ICICI Prudential Life Insurance Q4 net profit surges 189.5%

However, it recorded a 21.4 per cent dip in its net profit for full fiscal 2021-22 from The HinduBusinessLine - Money & Banking https://ift.tt/l4m9N...

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Q4 results: HDFC Bank net profit jumps 23% to ₹10,055 crore

The net profit for the year ended March 31, 2022 was at ₹36,961.3 crore, up 18.8 per cent  from The HinduBusinessLine - Money & Banking https://ift.tt/9mCbK...

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HDFC Bank net profit rises 24% on-year in January-March quarter, advances grew by 20.8%

India’s largest private sector lender HDFC Bank today reported a 24% growth in consolidated net profit to Rs 10,474 crore, in line with expectations pinned by most analysts. The bank’s profit soared when compared to the previous year but was marginally lower sequentially. Net interest income was also higher and provisions were lower from the previous year, as anticipated by the street. HDFC Bank commands an 11% market share in the banking sector, second only to public sector lender, State Bank of India (SBI). HDFC Bank shares fell during this week’s holiday-shortened trading sessions, down 3.34% to settle at Rs 1,464 per share. The lender reported that its gross non-performing assets were at...

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LIC IPO: Centre wooing sovereign, pension funds

The funds had shown interest and the government wants to confirm their participation, said officials involved in the offer. ET had reported earlier this week that the IPO is likely to be held toward the end of this month. from Banking/Finance-Industry-Economic Times https://ift.tt/kGpVR...

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I-T dept confiscates Mehul Choksi's property in Nashik

The Income Tax (I-T) department on Friday confiscated fugitive diamantaire Mehul Choksi's properties in Nashik, news agency ANI reported. The tax department has taken over 9 acres of agricultural land in Nashik that belongs to Choksi. He is accused in the Rs 13,500 crore Punjab National Bank (PNB) scam, along with nephew Nirav Modi. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/BRGeg...

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IDBI Bank seeks shareholders nod for 10-fold hike in MD & CEO salary

The bank has sought the approval of its shareholders through a postal ballot which started on April 6 and will end on May 5, 2022, to pass the ordinary resolution, among others. The lender, in which LIC holds a majority stake, will declare the results of the postal ballot on or before May 7, 2022. from Banking/Finance-Industry-Economic Times https://ift.tt/J43km...

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Capital infusion in three PSU general insurers to be credit positive: Moody’s

Govt had enhanced authorised share capital of the three public sector general insurance companies to enable capital infusion of ₹5,000 crore from The HinduBusinessLine - Money & Banking https://ift.tt/bs9Vg...

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Surety bonds: General insurers seek clarity on various provisions from IRDAI

Pricing, reinsurance, default, solvency margins are the key concerns from The HinduBusinessLine - Money & Banking https://ift.tt/XT3GN...

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China keeps medium-term policy rate unchanged

The People's Bank of China (PBOC) said it was keeping the rate on 150 billion yuan ($23.52 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.85% from the previous operation, to "maintain banking system liquidity reasonably ample", according to an online statement. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HphmV...

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DHFL scam: Dheeraj Wadhawan may have to face personal insolvency action

Experts said that Dheeraj Wadhawan's likely insolvency would be among the handful of high-profile personal bankruptcy cases, such as that against Anil Ambani, to reach the NCLT. The outcome in this case would have a bearing on the personal insolvency proceedings against Anil Ambani, the former promoter of Reliance Communications and Reliance Capital. It will be closely watched as the judgment could decide the fates of several other defaulting promoters, too. from Banking/Finance-Industry-Economic Times https://ift.tt/c2SVU...

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Centre infuses ₹5,000 crore into 3 state-run insurance companies

A notification issued by the finance ministry on April 13 said that for NICL the authorised capital will now be ₹15,000 crore, for OICL it will be ₹7,500 crore and for UICL, authorised capital has been raised to ₹7,500 crore from ₹5,000 crore. from Banking/Finance-Industry-Economic Times https://ift.tt/iy8Iw...

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Kotak pauses crypto trade with CoinSwitch Kuber

Kotak's stand could deal a blow to the unregulated industry. It follows digital wallet MobiKwik reportedly snapping its links with crypto-related payments since the beginning of April. from Banking/Finance-Industry-Economic Times https://ift.tt/SqpbL...

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NBFCs to assess new norms before exploring mergers & acquisitions

Large non-banking financial companies (NBFCs) are in favour of living with the new regulatory regime for a few quarters before deciding on any moves in the direction of consolidation. Some of these companies are owned by conglomerates with interests in non-financial businesses, and converting into a bank is not an option for them under the current licensing regime. Reserve Bank of India (RBI) governor Shaktikanta Das recently said it is up to NBFCs to make their own choices with respect to their future. “Given the scale-based regulations for NBFCs which are now introduced and given our current status with regard to the bank licensing policy, it is for large NBFCs to take their own commercial...

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World Bank lowers GDP forecast to 8%

The World Bank on Wednesday lowered India's GDP growth estimate for FY23 to 8% from 8.7%, citing the impact of the war in Ukraine, high global oil prices, elevated inflation and supply disruptions. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/LIm7T...

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Reliance Capital lenders finalise resolution plan paper; nod expected next week

As per the RFRP, sources said, the consortium cluster bidders have to submit bids on an all-cash basis, but it gives an option to the bidders at the company level to put in bids either on an all-cash or deferred payment basis. from Banking/Finance-Industry-Economic Times https://ift.tt/y1ZIM...

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WhatsApp allowed to expand UPI user base to 100 million, says NPCI

The National Payments Corporation of India (NPCI) on Wednesday said it has allowed WhatsApp to enable Unified Payments Interface (UPI) payments to an additional 60 million users, taking the total user base to 100 million. The UPI payments feature had gone live on the Meta-owned Whatsapp in November 2020 for 20 million users; the cap on the user base was later raised to 40 million in November 2021. In March WhatsApp was used for making 2.54 million UPI transactions worth Rs 239.78 crore. It accounted for 0.05% of UPI transactions in terms of volumes and 0.025% by value. PhonePe is the leading UPI app, with 2.5 billion transactions in March, followed by Google Pay, which recorded 1.8 billion transactions...

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RBI may hike repo rate by 25 bps in June: Report

With the Reserve Bank of India prioritising inflation over growth, the repo rate is likely to be hiked by at least 25 basis points in June, SBI's Ecowrap report said on Wednesday. In its monetary policy announced last week, the RBI had left the repo rate unchanged at 4 per cent. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/wkiPa...

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Sensex, Nifty rise as supply woes lift crude producers

Domestic indices rose on Wednesday as oil and gas explorers rallied on supply concerns, while a red hot inflation reading for March fuelled expectations for an interest rate hike in June. Retail inflation accelerated to near 7% year-on-year in March, its highest in 17 months and above the upper limit of the central bank's tolerance band for a third straight month. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZotFk...

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E-resolution for payment dispute by Sept: NPCI

The National Payments Corporation of India (NPCI) has asked all banks, payment service providers (PSPs) & third-party application providers (TPAPs) to implement an online dispute resolution system by September 2022, failing which it will ban the onboarding of new customers. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Da5g0...

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Government spend nearly Rs 91 lakh crore on development since 2014

“RBI data shows total developmental expenditure incurred by Modi Govt in 2014-22 was Rs 90.9 lakh cr, far higher than is being alleged by some sections of the Opposition,” finance minister Nirmala Sitharaman tweeted. from Banking/Finance-Industry-Economic Times https://ift.tt/lgdm4...

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Merger of HDFC entities to push banks towards mergers and acquisitions: Fitch

The proposed merger of HDFC Bank and HDFC Ltd and the recently announced acquisition of Citibank India’s consumer business by Axis Bank could encourage banks to turn to merger and acquisition (M&A), Fitch Ratings said in a report. It added banks could target large non-banking financial institutions (NBFIs) due to their higher-margin products, large pools of priority-sector customers and loans, and potential cross-selling opportunities. “The proposed merger could redefine the competitive landscape for banks and increase the prominence of M&A among banks seeking to close the market-share gap with the merged HDFC Bank. It could also influence the evolution of the NBFI sector, particularly...

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Shapoorji Pallonji Group, Reliance Home Finance Lenders near settlement

SP group, which had claimed ₹200 crore from RHFL, is likely to agree on a settlement amount of about ₹35-40 crore, one of the persons quoted earlier, said. Once the settlement is reached, the company will file a memorandum of consent with the Delhi High Court. from Banking/Finance-Industry-Economic Times https://ift.tt/WTqal...

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Care Edge Ratings: Inquiry into potential misconduct by former top executives not established

The charges against Rajesh Mokashi, erstwhile MD and CEO and SB Mainak, former Chairman, have not been established for interfering with the rating process from The HinduBusinessLine - Money & Banking https://ift.tt/oBhly...

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Banks ask RBI to allow cloud adoption, list the dos & don'ts

The proposal assumes significance in the wake of data security and other regulations on one hand, and the urgency felt by traditional banks to innovate with fintech firms challenging the conventional operating models and commercial structures. from Banking/Finance-Industry-Economic Times https://ift.tt/l1x2G...

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Godrej group launches NBFC 24 years after getting licence; Targets Rs 30,000-crore balance sheet by 2026

Godrej Industries on Monday announced the launch of its financial services subsidiary Godrej Capital, which will be the holding company for mortgage lender Godrej Housing Finance and non-banking finance company (NBFC) Godrej Finance. Godrej Capital intends to grow its balance sheet to Rs 30,000 crore in 2026 from Rs 1,800 crore at present. The Godrej Group, which has interests in consumer goods, agri, real estate and retail, is the newest conglomerate to enter the financial services space. While Godrej Housing Finance was launched in November 2020, the group is only now going for an NBFC launch using a licence it has held since 1998. Pirojsha Godrej, chairman, Godrej Capital, said that with...

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Supreme Court stays NCLAT order on DHFL case

The Supreme Court on Monday stayed the National Company Law Appellate Tribunal’s order that asked the lenders of erstwhile Dewan Housing Finance (DHFL) to relook into certain parts of the resolution plan (RP) of Piramal Capital and Housing Finance which ascribed a value of only Rs 1 to Rs 45,000 crore worth of bad loans (avoidance transactions) of DHFL. Piramal Capital and the DHFL’s committee of creditors led by Union Bank of India had challenged the NCLAT January 22 decision because it misinterpreted Insolvency and Bankruptcy Code (IBC). Former promoter Kapil Wadhawan and others had also challenged the resolution plan, saying Piramal acquired the Rs 90,000-crore company for just Rs 37,000...

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Godrej Capital will be a meaningful part of the group’s scale in 5-10 years: Pirojsha Godrej, chairman – Godrej Capital and Manish Shah, MD & CEO – Godrej Housing Finance

The Godrej Group’s Rs 5,000-crore investment in financial services could be among the largest it has made in a group company, Pirojsha Godrej, chairman of Godrej Capital, and Manish Shah, MD & CEO of Godrej Housing Finance, told Shritama Bose. The group is entering the lending space on the assumption that a banking licence is not an option at this stage, and arriving late has its own advantages, they said. Edited excerpts: Regulations for banks and NBFCs are converging. What does it mean for a player like you? MS: It’s a large move to formalisation. Saying that arbitrage or any unintended benefit because they chose not to regulate it is gone, is actually quite welcome. I don’t think the...

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Moody's expects Indian banking sector to stabilise on economic rebound

Bad loan ratios will decline because of recoveries or write-offs of legacy problem loans while the formation of new stressed loans will stabilise as the economy recovers. from Banking/Finance-Industry-Economic Times https://ift.tt/gNdpH...

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NBFC recovery to bring higher Q4 profits; funding costs to rise, too

Motilal Oswal expects NBFCs under its coverage to report a year-on-year net profit growth of 32% led by Bajaj Finance, Cholamandalam Investment and Finance, L&T Finance and LIC Housing Finance (LICHF). It expects higher credit costs to hurt Mahindra & Mahindra Financial Services, which could impact its earnings.= from Banking/Finance-Industry-Economic Times https://ift.tt/VRhTM...

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Kotak Mahindra Bank loan officer arrested

The arrested individual has been identified as Alankar Khare, who was produced before a local court that remanded him to police custody for two days. from Banking/Finance-Industry-Economic Times https://ift.tt/H6jPW...

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Phoenix ARC in talks with banks to acquire VVF India loans

The offer, which equates to a recovery of 50% for the state-owned bank, has triggered a Swiss challenge auction which is scheduled for April 30. VVF (India) has borrowings of ₹1,400 crore, according to a credit rating report by Crisil Ltd. from Banking/Finance-Industry-Economic Times https://ift.tt/nEb4l...

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RBI introduces principles for mid, large NBFCs

Reserve Bank of India (RBI) on Monday introduced certain principles, standards and procedures for mid and large non-banking financial companies.The revised regulatory framework for NBFCs, issued in October 2021, had indicated that such entities in the upper layer (NBFC-UL) and middle layer (NBFC-ML) would be required to have an independent compliance function and a chief compliance officer (CCO). from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0DBX6...

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Asia shares slip ahead of ECB meeting, US inflation test

Asian shares slipped on Monday ahead of a week packed with central bank meetings and US inflation data, while the euro eked out a gain on relief the far right did not win the first round of the French presidential elections. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Qv4G5...

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HDFC-HDFC Bank merger: It’s a wake up call for competition

Public Sector Banks will now have to up their game to stop the haemorrhaging of their market share from The HinduBusinessLine - Money & Banking https://ift.tt/HbkBl...

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No immediate change to products, Citi tells customers

Citibank India has written to its consumer clients, seeking to reassure them of there being no immediate change to any products. In a letter dated March 31, the bank told its customers Axis Bank’s acquisition of its consumer businesses is likely to close in the first half of calendar year 2023. It is crucial for Citi to minimise the erosion of its retail customer base during the eight to 12-month transition period, since the agreement with Axis Bank includes clawback terms to account for a higher-than-expected attrition in the foreign lender’s customer and employee base. The deal value of $1.6 billion (Rs 12,325 crore) is subject to renegotiation in such a scenario. Axis Bank will be shelling...

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Interoperable cardless cash withdrawal at ATMs likely to see takers in millennials, rural population

Details expected to be announced shortly, the RBI said recently from The HinduBusinessLine - Money & Banking https://ift.tt/5bcMC...

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Differences emerge between RCap admin, lenders over resolution process of its arms

Key clusters of RCL are Reliance General Insurance, Reliance Health Insurance, Reliance Nippon Life Insurance, Reliance Asset Reconstruction, and Reliance Securities. from The HinduBusinessLine - Money & Banking https://ift.tt/YzCjh...

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Differences emerge between Reliance Capital admin, lenders over resolution of company arms

As many as 54 bids were received for the resolution of RCL and its multiple subsidiaries as of March 25, which was the last date for submission of Expressions of Interest (EoI). Of those, around 22 EoIs are for RCL as a company, while the rest are for individual or a combination of the company's eight subsidiaries, sources said. from Banking/Finance-Industry-Economic Times https://ift.tt/JimHx...

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Level of optimism about loan demand slightly lower in Q1 FY23: Bank Lending Survey

Bankers expect continued easy terms and conditions of loans during Q1 2022-23 from The HinduBusinessLine - Money & Banking https://ift.tt/jGWp1...

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FM to meet PSBs’ heads on Apr 23 to nudge them for credit expansion

Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on April 23 to review performance of the lenders and progress made by them on various schemes launched by the government for revival of the economy battered by the pandemic. This is the first full review meeting after presentation of Budget 2022-23. Banks would be urged to sanction loans for productive sectors to accelerate revival of the economy, sources said. According to sources, there would be a comprehensive review of various segments and progress in government schemes including Emergency Credit Line Guarantee Scheme (ECLGS). In the Budget, ECLGS was extended by a year till March 2023. Further,...

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FM to meet PSBs' heads on April 23 to nudge them for credit expansion

This is the first full review meeting after presentation of Budget 2022-23 from The HinduBusinessLine - Money & Banking https://ift.tt/wvTl0...

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BharatPe puts behind Grover episode, posts record growth

Putting behind the controversy around its co-founder Ashneer Grover, fintech startup BharatPe has posted record growth in the fiscal year ended March 31 and is on track to break even and list on stock exchanges in the next 18-24 months, its CEO Suhail Sameer said. In an interview with PTI, he said while the board will take a call on what to do with the money allegedly defrauded by Grover, his priority is the firm’s employees so that they stay focused and teams remain stable. “Second focus is to keep firing on the business front. From a long term point of view, that’s all that will matter for me, for my teams. I am just doubling down on these things,” he said. And that focus has paid off well. “Business...

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Government spend nearly Rs 91 lakh crore on development since 2014

“RBI data shows total developmental expenditure incurred by Modi Govt in 2014-22 was Rs 90.9 lakh cr, far higher than is being alleged by some sections of the Opposition,” finance minister Nirmala Sitharaman tweeted. from Banking/Finance-Industry-Economic Times https://ift.tt/mf5AY...

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