ICICI Bank Q4 consolidated net jumps 27 per cent to Rs 9,853 cr

Total income moved up to Rs 36,108.88 crore in the reporting quarter, as against Rs 27,412.32 crore in the year-ago period

from | The HinduBusinessLine https://ift.tt/hVMI0ao

Read more »

Banks’ credit growth moderated in March 2023 due to unfavourable base effects, tapering of credit offtake momentum

SCBs’ credit growth moderated to 15 per cent as on March 24, 2023, from the peak of 17.8 per cent recorded in October 2022

from | The HinduBusinessLine https://ift.tt/Gt2d3o9

Read more »

Political stability keeping India ahead in an uncertain global scene: HDFC's Deepak Parekh

India is not immune to global disruptions, so some slowdown in growth is inevitable, he said, adding, since India is a domestic, consumption-based economy, India is less dependent on the global economy compared to countries that rely heavily on exports.

from Banking/Finance-Industry-Economic Times https://ift.tt/qUw281R

Read more »

Yes Bank Q4 net drops 45% to ₹202 crore

Profits for both the March quarter and the fiscal year have been impacted by accelerated provisioning, the bank said.

from | The HinduBusinessLine https://ift.tt/qWBKgbP

Read more »

ICICI Bank refutes reports of data breach; here's what we know so far

In its 4-point statement, ICICI Bank categorically denies the data breach incident. Researchers tell ETCISO that although the leaked KYC data appears legitimate, it cannot be attributed to a lapse by the banking major.

from Banking/Finance-Industry-Economic Times https://ift.tt/SRIULfq

Read more »

VNB expansion to be driven more by volumes vs margins: ICICI Pru Life MD

The insurer posted a VNB growth of 28 per cent to ₹2,765 crore in FY23

from | The HinduBusinessLine https://ift.tt/jqPHbur

Read more »

Uday Kotak to become non-executive, non-independent director at Kotak Mahindra Bank after CEO tenure

The billionaire banker's transition from CEO was necessitated after central bank guidelines capped tenures for Indian business heads.

from Banking/Finance-Industry-Economic Times https://ift.tt/Nje6cy5

Read more »

HDFC or HDFC Bank can raise stake in Life, ERGO beyond 50%

India's central bank has allowed either of HDFC or HDFC Bank to increase their ownership to more than 50% in HDFC Life and HDFC ERGO before their merger. The regulator has also asked HDFC Bank to comply with liquidity and reserves requirements without exception from the merger date. HDFC Bank's CFO said there are no guidelines on whether the stake increase has to be through funds infusion or share purchases from the market. HDFC Bank has been ramping up its investment book, which expanded 13.4% on-year to INR5.17tn ($68.84bn) as of 31 March 2022.

from Banking/Finance-Industry-Economic Times https://ift.tt/GH531ms

Read more »

IIFL Finance fully repays its maiden $400 million dollar-bonds issue

The NBFC  had raised $400 million through a medium-term note program in February 2020

from | The HinduBusinessLine https://ift.tt/DP5XUZO

Read more »

Indian banks wary of parking funds with RBI following liquidity swings, traders say

Indian banks are expected to avoid investing large amounts in the central bank's 14-day variable rate reverse repo as cash in circulation and increased credit demand eat away at liquidity levels. Traders have also said that few banks have ample cash, leaving many susceptible to funding shortfalls. Subscription to the Reserve Bank of India's variable rate reverse repo on Friday was less than half the previous week, indicating the trend of reduced demand will continue.

from Banking/Finance-Industry-Economic Times https://ift.tt/7hAU4gI

Read more »

Credit Suisse saw record fund outflows during March turmoil, data shows

Credit Suisse saw investors pull a record 4.6 billion euros ($5.04 billion)out of its funds at the height of the bank's troubles last month, data published on Friday showed. The data from Morningstar covered the whole of March, when a potential collapse of Credit Suisse saw Switzerland's financial authorities orchestrate its emergency takeover by rival UBS .

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/mEgqn3l

Read more »

Govt to release new ₹100 commemorative coin for the 100th episode of Mann Ki Baat

PM Modi’s outreach programme ‘Maan Ki Baat’ debuted on October 3, 2014, and has become AIR’s regular broadcast on the last Sunday of every month. 

from | The HinduBusinessLine https://ift.tt/sDEH2d7

Read more »

India’s economy signals resilience even as exports dim outlook

India's economic activity remained robust in March despite weakening export growth and rising unemployment. The needle on Bloomberg's Animal Spirits indicator remained at 5, and a rise in tax collections showed that the country's economy was steady, though the Reserve Bank of India has paused rates evaluations due to the impact of 250 basis points in rate increases so far.

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

Read more »

SBI looks to raise $500 million via dollar bonds

India's largest lender, the State Bank of India (SBI), has reportedly contacted international banks to explore options for a possible bond issue, with initial estimates pointing towards $500m. The bank is expected to formally involve investment banks in the project within a week, with the issue's size dependent on the response from investors. The regulatory framework allowing companies to issue securities to investors in the US and other markets without registering with the SEC is expected to help to bring down costs.

from Banking/Finance-Industry-Economic Times https://ift.tt/adBSgIJ

Read more »

Vedanta encumbers stake in HZL to raise Rs 1,500 cr in loans

Anil Agarwal-led resources conglomerate Vedanta has encumbered a part of its stake in Hindustan Zinc (HZL) to raise Rs 1,500 crore in loans against those shares at more than 50% margin to their market value, Vedanta told the exchanges in a mandatory filing Thursday.

from Banking/Finance-Industry-Economic Times https://ift.tt/yRCMz8d

Read more »

Bank of Maharashtra to raise up to Rs 7,500 cr in FY24

Rs 2,000 crore of the funds to be raised will be via equity issuance, Rs 1,000 crore via QIP in the first quarter, Rs 1,000 crore via QIP/ FPO in the last quarter, and the balance via Tier-I and Tier-II bond issuance

from | The HinduBusinessLine https://ift.tt/vkZaPTM

Read more »

Tier 2, 3 Indian cities saw 162% growth in loan applications in 2022: Prodigy Finance study

More students from India's Tier 2 and 3 cities are seeking higher education abroad, and applications for loans have increased by 162%. Hyderabad, Mumbai, Bengaluru, Delhi, and Chennai in Tier 1 cities have seen the highest number of loan applications, with a rise of 237% in Delhi and 193% in Hyderabad.

from Banking/Finance-Industry-Economic Times https://ift.tt/cZvbaie

Read more »

Godrej Capital plans foray into micro credit, supply chain finance

As part of its supply chain business, it will look at Godrej Group’s agriculture business and other business areas within agriculture

from | The HinduBusinessLine https://ift.tt/sBz3DLk

Read more »

RBI approves appointment of Kaizad Bharucha as Deputy MD of HDFC Bank, and Bhavesh Zaveri as ED

The appointments are for three years with effect from April 19, 2023

from | The HinduBusinessLine https://ift.tt/IJzfD6W

Read more »

HSBC India ropes in Virat Kohli as their brand influencer

As part of the association, a multi-media campaign featuring Virat Kohli will showcase the value proposition of banking with HSBC. Through its suite of products and services, the bank is positioned to support various facets of the Indian economy poised for a significant and sustained growth trajectory, it said in a statement.

from Banking/Finance-Industry-Economic Times https://ift.tt/EDet0qK

Read more »

IndusInd Bank signs $100 million loan agreement with JBIC

The funds raised will be used to provide need-based credit facilities to upstream and downstream companies that comprise the supply chain of Japanese original equipment manufacturers (OEMs) in India

from | The HinduBusinessLine https://ift.tt/VZjc5mJ

Read more »

Marked increase in demand for credit cards and personal loans, but slowdown in home loans: TransUnion CIBIL

Consumer durables loans and credit cards have seen a gradual increase in early delinquencies, a report said

from | The HinduBusinessLine https://ift.tt/YofFERv

Read more »

Keen on investments, portfolio buy-outs for granular growth: Godrej Capital MD

Our priority is to build a certain quality of team, systems and our own abilities to get runs on the board, says MD and CEO Manish Shah

from | The HinduBusinessLine https://ift.tt/g8oBUIn

Read more »

Income Tax investigation against insurers widens to banks

India's income tax department sent notices to two private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies. The initial investigation focused on over 20 insurance firms and around 500 entities linked to their sales agents. However, officials have now shifted their attention to banks, as voluminous transactions have been revealed. Investigators are apparently scrutinising transactions in excess of INR60,000cr ($8.06bn) and also investigating suspected GST evasion exceeding INR5,500cr.

from Banking/Finance-Industry-Economic Times https://ift.tt/f028oRu

Read more »

PSU banks list assets for sale to NARCL after finance ministry nudge

Following a nudge from the finance ministry last fortnight, most government-owned banks identified companies they would prefer to sell to National Asset Reconstruction Company (NARCL), the people cited above said. NARCL will identify about 20-25 accounts from the list for acquisition this fiscal year.

from Banking/Finance-Industry-Economic Times https://ift.tt/qA7Q6Zc

Read more »

China's Q1 GDP growth rises to 4.5% as Covid curbs end

China's GDP grew by 4.5% YoY in Q1 2021, surpassing analysts' forecasts of 4.0% expansion, as the country began to emerge from the effects of Covid curbs. However, the recovery has been uneven, with slower prices and surging bank savings causing concerns about demand.

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

Read more »

Insurers seek sops to cover specially abled

It comes after the Insurance Regulatory and Development Authority of India (IRDAI) asked the insurers to come out with a new insurance product along these lines, they said. Insurers will make a representation to the IRDAI in this regard, said a senior executive with one of the general insurance companies.

from Banking/Finance-Industry-Economic Times https://ift.tt/FaJDgk6

Read more »

Strong season, rush to bag tax sops to lift life insurers in Q4

The government's decision to withdraw tax exemptions on maturity proceeds of non-unit linked insurance policies (non-ULIP) with an annual premium exceeding ₹5 lakh led to a surge in pre-booking of high-value non-linked policies before March 31, resulting in an overall increase in the average ticket size for retail regular premium policies across the insurance industry.

from Banking/Finance-Industry-Economic Times https://ift.tt/Xk154YZ

Read more »

Bank of Maharashtra hikes lending rates

The overnight and one-month tenor MCLRs are raised by 0.10 per cent to 7.90 per cent and 8.10 per cent each while the six-month maturity bucket increased to 8.40 per cent.

from Banking/Finance-Industry-Economic Times https://ift.tt/bxaYtHm

Read more »

CRED launches P2P UPI payments on its app

Members can transact with other CRED members or non-members by searching their contact list and adding phone numbers, or UPI ids

from | The HinduBusinessLine https://ift.tt/ErxzjQL

Read more »

Citi India completes first blockchain-enabled Letter of Credit transaction on Contour

The transaction is a first for Cummins and Citi India on Contour, enabled – banks, corporates, and logistic partners – to collaborate seamlessly and securely in real-time on a single platform.

from | The HinduBusinessLine https://ift.tt/PasVUF6

Read more »

CBIC may soon introduce automated system of publishing daily exchange rates for 22 currencies

Currently, Central Board of Indirect Taxes and Customs (CBIC) manually notifies exchange rates of 22 currencies every fortnight -- 1st and 3rd Thursday of a month -- based of rates obtained from the State Bank of India (SBI). The rate notified comes into effect from midnight of the following day.

from Banking/Finance-Industry-Economic Times https://ift.tt/0NZHngL

Read more »

CoinDCX confident of better growth momentum in the long run: CEO Sumit Gupta

Company bullish that its new products will be additional revenue streams and volumes will go up due to its compliance and transparency efforts

from | The HinduBusinessLine https://ift.tt/lKX94Ed

Read more »

SBI files plea in SC seeking clarity on fraud classification judgment

SBI has also sought exemption from sharing complete details of the forensic audit report with borrowers under the ‘personal hearing’

from | The HinduBusinessLine https://ift.tt/Dhj9Ccz

Read more »

McLeod-IL&FS settlement likely in two weeks

IIDF, a financial creditor of McLeod, filed the petition against the company for default in payment of Rs 347.4 crore as on November 12, 2019, of which the principal amount is about Rs 252.66 crore.

from Banking/Finance-Industry-Economic Times https://ift.tt/LTSsX8e

Read more »

PSU banks set target for selling flagship government insurance schemes in FY24

Public sector banks (PSBs) in India have set a target to sell flagship government insurance schemes, including Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), by FY24. These PSBs also have set targets for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme. Banks were advised to encourage customers to buy these policies for multiple years rather than renewing annually. As of March 31, 2023, about 15.99 crore and 33.78 crore were enrolled under PMJJBY and PMSBY, respectively. A campaign has been launched to achieve saturation under these schemes by leveraging banking correspondent networks for outreach and enrollment of potential beneficiaries.

from Banking/Finance-Industry-Economic Times https://ift.tt/Rh3zXsc

Read more »

PSU banks set target for selling flagship govt insurance schemes in FY24

According to sources, the ministry has asked banks to encourage customers to buy these policies for multi-years rather than renewing every year

from | The HinduBusinessLine https://ift.tt/OdMQqAP

Read more »

HDFC Bank's net profit up 20% to Rs12,047 crore for quarter ending March 2023

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/u08jiUM

Read more »