LIC's embedded value was pegged at about Rs 5.4 lakh crore as on September 30, 2021 by international actuarial firm Milliman Advisors.from Banking/Finance-Industry-Economic Times https://ift.tt/nLvI2CH
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Tuesday, May 31, 2022
BANKING
LIC's embedded value was pegged at about Rs 5.4 lakh crore as on September 30, 2021 by international actuarial firm Milliman Advisors.from Banking/Finance-Industry-Economic Times https://ift.tt/nLvI2CH
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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.source https://economictimes.indiatimes.com/industry/banking/finance/insure/determination-of-embedded-value-work-in-progress-lic-md/articleshow/91923578.cms
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/shareholders-raise-concerns-over-dhanlaxmi-banks-financial-health-rising-expenses/articleshow/91922285.cms
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.source https://economictimes.indiatimes.com/industry/banking/finance/insure/lic-makes-rs-42000-crore-equity-gains-in-fy22/articleshow/91917834.cms
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/ZBKnrbt
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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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/sundaram-home-finance-revises-interest-rates-on-deposits/articleshow/91910332.cms
Monday, May 30, 2022
Fox News Breaking News Alert
Fox News Breaking News Alert
Number of dead rises after devastating tornadoes, Kentucky governor announces
12/13/21 7:52 AM
Number of dead rises after devastating tornadoes, Kentucky governor announces
12/13/21 7:52 AM
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/StbgI5U
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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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/collective-profit-of-12-state-owned-banks-rises-110-in-fy22-heres-whats-behind-the-rise/articleshow/91884197.cms
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/c7Khf9y
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Sunday, May 29, 2022
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/3lQSovJ
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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.source https://economictimes.indiatimes.com/industry/banking/finance/retro-tax-i-t-department-withdraws-sanofi-appeal-from-supreme-court/articleshow/91875989.cms
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/how-a-display-error-hit-hdfc-banks-chennai-branch/articleshow/91874984.cms
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/Z0FBCwY
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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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/organic-growth-tie-ups-start-delivering-aims-20pc-share-in-credit-cards-in-3-years-axis-bank-official/articleshow/91867801.cms
Friday, May 27, 2022
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.source https://economictimes.indiatimes.com/industry/banking/finance/insure/insurers-banks-order-probes-in-the-wake-of-axis-mutual-fund-controversy/articleshow/91843193.cms
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/sebi-carries-out-search-and-seizure-operations-to-probe-axis-mf-front-running-case/articleshow/91843222.cms
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/karnataka-bank-reports-all-time-high-profits/articleshow/91842391.cms
Yes Bank scam: Avinash Bhosale custody is required to probe transactions over Rs.300 crores, CBI tells court
The federal agency told the court that Bhosle received an amount of approx. Rs 69 crores from DHFL in grab of consultancy services provided for three projects without performance of any service. Apart from the same it had also been alleged that the companies of Bhosle were beneficiaries of diverted amount to the extent of Rs 292.50 crores from Radius Groups of Sanjay Chabbaria after receiving loans amounting to Rs 2000 crores from DHFL. Chanbaria, a defaulter of DHFL has been arrested in the case.source https://economictimes.indiatimes.com/industry/banking/finance/banking/yes-bank-scam-bhosale-custody-is-required-to-probe-transactions-over-rs-300-crores-cbi-tells-court/articleshow/91841460.cms
BANKING
The federal agency told the court that Bhosle received an amount of approx. Rs 69 crores from DHFL in grab of consultancy services provided for three projects without performance of any service. Apart from the same it had also been alleged that the companies of Bhosle were beneficiaries of diverted amount to the extent of Rs 292.50 crores from Radius Groups of Sanjay Chabbaria after receiving loans amounting to Rs 2000 crores from DHFL. Chanbaria, a defaulter of DHFL has been arrested in the case.from Banking/Finance-Industry-Economic Times https://ift.tt/6x04LMo
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BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/UYCrZzS
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Thursday, May 26, 2022
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/ywqMu4b
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BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/BHzgISa
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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.source https://economictimes.indiatimes.com/industry/banking/finance/insure/insurance-to-cover-ma-risks-is-on-the-rise-here-aon-asia-pacific/articleshow/91821226.cms
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/public-sector-banks-to-pay-record-rs7867-crore-dividends-to-government-this-year/articleshow/91821022.cms
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/regional-rural-banks-revamp-in-the-works/articleshow/91821021.cms
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/wvgJhFe
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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.source https://economictimes.indiatimes.com/industry/banking/finance/jm-financial-private-equity-buys-into-emiza-supply-chain-services/articleshow/91805738.cms
Wednesday, May 25, 2022
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/JDBb6Kh
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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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/government-on-course-on-psu-bank-privatisation-sources/articleshow/91795868.cms
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/HwrqzEc
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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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-cancels-registration-of-5-nbfcs-due-to-irregular-lending-practices/articleshow/91793748.cms
BANKING
"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.from Banking/Finance-Industry-Economic Times https://ift.tt/TDF4dQZ
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Tuesday, May 24, 2022
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/non-disclosure-of-foreign-assets-comes-back-to-haunt-thousands/articleshow/91774346.cms
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/732PmwK
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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.source https://economictimes.indiatimes.com/industry/banking/finance/muthoot-finance-to-raise-rs-300-crore-via-public-issue-of-secured-ncds/articleshow/91768073.cms
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/1wHVgdc
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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.source https://economictimes.indiatimes.com/industry/banking/finance/pe-firm-advent-raises-25-billion-global-fund-india-ceo-shweta-jalan-says-fund-will-support-local-expansion/articleshow/91765496.cms
BANKING
“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.from Banking/Finance-Industry-Economic Times https://ift.tt/csEkV2i
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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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-mf-to-widen-scope-of-investigation-axis-bank-md-ceo-chaudhry-says/articleshow/91762662.cms
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/c48P0UO
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Monday, May 23, 2022
BANKING
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.from Banking/Finance-Industry-Economic Times https://ift.tt/b4UZHSX
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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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/indians-prefer-credit-cards-for-online-shopping-debit-card-at-physical-shops/articleshow/91758489.cms
Sunday, May 22, 2022
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-keen-to-sell-stressed-power-other-loans/articleshow/91729253.cms
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.source https://economictimes.indiatimes.com/industry/banking/finance/banking/naveen-dhingra-assumes-charge-as-chief-gm-nabard-assam-regional-office/articleshow/91729209.cms
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