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Public sector Indian Overseas Bank has elevated Ajay Kumar Srivastava as its managing director and chief executive officer with effect from January 1, the bank said on Saturday. Prior to taking up the new role, Srivastava was serving the city-headquartered bank as its executive director.
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Credit to industry continued to register a strong pick-up, with total loans accelerating to 13.1%, while personal loans expanded at 19.7% in November, largely driven by housing and vehicle loans.
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RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by the State Bank of India (SBI). Other lenders include the Bank of Baroda, Union Bank of India, Canara Bank, Punjab National Bank, Bank of India, IDBI Bank, Punjab & Sind Bank, and Bank of Maharashtra.
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Indian shadow lender Shriram Finance Ltd said on Friday it had secured a five-year loan worth $100 million from the Asian Development Bank to provide credit to its customers towards purchase of new and used vehicles across India.
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The Reserve Bank of India's push for priority sector lending is accelerating with the PSL Certificates trading gaining traction at more than Rs. 6 lakh crores. This opens up new vistas of credit for the rural households as well as MSMEs through NBFCs and Housing Finance Companies.
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Banks is the primary and dominant option for stable funding for mid-sized NBFCs. The increase in bank funding to non-banks is also because these entities have demonstrated a reasonably satisfactory performance during the COVID-19 period.
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Robust credit demand and high interest rate regime due to tight monetary conditions globally are also expected to help the profitability of the banks.
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In the private sector banking space, consolidation remained the flavour, with parent HDFC Ltd deciding to merge with HDFC Bank, and Axis Bank announcing the takeover of the retail portfolio of global giant Citibank. These two deals are expected to be completed in 2023.
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"Going forward, we will only focus on organic growth in our current and proposed line of business. We will continue to build a strong retail franchise in consumer and MSME financing. We are already doing ₹1,200 crore of organic business per month," said Adar Poonawalla.
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During a meeting to create awareness about COVID-19 last week, sources said, the regulator also stressed that insurers should offer incentives to policyholders on getting RT-PCR tests done through their wellness network.
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RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by State Bank of India (SBI). As part of the proposed OTS, the company in June 2022 deposited Rs 220 crore earnest money with the lead lender demonstrating its commitment towards RFL revival.
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The Aon analysis also showed that overall attrition in the banking segment is 24.7% between January and September, with domestic banks showing 30.6% attrition and foreign banks 16.3%. Fintech players also contributed to high attrition levels of 27.4%. Wealth management players, too, saw a significantly high number of employee departures at 26.4%, while investment banks saw exits at 21.8%. The lowest exits in the BFSI space were recorded with asset management companies at 16.3%.
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The CBI on Monday arrested Videocon group founder Venugopal Dhoot from Mumbai in connection with the ICICI Bank loan fraud case, officials said. On Friday, the CBI arrested former CEO and managing director of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar. She quit as the CEO of the bank in 2018.
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This year’s winners include shares linked to billionaire Gautam Adani and banks boosted by a sharp recovery in credit demand. Some of the biggest losers were shares of technology firms that languished following their public debuts and software outsourcing providers that faced concerns of a potential slump in overseas demand.
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Trends in the SGX Nifty indicate a flat opening for the broader index in India
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Chanda Kochhar and her husband Deepak Kochhar were arrested by the Central Bureau of Investigation (CBI) last week in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. A special court in Mumbai on Saturday remanded both of them to CBI custody until December 26.
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"Going forward, we expect card expenditure to moderate further over the next couple of months due to the end of festive season and inflationary impact on consumer spending," said Bunty Chawla, analyst, IDBI Capital.
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The proposed amendments suggest that the minimum paid up capital be specified by the Insurance Regulatory and Development Authority of India (IRDAI) considering the size and scale of operations, class or sub-class of insurance business and the category or type of insurer. Currently, solvency ratio is pegged at 150 per cent while paid up capital is Rs 100 crore as per the existing law.
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Among other things, the CBI has accused Chanda Kochhar, 61, of irregularities, flouting banking rules and laws in a series of loans sanctioned to industrialist Venugopal N. Dhoot's Videocon Group between 2009-2011, when she was lording over the bank.
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Chanda Kochhar, who is facing a probe over alleged irregularities in sanctioning loans to the Videocon Group, has been booked under certain sections of the Prevention of Corruption Act, along with charges of cheating and criminal conspiracy under the Indian Penal Code. Under the anti-corruption Act, prosecution needs the approval of a competent authority.
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A special court in Mumbai on Saturday remanded former ICICI Bank CEO-MD Chanda Kochhar and husband Deepak to the custody of Central Bureau of Investigation (CBI) for three days in Videocon loan fraud case.
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Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender.
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The winning bidder, Swan Energy - Hazel Mercantile team, offered a staggered payment of ₹2,040 crore, while on the net present value (NPV) basis it was ₹1,218 crore. Of the ₹2,040 crore offered by the duo, a sum of ₹1,640 crore will be paid over the next five years, and the remaining payment will be made from the recovery of certain pending dues. Naveen Jindal owned Jindal Steel and Power was also in the fray to acquire RNEL.
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Large PSU banks like State Bank of India, Bank of Baroda, Canara Bank are already trading at close to 1 price to book value. Peak valuations for these banks had hit a high of around 1.5 times book around fiscal year 2012 and 2014. Mid-sized and small banks are currently trading at 0.5-0.7 time price to book and had touched a high of 1 times book around 2014. Bank Nifty has gained around 28% whereas PSU banks were up 74% in the last six months (as of December 21, 2022), ICICI Securities said in a report.
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Additionally, the lending framework will set rigorous standards for green buildings, allowing HDFC to boost a quality green housing pipeline while channelling funds to this segment. IFC's financing package is also aimed at enabling HDFC to on-lend to people ensuring they can afford such housing.
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The Central Bureau of Investigation (CBI) on Friday arrested former CEO and managing director of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar in connection with Videocon loan case.
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Mail sent to Hinduja Group did not elicit response till filing of the story. Earlier this week, the Ahmedabad-based Torrent group emerged the highest bidder by putting a bid of Rs 8,640 crore to acquire Anil Ambani group's NBFC entity.
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Corporate bond sales also got a boost this month from record issuance of riskier debt by banks to buffer their capital and allow more lending.
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Those worries were increased by the Bank of Japan's shock decision this week to move away from its ultra-loose monetary policy, increasing bets on an even more restrictive investment environment in 2023.
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Banks have approached the government, saying that since accounts are seeded with Aadhaar, there is no need for PAN as well. "We have received representations in this regard, and they are being examined," said an official aware of the matter.
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Hinduja Group made the second-highest offer, of Rs 8,110 crore, for the core investment company that houses 20 financial services entities, ranging from insurance to broking, the people said.
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"Banks had taken board approvals to raise capital this fiscal and they are now tanking up as the busy season approaches. This is probably the last tranche of Tier 1 issues by public sector banks for this fiscal and this keeps them ready for the likely increase in loan demand in the fourth quarter," said a banker aware of the transactions.
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Foreign portfolio investors bought Indian shares worth Rs 9,017 crore ($1.09 billion) in the first half of December, despite the country's benchmark indexes coming off record high levels on hawkish commentary from global central banks, data showed.
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Reliance Capital is the third large NBFC against which RBI has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
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Neobank partnerships driving hyper-personalised financial products, AI-driven efficiency in digital lending services and wealth tech for everyone. These three trends will enable fintech innovation in India and retain its position as the global fintech leader in 2023.
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The bank had moved the dedicated bankruptcy court against the company's insolvency resolution professional's decision to reject the claim and not include the bank in the committee of creditors (CoC). Yes Bank, in its December 2021 response to a query from the resolution professional, had stated that the developer had not defaulted in repayment of its loan and the bank had not invoked the corporate guarantee provided by the corporate guarantor
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The planned e-auction for RCL, as approved by the committee of creditors (CoC), is scheduled to be held on December 21, and the exit of the highest bidder on the eve of the auction has come as a big jolt to the lenders.
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To transmit assets to the legal heir, Nomination is the simplest and most effective way. Read to know more
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"As per RBI data, public sector banks (PSBs) and scheduled commercial banks (SCBs) wrote off an aggregate amount of Rs 8,16,421 crore and Rs 11,17,883 crore respectively during the last six financial years," Minister of State for Finance Bhagwat Karad said. With regard to the list, including names of write-offs/defaulters who have defaulted more than Rs 1 crore to the public sector banks, RBI has informed that borrower-wise information on written off loan accounts is not maintained by it, he said.
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The dollar index inched 0.3% lower as the yen surged after the Bank of Japan (BOJ) said it would review its yield curve control policy. A weaker dollar makes gold more attractive to overseas buyers.
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Earlier this month NARCL had matched Gujarat-based NBFC Raj Radhe Finance's ₹130 crore challenge to its ₹100 crore offer to take over the ₹2,623 crore outstanding dues of the company, ET reported in its December 5 edition. It is now learnt that the offer is on a full cash basis.
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The bank wants to double the current pace of half a million new credit card issuances every month, according to Parag Rao, country head for payments business, consumer finance, digital banking and marketing. The firm will announce partnerships across a range of industries from online retail to food delivery in the coming weeks to increase spending on cards, Rao said.
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The government on Monday said it will take a view on privatisation of public sector banks (PSBs) after consultation with the concerned department and regulator.
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Incremental credit growth in FY2023 is expected to remain at an all-time high of Rs.18-19 lakh crore in FY2023, which will be significantly higher than the previous high of Rs. 11.4 lakh crore in FY2019. Incremental credit growth expected to remain buoyant at Rs.15.0-16.0 lakh crore in FY2024, ICRA said.
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According to Reserve Bank of India (RBI) data, public sector banks have recovered Rs 4,80,111 crore, including Rs 1,03,045 crore from written-off loans, during the last five financial years, she said. As per inputs received from the RBI, scheduled commercial banks have written off an amount of Rs 10,09,511 crore during the last five financial years, Nirmala Sitharaman said during Question Hour.
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SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India.
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India’s largest private bank HDFC Bank Ltd. is seeking to issue a million credit cards a month, a remarkable bounce-back for the lender after the country’s regulator banned it from taking on new card clients two years ago.
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