SBI opens new branch in Delhi

The branch was inaugurated by President Ram Nath Kovind

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IndusInd Bank to raise ₹30,000 cr

The proposal was cleared by the bank’s board in its meeting on July 24

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ICICI Bank Q1 net profit zooms 78% to ₹4,616 crore

Buoyed by robust net interest income and lower provisions

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AU Small Finance Bank may convert to a universal bank

This will be its second transition

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No lumpy slippage gives us confidence: Shyam Srinivasan, MD & CEO, Federal Bank

Following are excerpts from a post-result virtual press meet by Shyam Srinivasan, MD & CEO.

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Yes Bank June quarter net jumps 360% on lower provisions, higher other income

“The corporate recoveries and resolutions during the quarter at Rs 1,643 crore outpaced the slippages of Rs 1,258 crore,” Kumar said. The bank aims to make cash recoveries of Rs 5,000 crore during the financial year (FY22).

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Federal Bank Q1 net falls 8.3% on higher provisioning

The bank recorded the highest-ever operating profit of Rs 1,135.18 crore in the quarter, 22% higher y-o-y. Net interest income grew 9.41% to Rs 1,418.43 crore while other income grew 33.13% to reach Rs 650.15 crore.

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RBI devolves 10-year G-Sec auction

80% of notified amount devolved on primary dealers

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Indian Bank declares Lanco Infra, Basundhara Green Power as fraud a/cs with Rs 589 crore exposure

​​"We have to inform you that fully provided non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirements," it said in an exchange filing.

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RBI ups threshold for personal loans given by a bank to directors of other banks

Threshold increased by 20 times from ₹25 lakh to ₹5 crore

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Indian Bank inks pact with IIT-Guwahati’s centre for start-up financing

Named IND Spring Board, the start-ups are to be extended credit up to ₹50 crore.

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Pandemic drives ACKO's auto insurance business to grow 120% over one year

ACKO has posted Rs 81 Cr in Gross Written Premium in the Q1 of FY 22. The new customer growth from non-metro cities grew by 3.5 times in the year while it grew by 2.5 times in the metro cities, signalling a confirmed shift in customer’s digital experiences across industries, including insurance.

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Max Bupa Health rebrands to Niva Bupa; aims total business of Rs 2,500 cr in FY22

The rebranding exercise comes after the exit of Max India from the company in 2019 and the entry of private equity firm True North.

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Yes Bank reports 355% rise in Q1FY22 net profit

This is the highest profit since December 2018, the lender said

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India Post Payments Bank doubles transactions, plans digital inroads with India Post

Digital life certificate, which enables senior citizens to upload their proof of life for any pension scheme, instead of appearing in person before the authorities, is among several citizen services the payment bank introduced a few months ago.

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RBI revises limit for extending personal loans to directors of other banks

Considering the sensitivity of the issue and to ensure that the directors continue to carry out their functions without being influenced, the increased threshold will only to applicable to personal loans for directors of other banks while the limit of Rs 25 lakh will continue to apply for business loans, the regulator noted.

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YES Bank Q1 net profit jumps over two-fold to ₹206.84 cr

However, the lender’s total net income fell 2.8 per cent for the first quarter

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Max Bupa Health Insurance rebrands as Niva Bupa

True North and Bupa backed Niva Bupa Health Insurance eyes ₹5,000 crore GWP by FY’25, says MD and CEO Ramachandran

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NCLAT says any further action on Piramal's DHFL Resolution Plan subject to 63 moons plea

At present, the NCLAT has not interfered at the interim stage. Refusing to stay implementation on Piramal's Resolution Plan after 63 Moons opposed it, the NCLAT did not pass an interim order on the approved resolution plan.

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NCLAT refuses to grant interim stay to DHFL resolution

Next hearing on 63 Moons plea on September 15

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Reserve Bank working towards phased implementation of digital currencies

Conducting pilots in wholesale and retail segments may be a possibility in near future

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Shriram Housing Finance charts Rs 10,000-cr AUM growth map by FY24

The city-based affordable housing focused lender, which is one of the three credit business verticals of the Chennai-based Shriram Group, closed FY21 with a loan book of Rs 3,923 crore, which despite the pandemic washout has already crossed Rs 4,000 crore as of end-June.

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Federal Bank Q1 profit down 8.4%

Federal bank’s total income grew by 1.9 per cent to ₹4,005.86 crore

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Magma Fincorp Limited changes name to Poonawalla Fincorp Limited

To expand product range and focus on consumer, MSME segment

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Insurance frauds see an increase during pandemic, says survey

Investigations move to digital channels

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Bank of Maharashtra net jumps 106% in Q1

During the quarter, the bank made Covid-19 provision of Rs 285 crore, taking the total Covid provisions to Rs 1,000 crore.

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CSB Bank Q1 net rises 14%; asset quality deteriorates

CVR Rajendran, managing director and CEO, said the bank is confident of managing NPAs as the challenges are mainly from the gold segment where recovery is only a matter of time.

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Central Bank Digital Currency: RBI evaluating running pilots for digital currency

A CBDC is a form of virtual currency that is issued by a central bank as an alternative to cash. Unlike cryptocurrencies, CBDCs are backed by the sovereign reserves of nation states and are thus not subject to the same volatility.

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South Indian Bank’s June quarter net plunges 88%

Bad loans increased substantially with gross non-performing assets (NPA) as a percentage of gross advances being reported at 8.02%, compared with 6.97% in the preceding quarter and 4.93% in the year-ago period.

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Citi rainmaker Rahul Saraf becomes its new I-Banking head

Saraf will support the growth of the franchise’s renewed focus on the institutional business, leveraging his deep relationships with large Indian conglomerates like Reliance Industries, Tata Group.

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Biometric solutions for BFSI sector: IDEMIA sees ample growth opportunities in India

Developing next generation of touchless biometric products for the Indian market, says Vice President Pierre Bauer

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Upcoming IPOs in start-up ecosystem have high valuations, says India Quotient's Gagan Goyal

A crucial part of the lending business is to underwrite customers and determine if the company can give them a loan, he says

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CSB Bank’s Q1 net rises 14% y-o-y to ₹61 crore

Fresh slippages rose by ₹435 crore with gold loans alone accounting for 77 per cent of the slippages

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South Indian Bank net profit slips on higher credit cost

Prevailing Covid situation affects the banks’s prospects

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Citi appoints Rahul Saraf as Head of Investment Banking, India

Citi has appointed Rahul Saraf as Head of Investment Banking, India. “In this new role, Saraf will support the growth of Citi India’s renewed focus on

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Magma Fincorp is now Poonawalla Fincorp

Magma Housing Finance also renamed as Poonawalla Housing Finance

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Prem Watsa-backed CSB Bank's profit jumps 14%, but gold loan NPAs spike

Net profit increase to Rs 61 crore in the quarter ended June 2021 from Rs 54 crore a year earlier. Loans grew 23% leading to a 45% growth in net interest income (NII) to Rs 268 crore.

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BoM Q1 net profit soars 106% to ₹208 crore

Reports healthy growth in net interest income and total non-interest income

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Visa to acquire Currencycloud at 700 million pounds valuation

Currencycloud facilitates cross-border payments for nearly 500 banking and technology companies

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UCBs fear disruption as RBI’s deadline on the appointment of MDs looms large

UCB federation urges RBI to make its directions applicable only to fresh appointments

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Top tips for novice investors

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Bajaj Finserv will enter asset management business: Sanjiv Bajaj

It has applied for a licence to start an asset management company and is awaiting Sebi nod

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‘Mastercard’s dual record maintenance led to RBI ban’

Mastercard is said to have failed to erase the Indian leg of the transaction data from overseas servers within 24 hours as mandated by the Reserve Bank of India (RBI).

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IDFC says can exit as promoter of IDFC First Bank since five-year lock-in period over

As on June 30, 2021, IDFC Financial Holding Company holds 36.56 per cent stake in IDFC First Bank

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Banks review settlement processes for deposit accounts of deceased customers in view of Covid-19

Lenders weigh possibility of quick settlement of partial deposit amount to provide immediate relief to family members

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Bank of Baroda, U GRO Capital launch co-lending platform 'Pratham'

"Pratham will allow MSMEs to avail customised lending solutions at a competitive rate of interest

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Will comply with data localisation norms, says American Express Banking Corp India

Firm working on expanding presence with higher customer engagements

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Bajaj Finserv Q1 net profit down 31.5%

Consolidated total income declined by 1.7 per cent to ₹13,949 crore in the first quarter

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Bajaj Finserv Q1 results: PAT falls 31% YoY to Rs 833 crore hit by Covid 2.0

The company’s consolidated total income in the quarter fell by 1.7 per cent year-on-year to Rs 13,949 crore.

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Kerala inks $125-million pact with World Bank to boost disaster preparedness

The World Bank is investing in Kerala’s capabilities to respond to shocks to the state economy

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U GRO Capital, Bank of Baroda in tie-up for ₹1,000-crore MSME co-lending

Loan amount ranges from ₹50 lakh to ₹2.5 crore

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U GRO Capital launches Pratham, a MSME co-lending program with Bank of Baroda

A wide range of MSMEs including the recently added wholesale & retail traders under priority sector can avail credit via this program.

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HDFC AGM| Home loan demand continues to be strong: Deepak Parekh

“The pandemic has reaffirmed that there can be no greater security in life than a home. The inherent demand for home loans continues to remain strong,” Deepak Parekh, chairman, HDFC, said at the company’s AGM on Tuesday.

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District co-operative banks’ bad loan ratio hits 12.6%: FM Nirmala Sitharaman

The minister said the gross non-performing assets (NPAs) of urban co-operative banks (UCBs), too, remained elevated at 11.3% (Rs 35,528 crore) at the end of March 2021. However, the gross NPAs of state co-operative banks were to the tune of 6.7% (Rs 13,477 crore) as of March 2020, Sitharaman said in a statement in the upper House.

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Indel Money in talks with PE players to divest 15 percent for Rs 140 crore

With the divestment, the company aims to lay out a faster growth trajectory by entering new markets in FY22 and going for an eventual public listing.

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Bajaj Finance net rises 4% to ₹1,002 crore in Q1

Net interest income grew 8 per cent

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HFCs seek nod to impose pre-payment fee

Many consumers shift to banks offering lower interest rates

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‘Significant impact on profitability of Indian banking system’

Retail inflation remained above the monetary policy committee’s upper threshold of 6%for the second successive month in June at 6.26%

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Economic recovery is underway but credit growth remains tepid: Deepak Parekh

He also noted that there are segments of real estate with immense potential to grow

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What if you wanted to know how much Mukesh Ambani has in his account?

The latest case comes a couple of months after a concerted push by some major Indian banks against another related matter. In April this year, a bench had rejected a plea by HDFC Bank, SBI and others seeking recall of a six-year-old SC ruling that asked RBI to supply info on functioning of banks under RTI.

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‘Customers are getting back on loan repayment track’

Moratorium freed customers from default pangs, says Suryoday MD

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Should public know account balance of rich individuals, banks ask Supreme Court

On April 29 this year, a bench headed by Justice L N Rao had dismissed applications by major banks, including SBI and HDFC, for recalling the SC's six-year-old judgment directing the banking regulator RBI to provide information under RTI about functioning of banks under the Act.

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Bank holiday on Eid al-Adha 2021: Banks in these cities will remain functional on Bakra Eid this Wednesday

Bank holiday Eid al-Adha 2021: Most of the banks in India will remain closed on 21 July 2021, on account of Bakra Eid.

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Private life insurers operate in challenging environment, says Deepak S Parekh

Addressing shareholders at the life insurance company’s 21st annual general meeting, Parekh said, “We ranked consistently among the top two companies in the private sector in terms of new business premium, closing the year (FY21) at Rs 20,110 crore with a market share of 21.5%.”

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HDFC Life Q1 net down 33%

During the quarter under review, the company's new business premium stood at `3,767 crore, up 44% y-o-y, while renewal premium rose 20% y-o-y to `3,889 crore.

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Inside BharatPe-Centrum proposed JV to acquire troubled PMC Bank

JV to set up a Small Finance Bank to acquire PMC Bank a landmark event for fintech firms in the country

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Indian Bank Q1 net triples to Rs 1,182 crore

Total income stood at Rs 11,500 crore in Q1, registering a flat growth over Rs 11,447 crore in the year-ago period.

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HDFC Bank to work for both India and Bharat, creates a segment: Chairman

This was Chakraborty’s first AGM after the Reserve Bank of India approved his appointment in April for a period of three years. Chakraborty, a 1985 batch IAS officer of Gujarat cadre, earlier retired as secretary of department of economic affairs in the central government more than a year ago.

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‘Expense limit should be main criterion for life insurance firms’

Cos should be permitted to distribute NPS, health indemnity: Deepak Parekh

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Indian Bank’s Q1 profit zooms, but rising NPAs cast a shadow

Slippages rise over ₹3,680 cr y-o-y, led by MSME segment

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MSME loans risky even as banks transmitted rate cuts the most

"Despite the restructuring, however, stress in the MSME portfolio of PSBs remains high" noted RBI's latest financial stability report (FSR). " Given the elevated level of debt of the stressed cohort, the implications of business disruptions following the resurgence of the pandemic could be significant."

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Indian Bank expects profit to sustain at this level, MSME asset quality falters

Indian Bank chief executive Padmaja Chunduru exuded confidence on sustainability of net profit around this level, if no further crisis hits the economy.

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Paytm Payment Gateway enables payment from fixed deposit account held with partner IndusInd Bank

"This will make way for greater convenience for the user and will also help them to liquidate their balances to make real-time payments with ease," a Paytm Payments Bank spokesperson said.

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Equity investing: Paytm Money app gaining traction

It has 2,08,000 equity trading accounts as of end March 2021

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Goldman Sachs expands back-office ops with Hyderabad office, to hire 560 staff in 2021

Goldman Sachs chairman and chief executive David M Solomon said he is excited to continue the growth in India, and the Hyderabad office will serve as an innovation hub for a wide range of businesses.

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Capital India to invest $25 million in Credenc for education finance

Credenc offers education loans and to soon launch student-focused neo bank.

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HDFC Life Insurance Q1 net profit down 33%

Paid over 70,000 claims

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Built business, collection strength in Q1: Dinanath Dubhashi, L&T Finance

"Things have started improving towards the end of June and July they have improved even further. The strengths that we have built have manifested."

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Light Microfinance secures $10 million from three European impact investors

In FY21, the Ahmedabad-based MFI reported a portfolio growth of 30 per cent to ₹623 crore

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Spinny raises $108 million in Series D round led by Tiger Global

The latest round includes a primary capital infusion of $105 million and a secondary sale of $3 million by select angels and early-stage investors

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Goldman Sachs sets up centre in Hyderabad

New facility expected to grow to over 2,500 people by 2023

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Banks' lending and deposit rates improve

 

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Razorpay acquires TERA Finlabs

TERA will help create and enable a credit line for Razorpay’s merchant network

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Gold loans, best option amid the Covid pandemic

When traditional funding gets clogged, such loans are convenient to secure quick credit

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The turnaround story of Indian Overseas Bank

Several measures introduced have paid off; the lender is well placed to emerge as one of the strongest banks in the mid-segment

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ET Financial Inclusion Summit: DBT scheme’s proved to be a boon for crores of Indians

Digital adoption was also accelerated by the pandemic as withdrawals by DBT beneficiaries increased two-thirds last fiscal.

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ET Financial Inclusion Summit: One growth account for all of India

With about 700 million connections, India has the world’s largest base of broadband users. It has 696 million users of smartphones and the largest data usage per smartphone at 9.8 GB a month on average.

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ET Financial Inclusion Summit: Universal banking access can become a reality only when more women are empowered

While universal banking access and campaigns around financial literacy are important, the presence of more women at leadership roles in banks and lending institutions is a must to achieve this goal, said the stakeholders at the ET Financial Inclusion Summit.

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Financial Inclusion Summit: Key goal of financial inclusion must be to help poor get credit, says Bandhan Bank chief

They now have access to every financial service they seek such as savings and insurance. That’s the power of financial inclusion, says Bandhan Bank managing director Chandra Shekhar Ghosh.

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Cooperation Ministry: Cooperatives’ financial heft seen behind Centre’s bid for greater control

There are about 8.5 lakh co-operatives in the country with roughly 38 crore members. Of these, 1,539 are urban cooperative banks (UCBs) and 97,006 rural ones with a combined asset size of as much as Rs 17-18 lakh crore, an official source told FE.

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Paytm Payments Bank may soon apply for conversion to Small Finance Bank

Once this happens, it can undertake lending activities

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NPCI in talks to take UPI, RuPay to global markets

Some of the likely destinations include Gulf countries like Saudi Arabia, the UAE and Bahrain, European and North American countries, Mauritius and Singapore, payment industry insiders said.

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Several factors still hinder monetary transmission to bank rates: RBI

The RBI Bulletin for July 2021 noted that the central bank has made several attempts to improve the effectiveness of monetary transmission by refining the process of interest rates setting by banks.

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IBA to soon move application to RBI for setting up Rs 6,000-cr bad bank

With registration of the company, the process for putting an initial capital of Rs 100 crore is on as per the guidelines, the sources said adding that the next step will be audit and then move application to the RBI seeking licence for the asset reconstruction company.

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IDBI Bank to explore avenues to grow corporate credit: Rakesh Sharma

IDBI Bank may explore avenues to grow its corporate credit book, especially in the mid-corporate segment, in a risk-calibrated and cautious manner, f

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Q1 performance: HDFC Bank profit up 16.1% to Rs 7,730 crore

Misses street estimates due to low biz volumes amid pandemic

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Digital payments are the new normal: UPI-based payment apps, digital wallets now eye smaller towns

As per data by EY, UPI-based digital transactions have increased by 110% in volume and 109% in value, from June, 2020 till June, 2021.

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MasterCard bar not to impact HDFC Bank

The bank has open architecture for products including cards, says MD & CEO

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