Banks, NBFCs raise lending rates as tighter liquidity, deposit costs pinch

While the central bank may be keeping policy rates unchanged, lenders have to lure depositors with higher rates from real assets such as gold and real estate, considered natural stores of value to beat inflationary pressures. from Banking/Finance-Industry-Economic Times https://ift.tt/FB0hA...

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India Post may team up with a bank to start lending

Government-run India Post may tie up with a commercial bank to offer various loan products to people and businesses, with a focus on the rural economy. The planned roll-out of 100% core banking solutions (CBS) at all the 1.5 lakh post offices in the country would facilitate the loss-making entity’s transition to the new role as provider of multiple fnancial services, an official source said. The plan will not only fast-track the process of financial inclusion, but also will make it possible at lower cost to the exchequer. It will be a win-win situation...

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Consultants, audit firms vie for Srei resolution pie

SBI Capital Markets and BoB Capital Markets are locked in a tough battle to be a process advisor to the committee of creditors (CoC). This is a crucial role in the resolution process as it involves setting the rules, timelines and important decisions like evaluation of bids. from Banking/Finance-Industry-Economic Times https://ift.tt/BtfCA...

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Poonawalla Fincorp CEO Vijay Deshwal steps down; to take up new role in Cyrus Poonawalla Group

"Consequently, he has stepped down as the CEO of the Company and ceases to be a Key Managerial Personnel of the Company from the close of business hours of 4 March 2022," the company said in a regulatory filing. from Banking/Finance-Industry-Economic Times https://ift.tt/ZVTLH...

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Monetary policy is an art of managing expectations: RBI guv

Reserve Bank of India (RBI) governor Shaktikanta Das on Friday said "monetary policy is an art of managing expectations" as he emphasised the need for an effective communication strategy amid concerns over rising inflation fuelled by geopolitical developments. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/AyCFZ...

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IOB extends ₹1,000 cr loan to JKIDFC

Indian Overseas Bank is one of the first public sector banks to lend to JKIDFC. from The HinduBusinessLine - Money & Banking https://ift.tt/XEU1y...

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Indian Oil, Kotak Mahindra Bank partner for co-branded credit card

The card offers rewards on fuel and non-fuel spends from The HinduBusinessLine - Money & Banking https://ift.tt/7BHSU...

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PFS Board meeting: SEBI denies permission yet again

PFS board approached SEBI last January with the same request from The HinduBusinessLine - Money & Banking https://ift.tt/wX0yo...

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Russia-Ukraine war: New Development Bank puts new transactions in Russia on hold

NDB was established in 2015 by BRICS countries from The HinduBusinessLine - Money & Banking https://ift.tt/lDEik...

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CryptoWire in advanced talks to license its IC15 crypto index, says CEO Massey

IC15 index tracks the top cryptocurrencies around the world from The HinduBusinessLine - Money & Banking https://ift.tt/Ovi5Y...

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Lending rates on fresh loans rise 10 bps month-on-month in January

The weighted average lending rate (WALR) on fresh loans rose by 10 basis points (bps) for the banking system to 7.82% in January from the previous month, as per data released by the Reserve Bank of India (RBI). This marks the steepest increase in fresh loan rates since April 2021, resulting from a rise in money market rates and an improvement in credit offtake. As banks roll back their special festive season pricing offers and the recovery in credit growth becomes more entrenched, analysts and sector experts are taking the view that lending rates...

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Carlyle plans to acquire 10% in Yes Bank for $500-600 million

Advent International also likely to pick up a similar stake int he bank; both PEs looking at board seat. from Banking/Finance-Industry-Economic Times https://ift.tt/qbs4j...

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Muthoot Pappachan Group to open 400 facility centres across India

“The customer will get an Phygital (Physical plus Digital) experience from Muthoot Blue where, MFC’s priority is to be at the doorstep of the unbanked customers in the semi urban and rural areas,” said Thomas John Muthoot, chairman - Muthoot Pappachan Group and Managing Director - Muthoot Fincorp in a release. from Banking/Finance-Industry-Economic Times https://ift.tt/psHOg...

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IIFL Finance partners with NIRA to provide personal loans

Will enable NIRA to continue scaling up its business from The HinduBusinessLine - Money & Banking https://ift.tt/LnVFZ...

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Tijoree launches Smart & Gamified Banking for India’s Teens

from Banking/Finance-Industry-Economic Times https://ift.tt/aEuZ4...

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7 Russian banks barred for now from SWIFT system

The ban on Russian lenders from the SWIFT financial messaging system has been limited to seven banks that are connected to the government and have a direct link with the defence sector. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Fiyk5...

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Safer avenues of credit growth: Banks turn big players in gold loan

Banks have turned significant players in the gold loan market over the last two years as the pandemic made them look for safer avenues of credit growth. The rate of growth in fresh gold loans at banks has been stronger than at non-bank lenders over the same period, industry experts said. RBI data showed that the value of outstanding gold loans by banks jumped 65% year-on-year between January 2020 and January 2021 and another 33% between January 2021 and January 2022 to Rs 69,521 crore. In contrast, a recent report by India Ratings and Research showed that the top seven NBFCs engaged in the gold loan business grew their books at just over 20% between March 2020 and March 2021, before slowing...

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RBI cancels banking licence of Sangli-based Sarjeraodada Naik Shirala Sahakari Bank

The bank does not have adequate capital and earning prospects and has also failed to comply with various regulatory requirements. The bank with its present financial position would be unable to pay its present depositors in full. “ Public interest would be adversely affected if the bank is allowed to carry on its banking business any further” RBI said in a release. from Banking/Finance-Industry-Economic Times https://ift.tt/XrTqs...

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5 Best Stock Trading Platforms for Beginners 2022 With Low Fees

from Banking/Finance-Industry-Economic Times https://ift.tt/cTjKI...

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Russia's Sberbank to leave European market in face of cash outflows

Russia's largest lender, Sberbank, is leaving the European market as its subsidiaries there face large cash outflows and threats to the safety of employees and property, the bank said on Wednesday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/o8Gxb...

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India inflows may rise as foreign funds exit Russia

Indian stock market could see additional foreign fund flows as in the wake of sanctions on Russian banks and businesses, global fund managers have started exiting Russia. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/XS3pF...

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Details of SWIFT ban to come today

The expulsion of Russia from the global messaging platform was announced by European and US authorities. However, the operation of the ban was yet to be announced by SWIFT, which is a cooperative of global banks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/IvJX6...

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Ashneer Grover quits BharatPe ahead of board meet; firm to discuss PwC report on financial irregularities

By Salman SH BharatPe co-founder and managing director Ashneer Grover resigned minutes after receiving an upcoming board meeting agenda, which included consideration of action against him based on an investigation report into allegations of financial irregularities submitted by advisory firm PwC. The development brings to an end a series of controversies that started emanating in the public domain around two months back when an audio clip surfaced where he was allegedly heard hurling abuses at an employee of Kotak Wealth Management over the bank’s inability to secure financing for the IPO of Nykaa. In his letter to the board, Grover said that he is quitting as MD “effective immediately” due...

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Canara Bank hikes fixed deposit rates by up to 25 basis points

Interest rate on fixed deposits for tenure 1 year has been increased to 5.1 per cent while for one-two years it is raised to 5.15 per cent from 5 per cent, it said. from Banking/Finance-Industry-Economic Times https://ift.tt/YkeMX...

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State Bank of India stops handling trade with sanctioned Russian entities: Sources

"No transactions involving entities, banks, ports or vessels appearing" on a U.S., European Union or United Nations sanctions list shall be processed irrespective of the currency of the transaction, said a letter sent by State Bank of India (SBI) to certain clients. from Banking/Finance-Industry-Economic Times https://ift.tt/XMG7P...

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Lenders vote on RNEL resolution proposals

The Gujarat National Company Law Tribunal also disqualified Citi Securities and Financial Services from being part of the committee of creditors (CoC) according to an order dated February 22. from Banking/Finance-Industry-Economic Times https://ift.tt/UcRrT...

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Japan and India renews Bilateral Swap Arrangement of up to $75 billion

Bilateral Swap Arrangement is a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar from The HinduBusinessLine - Money & Banking https://ift.tt/7iPea...

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Standard Chartered India appoints Saurabh Jain as head of wealth management

Jain will take over from Samrat Khosla, who is moving to a new role within the bank. from Banking/Finance-Industry-Economic Times https://ift.tt/zakm7...

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Ruble sinks 26% after SWIFT sanctions against Russian banks

The ruble plunged to a record low of less than 1 US cent in value Monday after Russia was cut off from the global bank payments system in retaliation for Moscow's invasion of Ukraine. The Russian currency dropped nearly 26% to 105.27 per dollar, down from about 84 per dollar late Friday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/CIxpQ...

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Tata Capital plans to expand to 300 branches by March 2023

Tata Capital has added 60 new branches in the current fiscal, with a special focus on Tier II and Tier III markets from The HinduBusinessLine - Money & Banking https://ift.tt/6DB8o...

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SWIFT exclusion toaffect Russia's trade

The US and the European Commission on Saturday issued a joint statement to exclude some Russian banks from the SWIFT messaging system. TOI takes a look at what this means... from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/bsjqg...

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Indian banks await government orders on dealing with Russian lenders

The government hasn't given any official instructions on blocking the banks, said a person familiar with the matter. It will be business as usual till the government orders otherwise. The official added that the sanctions imposed by the US and its allies will not impact trade flows between India and Russia. from Banking/Finance-Industry-Economic Times https://ift.tt/Vd1wC...

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New India Assurance, GIC Re at odds over Kudankulam Nuclear Power Plant insurance cover

The insurance cover of more than ₹43,200 crore is sought for the under-construction units 3 and 4 of the Kudankulam Nuclear Power Plant. The annual premium is more than ₹150 crore. from Banking/Finance-Industry-Economic Times https://ift.tt/MgVGq...

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PE firms partner each of four IDFC MF suitors; TPG-IndusInd, Bandhan Bank-GIC among consortia in fray

The TPG-IndusInd combination is competing with three other such groups that have got formed ahead of the mid-March binding bid deadline. It is after a long time that each of the shortlisted contenders - home-grown banks and global asset management firms - in the fray has tied up with a private equity firm. from Banking/Finance-Industry-Economic Times https://ift.tt/FxD3G...

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Centre to provide capital support mostly to weak public sector banks

Weak public sector lenders like Central Bank of India and Punjab & Sind Bank will get the lion’s share of the Rs 15,000 crore earmarked for capital infusion in state-owned banks for the current fiscal.  This will help these public sector banks (PSBs) meet regulatory requirements.  The capital infusion of Rs 15,000 crore would go mostly to banks which had got money through non-interest-bearing bonds in the previous year as the RBI had raised some concerns on the fair valuation of these instruments, sources said. As per the RBI, the net present value of infusion made last year through zero-coupon bonds is much lower than face value as they were issued at discount, the sources added. These...

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RBI proposes to assess impact of its financial literacy campaigns

'RBI Kehta Hai' campaign is to educate and empower the public about banking regulations. from The HinduBusinessLine - Money & Banking https://ift.tt/pgu2m...

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FM asks banks to come up with possible solutions for tourism and hospitality industry

The tourism and hospitality sector has been amongst the worst hit due to the pandemic. from The HinduBusinessLine - Money & Banking https://ift.tt/ILnTc...

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NPCI focusing on new customers to expand RuPay credit card base

The homegrown NPCI is an umbrella organisation for facilitating retail payments and settlement in India through the RuPay gateway. It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) to create a robust payment and settlement system. from Banking/Finance-Industry-Economic Times https://ift.tt/3isdZ...

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Bankrupt firms: Third-party litigation funds eyeing interim finance space

In December, the RP of a Faridabad-based firm that owns a shopping mall and has a debt of over Rs 300 crore, raised interim finance to run the day-to-day operations even as the company was going through the corporate insolvency resolution process (CIRP). from Banking/Finance-Industry-Economic Times https://ift.tt/FQkt4...

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LIC IPO news: Cabinet allows up to 20% FDI in LIC, sources say

The Indian union cabinet has approved a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said. This move is aimed at easing the much anticipated listing of the state-run insurer. from Banking/Finance-Industry-Economic Times https://ift.tt/Rdgw1...

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India may set up rupee trade accounts with Russia to soften sanctions blow

Russia invaded Ukraine by land, air and sea on Thursday in the biggest attack on a European state since World War Two, prompting tens of thousands of people to flee their homes. from Banking/Finance-Industry-Economic Times https://ift.tt/NxgdQ...

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