IDFC First Bank logs Rs 630-crore loss in Q1 on pandemic provisions

Total provisions and contingencies rose sharply to Rs 1,878 crore at the end of the quarter under review. This was at Rs 764 crore in the corresponding period last year.

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IDFC First Bank logs Rs 630 crore loss in Q1 on Covid provisioning

"Net loss of Rs 630 crore for Q1FY22 is because of prudent provisions for Covid wave 2.0. Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact," IDFC First Bank said in a release.

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Fino Payments Bank files for Rs 1300 crore IPO

Investment bankers Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the IPO.

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SBI announces 100% waiver on home loan processing fee

The State Bank of India, a public sector lender, said on Saturday that processing fees on housing loans would be waived entirely. This is a big reduction from the 0.40 percent processing costs that were previously in place.

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New IDBI owners may get RBI road map to cut stake

The Reserve Bank of India (RBI) is expected to provide a road map to the new owners of IDBI Bank, for reducing their stake as the government seeks to sell its equity, by the end of the current fiscal year.

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Banks’ jewellery, auto auctions to rise

According to RBI data, loans against jewellery by banks stood at Rs 62,221 crore as of June 18, 2021 — an 80% increase over the previous year.

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Foreign card payment companies may have to shell out more taxes once data servers are set up

A large part of the income generated by these companies in India is outside the domestic tax net as they did not have a PE here. PE is a concept in the tax regulations that determines which country has the right to tax a company - and to what extent.

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Forcing minimum claim period of 1 year on bank guarantees wrong, says Delhi HC

As per the court order, PNB’s stand is due to letters issued by IBA on December 12, 2018, to its member banks, stating that if a bank issues a claim period of less than one year on top of the guarantee period then such a bank guarantee would not have the benefit of Exception 3 to Section 28 of the Contract Act.

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Mastercard submits new audit to India after ban over data handling

The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U.S. giant from issuing new cards. It cited non-compliance with 2018 rules that required it to store payments data only in India.

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Investments - Myths about SIP

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Know about Focused Equity Funds – ‘the more the merrier’

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Turnaround is on, we'll have even better results in the coming quarters, says IDBI Bank CEO

"Basically, we have been able to recover almost 140% of the principal and still some more recoveries are expected. We have provided for our NPAs and the provision coverage ratio is 97% so similarly when some other recoveries come we can expect similar results in future, probably even better ones," says Sharma of the Kingfisher situation.

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GyanDhan receives NBFC licence, aims to disburse Rs 650 crore in FY22

The Delhi-based, digital-first company has already partnered companies including Great learning and various IAS institutions to offer interest-free education loans to prospective students wanting to pursue short-term courses.

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Union Bank of India Q1 results: Net profit zooms to Rs 1,181 cr

Net interest income grew 9.53 per cent to Rs 7,013 crore from Rs 6,403 crore in the year-ago quarter.

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LIC Housing Finance Q1 results: Net profit down 81% to Rs 153 cr

The housing finance company made a provision of Rs 830 crore for NPAs during the quarter.

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Customer-focus and digital-first are the keys to survival and growth: Uday Kotak

“The industry also needs to stop postponing the inevitable and kicking the can down the road,” Kotak said. “Upfront action with an eye on enduring, sustainable growth, not swayed by quarterly, short-term results is a must for the future of a healthy Indian financial sector.”

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RBI cancels licence of Madgaum Urban Co-operative Bank Ltd, Margao

The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

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IndusInd Bank will take provisions upfront rather than deferring: Sumant Kathpalia, MD & CEO

"I believe that our provision PPOP margins are such that we can take any provisions right now. I do not believe that the third wave will be as vigorous as we what we saw in the Covid-2 or Covid-1."

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World Bank arm IFC holds nearly 5% stake in Federal Bank with Rs 916 crore capital infusion

Increased financing for climate-friendly projects as well as more financing for small businesses to help accelerate India's economic recovery from COVID-19 are expected in the wake of a USD 126 million (Rs 916 crore) equity investment in the bank, IFC and Federal Bank said in a joint release on Thursday.

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NPAs & Covid-19 implications temporary; Indian banking on path to revival: ETILC

As mutant variants of the virus succeedingly assailed the country with a pervasive health crisis, the already floundering pre-pandemic financial infrastructure was left fractured. However, across various sectors, despite the notion that India is surviving on borrowed time, there is hope yet at the end of the tunnel for the economy.

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We see growth coming back, but remaining cautious: Sumant Kathpalia, IndusInd Bank

"We have also reinitiated the Rs 500 crore of restructuring which will happen in this quarter on that book, but otherwise we are well on our way."

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Maharashtra rains shut 1,200 ATMs in five districts, derail banking ops

According to the information ETBFSI received from various sources, more than 1,200 ATMs are down in the five districts of Maharashtra -- Ratnagiri, Raigad, Sindhudurg, Kolhapur and Satara. There are about 1,300 ATMs in these districts.

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Digital payments company Cashfree appoints Vikas Guru as CFO

He brings over two decades of experience across sectors such as financial services, retail, banking, and real estate. In a decade-long stint at FINO PayTech, he led the organisation to achieve scale and profitability facilitating organic growth capital and inorganic expansions.

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Cabinet Clears amendments for privatisation of general insurance firm

Last year, the government had provided capital support to National Insurance, Oriental Insurance and United India Insurance to meet regulatory requirement and increase the authorised share capital of National Insurance Company Ltd (NICL) to Rs 7,500 crore and that of United India Insurance Co Ltd (UIICL) and Oriental Insurance Co Ltd (OICL) to Rs 5,000 crore each.

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Paytm considering JV option for insurance business clearance

While Paytm announced the Raheja acquisition last year, the deal is yet to close.

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Paytm Payments Bank crosses 1-crore FASTags mark

"Besides this, Paytm Payments Bank is also India's largest acquirer of toll plazas for the National Electronic Toll Collection (NETC) program offering an interoperable nationwide toll payment solution," Paytm Payments Bank said in a statement.

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Yes Bank, Indiabulls Housing Finance to give home loans under co-lending model

The bank is looking forward to further building a profitable and quality home loan portfolio through this partnership, Rajan Pental, Global Head - Retail Banking, Yes Bank said.

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Kotak AMC's global innovation fund of fund collects over Rs 1,650 crore

The mutual fund firm's global innovation FoF scheme has tied up to invest in Wellington Global Innovation Fund units, which in turn invests in global innovators such as Alphabet, Facebook, Amazon, Walt Disney, VISA, AstraZeneca, and Netflix.

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RBI imposes Rs 5 crore penalty on Axis Bank

They also include 'Financial Inclusion-Access to Banking Services-Basic Savings Bank Deposit Account'; and 'Frauds-Classification and Reporting'.

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Large govt capex a possible saving grace for economy in FY22: Yes Bank chairman Sunil Mehta

The Reserve Bank of India (RBI) has projected the economy to grow at 9.5 per cent in the current financial year, lower than its earlier projection of 10.5 per cent. The International Monetary Fund (IMF) has also slashed the GDP growth projection for India to 9.5 per cent from 12.5 per cent earlier.

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ED attaches Rs 5-crore worth assets in Bengaluru Syndicate Bank branch fraud case

The central probe agency said its investigation in the case was initiated on the basis of an FIR filed by the Bengaluru Police sometime back against Vijay Akkash, Mohamed Musthafa, M D Jairam (the then Assistant Branch Manager of Syndicate Bank, Uttarahalli branch in Bengaluru) and others.

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Over 50% of slippages from MSME sector: LV Prabhakar, Canara Bank

"The best part of this restructuring, as far as our bank is concerned, is under MSME. We have restructured about Rs 3,300 crore and retail about Rs 7,600 crore and total amount is over Rs 13,200 crore."

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Fast growing gold loans turn sour hit by lockdowns

Banks for which gold loans contribute substantial amount to their profits, were hit in the first quarter. Out of the Rs 640 crore slippages that Federal Bank saw during the quarter, Rs 86 crore was from gold loans or linked to the product as a result, the bank's gross NPAs rose to 3.50% of advances, up from 2.96% a year.

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Unclaimed funds with banks, insurance companies near Rs 50,000 crore

In case of banks, change of residence is seen to be a major source of funds lying idle as an account holder may not go back to another city to transact. Funds have been a perennial problem as several policyholders or their family members do not claim the maturity amount from insurance companies for multiple reasons.

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Paytm founder to have protective rights after listing

But needs to own 2.5% stake, continue with company in an executive capacity

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IIFL Finance Q1 results: Net profit jumps multi-fold to Rs 266 cr

Total income during Q1 FY22 moved up to Rs 1,531.67 crore, as against Rs 1,295.19 crore in the first quarter of FY21, IIFL Finance said in a regulatory filing.

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IndusInd Bank Q1 profit doubles, sets 16% credit growth target

Other income including fees and commissions increased 18 per cent to Rs 1,788 crores in the quarter ended June 30 from Rs 1,520 crore a year ago.

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Karnataka Bank Q1 results: Co reports net profit of Rs 106 Crore

Sequentially, on a quarter-on-quarter basis, it was higher by 238.26 per cent over the quarter ended March 2021. However, on a year-on-year basis, the profit declined by 45.98 per cent, mainly on account of decreased treasury income, the bank said in a statement.

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PFRDA sets floor for pension funds to invest in IPOs

PFRDA has recently allowed investment in new-age assets, such as REITs and InvITs, to maintain a decent rate of return as interest rates plunge to record lows.

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UCO Bank Q1 results: Net profit jumps over 4-fold to Rs 102 cr

The total income during Q1 FY22 increased to Rs 4,539.08 crore, against Rs 4,436.57 crore in Q1 FY21, UCO Bank said in a regulatory filing.

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Canara Bank Q1 results: Net profit rises nearly three-fold to Rs 1,177 cr

Total income in the April-June increased marginally to Rs 21,210.06 crore, from Rs 20,685.91 crore in the year-ago period, Canara Bank said in a regulatory filing.

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‘Delay in naming IRDAI head causing disruption in India's insurance sector’

Insiders claim that the backlog of crucial policy considerations as well as routine clearances are getting delayed even as companies themselves are suffering from a possible lack of regulatory oversight.

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SBI, Axis Bank, ICICI Bank, others buy stakes in fintech firm IBBIC

Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.

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Canara Bank restructures loans worth Rs 13,000 crore, MSME, retail worst hit

Profits nearly tripled to Rs 1177 crore at the end of the June quarter as fee income and treasury gains grew sharply. The lender had reported profits of Rs 406 crore in the corresponding period last year. Though it’s net interest income was flat at Rs 6,147 crore from Rs 6,096 crore in Q1FY21.

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Covid impact: Retail loans impairment rises as borrowers delay payments

Private lender Axis Bank reported fresh slippages of Rs 6,518 crore, up 23% from Rs 5285 crore in the March quarter. 84% of the net slippages were from the retail book.

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Nearly Rs 49,000 crore lying unclaimed with banks, insurers: Karad

Giving the details in a written reply, the minister said as per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020.

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Axis Bank buys 5.55 pc stake in financial technology firm IBBIC

Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.

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Escrow service provider Castler launches white label solution to ensure safe transactions

"As we fervently work towards making digital escrows a household name in India, more and more people are realizing that the risks they take while carrying out digital transactions are avoidable, and they find the ease and convenience of our platform attractive,” said Castler’s co-founder and CEO, Vineet Singh.

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M&M Finance Q1 results: Co reports loss of Rs 1573 cr as bad loans, slowdown bite

M&M Finance swung to a loss of Rs 1573 crore on a consolidated basis during the quarter ended June from a profit of Rs 432 crore a year earlier, as total income declined 16 per cent to Rs 2567 crore from Rs 3069 crore the year earlier.

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Yes Bank Q1 profit quadruples as NPA additions slow

Profits were helped by a 70 per cent growth in non-interest income to Rs 1056 crore up from Rs 621 crore a year ago which included fees from retail and corporate banking, forex, debt capital markets and recoveries from written-off accounts.

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