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ICICI Bank on Saturday said its consolidated net profit for the December quarter jumped 25.7% to Rs 11,052.60 crore, up from Rs 8,792.42 crore. The second largest private sector lender posted a 23.6% rise in standalone net profit for the third quarter of the current fiscal to Rs 10,272 crore.
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Hari Prasad Josyula, a fintech expert, has received a patent for his unique Internet of Things (IoT)-based financial data management gadget created exclusively for the banking sector. The patent, titled "Internet of Things-Based Financial Data Managing Device in Bank," offers a significant advancement in the way financial data is collected, processed, and maintained in banking organizations.
10:10 AM
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Stock market today: Indian benchmark indices, BSE Sensex and Nifty50, continued their winning streak on Saturday after closing in green on Friday. Today, the market will react to the results of major index heavyweights such as Reliance, HUL, ICICI Bank, and Kotak Bank.
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Several states have declared a public holiday for the Ram Mandir inauguration on January 22. Public sector banks will be closed till 2:30 PM, while private sector banks will remain open. The Reserve Bank of India's holiday list confirms that January 22 is a working day for private sector banks.
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1:10 PM
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HDFC Bank shares plummeted by 3.7% to Rs 1,480 on the BSE, resulting in a decline of about Rs 1.3 lakh crore in market capitalization since yesterday. The weak performance of HDFC Bank shares accounted for over one-third of the decline in the Nifty and Sensex.
9:10 AM
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RBI Governor Shaktikanta Das has stated that India is taking steps towards internationalizing the rupee to reduce the risk of depending solely on one currency for global trade. This move aims to protect the economy from currency volatility. The governor also highlighted the central bank's success in achieving currency stability, making India an attractive destination for foreign investments and allowing domestic companies to access international capital markets. Speaking at a fireside chat during the WEF's annual summit in Davos, Switzerland, Das emphasized India's expanding economy and growing role in international trade.
9:10 AM
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The Reserve Bank of India (RBI) has released a report calling for new restrictions on guarantees provided by state governments for project loans, and a complete prohibition on guarantees for the private sector. The report, issued by a working group, states that it is necessary to set a reasonable limit on the issuance of guarantees by state governments. The group has recommended that the ceiling for guarantees issued in a year should be either 5% of the state's revenue receipts or 0.5% of the state's gross domestic product, whichever is lower.
9:10 AM
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Bank of Maharashtra, one of India's leading banks, has announced impressive financial results for the December quarter. The bank's net profit soared to Rs 1,036 crore, a significant increase of 34% compared to the same period last year when it was Rs 775 crore. This remarkable growth can be attributed to a 20% surge in total advances, which reached Rs 1.85 lakh crore, up from Rs 1.53 lakh crore in December 2022. Additionally, deposits witnessed a substantial increase of 17.9%, totaling Rs 2.5 lakh crore.
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Largest private sector lender HDFC Bank on Tuesday reported a 34 per cent jump in its standalone net profit to Rs 16,373 crore for the third quarter ended December 2023.The bank had earned a net profit of Rs 12,259 crore in the corresponding quarter of the previous fiscal year.Its total income on a standalone basis rose to Rs 81,720 crore in the October-December quarter of FY24 against Rs 51,208 crore in the year-ago period, HDFC Bank said in a regulatory filing.
3:10 PM
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Personal loans are set to become more expensive in the coming year, with non-banking financial companies (NBFCs) facing difficulties due to recent rule changes by the Reserve Bank of India (RBI). The RBI has increased the risk weight on consumer credit from 100% to 125%, resulting in higher costs for unsecured lending.
6:11 PM
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NHAI launches 'One Vehicle, One FASTag' initiative to improve Electronic Toll Collection (ETC) system. FASTag users urged to complete KYC process as per RBI guidelines. FASTags with incomplete KYC to be deactivated after Jan 31. Dispose of old FASTags and update KYC for latest FASTag. Contact toll plazas or issuer banks for assistance.
11:10 AM
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Global banks could boost their valuations by a combined $7 trillion in the next five years if they take major steps to promote growth and boost productivity, the Boston Consulting Group said in a report on Monday. Lenders could roughly double their current valuations if they pursue growth and improved price-to-book ratios despite obstacles, the consultant said. "The largest driver of pessimism about the banking sector has been the significant drop in profitability," BGC said.
8:10 AM
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DFC First Bank MD and CEO V Vaidyanathan has said digital infrastructure will have a transformative impact on leaders of tomorrow. "The impact cannot be overstated. With digital connectivity, including Aadhaar and Bharat's optic network, India has achieved a remarkable feat, formalising the economy, notably for MSMEs. Over 100 million merchants now deal digitally through QR codes, facilitating trade and enabling micro-businesses.
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