G-Sec yields thaw on no devolvement of auction by RBI

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Ashneer Grover has no individual role in Unity SFB, says Centrum's Jaspal Bindra

Unity Small Finance Bank has taken over Punjab and Maharashtra Co-Operative Bank (PMC) in a revival programme for the scandal-hit lender. from Banking/Finance-Industry-Economic Times https://ift.tt/IcOsK...

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Budget 2022: No major structural changes; signs of normalisation for banks — Sanjiv Chadha

By Sanjiv Chadha The Budget has made announcements that have a bearing on the banking sector. While there were no major structural changes on the anvil, the assurance given that the IBC resolution process will be sped up is encouraging. The banking sector has faced a challenge in FY22 in the market with respect to bond yields. It looks like that this will persist for one more year. The gross borrowing programme at Rs 14.95 lakh crore is once again relatively large. There are two issues for banks here. The first is that interest rates will continue to move up even if we ignore the inflation aspect. Bond yields are already up and have crossed the 6.85% mark. This will have repercussions on investment...

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PNB looking for valuers to sell bank-owned properties

Punjab National Bank (PNB) is looking for consultants to aid in the process of sale of its land and building assets across the country. The Delhi-based lender has floated a tender seeking applications from agencies to assist in the sale of its immovable non-core assets. “The firms would be empanelled for a period of three years subject to annual review based on the performance,” the tender said. The process is being run as part of PNB’s plan to offload stakes in non-core investments and immovable properties. Last month, the lender had sought bids from process advisors to sell its stakes in Pridhvi Asset Reconstruction and Securitisation Company and National Commodity & Derivatives Exchange...

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BoI net profit zooms 90% Y-o-Y to Rs 1,027 cr on back of lower provisions

Bank of India (BoI) on Friday reported a 90% year-on-year rise in its net profit to Rs 1,027 crore for the October-December quarter, on the back of lower provisions. On a sequential basis, the bank’s net profit was lower 2.3%. The net interest margin (NIM) stood at 2.27% for the quarter, lower than 2.42% as on September 30 and 2.58% during the corresponding period a year ago. The state-owned bank’s total loan book stood at Rs 4.37 lakh crore as on December 31, of which domestic advances stood at Rs 3.82 lakh crore, up 5.3% on year. Retail loans grew at the fastest pace of 16% on year to Rs 75,542 crore as on December 31, while loans to micro, small and medium enterprises (MSMEs) grew 8.9% on...

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City Union Bank net rises 15% to Rs 196 crore

Private sector lender City Union Bank (CUB) on Friday reported a 15% increase in its net profit to Rs 196 crore for the third quarter of FY’22 as against Rs 170 crore in the corresponding quarter of previous fiscal year. Total income of the bank fell to Rs 1, 195 crore from Rs1, 268 crore. Interest income contracted to Rs 1,035 crore from Rs 1,048 crore, net interest income remained flat at Rs 490 crore and other income decreased 27% to Rs 160 crore. Net interest margin was down to 4% from 4.16%. The bank’s capital adequacy as per Reserve Bank of India (RBI) guidelines on Basel III norms was at 19.39% and tier-1 capital adequacy was at 18.34%, well above regulatory requirements. Gross non-performing...

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Our gross Stage 3 ratio should fall to 8-9% by March: Ramesh Iyer, vice-chairman & MD, Mahindra Finance

Mahindra Finance’s gross stage 3 loans, those which have been delinquent for over 90 days, should fall to 8-9% by March from 11.3% in December, vice-chairman and managing director Ramesh Iyer tells Shritama Bose. If borrowing costs rise by 50 bps, NBFC customers could see lending rates rise, he added. Excerpts: Your gross NPA figure is Rs 10,987 crore, but the gross stage 3 is Rs 7,223 crore. Why the difference? The new RBI (Reserve Bank of India) guidelines of November 12 demand the categorisation of NPAs under the IRAC (income recognition and asset classification) norms, which would mean that you have to mark the NPA on a daily basis as well as if they move a stage – from 3 to 2 – you still...

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Let Reliance, Amazon bid for Future Retail: Banks to SC

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Advent weighs $1 billion bet on Yes Bank, due diligence on

Advent is currently conducting due diligence and may form a consortium. Sources said the private lender is keen to rope in at least one more bulge-bracket player for co-investing. from Banking/Finance-Industry-Economic Times https://ift.tt/38WuK...

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Sundaram Finance Holdings Q3 consolidated net rises 22%

Sundaram Finance Holdings (SF Holdings) has reported a consolidated net profit of Rs 33.63 crore for the quarter ended December 31, 2021, an increase of 22% over Rs 27.65 crore in the corresponding period of the previous year. SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses, including foundries, wheels, brakes, turbo chargers, axles and distribution of spare parts. As a result, dividend from portfolio companies forms a substantial part of financial results. Dividend received from portfolio companies was at Rs 29.38 crore for the period ended December 31, 2021, against the total dividend of Rs 14.13 crore received during 2020-21. During the quarter,...

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Apollo Global set to invest $125 mn in Hero FinCorp

Apollo will end up owning a 9%-11% stake in the NBFC on a fully diluted basis and have a board seat. Other than flagship Hero MotoCorp that owns 40% of the company, the Munjal family, the promoters of Hero MotoCorp also have substantial shareholding in Hero Fincorp of 30-35%. from Banking/Finance-Industry-Economic Times https://ift.tt/HKbrBAN...

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Receiver of virtual digital asset as gift to pay tax on market value: CBDT

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IBBI plans to reduce timelines under voluntary liquidation process

"The proposed amendments by curtailing the unwarranted time spent on various activities aim to ensure early completion of voluntary liquidation process, thereby, provide quicker exit for the corporate person, release the idle resources faster, and put them into productive uses," IBBI said. from Banking/Finance-Industry-Economic Times https://ift.tt/BncZblA...

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HDFC Q3 net profit up 11.4 per cent

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PSBs need to move towards Banking as a service model, says SBI report

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8 Best Cryptocurrency to Invest in for February 2022

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Cholamandalam Investment posts ₹524-crore net profit in Q3

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Lenders working on digital banking amidst rise of fintechs

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Citi abandons day-old buy call in ‘perfect storm’ for Indian debt

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Nidhu Saxena takes charge as Executive Director of Union Bank

State-run Union Bank of India on Tuesday said Nidhu Saxena has assumed the charge as its Executive Director. Prior to this, Saxena was with UCO Bank as General Manager & Vertical Head (retail credit, MSME & bancassurance), a release said. He started his banking career at Bank of Baroda where he worked for 10 years before joining UCO Bank. from Banking & Finance – The Financial Express https://ift.tt/QR4hsNH...

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Will bring out battery swapping policy, FM Nirmala Sitharaman says

Talking about urban planning, the government will be promoting the shift to use to public transport in urban areas. This will be complemented by cleantech and governance solutions and zero mobility zones with a fossil fuel policy and EVs,” she said. from Banking/Finance-Industry-Economic Times https://ift.tt/mDB9qtb...

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Rupee gains 20 paise to 74.45 against US dollar in early trade

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Online transfer of funds between post office and banks announced in Budget 2022

Finance minister Nirmala Sitharaman also announced to set up 75 digital banking centres in 75 districts by scheduled commercial banks. from Banking/Finance-Industry-Economic Times https://ift.tt/ygT01nx...

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Omicron fails to paralyse the microfinance sector

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Budget 2022 Wishlist: Partial privatization of public sector banking will be a bold, transformative move

By Siji Philip Like every budget, the Government of India faces the challenge of managing the priorities and wishlist of its citizens. The prevailing Covid-19 pandemic has changed the business landscape for almost all industries across the country and the BFSI sector is right in the middle of the ensued uncertain dynamics. The country’s economy is witnessing encouraging signs of recovery, and to provide further impetus, the Union Budget 2022-23 is expected to continue Capex-related spending to support growth. This will directly impact the Banking & Financial sector through credit growth expansion which is yet to kick in meaningfully. The government may consider credit-support measures for...

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Microfinance sector rides on choppy waters with govt support

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Former directors of Cox & Kings under Mumbai Police scanner

The city police had earlier arrested the promoter, Ajay Ajit Peter Kerkar, and former chief financial officer Anil Khandelwal, who are now in jail in the case. from Banking/Finance-Industry-Economic Times https://ift.tt/XUzoiPK...

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IDBI selloff: Potential investors want Rs 34kcr NPAs given to bad bank

These suggestions have been made in the investor feedback sought by KPMG, the transaction advisor for the IDBI Bank strategic sale, according to officials with knowledge of the matter. from Banking/Finance-Industry-Economic Times https://ift.tt/g763efK...

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I-T cell calls on foreign bank account holders; notices, summons issued in past 10 days to marked persons

Several individuals - including those who were investigated, re-assessed and taxed - have been asked by the Foreign Assets Investigation Unit (FAIU) to share details of offshore bank accounts since 2001, residency status for the past two decades, passport copies and names of overseas service providers. Overseas service providers are professional outfits setting up tax haven vehicles and trusts to hold the funds. from Banking/Finance-Industry-Economic Times https://ift.tt/xKrFJsT...

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DHFL: NCLAT sets aside NCLT order that directed to consider Wadhwan's second offer

The appellate tribunal observed that NCLT has passed directions to consider the second proposal from Wadhwan, despite the fact that the Committee of Creditors (CoC) of DHFL had already by an overwhelming majority approved the Piramal Capital & Housing Finance's resolution plan and the administrator had applied before it for its approval. from Banking/Finance-Industry-Economic Times https://ift.tt/Xgp3tNf...

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PNB Housing Fin focuses on affordable housing segment; to operationalise 25 new branches by Mar

PNB Housing Finance is focussing on its high-yielding affordable housing business 'Unnati' in tier-II and -III cities, and targets to operationalise 25 new branches by March this year. Besides, the housing financier targets to increase the Unnati business from nine per cent currently to about 12-14 per cent going forward. PNB Housing opened 13 Unnati locations during the quarter ended December 2021. from Banking/Finance-Industry-Economic Times https://ift.tt/TDBlIhG...

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Union Budget 2022: Banking sector needs a booster dose; digitising BFSI to help overall economy

By Brajesh Kumar Tiwari Banking sector constitutes a major part of the economy hence the banking system is the bloodline of any economy. According to a PricewaterhouseCoopers (PwC) report, India could be the world’s third largest banking hub by 2040 and India’s fintech market is expected to reach Rs 6.2 trillion by 2025. The banking sector of India is going through a very difficult situation due to the pandemic. It may take 24 to 36 months for banks to recover from the current situation. Global rating agency Moody’s has said that public sector banks will need an additional capital of Rs 2.1 lakh crore to overcome this pandemic. State Bank of India (SBI) is the only bank in India, which comes...

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How to Buy Bitcoin with Credit Card Instantly 2022

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Where to Buy Bitcoin UK - 5 Best Places

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Facing criticism: SBI puts notice on pregnant women recruitment on hold

State Bank of India on Saturday said it has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter after the lender faced criticism online and was served a notice by the Delhi Commission for Women (DCW) seeking withdrawal of the “anti-women rule”. As per its circular dated December 31, SBI said in case of pregnancy that is less than 3 months, a woman candidate will be considered fit to join the organisation. However, if pregnancy is more than 3 months, then the candidate will be considered temporarily unfit and she may be allowed to join within four months after delivery. As per its earlier...

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SBI suspends new service rules for pregnant women

The bank said, "In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter." from Banking/Finance-Industry-Economic Times https://ift.tt/EwxMdmL...

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IndusInd Bank Q3 profit rises 36% to Rs 1,161 crore

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