HDFC Bank Q1 FY23 net profit up 19% at ₹9,196 crore

Net interest income rose about 14.5% y-o-y to ₹19,481 crore from The HinduBusinessLine - Money & Banking https://ift.tt/tWLKv...

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RBI, Bank Indonesia agree to expand cooperation in payment systems

The RBI further said the MoU will also provide a good basis for promoting mutual understanding, developing efficient payment systems and achieving cross-border payment connectivity. from Banking/Finance-Industry-Economic Times https://ift.tt/tJfSy...

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HDFC Bank Q1 net profit jumps 21 pc to Rs 9,579 crore

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

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Amit Shah asks cooperative banks to focus on extending more long-term financing to agriculture sector

India has 49.4 crore acres of agriculture land, highest after the US. If the entire farm land is irrigated, India can feed the whole world, amit shah added.Addressing a national conference, Shah said, "If we look back and see the last 90 years journey of long-term financing through cooperatives and how it has percolated down, if you see the data, it has not grown." from Banking/Finance-Industry-Economic Times https://ift.tt/ZuIAK...

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RBI and Bank Indonesia sign MoU to improve mutual cooperation

Aim at strengthening the exchange of information and cooperation in the area of central banking from The HinduBusinessLine - Money & Banking https://ift.tt/dLfIF...

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Yes Bank sells Rs 48,000 crore bad loans for Rs 11,500 crore

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

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Yes Bank to partner JC Flowers ARC to sell Rs 48k-crore bad loans

"The bank has signed a binding term sheet with JC ARC LLC and JC Flowers Asset Reconstruction Private Ltd for strategic partnership in relation to sale of identified stressed loans of the bank," Yes Bank said in a regulatory filing. from Banking/Finance-Industry-Economic Times https://ift.tt/QYBVN...

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PFRDA gives nod to HDFC, HDFC Bank merger proposal

Pension Fund Regulatory and Development Authority (PFRDA) "has vide its letter dated July 7, 2022 (received by us on July 15, 2022), granted approval for change in status/constitution pursuant to the scheme in accordance with the PFRDA (Point of Presence) Regulations, 2018, subject to the conditions mentioned therein," HDFC Bank said in a regulatory filing. from Banking/Finance-Industry-Economic Times https://ift.tt/vQXpP...

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Governance agnostic to ownership: SBI chief

State Bank of India (SBI) chairman Dinesh Kumar Khara is looking to beef up operations of the country’s largest lender, while preparing it for the future. In an interview, he shares his assessment of the economic situation and the bank’s strategy. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/vkRXM...

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Eco gains holding, but risks remain: Finmin

India’s macro risks have receded in the last six weeks due to the steps taken by the Centre & the Reserve Bank of India (RBI), and the decline in oil prices due to global recession fears, the finance ministry said in a report on Thursday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/r20co...

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Indian FCNR deposits less attractive as US yields rise

Several banks have increased interest rates on their foreign currency non-resident (FCNR) deposits after the RBI waived reserve requirements and lifted interest caps earlier this month. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/R8s7o...

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Higher volumes could turn securitisation into key funding source for NBFCs: Crisil

Non-banking finance companies (NBFC) are likely to rely on securitisation as a funding source led by higher volumes, which will lead to increased disbursements by non-banks after a slowdown. Banks can also improve their retail and priority sector targets through securitisation, ratings agency Crisil said in a report. Securitisation volume grew by 70% to Rs 35,000 crore in the first quarter of the current financial year led by higher participation from public and private sector banks along with other financial institutions. Foreign financial institutions, including banks, acquired 17% of all assets securitised. A stable market environment could mean deeper participation by other large investors,...

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PNB, 3 other PSU banks activate account aggregator system

Public sector lender Punjab National Bank (PNB) has gone live on the account aggregator ecosystem as financial information user (FIU) as well as financial information provider (FIP), the lender said in a press release. Other than PNB, Union Bank of India, Canara Bank and Indian Bank are the three other PSU lenders who have connected to the account aggregator system. “Punjab National Bank is working on multiple business use cases which can leverage on the account aggregator ecosystem and offer interesting products to its customers. This will further enhance the outreach of the bank to provide customized digital products to its customers,” Atul Kumar Goel, managing director and chief executive...

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PNB MetLife announces Rs 594 crore bonus to policyholders for FY22

The insurer said it has been consistently declaring bonuses on participating products every year, and the bonus amount for FY22 is 12 per cent higher than that of FY21. This bonus sum will benefit 4.95 lakh customers whose policies were in force as of 31st March 2022, PNB MetLife said in a release. from Banking/Finance-Industry-Economic Times https://ift.tt/ZPRvg...

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Orissa metaliks' revival plan for MSP approved

The dedicated bankruptcy court has approved a revival plan submitted by Orissa Metaliks (OMPL) for the integrated steel manufacturer MSP Metallics. from Banking/Finance-Industry-Economic Times https://ift.tt/7Zl0K...

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Lenders may seek review: Banks stare at 8% recovery from first NARCL sale

India’s bad bank has offered to buy the first toxic asset at just 8% of its outstanding loan value, a deal unhappy lenders are planning to negotiate in the hope that the recovery gets better, said two bankers in the know. According to the bankers cited above, the National Asset Reconstruction Company (NARCL) has bid about Rs 80-85 crore for Rainbow Papers, a non-performing asset which owes banks Rs 1,100 crore. The consortium is led by Indian Overseas Bank (IOB), which is planning to hold a meeting with other member banks to take a call on the future course of action. “A meeting had been planned for last week, but that got cancelled. IOB is expected to convene another meeting where banks will...

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India's move on rupee settlements may help trade with Russia

The Reserve Bank of India (RBI) this week introduced a new mechanism for international trade settlements in rupees, aiming to promote exports and facilitate imports. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/pkQlI...

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Retail inflation stays near 7%, more rate hikes seen

Retail inflation eased marginally in June but stayed near the 7% mark and above the central bank’s upper tolerance band for the sixth month in a row, triggering prospects of more interest rate increases by the RBI in the months ahead. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/WYu1T...

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Bitbns introduces zero TDS on SIP investments in cryptos

Exchange to introduce 19 new tokens on its SIP platform from The HinduBusinessLine - Money & Banking https://ift.tt/qlhFM...

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RBI declines banks’ proposal on treasury loss provisioning

The Reserve Bank of India (RBI) has turned down a proposal to let banks spread provisions against their treasury losses in the June quarter over four quarters. The central bank last week conveyed its decision in a written communication to banks who had sought the concession, according to well-placed sources. An email sent to the RBI seeking its response remained unanswered till the time of going to press. Rising bond yields may cause Indian banks to incur mark-to-market (MTM) losses of up to Rs 13,000 crore in their bond portfolios in the quarter ended June 2022 (Q1FY23), according to Icra. The lack of a dispensation will hurt public sector banks (PSBs) more, given their higher holding of government...

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RBI slaps Rs 1.68-crore fine on Ola Financial Services

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.68 crore on Ola Financial Services for non-compliance with certain provisions of know your customer (KYC) norms, the central bank said in a press release. The RBI has imposed the penalty under the Payment and Settlement Systems Act, 2007, which gives the central bank the authority to impose penalty on companies not complying with norms. The RBI had issued a notice to the company to show cause and after considering its response, the central bank decided to impose a penalty. Ola Financial Services, a part of taxi-hailing platform Ola, provides e-wallet services under the brand name Ola Money. The wallet is issued by Zipcash in co-branding...

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HFC loan portfolio seen growing by 12% in FY23

The housing finance sector is poised for a higher growth in loan disbursals and improvement in asset quality during the current financial year. The loan portfolio of housing finance companies (HFC) is expected to grow by around 12% on year in the current financial year on steady growth in disbursements and improving real estate sector and macro-economic environment, CareEdge said in a report. HFCs are gaining market share in the housing portfolio market as compared to banks due to a higher growth in loan disbursals. This trend is likely to continue going ahead, the ratings agency said. HFCs witnessed a higher growth rate in loan disbursal compared to banks. HFCs posted a double-digit growth...

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Banks to report Rs 13,000-crore MTM losses in Q1 on rising bond yields: Icra

Rising bond yields will force banks to report mark-to-market losses of up to Rs 13,000 crore on their investment portfolios in the April-June quarter, a report by Icra said on Tuesday. Profits will moderate for the quarter, but improved loan growth and operating profits will ensure that banks’ bottom lines remain “steady” for FY23, the report said. The effect of the treasury losses will be felt more by public sector banks as they hold a higher share of government securities (G-Secs) of longer tenure. Public sector banks are expected to face mark-to-market (MTM) losses to the tune of Rs 8,000-10,000 crore, according to Icra estimates, while private banks may report MTM losses of Rs 2,400-3,000...

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RBI meets bank executives to get market pulse

This comes amid a falling rupee, which has triggered a slew of regulatory actions aimed at bringing back overseas inflows and cutting import-related dollar payments. from Banking/Finance-Industry-Economic Times https://ift.tt/PYLtm...

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Top AMCs lose market share in equity segment

The major players of the mutual fund industry have yielded ground in the equity segment, with the share of the top seven-eight AMCs (asset management companies) witnessing a decline, analysts at Nomura wrote. The market share of these AMCs in the pure equity category has declined to 46%, the lowest in the previous four-five years, they said. Top AMCs (except SBI MF) lost market share of 310 basis points year-on-year in May 2022 in the pure equity segment. “We note that month-on-month trends are pointing to a market-share loss,” Nomura analysts wrote. HDFC AMC lost market share of around 100 bps YoY in May despite robust performances of all schemes, while Axis AMC has lost 70 bps, down 20 bps...

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BoB hikes MCLR, BoM cuts the same

Bank of Baroda on Monday increased the marginal cost of funds-based lending rates (MCLR) on some tenures by 10-15 basis points (bps), effective July 12. BoB has increased its one-year MCLR by 15 bps to 7.65%, the lender said in an exchange filing. The increase in the MCLR by BoB for July was steeper compared with June, when the bank had raised the one-year MCLR by 10 bps. The bank has kept overnight and one-month MCLR unchanged at 6.80% and 7.20% respectively. The 3-month and 6-month MCLR have been raised by 10 bps each to 7.35% and 7.45%, respectively. Meanwhile, Bank of Maharashtra reduced its MCLR by 20-35 bps across tenures. The bank cut its one-year MCLR by 20 bps to 7.50% in July from...

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PSB leadership plan: IBA seeks bids from advisory companies

The IBA has invited bids from advisory firms and institutes to design and deliver a leadership development programme for public sector banks (PSBs) to prepare a pipeline of leaders in tune with the increasing competitive landscape.The selected entity will design and deliver the training programme for senior officers of PSBs, including chief general managers (CGMs), general managers (GMs) and deputy general managers (DGMs). The training programme can be delivered through three modes — online as e-learning modules, online through live webinars/meetings and through in-person mode, a public notice said.The objective is to develop future generation of leaders who are digitally savvy, strategic thinkers...

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Inflation likely held steady just above 7% in June: Report

India's retail inflation likely held steady in June, but well above the Reserve Bank of India's tolerance limit for a sixth month as lower fuel and cooking oil prices offset higher services and food costs, a Reuters poll found. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/CEtP7...

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Dues recovery: Banks invoke Sarfaesi against telecom infrastructure provider GTL

Following delays in transfer of loans of telecom infrastructure provider GTL to the bad bank, lenders have now invoked the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act to recover their dues. The recovery action has been initiated by IDBI Bank on behalf of lenders, whose total exposure to GTL stood at Rs 7,250 crore as of December 31, 2021. Bankers FE spoke to said that it makes more sense to pursue recovery by all means possible rather than to wait for the full operationalisation of the National Asset Reconstruction Company (NARCL). “It has been a long time since the original list of assets was drawn up. It’s only natural for banks...

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HDFC set to upsize offshore loan to $1 billion as ECB rules eased

The State Bank of India (SBI) is said to join the syndication process that already has confirmed participation from Mizuho Bank, MUFG and Standard Chartered Bank, the people cited above said. from Banking/Finance-Industry-Economic Times https://ift.tt/Yn6w7...

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Bank NPAs at 6-year low, still higher than comparable economies

Gross non-performing assets (GNPAs) of banks have hit a six-year low of 5.9% as of March 2022. But India’s NPA ratio is one of the highest among comparable countries, says a report. Barring Russia, which has bad loans of 8.3%, every large market has bad loans below India. China has NPA ratio 1.8%, while it is 2.6% for Indonesia and 5.2% for South Africa. Most of the developed economies have NPAs below 3%. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/yaKH9...

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Loan growth, higher margins, lower costs to drive bank bottom lines in Q1

Almost all analysts expect credit growth for the banking system will be upward of 12%, largely driven by private banks. Net interest margins (NIM) could also inch upward of 3% largely due to better net interest income and an upward interest rate cycle. from Banking/Finance-Industry-Economic Times https://ift.tt/nuyPC...

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Muthoottu Mini looks at 60% sales growth this fiscal at ₹4,000cr

The company, hailing from the same Muthoot family, closed FY22 with over 25 per cent growth and an AUM (assets under management) of Rs ₹2,500 crore, which grew from Rs ₹1,994 crore in the previous fiscal. from The HinduBusinessLine - Money & Banking https://ift.tt/FfoMx...

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IBA seeks bids from advisory firms for designing leadership development programme for PSBs

The training programme can be delivered through three modes -- online as e-learning modules, online through live webinars/meetings and through in-person mode, a public notice said. from Banking/Finance-Industry-Economic Times https://ift.tt/9DPnx...

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IBA seeks bids from advisory firms for designing leadership development programme for PSBs

Industry body IBA has invited bids from advisory firms and institutes to design and deliver a leadership development programme for public sector banks (PSBs) to prepare a pipeline of leaders in tune with the increasing competitive landscape. The selected entity will design and deliver the training programme for senior officers of PSBs, including chief general managers (CGMs), general managers (GMs) and deputy general managers (DGMs). The training programme can be delivered through three modes — online as e-learning modules, online through live webinars/meetings and through in-person mode, a public notice said. The objective is to develop future generation of leaders who are digitally savvy,...

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RevFin to raise ₹250 crore to fund more EVs this year

With Tata Motors and Omega Seiki launching small cargo EVs, the company plans to enter small four-wheeler financing from The HinduBusinessLine - Money & Banking https://ift.tt/yHELP...

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Digital banking to get human touch with metaverse

By Shubhangi Shah Banking is already on our fingertips via mobile phones. The next leap of technology promises to bring a human touch to the digital experience with virtual interactions in the metaverse. Like what Union Bank of India did on Friday by launching its metaverse virtual lounge, through which customers can visit a bank without actually visiting the bank. As the bank’s chief technology officer (CTO) Rajiv Mishra told FE, “You choose a digital avatar for yourself, enter the bank lounge and access the available banking services. Currently, we are giving informative services through which customers can seek details on social security services, loans and other banking products,” adding...

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Inflation may ease in second half of 2022-23: RBI governor

Inflation may ease gradually in the second half of 2022-23, Reserve Bank of India governor Shaktikanta Das said on Saturday, asserting that the central bank will continue to calibrate its policies with the goal of preserving and fostering macro-economic stability. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HKlGJ...

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