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Public sector Indian Overseas Bank has elevated Ajay Kumar Srivastava as its managing director and chief executive officer with effect from January 1, the bank said on Saturday. Prior to taking up the new role, Srivastava was serving the city-headquartered bank as its executive director.
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Credit to industry continued to register a strong pick-up, with total loans accelerating to 13.1%, while personal loans expanded at 19.7% in November, largely driven by housing and vehicle loans.
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RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by the State Bank of India (SBI). Other lenders include the Bank of Baroda, Union Bank of India, Canara Bank, Punjab National Bank, Bank of India, IDBI Bank, Punjab & Sind Bank, and Bank of Maharashtra.
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Indian shadow lender Shriram Finance Ltd said on Friday it had secured a five-year loan worth $100 million from the Asian Development Bank to provide credit to its customers towards purchase of new and used vehicles across India.
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The Reserve Bank of India's push for priority sector lending is accelerating with the PSL Certificates trading gaining traction at more than Rs. 6 lakh crores. This opens up new vistas of credit for the rural households as well as MSMEs through NBFCs and Housing Finance Companies.
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Banks is the primary and dominant option for stable funding for mid-sized NBFCs. The increase in bank funding to non-banks is also because these entities have demonstrated a reasonably satisfactory performance during the COVID-19 period.
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Robust credit demand and high interest rate regime due to tight monetary conditions globally are also expected to help the profitability of the banks.
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In the private sector banking space, consolidation remained the flavour, with parent HDFC Ltd deciding to merge with HDFC Bank, and Axis Bank announcing the takeover of the retail portfolio of global giant Citibank. These two deals are expected to be completed in 2023.
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"Going forward, we will only focus on organic growth in our current and proposed line of business. We will continue to build a strong retail franchise in consumer and MSME financing. We are already doing ₹1,200 crore of organic business per month," said Adar Poonawalla.
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During a meeting to create awareness about COVID-19 last week, sources said, the regulator also stressed that insurers should offer incentives to policyholders on getting RT-PCR tests done through their wellness network.
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RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by State Bank of India (SBI). As part of the proposed OTS, the company in June 2022 deposited Rs 220 crore earnest money with the lead lender demonstrating its commitment towards RFL revival.
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The Aon analysis also showed that overall attrition in the banking segment is 24.7% between January and September, with domestic banks showing 30.6% attrition and foreign banks 16.3%. Fintech players also contributed to high attrition levels of 27.4%. Wealth management players, too, saw a significantly high number of employee departures at 26.4%, while investment banks saw exits at 21.8%. The lowest exits in the BFSI space were recorded with asset management companies at 16.3%.
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The CBI on Monday arrested Videocon group founder Venugopal Dhoot from Mumbai in connection with the ICICI Bank loan fraud case, officials said. On Friday, the CBI arrested former CEO and managing director of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar. She quit as the CEO of the bank in 2018.
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This year’s winners include shares linked to billionaire Gautam Adani and banks boosted by a sharp recovery in credit demand. Some of the biggest losers were shares of technology firms that languished following their public debuts and software outsourcing providers that faced concerns of a potential slump in overseas demand.
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Trends in the SGX Nifty indicate a flat opening for the broader index in India
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Chanda Kochhar and her husband Deepak Kochhar were arrested by the Central Bureau of Investigation (CBI) last week in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. A special court in Mumbai on Saturday remanded both of them to CBI custody until December 26.
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"Going forward, we expect card expenditure to moderate further over the next couple of months due to the end of festive season and inflationary impact on consumer spending," said Bunty Chawla, analyst, IDBI Capital.
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The proposed amendments suggest that the minimum paid up capital be specified by the Insurance Regulatory and Development Authority of India (IRDAI) considering the size and scale of operations, class or sub-class of insurance business and the category or type of insurer. Currently, solvency ratio is pegged at 150 per cent while paid up capital is Rs 100 crore as per the existing law.
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Among other things, the CBI has accused Chanda Kochhar, 61, of irregularities, flouting banking rules and laws in a series of loans sanctioned to industrialist Venugopal N. Dhoot's Videocon Group between 2009-2011, when she was lording over the bank.
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Chanda Kochhar, who is facing a probe over alleged irregularities in sanctioning loans to the Videocon Group, has been booked under certain sections of the Prevention of Corruption Act, along with charges of cheating and criminal conspiracy under the Indian Penal Code. Under the anti-corruption Act, prosecution needs the approval of a competent authority.
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