12:02 PM
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"Plan is to cover all the banks by the end of next financial year. So we will have all the banks offering their products on the platform," RattanIndia Enterprises chairperson Rajiv Rattan told PTI.
11:09 AM
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5:11 AM
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ICICI Bank and Punjab & Sind Bank have signed agreements to pick up stakes in National Asset Reconstruction Company (NARCL). While ICICI Bank will be investing Rs 137.5 crore to acquire a 5% stake, Punjab & Sind Bank will put in Rs 55 crore for a 2% stake.
ICICI Bank plans to complete the first tranche of equity investment worth Rs 70.45 crore by March 31. Similarly, Punjab & Sind Bank will invest Rs 28.18 crore in the first tranche, which it expects to complete by March 31.
Incorporated on July 7, 2021, NARCL has a total authorised share capital of Rs 2,750 crore.
NARCL has been set up by banks to aggregate and consolidate stressed assets with an exposure of over Rs 500 crore for resolution. It intends to acquire stressed assets of Rs 2 trillion in phases. In January, State Bank of India (SBI) chairman Dinesh Khara had said that the banking sector would transfer 15 large assets worth Rs 50,000 crore to NARCL in FY22.
The Indian Banks’ Association (IBA) has begun a formal search process to identify a chief executive for NARCL. SBI chief general manager Padmakumar Nair is currently on secondment as MD & CEO at NARCL.
Being a public-sector entity, NARCL is running an open selection process and Nair is also in the running for the role. Human resources consulting firm Aon is assisting IBA in the process.
5:11 AM
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HDFC Bank on Saturday said the Reserve Bank of India (RBI) has lifted its embargo on new digital launches by the lender. In August 2021, the regulator had revoked a ban on fresh issuance of credit cards by HDFC Bank. The two measures were regulatory penalties imposed in December 2020 for repeated instances of outages on the bank’s digital channels.
“We would like to inform one and all that the Reserve Bank of India has lifted the restriction on the business generating activities planned under the Bank’s Digital 2.0 programme, vide its letter dated March 11, 2022,” HDFC Bank said on Saturday.
FE had reported earlier this week that HDFC Bank is working on a plan to build a challenger digital bank in order to prepare for a future where licences for digital banks are issued. The challenger will be a purely digital bank focused on targeting a younger set of customers over their lives and careers.
While HDFC Bank remains the market leader in terms of credit card spends, its nine-month-long absence from the market has hurt its competitive position. For instance, the bank’s cards in force (CIF) grew just 5% year-on-year (y-o-y) in January 2022, even as rivals ICICI Bank and SBI Card grew their outstanding card portfolio by 24% and 14%, respectively, during the month.
In January 2022, HDFC Bank’s share in cards outstanding was 22.8%, down from 25% in January 2021. Its market share in spends fell to 24.8% from 31% a year ago.
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