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Private lender Kotak Mahindra Bank on Saturday reported a 26 per cent rise in its net profit to Rs 2,071.15 crore in the first quarter of the current fiscal year helped by a decline in bad loans. The bank had posted a net profit of Rs 1,641.92 crore in the same quarter of financial year 2021-22.
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Among the sensex constituents, Kotak Mahindra Bank, HDFC, Titan Company, UltraTech Cement, ICICI Bank, HDFC Bank, State Bank of India and Reliance Industries were trading in the green.
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The Centre and RBI have pulled up banks for lending to state government entities based on the escrow of the state’s future revenue streams or using collectorates and courts as security, with the finance ministry seeking an end to the practice as it found that most of the loans were given by PSU banks, including SBI.
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RBL Bank reported a net profit of Rs 201 crore for the quarter ended June as against a net loss of Rs 459 crore in the year-ago period. Recently appointed MD & CEO R Subramaniakumar said that the bank would be getting into new retail segments and launching products in auto loans, home finance as well as SME lending.
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Carlyle's top brass from Hong Kong along with Advent's leadership have held a series of meetings this week with the senior management of Yes Bank and the State Bank of India (SBI), the largest shareholder of the private lender, as well as Reserve Bank of India (RBI) officials to fine-tune the contours of the plan, which will be undertaken in phases.
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Asian Development Bank (ADB) on Thursday trimmed India's economic growth forecast for current fiscal year to 7.2 per cent from 7.5 per cent as pandemic and war impact is weighing down alongside inflationary pressures.
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Furthermore, the cardholder may also receive a complimentary stay voucher worth ₹5,000 at “The Postcard Hotel” across India, Sri Lanka, and Bhutan. It also offers two complimentary domestic lounge visits per quarter at airports across India.
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The government’s policy think tank Niti Aayog has backed introducing a restricted digital business bank licence and a restricted digital consumer bank licence, a step aimed at deepening financial inclusion using technology.
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From collectorates and taluk offices to municipal parks, some states have resorted to raising loans from banks by offering sovereign assets as a security or escrowing their future revenues, prompting the Centre to raise the red flag, especially in the wake of the Lanka crisis.
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The National Company Law Tribunal’s (NCLT) Kolkata bench on Monday declared the allotment of shares by the company in favour of the promoters void. The NCLT also pronounced the purchase of company shares by the promoters from Lodha null and void. These transactions took place way back in 1987 and 1988, respectively.
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A well-known name in the industry, both on the advisory and client side, Sharma is an expert in investment banking (debt & private equity transactions), new/stressed project acquisitions, land sales, joint development/venture transactions and business consulting assignments across all segments of real estate. Sharma joins from Tribeca Developers, where he headed their business development operations. Prior to this, he held seniorpositions atother international property consulting firms in India.
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Set up in February 2021, the panel was designed to examine issues in the urban co-operative banking sector and provide a medium term road map. Headed by former RBI Deputy Governor, N. S. Vishwanathan, the panel recommended a four-tiered regulatory framework based on size of deposits of the banks and their area of operations.
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"The Indian Banks' Association had shared the concern of some banks. We accordingly took up the matter with the state governments," he said, adding that most states are on board given that banks are regulated entities which follow Reserve Bank of India guidelines.
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State Bank of India (SBI) is unlikely to list subsidiaries or take a view on its stake in Yes Bank during the current financial year unless market conditions improve substantially.
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