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"Net loss of Rs 630 crore for Q1FY22 is because of prudent provisions for Covid wave 2.0. Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact," IDFC First Bank said in a release.
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Investment bankers Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the IPO.
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The State Bank of India, a public sector lender, said on Saturday that processing fees on housing loans would be waived entirely. This is a big reduction from the 0.40 percent processing costs that were previously in place.
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The Reserve Bank of India (RBI) is expected to provide a road map to the new owners of IDBI Bank, for reducing their stake as the government seeks to sell its equity, by the end of the current fiscal year.
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According to RBI data, loans against jewellery by banks stood at Rs 62,221 crore as of June 18, 2021 — an 80% increase over the previous year.
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A large part of the income generated by these companies in India is outside the domestic tax net as they did not have a PE here. PE is a concept in the tax regulations that determines which country has the right to tax a company - and to what extent.
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As per the court order, PNB’s stand is due to letters issued by IBA on December 12, 2018, to its member banks, stating that if a bank issues a claim period of less than one year on top of the guarantee period then such a bank guarantee would not have the benefit of Exception 3 to Section 28 of the Contract Act.
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The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U.S. giant from issuing new cards. It cited non-compliance with 2018 rules that required it to store payments data only in India.
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"Basically, we have been able to recover almost 140% of the principal and still some more recoveries are expected. We have provided for our NPAs and the provision coverage ratio is 97% so similarly when some other recoveries come we can expect similar results in future, probably even better ones," says Sharma of the Kingfisher situation.
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The Delhi-based, digital-first company has already partnered companies including Great learning and various IAS institutions to offer interest-free education loans to prospective students wanting to pursue short-term courses.
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Net interest income grew 9.53 per cent to Rs 7,013 crore from Rs 6,403 crore in the year-ago quarter.
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The housing finance company made a provision of Rs 830 crore for NPAs during the quarter.
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The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
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"I believe that our provision PPOP margins are such that we can take any provisions right now. I do not believe that the third wave will be as vigorous as we what we saw in the Covid-2 or Covid-1."
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Increased financing for climate-friendly projects as well as more financing for small businesses to help accelerate India's economic recovery from COVID-19 are expected in the wake of a USD 126 million (Rs 916 crore) equity investment in the bank, IFC and Federal Bank said in a joint release on Thursday.
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As mutant variants of the virus succeedingly assailed the country with a pervasive health crisis, the already floundering pre-pandemic financial infrastructure was left fractured. However, across various sectors, despite the notion that India is surviving on borrowed time, there is hope yet at the end of the tunnel for the economy.
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"We have also reinitiated the Rs 500 crore of restructuring which will happen in this quarter on that book, but otherwise we are well on our way."
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According to the information ETBFSI received from various sources, more than 1,200 ATMs are down in the five districts of Maharashtra -- Ratnagiri, Raigad, Sindhudurg, Kolhapur and Satara. There are about 1,300 ATMs in these districts.
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He brings over two decades of experience across sectors such as financial services, retail, banking, and real estate. In a decade-long stint at FINO PayTech, he led the organisation to achieve scale and profitability facilitating organic growth capital and inorganic expansions.
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Last year, the government had provided capital support to National Insurance, Oriental Insurance and United India Insurance to meet regulatory requirement and increase the authorised share capital of National Insurance Company Ltd (NICL) to Rs 7,500 crore and that of United India Insurance Co Ltd (UIICL) and Oriental Insurance Co Ltd (OICL) to Rs 5,000 crore each.
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While Paytm announced the Raheja acquisition last year, the deal is yet to close.
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The central probe agency said its investigation in the case was initiated on the basis of an FIR filed by the Bengaluru Police sometime back against Vijay Akkash, Mohamed Musthafa, M D Jairam (the then Assistant Branch Manager of Syndicate Bank, Uttarahalli branch in Bengaluru) and others.
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"The best part of this restructuring, as far as our bank is concerned, is under MSME. We have restructured about Rs 3,300 crore and retail about Rs 7,600 crore and total amount is over Rs 13,200 crore."
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Banks for which gold loans contribute substantial amount to their profits, were hit in the first quarter. Out of the Rs 640 crore slippages that Federal Bank saw during the quarter, Rs 86 crore was from gold loans or linked to the product as a result, the bank's gross NPAs rose to 3.50% of advances, up from 2.96% a year.
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In case of banks, change of residence is seen to be a major source of funds lying idle as an account holder may not go back to another city to transact. Funds have been a perennial problem as several policyholders or their family members do not claim the maturity amount from insurance companies for multiple reasons.
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But needs to own 2.5% stake, continue with company in an executive capacity
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Total income during Q1 FY22 moved up to Rs 1,531.67 crore, as against Rs 1,295.19 crore in the first quarter of FY21, IIFL Finance said in a regulatory filing.
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Other income including fees and commissions increased 18 per cent to Rs 1,788 crores in the quarter ended June 30 from Rs 1,520 crore a year ago.
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Sequentially, on a quarter-on-quarter basis, it was higher by 238.26 per cent over the quarter ended March 2021. However, on a year-on-year basis, the profit declined by 45.98 per cent, mainly on account of decreased treasury income, the bank said in a statement.
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PFRDA has recently allowed investment in new-age assets, such as REITs and InvITs, to maintain a decent rate of return as interest rates plunge to record lows.
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The total income during Q1 FY22 increased to Rs 4,539.08 crore, against Rs 4,436.57 crore in Q1 FY21, UCO Bank said in a regulatory filing.
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Total income in the April-June increased marginally to Rs 21,210.06 crore, from Rs 20,685.91 crore in the year-ago period, Canara Bank said in a regulatory filing.
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Insiders claim that the backlog of crucial policy considerations as well as routine clearances are getting delayed even as companies themselves are suffering from a possible lack of regulatory oversight.
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Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.
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Private lender Axis Bank reported fresh slippages of Rs 6,518 crore, up 23% from Rs 5285 crore in the March quarter. 84% of the net slippages were from the retail book.
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Giving the details in a written reply, the minister said as per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020.
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Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.
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"As we fervently work towards making digital escrows a household name in India, more and more people are realizing that the risks they take while carrying out digital transactions are avoidable, and they find the ease and convenience of our platform attractive,” said Castler’s co-founder and CEO, Vineet Singh.
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M&M Finance swung to a loss of Rs 1573 crore on a consolidated basis during the quarter ended June from a profit of Rs 432 crore a year earlier, as total income declined 16 per cent to Rs 2567 crore from Rs 3069 crore the year earlier.
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Profits were helped by a 70 per cent growth in non-interest income to Rs 1056 crore up from Rs 621 crore a year ago which included fees from retail and corporate banking, forex, debt capital markets and recoveries from written-off accounts.
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Axis Bank reported a 11 per cent on-year growth in net interest income to Rs. 7,760 crore in the reported quarter, which was also below Street’s estimate.
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Net interest income (NII) for the quarter rose 18 per cent year-on-year to Rs 10,936 crore from Rs 9,280 crore YoY.
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The regulator wants a third-party intermediary, governed by rules of the capital market, to verify information in a fund's 'private placement memorandum.' PPM is the key document prospective investors skim through before putting money in alternative investment funds (AIFs) - the regulatory term for PE and VC funds.
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Scheduled commercial banks (SCBs) were carrying NPAs worth Rs 8.96 lakh crore on their balance sheet at the end of March 2020.
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"We are very confident because of the impending festive season and the vaccination drive that is on the way. We are hoping that there is no third wave. Things are looking better and spends will come back strongly in the coming days."
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“As an industry, we had 10 lakh claims in the first quarter of this year, which is the same as the number of claims for the whole of last year. The claims are close to the provisions that we had made last year,” said Ritesh Kumar, MD & CEO, HDFC Ergo General Insurance.
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The draft Bill, which has been sent for approval by the Union Cabinet before introducing it in Parliament, seeks to remove the 51% floor on government holding, official sources told TOI. Foreign investors will be able to hold up to 74% in the divested general insurance firm subject to Indian management and control, government sources said, while ruling out any plan to sell New India Assurance or GIC.
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"I think FY21 has been far better-than-expected. When the lockdown was announced last year, we didn't know exactly how long it would last, what implications it would have. Our expectations were very muted in terms of new business, persistency, and claims etc.
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