HDFC merger has the blessings of PMO, Reserve Bank, says Sashidhar Jagdishan

Jagdishan said the banking regulator had asked it to keep the structure of the merged entity simple, with HDFC Bank being the holding company.

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SBI to Swiss auction KSK loans

The bank decided to hold a Swiss auction to avoid glare from investigative agencies in future, a bank executive said on condition of anonymity. "The bank would not like to be questioned for selling loans without attempting to get the best offer," the person said.

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Srei net worth 'fully eroded', but company posts Rs 325 crore consolidated net in Q4

The quarterly profit was on account of a rise in recovery of loans, which helped total income to grow, and a sharp fall in expenditure. Total income rose to ₹795 crore from ₹595 crore, while expenses fell to ₹482 crore from ₹3,986 crore.

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Chinese banks overflow with cash that nobody wants to borrow

Housing sales have continued to slump, indicating a lack of appetite for mortgages and subdued credit demand among developers and sectors linked to the property industry.

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Bank loans rise across sectors in April

Credit to large companies rose 1.6% in April from the same month a year earlier, when it had contracted 3.6%, according to latest data on sectoral flow of bank credit released by the Reserve Bank of India. Credit to medium industries increased 53.5% year-on-year in April this year compared with 44.8% last year.

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Determination of embedded value 'work in progress': LIC MD

LIC's embedded value was pegged at about Rs 5.4 lakh crore as on September 30, 2021 by international actuarial firm Milliman Advisors.

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Shareholders raise concerns over Dhanlaxmi Bank's financial health, rising expenses

According to rules, a group of shareholders that holds not less than one-tenth of the paid-up share capital on the date of the receipt of the requisition, carries the right of voting and can seek an EGM.

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LIC makes Rs 42,000 crore equity gains in FY22

The gains translate to a 17% rise over the fiscal ended March 2021 just below the 19% year on year growth recorded by the Nifty50 index during the period. Managing director Raj Kumar said that the government controlled life insurer will match the profitability of its private sector counterparts in the next five years.

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Sundaram Home Finance revises interest rates on deposits

For the year ending March 31, 2022 the company made disbursements of Rs 2,311 crore on a profit of Rs 168 crore, the company said.

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Advance action on bank privatisation underway: DFS secretary

In the Union Budget for the financial year 2021-22, the government had announced its intent to take up privatisation of two PSBs in the year and approval of a policy of strategic disinvestment of public sector enterprises, Sitharaman had said in Parliament.

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Deposit rates unlikely to match rise in lending rate

The external benchmark-linked framework makes transmission of monetary policy signals automatic in terms of lending rates, but deposit rates are functions of credit demand as well as the prevalent liquidity situation.

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Stressed assets of NBFC-MFIs likely declined to 14 per cent as of end-March 2022: Crisil

Stressed assets of non-banking financial companies- microfinance institutions (NBFC-MFIs) are estimated to have declined to around 14 per cent as of March 2022 from close to 22 per cent in September 2021, helped by revival in the economy and limited impact of the omicron variant. Overall monthly collection efficiency was healthy at an average 97-100 per cent in the fourth quarter of last fiscal.

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Collective profit of 12 state-owned banks rises 110% in FY22. Here's what's behind the rise

The PSBs witnessed an increase of 110% in their net profits in FY22. The overall profit accounted for Rs.66,539 crore. This is the first time when such profits have been recorded by PSBs since FY18. The State Bank of India recorded the highest profit that accounted for 47% of the total profits of PSBs.

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Retro Tax: I-T department withdraws Sanofi appeal from Supreme Court

While Sanofi, like many other multinationals, settled this with the taxman under India's plan to rescind the indirect transfer of assets amendment or retrospective tax amendment in December, the appeal in Supreme Court was yet to be withdrawn. In a May 6 order, the apex court dismissed all the appeals. "In terms of the request made before the court, the appeals are dismissed as withdrawn," the court ruled.

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How a display error hit HDFC Bank's Chennai branch

Due to the freeze, those customers could not transfer any fund to other accounts but could receive cash. A small number of remaining ones, according to the bank, will be completed soon within the next few hours. About two and half years ago, the central bank had ordered the bank to temporarily hold all digital launches and new sourcing of credit card customers.

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Organic growth, tie-ups start delivering, aims 20pc share in credit cards in 3 years: Axis Bank official

The fourth-largest private sector bank clocked the highest ever quarterly growth with over 1.1 million credit card acquisitions in the March quarter of 2021-22.

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RBI is setting aside more money for rainy day, payout drops

While income for 2021-22 increased by 20%, expenditure rose by 280%, which resulted in the overall surplus transferred to the government decreasing 69% to ₹30,307.45 crore from ₹99,122 crore in 2020-21.

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Insurers, banks order probes in the wake of Axis Mutual Fund controversy

After reports that two Axis MF executives were implicated in front running - or, purchasing or selling shares based on non-public information that could impact the price of the share - came out, most of the major private insurance companies have started investigations to check the prospect of any employee exploiting their systems, people aware of the development said.

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Sebi carries out search and seizure operations to probe Axis MF front-running Case

In the past few weeks, Sebi has been receiving alerts from its internal surveillance alert system and inputs from National Stock Exchange about suspected front-running of trades at Axis Mutual Fund, the person said. "Based on the alerts and the surveillance inputs, the regulator has initiated investigation," the person said.

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Karnataka Bank reports all time high profits

The bank posted a net profit of Rs 130.20 crore for the fourth quarter ended March 2022 which is a four-fold increase compared to the net profit posted for the same period last year.

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RBI imposes Rs 45 lakh penalty on MUFG Bank

It was found that the bank failed to put in place Straight Through Processing (STP) between Core Banking System(CBS)/accounting system and SWIFT messaging system for transactions creating non-funded exposure/exposure with financial implications, within the time limit of April 30, 2018, according to a RBI release.

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India's rural economy has more access to banking now

To capture the extent of financial inclusion across the country, the Reserve Bank has constructed a composite FI-Index with three subindices, viz., FI-Access, FI-Usage and FI-Quality, incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the government and respective sectoral regulators.

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City Union Bank reports 88% rise in net profit, proposes Rs 1 dividend

Its asset quality improved with gross non-performing assets being at 4.7% at the end of March against 5.1% a year back. Net NPA was almost flat at 2.95% against 2.97%. The bank's operating profit grew 47.2% at Rs 440 crore against Rs 299 crore over the same period. The bank proposed Rs 1 dividend per equity share, i.e, 100% on face value of Rs 1 per equity share.

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Insurance to cover M&A risks is on the rise here: Aon Asia Pacific

According to her, most M&As, particularly those with an international component, seek to protect some of it. "India is a growing and underserved market when it comes to insurance, and our clients are faced with increased volatility," said Corona.

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Public sector banks to pay record Rs7,867 crore dividends to government this year

Nine out of 12 public sector banks (PSBs) have paid dividends for the fiscal year ended March 2022, led by the country's largest lender State Bank of India (SBI) with Rs3,616 crore followed by Union Bank of India (UBI) with Rs1,084 crore.

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Government to work out a revamp plan for regional rural banks

At present there are 43 RRBs in the country, and the government is keen to have one large regional rural bank for each state. "There is a scope for further consolidation and raising capital through the markets," a government official aware of the deliberations said on condition of anonymity.

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RBI reduces net-worth requirement for non-bank Bharat Bill Payment units to Rs 25 crore

Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills.

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Piramal Enterprises not eligible to buy Reliance Nippon Life due to Irdai restriction

Piramal Enterprises is one of the 54 prospective resolution applicants (PRAs) for Reliance Capital and its subsidiaries.

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Equitas Bank loses 28% of market value after founder-MD PN Vasudevan announces plan to step down

Vasudevan’s current term will come to an end in July this year and the board has decided to seek a one-year extension for him—instead of seeking a three-year extension as decided earlier—so that he can guide the bank till a successor comes on board.

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HDFC divests 10 pc stake in HCAL to Abu Dhabi Investment Authority for Rs 184 cr

In April, Housing Development Finance Corporation (HDFC) had entered into a share purchase agreement for sale of 2,35,019 equity shares of HCAL, representing 10 per cent of paid-up share capital, to a wholly-owned subsidiary of Abu Dhabi Investment Authority.

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JM Financial Private Equity buys into Emiza Supply Chain Services

Mayfield India – an existing investor in Emiza – has also participated in the Series B fund raise. Proceeds from the investment will support augmentation of the existing technology infrastructure, foray into last-mile a operations, and expansion of the Company’s operations into other geographies.

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Government on course on PSU bank privatisation: Sources

According to sources, the government is committed to the privatisation of two public sector banks and it is on course. Besides, sources also said the divestment of BPCL is also on the card and fresh bids will be invited.

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RBI cancels registration of 5 NBFCs due to irregular lending practices

"The CoR of the (five) NBFCs have been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations undertaken through third party apps which was considered detrimental to public interest," the RBI said.

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Non-disclosure of foreign assets comes back to haunt thousands

Some of the summons relate to remitting money that was transferred from another member of the family who has exhausted individual LRS limit for the year. If such fund transfers are not established as a 'gift' to the family member, it could be construed as 'borrowing' - and therefore a violation - by the latter as LRS investments cannot be with borrowed money.

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Muthoot Finance to raise Rs 300 crore via public issue of secured NCDs

The issue is of base issue size of Rs 75 crores with an option to retain oversubscription up to Rs 225 crores aggregating up to tranche limit of Rs 300 crores. ​The issue opens on 25th, May 2022 and closes on 17th June, 2022 with an option to close on such earlier date or extended date as may be decided by the Board of Directors or NCD committee.

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PE firm Advent raises $25 billion global fund; India CEO Shweta Jalan says fund will support local expansion

“The fresh fundraise through GPE X will support our expansion in India over the next few years and allow us to tap into attractive opportunities in a growing market”, Advent’s India chief executive officer Swheta Jalan said. Advent did not provide details of what quantum of the fund could be dedicated to Indian investments.

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Axis MF to widen scope of investigation, Axis Bank MD & CEO Chaudhry says

The scope of the ongoing probe at Axis Mutual Fund has been widened so that the company doesn’t miss out on anything or anyone, MD & CEO of Axis Bank Amitabh Chaudhry said. “One of the individuals was a fund manager as well as an equity analyst, so it is important that we look at all the analysts. So, we have expanded that scope,” Chaudhry said.

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Indians prefer credit cards for online shopping, debit card at physical shops

According to RBI data, Indians opt to purchase with credit cards online, while debit cards are more frequently used in physical shops. The data released in March states that 7.3 crore credit cardholders spent Rs 68,327 crore online, compared to Rs 38,773 crore spent in stores using card swipe machines.

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5 Best Defi Coins & Tokens To Invest in 2022

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The 6 Best New Cryptocurrencies to Invest in May 2022

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SBI keen to sell stressed power, other loans

Inordinate delays in debt resolution of the distressed companies in bankruptcy courts and a nudge from the government to provide additional loans to already distressed power companies have encouraged lenders to look at exit options.

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Naveen Dhingra assumes charge as Chief GM NABARD Assam Regional Office

An economist by profession, Dhingra has put 34 years of service in various Regional Offices of NABARD in different capacities.

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Paytm payments bank expects central bank curbs to be lifted in three-five months

RBI ordered a comprehensive audit of the company's IT systems, citing "material" supervisory concerns, without elaborating further, and barring it from taking on new customers.

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Bandhan Bank to increase exposure to secured loans: MD & CEO

Bandhan Bank MD and CEO Chandra Shekhar Ghosh told PTI that "the lender will increase its exposure to secured loans and has set a target to increase disbursements to housing and medium-size MSME loans. Advances to MFIs and small-ticket MSME loans are unsecured".

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No capital support from govt needed this year: Punjab & Sind Bank MD

Capital adequacy ratio of the bank improved to 18.54 per cent in March 2022 from 17.06 per cent as at March-end 2021 with the help of capital support from the government, bank's MD and CEO S Krishnan said.

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Punjab National Bank earns over Rs 645 crore through ATM transaction charges in FY22

Revenue earned by Punjab National Bank from ATM transaction charges stood at Rs 645.67 crore in financial year 2021-22, the bank said in response to an application seeking information under the Right to Information (RTI) Act. In 2020-21, the bank had earned Rs 170 crore by levying charges on customers for not maintaining minimum balance in their accounts.

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Paytm forms joint venture general insurance firm; to invest Rs 950 crore in 10 years

Initially, One97 Communications (OCL) will hold a 49 per cent stake in PGIL while the rest 51 per cent stake is to be owned by OCL's managing director Vijay Shekhar Sharma-led VSS Holding Private Limited (VHPL).

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Vijay Shekhar Sharma reappointed MD & CEO of Paytm

Paytm founder Vijay Shekhar Sharma has been re-appointed as the Managing Director & Chief Executive Officer of the fintech company, the company informed the exchanges on Saturday.

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After Viresh Joshi, Axis Mutual Fund sacks second fund manager under probe for front-loading

Since early this month, there have been rumours about improper behaviour of at least two Axis MF fund managers that included sudden changes in their lifestyle in recent months.

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IDBI Bank to exit insurance JV by selling entire stake to Ageas for Rs 580 crore

IDBI Bank said that the transaction is expected to be completed in the second quarter of the current fiscal year 2022-23, subject to regulatory approvals and satisfaction of the terms and conditions set out in the agreement.

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