BANKING

SBI Chairman C S Setty announced the bank will reassess its construction finance policy for residential real estate, emphasising accountability and transparency. For commercial projects, developers need 40-50% tenant commitment to secure loans, aiming to avoid unoccupied buildings. Interest rates will be linked to MCLR, with NBFCs advised to lower operational costs for cheaper housing loans.

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BANKING

IIFL Finance has appointed former RBI Deputy Governor B P Kanungo as its non-executive chairman, leveraging his extensive experience in central banking and financial regulation. The company also disclosed a tax payment of Rs 1.47 crore following a notice under the Income Tax Act, stating no material impact on its operations.

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BANKING

Japan's MUFG Bank is allocating an impressive 39,620 crore to acquire a 20% stake in Shriram Finance. Dubbed the largest foreign direct investment in India's financial sector, this venture is set to fortify Shriram Finance's capital base and turbocharge its growth trajectory.

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BANKING

Piramal Finance is selling its 14.72% stake in Shriram Life Insurance to Sanlam Emerging Markets for ₹600 crore. This move aligns with Piramal's strategy to exit non-core assets and reinvest in its lending business. The transaction is expected to close by March 31, 2026, subject to regulatory approvals.

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BANKING

Mitsubishi UFJ Financial Group is set to invest $4.45 billion for a 20% stake in Shriram Finance, marking the largest FDI in India's financial services sector. This strategic move paves the way for an eventual acquisition, with MUFG aiming to increase its holding and gain majority control over time.

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BANKING

HDFC Bank and Bank of Baroda have collectively secured $1.5 billion in overseas loans, bolstering their liquidity amidst stabilizing interest rates. HDFC Bank raised $1 billion through a three-and-a-half-year loan, while BoB secured $500 million via a five-year pact, with MUFG and HSBC involved in the transactions.

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BANKING

Parliament's amendments to insurance laws aim to boost coverage, enhance policyholder protection, and strengthen regulatory oversight, aligning with India's development goals. The changes, including a Policyholders’ Education and Protection Fund and removal of FDI caps, are expected to deepen insurance penetration and support sector growth.

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