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Addressing shareholders at his first annual general meeting as the executive head of the largest private sector lender, Jagdishan said a technology audit is also over and the RBI will now be “independently” taking a view on when to lift the penal actions taken against the bank.
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“MasterCard is a significant franchise partner for the bank, but the good part is like in most of our businesses we patronise on open architecture,” he said while addressing shareholders at the bank’s annual general meet.
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“We have seen a decent healthy growth in our business metrics when we consider that this is one of the worst times in history and for the June quarter we were able to step out only 40 days,” said Sashidhar Jagdishan, MD, HDFC Bank while addressing shareholders at its annual general meeting. “Once the pandemic is behind us I am sure that your bank will bounce back strongly.”
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HDB Financial Services also saw a sharp fall in its net profit by almost 44% to Rs 130.6 crore at the end of the June quarter versus Rs 232.7 crore same time a year ago.
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Central Bank of India said the setting off of accumulated loss would benefit the shareholders of the bank as their holding will yield better value. It will also enable the bank to explore opportunities to the benefit of the shareholders of the bank.
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The RTI query was filed by Nagpur-based Sanjay Thul seeking information on non-performing assets (NPAs) of state-run banks and bad loans write-off by PSBs in the last ten years from the Reserve Bank of India (RBI).
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This translated into a total deal value of Rs 716.15 crore. On the BSE, shares of United Spirits ended 2.27 per cent higher at Rs 665.6 apiece.
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"Now what we are thinking of is as to how to integrate all these fragmented pieces of Yono and think in terms of something like Yono 2, which is the next version of it. It is something which we are working on and will come out with it and products soon," Khara said.
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“Gati Kausar is an established, 35-year-old brand with a trusted name in the cold chain industry. We believe that under our complete ownership, the Company will be able to fully leverage our technical expertise and financial resources to realise its potential over the next few years,” said Uday Garg, managing partner at Mandala Capital.
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Paytm has filed its much-awaited draft red herring prospectus (DRHP) for a Rs 16,000 crore initial public offering (IPO). Here are 10 key takeaways from the filing.
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PNB MetLife said it has been consistently declaring bonus on participating products every year and 4.6 lakh customers, whose policies are in force as of March 31, 2021, will be benefiting from this bonus.
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Apart from the Mallya case, the other case pertains to over Rs 13,500 crore alleged bank loan cheating in the Brady House (Mumbai) branch of the Punjab National Bank that is alleged to have been orchestrated by diamond merchant Nirav Modi and his uncle Mehul Choksi.
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Besides these five banks, Bajaj Finserve and SBI Card may face problems as they were also issuing cards of this payment gateway. So, in all, as per the report of global bokerage firm Nomura, seven financial institutions would not be able to issue new card as they sourced significant number from Marstercard.
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Earlier SBI led consortium had realized Rs. 7181.50 Crore by liquidating assets handed over to SBI led consortium by ED, the agency said in a press statement on Friday.
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SBI is proxy to the Indian economy and the shape of Indian economy, the health of Indian economy eventually shows up in the book also--said Dinesh Khara, Chairman, SBI.
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Earlier tech collaborations were happening at the backend; the new age financial services are also about innovation of frontend services which opens up collaboration opportunities, said Anjani Rathor the chief digital officer at HDFC Bank.
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The rising prosperity in villages due to buoyant farm economy, diversified economic activities, rise of services businesses and the explosion of internet and affordability of smartphones have changed the economic equation between those who have the money and those who need it.
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What is good for the country will have to be looked at while deciding on the entity, which will be granted a license, he said while speaking at an event of industry lobby IMC Chamber of Commerce and Industry.
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"We are very pleased to see that happening in our country. The UPI platform has actually transformed (financial transactions) and a lot of countries are actually coming and trying to learn from our experience so that they could actually replicate it in their countries. That's the success which we have achieved," he said at ET Financial Inclusion Summit.
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Collection efficiency on microfinance loans nosedived to 72% from 95% over the same period while it is 96% for other loans compared with 98% earlier. Microfinance contributed about 60% of Bandhan's total loan book of Rs 80128 crore. This is expected to put pressure on the bank's credit cost and earnings.
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Rural will always remain a little bit physical," IndusInd Bank Managing director and Chief Executive Officer Sumant Kathpalia said during a panel discussion at the Financial Inclusion Summit organised by The Economic Times.
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“The potential size of the IPO is expected to be far larger than any precedent in Indian markets. In order to achieve a successful IPO, it is the endeavor of the government to attract investment from institutional investors, both domestic and global, in addition to the retail investors,” the department of investment of public asset management (DIPAM) said in the RFP.
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While RBL Bank signed up with Visa as recently as last week, a Yes Bank spokesperson said the bank is evaluating migrating to other platforms. Both banks said they expect no disruption to their existing customers due to the RBI action.
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Securitisation refers to an activity where a financier or lender transfers future receivables on a loan or a bunch of loans to others, which helps with immediate liquidity requirements.
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After the imposition of stricter measures on mobility across states in the wake of the second wave of COVID-19, the agency in May 2021 had opined that the overall MFI sector's collections could drop by a cumulative 10-15 per cent during the month compared to March 2021.
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"Banks may also use social media apps WhatsApp etc in addition to sms and email," said the order issued by the Department of Pension and Pensioners' Welfare.
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The company will also add loyalty and rewards features to the POS devices to aid merchants' business growth and drive increased consumer footfalls at their shops, he added.
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"I am not referring to any help for my group. We have learnt that in whichever country we are we have to follow their culture and processes. It all depends on the policies, the structures, the convenience."
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Though existing customers will not be hit, business impact will be significant as banks need to sign new commercial deals with rival networks such as Visa, a process that can take months and involve weeks of back-end technology integration, five payment and banking executives said.
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The RBI said that the restrictions have been imposed as in spite of lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on storage of Payment System Data.
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"Our bank's current run rate of approximately 1,00,000 new credit card issuances per month could potentially be impacted till such time that there is clarity from the regulator on issuing new credit cards on the Mastercard network or till the technical integration with Visa is complete," RBL Bank said in a regulatory filing.
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Bank of America’s country head Kaku Nakhate will head the 14-member committee along with Gopalan Srinivasan, former CMD, New India Assurance Company. Others in the committee include N. S. Kannan – MD&CEO of ICICI Prudential Life Insurance, Nilesh Shah – MD of Kotak Mahindra MF, Siddharth Shah – Partner at Khaitan & Company and Ashish Gumashta - MD & CEO at Julias Baer Wealth Advisors.
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The Enforcement Directorate (ED) had earlier confiscated assets worth over Rs 329.66 crore of Nirav Modi under the fugitive economic offenders law. The confisticated property includes assets of Firestar Diamond International Private Limited and Firestar International Limited, firms owned by Modi.
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Following representations received from banks citing difficulties in moving towards the lockable cassettes system, RBI has decided to extend the deadline for its implementation till March next year, according to a notification issued on Wednesday.
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Also, the Maharashtra-based bank with its current financial position would be unable to pay its depositors in full, the central bank said while announcing cancellation of its licence.
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To this end, the Kolkata-based lender has hired IndusInd Bank executive Kamal Batra to drive its retail loan assets and commercial banking. As executive president, Batra will spearhead retail businesses such as gold loans, personal loans and auto loans. His responsibilities also include lending to small and medium enterprise (SME) units as well as to other non-bank lenders.
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Gold loan NBFCs are seeing more competition in the gold loan business in the current financial year as the special allowance given by the Reserve Bank of India to banks to take an LTV (loan-to-value) exposure against gold loan was valid till March 31, 2021. Banks had witnessed a significant growth in gold loan business due to this special allowance. On the contrary, gold loan NBFCs are allowed an LTV exposure of 75% against gold loan.
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The central bank’s supervisory action on Mastercard is citing its non-compliance with data localisation mandate wherein all foreign payment operators storing card and customer related data must do so in servers physically present in India.
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The UCBs, as per the draft, will be permitted to raise Tier-I and Tier-II capital by issuing Perpetual Non-Cumulative Preference Shares (PNCPS), Perpetual Cumulative Preference Shares (PCPS), Redeemable Non-Cumulative Preference Shares (RNCPS) and Redeemable Cumulative Preference Shares (RCPS).
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"Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data," the RBI order said.
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The matter pertains to a show-cause notice issued by the regulator to Kochhar on the basis of an analysis of a report by retired Justice B N Srikrishna.
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The survey said with gradual easing of lockdowns and moderation in fresh cases of Covid and with increased vaccination coverage, the lenders are optimistic on growth pick-up in balance part of FY2022 and expect it to be higher than the growth seen in FY2021.
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In a presentation released on Wednesday, the group said a significant portion or Rs 50,000 crore of estimated recovery will be addressed by September 2021.
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"The first quarter of last year was very difficult. Shops were all closed, businesses were closed. But in Q2 and Q3, things started picking up. Once businesses reopened, the credit requirement was so huge that every lender — gold lending, personal loans, any other loans — started doing better."
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In order to look into the demand for holding examination for clerical cadre in PSBs in local/regional languages, a Committee has been constituted to look into the matter in its entirety, the Finance Ministry said in a statement.
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The new funding is in addition to the USD 30 million raised by the company earlier this year from Tilden Park Capital Management, which also participated in the current round, and ETS Strategic Capital on behalf of ETS, a statement said.
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In May, banks decided to appoint Padmakumar M Nair, chief general manager in charge of stressed assets in SBI, as the MD of the NARC. According to RBI norms, an ARC should have minimum net-owned funds of not less than 15% of the total financial assets that it plans to acquire on an aggregate basis or Rs 100 crore.
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The Budget amendments to the LIC Act has been notified and the actuarial firm is expected to finalise the embedded value of the life insurer. Under the embedded value method, the insurance company's present value of future profit is also included in its present net asset value.
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