Tata AIA Life Insurance joins hands with CSC for distribution of life insurance in rural areas

To engage CSC’s network of over 4 lakh village-level entrepreneurs for distribution of life insurance plans from The HinduBusinessLine - Money & Banking https://ift.tt/TOpQN...

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HDFC sells around 3% stake in Bandhan Bank

HDFC Ltd on Friday sold around 49.6 million shares or around a 3% stake in private sector lender Bandhan Bank in a bulk deal to bring its shareholding to just below 5% to comply with regulatory guidelines. Bandhan Bank, in a stock exchange filing on the BSE, informed that HDFC sold 49.6 million shares at Rs 306.61 apiece. At the end of the third quarter of the previous fiscal, HDFC’s stake in the lender stood at 9.89%. According to market sources, HDFC had sold around 1.5% stake sometime back, and after Friday’s bulk deal, its shareholding in the bank comes down to just below 5%. “This share sale is basically to comply with RBI’s guidelines,” sources said. HDFC had to...

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Big NBFCs to decide their own future: RBI Governor

Governor Das said it is for the NBFCs to make their own choice and the central bank after having created a broad framework does not have a role in it. from Banking/Finance-Industry-Economic Times https://ift.tt/Fw72p...

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Cholamandalam records 36% jump in disbursements to Rs 35,489 crore in FY22

Cholamandalam Investment and Finance Company (Chola), part of Murugappa Group, on Thursday said it has recorded a 36% jump in its disbursements for FY22 to Rs 35,489 crore, against Rs 26, 043 crore in the previous fiscal. Disbursements for Q4FY 22 stood at Rs 12,718 crore, compared with Rs 8, 071 crore in the year-ago period, logging a growth of 58%. The vehicle finance disbursements grew by 43% to Rs 8,785 crore in Q4 of FY22 and by 26% to Rs 25,439 crore in the entire financial year. Loan against property disbursements grew by 57% to Rs 1,870 crore in Q4 of FY22 and by 53% to Rs 5,536 crore in FY 22, Chola said in a disclosure to the stock exchanges. from "Banking & Finance News: Banking...

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Stablecoin threat creates CBDC’s need: RBI dy guv

Reserve Bank of India ( RBI) deputy governor T Rabi Sankar has said that stablecoins — cryptocurrencies pegged to stable assets like dollar or gold — are a bigger threat than crypto as it increases the risk of dollarisation. Until two years ago the RBI, like most central banks, was in a wait-and-watch mode with respect to central bank digital currency (CBDC), but things changed with the advent of stablecoins. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/MJN...

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Banks can outsource e-banking units: RBI

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

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IDBI Bank buyer to get leeway; promoter holding, listing norms may be eased

The government will ask the Reserve Bank of India (RBI) to consider giving the potential buyer of IDBI Bank some leeway on complying with the regulatory norms for private banks, including a time-bound reduction in promoter holdings. An official source said the government may also urge the Securities and Exchange Board of India (Sebi) to give some flexibility to the strategic investor in IDBI Bank on the minimum public float norm for listed companies. In the pre-expression of interest (EoI) roadshows currently under way for the disinvestment, the department of investment and public asset management (DIPAM) is seeking feedback from investors on the level of initial shareholding they would be comfortable...

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Bandhan-led consortium plans to scale up IDFC AMC business

The Bandhan Financial Holdings (BFHL)-led consortium, which will acquire IDFC Asset Management Co, will be looking to scale up the mutual fund business by strengthening its product portfolio by introducing more equity-oriented funds and enhancing distribution networks to attract retail investors. The boards of IDFC Ltd and IDFC Financial Holding Company on Wednesday approved the sale of IDFC Asset Management Co Ltd to a consortium, led by BFHL, the holding company of Bandhan Bank, for Rs 4,500 crore. The AMC currently manages mutual fund assets worth Rs 1.25 trillion. Assets under management under equity funds stand at around 25%. BFHL managing director Karni S Arha said the acquisition is expected...

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One key differentiator is our best-in-class asset quality: Srinivasan Vaidyanathan, chief financial officer and group head – finance, HDFC Bank

The pandemic has made HDFC Bank adopt a more digital-driven, science-based approach to lending, Srinivasan Vaidyanathan, chief financial officer and group head — finance, tells Shritama Bose, adding that sound execution should keep the company ahead of the competition. Excerpts: Has the pandemic in any way changed your perception of who your customer is?I wouldn’t say that it has changed that aspect. But, due to the accelerated digital thinking, we’ll get more customers as digital enables the customer acquisition funnel to increase and the turnaround time to consummate the relationship is faster. We want to ensure that we capture the customer for simply a transaction, which is what digitalisation...

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RBI may ease cap on regional priority sector loan portfolios by regional rural banks

At present, RBI has prescribed an enhanced target of 75% of adjusted net bank credit (ANBC) of an RRB for lending to the priority sector, against the target of 40% applicable to a commercial bank. RRBs sell their priority loan portfolio through priority sector lending certificates (PSLC) to commercial banks. They can sell these only after reaching the mandated 75% limit. from Banking/Finance-Industry-Economic Times https://ift.tt/i53m8...

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Govt should sell all its stake in PSU banks, insurers, says Prem Watsa

Hyderabad-born Watsa is the founder and chairman of the $53-billion Toronto-based investment giant Fairfax Financial Holdings. He was responding to questions about the government's plan for the privatisation of IDBI Bank and two other lenders and also one insurance company, during an exclusive interaction with ET. from Banking/Finance-Industry-Economic Times https://ift.tt/P8IV5...

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6 MNC banks red-flag February 7 holiday, say move put them at big risk

The stress and travails of institutions, market intermediaries and custodians have now been spelt out with six top multinational banks writing a joint letter on April 6 to NSE Clearing Limited - the institution responsible for clearing and settlement of all trades on the NSE. from Banking/Finance-Industry-Economic Times https://ift.tt/ODfwW...

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Bandhan-led group to buy IDFC AMC for Rs 4,500 crore; GIC and ChrysCapital part of team

A consortium, led by Bandhan Financial Holdings (BFHL), the holding company of Bandhan Bank, will acquire IDFC Asset Management Co Ltd, for Rs 4,500 crore. The AMC manages mutual fund assets worth Rs 1.25 trillion. The BFHL consortium includes Lathe Investment Pte, an affiliate of Singapore’s GIC, and Tangerine Investments and Infinity Partners, affiliates of ChrysCapital. While BFHL will hold 60% in the AMC, GIC and ChrysCapital will hold 20% each. The boards of IDFC Ltd and IDFC Financial Holding Company approved the sale on Wednesday. The proposed transaction is subject to requisite regulatory and other approvals. IDFC said the agreement envisages continuity of the current management team...

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HDFC Bank plans to raise ₹50, 000 crore through bond sale to back its big bang merger

The estimated requirement was more than ₹80,000 crore and the bank, India's most valued, already has some excess bonds in its portfolio, dealers said. from Banking/Finance-Industry-Economic Times https://ift.tt/miqjw...

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NARCL misses deadline for first tranche of NPA acquisition; Rs 50,000-crore pool of 15 assets may be transferred by April

The National Asset Reconstruction Company (NARCL) has missed its March 31, 2022 deadline for acquiring the first tranche of large stressed assets from banks, according to two bankers. The Rs 50,000-crore pool of 15 assets is now likely to be transferred to the bad bank only by the end of April. Rajkiran Rai G, MD & CEO, Union Bank of India, said the process of setting up the bad bank with all requisite approvals and funding commitments in place took some time. Banks are working with such a structure for the first time and a number of rules and procedures had to be followed. “For capital infusion, private banks needed some approvals. That capital has come in and (the entity) is capitalised...

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Srei founder urges RBI governor to advise banks not to act on KPMG report

Even though Kanoria had moved the court challenging the report, he has appealed to Reserve Bank of India (RBI) governor Shaktikanta Das to advise regulatory officials and banks “not to give effect or any precedence and/or take any action in respect of the said report…” According to banking circles, if the court, which is expected to give its ruling soon, rejects Kanoria’s plea, the banks may label Srei firms as ‘fraud’ accounts — a possible move that could put Kanoria and the erstwhile management under the lens. from Banking/Finance-Industry-Economic...

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Bandhan-led consortium buys IDFC MF for Rs 4,5000 crore

Bandhan Financial Holding-led consortium has entered into a definitive agreement to acquire IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore, subject to receipt of necessary regulatory approvals, an official said on Wednesday. Bandhan Financial Holding is the holding company of private sector lender Bandhan Bank. The consortium led by it also includes private equity firm ChrysCapital and Singapore’s sovereign fund GIC. In the consortium, the equity pattern is 60 per cent for Bandhan Financial Holding and 20 per cent each for the other two partners. The Bandhan-led consortium was selected through a “highly competitive divestment process which witnessed strong participation...

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Team Bandhan leads race to buy IDFC Mutual Fund

The acquisition, if completed, will expand Bandhan Group's presence in the financial services sector. It will be the second big purchase by the group. from Banking/Finance-Industry-Economic Times https://ift.tt/4pQFV...

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Bank of America mobilised, deployed $250 billion in sustainable finance capital in 2021

Bank of America said on Tuesday it has mobilised and deployed approximately $250 billion in sustainable finance activity for 2021, an all-time high and a significant increase over 2020 levels. The lender had announced a sustainable finance goal of $1.5 trillion by 2030 last April. It has made significant progress towards mobilising and scaling capital deployment to drive environmental and social change in line with the 17 United Nations Sustainable Development Goals, it said. The lender aims to achieve net zero greenhouse gas emissions in financing activities, operations and supply chain before 2050. It underwrote $47.1 billion in ESG-themed bonds on behalf of more than 182 clients in 2021 and...

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Bank credit may grow 8.9-10.2% in FY23: Icra

Banks may see credit growth improve to 8.9-10.2% in FY23, accompanied by a decline in provisions, rating agency Icra said in a note on Tuesday. Icra expects banking credit growth to continue to be driven by the retail and MSME segments, and partially by co-lending arrangements with non-banking financial companies (NBFCs). The growth drivers for banks will be a strong corporate credit ratio, tightened underwriting in the retail and MSME segments and reducing bounce rates and improving collections, Icra said. Credit growth for FY22 is seen at 8.3%. Along with growth in the small loans segment, the wholesale credit segment may also see growth amid a shift in demand from the debt capital market...

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FE Best Banks | On deposits, we’ve done ourselves proud: Sumant Kathpalia, MD and CEO, IndusInd Bank

IndusInd Bank expects its deposit growth to continue to outperform the market in this fiscal. Managing Director and CEO Sumant Kathpalia tells Mithun Dasgupta the bank’s balance sheet growth would be led by its areas of domain expertise like vehicle finance and microfinance, as these segments are expected to bounce back after cyclical lows. IndusInd Bank’s deposits growth rates were almost the highest among private sector peers in the first three quarters of the fiscal. What were the reasons for this? And what is the mid-term outlook for the segment? IndusInd Bank has been focused on broadening the deposit franchise, with the objective of doubling its retail deposits in two years closing March,...

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Bank credit to grow in double digits in FY'23: Report

Wholesale credit growth would be supported by demand shift from debt capital market to bank credit, in a rising yield scenario as was seen in FY'2019 Icra said and it expects outlook for banks to be ‘Stable’ in FY2023, based on continued improvement in earnings driven by improved credit growth. from Banking/Finance-Industry-Economic Times https://ift.tt/ibk67...

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HDFC Bank CEO Sashidhar Jagdishan to lead merged entity

For 77-year-old Parekh, who joined HDFC as a 33-year-old in 1978 and built it as India's largest private-sector housing finance company, the merger marks the culmination of a journey that began by democratising access to formal credit at a time it was considered a rare privilege. from Banking/Finance-Industry-Economic Times https://ift.tt/ui7PQ...

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Federal Bank posts 5.3% growth in total deposits

Federal Bank’s total deposits grew 5.3% year-on-year to Rs 1,81,712 crore as of March 31, the bank said in a regulatory filing on Monday. Its gross advances grew by 9.5% to Rs 1,47,644 crore from Rs 1,34,877 crore on March 31, 2021. The Kerala-based lender said at the end of the March 2022 quarter, CASA deposits aggregated to Rs 67,132 crore, a growth of 15 % over Rs 58,370 crore in the year-ago period. The CASA ratio reached 36.94% (FY22) from 33.81% (FY21). The bank’s retail deposits as per internal classification aggregated to Rs 1,71,569 crore, a growth of 10% over Rs 1,55,977 crore as of March 31, 2021. Retail deposits share improved to 94% from 90% as of March 31, 2021. The bank said as...

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Appoint Bipin Kabra as CFO, NCLT directs RattanIndia Finance

"Respondent No 1 (RattanIndia Finance) shall issue an appropriate order appointing Bipin Kabra as CFO of the company," said the bench presided by judicial member BV Balram Das in its order of March 29. "Bipin Kabra, after being appointed as CFO, shall disclose all particulars about his concern and interests in any other company or companies." from Banking/Finance-Industry-Economic Times https://ift.tt/Kfy6Q...

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Ireda sanctions highest-ever loan of about Rs 24k cr in 2021-22

Ireda Chairman & Managing Director Pradip Kumar Das in his interaction with employees highlighted that Ireda has achieved major milestones in 2021-22 even though the year saw the second and third waves of the COVID-19 Pandemic along with the ongoing globally tense situations. from Banking/Finance-Industry-Economic Times https://ift.tt/0Dw6s...

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CCI approves deal involving stake buy in Hero FinCorp by Apollo Global’s Singapore affiliate

HFL’s wholly-owned subsidiary, Hero Housing Finance, offers a range of housing loans and loans against property from The HinduBusinessLine - Money & Banking https://ift.tt/NiQ2r...

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Rs 150 crore out of Rs 1,500 crore paid for stalled Amrapali housing projects, SC told

Senior advocate and court-appointed receiver R. Venkataramani, in a note, said: "In compliance with the order dated March 28, on March 31 the banks disbursed a sum of Rs 150 crore, though the actual requirement/request by NBCC was for Rs 540 crore. The disbursal of loan was subject to certain pre-condition compliances, as set out in the sanction letter(s) of each bank." from Banking/Finance-Industry-Economic Times https://ift.tt/wIyGi...

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Bad loan concerns have been proven to be overblown: SBI

The convergence between the government, the regulator and lending institutions has helped address problems upfront rather than postponing them. Today, we do not need physical monitoring because we have data points like GST and tax returns. from Banking/Finance-Industry-Economic Times https://ift.tt/mvp5S...

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L&T Finance sells Rs 3463 crore NPAs to Phoenix ARC

L&T Fin sells loan portfolio for Rs 1120 crore under the conventional 15:85 structure. Warasgaon Power, Warasgaon Assets Maintenance, MEP Infrastructure, Supreme Panvel Indapur Tollways, SEW Infrastructure, Supertech Infrastructure, Brassco Engineering Ltd and EMTA Coal are among the 36 accounts sold to Phoenix ARC. from Banking/Finance-Industry-Economic Times https://ift.tt/oNMLQ...

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Jammu & Kashmir Bank sets up special currency counter at Mata Vaishno Devi shrine

The special counter was inaugurated by the banks' managing director and chief executive officer, Baldev Prakash, and chief executive officer the Shri Mata Vaishno Devi Shrine Board, Ramesh Kumar, at Katra, the base camp for pilgrims visiting the shrine, the spokesman said. from Banking/Finance-Industry-Economic Times https://ift.tt/OICxn...

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Cut-throat fight among private banks to buyout sovereign loans

Kotak Mahindra Bank, IndusInd Bank and HDFC Bank lead the fight willing to offer loans to government entities at as low as 4.5 per cent  from The HinduBusinessLine - Money & Banking https://ift.tt/0UiWD...

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HDFC Bank reports robust 20.9% growth led by commercial, rural banking

The private lender had reported a 16.8 per cent growth in deposits as of March 31, 2022 from The HinduBusinessLine - Money & Banking https://ift.tt/HszPi...

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Banking sector in sweet spot; should see robust loan growth this year: BoM MD

As far as the retail segment is concerned, Rajeev said, the housing sector is growing very well, but there are some issues with vehicle loans due to chip shortage. from Banking/Finance-Industry-Economic Times https://ift.tt/SZanF...

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RBI likely to maintain status quo on rates to support growth, say analysts

The Reserve Bank is likely to maintain status quo on interest rates in its forthcoming monetary policy review but may change the stance in view of retail inflation piercing its upper tolerance limit, global uncertainties created by the ongoing Russia-Ukraine war, and the urgency to protect and boost growth, feel experts. The RBI Governor-headed rate setting panel — Monetary Policy Committee (MPC) — will be holding its first meeting of the 2022-23 fiscal from April 6 to 8. The outcome will be announced on April 8. Aditi Nayar, Chief Economist of ICRA Limited, said in the April 2022 policy review, the MPC is expected to revise up its Consumer Price Index-based inflation forecast, whereas the growth...

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Mcap of top-10 valued firms soars Rs 2.61 lakh cr

The top 10 valued domestic firms added a whopping Rs 2,61,767.61 crore to their total market valuation last week in tandem with a buoyant trend in equities, with HDFC Bank and Reliance Industries emerging as the biggest gainers. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/edp9W...

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Large corporates going back to banks for funds

Credit growth to industry rose 6.5 percent year-on-year (y-o-y) in February 2022 from 1.0 percent in February 2021. But a distinct trend is that loan growth to large corporates turned positive, recording a marginal growth of 0.5 percent against a contraction of 0.6 percent during the same period, according to the data on sectoral deployment of bank credit released by the Reserve Bank of India. from Banking/Finance-Industry-Economic Times https://ift.tt/95Kp3...

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Citibank customers to continue availing rewards, privileges and offers: Axis Bank MD

Announcing the Rs 12,325-crore deal to acquire Citigroup's India consumer banking business, Axis Bank managing director Amitabh Chaudhry said Citibank's customers will continue to avail all the rewards, privileges and offers to which they were previously entitled. from Banking/Finance-Industry-Economic Times https://ift.tt/0AhTy...

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