Equitas Small Finance Bank’s PAT down 3% in Q3

Equitas Small Finance Bank on Friday reported a profit after tax (PAT) of Rs 108 crore for the third quarter, compared with Rs 111 crore in the year-ago period, registering a decline of 2.7%. Total income of the bank was slightly higher at Rs 1,035 crore, compared with Rs 1, 012 crore. PN Vasudevan, MD & CEO, said: “The business environment is slowly but surely coming back to normal. The third wave of Covid is a matter of concern, but at this point in time, we see that normal life has not been impacted much due to this. Our flagship product, small business loans, remains resilient and affordable housing loans and new commercial vehicle loans are primed for growth in the coming quarters.” Advances...

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Shriram City PAT up 5% to Rs 293 crore; Q3 witnesses best ever disbursements

Shriram City Union Finance, part of the Shriram Group, on Friday reported standalone profit after tax (PAT) of Rs 293 crore in Q3FY22, close to 5% higher than Rs 280 crore in the same quarter last year. Total income stood at Rs 1,702 crore as against Rs 1,439 crore in the year-ago period, logging an increase of 18%. Shriram City reported its best-ever disbursements at Rs 7,630 crore, up 23% y-o-y and 19% sequentially, while AUM rose 13% y-o-y to Rs 32,247 crore. Collection efficiency stood at 103% in the quarter. Asset quality continued to show improvement sequentially, with gross stage 3 levels at 6.61% (6.86% in Q2FY22), while restructured book stood at Rs 315 crore, representing less than...

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Bad bank takes off, to get Rs 50,000cr of NPAs in FY22

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3rc2c...

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Kotak Mahindra Bank posts 15% rise in Q3 net profit to Rs 2,131 crore

Kotak Mahindra Bank on Friday reported a 15% year-on-year rise in its net profit for the quarter ended December at Rs 2,131 crore, on account of steady net interest income (NII) growth and write-back of provisions. On a consolidated basis, the bank’s bottomline rose 31% on year to Rs 3,403 crore. During October-December, Kotak Mahindra Bank’s NII (the difference between interest earned and expended) grew 12% on year to Rs 4,334 crore. The bank’s net interest margin grew to 4.62% in the reporting quarter from 4.36% a year ago. Total advances stood at Rs 2.52 lakh crore as of December-end, up 18% on year and 8% on a sequential basis. Home loans and loans against property accounted for 25% of the...

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Banks to transfer 15 accounts worth Rs 50,000 crore to NARCL in FY22

The two arms of India’s bad bank – National Asset Reconstruction Company (NARCL) and India Debt Resolution Company (IDRCL) – have received all the requisite approvals, including from the Reserve Bank of India (RBI), State Bank of India (SBI) chairman Dinesh Khara said on Friday. The banking sector will transfer 15 assets worth Rs 50,000 crore to NARCL in FY22, he said. NARCL will acquire and aggregate the identified non-performing asset (NPA) accounts from the banks, while the IDRCL, under an exclusive arrangement, will handle the debt resolution process. “This exclusive arrangement will be as per the scope defined in the debt management agreement being executed between the two entities. The...

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RBI imposes restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow; withdrawals capped at Rs 1 lakh

In a statement, RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment. from Banking/Finance-Industry-Economic Times https://ift.tt/340kJ...

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Sensex tanks 581 points as Federal Reserve signals rate hike

A statement by Jerome Powell, chairman of the US central bank, the Federal Reserve, roiled markets around the world after he clearly indicated on Wednesday evening that the Fed would hike rates in March, ending a nearly two-year old market support programme through near-zero interest rate and buying of bonds from markets. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/33XG2...

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Changes you need to make in your financial plan once you become a new parent

It is easy to increase your budget by cutting down your investments and savings, but that is not the best way to do it. Cutting down your investments and saving can jeopardize your financial future. from Banking/Finance-Industry-Economic Times https://ift.tt/3IFYl...

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ToneTag and Elocity partner to bring sound-based payment technology for EV sector

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Future Enterprises to sell 25 per cent stake in general insurance JV to Generali for ₹1,253 cr

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Future to sell 25% of Future Generali to JV partner Generali Group for Rs 1,252 crore

“Future Enterprises progresses on its plans to monetise its investment in its insurance joint ventures with Generali, agrees to sell 25% equity in the general insurance JV,” Future Enterprises Ltd said in a filing to the stock exchanges. from Banking/Finance-Industry-Economic Times https://ift.tt/35st6...

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Future Enterprises to sell 25% stake in general insurance JV to partner Generali for ₹1,253 cr

from The HinduBusinessLine - Money & Banking https://ift.tt/3HaHq...

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As broadband quality improves, LinkedIn shuts down Lite version

from The HinduBusinessLine - Money & Banking https://ift.tt/3r2Xr...

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Future Enterprises to sell 25 pc stake in general insurance JV to partner Generali for Rs 1,253 Cr

"FEL has agreed to sell a 25 per cent stake in its General Insurance Joint Venture, FGIICL, to its Joint Venture partner Generali for a cash consideration of Rs 1,252.96 crore, plus an additional consideration that is linked to the date of the closing of the transaction," the regulatory filing by the Future Group firm said. from Banking/Finance-Industry-Economic Times https://ift.tt/3AxMV...

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Need of the hour: Social media an absolute must for banks

The need to have a physical presence across the length and breadth of the country has been long felt by public sector banks, especially to fulfill their role in the country’s economic development. This was the driving force for the establishment of State Bank of India which was followed later by nationalisation of the banks. The 20,000-plus branches of SBI as well as other banks in the country have undoubtedly provided the much-needed impetus for rural development and easy access to banking services to millions of people in the country. Today, with the increasing momentum for digital banking and other digital financial services, customers have an array of options to choose from. So the big question...

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Nagpur: 7 cheated of ₹4.68 crore by cryptocurrency fraudsters

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Banks' plea seeking time for borrowers to comply with new loan recast plan rejected

In August 2021, the regulator had extended the deadline for stressed companies to meet the parameters related to operational performance to October 2022. from Banking/Finance-Industry-Economic Times https://ift.tt/3rOZu...

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Bankers reject Religare's debt rejig proposal

The plan proposed by Religare Finvest management needed an infusion of Rs 700 crore of fresh loans from lenders over a period of two and a half years. Bankers are reluctant because the account is classified as a non performing asset (NPA). from Banking/Finance-Industry-Economic Times https://ift.tt/3rNHb...

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Mauritius-based PEs on taxman's radar, at least 7 get notices

If the income tax (I-T) department has good reasons to believe that a fund's 'place of effective management' (or POEM in tax parlance) is somewhere else-where the key decision makers are located -and not Mauritius, many funds could find themselves exposed to large tax demands. from Banking/Finance-Industry-Economic Times https://ift.tt/3G2HM...

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Government approves PMC Bank amalgamation plan

“The scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the USFBL in terms of the provisions of the scheme,” the Reserve Bank of India said citing the government's sanction on the amalgamation plan. from Banking/Finance-Industry-Economic Times https://ift.tt/3IBtz...

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Monetary penalties on UCBs: Fix the responsibility on erring officers, says Satish Marathe, RBI Director

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Microloan securitisation volume see recovery in 9MFY22: ICRA

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MODIFI acquires Seawise Capital’s trade finance and SaaS business in India

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Hero Fincorp to raise Rs 2,000 cr for growth

Hero Fincorp has initiated a valuation exercise before the equity funding round will be finalised. The final contributions of the existing and new investors could change based on the valuation report, according to people cited. from Banking/Finance-Industry-Economic Times https://ift.tt/3H1zB...

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Why central banks oppose crypto but explore own digital currencies

Digital payments like UPI are electronic instructions that authorise intermediaries such as banks to facilitate transactions. Even if they are ‘cashless’ modes of payment, they involve transfer of fiat money. Now imagine a UPI-like system where digital currency issued by a central bank is transacted instead of bank balances. The need for interbank settlement disappears and you can pay someone securely, without third-party risks. What if money itself could be ‘digital’? from Business News: Latest News on Business, Stock Markets, Financial News,...

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PSU Bad bank, ARC reforms are awaited as NPA threat looms

Even as the wait goes on for the National Asset Reconstruction Company (NARC), or 'bad bank', which was announced in the previous Union Budget and proposed reforms for the private asset reconstruction companies (ARCs) to take off, the dead weight of old accounts continues to languish on the banks' books. from Banking/Finance-Industry-Economic Times https://ift.tt/3fRfN...

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Fullerton India and Paytm tie up to provide lending products

from The HinduBusinessLine - Money & Banking https://ift.tt/3nUh5...

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FSS-assisted model through 'Smart Cash' to reach 1000 villages by March

India has about 200,000 villages with a population of more than 2000 people. The company is focused on targeting this demographic through an assisted model that consists of business champions who are present in 100 villages and smart cash kiosks that are present in 10 villages. from Banking/Finance-Industry-Economic Times https://ift.tt/3FP2o...

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Uncertainty over privatisation of PSBs, general insurance company

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JM Financial Asset Reconstruction Company allowed to substitute Bank of India as petitioner

BSE-listed National Steel & Agro owes about Rs 1,600 crore to its lenders. On Friday, the Mumbai bench of the National Company Law Tribunal, presided over by Justice Pradeep Narhari Deshmukh, allowed the substitution of JM Financial ARC, to whom the lenders have assigned their debt as petitioner in an oral order and have posted the hearing of the matter to March 9. from Banking/Finance-Industry-Economic Times https://ift.tt/3u8H9...

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PSU bad bank, reforms for asset rejig cos hang fire

Banks have come out of the bad loan mess through provisions made from profits and new capital. However, the deadweight of these old accounts continues to be on their books as the National Asset Reconstruction Company (NARC) or ‘bad bank’ announced in last year’s Budget is yet to take off and some proposed reforms for private asset reconstruction companies (ARCs) are still pending. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3tQdB...

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Digital payment sector wants MDR to be back

The Payments Council of India (PCI), the industry body for the digital payments ecosystem in the country, has written to the government urging it to roll back the zero MDR regime for UPI and Rupay debit cards transactions. from Banking/Finance-Industry-Economic Times https://ift.tt/3GTBE...

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HDFC Cap announces initial close of $1.88 b of affordable housing fund

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HDFC Capital achieves initial close of $1.8-billion fund for affordable housing financing

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NCLAT directs NCLT to decide over SREI's plea against rights issue of Trinity Alternative Investment

A two-member NCLAT bench, while disposing of SREI Infrastructure Finance Ltd (SIFL) petition observed that the National Company Law Tribunal (NCLT) has ordered a status quo and is yet to pass any order over the plea filed by the non-banking financial company. from Banking/Finance-Industry-Economic Times https://ift.tt/3fPKK...

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ICICI Bank Q3 profit rises 25%

Private-sector lender ICICI Bank on Saturday reported a 25.4% year-on-year (y-o-y) rise in standalone net profit to Rs 6,193.81 crore in the December quarter of FY22 on the back of a 23.4% y-o-y rise in net interest income (NII) to Rs 12,236 crore. The net interest margin (NIM) – a key measure of profitability – stood at 3.96%, down four basis points (bps) from 4% in the previous quarter.  ICICI Bank’s total advances increased 16% y-o-y to Rs 8.14 lakh crore. The retail loan portfolio grew 19% y-o-y and constituted 61.3% of the total...

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Q3 Result: YES Bank PAT rises 77% to Rs 266 cr on back of lower provisions

Private sector lender YES Bank on Saturday reported a 77% year-on-year increase in its net profit at Rs 266 crore during the October-December (Q3 and 18% sequentially, primarily on the back of lower provisions. The private lender’s advances, however, grew at a tepid pace of 4% on a y-o-y basis. For the quarter ended December, YES Bank’s gross advances stood at Rs 1.76 lakh crore, up mere 2% on quarter and 3.8% on year. Retail advances formed 57% of the bank’s loan portfolio while corporate loans accounted for the remaining 43%. The growth in advances...

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