IDFC First Bank clocks 10 per cent loan growth in Q2

Retail funded assets grew by 7.0% during Q2-FY22 versus year ago. Housing loan registered strong Q-o-Q growth of 11.0% in Q2.

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Festive fervour: Credit card spends zoom 54% over last year

“We are seeing a significant revival on ground, and shows that consumer spending is back, our range of festive offers on credit cards is not just about coming back with a bang but also about spurring India’s consumption story,” said Parag Rao, Group Head - Payments, Consumer Finance, Digital Banking, and IT, HDFC Bank.

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Paytm rightfully worth less than $20 billion, says NYU valuation professor

Mapping out Paytm's financial pathway in a scenario in which it remains a dominant digital payments player for the next 10 years, Damodaran argues that even with favorable assumptions, a justifiable valuation of equity would be around $19.6 billion.

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Kotak Mahindra Bank becomes 1st scheduled private sector bank to collect direct, indirect taxes

With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in government-related business.

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HDFC Bank posts strong loan growth in September quarter

Retail loans grew by around 13% over September quarter last year and 5.5% over June. Commercial and rural banking loans grew by around 27.5% year-on-year at the end of the September 2021 quarter while other wholesale loans grew by around 6%.

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MFI body Sa-Dhan writes to FM seeking Rs 7,500 crores towards Credit Guarantee Scheme

“We would like to take this opportunity to request you to approve an additional amount of Rs 7500 crores for the Credit Guarantee Scheme for the MFIs,” the letter states. “The additional amounts will support the funds flow for MFIs with lower grading, which are smaller and cater to poorer sections and remoter areas.”

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HDFC Bank launches festive offers, partners with over 10,000 merchants

The bank will use its ATM, branch network, partnerships with stores & websites and digital media campaigns to reach its customers.

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Mahindra Finance reports 100% collection efficiency in September

During September, the company’s total disbursement stood at Rs 1900 crore, a growth of 23% on a YOY basis, albeit on a lower base in FY21 due to the first wave of the pandemic. During Q2 of FY22, the total disbursement stood at Rs 6450 crore, a 60% YOY growth over Q2 of FY21.

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RBI grants licence to NARCL: IBA CEO

"Happy to share #RBI has given License to #NARCL on 4.10.2021. The approval has been accorded under Section 3 of #SARFAESI Act 2002," Indian Banks' Association (IBA) CEO Sunil Mehta tweeted.

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Metlife plans to raise its stake in Indian venture; acquire stake of IGE, Elpro

MetLife said it had entered into an agreement with IGE India and Elpro International to acquire their combined stake of 15.27% in PNB MetLife India Insurance Company Limited. The deal will boost MetLife's stake in PNB MetLife to more than 47%.

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HSBC executes blockchain-enabled trade transaction for AMNS and UAE's Universal Tube

In the transaction, ArcelorMittal Nippon Steel (AMNS) sold goods to Universal Tube, and the transaction was end-to-end paperless carried out on a platform built on blockchain technology, it said, adding that it involves digitisation of the end-to-end 'Letter of Credit' (LC) transaction.

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FIDC-led consortium to set up on-tap refinance mechanism non-bank lenders

“There is a dire need for an effective refinance mechanism to ensure diversity and greater regularity in sources of funds to NBFCs,” FIDC said in its letter. “We believe that SIDBI is most suited as an institution to provide such a facility to NBFCs for onward lending to MSMEs and other appropriate sectors.”

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SBI, Indian Navy launch NAV-eCash card

The concept will be replicated at other naval ships and various defence establishments for creating a secured, convenient and sustainable payment ecosystem.

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