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Jain, who was Global Indian of the Year in the ET Awards for Corporate Excellence in 2012, was born in Jaipur in 1963 and studied at the Shri Ram College of Commerce, New Delhi, and the University of Massachusetts.
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In a tweet on Friday, CCI said it has approved the "proposed combination involving amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings."
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CPP’s investments spread across sectors and include its $333 million exposure towards Sequoia’s tech-focused India fund, while many other investments were co-investments, according to its presentation.
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Shares of digital payments firm Paytm fell 6.2% on Friday, hit by a proxy advisory firm's opposition to reappointment of its chief executive officer and the central bank's guidelines for digital lending apps.
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Administrator Rajnish Sharma received two plans on Wednesday - one from Arena Investors in partnership with a Varde Partners affiliate and another joint offer from Shon Randhawa and Rajesh Viren Shah - but he pushed back the deadline to submit the final bids to August 19.
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Axis Bank is avoiding large-value corporate loans as it believes there is heavy mispricing in that segment due to low interest rates and excess liquidity of the past few years, says deputy managing director Rajiv Anand.
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At the ET Future of Money Summit, Akash Sinha, Co-founder and CEO of fintech startup Cashfree Payments, said it's time to recognise a ‘super-fintech’ model that enables bank-fintech partners flexibility to integrate quickly, provide services from multiple partners, and ensure scalability.
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The switch in hedging tools comes as markets are buffeted by surging policy rates, with the Reserve Bank of India having hiked by 140 basis points since May to tackle inflation. The central bank said last week that it will do “whatever it takes” to bring down price pressures, though some traders had expected it to tone down its hawkishness.
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Business-friendly environment makes India one of the favourite destinations for foreign investment, Watsa said speaking virtually at India@75 session. The chairman of the Financial Holdings said his company has so far invested USD 7 billion in India and it plans to double that investment in 4-5 years.
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The company markets sugar under the Trust brand and has a pan-India distribution set up. It also exports its products to the Middle East, Southeast Asia and Africa.
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India's retail inflation likely eased in July due to a fall in food and fuel prices yet stayed well above the Reserve Bank of India's upper tolerance limit for a seventh consecutive month, a Reuters poll found.
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Housing Development Finance Corporation (HDFC) has received approval from the National Housing Bank (NHB) for a scheme of amalgamation that would result in the merger of the mortgage company with its banking arm. The NHB is the regulator for all housing finance companies.
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The yield on the 10-year benchmark Indian government bond could revisit its recent high of over 7.60% in the medium term as the central bank raises interest rates and the government borrows more, analysts said.
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"HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from August 9, 2022," the biggest housing finance company said in a statement.
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In October, RBI governor Shaktikanta Das, in all likelihood, will write to the finance ministry explaining why the central bank failed to keep inflation within the range of 2-6% for three consecutive quarters. In the communication, he will also have to provide an action plan for getting prices back in control.
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Struggling-to-survive SpiceJet has denied agency reports that IDFC First Bank, Yes Bank and Indian Bank have put their loans to the airline in the high-risk category. Citing sources, agency reports had said, concerned about its cash flows, banks held talks with the airline, which has not so far defaulted on any loans.
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In another statement, it said a penalty of Rs 7 lakh has been imposed on Indapur Urban Cooperative Bank, Indapur (Maharashtra) for contravention of certain provisions related to exposure norms.
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The lenders are concerned about SpiceJet's cash flows and have held discussions seeking assurances from the Indian budget carrier, as it is behind on payments to some aircraft lessors, the sources said.
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Home loan demand in the rural areas have been on the rise primarily due to the government’s SVAMITVA scheme. The scheme provides people in the hinterland with the right to document their residential properties, which can then help them to use their properties for economic purposes. India's home loan market, currently valued at Rs 24 trillion, is projected to double in five years.
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ICICI Bank, Canara Bank, Bank of Baroda and Punjab National Bank have hiked their lending rates after RBI hiked the repo rate by half a percentage point. The rise in deposit rates, however, could be slower.
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The provision coverage ratio of the PSBs, a measure of health that captures amounts set aside to cover bad loans, has improved to 86.9% at the end of March 2022 from 46% at the end of March 2015. The state-run banks have recovered ₹5.17 lakh crore in non-performing assets (NPAs) and ₹1.24 lakh crore in written-off accounts since FY15.
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The Punjab National Bank-promoted housing finance company (HFC) presently has a corporate loan book size of Rs 6,006 crore which may come down further by Rs 1,000 crore by December, Hardayal Prasad, the Managing Director and Chief Executive Officer of PNB Housing Finance, said.
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"Our digital capabilities have helped us serve our customers seamlessly even during the pandemic in all our markets, including India. Our suite of digital offerings helped MSMEs (Micro, Small and Medium-sized Enterprises) in India meet working capital needs and operational liabilities," underlined the tech-savvy banking veteran. DBS also helped MSMEs in India to navigate the challenging business environment by disbursing loans to the segment during the lockdown months.
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State Bank of India reported a net profit of Rs 6,068 crore for the quarter ending June 2022, a decline of 6.7% over Rs 6,504 crore in the corresponding quarter last year, due to provisions of over Rs 6,500 crore on its government bond portfolio following a rise in interest rates.
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