Kotak Mahindra Bank Q4 net profit grows 14.29% to Rs 4,566cr

Kotak Mahindra Bank on Saturday posted a 14.29 per cent increase in its consolidated net profit at Rs 4,566 crore for the March 2023 quarter. The private sector lender's standalone net profit grew to Rs 3,496 crore for the January-March 2023 period against Rs 2,767 crore in the year-ago period. For FY23, the bank's consolidated net profit rose 23 per cent to Rs 14,925 crore.

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Bankers are key to regional economic development & successful implementation of central government schemes: G Kishan Reddy

The Northeast Banking Conclave was organized by Ministry of Development for the North Eastern Region, North Eastern Development Finance Corporation (NEDFi) and State Bank of India with Confederation of Indian Industry in New Delhi on Friday.

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IDBI Bank net profit jumps 64 per cent in Q4FY23 to ₹1,133 cr

The Bank’s Board has recommended a dividend of Re 1 per equity share of face value of ₹10 each

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Debadatta Chand to take charge of BoB, Rajneesh Karnatak appointed Bank of India MD & CEO

The central government has appointed Debadatta Chand as the Managing Director & Chief Executive Officer of the Bank of Baroda for a period of three years, as per a Finance Ministry notification. Meanwhile, Rajneesh Karnatak will take the reins of the Bank of India.

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Debadatta Chand appointed as new chief of BoB; Rajneesh Karnatak to head BoI

Chand’s appointment will be from the date of assumption of office or after July 1, 2023, while Karnatak’s appointment, from the date of assumption of office until further orders, whichever is earlier.

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M&M Financial Services reports 14 per cent increase in Q4 net profit

Mahindra & Mahindra Financial Services has recommended a dividend of ₹6 per equity share of face value of Rs. ₹2 each

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India's forex reserves ease from over nine-month highs

India's foreign exchange reserves eased from over-nine-month highs and stood at $584.25 billion for the week ended April 21, the Reserve Bank of India's (RBI) statistical supplement showed on Friday. That is a decrease of $2.16 billion from the previous week. Reserves had gone up by a total of nearly $8 billion in the prior two weeks.

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Centre appoints Siddhartha Mohanty as LIC Chairperson till June 2024

Mohanty to take up role of Chief Executive Officer and MD of LIC post June 29, 2024 till June 7, 2025

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India govt appoints Siddhartha Mohanty as LIC Chairman

India's government on Friday appointed Siddhartha Mohanty as the chairman of state-run Life Insurance Corp of India until June next year, and chief executive for at least a year after that. Mohanty, who is one of the four managing directors at LIC, was already named as chairman in March for three months.

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RBI looking at bank business models to spot vulnerabilities

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View: India's banks have it all, except caution

Across most of Asia, muted big-ticket consumer expenditure — such as on housing — and restrained capital expenditure by firms have led to only a mild post-pandemic recovery in credit, which makes India’s double-digit loan growth a notable exception, according to economists at Australia & New Zealand Banking Group Ltd.

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Reliance Capital Resolution: More challenges ahead

Although Reliance Capital's (RCap) lenders succeeded in concluding the second auction with an improved offer, they will have to cross several hurdles before completing the sale of the Anil Ambani financial services company as part of the insolvency process.

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Bajaj Allianz Life declares bonus worth Rs 1,201 crore in FY23

Bajaj Allianz Life has declared a bonus of Rs 1,201 crore for the financial year 2022-23, marking the 22nd consecutive year of bonus payment to eligible and participating policyholders. This bonus includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore. Out of its 3.5 million policyholders, 11.43 lakh participating policyholders will benefit from the announcement.

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‘There will be tailwinds for the corporate bond market’

CRISIL Ratings chief sees stabilising interest rate favouring bond markets

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Stock markets rise for 3rd session; Sensex gains 169 points

Equity benchmark indices Sensex and Nifty extended their rally for the third straight session on Wednesday amid buying in index major IndusInd Bank, Nestle India and HCL Tech. However, continuous foreign fund outflows and a weak trend in global equities restricted gains in the market, traders said.

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PhonePe plans a Google Play Store rival: Report

PhonePe noted that Google commands 97 per cent of the Indian app store market.

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Cryptoverse: Investors pick their AI race horses

The machine mania sweeping the tech world amid the launches of ChatGPT and Bard has reached the cryptoverse, with interest in tokens tied to AI blockchain projects surging

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Bajaj Finance down ahead of Q4 results; margins seen under pressure

Bajaj Finance’s net interest margin seen under pressure due to rising cost of funds

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AU Small Finance Bank posts highest-ever quarterly PAT of ₹425 crore in Q4

Net interest income for Q4 was 30 per cent higher y-o-y

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RBI notifies Adoor Co-operative Urban Bank as a non-banking Institution

RBI cancelled the banking licence of Adoor Co-operative Urban Bank to carry on banking business under the Banking Regulation Act,1949, with effect from the close of business on April 24, 2023

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The Intelligent Investor by Benjamin Graham

Touted by Warren Buffet as ‘by far the best book ever written on investing’, The Intelligent Investor by Benjamin Graham shares investing gems that can help investors chalk an optimal investment journey.

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MobiKwik’s Twitter banter connects leading brands

McDonald’s India, Domino’s, Zoomcar India, Zoomin, Milkbasket and Fever FM share their experience of #KwikConnection, creating two-way communication between brands and their customers

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Uday Kotak's XXXL shoes: The big change at Kotak Mahindra Bank

Uday Kotak, the man behind India's third-largest private bank, Kotak Mahindra Bank, will step down as CEO and MD at the end of this year due to RBI tenure cap. Kotak Mahindra Bank is actively looking for his replacement to fill his shoes, which seems difficult as he is an institution by himself. Kotak started his journey with a small bill-discounting business, which later became one of India's largest banks. He made banking look cool and positioned it more as an FMCG one.

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Indian banks unlikely to go SVB, Credit Suisse way for it can swim good amid troubled waters

Days after the US saw its second and third largest banking failures, where the authorities had to step in to rescue the banks and depositors' money, Swiss banking giant Credit Suisse got into an excruciating financial crisis. Banks face interest rate risk when the country's policy rates increase rapidly in a short span of time. This spelled trouble for the banks. However, find out why India's banking system has considerably less chances to face such incidents.

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Bank stocks lift sensex above 60,000 after a week

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TMB Q4 net profit up 25% to ₹1,029 crore

This is the highest ever profit posted by Tamilnad Mercantile Bank

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Evercore may end decade-old tie-up with billionaire Uday Kotak’s unit, sources say

The US company is weighing opening its own office in the country in order to free itself from the restrictions of its deal with Kotak Mahindra Capital Co., the people said, asking not to be identified as the information is not public. Evercore partnered with Kotak in 2011, constraining it from working with anyone else to provide M&A advisory services on cross-border transactions between clients in India and the US, the UK and Mexico.

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KVG Bank gets news Chairman

Prior to his joining as Chairman of KVGB, Bhandiwad was heading the Patna circle of Canara Bank

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DBS knew problem areas at Lakshmi Vilas Bank, cleaned up and integrated business from day 1: India CEO

"As soon as we went in, we started looking at contracts and quickly realised where the problems were. We ran an assessment with an external partner to assess the capability because we also wanted to make sure that if somebody was good, we could retain them. We had acquired 3,800 people. We needed to assure the good people that they had a future and that they would not be treated differently," said DBS Bank India CEO Surojit Shome.

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RBI looks askance at co-lending arrangements

With loans via this route zooming, concerns emerge over oversight

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HDFC’s reserves to help HDFC Bank meet regulatory ratios post-merger

RBI had asked HDFC Bank to comply with CRR, SLR and LCR from the time of merger

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FM warns against financial influencers, focuses on Ponzi App clampdown

No proposal before the government to regulate finfluencer, says Nirmala Sitharaman

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Lenders of Reliance Capital to meet on Monday to consider bidders' concerns

According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction.

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Muthoot Microfin expects 25-30 pc growth in loan disbursals this fiscal

In the pandemic-hit FY22, its loan book stood at Rs 6,300 crore from which it had earned Rs 79 crore of net income, chief executive Sadaf Sayeed told PTI. He attributed the massive loan book expansion to the low base in the pandemic hit year, and bases his optimism to maintain the momentum on the rising need for liquidity among its customers, even though the interest rates have risen.

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