RBI mulls paper to equip banks to brace for climate change

In order to sensitise banks and other financial institutions to the risks of climate change, the central bank is going to issue a consultative paper. The paper will familiarise banks with international practices and enable adoption of a strategic approach to climate-related risks. “The physical and transition risks either individually or together may be high for India under the ‘current policies’ scenario. A successful implementation of emission reduction for India carries inflationary risks, which will need to be managed through carefully crafted transition plans,” the central bank said in its annual report for 2021-22. In January 2022, the RBI-mandated Sustainable Finance Group (SFG) did a...

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CBI arrests Avinash Bhosale in Yes Bank-DHFL scam case

The CBI on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate group ABIL group, in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Vadhawan of DHFL, officials said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZSiKE...

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Muthoot Finance Q4 PAT falls to Rs 1,006 crore

Muthoot Finance on Thursday posted a marginal decline in its consolidated net profit for the quarter ended March 31, 2022 toRs 1,006 crore, fromRs 1,024 crore a year ago, on account of a decline in revenue from operations. The Kochi-based NBFC’s consolidated revenue from operations fell almost 4% on year to Rs 2,917 crore in the quarter under review. The decline in the top line was due to drop in home and vehicle finance loans. The company also witnessed a decline because of lending operating in Sri Lanka getting affected. Loan assets in home finance declined 14% on year to Rs 1,470 crore while vehicle finance loans declined 44% on year to Rs 207 crore. Sri Lanka lending operations fell 13%...

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Insurance to cover M&A risks is on the rise here: Aon Asia Pacific

According to her, most M&As, particularly those with an international component, seek to protect some of it. "India is a growing and underserved market when it comes to insurance, and our clients are faced with increased volatility," said Corona. from Banking/Finance-Industry-Economic Times https://ift.tt/ywqMu...

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Public sector banks to pay record Rs7,867 crore dividends to government this year

Nine out of 12 public sector banks (PSBs) have paid dividends for the fiscal year ended March 2022, led by the country's largest lender State Bank of India (SBI) with Rs3,616 crore followed by Union Bank of India (UBI) with Rs1,084 crore. from Banking/Finance-Industry-Economic Times https://ift.tt/BHzgI...

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Government to work out a revamp plan for regional rural banks

At present there are 43 RRBs in the country, and the government is keen to have one large regional rural bank for each state. "There is a scope for further consolidation and raising capital through the markets," a government official aware of the deliberations said on condition of anonymity. from Banking/Finance-Industry-Economic Times https://ift.tt/wvgJh...

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IDBI Bank calls AGM to seek nod for fund-raising

The board of IDBI Bank has approved an annual general meeting (AGM) to raise funds through the equity route. Shareholders will approve the fund-raising in the AGM. “…the board of directors of IDBI Bank at its meeting held on Thursday has approved the notice convening the 18th annual general meeting of the bank which included passing an enabling special resolution for issue of equity capital through various modes,” the lender said in an exchange filing. In December 2020, IDBI Bank had raised Rs 1,435 crore via qualified institutional placement. Life Insurance Corporation, which holds a little over 49% stake in the bank, infused Rs 4,743 crore into the lender in October 2019. In its previous AGM,...

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RBI cancels registration of 5 NBFCs due to irregular lending practices

"The CoR of the (five) NBFCs have been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations undertaken through third party apps which was considered detrimental to public interest," the RBI said. from Banking/Finance-Industry-Economic Times https://ift.tt/TDF4d...

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Corporate loan growth turns positive in FY22

But inflation and a tough monetary policy stance are challenges going forward: RBI data from The HinduBusinessLine - Money & Banking https://ift.tt/ncYNw...

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PhonePe launches UPI SIP for gold investments

Through the gold SIP, users can begin investing in the 24K gold with ₹100 per month from The HinduBusinessLine - Money & Banking https://ift.tt/ZbNGL...

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Digit Insurance targets $5 billion in IPO valuation

Insurance regulator requires companies in the sector to be at least five years old before going public, which Digit will fulfil by September from The HinduBusinessLine - Money & Banking https://ift.tt/Oajto...

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Alternative investment platform Grip launches start-up equity investment

Platform will provide detailed information on the start-ups such as company profile, performance, key investment highlights from The HinduBusinessLine - Money & Banking https://ift.tt/ZB5Pq...

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CoinTracker announces India foray

Optimistic about growth in the country despite muted crypto trading, tax regime from The HinduBusinessLine - Money & Banking https://ift.tt/hDAkL...

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Bank Holidays in June 2022: Banks closed for up to 8 days in various cities in June; check list here

List of Bank Holidays For June 2022: Banks in India are likely to be shut for up to 8 days in June 2022, including second and fourth Saturdays, and Sundays. According to the list released by Reserve Bank of India (RBI), banks will be closed for two days, apart from weekends in June this year. Banks will remain shut in different states or cities on account of different holidays. It may be noted that the banks remain open on the first and third Saturdays every month.  The Reserve Bank of India has categorised holidays under three categories — Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts....

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Bank of India’s Q4 profit rises 142% to ₹606cr

Bank of India (BoI) reported a net profit of Rs 606 crore for the March quarter, an increase of 142% over Rs 250 crore in the year-ago period. The bank’s net profit for FY22 was Rs 3,405 crore, a 57% jump over Rs 2,160 crore in the previous year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/k69HG...

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Non-disclosure of foreign assets comes back to haunt thousands

Some of the summons relate to remitting money that was transferred from another member of the family who has exhausted individual LRS limit for the year. If such fund transfers are not established as a 'gift' to the family member, it could be construed as 'borrowing' - and therefore a violation - by the latter as LRS investments cannot be with borrowed money. from Banking/Finance-Industry-Economic Times https://ift.tt/732Pm...

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‘More data you have, more certainty you can afford in insurance’

Insurers can get paralysed by collection of data sets, says Richard West of Kennedys Law from The HinduBusinessLine - Money & Banking https://ift.tt/KIxLD...

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Indians prefer credit cards for online shopping, debit card at physical shops

According to RBI data, Indians opt to purchase with credit cards online, while debit cards are more frequently used in physical shops. The data released in March states that 7.3 crore credit cardholders spent Rs 68,327 crore online, compared to Rs 38,773 crore spent in stores using card swipe machines. from Banking/Finance-Industry-Economic Times https://ift.tt/b4UZH...

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Rate hikes in next monetary policy meets ‘a no-brainer’, says RBI governor

In what may be an indication of another increase in policy rates, Reserve Bank of India governor Shaktikanta Das said that expectations of a rate hike in the forthcoming policy meetings were a “no brainer” and that the RBI would withdraw surplus liquidity over the next two to three years. The governor expressed confidence that the central government would stick to its fiscal deficit target, refuting rumours of a hike in government borrowing. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World...

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Higher stress in agri, MSME, retail segments: Large banks see slippages rise in Q4

Most large banks reported an increase in fresh bad loans on a sequential basis for the quarter ended March 2022. A clutch of 17 banks reported slippages worth Rs 53,512 crore in Q4FY22, 28% higher compared with the third quarter of FY22. Although the trend is partly attributable to the lumpy Future Retail exposure slipping during Q4, higher stress in the agri, MSME and retail segments made a significant contribution to banks’ bad loan pie. The lenders that saw the sharpest rise in slippages were UCO Bank and Punjab National Bank (PNB), where the figures rose 150% and 138%, respectively. Both banks had new chief executives taking charge during the March quarter. PNB’s slippage pool of Rs 10,506...

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'Inflation fight will hurt growth, risks wider fiscal gap'

The export duty hikes and tax cuts will likely hurt economic growth and raise the chances of the fiscal deficit widening, but do little to bring down retail prices within the central bank's tolerance level, economists and industry officials said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/romLO...

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Paytm payments bank expects RBI curbs to be lifted in 3-5 months

Paytm Payments Bank, which facilitates transactions on mobile commerce platform Paytm, expects the central bank to allow it to resume taking on new customers in the next few months, a top executive told Reuters. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QUoIG...

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New measures to tame inflation unlikely to divert RBI from its monetary tightening: Barclays

Barclays revises its FY23 fiscal deficit upwards to 6.9 per cent from the government’s BE of 6.4 per cent from The HinduBusinessLine - Money & Banking https://ift.tt/u1EGc...

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MatchMove buys Singapore-based Shopmatic for $200 m, signals consolidation in India’s start-up ecosystem

The two start-ups are in complementary domains, have Indian-origin founders and the bulk of their talent is located in India from The HinduBusinessLine - Money & Banking https://ift.tt/D8Lt2...

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Paytm payments bank expects RBI curbs to be lifted soon

Earlier, Paytm had denied media reports stating that the central bank had found its servers shared information with China-based entities from The HinduBusinessLine - Money & Banking https://ift.tt/Dfek8...

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‘25% private bank staff to be redundant’

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/9xBEd...

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Naveen Dhingra assumes charge as Chief GM NABARD Assam Regional Office

An economist by profession, Dhingra has put 34 years of service in various Regional Offices of NABARD in different capacities. from Banking/Finance-Industry-Economic Times https://ift.tt/Fk63T...

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PNB earns over ₹645 cr through ATM transaction charges in FY22

Collects ₹239.09 cr as penalty from customers for not maintaining a minimum balance in their accounts from The HinduBusinessLine - Money & Banking https://ift.tt/p8Da5...

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Turnaround of the bank is satisfying: Ittira Davis, MD & CEO, Ujjivan SFB

from The HinduBusinessLine - Money & Banking https://ift.tt/p46y9...

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Overseas Mutual Funds pull out $1.28 billion in last quarter

India-focused offshore funds registered a net outflow of $800 million from The HinduBusinessLine - Money & Banking https://ift.tt/KTZvE...

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Mutual funds collect ₹1.08-lakh crore via 176 NFOs in FY22

The ongoing financial year 2022-23 saw the launch of only four NFOs, garnering a total of ₹3,307 crore from The HinduBusinessLine - Money & Banking https://ift.tt/N7LMU...

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PNB earns over Rs 645 crore through ATM transaction charges in FY22

Public sector lender Punjab National Bank has said it earned over Rs 645 crore by levying ATM transaction charges on customers during the financial year 2021-22. Revenue earned by PNB from ATM transaction charges stood at Rs 645.67 crore in financial year 2021-22, the bank said in response to an application seeking information under the Right to Information (RTI) Act. Besides, the country’s second largest lender collected Rs 239.09 crore in the form of penalty imposed on customers who failed to maintain minimum balance or quarterly/monthly average balance in their bank accounts, according to the bank’s response to Madhya Pradesh-based RTI applicant Chandrashekhar Gaur. In 2020-21, the bank had...

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Punjab National Bank earns over Rs 645 crore through ATM transaction charges in FY22

Revenue earned by Punjab National Bank from ATM transaction charges stood at Rs 645.67 crore in financial year 2021-22, the bank said in response to an application seeking information under the Right to Information (RTI) Act. In 2020-21, the bank had earned Rs 170 crore by levying charges on customers for not maintaining minimum balance in their accounts. from Banking/Finance-Industry-Economic Times https://ift.tt/37iGI...

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Paytm forms JV insurance firm

The board of One 97 Communications Limited (OCL), the parent of Paytm, has approved an investment of up to Rs 950 crore in Paytm General Insurance Limited (PGIL), a joint venture, for a stake of 74%. The investment will be made in tranches over a period of 10 years. In a regulatory filing, the company said OCL will hold a stake of 49% PGIL in the initial phase, with the remaining 51% being owned by VSS Holding Private Limited (VHPL), owned by Vijay Shekhar Sharma, managing director, OCL. Post the investment, OCL will hold 74% in PGIL, lowering VHPL’s stake in the insurance venture to 26%. PGIL will be a subsidiary of OCL. The OCL board also reappointed Sharma as the company’s managing director...

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