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ADB, HSBC India sign a $100 million partial-guarantee program to promote micro loans

HSBC India will expand its lending to microfinance institutions and non-bank finance companies, with ADB will partially guarantee the loans. About 4 lakh borrowers can be supported through this initiative, HSBC said.

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PAN-Aadhaar linking 'deadline extended' to this date but fees imposed from April 1, 2022

The income tax department has provided relief to taxpayers who are yet to link their PAN with Aadhaar albeit with some conditions. The CBDT has notified the fee structure via a notification dated March 29, 2022. The fee that will be payable for linking PAN with Aadhaar for linking it on or after April 1, 2022 will have two-tier structure.

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Citi joins list of foreign banks scaling down India ops with Rs 12,325 cr arm sale to Axis Bank

American banking major Citi has joined a long list of foreign banks that have either exited or cut down on their business presence in India with the sale of its consumer banking business to Axis Bank for Rs 12,325 crore.

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Axis Bank buys Citibank India's consumer businesses for $1.6 billion

The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans. The transaction is expected to close in the first half of calendar year 2023 subject to requisite regulatory approvals.

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Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis will pay to Citi cash consideration of approximately $1.6 billion for the acquisition of the consumer business, subject to customary closing adjustments. The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.

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Paytm has got customers by way of cashbacks, not by rendering services: Aditya Puri

The remarks come amid a steep decline in Paytm's shares, which are now trading 75 per cent lower than the price at which investors bought them at the initial public offering. This is not the first time that Puri has gone public with his concerns on the models of such companies.

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Not linking PAN with Aadhaar will cost you Rs 500 in first 3 months, Rs 1,000 thereafter

The Central Board of Direct Taxes (CBDT) has notified the penalty amount under section 234H of the Income-tax Act, 1961 which will be applicable for linking PAN with Aadhaar after the expiry of the due date. Currently, the last date to link PAN with Aadhaar is March 31, 2022, i.e. tomorrow.

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Axis Bank to acquire Citi India’s retail assets for $2 billion

Axis Bank is the fourth-largest issuer of credit cards with a total base of 8.6 million cards. Its retail book is nearly Rs 4 lakh crore. On the other hand, Kotak has a card base of 3 million. Citi’s retail book is nearly Rs 68,000 crore, of which retail loans account for Rs 28,000 crore.

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Bank of Russia, RBI to ready framework for trade, banking

Since the creation of a rupee-rouble exchange channel is likely to feature in the talks, the team of officials from Moscow may also include representatives from Russia's financial sector.

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Public sector banks sufficiently capitalised, says MoS Finance Bhagwat K Karad

As per inputs received from Reserve Bank of India (RBI), Capital to Risk-weighted Assets Ratio (CRAR) of PSBs has improved substantially over the past three years, increasing from 12.20 per cent at the end of 2018-19 to 14.34 per cent as on December 31, 2021, MoS for Finance Bhagwat K Karad said in a written reply to the Rajya Sabha.

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HDFC Bank to infuse Rs 3 cr to acquire stake in debt resolution firm IDRCL

IDRCL was incorporated on September 3, 2021, to carry on the business as a debt management company and to do all kinds of debt management. It will do operational management and consultancy services in relation to debt resolution for an asset reconstruction company or investment trust or any other portfolio of securities.

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GEF Capital closes $200-mn climate fund as CDC, IFC, others chip in

The other investors include European Investment Bank, Proparco, Swedfund, the US Development Finance Corporation and BIO, the city-based firm said in a statement on Tuesday. It is a growth equity fund targeting climate-themed businesses in South Asia with a focus on India.

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Banking services partially impacted on second day of strike by central trade unions

"As per our reports, in the Southern Grid functioning in Chennai, during our strike yesterday and today, about 6 lakh cheques/instruments worth about Rs 5,000 crore could not be sent for clearance as branches did not function due to the strike," All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam said.

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Income tax return: Not filed ITR for FY 2020-21? You may be liable for higher TDS, TCS from Apr 1

The law for higher TDS, TCS in case of not filing ITR was announced in Budget 2021 and amended in Budget 2022. If an individual does not file ITR for FY 2020-21 by this date, then higher TDS will be applicable on certain incomes such as interest, dividend etc. from April 1, 2022.

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4 reasons to invest in ELSS funds

ELSS funds can acquire returns that are twice or more than a usual savings scheme.

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Corporates shun CPs in favour of bank funding

Significantly yields have slowly inching up It moved up from a range of 3.38-10.44 percent in early November to 3.84-12.15 percent by mid-March'22, RBI data showed. Fortnightly issuances too fell from a peak of Rs 1.72 lakh crore to just Rs 44,532 crore during the period.

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Shriram Transport set to wear a brand new look beginning April

STFC is primarily engaged in second-hand truck purchases.

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About 5,200 companies with credit exposure of over Rs 5 cr declared as NPAs till Dec 2021: MoS Finance

Scheduled commercial banks (SCBs) and All Indian Financial Institutions report certain credit information of all borrowers having aggregate credit exposure of Rs 5 crore and above to the RBI, under its CRILC database, since the quarter ended June 2014, Minister of State for Finance Bhagwat Karad said.

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80% microfinance customers showing good credit behavior in spite of pandemic: Suryoday Small Fin Bank MD Babu

The uniform microfinance guidelines along with the higher digital penetration would change the contour of microfinance in India in line with what happened in most Asian countries, says Suryoday Small Finance Bank Managing Director R Baskar Babu. He expects the market to evolve into an interest rate sensitive one where a customer would choose a lender based on loan pricing.

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Tata Capital's PE fund raises Rs 955 crore to be invested in pharma, healthcare sectors

The Tata Capital Healthcare Fund II (TCHF II) achieved a final closure of its fund with investor commitments of Rs 955 crore or USD 126 million, a statement by Tata Capital said. The offering is a follow-up to the Tata Capital Healthcare Fund I which had raised Rs 411 crore in 2012.

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Tata AIA Life expects total premium income to cross Rs 14,000 cr in FY22, says Naveen Tahilyani, CEO

"We grew at 32 per cent in the first nine months of this fiscal and close to 40 per cent in the first ten months of the year. So, I expect to close the year with about 35 per cent business growth in new business premium and about 30 per cent growth in total premium. Our total premium should certainly cross Rs 14,000 crore this year," Tahilyani said.

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Unions' strike partially impacts banking services

Transactions at many public sector banks have been impacted as employees have not reported for duty. Besides, there might be a delay in cheque clearances and government treasury operation might also be affected by the strike.

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Need strict debt recovery mechanism to boost lending: Andromeda CEO

"As the entire economy is coming back on track, we have witnessed an overall growth of around 30 per cent year-on-year across all the segments. The next financial year we are expecting to continue at the same pace, as the market sentiment is positive and the projections are progressive," Swaminathan said.

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Lenders approve IL&FS' debt recast proposal for CNTL

The three-day voting opened on March 21 and saw the lenders favouring debt recast as it offers them 99 per cent of their money while unsecured lenders will get back 90 per cent. The new proposal values the company at Rs 5,257 crore and will address Rs 4,910 crore of the IL&FS Group debt.

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Bank of Maharashtra bags best bank award from Kerala bankers' body

The award for 2020-21 was given to the bank upon analysing performance with a 360-degree view on various business parameters with a scoring model, it said, adding, the parameters included growth in deposits, advances, net profit, capital adequacy, credit deposit ratio, quality of assets, profit per employee and return on assets.

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SBI services could be impacted after unions call for strike on March 28, 29

The unions are opposing the government's decision to privatise public sector banks, as well as their moves regarding the Banking Laws Amendment Bill 2021.

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RBI releases framework for geo-tagging of payment system touch points

According to the Reserve Bank of India (RBI), it is focused on deepening of digital payments and providing inclusive access to all citizens of the country.

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Edelweiss Housing Finance ties up with SBI for co-lending in priority sector home loans

For EHFL, co-lending represents an alternate model of disbursals that is asset-light and creates a sound revenue model for sustainable business, whereas for SBI - which brings capital flows at lower costs - the partnership provides wider customer reach.

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Banks lose microloan market share

The loss in market share took place even before the RBI liberalised rules on lending to this sector — lifting the cap on interest rates charged. The new rules are expected to enable NBFC-MFIs to be more competitive and gain market share.

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RBI discusses trade payment option with Russian banks

Bankers as well as regulators sense that the nature of sanctions in response to Russia's invasion of Ukraine are more serious compared to the curbs that were imposed on transactions with Iran.

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IndusInd to sell Future Retail loans to Edelweiss ARC

IndusInd Bank invited offers for the Rs 142 crore secured principal loan given to Kishore Biyani promoted Future Retail and Rs 105 crore principal loan given to Asian Hotel Delhi under the 15:85 basis, the people said.

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Banks to undertake special clearing ops on Mar 31 for closure of govt accounts

All government transactions done by agency banks for financial year 2021-22 must be accounted for within the same financial year.

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Sebi penalises Axis Bank for violating merchant bankers regulations

The regulator had conducted an examination of the debt capital market operations of Axis Bank during the August 2016 to August 2019 period. It was observed that Axis Bank (noticee) had acted as the merchant banker in respect of 22 public issuances of debt of various companies during the given period.

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CBI probe in over Rs 21,000-cr bank fraud cases pending for consent from 5 non-BJP ruled states

Out of the total 128 requests, involving bank frauds of Rs 21,074.43 crore, a highest of 101 requests were pending with Maharashtra (involving amount of Rs 20,312.53 crore) during 2019 to 2022 (up to February 28, 2022), it said.

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Banks are on a fundraising spree as economy shows signs of stability

State-owned Bank of Maharashtra raised Rs 290 crore in Basel III compliant Additional Tier 1 (AT1) bonds of Rs 290 crores at 8.75 per cent. The lender completed the fundraising on Wednesday while Punjab National Bank is planning to raise capital soon in either AT1 bonds or tier 2 bonds or in a combination of both.

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BNPL to contribute 14% of e-commerce transaction value by 2026: Benori Knowledge

Buy Now, Pay Later or BNPL will comprise 14% of the transaction value for e-commerce companies by 2026, growing nearly 5x from 3% of such transactions in 2021, points out market research by Benori Knowledge. BNPL payment option is one of the most interesting trends to play out against the backdrop of the accelerated adoption of e-commerce platforms in India.

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Indian firms in a huddle with auditors, valuers over Russian investments as fiscal end draws near

Companies including Dr Reddy's Laboratories, Sun Pharmaceuticals, ONGC, BPCL and Indian Oil have investments in Russia. Their income projections have become next to impossible.

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We have too few banks, need more access to common man: Sanjiv Bajaj

In an interaction with MC Govardhana Rangan and Bodhisatva Ganguli, the younger Bajaj shares his views on subjects as diverse as 'speaking truth to power' to the creation of a business that has grown in lockstep with rising disposable incomes.

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Vedanta, Jindal Power among investors interested in buying Srei firms

The Srei Group on Wednesday published a provisional list of eligible prospective resolution applicants The list mentioned as many as 14 interested entities including Assets Care & Reconstruction Enterprise Ltd, Asset Reconstruction Company (India) Ltd, International Asset Reconstruction Company Pvt Ltd, JM Financial Asset Reconstruction Company Ltd, Prudent ARC Ltd, Edelweiss Alternate Asset Advisors Ltd.

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Banks share in industrial credit plunges to 34% in FY21, says report

The report also corrects the popular notion of credit disbursement being interchangeably used as bank credit (non-food bank credit in particular), saying the trend was true only until 2017, since then bank credit in total commercial credit has been declining. Primarily after the RBI's asset quality review and NBFCs quickly filled the gap. But this couldn't last long after IL&FS went belly up and then DHFL too went bankrupt in 2018.

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ICICI Bank partners with Chennai Super Kings for co-branded credit card

“We are delighted to collaborate with CSK to introduce a co-branded credit card, which offers the CSK fans a bouquet of exclusive privileges from the iconic team and distinct banking benefits from ICICI Bank,” Sudipta Roy, Head – Unsecured Assets, ICICI Bank.

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Kotak, Axis acquire nearly 8% stake each in ONDC

ONDC was incorporated in India on December 30, 2021 and is into creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

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Tax on EPF, NPS, Superannuation fund: Here's all you need to know about it

Employer contributions to retirement funds such as Employees Provident Fund (EPF), National Pension System (NPS), or any other superannuation fund that exceed Rs 7.5 lakh in a financial year will be taxed in the hands of the employee beginning in FY 2020-21.

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HDFC Ltd approves highest ever Rs 2 lakh crore home loans in FY22

Last year the lender had processed home loans worth Rs 1.55 lakh crore, registering a year-on-year growth of 30% as demand for homes surged. Low interest rates, stable property prices and state wise stamp duty sops have all aided growth in the housing finance segment.

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Indian banks are unprepared to fight climate change, report says

None of the 34 Indian banks surveyed in the report have a long-term net zero target year with an implementation plan covering so-called scope 1, 2 and 3 emissions, which cover direct green house gas emissions, indirect emissions through electricity or energy purchased, and those attributable to its supply chain or vendors.

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