Banking & Finance
Fedbank Financial Services shares settle on muted note in debut trade, ET BFSI
New Delhi, Shares of Fedbank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, made a muted market debut on Thursday and ended at par with the issue price of Rs 140 on the BSE. The stock listed at Rs 137.75, registering a decline of 1.60 per cent from...
Loans to NBFCs, trade and retail drive credit growth in October, ET BFSI
Credit growth moderated in October as lending to all major sectors including retail, industry and loans to services slowed down as also due to the merger impact of HDFC with HDFC Bank.On a year-on-year (y-o-y) basis, non-food bank credit rose 15.3 per cent in October...
Rupee ends at record closing low, underperforms key Asian peers in Nov, ET BFSI
MUMBAI, - The Indian rupee fell to its lifetime closing low on Thursday and was the worst performer among key Asian peers in November which have rallied amid a slump in US yields and the greenback.Likely intervention from the Reserve Bank of India limited further...
FPIs change course, buy over Rs 9,000 cr of Indian equities in Nov, ET BFSI
Mumbai: Overseas investors bought Indian equities worth more than ₹9,000 crore in November, reversing two consecutive exit runs in the previous two months, as a decline in energy prices and stable US yields burnished the allure of risk assets in Emerging...
December begins with Dhamaka! Nifty hits record high on GDP, exit poll, ET BFSI
NEW DELHI: Nifty50 hit at a fresh record high on Friday as faster-than-expected economic growth in the September quarter added to optimism over the global interest rate outlook, and exit polls results indicate a high possibility of political stability after the...
Amid a string of solid IPO debuts, Fedbank Financial disappoints. What should investors do?, ET BFSI
Amidst a string of IPOs making solid debuts at the bourses, Fedbank Financial Services had a tepid listing with a 1% discount to its IPO price.The lackluster listing was in line with pre-listing expectations, which were dampened by a weak grey market premium and a...
Microfinance institutions crucial for financial inclusion, says Assam IAS officer, ET BFSI
Laya Madduri, Secretary, Government of Assam said that financial inclusion is a critical issue that demands our attention. Microfinance institutions play a crucial role in filling the void to provide financial services in rural areas.Madduri at the 2nd National Summit...
Rupee rises 8 paise to 83.29 against US dollar in early trade, ET BFSI
The rupee rose by 8 paise to 83.29 against the US dollar in early trade on Friday on the back of massive equity buying by foreign institutional investors and softening crude oil prices. Positive cues from equity markets amid strong domestic macroeconomic data boosted...
Clix Capital’s CFO aims to close FY24 with 3X profitability, 40% AUM growth, ET BFSI
Clix Capital CFO Gagan Aggarwal Gagan Aggarwal, Chief Financial Officer at Gurugram-based non-bank finance company Clix Capital aims to finish the financial year 2023-24 with a 3X growth in profit to about Rs 80 crore and 40% growth in Assets Under Management (AUM) to...
Corporate debt servicing improves despite higher interest cost, ET BFSI
Despite a 60 basis point ( 0.60 percent) rise in policy rates between September 2022 and September 23, corporate debt servicing as measured by interest coverage ratio improved from 4.49 in September'22 to 5.64 in September 23 implying higher lending rates have not hit...
India could get nearly $4-b inflows on US pension board’s index switch, ET BFSI
Mumbai: Reliance Industries, ICICI Bank, Infosys, HDFC Bank, and TCS could be the primary beneficiaries of a recent decision by the Federal Retirement Thrift Investment Board, a US Pension Fund, to change its benchmark index for its International Stock Index...
Fedbank Financial stock lists at 2% discount over issue price, ET BFSI
Shares of Fedbank Financial on Thursday got listed with a discount of 1.6% on BSE on debut at the bourses on Thursday. The stock was listed at Rs 137.75 on BSE.Meanwhile, on the NSE the stock was listed at Rs 138, down 1.4%.The IPO, which was priced in the range of...
Fedbank Financial Services shares debut on muted note; bounce back later, ET BFSI
New Delhi, Shares of Fedbank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, made a muted market debut on Thursday, listing with a discount of nearly 2 per cent, against the issue price of Rs 140. The stock listed at Rs 137.75, registering a decline of...
IIFL Finance raises $50 million from Japan’s Mizuho Bank, BFSI News, ET BFSI
Non-bank lender IIFL Finance on Wednesday raised $50 million in three-year external commercial borrowing (ECB) from Japan's Mizuho Bank.The loan, priced at 120 basis points over Tokyo overnight average rate (Tonar), will be used for onward retail lending. One basis...
Cabinet approves Terms of Reference for the Sixteenth Finance Commission, ET BFSI
The Union cabinet on Wednesday approved the Terms of Reference (TOR) for the sixteenth Finance Commission to recommend the tax distribution between the Union and the States of the net proceeds of taxes, on the measures needed to augment the resources of local bodies...
Godrej Capital Nirmaan partners with DBS Bank India, Visa and Amazon to aid MSME growth, ET BFSI
Representative imageIn a move aimed at widening its horizon, Godrej Capital Nirmaan on Thursday announced partnership with DBS Bank India, Visa and Amazon to aid MSME growth."The Godrej Group, with a rich history of over 125 years in Indian business, stands poised to...
Medimix maker Cholayil edges closer to $50 million PE funding, ET BFSI
CHENNAI: Cholayil Private, the company behind iconic brands Medimix and Cuticura, is in the process of raising around $50 million (around Rs 400 crore) in private equity (PE) funding as the 54-year old brand looks to capitalise on the natural push in personal care....
TN govt signs MoUs for Rs 5,567 crore MSME investments, BFSI News, ET BFSI
CHENNAI: Ahead of the Global Investors Meet (GIM) in January, the MSME department of the Tamil Nadu government on Wednesday signed 293 MoUs to bring in investments of 5,567 crore. The investments will be made across sectors such as auto components manufacturing,...
3 IPOs to list today. Will Tata Technologies outshine all the others?, ET BFSI
The shares of three companies -- Tata Technologies, Gandhar Oil and Fedbank Financial -- will debut on the exchanges tomorrow. If we go by the grey market trends, Tata Technologies seems to be emerging as the clear winner in the IPO frenzy season.According to the...
TN govt signs MoUs for Rs 5,567 crore MSME investments, BFSI News, ET BFSI
CHENNAI: Ahead of the Global Investors Meet (GIM) in January, the MSME department of the Tamil Nadu government on Wednesday signed 293 MoUs to bring in investments of 5,567 crore. The investments will be made across sectors such as auto components manufacturing,...
Rupee edges up on foreign banks’ dollar sales, weaker greenback, ET BFSI
The Indian rupee closed slightly higher on Tuesday, supported by foreign banks' dollar sales and softness in the greenback, which is hovering close to 3-month lows.The rupee ended at 83.3325 against the U.S. dollar, compared with its previous close at 83.3675.Asian...
Discount brokers top in client tally, bank-led companies rake in higher fees, ET BFSI
Mumbai: Discount or online brokers have emerged as the predominant winners in the client acquisition race in the past five years. However, bank-owned brokers continue to maintain the highest average revenue per user (ARPU), though their share has shrunk compared to...
Sebi moves to prevent misuse of SSFs, BFSI News, ET BFSI
Mumbai: Defaulting promoters cannot misuse 'special situation funds' to surreptitiously buy into their companies to retain control. Market regulator Securities and Exchange Board of India (Sebi) on Tuesday proposed that if the investment in the special situation fund...
Redemption price of first ever Sovereign Gold Bond (SGB) tranche announced; investors to earn 11%, ET BFSI
The Reserve Bank of India (RBI) has announced the final redemption price of the first ever tranche of the Sovereign Gold Bond (SGB). SGB 2015-I tranche is due for redemption on November 30, 2023.Sovereign Gold Bonds: What are the tax implications?The first SGB was...
M-cap of BSE-listed firms hits record high of Rs 331 lakh crore, ET BFSI
The combined market capitalisation of BSE-listed firms hit an all-time high of Rs 331 lakh crore on Tuesday and is just shy of entering the landmark $4-trillion club.At the end of trade, the market capitalisation of BSE-listed companies reached Rs 3,31,05,425.71...
Gold nears record level in India, at 6-month high globally, ET BFSI
MUMBAI: After gold prices rallied to a six-month high in the international market, analysts are looking at a similar run in the price of the yellow metal here at home. On Tuesday, gold on the New York Commodity Exchange rallied nearly 1% to trade at $2,028/Oz as the...
56% of investors plan to increase ESG investments in 2024: Report, ET BFSI
Over half of the investors plan to increase their ESG-orientated investments in 2024, reveals a new global survey from deVere Group.The 800+ clients polled from deVere Group, which writes business in more than 70 countries globally, illuminate a strong trend in the...
By 2030, for adding renewable energy, Rs 12 lakh crore will be needed from the NBFC space: IREDA chief, ET BFSI
Pradip Kumar Das, CMD, IREDA, says “keeping in mind the nuances and intricacies of renewable energy, we have maintained a steady growth. So having a higher name and adding NPA does not sound good. Our NPA has been drastically reduced in the last three years. Our loan...
Cabinet gives a go ahead to some 16th Finance Commission’s terms, free ration scheme extension, ET BFSI
The Union Cabinet on Wednesday greenlit certain terms of the 16th Finance Commission in a meeting held on Tuesday, said Anurag Thakur, while addressing the media.Finance Secretary T V Somanathan, in an interview with PTI, had earlier stated that the government aims to...
Sequoia-backed Mobikwik said to pick banks for $84 million IPO, ET BFSI
One Mobikwik Systems Ltd. has selected banks for its initial public offering in Mumbai that could raise about $84 million, according to people familiar with the matter.The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd. and SBI Capital Markets...
Solid Start! IREDA shares list at 56% premium over IPO price, ET BFSI
The shares of renewable energy financing company IREDA listed at a 56.25% premium over the issue price on the exchanges on Wednesday.The stock debuted at Rs 50 on both NSE and BSE compared with the IPO price of Rs 32.IREDA extended its gains by 11.4% to Rs 55.7 from...
Additional housing loans for stalled real estate projects to be treated as standard credit, ET BFSI
Any additional housing loans for stalled real estate projects that are being revived under a dedicated government scheme can be treated as standard loans, the Reserve Bank of India has told banks.A communication in this regard was sent out to banks last month, people...
IndusInd Bank, Paytm & 7 other stocks to trade in India Standard index from Thursday, ET BFSI
Nine new stocks will be part of the MSCI India Index as the rejig comes into effect from Thursday. These stocks are IndusInd Bank, Suzlon Energy, Persistent Systems, APL Apollo, Polycab, Macrotech Developers, Tata Motors A, One 97 Communications (Paytm), Tata...
Kedara Capital backs decision made on ESOPs issued to Religare Chairperson, ET BFSI
New Delhi, Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur...
RevFin to finance Bziness and Bziness Pro e-scooters of Quantum Energy, ET BFSI
Under this collaboration, Revfin will empower the fleet companies with the required funds to add Quantum Energy’s cutting-edge Bziness and Bziness Pro e-scooters to their fleets. New Delhi: Quantum Energy, a leading electric vehicle (EV) startup specializing in the...
Umesh Revankar on how new RBI norms will impact Shriram Finance & what Paytm partnership means, ET BFSI
Umesh Revankar, Executive Vice-Chairman, Shriram Finance, says SME portfolio is around 11%, which we intend to grow that. Paytm has on-boarded more than 75 lakh merchants on their platform and we feel that lending to SME through that platform where we get the credit...
BSE m-cap rides rally in Adani stocks, tops $4 trillion, ET BFSI
MUMBAI: A fag-end rally during Tuesday's session lifted the sensex by 204 points; it also pushed up BSE's market capitalisation to Rs 336 lakh crore or $4.02 trillion, a new all-time peak for the Indian market. One of the major factors behind the $4-tn milestone...
Jana Small Finance Bank Limited receives final SEBI observations for their proposed IPO, ET BFSI
The Bank had filed DRHP proposing to raise funds through offer of equity shares (face value of Rs. 10 each) comprising of fresh issue aggregating up to Rs. 575 crore (The “Fresh Issue”) and an Offer for Sale aggregating up to 4,051,516 equity shares by “Investor...
India braces for a Rs 50,000 crore rise in its subsidy bill for FY24, ET BFSI
The subsidy outgo for FY24 was planned at Rs 4.03 trillion, but it could rise up to Rs 4.53 trillion. Even with this stretched welfare spending, it would be significantly less than the previous fiscal's subsidy bill of Rs 5.62 trillion. "There will be Rs 50,000 crore...
India Shelter Finance, DOMS Industries, 3 others get Sebi nod to float IPOs, ET BFSI
Five firms, including affordable housing finance company India Shelter Finance, pencil maker DOMS Industries and lender Jana Small Finance Bank, have received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs). The other...
Rupee edges up on foreign banks’ dollar sales, weaker greenback, ET BFSI
The Indian rupee closed slightly higher on Tuesday, supported by foreign banks' dollar sales and softness in the greenback, which is hovering close to 3-month lows.The rupee ended at 83.3325 against the U.S. dollar, compared with its previous close at 83.3675.Asian...
Sovereign Gold Bonds | SGB: Eight years later, SGB-I returns glitter, ET BFSI
Mumbai: Investors in the first tranche of sovereign gold bonds (SGB), launched in November 2015, have made an annualised return of 10.87%. The Reserve Bank of India (RBI) announced a final redemption price of ₹6,132 per gram of gold when these bonds mature on November...
Tata Technologies IPO share allotment expected Tuesday. Here’s how you can check status, ET BFSI
The share allotment of Tata Technologies IPO is expected to be finalised tomorrow. 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...
IIFL Samasta aims to raise Rs 1,000 crore in public bonds, BFSI News, ET BFSI
Kolkata: IIFL Finance's microfinance subsidiary IIFL Samasta Finance is all set to hit the market with to raise Rs 1000 crore in its maiden public bond issue at 9.6-10.5% interest rate.One of the leading NBFC-MFI with Rs 12200 crore of assets under management, IIFL...
Umesh Revankar on how new RBI norms will impact Shriram Finance & what Paytm partnership means, ET BFSI
Umesh Revankar, Executive Vice-Chairman, Shriram Finance, says SME portfolio is around 11%, which we intend to grow that. Paytm has on-boarded more than 75 lakh merchants on their platform and we feel that lending to SME through that platform where we get the credit...
Indel Money’s net profit rises 127% in Q2FY24, revenue up 61%, ET BFSI
Gold loan non-banking finance company Indel Money has witnessed a rise of 127.21% in its net profit in the second quarter of FY24 to 18.91 crore from Rs 8.32 crore in the corresponding period of FY23. The revenue for the quarter rose by 61.09% to Rs. 77.03 crore as...
Credit card spend hits record Rs 1.78 lakh crore in Oct amid RBI crackdown on consumer loans, ET BFSI
Credit card spending in India reached a historic high, surging to Rs 1.78 lakh crore, representing a substantial 25.35% increase from September 2023, fuelled by robust consumer activity during the festive season, with a notable focus on e-commerce platforms.The...
Sebi to introduce regulatory framework for index providers, BFSI News, ET BFSI
Markets watchdog Sebi on Saturday approved providing flexibility to Not for Profit Organisations (NPOs) in raising funds through the social stock exchange and also decided to introduce a regulatory framework for index providers. These were among the decisions taken by...
Centrum ropes in EY to find buyers for its stake in housing arm, ET BFSI
Kolkata: The Centrum Group has roped in EY to find a buyer for its stake in housing loan subsidiary Centrum Housing Finance.The Jaspal Bindra-led group plans to either exit the housing finance business fully or pare stake to become a minority shareholder."If we get a...
NBFCs play up spectre of collateral damage, knock on regulator’s doors, ET BFSI
Non-banking finance companies (NBFCs) in India have underlined the risk of collateral damage with respect to the RBI's new lending norms, Times of India said in a report on November 24.In a written communication to the apex bank, NBFCs -- lend to small businesses and...
India’s forex reserves jump USD 5.08 bn to USD 595.40 bn, BFSI News, ET BFSI
Mumbai, India's forex reserves increased by USD 5.077 billion to USD 595.397 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined USD 462 million to USD 590.321 billion. For the week ended...
Svatantra Microfin completes acquisition of Chaitanya India Fin Credit, ET BFSI
Ananya Birla-led Svatantra Microfin has on Friday completed the acquisition of Sachin Bansal's Navi Group's subsidiary Chaitanya India Fin Credit."It’s official!! This is the moment we formally completed the acquisition of Chaitanya. Today marks a huge step as we...
Rupee ends little changed; strength in Asian peers fails to aid, ET BFSI
Broad losses in the dollar failed to aid the Indian rupee on Thursday as demand for the greenback from local corporates and large foreign banks weighed despite gains across most other Asian peers.The rupee ended at 83.3425 against the U.S. dollar, barely changed from...
Securitisation in personal loan segment may see temporary pause: Icra, ET BFSI
New Delhi, The sale of personal loan retail pools may see a temporary pause after the RBI's decision to increase the risk weights on unsecured asset classes of banks and non-banking financial companies (NBFCs) by 25 per cent, a report said. The sale of personal loan...
Sebi asked to consult stakeholders at drafting stage to ensure regulations are not overly restrictive: FM, ET BFSI
The government has asked capital markets regulator Sebi to seek inputs from shareholders while drafting norms and rework them if the proposals are perceived to be much too restrictive, finance minister Nirmala Sitharaman said on Thursday, seeking to allay industry...
Impact of Digital Payments, ET BFSI
Mumbai: For the second consecutive time in 20 years, the currency in circulation (CIC) dipped during Diwali week as citizens shifted to digital modes of payment to make their festival purchases.Data released by RBI on Wednesday revealed that during the week ended...
The coming IPO boom, BFSI News, ET BFSI
As the Tata Technologies initial public offering (IPO) closes for subscription today, the marquee Tata issue after almost a decade, is trading in the grey market at a premium of over 80%. Such a huge premium has led analysts to speculate whether the IPO from the Tata...
L&T Finance to trim bank borrowing to whittle spike in cost of funds, ET BFSI
Mumbai, Leading non-banking player L&T Finance expects its cost of funds to marginally rise by 12-14 basis points due to the recent RBI action related to unsecured credit, and also plans to reduce borrowings from banks. L&T Finance has said it will cut its...
Rupee falls 2 paise to all-time low of 83.36 against US dollar in early trade, ET BFSI
Mumbai, The rupee depreciated 2 paise and fell to its all-time low of 83.36 against the US dollar in the morning session on Friday, tracking a negative trend in domestic equities. At the interbank foreign exchange, the rupee opened at 83.33 against the dollar. It...
NBFC body appeals to RBI to review recent risk weight increase, ET BFSI
A representative body of non-banking financial companies (NFBCs) has requested the central bank to re-evaluate the sharp increase in risk weights assigned to bank loans to NBFCs, according to a letter sent to the regulator on Thursday and seen by Reuters.The Reserve...
Senco Gold will close the year with around 12-12.5% stud ratio: CFO, ET BFSI
Sanjay Banka, CFO Senco GoldSanjay Banka, CFO, Senco Gold, says “the next two quarters will not be better than the first half. If we look at the past trends, the major sales happen up to Dhanteras. We have already seen around 26-27% year-on-year growth till today. The...
Infra Financiers seek to raise Rs 30,000 crore, BFSI News, ET BFSI
Mumbai: As general elections head closer, Indian financiers are rushing to bond markets to raise capital for infrastructure projects, with big names such as the National Bank for Financing Infrastructure and Development as well as large public sector banks eyeing fund...
New Finance Commission may tweak formula; SDGs, climate could get more weight, ET BFSI
The government is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. It may also ask the commission to...
NBFCs should remain cautious on lending; need not go too far in their enthusiasm: FM, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday said NBFCs and small finance banks need to remain cautious while lending as suggested by the Reserve Bank. Speaking at 'DATE with Tech' event here, Sitharaman cautioned that NBFCs and small finance banks...
LIC shares jump 10% to record best day since listing, ET BFSI
Shares of Life Insurance Corporation (LIC) jumped 10% today to record best single-day gain since listing. Investors appear to be buoyed by the company's plans to launch 3-4 new products over the coming months to push growth in its new business premium (NBP).Trading at...
NBFC body seeks RBI to re-evaluate hike in risk weights assigned to bank loans, ET BFSI
The latest move by the Reserve Bank of India (RBI) to regulate the growth of consumption oriented credit by levying risk weight of 125% on consumer credit exposure of NBFCs has raised many questions on the business of these lenders. In this context, FIDC, the...
Fedbank Financial Services IPO sails through on Day 3, BFSI News, ET BFSI
The Rs 1092 crore initial public offering (IPO) of Fedbank Financial Services was fully subscribed on the third and the last day of the bidding process on Friday. The issue was booked 90% on day two.At 11:12 am, the issue attracted bids for 5,68,20,424 shares, or 1.02...
NBFC body appeals to RBI to review recent risk weight increase, ET BFSI
A representative body of non-banking financial companies (NFBCs) has requested the central bank to re-evaluate the sharp increase in risk weights assigned to bank loans to NBFCs, according to a letter sent to the regulator on Thursday and seen by Reuters.The Reserve...
L&T Finance to trim bank borrowing to whittle spike in cost of funds, ET BFSI
Mumbai, Leading non-banking player L&T Finance expects its cost of funds to marginally rise by 12-14 basis points due to the recent RBI action related to unsecured credit, and also plans to reduce borrowings from banks. L&T Finance has said it will cut its...
Unsecured retail loans’ growth to ease in FY24: Crisil Ratings, ET BFSI
Mumbai: Unsecured retail loans are likely to see slower growth of 20-30% compared to 45% last year, as non-banking financial companies (NBFCs) alter their strategies due to the recent regulatory measures issued by the Reserve Bank Of India, said Crisil Ratings. "The...
IREDA IPO subscribed 38.8 times at close; QIB part booked over 100 times, ET BFSI
The Rs 2,150 crore initial public offer (IPO) of the Indian Renewable and Energy Development Agency (IREDA) subscribed 38.8 times on the third and the last day of the bidding process on Thursday.The quota reserved for retail individual investors (RIIs) was subscribed...
Wint Wealth bags NBFC licence after RBI clears Ambium acquisition, ET BFSI
Wint Wealth Group has received approval from the Reserve Bank of India (RBI) to acquire a majority stake in Chandigarh-based non-banking finance corporation (NBFC) Ambium Finserve. The NBFC has already started wholesale lending operations under the brand name Wint...
Five Companies Aim to Raise Rs 7,400 Crore, ET BFSI
Mumbai: In one of the busiest weeks for IPOs in years, Dalal Street will see five maiden public offerings, which aim to mobilise nearly Rs 7,400 crore.With the Rs 3,043-crore offer, Tata Technologies will be the biggest. The other four are: Indian Renewable Energy...
Jio Financial applies to RBI for conversion to CIC from NBFC, ET BFSI
Mukesh Ambani-owned Jio Financial Services has submitted an application to the Reserve Bank of India (RBI) for the conversion of the firm to a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC).Jio Financial has applied for the company's...
Tata Tech’s Rs 3,042.5 cr IPO subscribed 14.85 times day two of subscription, ET BFSI
New Delhi, The initial public offer of Tata Technologies, which provides engineering and product development digital services, was subscribed 14.85 times on the second day of subscription on Thursday. This is the first company from the Tata Group to float an Initial...
Satish Kumar Dwibhashi takes charge as CISO of KreditBee, BFSI News, ET BFSI
Satish Kumar Dwibhashi, CISO, KreditBeeKreditBee has expanded its senior leadership team with the appointment of Satish Kumar Dwibhashi as its Chief Information Security Officer (CISO), to further strengthen the information, data, cyber technology and security...
Fedbank Financial Services IPO subscribed 90 pc on day two of subscription, ET BFSI
New Delhi, The initial public offer of Fedbank Financial Services (Fedfina), a subsidiary of Federal Bank, got subscribed 90 per cent on the second day of subscription on Thursday. The initial share sale received bids for 5,03,90,152 shares against 5,59,23,660 shares...
MSMEs face major challenge to get sufficient funding, credit gap of 33 tn: 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...
Auto stocks face most FPI selling in first-half of November, BFSI News, ET BFSI
FPIs were buyers in healthcare, consumer services, realty and mining sectors. These investors infused INR 1,133 crore into healthcare stocks after selling to the tune of INR 1,081 crore in October.New Delhi: Foreign Portfolio Investors (FPIs) sold shares worth INR...
UGRO Capital’s Shachindra Nath joins FIDC Board, BFSI News, ET BFSI
The vice chairman and managing director of UGRO Capital Ltd has joined the board of Finance Industry Development Council (FIDC), a release by the body said on Thursday. FIDC is a Representative Body of NBFCs registered with the Reserve Bank of India. It was formed 19...
Citi makes new appointments in Asia Pacific as part of restructuring, ET BFSI
Citigroup has made new appointments in Asia Pacific following a sweeping global reorganization the U.S. bank announced on Monday, according to a person with direct knowledge of the matter.Citi's Capital Markets and Advisory Head for Asia, Jan Metzger, will lead its...
IIFL Finance emerges as second largest gold loan NBFC, BFSI News, ET BFSI
New Delhi, Non-Banking Financial Company (NBFC) IIFL Finance has become the second largest gold loan provider surpassing Manappuram Finance. "The gold loan portfolio has crossed Rs 23,690 crore assets under management (AUM), surpassing Manappuram Finance at Rs 20,809...
Attractive credit schemes fuel sales of auto, electronics, BFSI News, ET BFSI
Longer-tenure EMIs (equated monthly instalments), buyback guarantees, and other sweeteners are fuelling sales of automobiles, consumer durable and electronic goods as a spike in prices and a propensity to up-trade to higher trim models are making such borrowing...
IREDA IPO subscribed 5.31 times so far on last day of bidding process, ET BFSI
The Rs 2,150 crore initial public offer (IPO) of the Indian Renewable and Energy Development Agency (IREDA) subscribed 5.31 times on the third and the last day of the bidding process on Thursday.The issue attracted bids for 2,50,15,97,300 shares or 5.31 times against...
Religare rejects allegations against chairperson Rashmi Saluja, ET BFSI
InGovern accused Saluja of receiving over Rs 480 crore in options valuations from REL and its subsidiary Care Healthcare InsuranceReligare's statement comes a few days after proxy advisory firm InGovern Research alleged that Saluja received excessive...
NBFCs’ unsecured retail loans to see slower growth amid RBI’s measures: CRISIL, ET BFSI
Assets under management (AUM) of non-banking financial companies (NBFCs) are set to log a healthy 14-17% growth next fiscal on the back of continued strong credit demand across retail loan segments, global rating agency CRISIL said in its recent report. Growth may be...
Fedbank Financial Services IPO subscribed 38 pc on first day of subscription, ET BFSI
New Delhi, The Initial Public Offering (IPO) of Fedbank Financial Services (Fedfina), a subsidiary of Federal Bank, got subscribed 38 per cent on the first day of share sale on Wednesday. The IPO got bids for 2,14,48,471 shares against 5,59,23,660 shares on offer, as...
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...
Jio Financial applies to RBI for conversion to CIC from NBFC, ET BFSI
Mukesh Ambani-owned Jio Financial Services has submitted an application to the Reserve Bank of India (RBI) for the conversion of the firm to a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC).Jio Financial has applied for the company's...
Wint Wealth bags NBFC licence after RBI clears Ambium acquisition, ET BFSI
Wint Wealth Group has received approval from the Reserve Bank of India (RBI) to acquire a majority stake in Chandigarh-based non-banking finance corporation (NBFC) Ambium Finserve. The NBFC has already started wholesale lending operations under the brand name Wint...
Moody’s revises up SoftBank outlook to stable after Arm IPO, ET BFSI
Moody’s Investors Service revised up its outlook on SoftBank Group Corp. to stable from negative, saying the listing of chip unit Arm Holdings Plc brings transparency to a bigger chunk of the tech investor’s portfolio, which includes hundreds of startups.Credit...
RBI raising risk weights on NBFCs not to have major impact on Clix Capital’s borrowing: CFO, ET BFSI
Gagan Aggarwal, CFO, Clix CapitalThe Reserve Bank of India’s decision last week to increase risk weights on non-bank lenders by 25 percentage points is unlikely to have a significant impact on Clix Capital’s borrowing costs, said its CFO Gagan Aggarwal.“We are still...
Flair Writing garners Rs 178 crore from anchor investors, ET BFSI
New Delhi: Ahead of its initial public offering, pen maker Flair Writing Industries Ltd, on Tuesday, said it has mopped up Rs 178 crore from anchor investors. The company has allocated 58.52 lakh equity shares to 23 funds at Rs 304 apiece, which is also the upper end...
Bharti Airtel begins IPO process of subsidiary Bharti Hexacom: Report, ET BFSI
Telecom major Bharti Airtel has started the process of taking its wholly-owned subsidiary Bharti Hexacom public, a media report stated. The move is aimed at facilitating an exit to Telecommunication Consultants of India Limited (TCIL), which has a 30% stake in the...
India warns of unsustainable financing and its subsequent debt traps at UNSC, ET BFSI
At a UN Security Council debate earlier this week, India warned that the international community should be vigilant towards the dangers of unsustainable financing which leads to a vicious cycle of debt traps."Peace is elusive and development a distant dream if...
RBI Guv Das flags increasing interconnectivity between banks and NBFCs, ET BFSI
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday expressed grave concern over the high “concentration” of credit that NBFCs were availing from banks to finance their lending operations and said this has emerged as “a risk” in the system.Flagging...
Dollar rebounds from two and a half month low after Fed minutes, ET BFSI
Representative Image/IANSThe dollar rebounded from two and a half month low on Wednesday as the minutes from the Federal Reserve's last meeting hinted that interest rates would likely remain restrictive for some time, even as the rate-hike cycle appeared to be over....
Increase in NBFCs’ credit risk weight preemptive move, says Das; advises precautionary measures, ET BFSI
A few days after the Reserve Bank of India (RBI) has tightened norms on unsecured lending, Governor Shaktikanta Das highlighted that the recent move is a preemptive, and targeted and is in the interest of sustainability."We have also very recently announced a few...
Tata Technologies IPO over subscribed within minutes of opening for public, ET BFSI
NEW DELHI: The much-awaited initial public offer (IPO) of Tata Technologies, specializing in engineering and product development digital services, was fully subscribed within minutes of its opening on Wednesday. This marks the first IPO from the Tata Group in almost...
IIFL Finance emerges as second largest gold loan NBFC, BFSI News, ET BFSI
New Delhi, Non-Banking Financial Company (NBFC) IIFL Finance has become the second largest gold loan provider surpassing Manappuram Finance. "The gold loan portfolio has crossed Rs 23,690 crore assets under management (AUM), surpassing Manappuram Finance at Rs 20,809...
Fedbank Financial Services raises Rs 325 crore from anchor investors ahead of IPO, ET BFSI
NEW DELHI: Fedbank Financial Services, a subsidiary of south-based Federal Bank, on Tuesday said it has collected Rs 325 crore from anchor investors ahead of its initial public offering (IPO). The company has allotted 2.32 crore equity shares to 22 funds at Rs 140 per...
Fedfina raises Rs 324 crore from 22 anchors, BFSI News, ET BFSI
Key anchor investors include HDFC Mutual Fund, HDFC Life Insurance, SBI Life Insurance, Nippon Life India, Kotak Mahindra Life Insurance, Tata AIA Life Insurance, Bajaj Allianz Life Insurance, Societe Generale, Goldman Sachs (Singapore), among others. Published On Nov...
Women accorded top priority under PM Mudra Yojana scheme, says FM Nirmala Sitharaman, ET BFSI
Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said women entrepreneurs are accorded first priority under the Centre's flagship Pradhan Mantri Mudra Yojana scheme which offers financial assistance to beneficiaries. Distributing sanction...
IREDA IPO booked nearly 2x on Day 1; all categories oversubscribed, ET BFSI
The Rs 2,150 crore initial public offer (IPO) of the Indian Renewable and Energy Development Agency (IREDA) sailed through on first day of the bidding process on Tuesday amid demand from all categories of investors.The public issue was subscribed 1.96 times at close...
Insider selling sparks bullish signal in Indian stock market, BFSI News, ET BFSI
MUMBAI: In India, corporate insiders are unloading their stock at a breakneck clip, selling $12 billion in the first 10 months of the year. This is, per Investing 101 rules, a tell-tale sign that the market is overvalued. To some degree, that’s the case in India,...
Avanse Financial Services appoints Achal Goel as Chief People Officer, ET BFSI
Achal Goel, CPO, Avanse Financial ServicesAvanse Financial Services on Tuesday announced the appointment of Achal Goel as its Chief People Officer. Goel will be based out of Avanse’s Mumbai head office.In his new role, Goel will be responsible for leading the human...
Could this be a sign D-Street is overvalued?, ET BFSI
In India, corporate insiders are unloading their stock at a breakneck clip, selling $12 billion in the first 10 months of the year. This is, per Investing 101 rules, a tell-tale sign that the market is overvalued.To some degree, that’s the case in India, where shares...
Fedbank Financial IPO to open on Wednesday. Here are 10 things to know about the offer, ET BFSI
The initial public offering (IPO) of Fedbank Financial Services will open for subscription on November 22. The issue closes on November 24. The company's shares are expected to get listed on both the exchanges. Here are 10 things to know about the offer.What is the...
TruCap Finance aims to achieve gold loan AUM of Rs 700 crore in current financial year, ET BFSI
Listed RBI-registered non-banking finance company TruCap Finance is aiming to achieve a gold loan AUM (asset under management) of Rs 700 crore in the current financial year through expanding its business in tier 3 and tier 4 cities, which are largely underserved by...
Rupee settles 4 paise higher at 83.34 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee recovered from its all-time low level and settled 4 paise higher at 83.34 against the US dollar on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said the rupee traded in a...
Jio Financial Services in talks for maiden bond issue to raise Rs 5,000-10,000 crore: Bankers, ET BFSI
India's Jio Financial Services is in early talks with merchant bankers for its maiden bond issue, four bankers told Reuters on Monday.The company may look to raise Rs 5000 crore ($600.6 million) to Rs 10,000 crore through the issue and may tap the market in the last...
India’s Finance Ministry, ET BFSI
With uncertainties linked to higher food and energy prices persisting amid geopolitical tensions, the Finance Ministry in its monthly review has said that risks of recession may reappear in 2024.Global trade numbers are expected to be under pressure owing to a...
IREDA IPO subscribed 53% so far on first day of bidding process, ET BFSI
The Rs 2,150 crore initial public offer (IPO) of the Indian Renewable and Energy Development Agency (IREDA) subscribed 53% in the first two hours on the first day of the bidding process on Tuesday.At 11.53 a.m., the public issue was subscribed 0.53 times, led by...
Risk of erroneous fund transfers is like a hanging sword for financial services firms: Nithin Kamath, ET BFSI
Mishaps such as crediting funds to the wrong person or a wrong account at large institutions like banks are some of the most significant risks of running a financial services firm.“This risk is like a hanging sword for these businesses…,” Zerodha founder Nithin Kamath...
State-run IREDA raises Rs 643 cr from anchor investors, BFSI News, ET BFSI
The company has allotted 20,10,19,726 equity shares to 58 funds at Rs 32 apiece, which is also the upper-end of the price band. Goldman Sachs, Integrated Core Strategies (Asia), Societe Generale, GAM Star Emerging Equity, BNP Paribas Arbitrage, Copthall Mauritius and...
Fedbank Financial IPO to open on Wednesday. Here are 10 things to know about the offer, ET BFSI
The initial public offering (IPO) of Fedbank Financial Services will open for subscription on November 22. The issue closes on November 25. The company's shares are expected to get listed on both the exchanges. Here are 10 things to know about the offer.What is the...
How NBFCs overtaking traditional banks in digital lending space?, ET BFSI
A significant shift has been observed in the digital lending space as the NBFCs have been at the forefront of digital lending wth the traditional lenders playing a smaller role. An important consequence of the digital revolution has been the growth in digital...
Strictures leave IPO financing at a dead end, BFSI News, ET BFSI
Mumbai: The initial public offering (IPO) market is red hot, with five issues worth ₹7,400 crore opening for subscription this week, but enthusiasm is muted among finance companies that have historically lent to bidders in such share sales. With stringent rules on IPO...
RBI move on consumer loans to raise NBFC borrowing costs, push them towards bonds, ET BFSI
The Reserve Bank of India (RBI) move to raise risk weights on consumer loans would potentially increase borrowing costs for non banking finance companies (NBFCs). In a bid to curb high growth in unsecured lending, the RBI increased the risk weight on exposure to...
BoB, Bajaj Finance, UCO issues show lenders’ tech challenges in digital expansion, ET BFSI
Indian financial institutions are facing significant hurdles in digital expansion, with outdated technology, regulatory complexities, and a talent crunch impeding their ambitions. The country's largest shadow lender, Bajaj Finance Ltd., recently halted credit...
Nifty set to gain further, bank index lacks strength: Analysts, ET BFSI
The market is poised to continue its upward momentum, with potential retesting of the next psychological resistance level at 20,000. Technical analysts emphasise the critical importance of Nifty maintaining its position above 19,400. Nifty recorded a 1.73% gain last...
Govt, regulators plan to revive AT1 bond market, re-examine rule for valuation, ET BFSI
Mumbai: A concerted effort is on to revive the market for 'perpetual bonds' - complex securities that have sparked debates and court battles but without which many high-street banks would find it tough to raise capital in the coming years.Financial market authorities...
Five companies to launch IPOs worth over Rs 7,000 crore this week, ET BFSI
The primary market will be abuzz with activity in the week ahead with five companies scheduled to launch IPOs (Initial Public Offerings) worth over ₹7,000 crore. Analysts said the strong sentiment in the secondary market could help these IPOs and advise investors to...
RBL Bank, Hindustan Copper among 8 stocks under trade ban on Monday, ET BFSI
Eight stocks are under F&O trade ban on Monday, November 20, 2023 viz. Delta Corp, Hindustan Copper, The India Cements, Manappuram Finance, the Multi Commodity Index of India (MCX), RBL Bank and Zee Entertainment Enterprises (ZEEL). Steel Authority of India (SAIL)...
Renewable co IREDA eyes Rs 2,150 crore in IPO, BFSI News, ET BFSI
CHENNAI: Indian Renewable Energy Development Agency (IREDA), a mini ratna under the Union ministry of new and renewable energy, will launch its IPO on Tuesday.Registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company with Infrastructure...
Ashok Leyland MD, ET BFSI
Till the time a right partner is found, Agarwal said, "Until then, we won't shy from investing on our own from the Ashok Leyland side. The balance sheet of Ashok Leyland is pretty strong right now." New Delhi: Hinduja Group flagship firm Ashok Leyland is keen to get...
India’s tougher personal loan rules may force some NBFCs to tap bond market, ET BFSI
Indian non-banking finance companies (NBFCs), including Bajaj Finance, L&T Finance and SBI Cards and Payment Services, are likely to tap the bond market to raise funds following the central bank's tighter rules for personal loans, six banking sources told...
Sensex drops 140 points lower as losses in auto, metal, FMCG stocks weigh, ET BFSI
Indian frontline indices ended Monday with declines amid selling pressure in auto, FMCG and metal stocks, although the IT pack tried to cap some losses as it emerged as the top performer. While the S&P BSE Sensex declined 140 points or 0.21% to close at 65,655.15,...
RBI nod to appointment of Hinduja directors on Reliance Capital board, ET BFSI
The Reserve Bank of India (RBI) has ordered an arms length distance between Hinduja group-run IndusInd Bank Ltd and Reliance Capital - the debt-laden firm the conglomerate is acquiring in an insolvency proceeding. The RBI laid down the condition while giving nod to...
Role of fintechs in economic transformation of women-led MSMEs, ET BFSI
Women entrepreneurs have been the key player of the developing economy, contributing significantly to its growth. Representation of women in senior leadership is a sure shot recipe for building a more equal industry and one that caters adequately to the needs of women...
FPIs turn buyers; invest Rs 1,433 cr in equities in Nov so far, ET BFSI
After sustained selling in the last two and a half months, FPIs bought Indian equities worth Rs 1,433 crore thus far in November, mainly due to the decline in US treasury bond yields and crude oil prices. Foreign Portfolios Investors (FPIs) were net sellers till...
ICRA cautions on unsecured loans of NBFCs, sees 25-30% AUM growth, ET BFSI
Credit rating agency ICRA has sounded a cautionary note on unsecured loans of non banking finance companies (NBFCs), even as it sees 25-30 per cent growth in assets under management (AUM) of the shadow banks in FY24 and FY25. The rating firm underscored that the high...
Rupee trades in narrow range against US dollar, BFSI News, ET BFSI
The rupee was trading in a narrow range against the US dollar in early trade on Monday, amid a negative trend in domestic equities.Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and rising crude oil prices weighed on...
RBI clears resolution plan for debt-ridden Reliance Capital, BFSI News, ET BFSI
The Reserve Bank on Friday approved the resolution plan for debt-ridden Reliance Capital. The move paves the way for IndusInd International Holdings Ltd (IIHL), the Hinduja Group firm, to acquire the company. This is to inform you that the Administrator of Reliance...
How digital EMI card ban may affect Bajaj Finance, BFSI News, ET BFSI
Analysts express concerns about the ban's impact on Bajaj Finance's new customer acquisition strategy. The digital EMI cards affected by the ban contribute significantly, accounting for 18-20 per cent of new customer acquisitions, with quarterly digital EMI card...
SIDBI partners Technology Development Board to boost MSMEs through tech-focused financing, ET BFSI
The partnership between TDB and SIDBI reflects a shared commitment to supporting MSMEs in their efforts to develop and apply cutting-edge technology for the betterment of the society.In a significant move to bolster the Micro, Small, and Medium Enterprise (MSME)...
Diversification is the cornerstone of stock investing safety, ET BFSI
In theory, every investor knows that the stock market is a fickle beast. In practice, when the markets enter a period of decay, it’s normal for investors, even the seasoned ones, to feel uneasy and stay awake with unanswerable questions: will it keep dropping until it...
Risk weights on AAA NBFC loans doubles to 45%, BFSI News, ET BFSI
Mumbai: Although the central bank-mandated increase in risk weighting is steeper for higher-rated non-banking finance companies (NBFCs), lower-rated lenders will likely fare worse since banks might still find it remunerative to lend to bigger non-bank borrowers with...
Ola Electric converts to a public limited company ahead of IPO, ET BFSI
Ola Electric has converted to a public company from a private limited one, regulatory filings showed on Friday. The move by the electric two-wheeler maker comes ahead of its planned public listing. It has also changed its name to Ola Electric Mobility Limited, from...
NBFC shares hit hard post RBI move on unsecured loans, BFSI News, ET BFSI
Mumbai: Shares of banks and non-banking financial companies (NBFCs) slumped on Friday in response to the Reserve Bank of India's (RBI) decision to raise risk weights on cash credit, personal loans, and consumer durable loans by lenders. Analysts said investors will...
India’s forex reserves dip $462 million to $590.32 billion, BFSI News, ET BFSI
India's foreign exchange reserves dipped by $462 million to $590.32 billion for the week ending November 10, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves witnessed a surge of $4.67 billion to $590.78 billion for the...
RBI wakes up to the systemic risk from exuberant retail lending, ET BFSI
Finally, the RBI has initiated tightening of screws on reckless retail uncollateralized lending by banks and NBFCs by increasing the risk weight on such loan portfolios. (see the notification here)Including the outstanding and incremental loans, the risk weights in...
Experts on RBI’s risk weight move, ET BFSI
The Reserve Bank of India (RBI) directed NBFCs to increase the risk weight on loan exposure to 125% from its earlier 100% while the risk weight on NBFCs’ credit card receivables to 125% from earlier 100%. While that for the SCBs, it increased to 150% from earlier...
India stands to gain as crude oil prices fall to 4-month low, BFSI News, ET BFSI
The country's current account deficit had started to spiral out of control due to the huge oil import bill and the rupee had been weakening due to the higher demand for dollars to buy expensive oil.The price of the global benchmark Brent crude fell by 4.63 per cent to...
Isha Ambani, two others approved by RBI as directors of Jio Financial, ET BFSI
Jio Financial Services on Thursday said the Reserve Bank has granted prior approval to appoint Isha Mukesh Ambani and two others as directors of the Reliance Industries' NBFC firm. "We wish to inform you that the RBI vide letter dated November 15, 2023, has accorded...
Paytm, Bajaj Finance, SBI Card among worst hit by RBI tightening; shares drop up to 7%, ET BFSI
With the RBI signalling lenders to slow down growth by increasing risk weight by 25% on consumer credit, shares of Paytm, Bajaj Finance and SBI Cards were among the worst in the market today and fell up to 7%.The impact of RBI's tightening was felt across stocks of...
Federal Bank arm sets price band at Rs 133-140/share, ET BFSI
Fedbank Financial Services has announced the price band for its upcoming initial public offering (IPO) at Rs 133-140 which opens on November 22, Wednesday and closes on November 24, Friday. The company will be raising Rs 1,092 crore at the upper price band via the...
RBI increases risk weight on consumer credit, bank credit to NBFCs, ET BFSI
In a major development for the NBFC sector, the Reserve Bank of India (RBI) directed to increase the risk weight on loan exposure to 125%. Earlier, it attracted a risk weight of 100%. On a review, it has been decided that the consumer credit exposure of NBFCs –...
UCO Bank recovers 79% of wrongly credited funds after IMPS glitch, ET BFSI
Between the 10th and 13th of November, UCO Bank encountered a significant technical hiccup within its Immediate Payment Service (IMPS), resulting in the erroneous crediting of Rs 820 crores to multiple recipients. Swift action was taken as the bank promptly...
What RBI’s ban may cost the business and stocks, ET BFSI
Reserve Bank of India (RBI) has barred Bajaj Finance, India's largest consumer financier, from sanctioning and disbursing loans under two of its lending products – ‘eCOM’ and ‘Insta EMI Card’ citing non-issuance of key fact statements (KFS) to the borrowers under...
Public vs private sector bank; which is offering better home loan rate?, ET BFSI
Should we get a loan from a private or public sector bank in India? Is there a gap in interest rates between borrowing from a public sector bank and a private bank? The younger generation likes private banks, although our parents always advised us to use a public...
RBI bans 2 Bajaj Finance e-lending products, BFSI News, ET BFSI
MUMBAI: The RBI has directed Bajaj Finance to halt loan issuance through its 'eCOM' and 'Insta EMI Card' due to issues with the key statement that discloses fees, charges, and recovery practices. This marks the first major action taken by the central bank under its...
Report, BFSI News, ET BFSI
Kolkata: Microfinance Industry Network (MFIN), an umbrella body of microfinance institutions (MFIs) of the country, in its report said that NBFC-MFIs are the largest provider of micro-credit amongst other regulated entities. In a report of the MFI sector prepared by...
Rupee jumps 21 paise to settle at 83.12 against US dollar, BFSI News, ET BFSI
The rupee appreciated 21 paise to close at 83.12 (provisional) against the US dollar on Wednesday as the American currency retreated from its elevated levels after the US inflation came lower than expected. A firm trend in domestic equity markets and risk-on sentiment...
India’s weightage climbs to its highest ever on MSCI Global Standard index, ET BFSI
India's weightage in MSCI's Global Standard (Emerging Markets) index will move close to 16.3%, an all-time high, from the current 15.9%, after the index provider's November review.This marks "a significant increase over the past three years, almost doubling its...
MFIN launches the 3rd edition of Micro Matters: Key highlights, ET BFSI
Microfinance Industry Network (MFIN), industry association for Microfinance and RBI-recognized self-regulatory organization, launched the third edition of 'Micro Matters: Macro View – India Microfinance Review FY 2022-23' on November 9 in Mumbai. Dr Alok Misra, CEO...
CEO, BFSI News, ET BFSI
Mumbai: Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company's expansion plans include the commercial roll-out of...
Pratik Soyantar joins Light Microfinance as CHRO, BFSI News, ET BFSI
Pratik Soyantar, CHRO, LightLight Microfinance, a non-banking finance company, has appointed Pratik Soyantar as its Chief Human Resources Officer.Soyantar brings with him 17 years of experience in HR business partnering, talent acquisition, HR transformation &...
Suzlon, IndusInd Bank, Paytm & 6 other stocks included in India Standard index, ET BFSI
Nine stocks have made it to the MSCI India Standard Index, namely IndusInd Bank, Suzlon Energy, Persistent Systems, APL Apollo, Polycab, Macrotech Developers, Tata Motors A, One 97 Communications (Paytm) and Tata Communications. No Indian stock has been excluded,...
How digital lenders are making loan application process easy for MSMEs, ET BFSI
Small businesses play a critical role in shaping India’s economy and also generate jobs for millions. However, micro, small and medium enterprises (MSMEs) face severe challenges while looking for business loans. These businesses are often perceived to be in the...
WeWork not keen to sell India unit stake but talks still on, ET BFSI
WeWorkWeWork Inc. has refused the offer of Embassy Group-owned WeWork India to buy back its 27 percent stake owned in the local business, although sources said they expect talks between the majority owner of the local unit and WeWork Inc to lead to a different...
India’s outward FDI declines to $1.89bn in Oct, BFSI News, ET BFSI
The outgoing foreign investments are lower compared to the previous month of September as well during which investments to the tune of $2.14 billion were made abroad by Indian entities.The decline in outgoing foreign investments reflects fewer opportunities in a...
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...