi Home Finance, a housing finance lender, has raised Rs 150 crore in its maiden round of funding from venture capital firm Elevation Capital.With the fresh funding, the lending startup wants to scale up operations, raise credit lines from larger lenders and enter...
Rupee settles flat at 83.25 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee settled flat at 83.25 (provisional) against the US dollar on Monday, as sustained foreign fund outflows and the strength of the American currency in the overseas market weighed on investor sentiments. Forex traders said the Indian rupee traded on a...
Co-lending deals now come under taxman’s lens, BFSI News, ET BFSI
Mumbai: The Goods and Services Tax (GST) department has initiated a preliminary inquiry against banks and non-banking finance companies (NBFCs) to ascertain whether the lenders have evaded any service tax in the fast-growing co-lending business, said people with...
Analysts, BFSI News, ET BFSI
Technical indicators suggest a minor oversold condition, potentially leading to a modest rebound this week. However, the overall upward potential appears limited due to the prevailing negative structure with Nifty trading below its 20- and 50-day moving averages,...
Euroclear settlements could widen demand for Indian government bonds, ET BFSI
Mumbai: The UK and India, currently finalising a free-trade pact after London's formal exit from the Eurozone, are working on a proposal as part of the comprehensive economic deal to help remove long-standing barriers to the settlement of sovereign bonds on Euroclear....
Indian rupee refuses to budge despite multiple headwinds, ET BFSI
The Indian rupee continued to trade in a narrow range on Monday, despite headwinds from oil, U.S. yields and portfolio outflows. The rupee was at 83.26 to the U.S. dollar at 11.02 a.m. IST, barley changed from its Friday close of 83.2550.The currency has been...
Cars24 saw its topline grow at lower pace, BFSI News, ET BFSI
The company’s net loss for FY23 came in at INR 467.7 crore, up from INR 248.1 crore in FY22. Gurugram-based unicorn Cars24 saw its topline grow at a lower pace in the year ended March 31 as demand for used cars entered the slow lane, and the company cut down on its...
Hot foreign money could continue to dominate flows in and out of Indian equities, ET BFSI
A paraphrased adage that goes "too sweet to spit, too bitter to swallow" perhaps best describes the current position of various foreign fund managers on Indian stocks. For many of them, India is a fascinating upcoming alternative to the slowing and ageing economic...
Coal Ministry Asks Department Of Financial Services For Classifying Coal Under Infrastructure Sector, ET BFSI
New Delhi: The coal ministry on Saturday said it has requested the Department of Financial Services (DFS) to consider classifying coal under infrastructure sector, a move which will ensure financing of commercial coal mines. This reclassification would allow banks and...
Canara Bank, Shriram Finance among 9 stocks that hit 52-week highs on Friday, ET BFSI
In a day marked by diverse market movements, several major stocks reached new 52-week highs on October 27, demonstrating their resilience and growth potential. These noteworthy performances indicate the variety of opportunities available within the stock market.The...
FinMin notifies prospective levy of GST on corporate guarantees, ET BFSI
The finance ministry has issued a notification stating goods and services tax will be levied on guarantees provided by corporates to their subsidiaries prospectively. The Goods and Services Tax (GST) council, comprising central and state finance ministers, had earlier...
Shriram Housing Finance plans to cross Rs 13,000 crore of AUM by year-end: Ravi Subramanian, ET BFSI
Shriram Housing Finance Limited announced its results for H1 of the Financial Year 2024 saying its Assets Under Management (AUM) crossed the Rs 10,000 Cr milestone, with the company ending H1 with AUM of INR 10,816 Cr. The company has maintained an accelerated growth...
FII-driven short bets trigger 3.4% decline in Nifty in October series, ET BFSI
Driven for short bets by foreign institutional investors (FIIs), Nifty index declined 3.4% in the October series. The Nifty futures rollovers at the start of the November series stood at 83% versus 79% in the last three series, a Nuvama report said. The Nifty futures...
Ujjivan Small Finance Bank Q2 profit rises 11% to Rs 328 cr, BFSI News, ET BFSI
New Delhi, Ujjivan Small Finance Bank on Friday reported 11 per cent rise in net profit at Rs 328 crore for the second quarter ended September 30 on the back of fall in bad loans. The Bengaluru-based bank had posted a net profit of Rs 294 crore for the year-ago...
Bank, NBFCs’ unsecured debt portfolios show growing indebtedness among Indian youth, ET BFSI
In a shifting financial landscape, the younger generation in India is grappling with a growing burden of unsecured debt. The contemporary youth often embrace a more modern approach to finance, relying on credit cards and Buy Now, Pay Later (BNPL) schemes to fulfil...
Razorpay secures license to acquire merchants in Malaysia for Curlec, ET BFSI
RazorpayRazorpay announced expanding its footprint by obtaining a license to acquire merchants in Malaysia for Curlec. Additionally, Curlec by Razorpay is now a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and shared...
YS Chakravarti, Shriram Finance, ET BFSI
"The third and fourth quarters are good seasons for business. So hopefully we should be able to cross this 20%," says YS Chakravarti, MD & CEO, Shriram Finance.Your AUMs have been consistently growing at 19% in the last two quarters. Given that typically second...
Rupee rises 2 paise to 83.23 against US dollar in early trade, ET BFSI
Mumbai, The rupee paused its three-day slide and inched up 2 paise to 83.23 against the US dollar in early trade on Friday amid positive cues from the domestic equity markets and a weak American currency overseas. An upward trend in the crude oil prices and selling...
Net profit jumps 24% YoY to Rs 1,929 crore; revenue rises 25%, ET BFSI
Bajaj Finserv on Friday reported a consolidated net profit of Rs 1,929 crore for the quarter ended September 2023, up 24% from a year ago.Revenue from operations in the same period increased 25% to Rs 26,023 crore. The same stood at Rs 20,803 crore in the same period...
Markets bounce back in early trade after 6 days of fall, BFSI News, ET BFSI
Mumbai, Equity benchmark indices rebounded in early trade on Friday after facing massive drubbing of late amid recovery in Asian markets. The 30-share BSE Sensex jumped 411.17 points to 63,559.32 in early trade. The Nifty climbed 115.9 points to 18,973.15. Among the...
Rajiv Rattan buys Lone Star’s stake in NBFC for Rs 611 crore, BFSI News, ET BFSI
Ending a long and bitter dispute, Rajiv Rattan, one of the founding members of Indiabulls, has acquired a 50% stake of its joint venture (JV) partner Lone Star Funds in RattanIndia Finance for Rs 611 crore (about $73 million) in an all-cash deal, multiple persons with...
Shriram Finance Pat Up By 13% In 2nd Qtr Of Fy24, BFSI News, ET BFSI
Chennai: Shriram Finance Limited on Thursday reported a 12.6% growth in Profit after Tax (PAT) at Rs 1,750.8 crore in the quarter ended September 30, 2023 against Rs 1,555.1 crore in the corresponding quarter last year. Its net interest income for the second quarter...
Rajiv Rattan buys Lone Star’s stake in NBFC for Rs 611 crore, BFSI News, ET BFSI
Ending a long and bitter dispute, Rajiv Rattan, one of the founding members of Indiabulls, has acquired a 50% stake of its joint venture (JV) partner Lone Star Funds in RattanIndia Finance for Rs 611 crore (about $73 million) in an all-cash deal, multiple persons with...
Credit card spending falls in September after record high in August, ET BFSI
Top reasons why credit card applications get deniedCredit card spending in India experienced a 4.23% decline in India, totalling Rs 1.42 lakh crore, from a record high of Rs 1.48 lakh crore in August. This decrease was also lower than the Rs 1.45 lakh crore registered...
Rahul Gupta and Siba Panda Join Forces to Set Up Rs 850 Crore Venture Debt Fund ValuAble, ET BFSI
Rahul Gupta, Founder and Managing Partner at ValuAble, said, “With ValuAble, we don’t want to be just lenders; we want to be partners in the entrepreneurial journey of different startups. Our core philosophy is to be enablers for businesses, providing them with the...
FPIs dump power, construction shares in October, BFSI News, ET BFSI
Mumbai: Overseas investors offloaded shares of power, construction, and IT sectors the most in the first-half of October, when they were net sellers to the tune of ₹9,784 crore, according to the data from National Securities Depository Limited (NSDL). Oil, Gas and...
A dozen IPOs set to light up Dalal Street soon, ET BFSI
Mumbai: About a dozen companies are poised to seek more than ₹15,000 crore through public offerings in the coming month with investment bankers and corporates undeterred by the pronounced volatility in the secondary market. Several aim to do so ahead of Diwali, which...
Rupee falls, but copes better with dollar rally, BFSI News, ET BFSI
The Indian rupee declined slightly on Thursday following a rally on the safe-haven dollar, but expectations that the central bank will not relent in the currency's defence helped it fare better than Asian peers.The rupee was at 83.2300 to the U.S. dollar at 10:25 a.m....
Team Ambani bought 6.1 crore shares of Jio Financial after listing, ET BFSI
NEW DELHI: Promoters of Jio Financial Services (JFSL), which got demerged from Reliance Industries (RIL) earlier in the year, have raised stake in the NBFC from 45.8% to 46.77% since its listing in August.September quarter shareholding data shows the promoters have...
Stocks that hit 52-week lows on NSE, BFSI News, ET BFSI
NEW DELHI: Jay Bharat Marut, NIIT Learning System, Sai Silks(Kalamandi, Adani Gas and MT Educare and others were among the stocks that touched their 52-week lows as of 10:14AM(IST)in Thursday's session. Domestic benchmark index NSE Nifty fell 197.7 points to 18924.45,...
Rupee falls 6 paise to 83.23 against US dollar in early trade, ET BFSI
Mumbai, The rupee stayed on downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the US dollar in early trade on Thursday, tracking a firm American currency and negative equity market sentiment. Forex traders said the Indian...
How e-commerce glittered small businesses this festival season?, ET BFSI
Over the last decade, the marketplace in india is heavily dominated by the e-commerce space. With time, this space has also developed trust of the buyers.The burgeoning middle class is relying heavily on the Open Network for Digital Commerce (ONDC) platforms that has...
As small & mid-caps peak, large-caps turn value picks, ET BFSI
Mumbai: Several Indian large-cap stocks including HDFC Bank, ICICI Bank, HUL, ITC and Bajaj Finance among others are trading below their 10-year average price-earnings (PE) ratio, presenting an attractive alternative to overvalued small and mid-caps. Some of these...
Rupee volatility holds at multi-year lows despite worldwide jitters, ET BFSI
Mumbai: Over the past week, the US 10-year bond yield has topped the 5% mark for the first time in 16 years and Reserve Bank of India (RBI) officials have warned of the cascading turbulence that a strengthening dollar could wreak on emerging markets. The rupee,...
How India-Canada political row can play out for education loans, ET BFSI
Diplomatic tensions between India and Canada have stirred concerns regarding potential ramifications on Non-Banking Financial Companies (NBFCs) that have been at the forefront of financing Indian students' education in Canada. Indian students have been a driving force...
FPI detour for illegal punts on D-Street cut off, BFSI News, ET BFSI
Mumbai: Promoter families and unwanted foreign investors cannot hide behind overseas insurance firms and cells and sub-funds of offshore pooled vehicles which step in as foreign portfolio investors (FPIs) to surreptitiously own shares and manipulate stocks of...
Bajaj Finserv Mutual Fund launches Bajaj Finserv Banking and PSU Fund, ET BFSI
Bajaj Finserv Mutual Fund has announced the launch of Bajaj Finserv Banking and PSU Fund, an open-ended debt scheme investing in debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds with relatively high interest rate...
Rupee rises 5 paise to 83.11 against US dollar in early trade, ET BFSI
The rupee appreciated by 5 paise to 83.11 against the US dollar in early trade on Wednesday, tracking a weak America currency and softening crude oil prices in the overseas market. Some buying by foreign equity investors supported the Indian currency even though it...
Piramal Group gets premium for Rs 531 crore residual bad loans, ET BFSI
The Piramal Group has sold residual bad loans worth ₹531 crore of its Advantage Raheja exposure, which includes properties such as a JW Marriott hotel in Bengaluru and a Crowne Plaza unit in Pune.These loans have been sold to Omkara Asset Reconstruction Co., giving...
Investors’ wealth plunges Rs 7.59 lakh crore, BFSI News, ET BFSI
NEW DELHI: Investors' wealth eroded by Rs 7.59 lakh crore on Monday as the equity market took a heavy drubbing amid escalating tensions in the Middle East.The 30-share BSE Sensex plunged 825.74 points or 1.26 per cent to settle at 64,571.88 points. During the day, the...
Hedge funds trim exposure to megacap tech stocks, banks say, BFSI News, ET BFSI
By Carolina MandlNEW YORK: Global hedge funds reduced their exposure to mega cap tech stocks in recent days, ahead of the companies' third-quarter earnings, two Wall Street banks said.Microsoft, Alphabet, Amazon and Meta Platforms - four of the seven U.S. megacap...
Shriram Finance’s syndicated loan trebles to $400 million, BFSI News, ET BFSI
Mumbai: British lender HSBC has nearly tripled the size of a syndicated overseas loan to retail non-banking financial company Shriram Finance to $400 million, with international financiers showing firm appetite for lending to the domestic NBFC sector amid a volatile...
Sensex plunges over 800 points; top reasons for blood bath on Dalal Street, ET BFSI
Monday mayhem in markets: The benchmark BSE Sensex crashed over 850 points in late afternoon trade on Monday, finally closing at 64,572, down 826 points. The benchmark index closed 1.26% down and also gave up its 65,000 level. The broader market index Nifty 50 was...
PNB Housing Finance Q2 net profit jumps 45.9 pc to Rs 383 cr, BFSI News, ET BFSI
Mumbai, PNB Housing Finance on Monday reported a 45.9 per cent rise in its net profit to Rs 383 crore in the September 2023 quarter on higher interest income. The non-banking finance company had posted a net profit of Rs 262.63 crore in the year-ago period. The...
Pushed to (Brick) wall, bond investors dial Sebi, BFSI News, ET BFSI
Mumbai: Investors have sought clarity from the Securities and Exchange Board of India (Sebi) regarding the status of rating actions by Brickwork Ratings after the firm sharply downgraded outstanding bonds of some companies including central public sector undertaking...
Chasing IPO gold, small lenders, finance companies to raise over Rs 6,500 crore, ET BFSI
Mumbai: A slew of initial public offerings (IPOs) by small lenders and finance companies is in the offing as strong investor appetite and regulatory requirements are prompting these firms to sell their shares to the public. The IPO pipeline of small finance,...
Nifty’s weakness may continue, 19,500 is key support: Analysts, ET BFSI
The market is expected maintain its bearish trend as unfavourable developments on the global stage continue to impact sentiment. Technical analysts have identified 19,500 as the immediate support for the Nifty, with a subsequent swing low support at 19,330. They...
NBFCs may have to rely more on Bond Street after RBI flags high bank exposure to them, ET BFSI
Non-banking finance companies (NBFCs) in India are facing the heat as borrowing costs surge due to a rise in yields. Despite the challenges, corporate bonds remain the primary avenue for these companies to raise funds, given the robust demand for credit and limited...
Rupee declines 3 paise to 83.15 against dollar in early trade, ET BFSI
Mumbai, The rupee declined 3 paise to 83.15 against the US dollar in a restricted trade on Monday due to a stronger greenback in overseas markets and foreign fund outflows. A correction in crude oil prices and firm domestic stock markets in opening trade capped the...
RBI rejigs ‘too big to fail’ tag for NBFCs, BFSI News, ET BFSI
MUMBAI: A scale-based regulatory framework announced earlier was notified by RBI in its new master direction for non-banking financial companies last week. The new framework does away with the classification of 'systemically important' NBFCs - a concept that was...
FPIs pull out Rs 12,000 cr from equities Oct so far; invest Rs 5,700 cr in debt, ET BFSI
NEW DELHI: Foreign portfolio investors (FPIs) have withdrawn over Rs 12,000 crore from Indian equities this month so far, mainly due to a sustained rise in US bond yields and the uncertain environment resulting from the Israel-Hamas conflict.However, the story takes...
Creditaccess Grameen Bank net profit nearly doubles to Rs 347 cr, ET BFSI
Mumbai, Creditaccess Grameen on Friday said its net profit nearly doubled to Rs 347 crore in the September quarter, registering an on-year growth of 98.1 per cent driven by higher loan sales and resultant income. The country's largest microfinance lender said its...
L&T Finance fined Rs 2.5 crore by RBI over lapses, BFSI News, ET BFSI
MUMBAI: The RBI on Friday imposed a penalty of Rs 2.5 crore on L&T Finance for non-compliance with certain norms concerning NBFCs. After examination of reports following statutory inspection of the company, RBI said that the NBFC did not disclose to its retail...
Forex reserves up by $1.2billion to $586billion, BFSI News, ET BFSI
MUMBAI: After multiple weeks of decline, India's forex reserves increased by $1.2 billion to $585.9 billion during the week ended October 13, according to the RBI data. In the previous reporting week, the reserves had dropped by $2.2 billion to $584.7 billion.In...
Poonawalla Fincorp Q2FY24 net profit rises 77% to Rs 230 crore, ET BFSI
Mumbai: Poonawalla Fincorp has reported its highest-ever quarterly net profit of Rs230 crore for the quarter ended September – a 77% year-on-year increase and a 15% increase compared to the previous quarter. The profits come on the back of an improvement in loan...
Rupee settles flat at 83.13 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee settled on a flat note at 83.13 (provisional) against the US dollar on Friday amid negative equity markets and rising crude oil prices. Selling pressure from foreign equity investors weighed on the domestic unit which has been under pressure due to a...
Digital or physical, cash is not king for reserve ratio, BFSI News, ET BFSI
Mumbai: India's central bank digital currency pilots in wholesale and retail segments have largely met with success since last year, but some banks have recently hit a bump as statutes do not permit the money to be used for meeting the Cash Reserve Ratio (CRR)...
Brookfield, Cerberus, Deutsche Bank among lenders keen to fund Hindujas’ Reliance Capital bid, ET BFSI
Mumbai: Brookfield, Cerberus, and Deutsche Bank have submitted term sheets to the Hinduja Group for financing the acquisition of Anil Ambani-promoted Reliance Capital, the debt-laden financier undergoing bankruptcy resolution. IndusInd International Holdings (IIHL),...
Liquid funds see huge outflows as RBI’s liquidity moves boost yields, ET BFSI
Mumbai: Liquid funds, which are usually a favoured avenue amongst debt mutual funds for corporates to park short-term cash, have seen hefty outflows as the Reserve Bank of India's resolve to tighten banking system liquidity conditions has exacerbated cyclical outflows...
Standard Chartered Capital appoints Nirmal Kishore as MD & CEO, ET BFSI
Nirmal Kishore, MD & CEO, Standard Chartered CapitalStandard Chartered Capital, a non-banking finance company, on Wednesday announced the appointment of Nirmal Kishore as its Managing Director and Chief Executive Officer.Kishore comes with over 24 years of...
CEO T Koshy, ET BFSI
T Koshy, MD & CEO, ONDCONDC is steadfast in its commitment to empower India's farmers by facilitating their access to digital markets and harnessing the benefits of e-commerce, said T Koshy, MD & CEO of Open Network for Digital Commerce (ONDC) at the 9th...
Rupee trades in narrow range against US dollar in early trade, ET BFSI
Mumbai, The rupee was trading in a narrow range and appreciated 3 paise to 83.25 against the US dollar in early trade on Thursday, amid a negative trend in domestic equities. Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows...
Google India announces range of credit-focused products including sachet loans on Google Pay, ET BFSI
Google India on 19 October announced a range of credit-focused products for consumers and merchants, including sachet loans on the Google Pay application to help small businesses in the country.The online payment service provider plans to partner with banks and...
Piramal Enterprises’ maiden NCD issue opens on Thursday; to raise up to Rs 1,000 crore, ET BFSI
New Delhi, Piramal Enterprises Limited on Wednesday said it plans to raise Rs 1,000 crore from maiden issuance of Non Convertible Debentures (NCDs) to fund business growth. The tranche I comprises the base issue size of Rs 200 crore and a green-shoe option of up to Rs...
IIFL Securities Q2 profit jumps 94% to Rs 107 crore, BFSI News, ET BFSI
NEW DELHI: IIFL Securities on Wednesday reported a 94 per cent jump in profit after tax to Rs 107.4 crore during the three months ended September 30.In comparison, the company had posted a PAT (profit after tax) of Rs 55.3 crore in the same period of the preceding...
Rush for gold cash amid need for cold cash, BFSI News, ET BFSI
KOLKATA: Gold loan companies are seeing a surge in demand from semiurban and rural areas ahead of the festive season, with small businesses and individuals monetising their holdings to raise funds amid a general credit crunch. The recent rally in gold prices following...
Rupee rises 2 paise to 83.23 against US dollar in early trade, ET BFSI
The rupee appreciated by 2 paise to 83.23 against the US dollar in early trade on Wednesday on the back of a weaker American currency and inflow of foreign funds in the domestic equity markets. Forex traders said surging crude oil prices and negative trend in equity...
Rupee rises 3 paise to close at 83.24 against US dollar, BFSI News, ET BFSI
MUMBAI: Rupee consolidated in a narrow range and settled for the day higher by 3 paise at 83.24 (provisional) against the US dollar on Tuesday amid a positive trend in domestic equities.Forex traders said the rupee is trading with a slight positive bias on positive...
Cred hires Sujay Das to head risk for in-house NBFC Newtap Finance, ET BFSI
In a bid to strengthen its credit underwriting policies and scale up its overall lending play, fintech startup Cred has hired banking veteran Sujay Das to lead its risk assessment vertical. Das has been hired for Cred’s in-house non-banking finance company Newtap...
Basel proposes crypto disclosures by banks from January 2025, ET BFSI
Global banking regulators on Tuesday proposed a standardised format for major banks to disclose their holdings of cryptoassets from January 2025 to support "market discipline" by giving a complete picture to investors.The Basel Committee of banking regulators from the...
Bajaj Finance to acquire 26% in Pennant Technologies for Rs 268 cr, ET BFSI
New Delhi, Bajaj Finance on Tuesday said it plans to acquire 26 per cent stake in Pennant Technologies for Rs 267.50 crore. Bajaj Finance, an NBFC arm of Bajaj Finserv, said the company entered into a binding term sheet with Pennant Technologies on October 16, 2023,...
Don’t expect bumper rewards on card spends this festive season, ET BFSI
Mumbai: Eye-popping reward points, hefty instant purchase cashbacks and innumerable benefits ranging from accessing airport business lounges to exotic vacations at little cost were, until recently, the perquisites of swiping a credit card. These perks haven't gone...
Cons profit jumps 28% YoY to Rs 3,551 crore, meets estimates, ET BFSI
MUMBAI - Bajaj Finance Ltd reported a 28% year-on-year (YoY) rise in consolidated net profit for the quarter ended September 2023 to Rs 3,551 crore, which was in line with estimates. Total revenue from operations grew 34% YoY to Rs 13,378.26 crore.The net interest...
Rupee closes at new low on Gaza spillover, crude flare-up worries, ET BFSI
Mumbai: Flames leaping out from the war in West Asia theatre appeared to singe the Indian currency Monday, sending the rupee to a new closing low against the US dollar that's advancing against other monetary units amid concerns over the conflict's duration . The rupee...
MSME lenders gear up for festival season, ET BFSI
Amid the breeze of festival season, the manufactures and retailers are ready to meet the demands of the large consumer-base in India. Preparations are high with big facilities filling up their stocks while the e-commerce platforms coming up with lucrative deals. Since...
Avanse Financial gets USD 145 mn social-linked ECB facility, BFSI News, ET BFSI
Mumbai, Education-focused non-bank Avanse Financial Services Monday said it has received a USD 145 million (about Rs 1,207 crore) syndicated social-linked loan facility under the external commercial borrowing (ECB) window, from Standard Chartered Bank and 10 other...
Jio Financial set to launch suite of loan products in billionaire Ambani’s finance push, ET BFSI
India's Jio Financial Services JFS plans to launch auto, home loans and other products, as the billionaire Mukesh Ambani-backed company seeks to establish itself as a full-service financial services firm in a rapidly growing market.Despite strong growth, penetration...
Rupee rises 5 paise to 83.22 against US dollar in early trade, ET BFSI
Mumbai, The rupee appreciated by 5 paise to 83.22 against the US dollar in early trade on Tuesday supported by a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and strength of the...
India’s Jio Financial Q2 profit doubles from previous quarter, ET BFSI
BENGALURU -India's Jio Financial Services (JFS) on Monday said its second-quarter profit doubled from the previous quarter, in its first earnings report after being carved out from billionaire Mukesh Ambani's Reliance Industries and listed on stock...
Rupee rises 2 paise to close at 83.28 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee consolidated in a narrow range and settled for the day higher by 2 paise at 83.28 (provisional) against the US dollar on Monday. Forex traders said positive macroeconomic data supported the rupee, while geopolitical tensions, particularly the...
Vivriti mops up Rs 1,700 crore, to deploy in bonds, BFSI News, ET BFSI
Mumbai: Vivriti Asset Management has completed raising ₹1,700 crore to invest in bonds and loans. The credit asset manager has promised investors returns ranging between 10% to 15%. The fund has deployed ₹1,400 crore across 40 companies across sectors such as...
UBS Securities red flags retail loans, sees credit cost soaring by up to 200 bps, ET BFSI
Mumbai, Days after the Reserve Bank took an unprecedented step of warning banks of their ballooning retail book, a foreign brokerage has cautioned against increasing default risks in retail unsecured loans of banks. According to Swiss brokerage UBS Securities,...
M-cap of six of top 10 firms jumps Rs 70,527.11 cr; Reliance Industries biggest gainer, ET BFSI
New Delhi, The combined market valuation of six of the top 10 valued firms jumped Rs 70,527.11 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. While Hindustan Unilever Ltd, Bharti Airtel, ITC, ICICI Bank and HDFC Bank were the...
Dollar buoyed by safe-haven bids, rate jitters, BFSI News, ET BFSI
The dollar was on the front foot on Monday in cautious trade as tensions in the Middle East escalated, while investors awaited a speech by Federal Reserve Chair Jerome Powell later this week for further clues on the U.S. central bank's rate outlook.The Israeli shekel...
Rupee rises 6 paise to 83.24 against US dollar in early trade, ET BFSI
The rupee appreciated by 6 paise to 83.24 against the US dollar in early trade on Monday supported by positive macro economic data. Forex traders said falling domestic inflation, rise in industrial production figures and improvement in trade deficit aided the local...
Forex reserves drop by USD 2.17 billion to USD 584.74 billion, ET BFSI
MUMBAI: The country's forex reserves dropped by a further USD 2.166 billion to USD 584.742 billion for the week ended October 6, the RBI said on Friday. India's forex kitty had gone down by USD 3.794 billion to USD 586.908 billion in the previous week. It can be noted...
Sebi tweaks guidelines on anti-money laundering; partners with 10% stake to come under beneficial owners, ET BFSI
New Delhi, Capital markets regulator Sebi on Friday tweaked guidelines pertaining to anti-money laundering standards, whereby partners holding a 10 per cent stake in a firm will come under the definition of beneficial owners. Earlier, the requirement was 15 per cent....
InCred Fin plans to raise up to Rs 300 cr via NCDs, BFSI News, ET BFSI
Mumbai: InCred Financial Services aims to raise up to ₹300 crore through a public issue of non-convertible debentures (NCD), with the sale opening on October 25 and closing on November 7.The NCD issue has a base size of ₹150 crore and an option for additional...
RBI’s likely interventions support rupee, BFSI News, ET BFSI
Mumbai: The rupee ended steady versus the US dollar Friday despite an overnight global surge in the greenback, suggesting likely Reserve Bank of India (RBI) interventions to rein in currency-market volatility amid apprehensions of further Federal Reserve rate...
RBI extends prompt corrective framework to govt NBFCs, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India has extended its prompt corrective action framework to government-owned financial institutions. This framework entails the imposition of business restrictions on lenders with weak financials.The PCA framework is aimed at placing...
State-run banks to lower bond purchases as liquidity tightens, say treasury officials, ET BFSI
India's state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. Bond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy...
Bajaj Finance slapped with fine worth Rs 8.50 lakh by RBI, BFSI News, ET BFSI
Reserve Bank of India (RBI) has imposed Rs 8.50 lakh penalty on Bajaj Finance for rule violations. The fine has been imposed as the company has not complied with the RBI directions to the extent of not reporting and delay in reporting of certain frauds to RBI.A notice...
RBI imposes monetary penalty on Union Bank of India, RBL Bank for non-compliance, ET BFSI
Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 Crore on Union Bank of India for non-compliance with directions issued on ‘Loans and Advances – Statutory and Other Restrictions’. This action is based on the deficiencies in regulatory compliance and...
India Post Payments Bank ties up with Sidbi, BFSI News, ET BFSI
MUMBAI: India Post Payments Bank (IPPB) and Small Industries Development Bank (Sidbi) have tied up to accelerate formal financial services in rural India and among smaller companies. The agreement is to leverage India Post’s deep connect with rural India and Sidbi’s...
Rupee settles 2 paise lower at 83.26 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee fell 2 paise to settle at 83.26 (provisional) against the US dollar on surging crude oil prices overseas and a downward trend in the domestic equities. Forex traders said that positive macroeconomic data failed to rev up the local currency, which has...
This bank offers up to 9.5% FD interest rate to senior citizens: Check details, ET BFSI
Unity Small Finance Bank (SFB) has revised its interest rates on fixed deposits for amount below Rs 2 crore. The latest FD interest rates are applicable from October 9, 2023, according to the Unity Small Finance Bank website.“The bank has hiked its interest rates...
RBI’s Shaktikanta Das says US should rethink currency manipulator list, ET BFSI
The US practice of putting emerging markets countries on a watchlist as potential currency manipulators should be reviewed, said India’s central bank governor, who defended the need to buttress their economies from market swings.“There has to be a two-sided...
SBI net banking will be down on this day; here are alternatives, ET BFSI
State Bank of India customers will not be able to access internet banking services due to scheduled activity. However, it has not mentioned anything about the YONO app, if its service will be available.According to the SBI website, “The services of Internet Banking...
Bank of Baroda faces setback in upcoming festive season business after RBI curbs on app, ET BFSI
Bank of Baroda (BoB) faces a potential setback to its ongoing festival season business due to the Reserve Bank of India (RBI) restrictions on its 'BoB World' mobile application. The restrictions could impact BoB's growth in retail assets and liabilities over the...
Risk of Indian banks’ unsecured retail loans turning sour is rising, UBS says, ET BFSI
The risk of Indian banks' unsecured retail loans turning sour is rising as lending to borrowers with overdue debt has increased, UBS said in a note.In recent months, lenders in Asia's third-largest economy have boosted their unsecured lending portfolios as the...
Small finance banks wish to shed “small” tag, wait for RBI signal to seek universal license, ET BFSI
Small finance banks such as AU, Equitas and Ujjivan, which aspire to become "universal banks" as they complete the mandatory five-year cooling off period, are now awaiting the regulator’s signal before they officially seek licence upgrades.Although these banks have...
Rupee trades flat at 83.24 against US dollar in early trade, ET BFSI
Mumbai, The rupee traded on a flat note at 83.24 against the US dollar in early trade on Friday as an upward trend in crude oil prices dented investor sentiment despite positive domestic macroeconomic data. Forex analysts said the Indian currency continued to stay...
Banks continue to raise interest rates on loans despite RBI pause, ET BFSI
Even with a pause by the Monetary Policy Committee, banks have continued to raise rates on their existing loan portfolios, evident from the transmission of rate hikes from the previous quarter."Despite a pause by the MPC, banks have continued to raise rates on their...
India’s second-largest public sector bank faces app troubles, ET BFSI
India's second-largest public sector bank -- Bank of Baroda -- is facing app troubles. The country's apex bank RBI has directed Bank of Baroda not to add customers to its mobile app following lapses in the onboarding process. The central bank's action reportedly...
Expert group for multilateral banks tapping private capital, BFSI News, ET BFSI
Marrakech (Morocco): A high-level group set up to suggest measures to strengthen multilateral development banks (MDBs) has proposed greater reliance on private capital and use of varied financial instruments and simplification of processes to cut delays and achieve...
Bank of Maharashtra hikes deposit rates by up to 125 basis points, ET BFSI
Mumbai: Bank of Maharashtra (BoM), has increased its deposits interest rate by up to 125 bps (100bps=1%) with effect from 12.10.2023. The rate increase applies to fixed deposits as well as special schemes introduced by the bank.Bank of Maharashtra is the second bank...
SBI Mutual Fund gets RBI nod for buying 9.99% stake in IndusInd Bank, ET BFSI
"The approval has been granted with reference to the application made by SBI MF to RBI," IndusInd Bank informed the stock exchanges. This acquisition will also give SBI MF the right to 9.99 per cent voting rights in the bank."SBI MF has been advised by RBI to acquire...
Latest loan interest rates of Bank of Baroda, Canara bank, Bank of Maharashtra, ET BFSI
Bank of Baroda, Bank of Maharashtra and Canara Bank have revised their marginal costs of funds-based lending rates (MCLRs) on loans. Here is a look at the latest MCLR rates of the Bank of Baroda, Canara Bank and Bank of Maharashtra.The stance of RBI's monetary policy...
Sebi probing ties between Adani Group and Gulf Asia Fund, ET BFSI
India's market regulator is investigating the relationship between the Adani Group and a fund incorporated in the British Virgin Islands to see if there has been a violation of share ownership rules, two sources with direct knowledge of the matter said.The fund is...
Survey, BFSI News, ET BFSI
Higher interest rates have resulted in a reduction in Current Account Savings Account (CASA) deposits as most of the savers are shifting towards term deposits, according to a report. CASA is low-cost deposits mobilised by banks, and higher amount of low-cost deposits...
RBI’s active rupee management stretches valuation to near 2-year peak, ET BFSI
The Indian rupee's valuation against currencies of major trading partners has surged to a near two-year high on central bank intervention and elevated domestic inflation.The rupee's 40-currency real effective exchange rate (REER) shows the rupee was overvalued by 5.7%...
Survey, BFSI News, ET BFSI
New Delhi, Higher interest rates have resulted in a reduction in Current Account Savings Account (CASA) deposits as most of the savers are shifting towards term deposits, according to a report. CASA is low-cost deposits mobilised by banks, and higher amount of...
15% uptick in overall outstanding loans in Aug’23, ET BFSI
EMIs to go up: HDFC Bank has hiked loan interest rates.BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 15 per cent on a yoy basis in August, 2023. Deposit growth picked up and is likely to see further...
ICICI Bank’s iFinance to provide customers one-view of transactions across all bank accounts, ET BFSI
Mumbai: ICICI Bank has launched ‘iFinance’, an application that allows customers to view their savings and current accounts across banks in one place. The service is available for customers and non-customers through the bank’s digital platforms, including the iFinance...
Rupee falls 6 paise against US dollar amid rising crude prices, ET BFSI
Mumbai, The rupee paused its two days of gains and settled 6 paise lower at 83.24 (provisional) against the US dollar on Thursday as rising crude oil prices dented the investor sentiment. Forex analysts said early gains in the domestic currency on the back of the weak...
SIDBI to use Indian Post Payment Bank for credit delivery to small biz in remote areas, ET BFSI
Mumbai: India Post Payments Bank (IPPB) has partnered with the Small Industries Development Bank of India (SIDBI) to extend financial and other support services to MSMEs in rural and remote areas.SIDBI provides credit to small businesses, while IPPB provides banking...
Here’s the full list, BFSI News, ET BFSI
Banks across India would be closed for about 15 days in November, 2023, national and region specific. This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays. November will see some significant festivals across India like Diwali,...
Rupee rises 4 paise against US dollar in early trade, BFSI News, ET BFSI
Mumbai, The rupee stayed on the upward track for the third day in a row, appreciating by 4 paise to 83.14 against the US dollar in early trade on Thursday amid easing crude oil prices and a weak American currency. Subdued sentiments in the domestic equity markets and...
NBFCs likely to report stellar Q2 performance, Jio Financial to kick off results next week, ET BFSI
Non-banking finance companies (NBFCs) are poised to report robust net profit growth ranging from 20% to 30% in the second quarter ended September 2023 on strong loan disbursements, even though margins may experience some pressure due to an increase in the cost of...
BoB plans to raise up to Rs 10,000 cr via infra bonds, ET BFSI
Mumbai: Bank of Baroda may raise up to ₹10,000 crore through the issuance of infrastructure bonds as the state-owned lender looks to garner long-term capital amid firm demand for credit.Last week, the bank informed exchanges that it has scheduled a board meeting on...
Banks on vigil for suspicious transactions in Assembly polls-bound states, ET BFSI
As the five-State Assembly elections approach within the next five weeks, banks are intensifying efforts to closely monitor bulk online and significant offline transactions. This initiative aims to ensure that the electoral process remains free from inducements and...
Bankers see loan demand improving in Q3, finds RBI survey, BFSI News, ET BFSI
Bankers are optimistic about further improvement in loan demand in this fiscal and next, according to a Reserve Bank of India (RBI) survey. The RB) recently unveiled the findings of its 25th round of the quarterly Bank Lending Survey, offering significant insights...
Maruti Suzuki partners with IDBI Bank for dealer financing solutions, ET BFSI
The MoU was signed in the presence of Shashank Srivastava, Senior Executive officer — Marketing & Sales, Bhuvan Dheer, Executive Vice President — Sales & Network, and Vishal Sharma, General Manager — Allied Business from Maruti Suzuki; and Rakesh Sharma,...
CBDT chief says analysing Swiss bank accounts data of Indians, ET BFSI
The Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the Income Tax Department will analyse the bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under the black money Act in case any tax evasion was...
Bank profits to show impact of higher deposit rates, rising treasury yields, ET BFSI
Higher deposit rates and rising treasury yields are likely to impact banking profits in the second quarter even though the sector still remains profitable. The impact of higher cost of funds on banks' net interest margins (NIMs) will slow profit growth, with this...
Foreign banks’ share in Indian lending hits record low on retail exit, slow MNC expansion, ET BFSI
The incremental credit by foreign banks have dropped to all-time low of 0.1 percent as of September 22 as against 2.6 percent during the same period the previous year, according to RBI.The share of foreign banks in loans to Indian borrowers, encompassing both...
Navneet Munot elected as Chairman of AMFI, BFSI News, ET BFSI
Navneet Munot, MD and CEO of HDFC Asset Management, has been elected as the Chairman of Association of Mutual Funds in India (AMFI). Navneet Munot is a Chartered Accountant and a CFA charter holder and has over three decades of experience in financial services.“I am...
Indian banks pursue unpaid loans by Singapore’s GVK in UK court, ET BFSI
LONDON: A trial involving six Indian banks pursuing unpaid loans amounting to an estimated USD 2 billion, including interest accrued, from GVK Coal Developers (Singapore) Pte Ltd and associated companies opened in the High Court here on Tuesday. Judge Dame Clare...
PE inflows plunge 65% to USD 1.81 bn in July-September, ET BFSI
Private equity (PE) investments in India fell 65.4 per cent to USD 1.81 billion in July-September 2023 as compared to the year-ago period, according to an industry report. In the year-ago period, PE investment was USD 5.23 billion. The number of deals also declined...
Up to 3% cashback, UPI-enabled and other features, ET BFSI
Fibe, formerly known as EarlySalary, has announced that it had partnered with Axis Bank to launch "India’s first-ever numberless credit card" on October 10, 2023. First, there was contactless; now credit card is going numberless. How does a numberless credit card look...
Rupee rises 3 paise against US dollar in early trade, BFSI News, ET BFSI
Mumbai, The rupee appreciated 3 paise to 83.22 against the US dollar on Wednesday, tracking cues from positive equity markets and a weaker American currency against major rivals overseas. However, selling pressure from foreign equity investors weighed on the Indian...
Bank of Israel to sell up to $30 billion of forex to stabilise shekel, ET BFSI
The Bank of Israel said on Monday it will sell up to $30 billion of foreign currency in the open market, the central bank's first ever sale of foreign exchange, to maintain stability during the war with Palestinian militants in Gaza.The shekel fell 2.7% versus the...
Nehal Shah joins IDBI Bank as Deputy CTO, BFSI News, ET BFSI
Nehal Shah, Deputy CTO, IDBI BankAfter spearheading Consumer Bureau IT at Transunion CIBIL for about 5 and half years, Nehal Shah has joined IDBI Bank as Deputy CTO. Shah has extensive experience leading large IT projects in digital transformation, big bank...
BoB says no disruption to existing customers, working with RBI to close the gaps, ET BFSI
Bank of Baroda (BoB) reacting on Reserve Bank of India’s circular prohibiting on-boarding of new customers said the bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps...
Indian PSU Banks’ stocks outshine East Asian peers in Q3: Report, ET BFSI
According to a latest report, India's public sector banks have posted the best-performance among its Asia-Pacific peers in the quarter ended 30 September, 2023, reflecting growing investor interest and the banks' stronger financials metrics.Country's state-owned...
What is bob World? The Super App now under RBI’s lense, BFSI News, ET BFSI
In a surprising development, the Reserve Bank of India (RBI) directed Bank of Baroda to stop onboarding new customers through BoB World, the lender’s digital banking application.Earlier too in a similar move, the RBI has asked HDFC Bank to suspend its new credit card...
RBI may conduct Rs 500 billion worth bond sales: Treasury officials, ET BFSI
The Reserve Bank of India could sell around Rs 500 billion ($6.01 billion) of government bonds to narrow banking system liquidity, with the supply front-loaded in this quarter, eight treasury officials said."Since the operation is being targeted to remove liquidity,...
RBI to extend PCA supervisory norms to government-owned NBFCs from October 2024, ET BFSI
MUMBAI: The Reserve Bank on Tuesday said the strict supervisory norms under the Prompt Corrective Action (PCA) Framework will apply to government-owned non-banking financial companies from October 2024. Being put under the PCA framework means restrictions on dividend...
Bank of Baroda hikes FD rates by 50 bps, BFSI News, ET BFSI
Bank of Baroda has raised interest rates on domestic retail term deposits, including non-resident rupee accounts, by up to 50 basis points for tenors of up to three years. Additionally, the bank has increased bulk deposit interest rates (for deposits ranging from Rs...
Rupee rises 4 paise to settle at 83.24 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee gained 4 paise to settle at 83.24 (provisional) against the US dollar on Tuesday, as a rally in domestic equity markets boosted investor sentiment.However, elevated crude prices in the overseas markets and safe-haven dollar buying amid concerns over...
RBI directs Bank of Baroda to suspend further onboarding of customers on ‘bob World’, ET BFSI
In a setback for Bank of Baroda, the Reserve Bank of India (RBI) on Tuesday directed the Public Sector Bank to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application. “This action is based on certain material...
Sensex soars 567 pts led by bank and IT stocks, ET BFSI
Indian equity indices rebounded on Tuesday, in line with the global markets on easing US rate worries while investors kept tabs on the military conflict in the Middle East. Gains were led by the banking, financial and IT stocks.The BSE benchmark Sensex advanced 567...
69% MSMEs use digi wallets, m-payments as most frequently used payment mode: ICRIER, ET BFSI
In its annual survey on MSMES, it revealed that over 85% of surveyed enterprises reported an increase in total sales and profit margins after integrating with ecommerce channels, with most reporting growth of up to 30%. New Delhi: The India Council for Research on...
SBI dominates debit cards market, HDFC continues to lead credit cards in Aug’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 whopping 27 per cent share in August 2023, revealed latest data by 1Lattice (Previously PGA Labs).Top banks followed the list like Bank of...
Outward remittance from India witnesses over 4% decline in July’23, ET BFSI
According to latest data by 1Lattice (Prev. PGA Labs), the outward remittances from India has witnessed a decline of approximately 4.2 per cent, m-o-m in July 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from...
These 9 banks have revised fixed deposit interest rates in October 2023, ET BFSI
Many banks, including HDFC Bank, IDBI Bank IndusInd Bank, Punjab & Sindh Bank have revised FD interest rates ahead of the latest Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC). Including the latest status quo stance, the RBI has maintained the...
Axis Bank and Fibe partner to launch India’s first numberless credit card, ET BFSI
One of the country's largest private sector banks, Axis Bank has launched India’s first-ever numberless credit card in collaboration with Fibe (formerly known as EarlySalary), for the tech-savvy Gen Zs. With a numberless credit card, customers get an added level of...
NBFC-MFIs outpace microfinance industry growth, banks falter, ET BFSI
Kolkata: The non-banking finance companies-microfinance institutions (NBFC-MFIs) have consolidated their position in the market with more-than-average 43% year-on-year growth helping them to raise their share of portfolio to 41.28% of the country's total microfinance...
Centre to computerise 1851 agri-rural development banks and state cooperative registrars, ET BFSI
The government has also decided to computerise the offices of Registrar of Cooperatives of all states and Union Territories.The government on Sunday announced it will computerise state cooperative registrars and 1,851 offices of Agriculture and Rural Development Banks...
Tmb Initiates Search To Appoint New Md And Ceo, BFSI News, ET BFSI
Chennai: Ten days after S Krishnan resigned as the MD and CEO of the Tamilnad Mercantile Bank (TMB), the private sector bank has called for applications to appoint his successor. In an advertisement issued on Sunday, the bank said, the post is for a period of three...
What this means for online shoppers, ET BFSI
The Reserve Bank of India (RBI) governor Shaktikanta Das recently proposed the introduction of card-on-file tokenisation (CoFT) facility at the issuer-bank level. He cited the growing acceptance and benefits of tokenisation of card data while announcing the proposal....
Offers 7.25% on this tenure, reduces interest rate on Baroda Tiranga Plus Deposit Schemes, ET BFSI
Bank of Baroda has revised the interest rates on its fixed deposits (FDs) of up to Rs 2 crore. Following the change, Bank of Baroda offers interest rates up to 7.25 per cent for the general public. Senior citizens can earn up to 7.75 per cent on fixed deposits. The...
Analysts, BFSI News, ET BFSI
Technical analysts anticipate that the ongoing retracement rally will persist, targeting the upper consolidation band of 19,800. According to their assessment, a firm close beyond the 19,800 threshold would fuel an upward surge towards 20,222. Analysts are suggesting...
SBI borrowers to get special credits for green initiatives: Chairman, ET BFSI
Mumbai, Oct 9 (PTI) State Bank of India is working out the risk matrix for its borrowers wherein it gives some special credits for those embarking on green initiatives, Chairman Dinesh Khara said here on Monday. Since recently, the nation's largest lender has also...
Kotak Fund to invest ₹1,600 crore in Nimmagadda Prasad’s API business, ET BFSI
Mumbai: Kotak Strategic Situations Fund (KSSF), the alternative assets management fund of the Kotak Group, plans to invest about ₹1,600 crore in the active pharmaceutical ingredients (API) business that Nimmagadda Prasad acquired from Viatris last week, said two...
India gets 5th set of Swiss bank account details under automatic info exchange framework, ET BFSI
New Delhi/Berne, India has received a new set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 36 lakh financial accounts with 104 countries....
Rupee settles flat against US dollar, BFSI News, ET BFSI
Mumbai, The rupee settled flat at 83.27 against the US dollar amid a weak trend in domestic equities and surging crude oil prices in the international markets. Forex traders said the safe-haven dollar gained ground amidst heightened concerns in the Middle East. At the...
Rising unsecured loans fuel consumption boom in India amid growing risks, ET BFSI
In a year marked by inflation and economic challenges, a significant portion of India's middle class has curtailed spending on non-essential items. However, paradoxically, there has been a surge in the purchase of consumer products made possible through credit,...
These 3 banks have reduced FD interest rates in October 2023, ET BFSI
Many banks have revised fixed deposit interest rates in October. Banks have cut interest rates on certain FD tenures, while hiking it on others. Banks like HDFC Bank and Yes Bank have reduced interest rates in October.Here is the list of banks that have reduced fixed...
Brace for sharp swing in equities on heightened geopolitical risks, ET BFSI
Mumbai: Investors must brace for sharp swings in equities early this week as the unexpected escalation of the decades-long conflict between Israel and Palestinian militant group Hamas has heightened geopolitical risks for the market. While markets across the globe,...
Centrum Capital explores sale of its stake in housing finance business, ET BFSI
Mumbai: Centrum Capital, the financial services business led by Jaspal Bindra, is exploring a possible sale of its stake in its mortgage financing business - Centrum Housing Finance, two people aware of the development told ET.Mumbai-headquartered Centrum group holds...
State-run lenders to work on climate risk metrics, ET BFSI
India's state-run lenders are eyeing co-lending strategies and climate risk assessment metrics as part of a broader strategic roadmap outlined by the government to maintain their growth and profitability momentum.The finance ministry is likely to hold a review, later...
Rupee trades in narrow range against US dollar in early trade, ET BFSI
MUMBAI: The rupee witnessed range-bound trading against the US dollar in early trade on Monday, weighed down by a negative trend in domestic equities and the strength of the American currency in the overseas market.Forex traders said the safe-haven dollar gained...
NBFCs may post up to 30% profit rise on strong loan growth, ET BFSI
Mumbai: Non-banking finance companies (NBFCs) are likely to report 20-30% growth in net profit in the second quarter ended September 2023 driven by strong loan disbursements, even though margins could be under pressure reflecting a rise in cost of funds.Emkay Global...
HDFC Bank hikes base rate, interest rates on these loans; check latest rates, ET BFSI
HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 10 basis points on select tenures. The new rates are effective from October 7, 2023, according to the HDFC Bank website.The bank has also hiked base rate by 5 bps and...
Mcap of five of top-10 most valued firms jumps Rs 86,234.73 cr; TCS biggest gainer, ET BFSI
The combined market valuation of five of the top-10 most valued firms jumped Rs 86,234.73 crore in a holiday-shortened last week, with Tata Consultancy Services (TCS) emerging as the biggest gainer. While TCS, HDFC Bank, Infosys, Hindustan Unilever and Bajaj Finance...
How banks use new methods to protect your money from scammers, ET BFSI
Aadhaar-enabled payment system (AePS) transactions can be conducted with just an Aadhaar number, fingerprint/IRIS (for authentication), and the name of the bank where the account is opened. To prevent misuse of Aadhaar data the biometrics should be locked using the...
Gold sees second weekly decline as 10-Year bond yields surpass 4.8%, ET BFSI
Gold prices have faced a second consecutive weekly loss as 10-year bond yields surged past 4.8%. This decline in COMEX Gold prices began in late September and has been primarily driven by the significant increase in US bond yields, fueled by strong economic data. Gold...
Tax Saving Fd | Fd Interest Rates: Top tax-saving FDs: 5 banks offer up to 7.4% interest on tax-saving fixed deposits, ET BFSI
Any individual who wishes to claim a tax deduction and enjoy a fixed return can choose to invest in a tax-saving fixed deposit (FD). The maximum amount that can be invested in a tax-saving FD is Rs 1.5 lakh. Tax-saving FDs have a lock-in period of five years. For such...
Rs 30,000 crore dent! FPIs dumped these 8 sectors in September, will sell-off continue?, ET BFSI
Foreign portfolio investors pulled out a meaningful chunk of money from Indian equities in September amid risks of higher inflation and tighter monetary conditions.FPIs net sold shares worth a whopping Rs 30,000 crore in 8 sectors last month, while investments worth...
Sebi extends relaxation on dispatching hard copies of financial statements till Sep 2024, ET BFSI
Capital markets regulator Sebi on Friday extended the relaxation to entities with listed non-convertible securities from dispatching physical copies of the financial statements to the holders of such securities till September 30, 2024. Earlier, the regulator had given...
Tax rates slashed on millet products, molasses and other key decisions, ET BFSI
The Goods and Services Tax Council, after its 52nd meeting on Saturday, decided to slash GST on millet flour containing 70% millet composition packaged in pre-packaged and labelled form from the current 18 per cent GST to 5 per cent. Millet floor has been exempted...
HDFC Bank disburses Rs 48,000 crore home loans in first quarter after merger, ET BFSI
HDFC Bank, following its merger with mortgage financier HDFC Ltd, reported robust home loan disbursals in the July-September period, disbursing home loans worth Rs 48,000 crore. This figure represents a sequential growth of 14% and a 10.5% increase compared to the...
Axis Bank launches ad for its digital bank proposition ‘open’, ET BFSI
Still from the adAxis Bank has announced the launch of ‘open by Axis Bank’, its digital bank proposition in its latest advertising campaign that focuses on the Bank’s digital capabilities. The Open 2023 campaign highlights the top 15 features of the Bank’s digital...
SBI vs HDFC Bank vs ICICI Bank vs Yes Bank vs Canara Bank, ET BFSI
A fixed deposit, or FD, is the one of the most common deposit options offered by all banks. Despite the fact that there is no tax benefit on conventional FDs, fixed deposits are popular due to their various investment and return alternatives.Fixed deposit interest...
RBI widens norms to help NBFCs cut risk on big loans, BFSI News, ET BFSI
The extant guidelines on Large Exposure Framework for Non-Banking Financial Company-Upper Layer (NBFC-UL) permits exposures to the original counterparty to be offset with certain credit risk transfer instruments."However, the extant credit concentration norms for NBFC...
Banks should focus on CAS to rein in margin pressures: Report, ET BFSI
Banks will have to focus on enhancing the share of low-cost current account and savings account deposits to reduce margin pressures arising on account of higher transmission to deposit rates, besides investments in technology to reduce costs, said ratings firm India...
Bandhan Bank’s advances grew 12.3%, collection efficiency stable, ET BFSI
Private sector lender Bandhan Bank said that its advances grew 12.3% year-on-year to Rs 1.08 lakh crore while its loan collection efficiency remained stable at 98% at the end of the September quarter.The advance portfolio of Rs 1.08 lakh crore includes the bank's...
Earn up to 8.25% on this fixed deposit tenure, ET BFSI
IndusInd Bank has revised the interest rates on fixed deposits for amounts under Rs 2 crore. The new rates are effective from October 1, 2023, according to the IndusInd Bank official website.After revision, the bank offers interest rate between 3.5 percent and 7.85...
Banks directed to pay unclaimed deposits, BFSI News, ET BFSI
Panaji: In line with the Reserve Bank of India's directive, the State Level Bankers' Committee (SLBC) has told banks in Goa to locate customers who have unclaimed deposits in branches in each district within hundred days so that the money can be disbursed.Banks have...
CD issuances jump in September as banks tank up capital ahead of festive season, ET BFSI
Certificate of deposit issuances by banks surged in September as the banks sought to raise resources for the festive season amid a tight liquidity crunch.CDs are short-term debt instruments utilized by banks to raise funds.In September, banks issued CDs worth Rs...
How far can HDFC Bank rise in global sweepstakes?, BFSI News, ET BFSI
HDFC Bank, India's largest private bank, has recently attained a prominent position among global banks, joining an exclusive club that includes well-established institutions such as Wells Fargo and HSBC. This development follows the bank's merger with its parent...
India extends tenure of SBI chairman until August 2024: Sources, ET BFSI
India has extended the tenure of the chairman of the State Bank of India (SBI), the country's largest lender, until August next year, two government sources said.The tenure of Dinesh Khara has been extended until he attains the age of 63 next year, the sources said,...
India’s banks are making $64 billion from a freebie, BFSI News, ET BFSI
On more than 6 billion separate occasions in just one month, the ringing of cash registers in India was replaced by audio confirmations on a digital sound box. Add instances of people paying one another rather than merchants, and the world’s most-populous nation...
RBI’s rupee management in focus ahead of monetary policy as crude price rise, ET BFSI
Crude oil prices have surged by nearly 25% since June due to supply concerns following production cuts by major oil-producing countries such as Saudi Arabia and Russia. This surge in oil prices has the potential to increase India's import bill, putting pressure on the...
Banks face asset-liability mismatch risk as share of short-term deposits rises, ET BFSI
Banks could face asset-liability mismatch risk due to the concentration of short-term deposits but longer loan tenures.Banks have a concentration of deposits in the 1-3 year maturity bucket, but most retail loans typically have a longer duration, exceeding 3...
Sebi urges civic bodies to fund infra via bonds, BFSI News, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi), which has stepped up efforts to develop municipal bond issuances, recently brought together stakeholders in the country's nascent civic debt market and urged them to raise money using this route to offer...
Yes Bank cuts FD interest rate by up to 25 bps on these tenures, ET BFSI
Yes Bank has reduced fixed deposit interest rate on a certain tenure for deposits below Rs 2 crore on certain tenures by up to 25 basis points (bps). After the revision, the bank offers interest rates between 3.25% to 7.25% to general citizens. For senior citizens,...
Dollar pauses rally as markets brace for US nonfarm payrolls test, ET BFSI
The dollar dipped on Friday but traders were largely keeping to the sidelines in both the currency and U.S. Treasury markets as they looked to U.S. nonfarm payrolls data later in the day for potential catalysts.Friday's closely-watched jobs report comes on the heels...
SBI vs HDFC Bank vs ICICI Bank vs Yes Bank vs Canara Bank, ET BFSI
A fixed deposit, or FD, is the one of the most common deposit options offered by all banks. Despite the fact that there is no tax benefit on conventional FDs, fixed deposits are popular due to their various investment and return alternatives.Fixed deposit interest...
Rupee rises 4 paise to 83.21 against US dollar in early trade, ET BFSI
The rupee appreciated by 4 paise to 83.21 against the US dollar in early trade on Friday on positive cues from the equity market ahead of the RBI's interest rate decision. Selling pressure from foreign equity investors amid strengthening dollar resulted in a negative...
87 pc of Rs 2,000 notes came as bank deposits; Rs 12,000 cr of currency yet to return: Das, ET BFSI
Mumbai: Reserve Bank Governor Shaktikanta Das on Friday said 87 per cent of the Rs 2,000 denomination notes being withdrawn have returned as deposits into banks while the rest has been exchanged across counters. Addressing a press conference after the announcement of...
India’s forex reserves at $586.9 bn as on Sep 29, BFSI News, ET BFSI
India's foreign exchange reserves stood at $586.9 billion for the week ending September 29, RBI governor Shaktikanta Das announced during the MP meet on Friday."We remain confident of meeting our external financing requirements comfortably," said the RBI...
No personal hearings, potential court battles ahead, ET BFSI
Mumbai: Banks will not give a personal hearing to the management of a company before tagging it as a 'fraud' account but will comprehensively re-examine the decision if the borrower legally challenges the classification on the grounds related to principles of natural...
How people are reducing TCS impact while remitting money abroad, ET BFSI
According to sources that ET spoke to, some sections of employees received the communication to end the hybrid work mandateRevised Tax Collected at Source (TCS) rates have been implemented for sending money overseas from India through the Liberalised Remittance Scheme...
Indian Overseas Bank saw its market capitalization nearly double during July-Sep quarter, ET BFSI
91.60 percent gain propelled the state-owned lender to the eighth place in the top 20 Indian banks by market capitalization as of September 30, from rank 14 three months ago.Five other public sector banks rose in the market cap rankings over the previous...
India’s transaction banking revolution needs risk management amid FX volatility, says BofA’s transaction services boss, ET BFSI
Recent trends in Indian transaction banking include evolving treasury management, with treasury becoming a strategic partner. Transaction banking is a core focus for global banks in India, with Bank of America emphasising globally consistent, locally relevant...
Bank lending stays strong in Q2, early updates show, BFSI News, ET BFSI
Several private banks, including IndusInd Bank, Federal Bank, Karur Vysya Bank, and Dhanlaxmi Bank, have reported robust loan growth figures in their initial business updates for the second quarter, sparking optimism about the broader banking sector's loan growth in...
RBI enrolls 30 banks, check if your bank is in the list, ET BFSI
The Reserve Bank of India launched a Centralised Web Portal called UDGAM (Unclaimed Deposits - Gateway to Access information) to help and make it simpler for people to search for their unclaimed deposits across different banks at one location. The UDGAM portal was...
Manappuram Finance’s arm Asirvad Micro Finance files Rs 1,500 cr IPO papers with Sebi, ET BFSI
Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance on Thursday filed preliminary papers with capital market regulator Sebi to garner Rs 1,500 crore through an initial public offering (IPO). The maiden public issue is purely a fresh issue of equity...
Indian Overseas Bank saw its market capitalization nearly double during July-Sep quarter, ET BFSI
91.60 percent gain propelled the state-owned lender to the eighth place in the top 20 Indian banks by market capitalization as of September 30, from rank 14 three months ago.Five other public sector banks rose in the market cap rankings over the previous...
Sensex surges 406 points on dip in crude prices, US yields; RBI MPC outcome eyed, ET BFSI
Ahead of the RBI MPC outcome on Friday, Indian equity indices closed higher on Thursday, led by gains in banking, financial and IT stocks amid softening crude oil prices and a decline in US yields.The 30-share BSE benchmark Sensex advanced 405 points or 0.62% to...
Bajaj Finance to raise Rs 10,000 crore via QIP, convertible warrants, ET BFSI
MUMBAI - Bajaj Finance has received board approval for raising up to Rs 10,000 crore through qualified institutional placement (QIP) and convertible warrants.The company plans to raise up to Rs 8,800 crore through the QIP issue, and Rs 1,200 crore via convertible...
Banks should focus on CASA to rein in margin pressures: Report, ET BFSI
Banks will have to focus on enhancing the share of low-cost current account and savings account deposits to reduce margin pressures arising on account of higher transmission to deposit rates, besides investments in technology to reduce costs, said ratings firm India...
Rupee pares initial gains, settles 3 paise lower at 83.27 per USD, ET BFSI
Mumbai, The rupee pared initial gains and settled 3 paise lower at 83.27 against the US dollar on Thursday, following a recovery in the American currency. Forex traders said the rupee consolidated in a narrow range as investors preferred to stay on the sidelines ahead...
Bajaj Finance to raise Rs 10,000 crore via QIP, convertible warrants, ET BFSI
MUMBAI - Bajaj Finance has received board approval for raising up to Rs 10,000 crore through qualified institutional placement (QIP) and convertible warrants.The company plans to raise up to Rs 8,800 crore through the QIP issue, and Rs 1,200 crore via convertible...
Banks’ term deposits hit 5-year high as deposit rates rise, BFSI News, ET BFSI
Scheduled commercial banks' (SCBs) term account deposits rose 17.4% y-o-y in Q1FY24 versus 8.2% in the year-ago period due to a rise in interest rates on deposits, the highest in the last 5 years. Term deposits outperformed other segments by a wide margin, impacted...
Banks should focus on CAS to rein in margin pressures: Report, ET BFSI
Banks will have to focus on enhancing the share of low-cost current account and savings account deposits to reduce margin pressures arising on account of higher transmission to deposit rates, besides investments in technology to reduce costs, said ratings firm India...
Rupee flat as local US dollar demand counters softer greenback, ET BFSI
The Indian rupee was little changed on Thursday, despite Asian peers moving higher, as U.S. dollar demand from importers and local oil companies offset a softness in the greenback.The rupee was at 83.2350 against the U.S. dollar as of 11:30 a.m. IST after closing at...
Earn up to 7.90% on this fixed deposit tenure, ET BFSI
Canara Bank has revised fixed deposit interest rates for amounts below Rs 2 crore. According to the bank's website, the new rates are effective from October 5, 2023.After the revision, the bank will offer interest rates on deposits maturing in 7 days to 10 years of 4...
Capital Group offloads Shriram Finance’s shares for Rs 884 crore, ET BFSI
New Delhi, US-based financial services company Capital Group on Wednesday offloaded shares of NBFC Shriram Finance for Rs 884 crore through open market transactions. Capital Group through its investment vehicles SmallCap World Fund Inc and New World Fund Inc sold the...
ICICI Bank raises Rs 4,000 crore via bonds, BFSI News, ET BFSI
New Delhi, Private sector lender ICICI Bank on Tuesday said it has raised Rs 4,000 crore via bonds to fund business growth. The bank has allotted 4,00,000 senior unsecured redeemable long-term bonds in the nature of non-convertible debentures aggregating to Rs 4,000...
In major rejig, HDFC Bank splits retail loans division, BFSI News, ET BFSI
Mumbai: HDFC Bank chief executive Sashidhar Jagdishan on Tuesday unveiled his boldest leadership overhaul in more than three years to help capture synergies with the bank's mortgage-financing parent. This will strengthen a retail-focused accountability structure that...
Bandhan Bank’s digital transactions unresponsive; Customers take to social media to complain, ET BFSI
The mobile and net banking services of Bandhan Bank remained unresponsive on Wednesday and the customers flooded social media platform X complaining about the inconvenience. Bandhan Bank on Tuesday informed the stock exchanges through an intimation that it has...
SBI launches Mobile Handheld Device to provide banking services to FI customers, ET BFSI
The State Bank of India (SBI) on Wednesday launched 'Mobile Handheld Device' to provide banking services to its financial inclusive customers. The move is aimed at enhancing accessibility, convenience in availing banking services and to empower financial inclusion and...
Which offers best recurring deposit interest rate?, ET BFSI
The Centre has increased the interest rate on the five-year Post Office Recurring Deposit (RD) scheme by 20 basis points (bps) to 6.7 percent for the October-December 2023 quarter. Whereas, interest rates on recurring deposits varies depending on the bank.Here’s a...
Rupee falls 3 paise to close at 83.23 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee depreciated 3 paise to settle at 83.23 (provisional) against the US dollar on Wednesday, as a muted trend in domestic equities and sustained foreign fund outflows weighed on investor sentiments. Forex traders said the strength of the American...
Banks and financial services sector sees 70% jump in greenwashing incidents globally, ET BFSI
The banking and financial services sectors saw a 70% increase in the number of climate-related greenwashing incidents in the past year, according to a report. Over 50% of these climate-specific greenwashing risk incidents either mentioned fossil fuels or linked a...
Advances up 58% YoY, deposits rise 30%, BFSI News, ET BFSI
India's largest private sector lender HDFC Bank on Wednesday reported 57.7% year-on-year (YoY) growth in its gross advances in the September quarter while deposits grew about 30% YoY in the quarter.The lender informed exchanges that its gross advances aggregated to...
These 6 banks have revised fixed deposit interest rates in October 2023, ET BFSI
Many banks, including HDFC Bank, IDBI Bank IndusInd Bank, Punjab & Sindh Bank have revised FD interest rates ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023. The RBI has maintained the status quo on key rates...
AU Small Finance Bank grows loan book by 24%, deposit by 30%, BFSI News, ET BFSI
Kolkata: AU Small Finance Bank said its advances grew 24% year-on-year to Rs 65,029 crore at the end of September on steady credit demand, with deposit mobilisation outpacing loan growth.AU said that its asset quality continues to follow the seasonal trend and remains...
Banks eye rating framework for assessing risk profiles of new-age ventures, ET BFSI
Banks in India are considering the implementation of a distinct rating framework designed specifically for assessing the risk profiles of startups. These discussions have been initiated with key stakeholders, including government entities, rating agencies, and the...
State Bank of India launches ‘Mobile Handheld Device’, ET BFSI
With an aim to empower financial inclusion and provide vital banking services to the public, the State Bank of India has introduced a 'Mobile Handheld Device' for its financial inclusion customers. “This is a significant step towards improving accessibility and...
Latest IDFC FIRST Bank FD, savings account rates, ET BFSI
IDFC FIRST Bank, a private sector lender, has revised interest rates on fixed deposits (FDs) of less than Rs 2 crore and savings account interest rates. The new rates came into effect from October 1, 2023, according to the bank's official website.Following the change,...
Asset reconstructions cos seek bigger slice of stressed assets, want to rope in HNIs, ET BFSI
Asset Reconstruction Companies (ARCs) in India are seeking a bigger pie of the stressed asset market and looking to enlist high networth individuals. ARCs have written to the Reserve Bank of India (RBI) this month, requesting permission to acquire financial assets...
Indian banks brace for trading losses amid global rate hikes, BFSI News, ET BFSI
Some banks may report trading losses, potentially resulting in larger mark-to-market (MTM) losses in terms of provisioning due to the recent surge in yields, which have been driven in part by the persistent uptrend in US yields.The yield on the benchmark 10-year US...
Check latest fixed deposit rates, ET BFSI
HDFC Bank, a private sector bank, reduced fixed deposit interest rates of two special tenure fixed deposit schemes – these are for FD tenures of 35 and 55 months. Note that special edition fixed deposit options were available for deposits up to Rs 2 crore. The new...
HDFC Bank revamps top management after mega merger, BFSI News, ET BFSI
HDFC Bank Ltd. is revamping some parts of top management as the Indian bank seeks to propel its mortgages business, three months after it acquired another lender. The bank detailed the changes in a memo to employees late Sunday, according to people familiar with the...
Rupee falls 15 paise to close at 83.21 against US dollar, BFSI News, ET BFSI
New Delhi, The rupee depreciated 15 paise to close at 83.21 (provisional) against the US dollar on Tuesday, as a strong US dollar and weak domestic equities dented investor sentiments. Forex traders said muted domestic macroeconomic data and sustained FII outflows...
Only 13% of Rs 2,000 banknotes exchanged, currency in circulation drops to decade low, ET BFSI
India has experienced an unexpected decrease in its Currency in Circulation (CIC) during the first half of the current financial year following the withdrawal of Rs 2,000 notes, marking a rare occurrence not seen in at least a decade.As of March 31, 2023, the CIC...
Rupee ends lower, weighed by higher US yields, stronger dollar, ET BFSI
The Indian rupee ended weaker on Tuesday, weighed down by broad strength in the dollar and higher Treasury yields amid persistent concerns that U.S. interest rates will stay higher for longer.The rupee closed at 83.2050 against the U.S. dollar, compared with its close...
Indel Money gets license from RBI to start forex business, ET BFSI
Non-banking finance company Indel Money, which is in the gold loan business, on Tuesday said that it has received an Authorized Dealer (AD) Category-II license from the Reserve Bank of India (RBI) to start foreign exchange business such as conversion of foreign...
Bank credit growth to moderate, driven by decline in GDP this fiscal: CRISIL, ET BFSI
Bank credit growth to moderate, off a high base, driven by expected decline in GDP growth this fiscal to 6% year-on-year from 7.2% last fiscal, credit rating agency CRISIL said on Tuesday.It is likely to remain healthy, despite moderating to 13.0-13.5% this fiscal...
BIS and central banks successfully conclude Project Mariana test, ET BFSI
PNB introduces CBDC-UPI interoperability for seamless transactionsThe Bank for International Settlements (BIS), in collaboration with the central banks of France, Singapore, and Switzerland, has announced the successful conclusion of Project Mariana. This innovative...
NeoGrowth evaluates strategic deal as business becomes profitable, ET BFSI
Mumbai-based non-banking finance company NeoGrowth is scouting for a potential buyer to either get acquired or sell a significant stake to a strategic investor, said two people in the know.The company is also open to a major funding round, as it got back to black in...
Bank of India revises fixed deposit rates, ET BFSI
Bank of India has revised fixed deposit interest rates on tenures below Rs 2 crore. After the revision, the bank offers interest rates between 3% and 7.25% for tenures ranging from 7 days to 10 years. For deposits maturing between 7 and 45 days, the bank pays a 3%...
Rupee falls 17 paise to 83.23 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee depreciated 17 paise to 83.23 against the US dollar in early trade on Tuesday, as a strong dollar and sustained foreign fund outflows weighed on investor sentiments.Forex traders said a weak trend in domestic equities also dented investor...
Exporters seek govt intervention in providing affordable credit to MSMEs, seek ECLGS extension, ET BFSI
Exporters have sought the central government's intervention in providing affordable and easy availability of credit to MSMEs amid global headwinds due to lack of liquidity. In a letter to Finance Minister Nirmala Sitharaman, apex exporters' body Federation of Indian...
HDFC Bank set to get a boost from a wider branch network, BFSI News, ET BFSI
Mumbai: HDFC Bank - Nifty's only constituent with a double-digit weighting - has had a rather circumspect run in the September quarter as a merged entity. The country's most valued lender, with a market capitalisation touching $150 billion, shed the equivalent of...
Bank credit growth may drop to 13-13.5% this fiscal on economic slowdown, inflation drop, ET BFSI
After clocking a robust 15.9% last fiscal on broad-based economic recovery, stronger, cleaner balance sheets and the lower base of the preceding two fiscals, bank credit growth is likely to moderate to 13-13.5% this fiscal and improve a tad to 13.5-14% in fiscal 2025...
8 questions on residency status, taxable income, deductions and exemptions, ITR forms, ET BFSI
To know if you, as an NRI, are supposed to pay tax in India, the first step is to determine your residency status for taxation purposes in the previous year, and whether your income falls in the taxable bracket. If you are a resident, you will have to pay tax for...
2 new debit card, credit card rules applicable from October 1, 2023, ET BFSI
The Reserve Bank of India (RBI) has proposed that cardholders be given the option of selecting their network provider for debit card, credit card, or prepaid cards. This new rule will come into effect from October 1, 2023.At the moment, when you apply for a debit or...
Rupee rises 13 paise against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee appreciated 13 paise to settle at 83.06 against the US dollar on Friday, boosted by a firm trend in equity markets and a sharp correction in the greenback against major rivals overseas.However, selling pressure from foreign equity investors and...
Neobanking company Fi’s revival hinges on its credit offerings, ET BFSI
Neobanking firm Fi, which has fired a tenth of its staff and is 30% behind in meeting its bare minimum revenue targets for the fiscal, is counting on credit to revive its troubled operations.Over the past few months, the company has been changing its user acquisition...
Family Offices, UHNIs take direct investment route for higher returns, ET BFSI
Mumbai: Family offices and ultra-high net worth individuals (UHNIs) are among the limited partners (LPs) that are increasingly evaluating direct investment programmes along with fund managers to ensure better autonomy and potential for higher returns.Traditionally,...
HDFC Bank set to get a boost from a wider branch network, BFSI News, ET BFSI
Mumbai: HDFC Bank - Nifty's only constituent with a double-digit weighting - has had a rather circumspect run in the September quarter as a merged entity. The country's most valued lender, with a market capitalisation touching $150 billion, shed the equivalent of...
Card network portability set to miss October 1 start date, BFSI News, ET BFSI
The implementation of card network portability may face delays as issuers await final guidelines from the RBI (Reserve Bank of India). Despite this, issuers assert their readiness to meet the October 1 deadline for providing customers with their network of choice,...
Rs 18 lakh cash in bank locker destroyed by termites; Know the rules regarding keeping cash in your bank locker, ET BFSI
If you are a bank locker holder and have kept or are planning to keep cash in it, then think again.Back in October 2022, a woman in Moradabad, Uttar Pradesh, discovered that the bank locker in which she had stored Rs 18 lakh was infested with termites. According to...
Banks plan rating model for startups’ risk profiling, BFSI News, ET BFSI
Banks are eyeing a separate rating framework or model for risk profiling startups and have initiated discussions with concerned stakeholders including the ratings agencies, the government and the banking regulator.The move comes in the backdrop of the government...
Tamilnad Mercantile Bank MD S Krishnan resigns citing ‘personal reasons’, ET BFSI
Tamilnad Mercantile Bank managing director S Krishnan resigned from his position citing "personal reasons", merely 13 months of assuming charge.His resignation came barely within a week of the alleged mistake by the bank of transferring Rs 9,000 crore to an account...
WDRA signs pact with Bank of India to fund against e-NWRs, BFSI News, ET BFSI
The Warehousing Development Regulatory Authority (WDRA) has signed a memorandum of understanding (MoU) with Bank of India to provide funding against electronic negotiable warehouse receipts (e-NWRs). The agreement aims to facilitate farmers and traders by offering...
Indian Bank rolls out digital initiatives to enhance customer experience, ET BFSI
Public sector lender Indian Bank has rolled out a series of digital initiatives aimed at serving its customers, including offering loans to micro, small and medium enterprises up to Rs 25 crore, it said on Friday. Under its Project WAVE initiative, the...
Mastercard India chief, ET BFSI
Chairman of Mastercard India Rajnish Kumar on Thursday said that the trust of the depositors is with the banking system and not with fintech companies. Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said...
HDFC Bank plans Rs 10,000 crore infra bond, BFSI News, ET BFSI
Mumbai: HDFC Bank, India's largest private sector bank, has been making inquiries in the bond market about the issuance of long-term infrastructure debt worth up to ₹10,000 crore in coming weeks.If conducted, the issuance would mark HDFC Bank's first bond issuance...
Capital Small Finance Bank files papers for IPO, BFSI News, ET BFSI
Mumbai: Capital Small Finance Bank has filed its draft red herring prospectus with Sebi for an initial public offering (IPO). The issue comprises fresh shares aggregating up to ₹450 crore and an offer for sale of up to 24.13 lakh shares from the existing shareholders....
Don’t short Bank Nifty till it drops below 44,500: Rupak De, ET BFSI
Bank Nifty has not been displaying significant momentum, primarily due to the lackluster performance of the heavyweight HDFC Bank. Rupak De, Senior Technical analyst at LKP Securities, says it may not be advisable to consider shorting until Bank Nifty drops below...
Can bank remove contents from your locker due to non-payment of locker rent?, ET BFSI
Bank locker facilities offered by banks come with fee depending on the size of locker and location of the bank. The bank has been mandated to recover the rent and any other cost incurred by it and debit the customer account.According to the PNB website, “The Bank...
Nabard plans first green bond sale by March, to seek Rs 5,000 cr, ET BFSI
Mumbai: The National Bank for Agricultural and Rural Development (Nabard) is likely to sell its first set of green bonds worth around ₹5,000 crore by the end of FY24, with the apex rural financier aiming for overall debt sales of ₹55,000 crore for the financial...
ADB reforms to free $100 billion over a decade, BFSI News, ET BFSI
The Asian Development Bank unveiled new capital reforms on Friday that will unlock $100 billion in new financing capacity over 10 years as the lender expands its development and anti-poverty mission to tackle climate change and other global crises.The Manila-based...
Efforts on to make NPS available at all bank branches, post offices: PFRDA Chairman, ET BFSI
Regulator PFRDA is working on ways to make the social security scheme National Pension System (NPS) available at all bank branches and post offices, according to its Chairman Deepak Mohanty. The efforts are to increase the penetration of pension schemes by making the...
RBI cancels licence of Lucknow Urban Co-operative Bank, BFSI News, ET BFSI
The Reserve Bank of India on Friday said it has cancelled the banking licence of Lucknow Urban Co-operative Bank, as the lender does not have adequate capital and earning prospects. The Commissioner and Registrar of Cooperative, Uttar Pradesh, has also been requested...
Thousands of taxpayers get GST notices for FY18, BFSI News, ET BFSI
The Goods and Services Tax (GST) authorities across the country have sent out several thousands of notices claiming shortfalls in payment of tax for FY18. The deadline to issue notices is September 30 and the taxpayers have been given 30 days to respond to these...
Why India’s bad bank bagged only Rs 25,000 crore assets against offers for Rs 1.7 lakh crore debt, ET BFSI
National Asset Reconstruction Company Limited (NARCL) has acquired four assets and two in pipeline worth Rs 25,000 crore against the binding offers it made in 30 accounts with debt exposure of Rs 1.70 lac crore (including two accounts with debt exposure of Rs 32,000...
Banks plan rating model for startups’ risk profiling, BFSI News, ET BFSI
Banks are eyeing a separate rating framework or model for risk profiling startups and have initiated discussions with concerned stakeholders including the ratings agencies, the government and the banking regulator.The move comes in the backdrop of the government...
HDFC Bank plans Rs 10,000 crore infra bond, BFSI News, ET BFSI
Mumbai: HDFC Bank, India's largest private sector bank, has been making inquiries in the bond market about the issuance of long-term infrastructure debt worth up to ₹10,000 crore in coming weeks.If conducted, the issuance would mark HDFC Bank's first bond issuance...
Analysts bet on DCB Bank, Manappuram Finance & Global Health, BFSI News, ET BFSI
ET looks at some of the stock recommendations by analysts of late. These stocks are expected to return between 16% and 23% as per analysts’ price targets.DCB BankBrokerage Price Target CMP Upside Bobcaps Rs 144 Rs 123.85 16.3%Expect strong 18% credit growth on a...
World Bank maps out plans to further boost lending by $100 bln-plus over a decade, ET BFSI
WASHINGTON: The World Bank on Thursday proposed steps that would boost its lending to developing countries by an additional $100 billion over a decade as part of an ongoing reform process aimed at helping the bank expand its mission to include climate change.In a...
India’s foreign exchange reserves dip $2.34 bn to $590.7 bn, ET BFSI
India's foreign exchange reserves dipped by $2.335 billion to $590.702 billion for the week ending September 22, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves decreased by $867 million to $593.04 billion for the week...
Banks in India will remain closed for 16 days in October; check complete list, ET BFSI
Bank Holidays in October 2023: In the month of October, banks across the country will observe a total of 16 non-operational days due to various holidays, marking the Indian festive season. This includes the second and fourth Saturdays, as well as Sundays of the month....
Efforts on to make NPS available at all bank branches, post offices: PFRDA Chairman, ET BFSI
Regulator PFRDA is working on ways to make the social security scheme National Pension System (NPS) available at all bank branches and post offices, according to its Chairman Deepak Mohanty. The efforts are to increase the penetration of pension schemes by making the...
Capital Small Finance Bank files IPO papers with Sebi, BFSI News, ET BFSI
New Delhi, Capital Small Finance Bank has filed draft papers with markets regulator Sebi to mobilise funds through an Initial Public Offering (IPO). The bank's IPO comprises a fresh issue of equity shares aggregating up to Rs 450 crore and an Offer For Sale (OFS) of...
Sebi working to develop municipal bond market, BFSI News, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi), which earlier this year approved a liquidity guarantee for corporate debt, is taking fresh strides to develop the nascent municipal bond market and help make civic bodies more self-reliant for infrastructure...
Sundaram Home Finance plans to raise Rs 2,500-3000 crore, BFSI News, ET BFSI
Sundaram Home Finance, which is getting ready for its foray in the affordable housing loan segment, plans to raise Rs 2,500-3000 crore in the second half of the fiscal for funding growth.The mortgage lender is targeting 20-25% business expansion this fiscal. Its...
NABARD lists first social impact bond, BFSI News, ET BFSI
The National Bank for Agriculture and Rural Development (NABARD) has listed the country's first social impact bond to the tune of Rs 1,000 crore.NABARD chairman Shaji KV speaking to after the listing on the BSE on Friday said it accepted bids worth Rs 1,040 at a...
Rupee rises 9 paise to 83.10 against US dollar in early trade, ET BFSI
Mumbai, The rupee rose 9 paise to 83.10 against the US dollar in early trade on Friday amid a retreating dollar versus major rivals and positive cues from equity markets. Massive selling of equities by foreign investors and an upward trend in crude oil prices,...
Sebi asks MCX to put launch of new platform on hold; stock tanks 8%, ET BFSI
Multi Commodity Exchange of India (MCX) on Friday said the country's markets regulator Sebi has asked the company to put on hold the proposed go-live of its new commodity derivatives platform planned for next week.The above action has been taken by the market...
Relief for Kotak Mahindra Bank; SC upholds immunity from penalty, prosecution for non-disclosure of lease rental income, ET BFSI
Upholding a tax settlement commission's order that gave immunity to Kotak Mahindra Bank from prosecution and penalty for non-disclosure of lease rental income under the Income Tax Act, the Supreme Court ruled that scrutinising reasoned orders “may erode the confidence...
SBI launches digital account opening for NRIs via YONO app, BFSI News, ET BFSI
In a move aimed at enhancing convenience for Non-Resident Indians (NRIs), the State Bank of India (SBI) has rolled out a digital platform allowing NRIs to effortlessly open NRE (Non-Residential External) and NRO (Non-Resident Ordinary) accounts, encompassing both...
Canara, PNB, Nabard hit Bond Street; raise Rs 8,000 cr, ET BFSI
Mumbai: Canara Bank and Punjab National Bank on Tuesday raised funds worth ₹8,000 crore through different sets of debt instruments.Canara Bank raised ₹5,000 crore through the issuance of 10-year infrastructure bonds at a coupon rate of 7.54%, sources said. The...
HDFC Bank will be evaluated against global peers, says Jefferies report, ET BFSI
International investors are more likely to club HDFC Bank with its global peers such as Bank of America and Wells Fargo to decide on their investment strategy as India's most-valued lender becomes the seventh-largest bank in the world by market value, said investment...
RBI cancels licence of Kapol Cooperative Bank in Mumbai, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has cancelled the licence of the Kapol Co-operative Bank Limited, Mumbai.Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 25, 2023.The Additional Secretary & Central...
Bank of Baroda seeks buyers for its NZ subsidiary, ET BFSI
Public sector Bank of Baroda (BoB) is seeking buyers for its New Zealand subsidiary, according to a document on the bank's website. The bank has sought interest from investment banks to help it find a buyer for Bank of Baroda (New Zealand) Ltd (BoB NZL)one of its...
Credit card spending hits Rs 1.5 lakh crore milestone in August on e-commerce, PoS transactions, ET BFSI
Year-on-year data also revealed substantial growth of 32.2%, primarily due to increased consumption in tier-II and tier-III cities. Credit card spending in India hit Rs 1.5 lakh crore, rising 2.7% month-on-month increase, driven by a significant rise in transactions...
Why PSU banks have become stock market darlings after being laggards for years, ET BFSI
In a remarkable turn of events, public sector banks in India have emerged as stock market favourites, defying historical challenges and attracting significant investor interest. Nifty PSU Bank, after generating 8 multibaggers in a year, is now poised for a potential...
Shares hit three-week low as banks, financials weigh, BFSI News, ET BFSI
BENGALURU: Shares hit a three-week low on Wednesday, dragged by losses in banks and financial companies, as worries over higher interest rates and their subsequent impact on growth continued to dent investor sentiment globally.The Nifty 50 fell 0.5% to 19,558 points,...
Jul-Sept FY24 goods exports seen 4.8% down on year: EXIM Bank, ET BFSI
New Delhi: The Export-Import Bank of India expects the country to clock 4.8% lower merchandise exports in the second quarter of 2023-24 as against the previous fiscal, pulled down by a slowdown in its major trading partners and global geopolitical uncertainty.The Exim...
Rupee edges up 2 paise to 83.20 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee edged up 2 paise to settle at 83.20 (provisional) against the US currency in a restricted trade on Thursday, aided by a correction in crude oil prices and the greenback. Foreign fund outflows and losses in local equities, however, restricted the...
Dhanlaxmi’s ID resignation warrants RBI, SEBI attention: Amarjit Chopra, ET BFSI
Ex ICAI President Amarjit Chopra Kerala-based private lender Dhanlaxmi Bank saw its independent director, Sridhar Kalyanasundaram, quitting the bank on September 16, which is less than a year since he joined the institution in December last year. The independent...
IPO green shoots get 2024 party started early, BFSI News, ET BFSI
Bankers and investors are optimistic that a string of initial public offerings will cap off a quiet year for new issuance before things accelerate in 2024.That's the consensus across Wall Street after a flurry of deals on US exchanges positioned September to be the...
SIDBI to launch app-based ‘invoice financing’ loans platform ‘GST Sahay’ for MSMEs: CGM, ET BFSI
Patna, With an aim to enhance the economic and financial sustainability of micro, small and medium enterprises (MSME), the Small Industries Development Bank of India (SIDBI) is in the process of launching an app-based 'invoice financing' loans platform 'GST Sahay', an...
How HDFC Bank plans to return to its 20% growth rate, after merger of HDFC, ET BFSI
The recent liquidity build-up via HDFC balance sheet places the bank well to pursue growth in FY24 without worrying much on the funding side.Riding on healthy loan growth, HDFC Bank expects to double the balance sheet in about four years, which is close to its...
Rupee trades flat against US dollar amid gains in equities, BFSI News, ET BFSI
Mumbai, The rupee edged up 1 paisa to 83.21 against the US currency in a restricted trade on Thursday amid gains in domestic equities. The Indian currency was almost trading flat in the early session as gains from firm domestic stocks were offset by a rise in crude...
L&T Finance to sell Rs 4,762 crore of distressed assets, BFSI News, ET BFSI
L&T Finance is selling ₹4,762 crore of its distressed-asset loan book to three asset reconstruction companies by the end of this quarter to help clean up its books, said people with knowledge of the proposed move. Kotak Mahindra Bank-backed Phoenix ARC is set to...
Five ways RBI wants banks to enhance customer service, reduce mis-selling, ET BFSI
Reserve Bank of IndiaIn a meeting with banks, RBI has outlined five areas including a customer-centric approach, addressing the root cause of complaints, importance of resolution at the first point of contact, responsible handling of complaints including equipping...
JP Morgan bond inclusion set to aid India’s $5 trillion economy goal, ET BFSI
JP Morgan's inclusion of Indian government bonds in its index could bring in $40 billion in foreign investment and boost the Indian rupee. However, managing liquidity and currency fluctuations will be crucial, and India's inclusion reflects its rising global...
Bank GNPAs hit levels before AQR ordered by Raghuram Rajan in 2015, ET BFSI
GNPAs hit 3.7% in Q1 of FY24 as against 5.1% levels before AQR. The review had seen GNPAs rising to over 7% as bad loans tumbled out of banks' closets. Likely to fall to 2.90%-3.05%.The gross non-performing assets (GNPA) ratio of scheduled commercial banks has reached...
India rupee falls on month-end dollar demand, higher U.S. yields, ET BFSI
The Indian rupee fell on Tuesday because of month-end dollar demand, and as U.S. Treasury yields gained on renewed bets that interest rates in the U.S. will be kept higher for longer.The rupee ended at 83.23 against the U.S. dollar compared with 83.1450 in the...
YES BANK appoints Manish Jain as Country Head-Wholesale Banking, ET BFSI
YES BANK on Wednesday announced the appointment of Manish Jain as Country Head – Wholesale Banking. In his role, he will be responsible for spearheading the Wholesale Banking business at the bank encompassing the large corporates portfolio.This includes Investment...
Sebi extends deadline to update PAN/bank details in demat accounts till Dec 31, ET BFSI
MUMBAI - The Securities and Exchange Board of India (SEBI) has relaxed the rules with regards to adding a nomination for the trading accounts by making it a voluntary requirement. Earlier, the regulator said all trading accounts and dematerialised accounts, which do...
Bank of Baorda seeks buyers for its NZ subsidiary, BFSI News, ET BFSI
Public sector Bank of Baroda (BoB) is seeking buyers for its New Zealand subsidiary, according to a document on the bank's website. The bank has sought interest from investments to help it find a buyer for Bank of Baroda (New Zealand) Ltd (BoB NZL)one of its eight...
Govt plans to sell 50-year bond to cater to growing demand from insurance, pension funds, ET BFSI
NEW DELHI: India will sell 50-year bonds for the first time, introducing ultra-long maturity debt to cater to the growing demand from insurance and pension funds.The new bond adds to the 30-year and 40-year tenor debt sold, extending the nation’s yield curve,...
Where, how to exchange, limits, charges, documents, ET BFSI
There are only two days left before the deadline for submitting/exchanging Rs 2,000 currency notes as tomorrow is a bank holiday in many states.Individuals were advised to deposit Rs 2000 bank note into a bank account or exchange it for a different denomination of...
Rupee snaps two-day fall, recovers 6 paise against US dollar, BFSI News, ET BFSI
Mumbai, The rupee on Wednesday staged a recovery after two days of steep losses to end 6 paise higher at 83.22 (provisional) against the US dollar on positive cues from domestic equity markets. However, selling pressure from foreign equity investors amid elevated...
India considering $7.2 billion housing loan interest subsidy scheme: Government sources, ET BFSI
NEW DELHI | MUMBAI: India is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters. Banks are likely to roll out the scheme in a couple of months, ahead...
Banks will be closed for up to 18 days in October; check state-wise bank holiday list, ET BFSI
The banks will be closed for a total of 18 days across various in the month of October, when the festival month officially. This includes the second and fourth Saturdays, as well as Sundays. As there will be a number of bank holidays, you should be aware of the...
Private credit funds exiting early to lower borrower stress risks, ET BFSI
Mumbai: Private credit funds are increasingly exiting their investments well before the date of maturity as they look to reduce the risk of likely stress in payments by borrowers amid soaring international interest rates that are running at more than a decade high....
IL&FS Financial Services approves interim distribution payout of Rs 807 crore, ET BFSI
IL&FS Financial Services Ltd (IFIN), an IL&FS Group subsidiary, on Tuesday approved an interim distribution payout of ₹807 crore, marking the second such payout by the company this year.IFIN had in February made an interim distribution payout of ₹3,200 crore...
Bank of Maharashtra fails to attract buyers for loans to Asian Hotels (North), ET BFSI
Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North), at the auction held on Tuesday, said people aware of the development. Asian Hotels (North) which operates the five-star property Hyatt Regency (Delhi).The bank had set a reserve...
Rupee flat as likely RBI’s dollar sales stave off move towards record low, ET BFSI
The Indian rupee was little changed on Wednesday, despite broad strength in the U.S. dollar and higher crude oil prices, as likely dollars sales from the Reserve Bank of India helped prevent the local unit from moving towards its record low.The rupee was at 83.2175...
Aditya Birla Capital infuses Rs 750 crore into arm AB Finance to fund growth plans, ET BFSI
MUMBAI - Aditya Birla Capital on Tuesday said the company has invested Rs 750 crore in its wholly-owned subsidiary Aditya Birla Finance by subscribing to the share on a rights basis. “ABCL is making the investment in ABFL to meet its growth and funding requirements...
Consumer court orders two private banks to pay Rs 80,000 to customer for failing to recover funds in online scam, ET BFSI
A 47-year-old entrepreneur from Koramangala, Bengaluru, recently won a case against two private banks in consumer court. As per a TOI report, the case revolved around a fraudulent hacking into his savings account, resulting in a loss of Rs 50,000. Despite promptly...
Rupee falls 14 paise to settle at 83.27 against US dollar, BFSI News, ET BFSI
New Delhi, The rupee stayed on the downward track for the second straight day to settle 14 paise lower at 83.27 (provisional) against the US dollar on Tuesday due to a firm greenback against major currencies overseas and persistent foreign capital outflows. Besides,...
Bajaj Finance shares rise as fundraising talk brings cheer, BFSI News, ET BFSI
Mumbai: Bajaj Finance jumped 4.6%, leading the Nifty gainers in Monday's trading, as investors cheered the lender's plans to raise funds from the market. Analysts said the move, in addition to bolstering the company's capital base, is expected to improve its financial...
Who is winning the profitability game?, ET BFSI
PSBs exhibited remarkable financial performance in Q1FY24, with Pre-Provisioning Operating Profit growing at an impressive pace of 53.1% y-o-y while it was 33% for private sector banks. However, PVBs capitalised on growth opportunities more.The first quarter of FY24...
Uptick in demand for Rupay credit cards in India’s Tier-2 cities : Study, ET BFSI
NEW DELHI: A consumer study has revealed there has been an uptick in demand for Rupay credit cards due to UPI integration in India's Tier-2, 3 and 4 towns and cities.The study by fintech platform ZET (previously OneCode) reveals that demand for Rupay credit cards went...
Govt accepts over 10k MSME claims worth Rs 256 cr for refunds, ET BFSI
New Delhi, The government has accepted more than 10,000 claims of MSMEs involving refunds worth Rs 256 crore under a dispute resolution scheme Vivad se Vishwas-I. Under the scheme, MSMEs could claim a refund of 95 per cent of performance or bid security and liquidated...
Axis Bank plans to extend branch network in Gujarat, BFSI News, ET BFSI
Axis Bank plans to extend its branch network in the state by adding 28 more branches and 69 new ATMs this financial year, as it aims to enhance accessibility for the people of Gujarat. The lender opened its 5000th branch in Ahmedabad city on Tuesday, 29 years after it...
Star Health CIO, ET BFSI
India's benchmark bond yield will likely rise further in the next few weeks amid higher crude prices and surging U.S. yields, providing the right entry point for investors, a senior fixed income official at Star Health Insurance said.Aneesh Srivastava, executive...
Microfinance lenders need to raise fresh capital in FY25, BFSI News, ET BFSI
Kolkata: The pure-play microfinance lenders, which are back on a strong growth trajectory after the pandemic blip, would need to raise fresh capital in FY25 to keep the momentum going, Acuite Ratings & Research said.It has projected the country's overall...
SCBs’ net Non-Performing Assets reach all-time low, drop by 34.7%: Report, ET BFSI
Net Non-Performing Assets (NNPAs) of SCBs reduced by 34.7% y-o-y to Rs 1.25 lakh crore as of June 30, 2023, said a report by CareEdge on Tuesday.The NNPA ratio of SCBs reduced to 0.9% from 1.6% in Q1FY23 which is an all-time low, it added.While the Gross...
HDFC Securities launches discount brokerage platform Sky, BFSI News, ET BFSI
Mumbai: HDFC Securities unveiled its discount brokerage platform, Sky, on Monday, as it aims to compete with established players such as Zerodha, Groww, Angel One, and Upstox among others. Sky is offering brokerage services at ₹20 per trade for intraday and delivery...
Fincare Small Finance Bank, Western Carriers get Sebi’s go ahead for IPOs, ET BFSI
Fincare Small Finance Bank Ltd and logistics company Western Carriers (India) Ltd have received capital markets regulator Sebi's approval to raise funds through Initial Public Offerings (IPOs). The two firms, which filed preliminary IPO papers with the Securities and...
Jamie Dimon, chairman & CEO, JPMorgan, ET BFSI
Few bankers have been as prescient and as prepared as JPMorgan chairman and chief executive Jamie Dimon to face a crisis and bail out those who get into trouble. In an interview with MC Govardhana Rangan, Bodhisatva Ganguli and Joel Rebello, the go-to banker even for...
Rupee to also gain from India entry into global bond index, BFSI News, ET BFSI
Mumbai: The inclusion of India in a major global bond index and anticipation of more such announcements will likely bolster the rupee vis-a-vis its peers even as the probability of US interest rates remaining higher for longer theoretically dims the appeal of emerging...
Poonawalla Fincorp partners IndusInd Bank for co-branded credit cards, ET BFSI
Mumbai: Poonawalla Fincorp, a Cyrus Poonawalla group-promoted non-banking finance company, will issue co-branded credit cards with IndusInd Bank. The company has received permission from the Reserve Bank of India for the new product, which it will offer through a...
Turnaround in sight at private banks, now is the time to bet, BFSI News, ET BFSI
Investors looking for a thematic bet in their equity portfolios with a margin of safety can consider an allocation to the Nifty Private Bank ETF. A sharp improvement in return ratios, expected economic growth, reasonable valuations, and recent underperformance...
G20 Independent Expert Group’s road map for multilateral banks to come out in October, ET BFSI
New Delhi: The G20 Independent Expert Group on strengthening multilateral development banks (MDBs) will next month come out with a roadmap and a detailned plan to reform these institutions including the World Bank and Asia Development Bank.The details include...
JP Morgan’s inclusion of India in EM bond index set to bonds banking stocks, ET BFSI
An increase in the weightage of Indian bonds within JP Morgan's index could increase demand for these bonds, benefitting banks which hold significant bond portfolios.JP Morgan's announcement of India's inclusion in its Emerging Market Bond Index, set to take effect in...
Can Sebi tame the wild wild west of financial social media?, ET BFSI
Sebi's current focus is on finfluencers who generate income through referrals and has advised regulated entities not to engage in business dealings with them.The Securities and Exchange Board of India (Sebi) has made efforts to regulate the social media-based...
HC, BFSI News, ET BFSI
NEW DELHI: Banks cannot use Look Out Circulars (LOCs) to recover money, the Delhi high court has said, underlining that such a move affects a person's right to travel abroad, which is a fundamental right under the Constitution.An LOC, the high court said, is a measure...
8 of top 10 firms lose Rs 2.28 lakh crore in mcap; HDFC Bank, Reliance biggest laggards, ET BFSI
NEW DELHI: The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities.Last week, the BSE...
Top NBFCs rely on banks for half of their borrowings, need to diversify: RBI paper, ET BFSI
Despite challenges, NBFCs continue to maintain a strong capital position and adequate buffers, the paper says.Non-banking financial companies (NBFCs) should reduce their excessive reliance on bank borrowings, according to a Reserve Bank of India (RBI) staff paper...
Household savings at 16-year low threaten India’s growth, BFSI News, ET BFSI
Rising debt payments are eroding the spending power of Indian households and threatening to choke off the funds that fuel the fastest-growing major economy.Household financial assets, including bank deposits, cash and equity investments, after deducting debt servicing...
Old overseas investment deals could come under ED fire, BFSI News, ET BFSI
MUMBAI: Many overseas vehicles and structures set up over the years by Indian corporate houses and business families to sidestep regulations or move money out of companies may have to be dismantled, corrected, or surrendered following a subtle, yet dramatic, change in...
Muthoot Finance’s Rs 700 crore NCD issue oversubscribed on Day 1, ET BFSI
Gold loan company Muthoot Finance's 32nd series of public issue of secured redeemable Non-Convertible Debentures (NCDs), with a base issue of Rs 100 crore and an option to retain oversubscription up to Rs 600 crore, aggregating to a tranche limit of Rs 700 crore was...
What ails India’s bad bank?, BFSI News, ET BFSI
The progress of the National Asset Reconstruction Co (NARCL), established as a state-backed bad bank to address non-performing assets (NPAs) in the Indian banking sector, has encountered significant hurdles. Despite its creation, NARCL has struggled to meet its...
Investors want Bloomberg Barclays to bond with India, BFSI News, ET BFSI
Mumbai: Top US funds have urged managers of the Bloomberg Barclays Emerging Markets bond index to advance a scheduled review to early October so that a decision on India, now featuring on the competing JP Morgan gauge, can be brought forward by a quarter to give...
HDFC Bank’s special edition FD interest rates will reduce on October 1, ET BFSI
HDFC Bank’s special edition fixed deposit interest rates will be reduced from October 1, 2023, according to an email sent to its customers.HDFC Bank introduced limited special edition fixed deposits (FDs) offering higher interest rates to their customers on May 29,...
Rupee gives up index inclusion-led rally; RBI counted on to help, ET BFSI
The Indian rupee dropped on Monday, losing momentum from JPMorgan's inclusion of Indian bonds in its index, amid pressure due to dollar demand from importers and high U.S. yields.The rupee was at 83.12 against the U.S. dollar by 11:00 a.m. IST compared with 82.93 in...
NARCL pays Srei lenders promised upfront cash, BFSI News, ET BFSI
National Asset Reconstruction Company (NARCL), the winning bidder to take over the bankrupt Srei non-bank lenders has distributed ₹2,580 crore of cash accumulated in the company to creditors in the first step to implementing its resolution plan. The cash was...
Banks can request LOCs against defaulters only in ‘exceptional’ circumstances: HC, ET BFSI
New Delhi: Banks can request for opening of look-out circulars (LOCs) against defaulters only in exceptional circumstances when questions affecting the country's economy are involved and the authority concerned must satisfy itself before such circulars are issued, the...
Supreme Court, BFSI News, ET BFSI
The Supreme Court has said that a bank is duty bound to follow the provisions of the law as any other litigant. A bench of CJI D.Y. Chandrachud and Justice JB Pardiwala said that a bank and its authorised officer appointed under Section 13(2) of SARFAESI...
Teen-focused neo-banking platform Akudo to shut down operations, ET BFSI
New Delhi, Leading US-based investment firm Y Combinator-backed Akudo, a teenagers-focused neo-banking platform, is shutting down its core UPI and card business, media report said.According to Entrackr, citing sources, the decision comes in response to a Reserve Bank...
Karnataka Bank to raise Rs 1,500 cr in equity to fund growth, ET BFSI
Private sector lender Karnataka Bank’s board on Friday decided to raise about Rs 1,500 crore in fresh capital in one or more tranches through preferential issue / rights issue/ QIP or any other permissible mode. The board decision, however, is subject to shareholder...
India’s forex reserves dip by $867 mln to $593.04 bln, BFSI News, ET BFSI
India's foreign exchange reserves dipped by $867 million to $593.037 billion for the week ending September 15, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves decreased by $4.99 billion to $593.90 billion for the week...
HSBC expects 34% upside for IIFL Finance on robust asset growth and higher returns, ET BFSI
IIFL Finance is positioned for a rally of up to 34%, supported by substantial asset expansion and enhanced returns, as indicated in a report by HSFC Global Research. The brokerage anticipates a robust performance from IIFL Finance throughout the fiscal years from 2023...
7 big banks offering up to 7.5% FD interest rates, BFSI News, ET BFSI
Given the safety and security they provide, fixed deposits are a popular investment option. You make a lump sum deposit into a fixed deposit for a predetermined time period at an interest rate that is fixed. At the end of the Fixed Deposit's term, you will get your...
HDFC Bank slips as D-St takes in lower profitability forecasts, ET BFSI
Mumbai: Shares of HDFC Bank fell nearly 4% on Wednesday - the biggest single-day fall in four-and-a-half months - as analysts at various brokerages cut their price targets on the stock to factor in lower profitability forecasts for the lender in the wake of parent...
HDFC AMC gets RBI nod to acquire up to 9.5% stake in Karur Vysya Bank, ET BFSI
The Reserve Bank of India (RBI) has given its nod to HDFC Asset Management Company (AMC) to acquire up to 9.5% stake in Karur Vysya Bank, the bank said on Thursday in a filing to the exchanges. However, the RBI approval is with a caveat that HDFC shall not exceed its...
Why Adani’s grip on banks is tighter than his hold on markets, ET BFSI
Through the turmoil of the past eight months, including a flopped share sale and a massive erosion of stock-market wealth, two of the beleaguered tycoon Gautam Adani’s crucial relationships have held up surprisingly well.One, his proximity to India’s government...
Here’s the full list, BFSI News, ET BFSI
Banks across India would be closed for about 16 days in October, 2023, national and region specific. This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays.October will see some significant festivals across India like Mahatma Gandhi...
Fino Payments Bank, ET BFSI
Kolkata: KPMG, hired by Fino Payments Bank to carry out an independent investigation on the alleged fraud committed by some of the bank employees, has prima-facie found unauthorised actions and misrepresentation by the alleged staff, the bank said."The investigation...
Indian banks reach out to RBI over US ban on ACU settlements, BFSI News, ET BFSI
Indian lenders have approached the Reserve Bank of India (RBI) after the US Office of Foreign Assets Control (OFAC) asked banks there to refrain from processing payments linked to the Asian Clearing Union (ACU) mechanism.The ACU allows transactions to be squared off...
SBI raises Rs 10,000 cr via infra bonds at a coupon rate of 7.49%, ET BFSI
The country’s largest lender, State Bank of India (SBI) on Friday announced that it has raised Rs. 10,000 crores at a coupon rate of 7.49% through its fourth infrastructure bond issuance.The issue attracted an overwhelming response from investors with bids of Rs....
Capital Goods, BFSI and IT top draws for foreign funds, BFSI News, ET BFSI
Mumbai: Foreign portfolio investors sold shares worth ₹20,000 crore across 13 sectors between September 1 and 15, according to data from the National Securities Depository (NSDL). Mining, metals, power, oil and gas, telecom, and construction materials are among the...
7 big banks offering up to 7.5% FD interest rates, BFSI News, ET BFSI
Given the safety and security they provide, fixed deposits are a popular investment option. You make a lump sum deposit into a fixed deposit for a predetermined time period at an interest rate that is fixed. At the end of the Fixed Deposit's term, you will get your...
Sebi approves relaxing borrowing norms for large corporates in debt market, ET BFSI
Market regulator Sebi has approved a proposal to provide flexibility to large corporations to meet their financing needs from debt market.The decision was taken at the board meeting, which was held earlier on Thursday.A higher monetary threshold has been specified for...
As PSBs turn lean, private banks may overtake them in employee strength, ET BFSI
While the total number of PSB employees has been declining over the years, the count of those in officer's grade has increased from 386,000 in March 2020 to 397,000 in March 2023.Private sector banks are quickly closing the gap with their public sector counterparts...
Rupee rises 19 paise to close at 82.94 against US dollar, BFSI News, ET BFSI
New Delhi, The rupee appreciated 19 paise to 82.94 (provisional) against the US dollar on Friday, as the inclusion of India in the JPMorgan bond index boosted investor sentiment. Forex traders said the decision of JPMorgan Chase & Co to include Indian government...
Rising cost of funds threatens NBFC profitability this fiscal amid record loan surge, ET BFSI
er.The hike in the cost of funds is attributed to the continuous repricing of marginal cost of funds based lending rate (MCLR)-linked loans, even as the Reserve Bank of India has paused its policy rate changes.As the current fiscal year unfolds, non-banking financial...
ICICI, Canara Bank may raise up to Rs 9,000 crore, ET BFSI
Mumbai: ICICI Bank and Canara Bank are likely to raise up to ₹9,000 crore worth of funds through the issuance of 10-year infrastructure bonds in coming days, sources aware of the developments said.Both ICICI Bank and Canara Bank are likely to issue 10-year bonds....
Markets fall for a 3rd day as Fed keeps 2023 hike in play, ET BFSI
Mumbai: Indian equities extended losses to the third straight day on Thursday, mirroring the weakness in global markets, after the US Federal Reserve indicated the likelihood of one more interest rate increase this year. Bank and automobile shares led the downsides as...
Here’s how it wreaked havoc on NBFC sector, ET BFSI
Five years back from now, the finance world witnessed a mega crisis that shook not only the NBFC space but the entire industry altogether. Infrastructure Leasing & Financial Services (IL&FS) was established over three decades back, and the conglomerate funds...
Fino Payments Bank, ET BFSI
Kolkata: KPMG, hired by Fino Payments Bank to carry out an independent investigation on the alleged fraud committed by some of the bank employees, has prima-facie found unauthorised actions and misrepresentation by the alleged staff, the bank said."The investigation...
Outward remittances by Indians under LRS drop 40% in July on-month, ET BFSI
RBI reveals that outward remittances under the LRS amounted to $2.36 billion during the month, marking a notable decrease from the $3.89 billion reported in June.Outward remittances by resident individuals under the Reserve Bank of India's (RBI) liberalized remittance...
Trucap Finance, HDFC Bank commence co-lending partnership for MSME business and gold loans, ET BFSI
TruCap Finance Limited (TRU), a non-banking finance company dealing in gold and business loans, and HDFC Bank have entered into a co-lending partnership where TRU will leverage its Lending-as-a-Service (L-a-a-S) model to offer quality credit solutions to underserved...
Sensex tanks 796 points over rising oil prices, FPI selloff, BFSI News, ET BFSI
MUMBAI: For several days since the second week of September, Dalal Street veterans were expecting a sharp slide in the stock market even as the sensex continued to rise unabated. Their logic was that a correction would make market valuations healthy. That fall finally...
CSB Bank enters into partnership with Daimler India for CV financing program, ET BFSI
This partnership will further allow DICV to expand its range of financing options and provide customers with greater flexibility and choice. With the combined strength of CSB Bank and Daimler India, the network expansion and stock availability can be assured to meet...
Nuvama plans stock market debut next week, eyes Rs 9,000 cr m-cap, ET BFSI
Mumbai: Nuvama Wealth Management, a company spun off from Edelweiss Financial Services, is poised for its stock market debut next week, a top executive said. The company is expected to list with a market capitalisation of ₹8,000-9,000 crore.The wealth management firm,...
ICICI Bank may raise Rs 4000 crore via infra bonds soon, ET BFSI
India's ICICI Bank is in talks with investors to sell longer-tenor infrastructure bonds in what will be its first foray into the debt market this year, three bankers aware of the development said on Thursday.The private sector lender may tap the market in the next two...
Fed keeps rates unchanged but signals likelihood of another hike this year, ET BFSI
Washington: The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it's moderating its fight against inflation as price pressures have eased. But Fed officials also signalled that they expect to...
New RBI rules can help you save Rs 33 lakh in interest in a Rs 50-lakh loan; know how, ET BFSI
Successive hikes in interest rates in the last year have extended the tenure of most home loans — in fact, some borrowers now have to pay the loans till retirement. When the interest rate goes up, banks usually increase the tenure of the loan to shield borrowers from...
Rupee rises 5 paise to close at 83.06 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee consolidated in a narrow range and settled 5 paise higher at 83.06 (provisional) against the US dollar on Thursday as crude oil price receded from its elevated level. The rupee was also weighed down by a rising dollar index, following hawkish...
Comparison of SBI, ICICI Bank, Indian Bank, Canara Bank, Bank of Baroda, ET BFSI
The majority of home loans are linked to the EBLR, which stands for External Benchmark Lending Rate. The interest rates on all floating rate home loans will be linked to an external benchmark. For example, starting on October 1, 2019, SBI started using the repo rate...
Credit cards, UPI eclipse debit card spending in pandemic shift, ET BFSI
As credit card spends rise, debit cards have shown a decline in the last two years; This post-pandemic shift is noteworthy, especially as both debit and credit cards had consistently shown growth in transaction volume and value until FY21.India is experiencing a...
Umesh Revankar, Shriram Finance, ET BFSI
In an interview to ET Now, Umesh Revankar, Executive VC, Shriram Finance, shares his business outlook. Edited excerpts:ET Now: The RBI has zeroed in on 15 NBFCs, placing them in the upper-layer category. You are said to be on that list. What is your initial assessment...
Share of physical savings in total household savings rising: SBI, ET BFSI
The claim that Indian net household financial savings have declined to a 50-year low is misleading, said SBI in its research on Thursday. SBI economists contended that household financial savings cannot be the lone indicator of the saving capacity of households, and...
Sensex falls 550 points on Fed’s hawkish stance; Nifty below 19,750, ET BFSI
As the US Federal Reserve left the benchmark interest rates unchanged and indicated it to remain higher for longer, Indian equity indices tumbled for the third consecutive session on Thursday.The BSE Sensex was trading 557 points or 0.84% lower at 66,242. Nifty50 was...
SJVN & PFC in pact to finance projects worth Rs 1.19 lakh crore, ET BFSI
New Delhi: Power Finance Corporation Ltd (PFC) and SJVN Ltd have signed a memorandum of understanding for financing renewable and thermal energy projects worth ₹1,18,826 crore having a total capacity of 12,178 MW.PFC will fund around 67-76% of the project tentatively,...
HDFC Bank launches UPI payment innovations redefining digital transactions, ET BFSI
Parag Rao, Country Head of Payment Business, Consumer Finance, Technology, Digital Banking, HDFC BankHDFC Bank has announced the launch of three innovative digital payments products on UPI (Unified Payments Interface). These innovative solutions are set to redefine...
Asset reconstruction cos urge RBI to let rich individual investors bet on security receipts of stressed assets, ET BFSI
Mumbai: India's stressed asset players are lobbying for opening the market to rich individual investors.These investors - unlike their small, retail counterparts in mutual funds - are believed to have the stomach for such high-risk, high-reward bets.With more and more...
Is the stock market closed for Ganesh Chaturthi today?, BFSI News, ET BFSI
Stock markets will remain shut on Tuesday on account of Ganesh Chaturthi. Accordingly, all the segments, including the equity, derivative, and SLB segments, will be closed.The multi-commodity exchange will also be closed for the first half, but will remain open for...
HDFC Bank launches UPI payment innovations redefining digital transactions, ET BFSI
Parag Rao, Country Head of Payment Business, Consumer Finance, Technology, Digital Banking, HDFC BankHDFC Bank has announced the launch of three innovative digital payments products on UPI (Unified Payments Interface). These innovative solutions are set to redefine...
Retail lenders expect 50% spike on BNPL borrowings, 90 cr online sales demand expected: Report, ET BFSI
As India prepares to embrace the festive season, the nation's economic landscape is illuminated with unprecedented optimism. According to a recent report by Flexiloans, in the digital realm, the online retail sector is primed for explosive growth, with an expected...
How to enable UPI LITE, what are transaction limits, ET BFSI
Bank of Baroda announced that it has implemented UPI LITE - Small Value on Device Wallet. Bank of Baroda also piloted the UPI LITE X during the Global Fintech Fest 2023 on September 6, 2023, at the hands of Reserve Bank of India Governor Shaktikanta Das, according to...
Sensex tanks nearly 800 points, Nifty slips below 19,000-mark, ET BFSI
NEW DELHI: Both Indian indices, Sensex and Nifty, continued their downward slide on Wednesday, extending losses from the previous session.The BSE benchmark Sensex tumbled nearly 796 points to close at 66,801. The Nifty index tanked 232 points to slip below the...
Investors adopt cautious stance; debt mutual funds log Rs 25,872 crore outflow in August, ET BFSI
After witnessing staggering inflow in July, debt-oriented mutual fund schemes saw a withdrawal of Rs 25,872 crore last month as investors continue to adopt a cautious stance amid the current interest rate scenario in the US. Out of 16 debt categories, nine of them...
These 4 banks have revised FD interest rates in September 2023, ET BFSI
Many large banks, including SBI, HDFC Bank, and ICICI Bank, have not revised their fixed deposit interest rates in recent months. The Reserve Bank of India’s(RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023, will be watched closely to see how the FD...
Rupee gains on RBI intervention, easing oil prices, BFSI News, ET BFSI
The Indian rupee rose on Wednesday as likely dollar sales by the Reserve Bank of India and easing crude oil prices prevented the currency from hitting a record low.The rupee closed at 83.0725 against the U.S. dollar as compared with 83.2675 in the previous session on...
Bank overtake NBFCs in credit flow to commercial sector as money market rates rise, ET BFSI
Banks share in credit to commercial sector rises to 59% in FY23 against 46% in FY22The total flow of resources to the commercial sector in India experienced a significant 31% year-on-year (YoY) surge during the fiscal year 2022-23 (FY23), with banks' share in this...
These 4 banks have revised FD interest rates in September 2023, ET BFSI
Many large banks, including SBI, HDFC Bank, and ICICI Bank, have not revised their fixed deposit interest rates in recent months. The Reserve Bank of India’s(RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023, will be watched closely to see how the FD...
India’s net direct tax collection at Rs 8.65 lk cr this FY so far, up 23.5% YoY, ET BFSI
India's net direct tax collection between April 1 and September 16, 2023, stood at Rs 8.65 lakh crore, up 23.5 per cent on an annualised basis, data showed on Monday.This tax collection by the government includes personal income tax of Rs 4.47 lakh crore and corporate...
New-age NBFCs integrating AI/ML to improve business, RBI encourages digital solutions adoptability, ET BFSI
The Reserve Bank has also been encouraging NBFCs to adopt digital solutions for seamless customer interface. NBFCs have been leading in the rapidly evolving digital lending space, leveraging technology to reach wider audiences and streamline the user experience, RBI...
UK inflation in surprise fall in August, though Bank of England still set to raise rates, ET BFSI
London, Sep 20 (AP) Inflation in Britain fell unexpectedly in August to its lowest level since the start of Russia's invasion of Ukraine, which led to sharp rises in energy and food costs. The Office for National Statistics said Wednesday that inflation, as measured...
Rupee faces risk from rising oil prices, BFSI News, ET BFSI
Oil prices have been rising for three weeks in a row and have touched their highest level since November after Saudi Arabia and Russia decided to extend their supply cuts till the end of this year. With rising crude oil prices in the international market pushing up...
Vehicle and gold loans segments remain favourite for big NBFCs, ET BFSI
NBFCs in the upper layer, all of which are privately owned, provide a major chunk of their gross advances to the retail segment, while the middle layer provided maximum credit to the industry. Government NBFCs that fall in the middle layer are large providers of...
Savings account holders gain as banks chase low-cost CASA deposits, ET BFSI
Banks in India, particularly public sector institutions, are intensifying efforts to attract low-cost Current Account and Savings Account (CASA) deposits to tide over fund crunch and avoid raising funds through higher rate term deposits. They are employing innovative...
I-banks see 36% rise in IPO fee income in H1 as listings surge, ET BFSI
Mumbai: The recent rush of initial public offerings (IPOs) in the Indian market has ensured that investment banks (i-banks) have seen better fee income generation in recent months. Bankers have seen their fee income grow by a sharp 36% to ₹509.2 crore in H1FY24, data...
ICRA, BFSI News, ET BFSI
Lending to the retail sector does not pose any major risk to banks’ balance sheets despite this segment outgrowing overall credit growth and the share of unsecured loans rising within retail.“Credit growth remains robust despite some moderation. Even at the...
CBDC notes of Rs 500 most in circulation valuewise at Rs 2.71 crore, ET BFSI
Of this total e-rupee circulation, Rs 10.69 crore constituted wholesale CBDC, while Rs 5.70 crore comprised retail CBDC, according to RBI data.The Central Bank Digital Currency (CBDC), also known as the e-rupee, was in circulation with a total worth of Rs 16.39 crore...
Are banks closed for Ganesh Chaturthi? Check state-wise bank holiday list, ET BFSI
Banks will be closed in many states next week in observance of Ganesh Chaturthi (2023). Depending on the state, banks will be closed on 18, 19 and 20 for the festival.To ensure that customers are not inconvenienced and can plan their banking-related tasks accordingly,...
Inflows in Gold ETF hit 16-month high at Rs 1,028 crore in August, ET BFSI
NEW DELHI: Gold exchange-traded funds (ETFs) attracted Rs 1,028 crore in August, making it the highest inflow in 16 months, amid continued hikes in interest rates in the US, which led to a slowing down in growth rate there.With this, the year-to-date inflow in the...
Msme : How GSTN on Account Aggregator can help MSME lenders, ET BFSI
The Account Aggregator framework was expected to be a watershed moment, not unlike UPI, for financial services. So far, its enormous impact has been evident in consumer lending, but with the inclusion of Goods and Services Tax Network (GSTN) on the Account Aggregator...
IREDA inks MoU with Bank of Maharashtra for financing renewable energy projects, ET BFSI
New Delhi: State-owned Indian Renewable Energy Development Agency (IREDA) on Monday inked an initial pact with Bank of Maharashtra to finance renewable energy projects. The collaboration aims to promote and facilitate co-lending and loan syndication for a diverse...
Msme : How GSTN on Account Aggregator can help MSME lenders, ET BFSI
The Account Aggregator framework was expected to be a watershed moment, not unlike UPI, for financial services. So far, its enormous impact has been evident in consumer lending, but with the inclusion of Goods and Services Tax Network (GSTN) on the Account Aggregator...
India’s banking sector standing tall, UPI inspired countries globally: PM Modi, ET BFSI
Addressing the Lok Sabha members from the new building on the very first day, post-inaugural, Prime Minister Narendra Modi on Tuesday said India's banking sector is standing tall and has become the center of discussion."Technology such as introducing UPI has inspired...
Rupee ends at new low of 83.27/$ as oil surge- Analysts review forecasts, may remain under pressure ahead of US fed rate move, ET BFSI
MUMBAI: The rupee closed at a record low of 83.27 against the dollar, down nine paise from Friday. The previous all-time closing low was 83.21, recorded on September 7. The rupee weakening despite RBI selling dollars in the forex market is causing analysts to review...
Supreme Court quashes Religare Finvest’s plea against DBS Bank India, ET BFSI
The Supreme Court has quashed an FIR and the consequent criminal proceedings against DBS Bank India over a ₹791-crore fund diversion case filed by Religare Finvest Ltd (RFL).The original petition, a civil suit at the Delhi High Court (HC) and an FIR with the Economic...
IDBI Bank extends last date to invest in special FDs with higher interest rates, ET BFSI
IDBI Bank has revised fixed deposits interest rates for amounts less than Rs 2 crore. The rates are effective from September 15. Further, IDBI Bank has extended the validity date for special FDs dubbed as Amrit Mahotsav FD for 375 days and 444 days tenure, according...
Tata Capital may launch IPO in 2025, seek Jio Financial-like valuation: Report, ET BFSI
Tata Group's Tata Capital Ltd is restructuring its operations and expanding its board as part of the Group's plan to take the non-bank lender public, according to the report.“The Tata group is targeting an IPO for Tata Capital in 2025. The board has been expanded, and...
Bank lending to NBFCs jumps 23.6 pc in July to Rs 13.8 lakh crore: Report, ET BFSI
Mumbai: Banks' credit exposure to non-banking financial companies rose 23.6 per cent on-year to Rs 13.8 lakh crore in July, pushing up their overall share to 9.3 per cent during the month, an analysis of the RBI's monthly data by a ratings agency showed. The month...
SBI to send chocolates to borrowers who are likely to default on monthly repayments, ET BFSI
MUMBAI: The nation's largest lender State Bank of India is adopting a novel way to ensure timely repayments, especially by its retail borrowers, by greeting those likely to default on monthly installments with a pack of chocolates. According to the bank, it has been...
Digital payments to lift non-cash transactions to 1.3 trillion globally this year: Report, ET BFSI
Representative imageBy 2027, new payment methods (instant payments, e-money, digital wallets, account-to-account, and QR code payments) will make up approximately 30% of total volume, with traditional non-cash payments (checks, direct debits, cards, and credit...
DBS Bank India eyes to double Rs 6,300 crores gold loan book in 5 years, ET BFSI
DBS Bank India is looking to more than double its Rs 6,300 crores gold loan book within the the next five years, the company said while launching new features to its credit offerings in return of the precious metal. "We are witnessing exciting trends in the gold loan...
Analysts, BFSI News, ET BFSI
The Nifty could touch 20,600 if it manages to breach the 20,400 level. Analysts, however, said upsides would be tougher to come after the recent run-up and crucial support is at 19,900. Tata Steel, Grasim, Tech Mahindra, Alkem Labs, Tata Consumer, and Union Bank could...
Comparison of SBI, ICICI Bank, Indian Bank, Canara Bank, Bank of Baroda, ET BFSI
The majority of home loans are linked to the EBLR, which stands for External Benchmark Lending Rate. The interest rates on all floating rate home loans will be linked to an external benchmark. For example, starting on October 1, 2019, SBI started using the repo rate...
FPIs take out Rs 4,800 crore from equities in first fortnight of September, ET BFSI
NEW DELHI: Foreign portfolio investors (FPIs) have pulled out close to Rs 4,800 crore from equities in the first fortnight of September on rising US bond yields, a stronger dollar, and concerns over global economic growth.Before the outflow, FPIs were incessantly...
Dhanlaxmi Bank shares fall after independent director quits, BFSI News, ET BFSI
BENGALURU: Shares of private lender Dhanlaxmi Bank dropped as much as 9% on Monday before recovering partially, after Sridhar Kalyanasundaram, an independent director, quit over the weekend, citing differences with the board on matters including the bank's rights...
Sensex snaps longest winning streak in 16 years, slides 242 pts; Fed decision eyed, ET BFSI
Caution ahead of the US Federal Reserve's key interest rate decision later this week weighed on Indian equity indices, with the Sensex ending a 11-session winning streak on Monday. It fell 242 points, or 0.36%, to end at 67,597 dragged by index heavyweights Reliance...
Kaushik Shaparia, CEO of Deutsche Bank Group, India, ET BFSI
Given strong economic fundamentals, India's sovereign rating should be much higher than what it is, although more needs to be done to convert the burgeoning global interest in the country into actual investment, Kaushik Shaparia, CEO of Deutsche Bank Group, India,...
Rupee hits all-time low of 83.29 against US dollar, BFSI News, ET BFSI
New Delhi, The rupee depreciated for the fourth straight day to settle 13 paise lower at its lifetime low of 83.29 (provisional) against the US dollar on Monday, mainly due to risk aversion in global markets and rising crude oil prices. Besides, a strong American...
SBI introduces digital opening of NRE/NRO account setup through YONO, ET BFSI
State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or 'new to bank' customers,...
Gold prices hold tight ranges ahead of likely Fed rate pause, ET BFSI
Gold prices were flat on Monday as investors continued to price in a pause in interest rate hikes by the Federal Reserve at their policy meeting this week with a focus on the U.S central bank's rate outlook.FUNDAMENTALS* Spot gold was listless at $1,924.29 per ounce...
From HSBC to Citi, global banks expand maternity benefits to retain women in India, ET BFSI
In addition to the required on-site daycare, HSBC Holdings Plc provides female employees with a monthly childcare allowance of up to $216 to pay for a nanny to look after kids up to age of 6.HSBC pays for bankers’ nannies in India for up to six years. Morgan Stanley...
Risk of sizeable decline on Indian rupee on the rise, analysts say, ET BFSI
The rupee inched up against the U.S. dollar on Monday, but surging oil prices and the rally on the dollar index suggest the rising risk of a significant decline in the local currency, analysts said.The rupee was last at 83.1450 to the U.S. dollar, compared with...
US International Development Finance Corporation sanctions $20 million loan for Ummeed Housing Finance, ET BFSI
The US International Development Finance Corporation (DFC) has sanctioned a $20 million long term loan for Gurgaon-based Ummeed Housing Finance to fund housing needs of the economically weaker and middle-income groups.The American funding body will provide the debt at...
Banks don’t want you to overpay card dues, BFSI News, ET BFSI
MUMBAI: Banks are either not allowing credit card users to pay an amount more than their outstanding or refunding excess amounts due to concerns over money laundering and fraud. Most credit card users pay either their total outstanding or minimum dues every month, but...
Bank of Baroda announces special interest rates, BFSI News, ET BFSI
Mumbai Bank of Baroda (BoB) has announced special interest rates for the festive season with home loan rates starting at 8.40%, with a complete waiver of processing fees. Car loans will start at 8.70% while education loans will be at 8.55% down 60 basis points and...
ICRA, BFSI News, ET BFSI
Mumbai: Indian banks' loans could grow as much as 13.2% this fiscal year led by a strong growth in retail loans, but rising funding costs could crimp their profitability even if their gross bad loans fall on better credit underwriting, rating company ICRA said.While...
AU Small Finance Bank plans microloan foray, open to acquisition, ET BFSI
Kolkata: AU Small Finance Bank, which started its banking journey six summers ago with 95% secured loan assets and without any microfinance lineage, has now decided to explore the so-called bottom-of-the-pyramid customer segment. The lender, while planning its own...
HDFC Bank enters into co-lending pact with CreditWise Capital, ET BFSI
Kolkata, Leading private lender HDFC Bank entered into a co-lending partnership with CreditWise Capital (CWC) for extending two-wheeler loans. CWC said in a statement on Friday that by virtue of the co-lending agreement, loans for two-wheelers will be available in...
After a 7-year stint, Siddharth Saxena exits Kotak Mahindra Bank, ET BFSI
Siddharth SaxenaAfter an illustrious seven-year tenure, Siddharth Saxena, the Senior Vice President at Kotak Mahindra Bank, has decided to embark on a new chapter in his career.During his time at the bank, Saxena demonstrated expertise in a wide array of areas,...
UCO Bank target is to grow operating profit by 15% this financial year: MD, ET BFSI
Ashwani Kumar, MD & CEO, UCO Bank, says “our target is to grow operating profit by 15% during this financial year and on a year-on-year basis and profit after tax is a play of provisions and going forward looking at the PCR, we are having around 94-95% PCR and our...
J&K Bank managing director presents dividend cheques worth Rs 30 crore to J&K Lt Governor, ET BFSI
Jammu and Kashmir Bank on Friday presented dividend cheques worth over Rs 30 crore to the Union Territory government, initiating the payment of dividend to its shareholders after seven years. MD and CEO Baldev Prakash presented two cheques worth Rs 28.57 crore and Rs...
Dinesh Kumar Khara, SBI, ET BFSI
"As far as this quarter is concerned, inflation, of course, we have seen that for two months there was inflation which was outside the tolerance level of Reserve Bank of India," says Dinesh Kumar Khara, Chairman, SBI.Should we pick it up from where we left last time,...
Axis Bank cuts FD interest rates, slashes fixed deposit rate by 50 bps on this tenure, ET BFSI
Axis Bank has reduced fixed deposit interest rates on select tenures by up to 50 basis points (bps) for amounts below Rs 2 crore. The new FD rate is effective from September 15, 2023, according to the Axis Bank website.After the revision, Axis Bank offers interest...
Indian Bank to deploy more than 5,000 business correspondents, ET BFSI
CHENNAI: Public sector Indian Bank would deploy over 5,000 new business correspondents (BC) by March 2024. This effort is expected to significantly bolster the bank's reach and accessibility, ensuring that more underserved communities have access to essential...
Indian Bank unveils ‘IB SAATHI’ to enhance banking services, BFSI News, ET BFSI
Public sector Indian Bank on Saturday announced roll out of 'IB SAATHI' initiative aimed at providing an integrated ecosystem for all stakeholders in the financial sector through the business correspondent route. The IB Sustainable Access and Aligning Technology for...
Public banks surge 11% as lower valuations draw investor interest, ET BFSI
Mumbai: Shares of public sector banks surged as much as 11% Friday, reflecting their robust potential in the current market environment where many other stocks are trading at elevated valuations, and also helped by speculation that JPMorgan Chase is poised to...
UCO Bank target is to grow operating profit by 15% this financial year: MD, ET BFSI
Ashwani Kumar, MD & CEO, UCO Bank, says “our target is to grow operating profit by 15% during this financial year and on a year-on-year basis and profit after tax is a play of provisions and going forward looking at the PCR, we are having around 94-95% PCR and our...
Nifty Bank headed towards new peak, may even touch 47,000: Rupak De, ET BFSI
With the momentum in the market remaining bullish, Nifty Bank is now approaching its all-time high and can even zoom past the 47,000-level, says Rupak De of LKP Securities.“The strong presence of Put writers at 46,000 has helped the index to stay in positive...
Tata Sons May Explore Options To Avoid Upper-layer Nbfc Tag, ET BFSI
MUMBAI: Tata Sons, the holding company of the $150-billion Tata Group, will have to be ready for a stock market listing by September 2025 with the RBI classifying it as an ‘upper-layer’ NBFC, which requires greater regulatory compliance.If Tata Sons gets listed, it...
Will banks increase fixed deposit interest rates now due to higher loan demand?, ET BFSI
The amount of loans that Indian banks disbursed in the first five months of the current financial year was higher than the deposits they received in the period. The bank credit rose 9.1% to Rs 124.5 lakh crore in April-August 2023, while bank deposits surged by 6.6%...
Sensex hits new high, nears 68,000 mark, BFSI News, ET BFSI
MUMBAI: Rising for the 11th consecutive session on the back of positive domestic economic data, the sensex gained 320 points on Friday to a record high close of 67,839 points. In intraday trades, the index touched a life-high mark of 67,927 points. The sensex has...
Bank of Baroda announces special interest rates, ET BFSI
Mumbai Bank of Baroda (BoB) has announced special interest rates for the festive season with home loan rates starting at 8.40%, with a complete waiver of processing fees. Car loans will start at 8.70% while education loans will be at 8.55% down 60 basis points and...
Rajnish Kumar | Mastercard India: Former SBI chief Rajnish Kumar named Mastercard India chairman, ET BFSI
On Thursday, Mastercard India made an official announcement regarding the appointment of Rajnish Kumar, the former head of SBI, as its non-executive chairman. In this vital non-executive advisory capacity, Kumar will provide guidance to Mastercard's South Asia...
Standard Chartered Bank launches private banking centre in Chennai, ET BFSI
CHENNAI: Standard Chartered Bank launched its private banking centre in Chennai on Friday targeting ultra high net worth (UHNW) customers. UHNW customers are individuals having net worth of over $30 million.It is the fifth centre to be launched by the leading...
India’s Foreign exchange reserves dip $4.99 bln to $593.90 bln for the week ending Sept 8, ET BFSI
India's foreign exchange reserves decreased by $4.992 billion to $ 593.904 billion for the week ending September 8, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves were up by $4.039 billion to $598.897 billion for the...
Axis Bank investment banking arm Axis Capital’s co-CEO steps down, ET BFSI
Mumbai: Private sector lender Axis Bank's investment banking arm Axis Capital's co-head Chirag Negandhi has stepped down from his post of joint MD and Co-CEO, sources aware of the development told ET.Negandhi became the Co-CEO of the Axis Bank i-banking unit in 2018...
India in talks with 22 countries for bilateral trade in Rupee: FM Sitharaman, ET BFSI
India is currently in discussions with around 22 countries for executing bilateral trade in Rupee, Finance Minister Nirmala Sitharaman said in a television interview on Friday."About 22 countries are negotiating and approaching us to see if bilateral trade can be held...
Kinara Capital Commits INR 575+ Crores in Business Loans Disbursement for MSMEs in Karnataka by FY24, ET BFSI
Bengaluru, Karnataka, India (NewsVoir) Kinara Capital, a fast-growing fintech driving MSME financial inclusion, today reiterated its commitment to fostering MSMEs in Karnataka. It aims to disburse over INR 575+ crores in business loans in FY24 and support the growth...
Indian Bank to deploy more than 5,000 business correspondents, ET BFSI
CHENNAI: Public sector Indian Bank would deploy over 5,000 new business correspondents (BC) by March 2024. This effort is expected to significantly bolster the bank's reach and accessibility, ensuring that more underserved communities have access to essential...
Rupee falls 12 paise to close at 83.15 against US dollar, BFSI News, ET BFSI
The rupee fell 12 paise to settle at 83.15 (provisional) against the US dollar on Friday, dragged down by rising crude oil prices and a strong greenback against major rivals overseas. However, a positive trend in domestic markets restricted the downside for the local...
Bajaj Housing Finance offers Festive Home Loans at Interest Rates starting at 8.45% p.a., ET BFSI
Pune, Maharashtra, India (NewsVoir) Bajaj Housing Finance Ltd., a subsidiary of Bajaj Finance Ltd., one of India's leading and most diversified financial services companies, announced a festive offer on Home Loans, with interest rates starting at 8.45%* per annum for...
SBI home loan interest rates in September 2023, BFSI News, ET BFSI
The State Bank of India (SBI)’s latest marginal cost of funds-based lending rate (MCLR) is effective from September 15, 2023, according to the SBI website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer.Also read: Reset of floating...
SBI tops debit cards market, HDFC continues to dominate credit cards in July’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 whopping 27 per cent share in July 2023, revealed latest data by 1Lattice (Previously PGA Labs).Top banks followed the list like Bank of...
Citigroup revamps top management, prepares for job cuts, BFSI News, ET BFSI
In a significant restructuring move, Citigroup is set to simplify its operations by reducing managerial layers and cutting jobs, granting CEO Jane Fraser more direct control, reported Reuters. The reorganization aims to enhance the performance of the Wall Street...
Trading platform RTV Tech acquires ‘CLASS’ of BSE Technologies, ET BFSI
BSE Technologies Private Limited (a subsidiary of BSE Limited) on Friday announced the successful sale of its CLASS Back Office software segment, along with complementary products like Citrus, Spark, and Class DP, to RTV Tech Systems Pvt. Ltd. (a wholly owned...
Shanghvi Finance exits RBI’s upper layer NBFC list, BFSI News, ET BFSI
Mumbai: Dilip Shanghvi-promoted NBFC Shanghvi Finance no longer is in the upper layer list of the Reserve Bank of India (RBI), according to the central bank's classification for 2023-24. A total of 15 NBFCs are part of the list, down from 16 when the RBI first...
Federal Bank to open 100 branches in FY24, BFSI News, ET BFSI
Federal Bank, the largest private sector lender in Kerala, on Tuesday said it will open 100 more branches this fiscal as part of its increasing focus on lending to small businesses. The Kochi-based lender had opened 75 branches last fiscal, its executive director...
Bank of Maharashtra invites bids for loans of Asian Hotels (North), ET BFSI
Bank of Maharashtra has put under the hammer loans extended to Asian Hotels (North), which operates the five-star property Hyatt Regency (Delhi). In a rare development, the bank is expecting full recovery of dues from the sale of the loans to a hotel, owned by the...
Banks seek relaxation in account takeover norms, BFSI News, ET BFSI
The Centre is examining a suggestion made by lenders to relax existing guidelines that prevent state-run banks from taking over corporate accounts from another lender where its current top management was previously posted. Over a decade ago, the government, through an...
Axis Bank sees some stress in personal loans: Macquarie report, ET BFSI
Mumbai: Small-ticket personal loans below ₹50,000 and some higher-end personal loans are seeing some stress, according to Amitabh Chaudhry, managing director of Axis Bank. Speaking to investors in Singapore, as per a Macquarie report, Chaudhry also highlighted some...
Consumption, demand, GDP and inflation to decide how interest rate moves: SBI MD, ET BFSI
Alok Kumar Choudhary, MD, SBI, says “depending upon the evolving situation in terms of inflation and of growth because already there is growth in the economy, in GDP. RBI said that on careful deliberation on the evolving situation, the interest scenario will change...
SoftBank’s Arm valued at $54.5 billion in year’s biggest IPO, ET BFSI
The logo for chip designer Arm and an Arm webpage are shown in this photo, in New York, Wednesday, Sept. 6, 2023. Shares in the company are expected to start trading on Thursday. (AP Photo/Richard Drew)By Echo Wang and Anirban SenNEW YORK: Chip designer Arm Holdings...
Emkay Investment Managers appoints Manish Sonthalia as Chief Investment Officer, ET BFSI
Emkay Investment Managers (EIML) has announced the appointment of Manish Sonthalia as its Chief Investment Officer. Sonthalia joins EIML, the asset management arm of Emkay Global Financial Services, from Motilal Oswal Asset Management Company, a company release said....
Maruti Suzuki partners with Indian Bank to provide financing solutions to dealers, ET BFSI
Maruti Suzuki India Ltd on Thursday said it has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with...
Rupee falls 2 paise to close at 83.03 against US dollar, BFSI News, ET BFSI
New Delhi, The rupee pared initial gains to settle 2 paise lower at 83.03 (provisional) against the US dollar on Thursday, weighed down by a surge in crude oil prices and strong American currency overseas. However, a positive trend in domestic markets cushioned the...
Goldman Sachs fires several executives in transaction banking, ET BFSI
Goldman Sachs fired several executives in its transaction banking unit after they violated the firm's communications policy, according to a memo seen by Reuters on Wednesday.The company did not name the individuals in the memo. Philip Berlinski, the bank's treasurer,...
Corporates, lenders turning to debt markets for lower costs, ET BFSI
Mumbai: Indian companies are raising more funds directly from the market through commercial papers (CPs), and banks are choosing certificates of deposit (CDs), to benefit from negotiable borrowing costs.With the Reserve Bank of India (RBI) mandating banks to maintain...
NCLT rejects Torrents’s plea, to hear Hinduja’s resolution plan approval on Sep 26, ET BFSI
New Delhi, The National Company Law Tribunal (NCLT) will hear on September 26 the resolution plan for debt-ridden Reliance Capital submitted by Hinduja Group firm Indusind International Holdings Ltd (IIHL) as Torrent Investments' plea to keep the decision in abeyance...
Yes Bank | Briskpe :Yes Bank and BriskPe partner to enable seamless cross-border payments for MSMEs, ET BFSI
Cross-border payments' fintech company BriskPe and Yes Bank have partnered to introduce BriskPe A2A, a suite of solutions designed to empower exporters and importers. This strategic partnership enables BriskPe’s customers to collect payments in over 36 foreign...
Short-end bond yields may stay elevated on fiscal slippage worries, ET BFSI
Mumbai: As the finance ministry prepares for an interim budget early next year, government bond traders are contending with the growing possibility of the Centre overshooting its fiscal gap threshold due to the evolving tax revenue trends and likely higher spending in...
How Bajaj Finance, Jio Financial Services stack up against each other, ET BFSI
With Bajaj Finance just having less than 2% share of India's credit market despite assets of Rs 3 lakh crore, there remains immense scope for challengers like Jio Financial Services to grow in the market.Jio Financial Services (JFS), a unit of Reliance Industries...
Neobanks threat to incumbent banks, need to overlay modern tech on priority: KV Kamath, ET BFSI
The digital supercycle is unfolding. Industry veteran KV Kamath, Chairman of the National Bank for Financing Infrastructure and Development (NaBFID) highlighted how the incumbent financial services players will fall out behind in this digital supercycle if they don't...
India’s re-jig of banks’ investment rules to boost govt debt appetite, ET BFSI
The Indian central bank's removal of the cap on how much a bank can invest in bonds they intend to hold to maturity will boost lenders' appetite for government securities and benefit their bottom lines, four bankers said on Wednesday.The Reserve Bank of India (RBI)...
Coffee Day Global, IndusInd Bank settle debt issues, NCLAT terminates insolvency proceedings, ET BFSI
Coffee Day Global Ltd (CDGL) on Wednesday said that it has reached a settlement with its financial creditor IndusInd Bank, following which NCLAT has saside an insolvency order against the company which owns and operates coffee chain Cafe Coffee Day. The Counsel...
Bank of India raises Rs 2,000 crore, BFSI News, ET BFSI
Mumbai, State-owned Bank of India on Wednesday said it has raised Rs 2,000 crore through tier II bonds at a coupon rate of 7.88 per cent. The amount was mopped up on the electronic bidding platform of the NSE, the bank said in a statement. The bank said it received 83...
Rupee falls 2 paise to close at 82.97 against US dollar, BFSI News, ET BFSI
The rupee depreciated by 2 paise to close at 82.97 (provisional) against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency overseas. However, a positive trend in domestic markets and upbeat macroeconomic data from...
People not using no-frills accounts because of charges levied by banks: Nandan Nilekani, ET BFSI
Infosys co-founder and chairman Nandan Nilekani on Tuesday said people are not using no-frills bank accounts because of the transaction charges levied by banks. Nilekani exuded confidence that the problem on hand is "solvable", and added that it is essential to find a...
Banking and Financial Services players likely vanguards of next surge, ET BFSI
In the event of substantial selling pressure, especially in midcap and smallcap stocks, one can contemplate buying large-cap banking or finance stocks, which could minimize downside risks, according to analysts. Both the Nifty Bank and Nifty Financial Services indices...
Offers highest interest rate of 7.25% on this fixed deposit tenure, ET BFSI
Kotak Mahindra Bank has revised fixed deposit interest rates applicable for deposits below Rs 2 crore. The revised fixed deposit rates are effective from September 13, 2023.Kotak Mahindra Bank offers an interest rate between 2.75% to 7.25% to general citizens and...
Rupee trades in narrow range against US dollar, BFSI News, ET BFSI
The rupee witnessed a range-bound trading against the US dollar in early trade on Wednesday, as the support from positive macroeconomic data was negated by elevated crude oil prices and a firm American currency. Forex traders said domestic retail inflation data and...
Citibank allows new mothers WFH up to one year, BFSI News, ET BFSI
Mumbai: Citibank has introduced a new work-from-home (WFH) option for female employees, allowing them up to 12 months of remote work after their 26-week maternity leave. Additionally, female employees can request three months of WFH during the final trimester of...
Not just financing, but handholding on data, taxation, marketing will be required for MSME: Vivek Joshi, ET BFSI
Even after an infusion of USD 53 billion in FY22 into the market through various channels, the current working capital deficit stands at USD 112 billion in India. In the next five years, as the number of digital SMEs doubles, the demand for credit is expected to cross...
Banks in talks with intelligence agencies to detect loan defaulter transactions, ET BFSI
This proposed mechanism would enable the immediate flagging of suspected transactions, affording intelligence agencies sufficient time to take swift action.Lenders have initiated discussions with intelligence agencies to establish an early warning mechanism aimed at...
Credit Access Grameen raises Rs 990 crore via selling NCDs, BFSI News, ET BFSI
The lender had announced Rs 400 crore as the base issue size with an option to retain oversubscription up to Rs 600 crore.This was the second NCD by India's largest NBFC-MFI. The issue opened for subscription on August 24 and had an early closure on September 1."The...
SoftBank’s Arm seeks $47 to $51 per share in IPO, BFSI News, ET BFSI
Arm, the chip designer owned by SoftBank Group Corp, is getting close to securing enough investor support to attain the fully diluted valuation of $54.5 billion it was seeking in its initial public offering (IPO) at the top of its indicated range, and is considering...
Standard Chartered Global CEO Bill Winters meets with Finance Minister Nirmala Sitharaman, ET BFSI
NEW DELHI: Bill Winters, the Global CEO of Standard Chartered, a leading international banking group, had a significant meeting today with India's Finance Minister, Nirmala Sitharaman, at her office in the capital city.Nirmala Sitharaman office posed on X, "Mr Bill...
Bank of Baroda Unveils Festive Campaign “BOB Ke Sang Tyohaar Ki Umang”, ET BFSI
Since the festive season is around the corner, one of India's top public sector banks, Bank of Baroda, today announced the start of the "BOB Ke Sang Tyohaar Ki Umang" holiday campaign, which would last through December 31, 2023.The launch of 4 new savings accounts...
Association of Investment Bankers of India (AIBI) appoints Mr. Mahavir Lunawat of Pantomath Capital as Chairman, ET BFSI
MUMBAI, India , Sept. 12, 2023 /PRNewswire/ -- Association of Investment Bankers of India (AIBI), the investment banking sole representative to SEBI and various statutory authorities, announced the appointment of Mr. Mahavir Lunawat, Managing Director of Pantomath...
Shakti Vats Aggarwal appointed at Bandhan Bank as Vice President in Legal Affairs, ET BFSI
Recently, Bandhan Bank has appointed Shakti Vats as its new Vice President of Legal Affairs. As the Vice President, Shakti will play a pivotal role in driving the company's financial growth by spearheading legal affairs, finance, and compliances, stationed at the...
Instead of retail, real value of CBDC lies in cross-border: Nandan Nilekani, ET BFSI
Instead of retail usage, the Central Bank Digital Currency or the CBDC will have more value and be more effective on the cross-border payments side, Chairman and Co-Founder of Infosys and the founding Chairman of UIDAI, Nandan Nilekani pointed out on Tuesday.We should...
IOB embraces digital medium to offer online allotment of locker facility, ET BFSI
Chennai, Public sector Indian Overseas Bank has introduced online allotment of safe deposit locker facility to serve its customers, the lender said on Tuesday. The safe deposit locker facility is accessible at the bank's online portal to customers who seek to avail of...
Rupee rises 9 paise to close at 82.94 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee appreciated 9 paise to close at 82.94 (provisional) against the US dollar on Tuesday amid fresh foreign fund inflows and expectations of better macroeconomic data. Forex traders said the Indian rupee appreciated on Tuesday as domestic markets hit...
IOB launches online allotment of safe deposit locker facility, ET BFSI
CHENNAI: Public sector Indian Overseas Bank (IOB) on Tuesday announced the launch of the online allotment of safe deposit locker facility.The facility is now conveniently accessible online within two minutes, requiring just a few clicks on the bank's portal -...
Kotak Mahindra Bank’s digital platform ‘Kotak fyn’ drives 68% of corporate banking transactions, ET BFSI
About 68% of Kotak Mahindra Bank's corporate banking transactions are happening digitally, thanks to the bank's new digital platform for corporate clients, Kotak fyn (for your need), a senior bank executive said."This was doubled in the last six months after fyn came...
State-owned NBFC IREDA files DRHP with Sebi for IPO, BFSI News, ET BFSI
State-owned Indian Renewable Energy Development Agency (IREDA) has filed its draft red herring prospectus (DRHP) with capital markregulator Sebi to raise funds through an IPO.It is the first IPO by a public sector enterprise after Life Insurance Corporation's public...
Yes Bank partners Juspay to offer merchant in-app UPI payments, ET BFSI
Mumbai: Yes Bank today has partnered with Juspay to launch HyperUPI - NPCI's plug-in service - that allows merchant apps to build in-app UPI payments. Merchants onboarded by Yes Bank can now offer their customers a one-click UPI experience without opening their UPI...
Debit card and UPI spends were similar in 2020, then this happened.., ET BFSI
When did you last took out your debit card for payment? Since the pandemic, the more convenient Unified Payments Interface (UPI) has taken over as the preferred choice for payments by consumers, even online, and that is being reflected in the Reserve Bank of India's...
Credit Access Grameen raises Rs 990 crore via selling NCDs, BFSI News, ET BFSI
The lender had announced Rs 400 crore as the base issue size with an option to retain oversubscription up to Rs 600 crore.This was the second NCD by India's largest NBFC-MFI. The issue opened for subscription on August 24 and had an early closure on September 1."The...
This private bank is gaining momentum to rise 4%, BFSI News, ET BFSI
In a historic day of trade, NIFTY not only scaled a new high but also tested the psychologically important 20,000 mark. The markets opened on a modestly positive note; however, they remained in an upward-rising trajectory throughout the day. Not even once did the...
UPI’s revolutionary journey, ET BFSI
UPI was launched in April 2016, by the National Payments Corporation of India (NPCI), and a few months later, a big change was witnessed in the Indian economic ecosystem with the announcement of demonetisation of Rs 1000 and Rs 500 banknotes. The demonetisaton move...
How Digital Personal Data Protection Act of 2023 will impact financial sector, ET BFSI
The Act adds another layer of regulation, particularly focusing on data protection and privacy. This intersection requires financial sector participants to adopt a nuanced approach to comply with the regulation.In an era where technology plays a central role in the...
Crypto exchange Coinbase to discontinue all services in India this month, ET BFSI
US-based cryptocurrency exchange Coinbase is sto discontinue its operations in India, the firm has informed some customers through email.According to a TechCrunch report, the crypto exchange has now warned customers in India that the Coinbase crypto exchange is about...
Aditya Birla Finance joins the Open Credit Enablement Network with digital purchase order loans, ET BFSI
Mumbai: Aditya Birla Finance (ABFL), the lending arm of Aditya Birla Capital (ABCL), has joined the public financing platform Open Credit Enablement Network (OCEN) by launching instant Purchase Order (PO) financing for MSMEs registered on Government e-Marketplace...
Rupee falls 1 paisa to 83.03 against US dollar, BFSI News, ET BFSI
New Delhi, The rupee settled 1 paisa lower at 83.03 (provisional) against the US dollar on Monday, as positive cues from domestic equity markets failed to allay investors' concerns over elevated crude prices. A weak American currency against major rivals overseas,...
Check which bank is offering lowest interest rate on home loan, ET BFSI
There isn't much a house loan borrower can do about interest rate changes, as the changes in home loan will depend on the RBI's decision. So at least borrowers can make sure they are obtaining the best available terms on their loans.After a series of increases that...
Companies bet against high for long in bond blitz, BFSI News, ET BFSI
Companies storming the bond markat record-breaking pace made one thing clear: They don't expect rates to stay elevated for long.More than $110 billion in bonds sold globally this week, the busiest start to September on record, with issuance heavily skewed to debt due...
Family offices at Gujarat’s International Financial Services Centre run into a grey area, ET BFSI
Indian regulators are in a Catch-22 situation over allowing the rich to float family offices in the country's International Financial Services Centre (IFSC) in Gujarat for holding a part of their wealth in different foreign assets and currencies.Differences have...
FD rates may rise as loans grow faster than deposits, BFSI News, ET BFSI
MUMBAI: Growth in bank credit has outpaced the increase in deposits during the first five months of the current fiscal. As a result, bank deposit rates are likely to move up further, with banks' weighted average term deposit rates inching up 27 basis points in...
Softer prices of gold offer good entry levels via SGBs, BFSI News, ET BFSI
Mumbai: Investors can take advantage of recent softness in gold prices to allocate funds for the second tranche of sovereign gold bonds (SGBs).With the union budgimposing tax on the gains from gold mutual funds and ETFs in line with income slabs, financial planners...
Union Bank ordered to pay 1L for failing to return property papers, ET BFSI
HYDERABAD: A district consumer forum has directed Union Bank of India to pay 1 lakh compensation to a consumer for failing to return the title deed, submitted as collateral for an educational loan, even after closure of the loan.The forum asked the bank to either...
Unsecured loans are on the rise as Indian aspirations meet easy borrowing. Do lenders and households need to be cautious?, ET BFSI
Prem Batra, a Mumbai-based IT professional, was ready to upgrade his mobile phone. He didn't want to spend anything more than Rs 25,000 on his new device. However, the 32-year-old ended up buying an iPhone 13 on an EMI of Rs 2,700-which he thought wouldn't pinch his...
Nifty 172 points away from peak. 5 factors for stock market investors to track this week, ET BFSI
NEW DELHI: Beating mixed global cues, Sensex and Nifty gained nearly 2% last week with all sectors participating in the broad-based rally which was backed by strong economic outlook and macroeconomic data such as robust GDP and PMI figures.Nifty is now just 172 points...
Banking on big push to multilateral development bank reforms: G20 negotiators, ET BFSI
India is hopeful of a big push for reforms of multilateral development banks (MDBs) at the G20 Summit, officials said. "There has been a very rich and intense discussion, and we are highly hopeful that the discourse over the past nine months will ga positive...
RBI approves Dipak Gupta as Kotak Bank’s CEO for 2 months, ET BFSI
MUMBAI: The RBI has approved the appointment of Dipak Gupta as interim MD & CEO of Kotak Mahindra Bank for two months, effective September 2. The central bank has ratified the decision taken by the private bank's board on Saturday following Uday Kotak's...
NBFCs bracing for a rise in borrowing costs, BFSI News, ET BFSI
Mumbai: Non-banking finance companies , which depend on banks for funds, may see an increase in borrowing cost over the next few quarters amid a surge in demand and tightening monetary conditions.Japanese brokerage Nomura Securities expects cost of funds for NBFCs to...
Union Bank of India launches Rupay debit cards for Women and HNIs, ET BFSI
Mumbai: Union Bank of India has introduced two new Debit Card variants - a Metal Card for Ultra HNI and one with benefits targeted at women. Both the cards are issued on the Rupay network.Besides the metal design, the HNI card will have benefits in the form of...
Chinese banks ‘far less digital’ than Indian lenders, says KV Kamath, ET BFSI
Chinese banks are "far less digital" than Indian lenders now even though they had embarked on the digital journey very early, veteran banker K V Kamath said on Thursday. "I think (there are) lots of differences between what has happened there (China) and what has...
Some investors may oppose ICICI’s bid to delist broking arm, ET BFSI
Mumbai: Private lender ICICI Bank's proposed bid to delist its broking and investment bank arm might face opposition from a section of the shareholders. While some investors think the conditions to delist ICICI Securities do not favour public shareholders, lawyers are...
RBI approves appointment of Dipak Gupta as interim MD & CEO of Kotak Mahindra Bank, ET BFSI
The Reserve Bank of India (RBI) on Friday approved the appointment of Dipak Gupta as interim MD and CEO of Kotak Mahindra Bank. Gupta have been assigned the position for two months, as of now. The appointment comes after billionaire Uday Kotak, who founded and led...
Foreign exchange reserves up by $4.04 bln to $598.90 bln for the week ending Sept 1, ET BFSI
India's foreign exchange reserves are up by $4.039 billion to $598.897 billion for the week ending September 1, latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves were down by $30 million at $594.85 billion for the week ended on...
5% gains on cards from private bank and real estate player, BFSI News, ET BFSI
It was a trending day for the markets as the key indices ended the day on a decently positive note. The markets opened on a negative note. This led to a negative opening of the Nifty index. It marked its low in the early minutes of the session and then slowly crawled...
Rupee rises 24 paise to close at 82.99 against US dollar, BFSI News, ET BFSI
New Delhi, The rupee snapped a four-day losing streak to close 24 paise higher at 82.99 (provisional) against the US dollar on Friday, helped by a firm trend in domestic equities and suspected intervention by the RBI. Besides, the local unit appreciated after the...
Who can use UPI ATM, how to withdraw cash without using debit or credit card, ET BFSI
Bank of Baroda (Bank) has enabled the UPI ATM facility at its ATMs nationwide, this new facility will allow customers to withdraw cash without using a debit or credit card.According to a Bank of Baroda press release issued on September 8, 2023, "It is the first Public...
Banks’ outstanding to NBFCs fall m-o-m in July as HDFC’s borrowings reclassified: Report, ET BFSI
An accelerated rise of 19.7% was witnessed in the gross bank credit offtake on a year-on-year (y-o-y) basis in July, a recent report by CareEdge stated. The growth was driven by services and personal loans with personal loans reporting a sustained growth at 31.7%...
SBI plans to raise $750 million via overseas bond issues, BFSI News, ET BFSI
Mumbai: State Bank of India, which owns nearly a fifth of the country's outstanding banking-sector credit, is tapping the overseas markets again to raise up to $750 million through bond sales being arranged by JP Morgan, BoFA Securities, Standard Chartered Bank and...
Banks’ cost of funds may rise further40 bps on term deposit repricing, ET BFSI
Term deposits in the banking sector are undergoing a significant re-pricing process with banks directing their efforts towards deposit mobilization primarily in the 1-3-year maturity bucket.The 1-3-year maturity bucket remains the preferred choice for mobilising term...
Personal loans log record 32% growth after HDFC merger, BFSI News, ET BFSI
MUMBAI: The personal loan segment in the banking sector posted a record increase of nearly 32% year-on-year in July 2023 - mainly due to the merger of HDFC with HDFC Bank. The merger, which added over Rs 4.3 lakh crore in home loans to the bank's portfolio, pushed...
Punjab and Sindh Bank revises savings and fixed deposit interest rates, ET BFSI
Punjab & Sind Bank (PSB), a public sector lender, revised its interest rates on fixed deposits for amounts under Rs 2 crore. The bank also has revised the savings account interest rate. The new interest rates are effective as of September 1, 2023, according to the...
Indian Bank partners with NY’s IBM to deploy compute infrastructure, ET BFSI
Hybrid cloud platform provider, IBM and Indian Bank have collaborated for deploying new front-end banking applications and providing the bank with safe compute infrastructure, the company announced on Monday. With this partnership, the public sector bank wanted to...
Stepping down as the Executive Chairman of HDFC at the age of 65 was the most difficult decision: Deepak Parekh, ET BFSI
Deepak Parekh, former chairman of HDFC Limited, today said that the most difficult decision he had to make in his career was stepping down as Executive Chairman of HDFC at the age of 65. At that time, the board expressed a desire for him to continue, but Parekh made...
SBI launches its generic nationwide transit card, BFSI News, ET BFSI
Mumbai:State Bank of India has launched its 'Nation First Transit Card', a RuPay prepaid instrument under the National Common Mobility Card (NCMC) that can be used nationwide.The card can be obtained nationwide for digital ticketing fare payments in metro, buses,...
Indian Bank collaborates with IBM, BFSI News, ET BFSI
CHENNAI: The Indian Bank on Monday announced collaboration with the IBM to accelerate its modernization path. The collaboration will provide flexible and secure compute infrastructure for deploying new front-end banking applications while addressing the business...
Banks moot covering stamp duty, registry charges in home loans, ET BFSI
Home loan seekers may be eligible to get larger financing if the banking sector regulator approves a proposal submitted by banks to include stamp duty and other registration charges in the project cost, said people with knowledge of the matter.Lenders reached out to...
Now, banks can offer their customers a BNPL experience through UPI, ET BFSI
Imagine, if you will, that a customer has been offered a pre-sanctioned credit line by his or her bank. When the customer tries to make a purchase and wants to dip into this credit line, he or she can do so through his or her UPI app. And that’s what India’s central...
Rupee falls 2 paise to hit lowest level of 83.15 against US dollar, ET BFSI
MUMBAI: The rupee fell 2 paise to hit the lowest level of 83.15 against the US dollar in early trade on Thursday amid a strong American currency and elevated crude oil prices.Forex traders said, massive selling of equities by foreign investors in the past few sessions...
Banks directed to pay unclaimed deposits, BFSI News, ET BFSI
Panaji: In line with the Reserve Bank of India's directive, the State Level Bankers' Committee (SLBC) has told banks in Goa to locate customers who have unclaimed deposits in branches in each district within hundred days so that the money can be disbursed.Banks have...
Airtel Payments Bank to enable face authentication-based e-KYC on Airtel Thanks App, ET BFSI
NEW DELHI: Airtel Payments Bank on Thursday said it would enable face authentication-based savings bank account opening for customers on the Airtel Thanks App. The feature will be live by the end of the year (2023), and it will allow users to open an account digitally...
RBI seeks feedback on settling Indian bonds via Euroclear, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India (RBI) has been making informal inquiries with select bond markparticipants about the impact of allowing settlement of domestic sovereign debt on the Euroclear platform, a move that experts believe would help expand the overseas...
RBI mulls handing over frictionless credit platform to private company: Shaktikanta Das, ET BFSI
Governor Shaktikanta Das on Wednesday said the Reserve Bank is mulling handing over the newly-launched frictionless credit platform to a private company as it did with the National Payments Corporation of India (NPCI). Under the frictionless platform initiative, banks...
HDFC Bank hikes interest rates on these loans by up to 15 bps; Check latest interest rates, ET BFSI
HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 15 basis points on select tenures. The new rates are effective from September 7, 2023, according to the HDFC Bank website.The bank's overnight MCLR as been raised by 15...
Credit card spends hit record high of Rs 1.45 lakh crore on e-commerce binge, ET BFSI
HDFC Bank continued to lead the pack in terms of credit card spending, achieving a total of Rs 39,403 crore for the month. Credit card spending hit a record high of Rs 1.45 lakh crore in July surpassing the earlier record of Rs 1.41 lakh crore in May 2023This growth...
Asian Development Bank flags $2.5 trillion gap in global trade finance, ET BFSI
The global trade finance gap reached an unprecedented high of $2.5 trillion in the preceding year, according to the Asian Development Bank (ADB). This surge in the trade finance gap has been primarily attributed to heightened economic risks that have stretched the...
Sebi asks AIFs to frame governance code, BFSI News, ET BFSI
Mumbai: Indian private equity houses, venture capital, and angel funds attracting big money from rich investors will have a governance code.The Securities & Exchange Board of India (Sebi), which does not want any blowup in these alternative investment funds (AIFs)...
HDFC Bank partners Shopse for instant digital loans, BFSI News, ET BFSI
Mumbai: HDFC Bank has partnered with a fintech Shopse to offer end-to-end digital consumer loans - 'Cardless EasyEMI'. The 'Cardless EasyEMI' program enables customers to pay later without physical documents or assistance. Through a simple QR code scan at...
Here’s what are new launches by NPCI over UPI, ET BFSI
NPCI has launches key new products on Wednesday at the Global Fintech Fest 2023. The launch was done by the Reserve Bank of India (RBI) Governor Shaktikanta Das. Nandan Nilekani, Non-Executive Chairman, Infosys and Advisor to NPCI, and Biswamohan Mahapatra,...
Axis Bank Integrates with Confirmation for Electronic Audit Balance Confirmation Processing , ET BFSI
Introduction:Axis Bank, India's leading private sector bank, has announced its alliance with Confirmation, the world’s leading electronic audit balance confirmation platform. This collaboration will enable Axis Bank to receive and send auditors' balance confirmation...
Rupee falls 10 paise to close at all-time low of 83.14 against US dollar, ET BFSI
New Delhi, The rupee depreciated by 10 paise and settled for the day at an all-time low of 83.14 (provisional) against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated...
Bandhan Bank revises savings account interest rates; now earn up to 7% interest rate, ET BFSI
Bandhan Bank has revised the interest rates on its savings accounts. According to the Bandhan Bank official website, the new interest rates are effective from September 5, 2023.Latest savings bank interest rateThe bank will now offer a 3 percent interest rate on...
‘Finfluencers’ to come under regulatory purview soon, BFSI News, ET BFSI
NEW DELHI: The rise of financial influencers - who charge as high as Rs 7.5 lakh for a post on social media - introduced a new way for people to access and interpret financial information, and these 'finfluencers' will soon come under the regulatory purview as Sebi...
Australia’s Pepper Money eyes NBFC business in India, BFSI News, ET BFSI
Australia headquartered non-banking finance company Pepper Money is looking to set up a payments and lending business in India and is planning to apply for a nonbanking financial services licence here in the next year or so.Speaking with ET, Pepper Global Group CEO...
IDBI Bank files appeal against NCLT order, BFSI News, ET BFSI
IDBI Bank has moved the appellate tribunal to challenge the National Company Law Tribunal’s approval for Sony-Zee merger, a move that could delay the big-ticket deal that has been approved by stock exchanges and the Competition Commission of India.In a disclosure to...
Rupee falls 15 paise to 82.77 against US dollar, BFSI News, ET BFSI
The rupee depreciated 15 paise to 82.77 against the US dollar in early trade on Monday as firm crude oil prices weighed on investor sentiments. At the interbank foreign exchange, the domestic unit opened at 82.71, then touched 82.77, registering a decline of 15 paise...
Shivalik Small Finance Bank partners with fintech firm Falcon for developing financial products, ET BFSI
North-India based Shivalik Small Finance Bank has joined hands with fintech company Falcon for developing financial products like instant Digital FDs and savings accounts, both companies said in a joint statement.The partnership will help develop a tech platform that...
SBI offers cheaper home loans to customers with lower credit scores, ET BFSI
The State Bank of India (SBI), India's largest bank, has unveiled an ambitious strategy to expand its home loan and top-up loan portfolio by targeting customers with lower credit scores and those who are new to credit. Under its latest 'campaign rates' initiative, the...
SEBI faces an uphill battle against ‘Finfluencers’, BFSI News, ET BFSI
In May, India’s market watchdog acted against a self-described options trader, allegedly for selling investment advice via the Telegram messaging app without the requisite registration with the regulator. As part of the settlement, P R Sundar, his wife, and their...
NBFC credit sanctions growth shrinks to 5.7% in Q1 as home loan demand contracts, ET BFSI
Non-banking finance sector's credit sanctions growth experienced a sharp decline, dropping to 5.7 percent year-on-year (Y-o-Y) during the first quarter of the fiscal year 2023-24 (Q1FY24). This marked a significant decrease from the previous year's Q1FY23, which had...
Indian Bank extends deadline of special FDs with higher interest rate, ET BFSI
Indian Bank, a public sector bank, has extended the special fixed deposit offering higher interest rate dubbed “Ind Super 400” and “Ind Supreme 300 days”, according to the bank website. The last date is extended to October 31, 2023. Ind Super 400 daysThis special FD...
Nazara Tech stock up 10% after preferential issue to Zerodha founder Nikhil Kamath, ET BFSI
New Delhi, Nazara Technologies' stock is up 10 per cent after the company announced a preferential issue of shares to Zerodha co-founder Nikhil Kamath.Nazara stock was up 10 per cent at Rs 835 on BSE on Monday.Nazara Technologies Limited, an India-based, diversified...
EWS, average loan exposure, micro and small businesses will lead NBFC-MFIs loan growth, ET BFSI
Recently, credit rating agency ICRA expected profitability of non-banking financial companies-microfinance institutions (NBFC-MFIs) to improve further to 2.7-3.0% in FY2024 and further to 3.2-3.5% in FY2025, from 2.1 per cent in FY2023. Importantly, ICRA estimates...
Axis Bank opens experiences for consumers with its latest campaign, ET BFSI
A still from the adAxis Bank has announced its credit cards campaign titled ‘Open Experiences’. Recognising the shift in the meaning of 'experience' in the current times, Axis Bank's campaign acknowledges that today's consumers seek more than materialistic gains. This...
Rupee slips, but RBI counted on to manage losses, ET BFSI
The Indian rupee was down on Tuesday, pressured by a fall in Asian peers and dollar buying by foreign banks. The rupee was last at 82.84 to the U.S. dollar, after closing at 82.7475 on Monday. The currency opened at 82.78 on Tuesday and touched an intraday low of...
UGRO Capital appoints Om Sharma as Chief Operating Officer, BFSI News, ET BFSI
After having a successful track record of over 20 years, Sharma has been appointed as Chief operating Officer at Urgo Capital limited to strengthen its leadership and digital activities in empowering MSMEs. Urgo Capital limited has announced Om Sharma as its Chief...
SBI, IDFC make digital rupee interoperable on UPI, ET BFSI
SBI introduces UPI interoperability for CBDCThe State Bank of India (SBI) announced it has implemented Unified Payments Interface (UPI) interoperability in Digital Rupee also called as Central Bank Digital Currency (CBDC). This feature, accessible through the 'eRupee...
SEBI Chief Buch, ET BFSI
The Securities and Exchange Board of India (Sebi) is addressing cybersecurity risks and averting cyber attacks at stock exchanges and clearing corporations to strengthen market infrastructure, Chairperson Madhabi Puri Buch said.“We have a mechanism in the works and...
Sundaram Home Finance plans to enter affordable home loan segment, ET BFSI
Sundaram Home Finance is planning to foray into the affordable home loan segment, which is growing fast in sync with the government's "housing for all" goal.The company, wholly-owned by Sundaram Finance, said it would focus on tier 2 and tier 3 towns for its...
Senior citizens can earn up to 8.5% interest rate on this FD tenure, ET BFSI
DCB Bank has revised fixed deposit interest rates for deposits below Rs 2 crore. The new rates are effective from September 1, 2023, according to the DCB Bank website.The bank is offering the highest FD interest rate of 7.75% to general customers and 8.50% for senior...
Rupee falls 35 paise to close at 83.06 against US dollar, BFSI News, ET BFSI
New Delhi, The rupee plunged by 35 paise to close at 83.06 (provisional) against the US dollar on Tuesday, amid a strong American currency and higher crude oil prices. Foreign fund outflows from the domestic equity markets also weakened the local currency. At the...
Muthoot Fincorp plans NCD issue to raise Rs 400 crore, ET BFSI
Mumbai: Muthoot FinCorp plans to raise up to ₹400 crore through the issuance of secured, redeemable, non-convertible debentures with varying tenures."The Tranche I Issue with a face value of ₹1,000 has been open to the public from Friday, September 1 till Thursday,...
In wake of Credit Suisse, Switzerland told to prepare for bank failure, ET BFSI
Switzerland was urged to prepare properly for the failure of a big bank on Friday by a group of experts in the wake of the collapse of Credit Suisse but their report to government skirted radical reform some say is needed.UBS Group emerged as Switzerland's single...
RBI giving time to banks; not long for Amazon, Google to get banking licences, ET BFSI
Will RBI blink and give banking licences to Big Tech firms? The participants at a panel discussion on Engaging The Customer of The Future at ETBFSI CXO Conclave think so."I feel RBI is giving banks time. I don't think RBI will be able to stop Google and Amazon from...
Sebi looking to set up performance validation agency to verify claims of intermediaries, ET BFSI
Capital markets regulator Sebi on Friday came out with a proposal to set up a Performance Validation Agency (PVA) to validate any claims of performance by registered intermediaries including investment advisers, research analysts and portfolio managers. The proposed...
India’s central bank says 93% of 2,000-rupee notes returned since May, ET BFSI
MUMBAI - The Reserve Bank of India (RBI) on Friday said 93% of the country's highest denomination 2,000-rupee currency notes - worth 3.32 trillion rupees ($40.14 billion) - have been returned since its decision to withdraw them from circulation.The RBI had said in May...
Spark Capital reboots private wealth unit, BFSI News, ET BFSI
Mumbai: Spark Capital Advisors (India), one of the oldest mid-market investment banking and financial services companies, announced a strategic evolution to propel its journey into the future.Having successfully navigated the investment landscape, Spark Capital...
Curious share transfer case involving Axis Bank, Max Financial referred to RBI, SEBI: IRDAI, ET BFSI
Indian insurance regulator has referred the curious case of Axis Bank and two other group companies buying shares of Max Life Insurance Company Ltd at a very low rate from shareholders/promoters of the insurer and selling them back at a very high price in a matter of...
Rupee rises 9 paise to 82.61 against US dollar in early trade, ET BFSI
Mumbai, The rupee appreciated by 9 paise to 82.61 against the US dollar in early trade on Friday, tracking cues from positive domestic equity markets on the back of robust macroeconomic data. However, outflow of foreign funds and crude prices hovering around USD 87...
Microfinance players rest easy about loan repayments during election season, ET BFSI
While four state assembly elections are impending, any disruption in repayments due to hopes of loan waiver are minimal this time. The upcoming assembly elections in four states are raising concerns about the potential impact on loan repayment behaviour. As political...
Banks seeks doubling of home loan amount under priority sector, ET BFSI
Lenders have reached out to the banking sector regulator, making a case for almost doubling the housing loan amount to be considered priority sector lending.If the Reserve Bank of India (RBI) approves this proposal, the housing sector is expected to get a push,...
PE-VC investment inflow in ‘healthy territory’, ET BFSI
Risk capital inflow into Indian companies and startups has entered “healthy territory” according to industry members as investments grew steadily in the second quarter of 2023. Private equity and venture capital funds invested $ 21 billion in the first six months of...
‘Plan to double loan book size to ‘1.2-1.3 lakh crore by FY28’, ET BFSI
Piramal Enterprises plans to double its loan book by FY28, with close to 70% of the portfolio comprising retail loans, said its chairman, Ajay Piramal. In an interview to ET's Deborshi Chaki, he said as part of the growth strategy, the company plans to reduce the...
YES Bank goes live with UPI interoperability on CBDC, BFSI News, ET BFSI
YES Bank on Wednesday announced that it has gone live with Unified Payments Interface (UPI) Interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app. With this move, users will now be able to scan any UPI QR code through the YES...
Rupee down in August, but fares better than Asian peers on likely RBI aid, ET BFSI
The Indian rupee declined in August as rising U.S. Treasury yields boosted demand for the dollar, but the local unit performed better than its Asian peers on likely intervention by the Reserve Bank of India. The rupee ended weaker at 82.7850 per dollar on Thursday,...
Fall in yields post HDFC merger makes funding cheaper for mortgage lenders, ET BFSI
Mumbai: The merger of HDFC with HDFC Bank has opened up space for other mortgage lenders to raise funds from the debt market at a cheaper rate as more money is now available for other companies, market participants said.The biggest beneficiary of HDFC's exit, which...
Fitch retains SBI, 5 other public sector banks’ rating at BBB- with stable outlook, ET BFSI
Mumbai, Fitch Ratings on Thursday affirmed the ratings of the nation's six public sector lenders, including State Bank of India (SBI) and Bank of Baroda (BoB), at BBB- with stable outlook. The other banks which the agency rated BBB- with stable outlook are Punjab...
RIL shares slump to 1-month low; why Ambani failed to cheer shareholders?, ET BFSI
MUMBAI: Wiping out the day’s gains, shares of Reliance Industries plunged to their lowest level in a month, as Chairman Mukesh Ambani’s address to the shareholders at the annual general meeting lacked any surprise element for Dalal Street.The stock ended 1% down at Rs...
How MSME toolrooms engage youths, play key role in Chandrayaan-3 mission?, ET BFSI
Around 16 lakh youths have been trained subsequently benefiting over 3 lakh MSME units in the last 9 years, through 18 tool rooms and technology centres run by the Ministry of MSME across the country, Union Minister for Micro, Small and Medium Enterprises Narayan Rane...
Fall in yields post HDFC merger makes funding cheaper for mortgage lenders, ET BFSI
Mumbai: The merger of Housing Development Finance Corp (HDFC) with HDFC Bank has opened up space for other mortgage lenders to raise funds from the debt market at a cheaper rate as more money is now available for other companies, market participants said.The biggest...
Rupee rises marginally to 82.62 against US dollar in early trade, ET BFSI
MUMBAI: The rupee traded in a narrow range and appreciated by 1 paise to 82.62 against the US dollar in early trade on Thursday amid a positive trend in the domestic equity market.Outflow of foreign funds and relatively higher crude prices weighed on the domestic...
Max Fin issues clarification on Axis deal, dismisses reports on violation of norms, ET BFSI
Max Financial Services on Thursday issued a clarification on share sale transactions involving Axis Bank and Max Life Insurance Company Limited (‘Max Life’).The company dismissed reports of violation of norms in the Axis-Max Life deal, as reported by CNBC TV18 on...
Bandhan Bank authorised by RBI to serve as pension disbursement bank, ET BFSI
This scheme also covers payment of pensions to former Members of Parliament and the payment of pension and other amenities to former Presidents/Vice Presidents of India, the private sector lender said.Private sector lender Bandhan Bank on Tuesday said it has been...
Only a month left to exchange Rs 2,000 notes but banks closed for 16 days across states; How to exchange, ET BFSI
The Reserve Bank of India announced the withdrawal of Rs 2000 denomination banknotes from circulation while also stating that these notes will remain legal tender.The RBI had given four months duration to ensure that the exercise is completed on schedule and to give...
IBC timeline at three year high, more than double the mandated period, ET BFSI
The average time taken for resolution under the Insolvency & Bankruptcy Code (IBC) continues to rise and is now at a three year high, India Ratings & Research (Ind-Ra) said.Data released by the Insolvency and Bankruptcy Board of India (IBBI) June 2023...
YES Bank goes live with UPI interoperability on CBDC, BFSI News, ET BFSI
YES Bank on Wednesday announced that it has gone live with Unified Payments Interface (UPI) Interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app. With this move, users will now be able to scan any UPI QR code through the YES...
Bajaj Housing Finance seeks more time to list on bourses, BFSI News, ET BFSI
Mumbai: Bajaj Housing Finance, the home finance subsidiary of Bajaj Finance, has sought more time from the Reserve Bank of India (RBI) to list on the local stock market, arguing that the October 2025 deadline is too soon for a housing finance company (HFC) that is...
IndoStar Capital sells two builder loans to Phoenix ARC, ET BFSI
IndoStar Capital Finance has sold to Phoenix Asset Reconstruction Company two stressed loans of Puranik Builders and Kanakia Spaces Realty for ₹790 crore, which is an 86% recovery on the total loan outstanding of ₹915 crore, according to sources.The recovery rate is...
Unsecured loan provisions could dominate bank provisions by FY25: Nomura, ET BFSI
Credit costs for unsecured loans could make up between 60% to 70% of the total provisions for large private sector banks in fiscal 2025 after a strong 26% growth in this segment the last five years, Nomura Securities said in a report.However, the Japanese brokerage...
T-bill volumes take a hit with fall in liquidity, BFSI News, ET BFSI
Mumbai: The number of large treasury bill trades has dropped sharply over the past two months, reflecting the sudden tightening in broader market liquidity that appears to have sapped investor interest in the most liquid of government debt instruments.Until the week...
SC refuses to stay NCLAT proceedings looking to approve Hinduja’s resolution plan to acquire Reliance Capital, ET BFSI
The Supreme Court on Friday refused to stay the proceedings before NCLAT, which is looking into the grant of approval to the Hinduja Group company’s resolution plan for the acquisition of Reliance Capital.Gujarat-based Torrent Investments had emerged as the highest...
Punjab National Bank launches app to enable MSMEs access instant loans using GST invoices, ET BFSI
New Delhi, State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an end-to-end digital product under which lending can be done using GST invoices. With this integration, PNB has become the first...
SEBI, intelligence agencies alert on possible Hindenburg 2.0: Sources, ET BFSI
Stock market regulator Securities and Exchange Board of India (SEBI) coupled with intelligence and law enforcement agencies such as the Enforcement Directorate are on alert after a report surfaced that the Organised Crime and Corruption Reporting Project (OCCRP)...
Piramal eyes general insurance acquisitions, BFSI News, ET BFSI
MUMBAI: Piramal Enterprises will continue to look for acquisition opportunities in general insurance after dropping out of the race for Reliance General Insurance, the company's chairman Ajay Piramal said.Last year, Piramal was one of the bidders for Reliance General...
Banks will be closed in these states on August 30, 31, ET BFSI
Banks will be closed in a few states on the occasion of Raksha Bandhan this week. According to the RBI holiday list, banks will be closed on August 30 in Rajasthan and Himachal Pradesh. On August 31, banks are closed in Uttarakhand, Uttar Pradesh Kerala and...
Zerodha’s Nithin Kamath on Sebi’s new regulations for finfluencers, ET BFSI
In light of a recent consultation paper floated by capital markets regulator, Securities and Exchange Board of India (Sebi), Zerodha founder and chief executive Nithin Kamath said that regulations made for a few people who are misselling can potentially hurt the...
Bajaj Housing Finance seeks more time to list on bourses, BFSI News, ET BFSI
Mumbai: Bajaj Housing Finance, the home finance subsidiary of Bajaj Finance, has sought more time from the Reserve Bank of India (RBI) to list on the local stock market, arguing that the October 2025 deadline is too soon for a housing finance company (HFC) that is...
Goldman Sachs strikes wealth advisory deal as it revamps strategy, ET BFSI
Goldman Sachs on Monday said it has struck a deal to sell part of its wealth business to an independent wealth manager, part of a strategy refresh which is seeing the bank exit some businesses and focus its wealth offering on targeting the super rich.The Wall Street...
‘Sebi probe faults Adani group on disclosure rules’, BFSI News, ET BFSI
MUMBAI: An investigation of India's Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds, two sources with direct knowledge of the matter said.The Securities and Exchange...
Mukesh Ambani’s three reasons to bet on Jio Financial Services, ET BFSI
Reliance AGM 2023: Reliance Industries chairman Mukesh Ambani on Monday shared three key reasons why he is absolutely confident about the success of his new venture – Jio Financial Services (JFS) Limited. Ambani believed JFS has been conceptualised to fill a critical...
Bandhan Bank to disburse civil pension, BFSI News, ET BFSI
Kolkata, Private lender Bandhan Bank on Tuesday announced that it has been appointed by the Reserve Bank of India (RBI) as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO) of the Ministry of Finance, for civil...
Rupee flat as corporate dollar purchases counter weaker dollar, ET BFSI
The Indian rupee was little changed on Tuesday after surrendering its opening gains due to the dollar demand from corporates, traders said.The rupee was at 82.6325 to the U.S. dollar by 10:46 a.m. IST, barely changed from the previous session. The currency had inched...
SHFL Partners with IFC to promote Green Affordable Housing Finance, ET BFSI
Shriram Housing Finance Limited (SHFL), a leading affordable housing finance company, having in over 130 branches in India with 65,000 customers and International Finance Corporation (IFC), a member of the World Bank, today announced a partnership to launch an...
NCLT grants SBI time till Sept 18 to file a rejoinder in PC Jeweller’s insolvency, ET BFSI
The National Company Law Tribunal Tuesday granted State Bank of India time till September 18 to file a rejoinder in response to the voluminous reply filed by PC Jeweller Ltd.The counsel for the public sector bank had sought time from the principal bench of the...
Jio Financial Services shares jump over 2% on likely block deal, ET BFSI
Shares of Jio Financial Services (JFS) gained over 2% to day's high of Rs 216 on the NSE on Tuesday following a likely block deal that saw 0.8% equity changing hands.The price uptick was accompanied by strong volume action with over 4.21 crore shares on the block. The...
RBI worried over 35% jump in banks’ exposure to NBFCs, ET BFSI
At Rs 14.2 lakh crore, the share of NBFCs in the overall bank credit has surged to 9.9 percent in June 2023 from 8.5 percent merely a year ago.A sharp jump in banks' exposure to non-banking finance companies (NBFCs) has the RBI worried. Recent data from the RBI...
US backs MDB reforms to counter Chinese lending, BFSI News, ET BFSI
NEW DELHI: In a boost to India’s position ahead of the G20 summit, the US has backed recommendations for a revamp of multilateral bodies such as the World Bank and IMF. It further said that US President Joe Biden will work with the Congress to provide “supplemental...
Digital literacy, open banking important for access to capital for SMEs, emerging markets: Mastercard CEO, ET BFSI
Technology can be used to solve this issue, says Michael Miebech, adding that the Indian government’s efforts on this are laudableAccess to capital is a common factor among various segments such as small and medium enterprises (SMEs), emerging consumers and emerging...
Loan waiver promises may hamper micro loan repayment, but only temporarily, ET BFSI
Impending assembly elections in four states could affect the loan repayment behaviour adversely at the grassroots for a couple of months since political parties try to woo their voters with loan waiver announcements closer to the elections.However, the impact of such...
Cashfree Payments appoints Chetan Yadav as senior VP of HR, BFSI News, ET BFSI
Payments and API banking solutions company Cashfree Payments has brought on board Chetan Yadav as senior vice-president of human resources, said a statement issued today. The company continues to expand its senior leadership team as part of its efforts to get ready...
Outward remittance from India saw 34% growth in June’23, BFSI News, ET BFSI
According to latest data by 1Lattice (Prev. PGA Labs), the outward remittances from India has witnessed a growth of about 34 per cent, m-o-m in June 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from India....
Shriram Finance’s Revankar Is New Chairman Of Fidc, ET BFSI
Chennai: The Finance Industry Development Council (FIDC), the representative body of asset and loan financing of the NBFCs in India, has appointed Umesh Revankar, executive vice chairman, Shriram Finance, as its new chairman. The managing committee elected him...
Banks rush to raise funds through CDs as RBI tightens liquidity, ET BFSI
Banks and Non-Banking Financial Companies (NBFCs) are actively seeking short-term funds from money markets to address immediate financial needs following liquidity crunch due to the implementation of incremental cash reserve Ratio.Banks raised Rs 14,390 crore through...
Analysts, BFSI News, ET BFSI
The Nifty has closed below an important support level held for the past few weeks. According to technical analysts, the bearish trend will continue, and the index may see a further decline to the major support zone of 18,900-19,100. Bharti Airtel, Federal Bank, Godrej...
BlackRock chief on partnership with JFS, ET BFSI
Since the announcement of Jio Financial Services (JFS) entering into the NBFC business, the entity has became talk of the town. To pump it up, Reliance Industries chairman Mukesh Ambani on Monday while addressing the 46th RIL AGM 2023 asserted his confidence over the...
Fresh IBC cases fall, mirror banks’ strong asset quality, ET BFSI
While the total number of fresh cases being admitted under the Insolvency and Bankruptcy Code is declining, the number of ongoing cases has been inching up. A total of 238 cases were admitted to the insolvency process in 1QFY24 (347 in 4QFY23), with the yearly...
FPIs invest Rs 10,689 cr in Aug; pace of investment slows, ET BFSI
After infusing a staggering amount in Indian equities in the past three months, the pace of inflow from foreign investors ebbed in August with a net investment of Rs 10,689 crore on higher crude oil prices and resurfacing of inflation risks. Further, markets could...
FIDC appoints Umesh Revankar as its new Chairman, BFSI News, ET BFSI
The representative body of asset and loan financing of the NBFCs in India, Finance Industry Development Council (FIDC) has appointed Umesh Revankar as its new Chairman.Revankar assumes Chairmanship for a 2-year Term Commencing August, 23.The managing committee elected...
Axis Bank revises FD interest rates; earn up to 7.1% fixed deposit interest rate, ET BFSI
Axis Bank has reduced the fixed deposit interest rate on one tenure by 10 basis points (bps) for amounts below Rs 2 crore. The new FD rate is effective from August 28, 2023, according to the Axis Bank website.The bank has reduced 10 bps on tenure of 2 years to less...
Rupee settles on flat note, up 1 paisa at 82.63 against US dollar, ET BFSI
Mumbai, The rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 82.63 against the US dollar, as the support from positive domestic equities was negated by rising American currency and recovery in crude oil prices. Forex traders said the...
Experts believe it’s time to fill gaps in financial inclusion for MSME and emerging markets, ET BFSI
There is a big gap between developing and developed countries when it comes to financial inclusion. Emerging markets need to get the same access to global financial markets as the rest of the world, economist and former World Bank official Vera Songwe said on...
Banks won’t auction stressed loans covertly, BFSI News, ET BFSI
Private and hush-hush deals that some banks cut with acquirers of stressed loans will soon come to an end. Under a new framework that high-street banks agreed on last week, lenders will have to ensure that the decision to auction loans is notified to all key players...
FDI inflows fall 34% to $11 billion in June quarter as MNCs go slow, ET BFSI
NEW DELHI: Foreign direct investment (FDI) equity inflows dropped 34% to $10.9 billion during the June quarter from the year-ago period, government data showed. Amid an aggressive investment pitch by India, government officials said companies are holding back on fresh...
Muthoot Fincorp Ltd. Launches Muthoot FinCorp ONE
Mumbai, Maharashtra, India - Business Wire India Muthoot Fincorp Ltd. (MFL), the flagship company of Muthoot Pappachan Group (Muthoot Blue), launches Muthoot FinCorp ONE, a digital platform, to provide lending, investments, protection, and payments at the tap of an...
Yes Bank revises savings account interest rates, now earn up to 7% interest rate, ET BFSI
Yes Bank has revised interest rates on domestic and non-resident savings accounts effective from August 21, 2023. The bank offers savings account interest rates ranging from 3.50% to 7%. Interest in savings account will be calculated daily and credited...
Rupee rises 12 paise to 82.52 against US dollar, ET BFSI
The rupee was trading in a narrow range and appreciated by 12 paise to 82.52 against the US dollar in early trade on Monday, tracking positive Asian peers and domestic equities. Forex traders said the rupee is trading in a range as selling pressure by foreign...
Jio Financial loses Rs 26,000 crore in market cap post listing, ET BFSI
Mumbai: Jio Financial Services (JFS) fell 1.7% on Friday, extending its losing run to the fifth straight session following its listing on the bourses on August 21. The stock ended at Rs 212.25 on Friday, almost 20% below its listing price of Rs 265 after hitting the...
Banks to remain closed for 16 days across various states, check full list here, ET BFSI
There will be 16 bank holidays in September across different states in India including Sundays, second Saturday and fourth Saturday, according to the Reserve Bank of India holiday list.In September banks will be closed on the occasions of Sri Krishna Janmashtami,...
Karur Vysya Bank strengthens branch network, BFSI News, ET BFSI
Private sector Karur Vysya Bank strengthening its footprint has inaugurated 10 new branches in the Southern region, the Tamil Nadu-based bank said on Saturday. The bank has inaugurated six new branches in Tamil Nadu, two in Andhra Pradesh and one each in Telangana and...
Airtel Payments Bank, Frontier Markets, Mastercard partner to support women-owned small businesses, ET BFSI
New Delhi, Airtel Payments Bank has partnered with Frontier Markets and Mastercard to support one lakh women-owned small businesses in India, according to a release. The 'She Leads Bharat:Udyam' initiative will enable these businesses based in Rajasthan and Uttar...
SBI chief Dinesh Khara likely to get extension as govt mulls relaxing retirement age of PSB heads, MDs, ET BFSI
New Delhi: State Bank of India Chairman Dinesh Khara is likely to get an extension as the government is considering relaxing the retirement age of chiefs of all public sector banks and LIC. The proposal before the government also includes hiking the retirement age...
Reliance Capital sells 45% stake in home finance arm for Rs 54 crore, ET BFSI
MUMBAI: Reliance Capital sold a 45% stake in listed subsidiary Reliance Home Finance for Rs 54 crore in the open market, a move that will improve recovery for lenders. Reliance Capital, an erstwhile Anil Ambani’s finance company, which is undergoing corporate...
Banks brace for wave of loan defaults, BFSI News, ET BFSI
BENGALURU: With rainfall continuing to remain scanty across the state three months after the onset of the southwest monsoon, farmers in Karnataka are desperate. They say if it does not rain — and rain well — over the next few days, they could lose their entire crop...
How HDFC Bank is hit the most by RBI’s I-CRR move, BFSI News, ET BFSI
India's largest private-sector lender, HDFC Bank, is feeling the impact of the Reserve Bank of India's (RBI) move to drain liquidity in the fight against inflation. As part of its strategy to address excess liquidity in the banking system, the RBI imposed an...
Deutsche Bank seeks to boost Asia financing unit with new roles, ET BFSI
Deutsche Bank AG is seeking to bolster its financing business in Asia and is creating new roles in its efforts to boost revenue in the region.Rahul Chawla, who was co-head of the investment banking coverage in India, will take on the newly-created role of Head of...
Goldman Sachs To Launch New Coe In Hyd, BFSI News, ET BFSI
Currently, it houses around 1,000 employees in Hyderabad.Hyderabad: In a major booster for Hyderabad’s banking, financial services and insurance (BFSI) sector, US-based banking and financial services giant Goldman Sachs will be expanding its presence in the city to...
Forex kitty posts sharpest weekly fall in 6 months, ET BFSI
Mumbai: The Reserve Bank of India's foreign exchange reserves registered their sharpest weekly fall in six months last week, as the central bank likely increased market interventions to curb volatility in the rupee's exchange rate.The RBI's foreign exchange reserves...
Central Bank may raise ₹1,500 cr via bonds next week, ET BFSI
The state-owned bank's bond issue is likely to have a base size of ₹500 crore and a greenshoe option of ₹1,000 crore, with bidding for the sale expected to take place on August 29, sources said. The bonds are likely to be of 10-year maturity. Updated On Aug 26, 2023...
Sebi comes out with guidelines for exchanges’ MDs, CEOs to boost cybersecurity, ET BFSI
Markets regulator Sebi on Friday came out with fresh guidelines for managing directors or chief executive officers of stock exchanges and other market infrastructure institutions to boost cybersecurity and cyber resilience. The new framework will come into force with...
Rbi Asks Nbfcs To Look Beyond Banks For Funds, ET BFSI
Mumbai: The RBI has asked major non-banking finance companies to look beyond banks for loans and flagged rising unsecured retail credit. In a meeting with CEOs of large NBFCs and housing finance companies, RBI governor Shaktikanta Das commended the improved financial...
Sebi proposes brokers stay away from unregulated financial influencers, ET BFSI
India's market regulator proposed on Friday that brokers and mutual funds should stop the use of unregistered financial influencers in advertising and marketing campaigns.The Securities and Exchange Board of India (Sebi) said in a consultation paper that influencers...
RBI Governor meets NBFC, HFC heads; advises them to be alert, avoid complacency, ET BFSI
Mumbai (Maharashtra) [India], August 25 (ANI): Reserve Bank of India Governor Shaktikanta Das held a meeting on Friday with the heads of select large Non-Banking Financial Companies (NBFCs), including government NBFCs and Housing Finance Companies here in Mumbai.These...
Indian Bank to hold second Swiss auction for Dharani Sugars’ loans, ET BFSI
Mumbai: Indian Bank is likely to launch a second Swiss challenge auction for the distressed Dharani Sugars and Chemicals account after a change in the deal structure for transferring the loan account to the National Asset Reconstruction Company (NARCL).The change in...
Bandhan Bank announces entry into co-lending business, to tie up with NBFCs, ET BFSI
Bandhan Bank on Wednesday announced it will enter co-lending business, for which it will tie up with a couple of NBFCs. Announcing this at the bank's foundation day programme, its MD and CEO Chandra Shekhar Ghosh said the co-lending business will cover all verticals...
Banks set to see pressure on NIMs in Q2 as deposit costs stay high, ET BFSI
Pressure on net interest margins due to the high cost of deposits may continue in the sector quarter as well.Banks' yield on advances rose by 23 bps to 9.07% q-o-q while the cost of funds increased by 30 bps to 4.79% in Q1FY24, according to a CareEdge report. The...
Senior bank official, ET BFSI
Mumbai, Asset quality of the country's largest credit card issuer HDFC Bank continues to be stable even as many of its peers are facing challenges, a senior official said on Thursday. The bank is witnessing "good traction" on the Unified Payments Interface (UPI) for...
India’s forex reserves drop USD 7.27 bn to USD 594.88 bn, BFSI News, ET BFSI
Mumbai, India's forex reserves dropped by USD 7.273 billion to USD 594.888 billion for the week ended August 18, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 708 million to USD 602.161 billion. The country's...
Ind-Ra upgrades Yes Bank after dip in bad loans, BFSI News, ET BFSI
Mumbai: India Ratings and Research (Ind-Ra) has upgraded Yes Bank’s long-term issuer rating to ‘IND A’ from ‘IND A-’, with a stable outlook. The upgrade reflects the bank’s improved asset quality, reduced provisioning needs for legacy stressed assets, enhanced deposit...
Deutsche Bank seeks to boost Asia financing unit with new roles, ET BFSI
Deutsche Bank AG is seeking to bolster its financing business in Asia and is creating new roles in its efforts to boost revenue in the region.Rahul Chawla, who was co-head of the investment banking coverage in India, will take on the newly-created role of Head of...
Fixed deposit interest rates start seeing a dip in banks; how to select FD tenure now for maximum returns, ET BFSI
The recent cycle of rising interest rates on fixed deposits (FDs), which started in May 2022, is close to its end. In fact, many banks have started reducing FD interest rates. The Reserve Bank of India (RBI) paused the benchmark repo rate for the third consecutive...
Indiabulls Housing Finance repays Rs 2,232 cr, clears all $3-billion ECBs, ET BFSI
Mumbai: Indiabulls Housing Finance has repaid ₹2,232 crore of external commercial borrowings (ECBs) raised in 2018 from Barclays, Japan's MUFG and Sumitomo Mitsui Banking Corp, Taiwan's CTBC and Australia and New Zealand Banking Group (ANZ), bringing to an end a...
Axis Bank joins CBDC bandwagon, introduces UPI interoperability on its Digital Rupee App, ET BFSI
As a part of the Reserve Bank of India's ongoing Central Bank Digital Currency (CBDC) initiative, Axis Bank on Friday announced the introduction of UPI interoperability functionality on its 'Axis Mobile Digital Rupee App'. With the introduction of this feature,...
FPIs not required to make additional disclosures to SEBI if investments are cut down to meet threshold, ET BFSI
New Delhi, Markets regulator SEBI has prescribed that additional disclosures shall not be required to be made by FPIs in case their investments are realigned with the prescribed thresholds.The provisions of this circular shall come into force with effect from November...
B20 digital task force recommends easy finance for MSMEs, harmonisation of cyber security norms, ET BFSI
New Delhi, Micro, small and medium enterprises (MSMEs) should be provided easily accessible finance to facilitate their digital transformation and harmonise cyber security framework across G20 countries, a task force under the B20 group recommended on Friday. B20...
Bandhan Bank spends Rs 160 crore to buy office space in Mumbai, ET BFSI
Bandhan Bank has decided to build a corporate office in Mumbai while setting up a zonal office-cum-government business centre in New Delhi while it plans to expand beyond the eastern region where it is dominant.The private sector lender has spent about Rs 160 crore to...
BankSathi emerges as India’s 3rd largest credit card issuer, reinforces commitment to financial innovation, ET BFSI
SRV MediaNew Delhi [India], August 25: BankSathi, a pioneering fintech social commerce startup, takes pride in announcing its remarkable achievement as the third-largest credit card issuer in India with 3.6 lakh ARR. The startup has issued 3 lakh credit cards as of...
Nikunj Ohri: India’s state-owned payments bank plans to double income in FY24
India's state-owned payments bank plans to double its income this year from 7.6 billion Indian rupees ($91.94 million) in 2022/23 and seeks to partner with more banks to sell loans, Managing Director J Venkatramu said on Wednesday.India Post Payments Bank (IPPB)...
Q1 results point at strong earnings growth outlook for FY24: HSBC, ET BFSI
The first quarter earnings saw beats and misses in equal split, but the results on average still point to a robust growth outlook for the rest of the fiscal, according to HSBC.Amid general concerns around the global slowdown, the investment bank said India's earnings...
Citigroup mulls plan to remove leadership layer at its largest unit, ET BFSI
Instead, the leaders of investment banking, global markets and transaction services would report to CEO Jane Fraser.By Tatiana Bautzer and Saeed AzharNEW YORK- Citigroup is considering plans to eliminate the role atop the bank's biggest division when its leader, Paco...
Bandhan Bank opens branch in Leh, Ladakh; celebrates 8th foundation day, ET BFSI
Kolkata-based Bandhan Bank opened its branch in the Leh district of Union Territory (UT), Ladakh, marking its presence in 35 of the 36 states and UTs of India, the bank announced on Wednesday. On its eighth foundation day, Bandhan Bank also opened another branch in...
SBI Sarvottam FD with 7.4% interest rate vs Canara Bank vs Bank of Baroda v PNB fixed deposits, ET BFSI
State Bank of India (SBI) launched its non-callable term deposits called SBI ‘Sarvottam’ for deposits above Rs 15 lakh. According to the Reserve Bank of India (RBI), banks can offer higher interest rates on deposits of over Rs 15 lakh wherein the customers do not...
CBI books Visa Power for bank fraud of Rs 1,964 crore, BFSI News, ET BFSI
The CBI has registered an FIR against Visa Power and its then chairman Vishambhar Saran in connection with an alleged bank fraud of Rs 1,964 crore, officials said Thursday. The action of the agency was initiated on a complaint from Punjab National Bank, one of the...
This bank offers senior citizens up to 9% FD interest rate, BFSI News, ET BFSI
Jana Small Finance Bank has revised its interest rates on fixed deposits of less than Rs 2 crore. The new FD interest rates are applicable from August 15, 2023, according to Jana Small Finance Bank website.Latest Jana SFB FD ratesThe bank gives an interest rate of 3%...
These 4 banks have revised fixed deposit interest rates in August, ET BFSI
Due to its relatively low-risk, fixed deposits are resistant to the varying market conditions. It is also one of the safest methods to invest some of your money. Although FD rates are significantly better now than they were in the two years ago, it's best not to lock...
First time in 4 years, MFIs overtake banks in microlending with 40 pc share, ET BFSI
After a gap of four years, standalone MFIs overtook banks in microlending in 2022-23 with a 40 per cent share of loans in the country, up from 35 per cent in the last year, according to an analysis. On the back of recovery after being hit hard during the pandemic when...
Reserve Bank Of India: Indian banks’ dividend to rise to at least 7-year high in FY24
Indian banks' aggregate dividend payout to shareholders is set to rise to its highest level in at least seven years in 2023-2024, helped by strong business metrics and healthy credit growth, a report from S&P Global Market Intelligence showed.India's brisk...
Microfinance NBFCs surpass banks, set to post 28% growth this fiscal: Report, ET BFSI
However, increasing customer indebtedness, rising average ticket size and a gradual shift from the Joint Liability Group model to individual loans pose the risk of overleveraging for the industry, CareEdge said. The evolving global macroeconomic environment and the...
HDFC Bank launches India’s first co-branded hotel credit card with Marriott Bonvoy, ET BFSI
HDFC Bank joined hands with Marriott Bonvoy to launch India’s first co-branded hotel credit card on Thursday. The co-branded credit card will run on Diners Club, part of the Discover Global Network and aims to be one of the most rewarding travel cards in India.The...
Use of UPI to pay up to Rs 500 in offline mode comes into force, ET BFSI
The Reserve Bank of India’s (RBI) instructions over the use to UPI in an offline mode to make payments of upto Rs 500 comes into effect from Thursday. Earlier, the limit was Rs 200 which is now increased to Rs 500, an announcement for which was made during the August...
Alternate financing to capitalize on the $500 billion SME credit opportunity in India, says new report, ET BFSI
A potential $220 billion credit deficit poses a roadblock to unlocking the economic potential of millions of digitized businesses, said India Digital SME Credit report 2023 by GetVantage and Redseer Strategy Consultants estimating $165 billion as serviceable when...
State Bank of India may have attracted top distressed asset buyers’ interest for its bad loans, ET BFSI
A number of global and local distressed asset investors are considering buying some of State Bank of India’s bad loans put up for sale in the financial year that began in April, according to people familiar with the matter. The country’s top state lender earlier this...
Rupee surges 25 paise to 82.47 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee registered the highest single-day gain in nearly two months and surged by 25 paise to 82.47 against the US dollar in early trade on Thursday amid a weakening dollar, foreign funds inflows and positive equity markets.According to reports, the rupee's...
Jio Fin shares fall 5%, hit lower circuit for 3rd day, BFSI News, ET BFSI
NEW DELHI: Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, fell by 5% on Wednesday to hit its lower circuit limit for the third day running. The stock declined 5% to hit its lower circuit limit of Rs 227 on the BSE.At the...
K Bala to head Citi’s banking, capital markets and advisory unit for India & South Asia, ET BFSI
Mumbai: K Balasubramanian has taken over as Citi’s head of banking, capital markets and advisory for India and South Asia, following the retirement of Ravi Kapoor. “K Balasubramanian (Bala) will add the India and South Asia BCMA head responsibility to his current...
OIS rate surge hints tighter monetary policy’s here to stay, BFSI News, ET BFSI
Mumbai: One of the most traded segments of Indian overnight indexed swap rates is near its highest level in nine months as a domestic inflation surge in July and a sharp rise in US bond yields point to tighter monetary conditions.Overnight indexed swaps (OIS) are...
Total banking transactions at GIFT IFSC reach USD 508 billion by July 2023, ET BFSI
Total banking transactions at GIFT International Financial Services Centre (IFSC) here reached USD 508 billion till July 2023, an official said on Tuesday. GIFT IFSC Executive Director Dipesh Shah said that till July 2023, the total banking asset size at GIFT IFSC...
How BNPL players are faring after RBI’s FLDG cap, BFSI News, ET BFSI
Stricter regulations, mounting marketing costs, and evolving investor preferences are compelling players in the sector to recalibrate their strategies. A subsequent set of guidelines issued in June further zeroed in on lending arrangements between digital lenders,...
India Post Payments Bank reports operational profit of Rs 20 crore in FY23, ET BFSI
New Delhi, India Post Payments Bank on Tuesday reported its first-ever operational profit of Rs 20.16 crore for 2022-23. The bank saw a 66.12 per cent growth in overall revenue. IPPB saw a 17.36 per cent increase in operating costs during the fiscal, a statement said....
SBI MF turns to cash on bets RBI will hike rates, ET BFSI
India’s biggest asset manager is bolstering its cash holdings on bets the central bank will raise borrowing costs further, helping it deploy funds at higher yields.SBI Funds Management Pvt. has been trimming the duration of its portfolio since May and wants to keep...
PNB Housing recovers developer NPA of 784 crore, BFSI News, ET BFSI
MUMBAI: PNB Housing Finance told stock exchanges that it has resolved a significant non-performing asset (NPA) pertaining to a developer loan of Rs 784 crore.The company said it has fully recovered this corporate NPA, constituting about 1.3% of the loan asset as of...
This bank offers 9% interest on senior citizen FDs, 8.5% interest on general FDs, ET BFSI
Equitas Small Finance Bank has revised the interest rates on its fixed deposits (FDs). Interest rates on FDs can go up to as high as 9 per cent for senior citizens in this small finance bank. The new FD interest rates have been effective from August 21, 2023, as per...
Rupee posts best day in 2 months on equity inflows, banks’ dlr sales, ET BFSI
The Indian rupee posted its biggest one-day gain in more than two months on Wednesday, traders said, likely due to dollar inflows into the equity markets while state-run banks also sold the greenback.The rupee closed up 0.3% at 82.6850 to the dollar, compared with its...
Ambanis to hand over $20 billion beast to RIL shareholders today, ET BFSI
As part of a massive value unlocking exercise that could be worth more than $20 billion for shareholders of Reliance Industries (RIL), shares of the recently-demerged company Jio Financial Services or JFSL will list on stock exchanges at 10 am today.On both BSE and...
Cleartrip partners with Axis Bank; collab to benefit 12.5 mn customers, ET BFSI
Representative ImageCleartrip, a subsidiary of Flipkart, has joined forces with Axis Bank, a prominent private sector bank in India, to introduce a collaboration aimed at providing travel benefits to both existing and new Axis Bank credit cardholders who book their...
Jefferies is hiring 10 investment bankers for India expansion, ET BFSI
NEW DELHI: Jefferies Financial Group Inc is hiring about 10 investment bankers in India as the US advisory firm looks to beef up its operations in the world’s most populous nation, according to people familiar with the matter.The New York-based firm is looking to add...
India sees a shadow-banking boom despite China’s funk, ET BFSI
Not all shadow banks are born equal. Just as nonbank lenders in China face a liquidity crunch because of their linkages with troubled property developers, their counterparts in India are moving into a higher gear.The trajectory of financiers, especially those who...
How HDFC Bank is charting growth after merger of HDFC, BFSI News, ET BFSI
HDFC Bank is looking to double its balance sheet over the next 4-5 years on the back of its recent merger, according to the bank's management during an investor conference. Despite impending short-term challenges, the management expressed confidence in maintaining...
India’s Jio Financial drops 5% for second straight day, delaying index removal, ET BFSI
By Sethuraman N R and Jayshree P UpadhyayBENGALURU -India's Jio Financial Services (JFS) slid 5% for a second straight day on Tuesday, triggering an exchange rule that will delay its removal from the country's benchmark indexes.Still, analysts warned, that...
SBI sanctions Rs 50 crore additional loan to Star Housing Finance, ET BFSI
NEW DELHI: State Bank of India (SBI) has sanctioned an additional loan facility of Rs 50 crores to Star Housing Finance, the company informed in a BSE filing.Tata Capital Financial Services (TCFSL) had recently sanctioned a loan facility of Rs 6 crore to the company....
India sees a shadow-banking boom despite China’s funk, ET BFSI
Not all shadow banks are born equal. Just as nonbank lenders in China face a liquidity crunch because of their linkages with troubled property developers, their counterparts in India are moving into a higher gear.The trajectory of financiers, especially those who...
Reserve Bank nudges banks to settle UAE trades in rupee, dirham: Sources, ET BFSI
India's central bank is nudging local banks to ask their clients to settle trade between the United Arab Emirates and India using the dirham (AED) or Indian rupee (INR) to reduce U.S.-dollar-based transactions, five sources told Reuters.The move is part of the Reserve...
Jio Financial share listing today. What could be the listing price and trading strategy?, ET BFSI
NEW DELHI: After having demerged from incubator Reliance Industries (RIL) last month, shares of Mukesh Ambani’s Jio Financial Services or JFSL will list on stock exchanges BSE and NSE on Monday. Ahead of the listing, the shares of the digital-first NBFC were trading...
Banking liquidity slips into deficit first time this year on RBI’s I-CRR move, ET BFSI
India's banking system has slipped into liquidity deficit for the first time in the current fiscal year, a consequence of the Reserve Bank of India's (RBI) temporary liquidity reduction measures and tax outflows.The banking system had initially enjoyed a surplus of Rs...
Rupee outperforms EM Asia peers even as it approaches record low, ET BFSI
The Indian rupee is within a whisker of a record low, but it’s still a favored emerging-market currency with some investors.A reserves stockpile of $600 billion, more than $16 billion worth of foreign inflows for stocks this year and economic growth forecast at 6.5%...
Jio Financial shares list at Rs 265 on BSE and Rs 262 on NSE, ET BFSI
NEW DELHI: Shares of Jio Financial Services, which got demerged from incubator Reliance Industries, on Monday got listed on BSE at a share price of Rs 265. On NSE, the listing price was Rs 262.Today's listing price was near the exchange-derived price of Rs 261.85...
SBI sanctions Rs 50 crore additional loan to Star Housing Finance, ET BFSI
NEW DELHI: State Bank of India (SBI) has sanctioned an additional loan facility of Rs 50 crores to Star Housing Finance, the company informed in a BSE filing.Tata Capital Financial Services (TCFSL) had recently sanctioned a loan facility of Rs 6 crore to the company....
Rupee rises 19 paise to close at 82.94 against US dollar, BFSI News, ET BFSI
NEW DELHI: The rupee recovered from its all-time low levels and settled for the day higher by 19 paise at 82.94 (provisional) against the US dollar on Tuesday, as the American currency retreated from its elevated levels.Forex traders said the rupee appreciated...
Jio Financial Services shares fall nearly 5 pc in debut trade, ET BFSI
New Delhi, Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, listed on the bourses on Monday, with the stock falling nearly 5 per cent on the NSE later in the trade. On the BSE, shares of the company began the trade at Rs...
BoB introduces ‘Video Re-KYC’ to allow ‘know your customer’ updation without visiting bank branch, ET BFSI
New Delhi, State-owned Bank of Baroda on Tuesday launched 'Video Re-KYC' which will give individual resident customers an alternative way to complete the periodic updation of their 'know your customer' (KYC) documents without having to physically visit the branch. To...
BSE defers removal of Jio Financial Services from Sensex, other indices by 3 days, ET BFSI
MUMBAI - The decision to remove Jio Financial Services Ltd (JFSL) from all key indices of BSE, including Sensex has been deferred by three days, as the stock hit the lower circuit for two consecutive days, Asia Index Pvt Ltd said in a release.“JFSL will now be removed...
Jio Financial lists on D-St, falls 5% on expected passive fund selling, ET BFSI
Mumbai: Jio Financial Services fell 5% on debut Monday amid expectations of a flood of sale orders from passive funds which can't hold the shares anymore. But the company is confident of making strides in lending business with the best of technology.The shares which...
Airtel Payments Bank enables Fastag-based parking payments at Patna airport, ET BFSI
NEW DELHI: Airtel Payments Bank Tuesday said it has enabled Fastag-based parking payments at Jayprakash Narayan International Airport in Patna. Airtel Payments Bank said that the Fastag-based parking would enable automatic cashless payments at the airport exit,...
FPIs trim government bond holdings on rising global rate concerns, ET BFSI
Mumbai: Global bond investors have been cutting down exposure to some of their most widely held long-term Indian government bonds amid a deepening rout in international fixed-income markets and the strengthening belief that interest rates would remain higher for...
Retail, MSME bad loans match ARCs’ corporate purchases, BFSI News, ET BFSI
Data from the Indian ARC Association (IAA) shows that as much as 50% of the assets bought by bad loan aggregators in the quarter ended June 2023 is from retail and MSME and mid-corporate segments. This is a change from the cumulative numbers as of March which shows...
Ujjivan To Focus On Secured Loans, BFSI News, ET BFSI
Kolkata: Ujjivan Small Finance Bank is rebalancing its portfolio towards secured loans. Currently, 72% of its portfolio comprises unsecured loans. Ujjivan CEO & MD Ittira Davis told TOI that it has a target to reduce it to 68% by end of this fiscal. The bank would...
SBI MF turns to cash on bets RBI will hike rates, ET BFSI
India’s biggest asset manager is bolstering its cash holdings on bets the central bank will raise borrowing costs further, helping it deploy funds at higher yields.SBI Funds Management Pvt. has been trimming the duration of its portfolio since May and wants to keep...
LIC acquires 6.66% shareholding in JFSL through demerger action, ET BFSI
Jio Financial Services: The PSU life insurance giant, LIC of India on Tuesday said that it has acquired 6.66% shareholding in Jio Financial Services Ltd. (JFSL) through demerger action by Reliance Industries Ltd.According to an official notice by the company dated 19...
Citi considers plan to split Institutional Clients Group in overhaul- FT, ET BFSI
Citigroup CEO Jane Fraser is considering a plan to disband the bank's biggest division, the Financial Times reported on Monday.The plan envisages splitting the bank's Institutional Clients Group (ICG) into its three primary business segments: investment and corporate...
Emerging markets’ attraction is fading in August, BFSI News, ET BFSI
Singapore: August is turning out to be chaos for emerging markets.Bonds and stocks from developing economies are poised for their worst monthly losses since last September after Nigeria's central bank revealed it has less reserves than estimated, an outsider won...
Why Jio Financial Services fell 5% on listing day, BFSI News, ET BFSI
Jio Financial Services, the financial services arm of Reliance Industries, listed on the bourses today near its exchange-derived price but slid lower to trade at 5% lower, the maximum permitted to fall in the trade-to-trade category. JFS, which demerged from incubator...
23% uptick in overall outstanding loans in July’23, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 23 per cent on a yoy basis in July, 2023. Deposit growth picked up and is likely to see further uptick in the current rising interest rate regime. On a yoy...
Custodians pitch ownership factor for FPI disclosures, BFSI News, ET BFSI
As foreign investors betting on Indian bourses face a new regime of elaborate disclosures, appeals are being made to the market regulator to spare those with insignificant holdings in local listed entities from sharing granular information.According to the...
5 NBFCs offering up to 9% FD interest rate for senior citizens, ET BFSI
The Reserve Bank of India (RBI) regulates NBFCs or Non-banking Financial Companies in accordance with the RBI Act of 1934. Due to the credit risk attached to NBFCs, they typically provide higher interest rates on their fixed deposits (FDs) than banks.Safety frequently...
Ex-CVC Suresh N Patel to head advisory board to examine role of top bank officials in frauds, ET BFSI
Former Central Vigilance Commissioner (CVC) Suresh N Patel has been appointed the chairman of an advisory board to examine the role of top bank officials in fraud cases. The members of the board are Ravikant, a former secretary of the Department of Ex-Servicemen...
Bond investors brace for supply freight train before Fed confab, ET BFSI
The highest long-term Treasury yields in years are headed for a major hearing next week as investors place their bids for two risky auctions - right before the Federal Reserve's potentially game-changing annual gathering at Jackson Hole.A relentless Treasury-market...
Profit jumps 63% QoQ to Rs 21 crore, BFSI News, ET BFSI
Gold loan non-banking finance company (NBFC) Indel Money has clocked a profit of Rs 21 crore in the first quarter of FY 24, which is quarter on quarter growth of 63%. Operational efficiency and overall resilience in gold demand have driven the NBFC's performance in...
TMB ties up with Jocata, BFSI News, ET BFSI
CHENNAI: Tamilnad Mercantile Bank (TMB) has collaborated with Jocata, a fintech platform provider, to offer digital-first lending products.The private sector bank would leverage Jocata’s low-code Digital Lending Platform (DLP) to drive its digital transformation...
Rupee falls 2 paise to close at all-time low of 83.12 against US dollar, ET BFSI
NEW DELHI: The rupee depreciated by 2 paise and settled for the day at an all-time low of 83.12 (provisional) against the US dollar on Monday, weighed down by a surge in crude oil prices and selling pressure by foreign investors.Forex traders said rupee is likely to...
Jio Financial Services becomes 51st active stock on Nifty 50, but what’s next?, ET BFSI
With normal trading in Jio Financial Services shares commencing nearly a month after being included in indices, benchmark Nifty50 got its 51st active stock, and Sensex its 31st stock.Jio Financial shares listed on the stock exchanges on Monday at a slight premium to...
Canara Bank launches UPI Interoperable Digital Rupee mobile app, ET BFSI
Canara Bank has introduced its UPI Interoperable Digital Rupee mobile application as a part of the Reserve Bank of India's, Central Bank Digital Currency (CBDC) pilot project.Canara Bank is now the first Bank among public and private sector banks to introduce this...
Rupee rises 5 paise to 83.05 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee recovered from its all-time low levels and appreciated by 5 paise to 83.05 against the US dollar in early trade on Monday tracking a positive trend in domestic equities. Forex traders said the rupee is likely to trade with a negative bias on risk...
IIFL Home Finance secures $100 mn loan from IFC, BFSI News, ET BFSI
IIFL Home Finance Ltd (IIFL HFL) has secured a debt-funding of up to USD 100 million from International Finance Corporation, a joint statement said on Monday. The debt-funding will help IIFL HFL increase home finance to the economically weaker sections (EWS) and...
HDFC Bank wants to ride India’s consumer boom after home loan dominance, ET BFSI
HDFC Bank Ltd. wants to use home lending as a gateway for the world’s sixth-largest lender to capture more consumer finance customers with loans on everything from air conditioners to cars and TVs.The Mumbai-based bank is converting about 530 offices that previously...
NRI deposits see massive $2.14 billion inflows in Q1 of FY24, BFSI News, ET BFSI
Non-Resident Indian (NRI) deposits saw a huge $2.14 billion inflow in the first quarter of the current financial year as against just $349 million recorded during the same period in the previous fiscal year, FY23.According to data released by the Reserve Bank of India...
German minister ‘fascinated’ by the simplicity of UPI payments, ET BFSI
German Embassy in India on Sunday praised India's digital infrastructure, terming it one of the country's success stories.The appreciation came after Germany's Federal Minister for Digital and Transport, Volker Wissing used UPI to make a payment in India and was...
BOB puts actor Sunny Deol’s property on auction for loan dues of Rs 56 cr, ET BFSI
Chennai, Has the central government-owned mortgage lender Bank of Baroda (BOB) put actor and BJP Member of Parliament Sunny Deol's Mumbai property on e-auction for failing to pay back a loan of about Rs.56 crore and interest on that?.It seems so from the newspaper...
Airtel Payments Bank revenue grows 41 pc to Rs 400 crore, BFSI News, ET BFSI
New Delhi, Airtel Payments Bank on Thursday said its revenue witnessed a year-on-year growth of 41 per cent to Rs 400 crore in the first quarter ended June 30, 2023. The unlisted entity of Bharti Group said that its profit grew by 143 per cent on a year-on-year basis...
Fitch sees operating environment strengthening for Indian banks, warns of re-evaluating US bank ratings, ET BFSI
Fitch Ratings said the operating environment for Indian banks has strengthened even as it warned to re-evaluate ratings on each of the more than 70 banks it covers. A number of prudential indicators for India's banking sector have also improved compared to...
Digitisation, employee attrition push up banks’ operational expenses, ET BFSI
Banks have witnessed a substantial surge in operating expenses (opex) over recent years, thanks to spending on personnel due to attrition and investments in technology. Digitisation has pushed up the costs of banks, according to experts. Operating expenses for private...
Sebi notifies rules to strengthen investor grievance redressal mechanism, ET BFSI
New Delhi, Capital market regulator Sebi has notified rules to strengthen investor grievance redressal mechanism wherein complaints will have to be addressed by the entities concerned within 21 days. The new rules also come against the backdrop of increasing...
Banks to tighten home loan sanctions, increase some EMIs under RBI’s new rules, ET BFSI
MUMBAI: Borrower loan eligibility could drop while banks and finance companies will be forced to hike the EMI (equated monthly instalments) for some home loans when interest rates rise under the RBI’s new rules. Banks will henceforth have to give borrowers the option...
India, UAE begin trade in local currencies, ET BFSI
India and the United Arab Emirates (UAE) have officially initiated trade using their respective local currencies, marking a significant shift away from the dominant use of the US dollar in international transactions.The Indian government announced a landmark...
Punjab & Sind Bank to sell two KSK loans, ET BFSI
State-run Punjab & Sind Bank has taken the first steps to recover bad loans through a sale in secondary markets and joined other lenders like State Bank of India and Bank of India as it puts on the block loans of KSK Mahanadi and KSK Water Infrastructure. The...
Barclays names new CEO, COO in reshuffle of key India market, BFSI News, ET BFSI
Barclays PLC named new executives to its top management in India, a major overseas market for the lender.Pramod Kumar will be the new Chief Executive Officer, replacing Ram Gopal who is retiring after leading the bank in the country for nearly six years, according to...
CCI slaps Rs 40 lakh on Axis Bank, BFSI News, ET BFSI
New Delhi, The Competition Commission of India (CCI) has slapped a fine of Rs 40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in CSC e-Governance.The transaction under consideration comprised acquisition of a 9.91 per cent...
Rupee ends marginally higher but falls for fourth straight week, ET BFSI
The Indian rupee ended stronger on Friday, aided by the softness in U.S. treasury yields and some easing in the dollar after concerns of U.S. interest rates staying higher for longer pushed the local unit to a record low earlier in the week.The rupee closed at 83.1025...
RBI approvers former Citibanker Seshadri as CEO South Indian Bank, ET BFSI
Mumbai: The Reserve Bank of India has approved the appointment of P R Seshadri as the Managing Director (MD) of South Indian Bank with effect from October 1, 2023 for a period of three years. Following the RBI approval the board will meet to approve his...
DBS and Infor Nexus™ launch pre-shipment financial solution for SMEs, ET BFSI
MUMBAI: Infor Nexus™ has partnered with DBS Bank and have launched a pre-shipment financing solution for small and medium-sized enterprises (SME) suppliers in the former's supply chain ecosystem. This solution utilises historical data from the Infor Nexus™ platform to...
RBI releases guidelines for IDF-NBFCs, tripartite agreement now optional, ET BFSI
Reserve Bank of India has released detailed guidelines for the Infrastructure Debt Fund-NBFCs on Friday. Reiterating the key changes announced at the time of MPC meet, the central bank prescribed conditions under which all NBFCs shall be eligible to sponsor IDF-MFs...
Banks to tighten home loan sanctions, increase some EMIs under RBI’s new rules, ET BFSI
Mumbai: Borrower loan eligibility could drop while banks and finance companies will be forced to hike the EMI (equated monthly instalments) for some home loans when interest rates rise under the RBI’s new rules. Also, in future loan sanction letters will now have to...
Reliance’s financial unit to list on bourses on Aug 21, BFSI News, ET BFSI
Mumbai, Jio Financial Services, the demerged financial services unit of Reliance Industries, will be listed on bourses on August 21, according to an exchange notification. Jio Financial Services Ltd (JFSL) demerged from Reliance last month and is currently listed...
UBS seeks to hire several private bankers to serve India’s rich, ET BFSI
UBS Group AG plans to rebuild its team in India as it prepares to create more products to compete for managing the wealth of rich Indians.The bank, which returned to the private wealth market with its rescue takeover of Credit Suisse two months ago, plans to add at...
Dharamraj Dhutia Mumbai: Indian govt bond yield curve to steepen over medium term
By Dharamraj DhutiaMUMBAI, - India's flat government bond yield curve will steepen over the medium term as elevated inflation falls back within the central bank's comfort zone in a few months and prompts short-end debt purchase, the treasury head of DBS Bank India...
Banking agents take credit and insurance offerings to last mile, ET BFSI
Fintech startups are not the only set of players expanding their product suite across lending and insurance; even last-mile banking agents are building a similar bouquet of products.After offering very basic banking services like payments, account opening and balance...
Axis Bank cuts FD interest rate; check latest fixed deposit rates, ET BFSI
Axis Bank has reduced the fixed deposit interest rate on one tenure by 10 basis points (bps) for amounts below Rs 2 crore. The new FD rate is effective from August 18, 2023, according to the Axis Bank website.The bank has reduced 10 bps on tenure of 16 months to less...
Kamlesh Varshney, Amarjeet Singh to join Sebi as wholetime members, ET BFSI
The government on Wednesday appointed Kamlesh Chandra Varshney and Amarjeet Singh as whole time members to the board of Securities and Exchange Board of India (Sebi). While Varshney, a 1990-batch officer of the Indian Revenue Service, is a joint secretary at the...
Banks may ease lending norms for solar units, BFSI News, ET BFSI
NEW DELHI: Banks are looking to ease lending norms for small and medium scale solar panel manufacturers, who account for half of the domestic capacity and are facing headwinds from surging duty-free imports from southeast Asian countries under FTA (free trade...
Rupee recovers 9 paise from all-time low to 82.99 against dollar as crude retracts, ET BFSI
Indian rupee (INR) recovered by 9 paise and traded at 82.99 against the US dollar in Thursday's early trade after settling at an all-time low of 83.08 on Monday. The INR opened at 83.10 at the interbank foreign exchange and gained as the session progressed.Forex...
YES BANK introduces its mobile banking app ‘iris by YES BANK’, ET BFSI
With an aim to redefine the country’s digital banking landscape, YES BANK on Thursday introduced its mobile banking app called 'iris by YES BANK'.Designed to cater to both existing and new customers, the app heralds a new era of convenience, efficiency, and...
Rupee recovers on offshore NDF, may avoid record low when onshore reopens, ET BFSI
The Indian rupee on Wednesday managed to recover against the U.S. dollar in the offshore non-deliverable forward (NDF) market on likely intervention by the Reserve Bank of India and recovery in the Chinese yuan.The USD/INR one-month NDF was quoting at 83.24/83.26,...
Women-run MSMEs avail over Rs 400 cr of loans in FY23: Report, ET BFSI
Women-run micro, small and medium enterprises (MSME) have availed loans worth Rs 430 crore, accounting for 24 per cent of the overall loans disbursed to MSMEs in FY23, highlighted the NeoGrowth Impact Report 2023. The report said that more than 2600+ women-owned MSMEs...
Indian Bank extends online locker agreement execution through DDE platform of NeSL, ET BFSI
CHENNAI: Indian Bank on Thursday announced that it has become the first public sector bank to extend the facility of execution of online locker agreement through the Digital Document Execution (DDE) platform of National E-Governance Services Limited (NeSL).Online...
RBI bought net $4.50 bln in spot forex market in June, BFSI News, ET BFSI
The Reserve Bank of India (RBI) bought a net $4.50 billion in the spot foreign exchange market in June, data released on Thursday as part of the central bank's monthly bulletin showed.The RBI purchased $7.79 billion and sold $3.28 billion, the bulletin showed. In May,...
500 lakh NTC MSMEs expected in India, to be next leg of MSME credit growth: Report, ET BFSI
India has approximately 630 Lakh MSME corporates of which only 250 Lakh have ever been credited. While the sector continues to grow at a projected compound annual growth rate (CAGR) of 2.5 per cent, in the coming times, the approximate number of MSME corporate...
Axis Bank partners with RBIH to launch products powered by the new Public Tech Platform for Frictionless Credit, ET BFSI
Axis Bank, one of the largest private sector banks in India, today announced the launch of two lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC), introduced by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of the...
Sensex, Nifty 50 ends lower amid selling across sectors barring PSU Banks, ET BFSI
Weighed by information technology (IT) and financial stocks, Indian indices ended lower on August 17 with Nifty below 19,400 amid selling across the sectors. Only Consumer Durables and PSU Bank basket made meanginful gains, as they added 1.79% and 1.43%,...
1200 startups get funds under extended Digital India, DigiLocker to be available to MSMEs, ET BFSI
9 more supercomputers will be added under the National Super Computer Mission. This is in addition to 18 supercomputers already deployed.Under the expanded Digital India scheme, which was cleared by the Union Cabinet on August 16, the Central Government will fund 1200...
DCB Bank cuts FD interest rates by up to 50 bps: Check details, ET BFSI
DCB Bank has cut fixed deposit interest rates by up to 50 basis points (bps) for deposits below Rs 2 crore for general citizens on select tenures. The bank has also cut the savings account interest rate by up to 50 bps on select balances. The new interest rates are...
Motilal Oswal Alternates to raise Rs 2,000 crore through sixth realty fund, ET BFSI
Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services is set to raise up to Rs 2,000 crore through its sixth real estate fund India Realty Excellence Fund VI (IREF VI) to invest across the top 8 cities of India. The...
Parminder Chopra takes over as CMD of Power Finance Corporation, ET BFSI
Parminder Chopra has been appointed as Chairman and Managing Director (CMD), of Power Finance Corporation Limited (PFC) by Government of India with effect from 14th August, 2023. Previously, she was holding the additional charge of Chairman and Managing Director...
These four banks have hiked senior citizen FD interest rates in August, ET BFSI
Banks offer resident senior an extra interest rate component over and above the standard interest rate applicable on term deposits up to Rs 2 crore. The additional rate component, applicable to resident senior citizen term deposits, varies between 0.25% to 1% over the...
RBI likely sold dollars to keep rupee from record low: Traders, ET BFSI
MUMBAI - The Reserve Bank of India likely sold dollars via public sector banks to ensure that the rupee did not fall to a record low, six traders told Reuters.The rupee was quoted at 83.0250 to the U.S. dollar, down about 0.1% from the previous session. On the...
MD & CEO of Poonawalla Housing shares 10-fold charter for new avatar post demerger, ET BFSI
Last month, Poonawalla Fincorp Ltd announced the sale of a controlling stake in its housing subsidiary Poonawalla Housing Finance Ltd to Perseus SG Pte Ltd, an entity affiliated with TPG Global. This was the third ownership changes in three years noted as a unique...
Debate over rate moves at US central bank is shifting, ET BFSI
Washington: As Federal Reserve officials close in on the end of their tightening campaign, the debate is shifting from how high interest rates need to go to how long they should stay elevated.Inflation pressures are easing, which could give policymakers room to keep...
How PSU banks fared credit and deposit growth, other financial metrics in Q1, ET BFSI
Bank of Maharashtra (BoM), a state-owned bank headquartered in Pune, has emerged as the top performer among public sector lenders in terms of loan and deposit growth during the first quarter of fiscal year 2024.The bank's deposits and advances experienced a robust...
Bank credit growth seen strong at 13-13.5% in the current fiscal, ET BFSI
In a climate of economic expansion, increased capital expenditure, and the implementation of the Production-Linked Incentive (PLI) scheme, the outlook for bank credit offtake remains promising. The surge in demand for retail credit and personal loans, coupled with the...
Bankers, BFSI News, ET BFSI
MUMBAI: Currency with the public has dropped by Rs 1.56 lakh crore to nearly Rs 32.2 lakh crore as on July 28 from Rs 33.7 lakh crore on May 19. The decline has been due to RBI’s move to withdraw Rs 2,000 notes — with most now deposited in banks.Consequently, banks...
Moneyboxx reports Rs 1.6 crore profit in Q1, BFSI News, ET BFSI
Mumbai, Moneyboxx Finance, which provides business loans to micro enterprises, reported a net profit of Rs 1.64 crore in the June quarter. The Non-Banking Financial Company (NBFC) had reported a net loss of Rs 1.6 crore in the year-ago period. In a release, Moneyboxx...
Imposing ICRR may prompt banks to raise deposit rates, BFSI News, ET BFSI
RBI's move to raise incremental CRR that has come as a shock to banks could also end up increasing transmission of deposit rates as the move will force banks to review their deposit rates to absorb more durable liquidity.In his latest monetary policy statement,...
Fitch warns it may downgrade many US banks, including JPMorgan, ET BFSI
An analyst at Fitch Ratings warned that U.S. banks, including JPMorgan Chase, could be downgraded if the agency further cuts its assessment of the operating environment for the industry, according to a report from CNBC on Tuesday.In June, Fitch lowered the score of...
Banks’ lending to NBFCs jumps 35 per cent to Rs 14.2 lakh crore in June: Report, ET BFSI
Banks' lending to non-banking finance companies (NBFCs) rose by 35.1 per cent to Rs 14.2 lakh crore in June, a report said. Credit exposure of banks to NBFCs rose by a robust 35.1 per cent on-year to Rs 14.2 lakh crore in June, indicating non-banking finance firms'...
SBFC Finance shares jump over 62 pc in debut trade, BFSI News, ET BFSI
New Delhi, Shares of non-banking finance company SBFC Finance Ltd made a remarkable stock market debut on Wednesday and ended with a premium of over 62 per cent, against the issue price of Rs 57. The stock listed at Rs 81.99, up 43.84 per cent from the issue price on...
RBL Bank appoints Buvanesh Tharashankar as Head of Finance, BFSI News, ET BFSI
RBL Bank appoints Buvanesh Tharashankar as Head of FinancePrivate sector lender RBL Bank has appointed Buvanesh Tharashankar as the Head of Finance.The bank further said that Tharashankar shall be considered for the position of Chief Financial Officer (CFO) and key...
Indian Bank opens specialised startup cells in 10 cities, BFSI News, ET BFSI
Chennai, Public sector Indian Bank on Wednesday said it has set up 10 startup cells across different centres in the country to serve its specialised banking requirements. Accordingly, the startup cells have been set up in Ahmedabad, Bengaluru, Coimbatore, Chennai, New...
Ebbing Covid impact on economy strengthens Indian banks’ operating environment, Fitch says, ET BFSI
The operating environment (OE) for Indian banks has strengthened as economic risks associated with the Covid-19 pandemic have ebbed, said the global credit rating, Fitch Ratings on Wednesday. A number of prudential indicators for the sector have also improved compared...
SBFC Finance shares debut with nearly 44 pc premium, BFSI News, ET BFSI
New Delhi, Shares of non-banking finance company SBFC Finance Ltd made a remarkable stock market debut on Wednesday, beginning the trade with a premium of nearly 44 per cent, against the issue price of Rs 57. The stock listed at Rs 81.99, up 43.84 per cent from the...
IDBI Bank extends Amrit Mahotsav special FDs’ last date: Check details, ET BFSI
IDBI Bank has extended the validity date for special FDs dubbed as Amrit Mahotsav FD for 375 days and 444 days tenure, according to the bank website.When is the last to invest in Amrit Mahotsav FDsThe last date to invest in Amrit Mahotsav FDs with tenure for 375 Days...
Sebi proposes delistings via fixed price mechanism, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi) has proposed major changes to delisting rules including introduction of a fixed price for taking a company private. It also suggested tweaking of the counter-offer mechanism and determination of floor price for...
Poonawalla Fincorp appoints Kumar Gaurav as chief marketing officer, ET BFSI
Kumar GauravPoonawalla Fincorp (PFL) has announced the appointment of Kumar Gaurav as their chief marketing officer.In his new role, Kumar will lead the marketing, brand, corporate communications, public relations, digital marketing and will be responsible for...
One Card founders and Uni Cards NBFC licence applications face roadblocks from RBI, ET BFSI
At a time when the Reserve Bank of India seems to be opening up to offering lending licences to fintechs, not all are having it easy. Two sources in the know told ET that the regulator has not responded to an acquisition application of a non-banking lender by the...
Explainer I How RBI’s move to impose Incremental CRR play out for banks, borrowers, ET BFSI
The Reserve Bank of India (RBI), in its monetary policy review directed banks to uphold an incremental Cash Reserve Ratio (ICRR) of 10 percent on the augmented deposits registered between May 19 and July 28.What is ICRR?Banks are mandated to maintain a certain...
Deutsche Bank’s Go Airlines loans settled out of court, ET BFSI
Deutsche Bank has settled the loans it extended to Go Airlines out of court with its promoters Wadia Group, people aware of the development said. Go Airlines, which operated Go First Airlines, is undergoing voluntary liquidation.Last week, Deutsche Bank conveyed to...
How banks are ramping up digital capabilities amid calls for enhanced user experience, ET BFSI
In response to growing demands for more user-friendly interfaces and improved digital experiences, major large and mid-size banks are intensifying their efforts to bolster their digital capabilities. Financial institutions are recognising the need for revamp in the...
Bank of Maharashtra tops PSU lenders chart in loan, deposit growth in Q1, ET BFSI
New Delhi, State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year. The deposit and advances of the Pune-based lender...
Nine executives from SBI, arms in race to become Bank MD, BFSI News, ET BFSI
Mumbai: Nine senior executives of State Bank of India (SBI) group are in the race to be elevated as managing director of the country’s largest bank, people familiar with the process said.The post fell vacant after former MD Swaminathan Janakiraman took over as deputy...
Sebi to focus on tech; plans Geotagging solution to boost enforcement activities, ET BFSI
Capital markets regulator Sebi is betting big on technology, as it plans to implement a Geotagging solution in the current financial year to strengthen the process of its enforcement activities. While focussing on technology, Sebi said it plans to undertake various...
US banks face hefty fines for unofficial WhatsApp usage by employees, ET BFSI
Wells Fargo and BNP Paribas are among the recent recipients of substantial fines imposed by US regulators due to employee usage of unofficial communication platforms such as WhatsApp and iMessage.The US Securities and Exchange Commission (SEC) has taken action against...
Rupee slips on broad dollar strength, RBI likely capped losses, ET BFSI
By Siddhi NayakMUMBAI - The Indian rupee slipped to a near 10-month low on Monday, tracking a stronger dollar which led to losses across Asian currencies, but likely dollar sales by the country's central bank capped losses.The rupee ended at 82.9500 to the U.S....
Credit flow to MSMEs decelarates despite growing credit demand: Report, ET BFSI
Credit flow to MSME sector is slower compared to the increasing demand as lenders follow a cautious approach on commercial lending. Credit demand grew at 33 per cent whereas supply grew at only 11 per cent in Q4 FY23, revealed a latest joint report by TransUnion CIBIL...
India’s ‘bad bank’ sees loan transfers dwindle on valuation, liability woes -sources, ET BFSI
By Siddhi NayakMUMBAI, - India's so-called 'bad bank' set up to buy legacy stressed loans from the country's lenders has seen such purchases grind to a standstill recently due to disputes over pricing and future liabilities, bankers and industry sources said.Stressed...
Indian shares end flat after volatile session, BFSI News, ET BFSI
By Manvi Pant and Sethuraman N RBENGALURU - Indian shares closed mostly unchanged Monday, though they recovered from a more than one-month low hit earlier in the session as gains in heavyweights Reliance Industries and IT stocks offset losses in metal stocks.The Nifty...
Capital Small Finance Bank Q1 total business grows 15.58 pc to Rs 12,584 cr, ET BFSI
Chandigarh, Capital Small Finance Bank Limited on Monday said its total business grew by 15.58 per cent to Rs 12,584 crore for the quarter ended June 2023. The Jalandhar-headquartered bank's total business was Rs 10,888 crore during the first quarter of the last...
Latest FD rates by top 10 PSU banks, BFSI News, ET BFSI
- Arista Menezes & Tanisha KhimavatThe Reserve bank of India has paused the hike in repo rates, which is beneficial for the general public and senior citizens encouraging them to invest more while the banks increasing their FD rates to benefit their customers with...
INDIA RUPEE-Indian rupee falls, caught between dollar rally and likely RBI intervention, ET BFSI
By Nimesh VoraMUMBAI, - The Indian rupee dropped on Monday on the back of a broadly higher U.S. dollar, but likely intervention by the central bank mitigated losses.The rupee was at 82.9250 to the dollar by 11:02 a.m. IST, down from 82.8450 on Friday.The currency hit...
How private credit funds are competing with banks, NBFCs, BFSI News, ET BFSI
Indian alternative investment funds are capitalizing on the opportunity presented by the void left by banks and non-bank lenders in the private credit sector, mirroring a trend seen across Asia. These funds are increasingly expanding their private credit business,...
Transfer of bad loans from banks to NARCL hits indemnity hurdle now, ET BFSI
Asset transfers from banks to the government-backed bad debt aggregator National Asset Reconstruction Co (NARCL) have stalled once again due to differences over specific wordings of the agreement between the entities, people familiar with the matter said."NARCL has...
How 5% cap on FLDG has hit BNPL players?, BFSI News, ET BFSI
The regulatory framework for Buy Now Pay Later (BNPL) firms underwent a significant transformation with the roll-out of RBI's digital lending guidelines in December 2022. These guidelines reclassified BNPLs as Lending Service Providers (LSPs), enabling collaborations...
SBFC Finance IPO sails through on Day 1 on strong NII, retail demand, ET BFSI
The initial public offer (IPO) of SBFC Finance sailed through on the first day of the book-building process on Thursday, with the issue garnering over 1.91 times bids at close on Day 1.Strong demand from retail and non-institutional investors helped the IPO get fully...
Bond yields in narrow range to limit banks’ treasury gains, BFSI News, ET BFSI
Mumbai: Treasury gains for Indian lenders are likely to moderate in the coming quarters as bond yields remain in a narrow range, with the Reserve Bank of India (RBI) possibly sticking to a long pause. Banks will also see pressure on earnings growth with a likely...
FTSE Russell to raise HDFC Bank’s weight in Emerging All Cap, BFSI News, ET BFSI
Mumbai: Global index services provider FTSE Russell on Monday said it had increased HDFC Bank's weight in its Emerging All Cap index from 0.81% to 1.52%, following the merger of parent HDFC Ltd with the bank. However, the index aggregator said that the changes will be...
LIC Housing Finance Q1 profit jumps on strong loan demand, BFSI News, ET BFSI
The LIC Housing Finance on Thursday reported a 43% rise in first-quarter profit, helped by strong demand for housing loans.The company posted a profit after tax of Rs 13.24 billion ($159.95 million) for the quarter ended June 30, from 9.25 billion rupees an year...
RBI’s ICRR decision may hit bank’s margins; bankers see an impact on Rs 1 lakh crore of deposits, ET BFSI
EE / AFP)The Reserve Bank of India’s move to introduce incremental cash reserve ratio is for mopping up surplus liquidity in the system following the influx of Rs 2,000 notes. “Excessive liquidity, on the other hand, can pose risks to price stability and also to...
SBI leads debit cards market, HDFC continues to top Credit cards in June’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 whopping 28 per cent share in June 2023, revealed latest data by 1Lattice (Previously PGA Labs).Top banks followed the list like Bank of...
India Ratings flags surge in unsecured lending by NBFCs; warns of risks, ET BFSI
India Ratings (Ind-Ra) has raised concerns about the surge in unsecured lending in India and has called for higher capital buffers and closer monitoring of unsecured advances by non-bank lenders. As the country's non-banking financial companies (NBFCs) witnessed a...
Weakness in bank stocks seen short-lived, BFSI News, ET BFSI
Mumbai: Shares of banks weakened on Thursday in reaction to the Reserve Bank of India's move to impose an incremental cash reserve ratio (CRR) as part of its attempts to drain out additional liquidity of over ₹1 lakh crore from the system following the withdrawal of...
Rupee falls 6 paise to 82.81 against US dollar in early trade, ET BFSI
The rupee depreciated 6 paise to 82.81 against the US dollar in early trade on Tuesday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments. Forex traders said the rupee is trading lower on strong dollar and foreign fund...
Swiss impact investor signs deal with Electronica Finance, BFSI News, ET BFSI
Swiss impact investor responsAbility Investments AG signed a $15 million funding deal with non-bank lender Electronica Finance to promote green financing in India in line with its sustainability goal, two people aware of the development said.The Pune-headquartered...
New guidelines soon on banks resetting tenor & EMI of your home loans, ET BFSI
The Reserve Bank of India (RBI) will issue guidelines to banks and housing finance companies (HFCs) on resetting the tenor and/or equated monthly instalments (EMIs) after it found “several instances of unreasonable elongation” of floating rate tenor by lenders without...
Ananya Birla’s Svatantra set to acquire Sachin Bansal’s Chaitanya for INR 1,479 cr, ET BFSI
Ananya Birla’s Svatantra Microfin Private Limited (Svatantra), has entered into a definitive agreement to acquire Chaitanya India Fin Credit Private Limited (Chaitanya), a wholly owned subsidiary of Navi Group (Navi) on Tuesday.The transaction of INR 1,479 Cr is...
Swiss impact investor signs deal with Electronica Finance, BFSI News, ET BFSI
Swiss impact investor responsAbility Investments AG signed a $15 million funding deal with non-bank lender Electronica Finance to promote green financing in India in line with its sustainability goal, two people aware of the development said.The Pune-headquartered...
Bank Of Maharashtra Cuts Home & Car Loan Rates, BFSI News, ET BFSI
Pune: The Bank of Maharashtra has reduced the home and car loan rates, effective from Monday (August 14).With the latest cuts, customers will pay an interest of 8.5% for home loans in place of 8.6%. Similarly, car loan rates have been reduced to 8.7% from 8.9%.The...
Adani Enterprises weighs exiting $6 billion Wilmar venture, ET BFSI
Adani Enterprises Ltd. is exploring selling its stake in its Mumbai-listed consumer-staple joint venture with Wilmar International Ltd., freeing up capital for their core business, according to people familiar with the matter.The conglomerate has been considering a...
SBFC Finance IPO subscribed 7 times on day two of offer, BFSI News, ET BFSI
New Delhi, The Initial Public Offer (IPO) of non-banking finance company SBFC Finance was subscribed 7 times on the second day of subscription on Friday. The Rs 1,025 crore-initial share sale received bids for 94,60,90,080 shares against 13,35,12,817 shares on offer,...
Banks cautious on lending to small businesses despite high demand, lower NPAs: Report, ET BFSI
Lenders are cautious on providing loans to the micro, small and medium enterprises (MSME) segment, despite high demand, availability of analytical data and lower delinquencies, a report said on Thursday. Demand for loans from MSMEs grew 33 per cent in the...
Wall St falls as Moody’s bank downgrades spark broad sell-off, ET BFSI
Wall Street tumbled on Tuesday in a broad sell-off led by financial stocks after Moody's downgraded several U.S. banks, though drugmakers rose on Eli Lilly's strong results and positive data from Novo Nordisk's obesity treatment.The agency cut ratings on 10 small- to...
L&T Finance launches Digital Sakhi project in Murshidabad, BFSI News, ET BFSI
Kolkata, L&T Finance Holdings Ltd (LTFH), a non-banking financial company, Saturday announced the launch of its 'Digital Sakhi' project in Baharampur town in West Bengal's Murshidabad district.A CSR project of the company, 'Digital Sakhi' trains and nurtures rural...
Goldman Sachs Promotes Gunjan Samtani, BFSI News, ET BFSI
Gunjan Samtani, head of Goldman Sachs Services in India, has been elevated to the role of chief operating officer of engineering at Goldman Sachs. He will continue with his responsibilities as the head of Goldman Sachs Services India and will continue to be based in...
Equity benchmark indices fall ahead of RBI policy review, ET BFSI
Mumbai: India's equity benchmark indices ended weak on Tuesday in choppy trades as the market failed to find momentum with overseas investors turning net sellers. Analysts do not expect a fall unless the Nifty closes below a technical support of 19500. Investors and...
Govt initiatives, tech help women entrepreneurs flare in MSME sector, ET BFSI
Under the Udyam registration initiative, that aims to formalise the MSME sector, around 20 per cent businesses registered were by the women entrepreneurs. Overall, 2 crore businesses were registered under the initiative in the period from July 1, 2020, to July 27,...
Bank of Baroda, Canara Bank, Bank of Maharashtra hike lending rates by up to 10 bps, ET BFSI
NEW DELHI: A number of public sector banks, including Bank of Baroda (BoB) and Canara Bank, raised the marginal cost of funds based lending rates (MCLR) by up to 10 basis points even though RBI retained policy rate on Thursday. The move will make EMIs linked to MCLR...
As tomatoes paint inflation red, can Das soothe D-St’s frayed nerves?, ET BFSI
At the end of its three-day meeting on Thursday, the monetary policy committee of Reserve Bank of India is widely expected to leave the repo rate as well as the policy stance unchanged even as inflation has inched up since the last meeting. If done, it will be the...
SBFC Finance IPO subscribed 75.80 times on last day of subscription, ET BFSI
New Delhi, The Initial Public Offer (IPO) of non-banking finance company SBFC Finance got subscribed 75.80 times on the last day of subscription on Monday, helped by an overwhelming participation from institutional buyers. The Rs 1,025 crore-initial share sale...
Post merger, HDFC Bank chief Sashidhar Jagdishan flags funding risk; says net interest margins to be hit, ET BFSI
MUMBAI: Funding is the biggest risk to the HDFC Bank and HDFC merger, Sashidhar Jagdishan, the private lender’s MD, said on Friday. HDFC Bank has been on an overdrive to accrue deposits to provide cover for the liabilities arising out of the merger that now includes...
India’s June industrial output rises at slowest pace in 3 months, ET BFSI
By Nikunj Ohri and Shivangi AcharyaNEW DELHI -India's industrial output growth rate slipped to a three-month low of 3.7% year-on-year in June, data from the Ministry of Statistics showed on Friday.Analysts in a Reuters poll had forecast an expansion of 5.0%....
Private equity firms queue of NBFC pie on strong loan growth and improved asset quality, ET BFSI
Private equity firms are increasingly showing interest in small and mid-sized non-banking financial companies (NBFCs) due to their robust loan growth and enhanced asset quality. The NBFC sector is expected to attract both strategic and private equity investors, with...
Pankaj Sharma resigns as Chief Operations Officer of RBL Bank, ET BFSI
RBL Bank Limited on Friday announced that the bank's Chief Operations Officer, Pankaj Sharma will be resigning from the position to pursue opportunities outside the bank and the vacant position will be handled by Alok Rastogi, said the bank in its exchange filling....
World Bank mulling local currency lending in countries like India: Official, ET BFSI
The World Bank is mulling local currency lending in countries like India to help borrowers save on costs, a senior official said on Friday. "How do we do local currency lending for a country like India is also something we are trying to think of at a price which is...
Kolkata NCLT approves NARCL plan to acquire twin Srei companies under IBC, ET BFSI
The Kolkata bench of bankruptcy court today approved the resolution plan submitted by the government-owned National Asset Reconstruction Company Ltd for the twin Srei companies that the Kanoria family once owned.This will be the first acquisition of NARCL after it was...
Goldman’s CEO is stuck, without a clear lifeline, BFSI News, ET BFSI
One day in mid-June, Lloyd Blankfein called David Solomon, CEO of Goldman Sachs. Solomon had not been expecting it.Blankfein, a big Goldman shareholder and Solomon’s predecessor, had lost $50 million since January on his stake because of the bank’s sinking stock. He...
Rupee weakens alongside Asian peers; ends the week lower, ET BFSI
The Indian rupee weakened against the U.S. dollar on Friday, alongside its Asian peers, with the Chinese yuan depreciating to a one-month low.The rupee closed at 82.8450 against the dollar, 0.16% lower on the day and 0.12% lower for the week.The Korean won weakened by...
SBFC Finance public issue subscribed over 70 times, BFSI News, ET BFSI
Mumbai: The ₹1,025-crore initial public offering of Delhi-NCR-based SBFC Finance was subscribed 70.16 times on the final day of bidding on Monday. The issue received bids for 936.67 crore shares against the 13.35 crore shares on offer.The qualified institutional buyer...
Axis Bank hikes FD interest rate by 15 bps on this tenure, BFSI News, ET BFSI
Axis Bank has hiked the fixed deposit interest rate on one tenure by 15 basis points (bps) for amounts below Rs 2 crore. The new rate is effective from August 11, 2023, according to the bank’s website.After the revision, Axis Bank offers interest rates between 3.5%...
No impact on financial markets if international banks open special vostro accounts: RBI, ET BFSI
India’s financial markets are unlikely to be disrupted if foreign entities using special vostro accounts unwind their investments in government securities, Reserve Bank of India (RBI) officials said on Thursday.“About how much anyone has invested - that’s not...
Sundaram Finance reports 25 per cent increase in net profit for Q1FY24, ET BFSI
Chennai, City-based Sundaram Finance Ltd (SFL) on Friday announced that its net profit for Q1 FY'24 has gone up by 25 per cent to Rs 281 crore, while disbursements grew by 32 per cent over the corresponding period last year. The Board of Directors of SFL approved the...
Post merger, HDFC Bank CEO flags funding risk; says net interest margins to be hit, ET BFSI
Mumbai, HDFC Bank chief Sashidhar Jagdishan on Friday flagged funding as a risk for the lender after the successful USD 40 billion amalgamation with its parent. "As you know, the risks of the merger is the funding part of it," Jagdishan told shareholders of the...
India’s forex reserves fall $2.41 billion to $601.453 billion as on August 4, ET BFSI
India's foreign exchange reserves fell by $2.41 billion to $601.453 billion for the week ending August 4, latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves fell by $3.2 billion to $603.87 billion for the week ended on July...
India’s Muthoot Finance posts first quarterly profit growth in six quarters, ET BFSI
BENGALURU - India's Muthoot Finance reported quarterly profit growth for the first quarter in six, as record high prices spurred demand for gold loans. The gold financing company said its profit grew more than 21% to 9.75 billion rupees ($117.81 million) for the first...
HDFC Bank chairman at AGM, ET BFSI
Following a $64 billion mega-merger of HDFC twins, HDFC Bank chairman Atanu Chakraborty on Friday told shareholders at the company's annual general meeting (AGM) that the private sector lender will benefit from the low cost of funds that a bank traditionally...
Rupee falls 8 paise to 82.74 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee depreciated by 8 paise to 82.74 against the US dollar in early trade on Friday, tracking a firm dollar against major rivals overseas. Analysts said, weak sentiment in the domestic equity market and elevated level of crude prices nearing USD 87 per...
Competition Commission approves Tata Capital merger plan, BFSI News, ET BFSI
Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the merger of Tata Cleantech Capital and Tata Capital Financial Services into Tata Capital Ltd. Tata Capital Financial Services (TCFSL) and Tata Cleantech Capital Ltd are RBI-registered...
Bank of Baroda increases interest rates on these loans by by 5 bps; loan EMIs to increase, ET BFSI
The benchmark lending rates at Bank of Baroda (BoB) were increased across all tenures by 5 basis points (bps). The new rates are effective from August 12, 2023. This move came just one day after the RBI announced a status quo on the repo rate.Post the hike, the new...
Sebi proposes to raise threshold of borrowings for large firms, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi) on Thursday proposed to review the framework for borrowings by large corporates.The regulator proposed to raise the threshold for large corporates to ₹500 crore from the current ₹100 crore."It was felt that the...
Authum converts RInfra and RPower debt into equity, BFSI News, ET BFSI
Mumbai: Sanjay Dangi-promoted NBFC Authum Investment & Infrastructure has invoked guarantees issued by Anil Ambani-promoted Reliance Infrastructure (RInfra) and Reliance Power (RPower) to the erstwhile Reliance Commercial Finance (RCFL) and Reliance Home Finance...
Banks unable to recover much from written-off accounts as wilful defaulters rise, ET BFSI
While scheduled commercial banks (SCBs) wrote off a staggering amount of over Rs 10.5 lakh crore in the five years leading up to March 31, 2023, they have also seen a rise in the percentage of wilful defaulters while facing difficulties in recovery.Recent reports...
Here’s how to check the status, ET BFSI
NEW DELHI: The SBFC Finance IPO share allotment is likely to be finalised today, i.e. Friday, August 10, 2023. The SBFC Finance IPO share will be allocated to investors through a lottery system, overseen by the registrar.On the allocation date, investors will be...
Jio Financial shares credited to Demat accounts of RIL shareholders. All eyes on listing date, ET BFSI
NEW DELHI: Ahead of the listing of Jio Financial Services (JFSL), the date of which has not yet been announced, shares of the demerged company were credited to demat accounts of eligible shareholders of Reliance Industries (RIL) on Thursday.As part of the demerger of...
New guidelines soon on banks resetting tenor & EMI of your home loans, ET BFSI
The Reserve Bank of India (RBI) will issue guidelines to banks and housing finance companies (HFCs) on resetting the tenor and/or equated monthly instalments (EMIs) after it found “several instances of unreasonable elongation” of floating rate tenor by lenders without...
Sebi halves listing timeline to 3 days post IPO closure, BFSI News, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi) on Wednesday reduced the timeline for listing of securities after the closing of an initial public offering (IPO) to three days from the present requirement of six working days. This will be an option for IPOs...
UGro’s Shachindra Nath reinvests Rs 14 mn bonus to acquire stake in company, ET BFSI
Shachindra Nath, Vice Chairman & Managing Director of UGro Capital invested the entire bonus amount worth Rs 14 million approx (net of taxes) purchasing 46300 shares of the company from the secondary market.Demonstrating his indomitable faith in UGRO Capital's...
RBI’s ‘hawkish-pause’ in line with inflationary trends, signals economy benefits: Bankers, ET BFSI
- Arista Menezes & Tanisha Khimavat The RBI MPC unanimously decided to keep the repo rate unchanged at 6.5 per cent with preparedness to act should the situation warrant. It has raised its inflation projections for the current financial year to 5.4 per cent, while...
RBI allows off-line payments of upto Rs 500 over UPI, use of NFC technology, ET BFSI
The Reserve Bank of India (RBI) in its third Monetary Policy Committee (MPC) meeting of this fiscal has announced to enhance the transaction limit for small value digital payments in off-line mode from Rs 200 to Rs 500 within the overall limit of Rs 2000 over the...
Bombay HC rejects Axis Finance’s petition on Zee, BFSI News, ET BFSI
Axis Finance's application to include Zee Entertainment Enterprises Limited (ZEEL), Essel Mauritius and Culver Max Entertainment in its commercial summary suit against Subhash Chandra Goenka has been dismissed by the Bombay High Court. The finance company was...
Shaktikanta Das to banks, ET BFSI
Reserve Bank Governor Shaktikanta Das on Thursday said banks should not "camouflage" stress, and extend loans only for a reasonable period of time. Speaking to reporters at the central bank headquarters, Das said the age of the borrower and the ability to repay must...
Here’s what changes RBI introduces in Infradebt, ET BFSI
Reserve Bank of India has made a significant announcement for the Infrastructure Debt Funds (IDFs) in its Monetary Policy Committee (MPC) meeting on Thursday. Among the key announcements, IDFs can now finance Toll Operate Transfer projects (ToT) as direct...
Top 10 announcements of August MPC Meet, ET BFSI
MPC Meet Highlights: In charting the course of monetary policy, we continuously assess the impact of our past actions, the evolving inflation dynamics and the implications of incoming data for the economic outlook, said Shaktikanta Das, Governor, The Reserve...
