Vijay Shekhar Sharma reappointed MD & CEO of Paytm

Paytm founder Vijay Shekhar Sharma has been re-appointed as the Managing Director & Chief Executive Officer of the fintech company, the company informed the exchanges on Saturday. from Banking/Finance-Industry-Economic Times https://ift.tt/vgVFG...

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Paytm net loss widens in Q4 at ₹763 crore, contribution profit up 210%

Company on track to achieve operating breakeven by September 2023 quarter, says Paytm management from The HinduBusinessLine - Money & Banking https://ift.tt/udI1N...

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Millennials increasingly prefer investing through digital platforms: Report

Female presence in the investment community on these platforms is also on the rise from The HinduBusinessLine - Money & Banking https://ift.tt/ea86x...

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Interest paid to banks cuts down RBI surplus

There have been multiple factors driving down the RBI’s surplus this year. A major cost for RBI was the interest that is paid to banks on money that they parked with it under the liquidity adjustment facility. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/vNUQb...

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Sensex soars 1,534 pts in relief rally, swings 1,532 pts in week

The latest surge was led by sensex heavyweight Reliance Industries that closed over 6% higher. Other top contributors to the index’s gain were HDFC Bank, ICICI Bank and HDFC, BSE data showed. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Q7SdE...

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After Viresh Joshi, Axis Mutual Fund sacks second fund manager under probe for front-loading

Since early this month, there have been rumours about improper behaviour of at least two Axis MF fund managers that included sudden changes in their lifestyle in recent months. from Banking/Finance-Industry-Economic Times https://ift.tt/L4kIg...

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RBI surplus transfer lowest in a decade

The Reserve Bank of India (RBI) on Friday decided to transfer its FY22 surplus of Rs 30,307 crore to the government, the lowest dividend in ten years, which will reflect in the Centre’s budgetary calculations in FY23. Its board decided to maintain the contingency risk buffer at 5.5%. The dividend is less than a third of the central bank’s generous transfer of Rs 99,122 crore for FY21, which was, in fact, based on the RBI’s surplus over a nine-month period through March 2021, as it had decided to align its fiscal year with that of the government. Low payout by the central bank, partly due to its heavy investments in reverse repo operations, will drag down the government’s budgeted receipts of...

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Withdraw cash from ATMs with QR code

Account holders can soon withdraw money from ATMs without any card by using their mobile phones and scanning a QR code. The Reserve Bank of India (RBI) has asked banks and ATM operators to provide an option of interoperable cardless withdrawal at ATMs. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/KZ3gd...

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Yes Bank picks JC Flowers ARC as JV partner to offload distressed loans worth Rs 51,000 crore

Yes Bank invited bids for its distressed loans portfolio, amounting to ₹51,000 crore, soon after the Reserve Bank of India in March 2021 rejected its plan to set up an ARC as its subsidiary. from Banking/Finance-Industry-Economic Times https://ift.tt/QTrFs...

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Punjab & Sind Bank’s net profit doubles to Rs 346 crore

Punjab & Sind Bank doubled its net profit for the quarter ended March 31, 2022, to Rs 346 crore. The lender had net profit of Rs 161 crore in the year-ago period. Its profit before provisions too rose 72% on year to Rs 317 crore during the quarter. The lender’s net interest margin (NIM), however, declined by 27 basis points sequentially to 2.90% in Q4FY22. On a year-on-year basis, NIM improved by 71 basis points. The bank reported a near 4% on year increase in gross advances to Rs 70,387 crore in Q4FY22 from Rs 67,811 crore in the year-ago period. Advances in the retail, agriculture and MSME sector grew 10.5% on year. Retail loans grew 15.3% on year to Rs 11,737 crore while MSME advances...

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RBI allows interoperable card-less cash withdrawal at ATMs

The Reserve Bank of India on Thursday directed banks and ATM operators to make the card-less cash withdrawal facility, or the ICCW (interoperable card-less cash withdrawal), available at all the ATMs across banks. The central bank also said Unified Payments Interface (UPI) will be used for customer authorisation while withdrawing cash from an ATM in a card-less transaction. Moreover, it also asked the National Payments Council of India (NPCI) to facilitate UPI integration with all banks and ATM networks. All banks, ATM networks and WLAOs may provide the option of ICCW at their ATMs. NPCI has been advised to facilitate UPI integration with all banks and ATM networks. While UPI would be used for...

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Bank credit grows 10.82 pc; deposits rise 9.71 pc: RBI data

Bank advances rose by 10.07 per cent to Rs 119.54 lakh crore and deposits by 9.84 per cent to Rs 166.24 lakh crore in the previous fortnight ended April 22, 2022. from Banking/Finance-Industry-Economic Times https://ift.tt/kG3Wc...

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Motor insurers asked to stop ads displaying services not part of cover

IRDAI said it is noticed that the service agreements in addition to claim services, extend certain assistance services not related to insurance claims such as free pick up and drop of vehicle, body wash, interior cleaning, inspection of vehicle etc. from Banking/Finance-Industry-Economic Times https://ift.tt/fcbTU...

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Equitas SFB Managing Director & CEO PN Vasudevan to step down

"I request the board to look for a successor to my current position. I would be happy to be of help in identifying my successor, who, I am confident, would steer the bank in its next phase of growth." Vasudevan said in a letter to chairman of the board Arun Ramanthan. from Banking/Finance-Industry-Economic Times https://ift.tt/iP7Rs...

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Supreme Court rejects RCFL lenders’ early hearing plea

The lenders had filed a praecipe, a request for pre-emptive action. RCFL owes creditors led by Bank of Baroda more than Rs 9,000 crore. from Banking/Finance-Industry-Economic Times https://ift.tt/YKkR2...

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Ujjivan Small Finance Bank to have 50 per cent in secured loans over next 2-3 years

The Bengaluru-based lender, which began its operation as a micro-financier in 2005, converted itself into a small finance bank in 2017. It returned to black in the March 2022 quarter with a net income of Rs 127 crore, but closed FY22 with a net loss of Rs 415 crore, mauled by the impact of the pandemic. from Banking/Finance-Industry-Economic Times https://ift.tt/VBtCJ...

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Indian Overseas Bank reports 58% jump in March quarter profit after tax

Chennai-based Indian Overseas Bank (IOB) reported a 58% jump in profit after tax (PAT) to Rs 552 crore in the quarter ended March 2022. The operating profit stood at Rs 1,614 crore in Q4FY22 against Rs 1,724 crore in the year-ago period. The net interest margin for Q4FY22 was 2.41% compared with 2.39% in the December 2021 quarter. The bank posted 12% year-on-year growth in gross advances, which stood at Rs 1,55,801crore as against Rs 1,39,597 crore a year ago. The bank is expected to continue on its growth trajectory even as the interest rate cycle has reversed aided by a well-diversified loan portfolio, Partha Pratim Sengupta, MD & CEO of Indian Overseas Bank, said in a press meeting. The...

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RBI Governor Shaktikanta Das to banks: Remain watchful of recent geopolitical developments

from Banking/Finance-Industry-Economic Times https://ift.tt/uCsy5...

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IDBI Bank divests entire 19.18 pc stake in ARCIL

"IDBI Bank has sold its entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd. (ARCIL) on May 18, 2022 to Avenue India Resurgence Pte. Ltd," IDBI Bank said in a regulatory filing. from Banking/Finance-Industry-Economic Times https://ift.tt/WNPsv...

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RBI rejects bank bids by Sachin Bansal, 5 others

The Reserve Bank of India (RBI) has rejected the banking licence application from Flipkart co-founder Sachin Bansal’s Chaitanya India Fin Credit along with five others because they were not found to be suitable. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/yHTPS...

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RBI rejects applications of 6 entities for on-tap bank licence: Sachin Bansal’s Navi among applicants rejected

The Reserve Bank of India has rejected the applications of six entities aspiring to get licences for on-tap universal banks and Small Finance Banks (SFBs). These include applications of the Sachin Bansal-promoted Chaitanya India Fin Credit and UAE Exchange and Financial Services, both for setting up universal banks. The applications of The Repatriates Cooperative Finance and Development Bank (REPCO Bank) and Pankaj Vaish for universal banks, and applications by VSoft Technologies and Calicut City Service Co-operative Bank for SFBs, have all been turned down. Navi Technologies, which owns and operates Chaitanya India Fin Credit, said on Tuesday it would engage with the RBI to understand the reasons...

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Sachin Bansal to mull options as RBI rejects bank application

Navi Technologies, which owns and operates Chaitanya India Fin Credit, said on Tuesday that it would engage with the RBI to understand the reasons behind the rejection of its application for an on-tap universal banking licence. The management of the fintech will also consider if an appeal route needs to be pursued, Sachin Bansal, promoter of Navi Technologies, said at a press conference. Entities can file an appeal against the decision of the Central Board of Directors within a month, according to the guidelines. Chaitanya India is a microfinance subsidiary of Navi Technologies. Chaitanya India is a non-banking finance company (NBFC) which issues loans to low-income women in rural and semi-rural...

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HDFC Bank launches spot offer on WhatsApp to provide home loan in 2 minutes

HDFC Ltd on Tuesday launched a ‘Spot Offer’ on WhatsApp, to provide an in-principle home loan approval to home buyers within two minutes. This is a platform that will enable prospective borrowers to get an in-principle home loan approval instantly. The platform, built by HDFC and Cogno AI, will offer a conditional home loan approval in a couple of minutes. Today over 91% of new loan applications received by the mortgage lender are through digital channels up from less than 20% before Covid-19 pandemic. All that the users have to do is initiate a conversation on HDFC’s WhatsApp number (+91 9867000000) and provide some basic information in a few clicks through a guided conversational flow. On...

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Working capital drawdowns of corporates and MSME borrowers rising with input costs

"The working capital drawdowns are increasing on the corporate book because their input costs have gone up," said Samuel Joseph, deputy MD, IDBI Bank. "A 30-40% utilisation in highly rated large corporates was a big challenge earlier, today they are pushed up to 60-70%." from Banking/Finance-Industry-Economic Times https://ift.tt/Imz2j...

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Govt looking at new selection body for PSU financial entities

This comes after the selection of executives by BBB for various other institutions was challenged before the courts. from Banking/Finance-Industry-Economic Times https://ift.tt/TaO9G...

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Markets jittery, did not expect a big listing: LIC Chairperson

LIC shares were listed at a discount on Tuesday from The HinduBusinessLine - Money & Banking https://ift.tt/B7NVP...

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Karbon Card raises Rs 55 crore debt finance from Northern Arc, UCIC and Oxyzo

UCIC, incubated by Unitus Capital, is an impact focussed non-banking financial company registered with Reserve Bank of India, while Oxyzo is the lending arm of OfBusiness and is backed by Softbank. Karbon said it would use the funds to empower and enable startups and SMBs with corporate credit cards that they can use as flexible growth capital. from Banking/Finance-Industry-Economic Times https://ift.tt/fU52S...

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Allow large NBFCs to offer full banking services: CII chief

India requires a much larger number of banks to take banking to every corner, new CII president Sanjiv Bajaj said on Monday, highlighting the need for allowing large non-banking financial companies (NBFCs) to offer full banking services. Large and strong NBFCs need to be given “more teeth”, so that “they don’t just provide last-mile banking but provide what banking can provide”, of course, after putting in place an adequate amount of risk-mitigation measures prescribed by the Reserve Bank of India (RBI), said Bajaj, who is also the chairman and MD of Bajaj Finserv. While India has only about 500-600 banks, including the regional rural ones, the US has a network of some 26,000 banks even while...

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Allow large NBFCs to offer full banking services: CII chief

India requires a much larger number of banks to take banking to every corner, new CII president Sanjiv Bajaj said on Monday, highlighting the need for allowing large non-banking financial companies (NBFCs) to offer full banking services. Large and strong NBFCs need to be given “more teeth”, so that “they don’t just provide last-mile banking but provide what banking can provide”, of course, after putting in place an adequate amount of risk-mitigation measures prescribed by the Reserve Bank of India (RBI), said Bajaj, who is also the chairman and MD of Bajaj Finserv. While India has only about 500-600 banks, including the regional rural ones, the US has a network of some 26,000 banks even while...

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Operating profits of lenders see muted growth in FY22; loan growth momentum likely to be maintained

While net profits for lenders may have seen a big jump in FY22, the growth in operating profits or pre-provisioning profits (PPP) was modest. The bottom line was driven up by a big drop in provisions, data collated from Capitaline show. Total advances went up smartly over the previous year – the increase was 16.7% for private lenders and 10.7% for public sector banks. State Bank of India chairman Dinesh Kumar Khara believes his bank should be able to maintain the loan growth momentum in FY23, both on the retail and corporate fronts. Khara said the bank is seeing a faster growth in loans than in deposits in the current year, adding that activity in April was better compared with the year-ago...

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IDBI Bank set to foray into new loan segments to control slippages

The bank is also looking to aggressively grow its co-lending book. It has already onboarded four NBFCs for co-lending to MSMEs which include UGro Capital, Adani Capital and Electronica. from Banking/Finance-Industry-Economic Times https://ift.tt/0Dft8...

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Paytm to file for new licence, says bullish about its roadmap for general insurance

The decision to seek approval for a new licence comes after Paytm and Raheja QBE mutually agreed to discontinue the proposed acquisition of RQBE from The HinduBusinessLine - Money & Banking https://ift.tt/vBILc...

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Banks to seek change in definition of 'fraud'

A rigid regulation requires all banks to label a borrowing company and all its accounts as 'fraud account (s)' when one lender puts a fraud tag. It sets off a process where lenders have to file police complaints and take a knock- which is often disproportionately higher than the size of the fraud -on their bottom lines. from Banking/Finance-Industry-Economic Times https://ift.tt/kbyXu...

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RBI to review credit flow, asset quality of public sector banks tomorrow

Days after the Reserve Bank of India (RBI) hiked the repo rate for the first time in almost four years, governor Shaktikanta Das will meet chiefs of public sector banks (PSBs) on May 17 to review credit flow and assess the outlook on asset quality, sources told FE. Das may also take stock of state-run banks’ strategy to deal with the rising interest rate scenario without upsetting growth dynamics, they added. The meeting comes amid apprehensions that the central bank may be forced to go for another round of aggressive rate increase and liquidity-tightening measures to contain runaway retail inflation, which hit a 95-month high in April. On May 4, the Monetary Policy Committee (RBI) resorted...

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Would like Deepak Parekh to continue as a key advisor to the group: Atanu Chakraborty

Both the bank and HDFC Ltd have very high foreign shareholding. So, some shake-up from FIIs was expected. Some of the active funds were rebalancing their portfolios and moving toward bonds. But they were not buying because we were not in the index. Add to that the murmurs of regulatory roadblocks. Over the next few days since the announcement, we have explained to each and every institutional investor. from Banking/Finance-Industry-Economic Times https://ift.tt/UVgid...

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Paytm to file for new license, says bullish about its roadmap for general insurance

In a regulatory filing, Paytm reiterated its intention to make inroads in the general insurance sector, as it is extremely bullish about its potential. from Banking/Finance-Industry-Economic Times https://ift.tt/p3Uid...

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Loan Metrics – Home Loans: Your home loan just got more expensive

With interest rates rising, a good credit score can help buyers get a loan at the best rates from "Banking & Finance News: Banking & Finance News Today, Indian Banking & Finance News, World Banking & Finance News Today - The Financial Express " | The Financial Express https://ift.tt/bYaTm...

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Frauds in PSBs dip 51 pc to Rs 40,295 cr in FY22; number of cases not falling fast enough: RBI

According to the RBI data on frauds reported by PSBs in all categories during FY22, the highest amount of Rs 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents. The country's largest lender State Bank of India reported frauds worth Rs 6,932.37 crore in as many as 4,192 cases -- reflecting incidents of a large number of small value frauds. from Banking/Finance-Industry-Economic Times https://ift.tt/suvij...

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Frauds in public sector banks dip 51% to Rs 40,295 crore; Cases not falling fast enough, says RBI

Public sector banks reported over 51 per cent dip in the amount involved in frauds to Rs 40,295.25 crore during the financial year ended March 2022, the Reserve Bank of India has said. The 12 PSBs (Public Sector Banks) had reported frauds worth Rs 81,921.54 crore in preceding fiscal 2020-21, the Reserve Bank has said in response to an application under the Right to Information (RTI) Act. However, the number of fraud cases didn’t fall at the same pace as a total of 7,940 frauds reported by the PSBs in 2021-22, against 9,933 incidents reported in FY21, said the RBI’s reply to Madhya Pradesh-based RTI activist Chandrashekhar Gaur. According to the RBI data on frauds reported by PSBs in all categories...

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Upbeat on growth prospects, Lulu Financial Holdings to expand NBFC business in India

Bullish on growth prospects, Abu-Dhabi headquartered Lulu Financial Holdings is expanding its NBFC business in India by initially focusing on organic growth and is targeting to have a loan book size of Rs 100 crore by the end of March next year, according to a top company official. Lulu Financial Holdings, which is mainly into financial services, has investments in the Indian sub-continent, GCC (Gulf Cooperation Council) and APAC (Asia Pacific) regions. In India, the company owns the NBFC — Lulu Financial Services (India) Private Ltd — and Lulu Forex Private Ltd, India. The NBFC (Non-Banking Financial Company) started operations last year and is in the process of expanding its business starting...

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Govt to soon approve recast of Banks Board Bureau

The extended term for the Banks Board Bureau ended on April 10 from The HinduBusinessLine - Money & Banking https://ift.tt/Oh5vb...

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What are stablecoins, the asset rocking the cryptocurrency market?

Stablecoins are cryptocurrencies designed to be protected from the wild volatility that makes it difficult to use digital assets for payments or as a store of value. from Banking/Finance-Industry-Economic Times https://ift.tt/DhG0J...

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Digital currency can play crucial role in cross-border payments, currency management: Finance Minister

Digital currency can also facilitate bulk transactions, she said from The HinduBusinessLine - Money & Banking https://ift.tt/2Aukn...

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