It can be noted that securitisation activity, wherein a lender transfers its future receivables on a loan to other financier against a cut, had suffered a lot during FY22 because of the devastating second wave of the coronavirus pandemic which made loan recollections difficult.
Earlier this month, India invited bids for a 60.72% stake in IDBI Bank -- which is 45.48% owned by the government and 49.24% by state-owned Life Insurance Corp (LIC) -- after dragging its feet for years. SEBI, India's capital markets regulator, mandates a minimum 25% of public shareholding for all listed entities, excluding state-owned companies, within three years of listing.
The new saving rates are applicable on balances of less than Rs 10 crore, on which the bank earlier offered 2.75 per cent per annum interest. The lowering of rates on savings accounts by SBI comes at a time when the peer lenders have been raising deposit rates to mobilise funds
DBUs are brick-and-mortar outlets that provide facilities such as account opening, balance checks, fund transfers, fixed deposit investments, loan applications, credit and debit card applications, tax and bill payments, etc.
According to Crisil Ratings' analysis, the new norms announced by the Reserve Bank last Tuesday for ARCs, however, will require them to increase net-owned funds by fourfold to Rs 300 crore from Rs 100 crore in a phased manner by March 2026, which could be challenging for smaller ones.
SBI has revised the MCLR for the benchmark one-year tenor to 7.95 per cent, up by 25 basis points from previous rate. Kotak Mahindra Bank said the MCLR for various tenors has been set in the range of 7.70-8.95 per cent with effect from October 16, 2022. South-based Federal Bank said its one-year MCLR on loans and advances has been revised to 8.70 per cent with effect from October 16.
JP Morgan is aiming to gain higher footprint in local corporate lending and mergers and acquisitions as Indian becomes the fastest growing economy amid a global gloom and doom. Kaustubh Kulkarni has been a rainmaker for 24 years during which time he built a formidable leading investment banking business in India.
The Committee of Creditors (CoC) has approved Aditya Birla Capital Ltd to bid for RNLIC, sources said. Reliance Nippon Life Insurance is a 51:49 joint venture between Reliance Capital and Nippon Life of Japan.
“More or less we think we are on the timeline. Maybe there is a (possibility of completing the merger process) a quarter or a few months early," HDFC Bank chief financial officer Srinivasan Vaidyanathan told analysts.
Japan’s Gojo-backed Aviom, with Rs 990 crore in loan assets, is in talks with a global pension fund and a domestic private equity fund for fresh capital infusion, founder-cum-managing director Kajal Ilmi told ET.
RBI guidelines stipulate that a payments bank more than five years old can apply for a licence for a small finance bank (SFB), Gupta said. "So the natural migration for Fino from a banking licence point of view will be into a small finance bank. We have started to offer credit in partnerships with other players. We are also building a large customer and merchant base, which will come handy as we decide on SFB.
The bank said it is making retail loans cheaper to bring in cheer among customers during the festive season. Home loans from the bank will now be available at 8% per annum while the personal loan rate becomes cheaper at 8.9% from earlier 11.35%.
The interest rates for deposits of up to 12 months has been increased to 6.65 per cent, for 24 months it has been hiked to 7 per cent, the company said in a statement. For tenures of up to 36 months, the interest rates have been increased to 7.30 per cent.