Wednesday, November 30, 2022

Share of loans to industry sector in bank credit declines to 25 per cent

Earlier, the Industry segment had a contribution of 27 per cent in bank credit, which was nearly equal to services and personal loans. The decline can be attributed to increased borrowings by manufacturing firms as the industry recorded a lower than expected rate in comparison to the bank credit.​​

source https://economictimes.indiatimes.com/industry/banking/finance/banking/share-of-loans-to-industry-sector-in-bank-credit-declines-to-25-per-cent/articleshow/95903100.cms

BANKING

Earlier, the Industry segment had a contribution of 27 per cent in bank credit, which was nearly equal to services and personal loans. The decline can be attributed to increased borrowings by manufacturing firms as the industry recorded a lower than expected rate in comparison to the bank credit.​​

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TPG Capital, other PEs eye 26% in BoB credit card arm

BoB Cards had 1.57 million credit cards in circulation at the end of October, trailing bigger peers such as HDFC Bank (16.54 million), ICICI (13.53 million) and SBI Card (15.16 million), central bank data showed.

source https://economictimes.indiatimes.com/industry/banking/finance/tpg-capital-other-pes-eye-26-in-bob-credit-card-arm/articleshow/95894469.cms

BANKING

BoB Cards had 1.57 million credit cards in circulation at the end of October, trailing bigger peers such as HDFC Bank (16.54 million), ICICI (13.53 million) and SBI Card (15.16 million), central bank data showed.

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Focus your long term financial goals

Systematic Investment Plan, abbreviated as SIP, is an easy and hassle free way to invest in mutual funds these days. The term SIP has become so synonymous with mutual fund investments these days that a lot of investors feel SIP and mutual funds are the same.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/focus-your-long-term-financial-goals/articleshow/95875886.cms

BANKING

Systematic Investment Plan, abbreviated as SIP, is an easy and hassle free way to invest in mutual funds these days. The term SIP has become so synonymous with mutual fund investments these days that a lot of investors feel SIP and mutual funds are the same.

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Tuesday, November 29, 2022

SBI cards tops HDFC Bank in incremental card issuances

In terms of total credit cards, HDFC Bank continued to remain the market leader with 16.5 million credit cards, followed by SBI Cards at 15.1 million. ICICI Bank, at 13.5 million, and Axis Bank, at more than 9 million, are other major players in this segment.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-cards-tops-hdfc-bank-in-incremental-card-issuances/articleshow/95865225.cms

BANKING

In terms of total credit cards, HDFC Bank continued to remain the market leader with 16.5 million credit cards, followed by SBI Cards at 15.1 million. ICICI Bank, at 13.5 million, and Axis Bank, at more than 9 million, are other major players in this segment.

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Out-of-court deals gain traction as lenders, companies look to avoid IBC

According to the Insolvency and Bankruptcy Board of India (IBBI), 23,417 applications for initiation of the Corporate Insolvency Resolution Process (CIRP), having underlying default of ₹7.31 lakh crore, were resolved even before their admission, as on September 31.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/out-of-court-deals-gain-traction-as-lenders-companies-look-to-avoid-ibc/articleshow/95865029.cms

BANKING

According to the Insolvency and Bankruptcy Board of India (IBBI), 23,417 applications for initiation of the Corporate Insolvency Resolution Process (CIRP), having underlying default of ₹7.31 lakh crore, were resolved even before their admission, as on September 31.

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BANKING

Gen Z borrowers monitoring their credit grew by 2.9 times in between October 2021 and September 2022, compared to overall growth of 1.8 times of the entire self-monitoring base.

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ARCs shift focus as retail NPAs rise: India Ratings

The rating agency said that distress among retail borrowers since the outbreak of COVID-19 pandemic has led to an increase in the non-performing loans (NPLs) within the banking sector, which has led to an increase in the retail NPL portfolios of ARCs. The composition of asset class in the retail security receipts (SRs) issued by asset reconstruction companies (ARCs) has changed with unsecured personal and vehicles loans dominating the issuances in 2022

source https://economictimes.indiatimes.com/industry/banking/finance/banking/arcs-shift-focus-as-retail-npas-rise-india-ratings/articleshow/95849406.cms

BANKING

The rating agency said that distress among retail borrowers since the outbreak of COVID-19 pandemic has led to an increase in the non-performing loans (NPLs) within the banking sector, which has led to an increase in the retail NPL portfolios of ARCs. The composition of asset class in the retail security receipts (SRs) issued by asset reconstruction companies (ARCs) has changed with unsecured personal and vehicles loans dominating the issuances in 2022

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Monday, November 28, 2022

Banks eating into NBFCs' market share in gold loans

Gold loan is a high-yielding business with several banks and non-banks charging interest rates upwards of 10-15%. For banks, this is increasingly becoming a lucrative segment as cost of funds is around 7% and returns are higher.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-eating-into-nbfcs-market-share-in-gold-loans/articleshow/95837274.cms

Sintex Industries lenders agree to sell debt as resolution hangs fire

The Ahmedabad NCLT is scheduled to hear the matter on a resolution plan on December 7, according to the tribunal's website. Several issues are being heard at the tribunal, potentially delaying the resolution. Axis Bank has filed a petition with the tribunal opposing the distribution of the proceeds from the winning resolution applicant. Axis Bank was the only bank that voted against the resolution plan.

source https://economictimes.indiatimes.com/industry/banking/finance/sintex-industries-lenders-agree-to-sell-debt-as-resolution-hangs-fire/articleshow/95837271.cms

BANKING

The Ahmedabad NCLT is scheduled to hear the matter on a resolution plan on December 7, according to the tribunal's website. Several issues are being heard at the tribunal, potentially delaying the resolution. Axis Bank has filed a petition with the tribunal opposing the distribution of the proceeds from the winning resolution applicant. Axis Bank was the only bank that voted against the resolution plan.

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BANKING

Tax planning is as essential as financial planning. Those looking to save tax by investing in Long Term Equity Fund, they can consider starting a monthly SIP in this tax saver fund.

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Long Term equity fund: Features and benefits

Tax planning is as essential as financial planning. Those looking to save tax by investing in Long Term Equity Fund, they can consider starting a monthly SIP in this tax saver fund.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/long-term-equity-fund-features-and-benefits/articleshow/95818862.cms

Sunday, November 27, 2022

BANKING

Large-cap equity mutual fund schemes can be considered by those who are looking to earn stable returns with minimum investment risk

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No PSU norms for IDBI Bank after stake sale, clarifies govt

In October, the government had invited expressions of interest (EoI) for a stake sale, along with the transfer of management control in IDBI Bank. The government, along with the Life Insurance Corporation (LIC), will sell 60.72% stake in the lender.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/no-psu-norms-for-idbi-bank-after-stake-sale-clarifies-govt/articleshow/95810928.cms

BANKING

In October, the government had invited expressions of interest (EoI) for a stake sale, along with the transfer of management control in IDBI Bank. The government, along with the Life Insurance Corporation (LIC), will sell 60.72% stake in the lender.

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IDBI Bank to continue as 'Indian private sector bank' post strategic sale

The government and LIC together hold 94.72 per cent stake in IDBI Bank. The successful bidder would be required to make an open offer for acquisition of 5.28 per cent public shareholding. Pursuant to the transaction, the government will own 15 per cent stake and LIC 19 per cent shareholding in IDBI Bank, taking their total holding to 34 per cent.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/idbi-bank-to-continue-as-indian-private-sector-bank-post-strategic-sale/articleshow/95806233.cms

BANKING

The government and LIC together hold 94.72 per cent stake in IDBI Bank. The successful bidder would be required to make an open offer for acquisition of 5.28 per cent public shareholding. Pursuant to the transaction, the government will own 15 per cent stake and LIC 19 per cent shareholding in IDBI Bank, taking their total holding to 34 per cent.

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BANKING

Japan's Nippon Life, which holds 49 per cent stake in RNLIC, is opposed to the entry of Aditya Birla Sun Life in the race to acquire Reliance Capital's stake in RNLIC. The visit coincides with the deadline for submitting the final binding bids for Reliance Capital and its subsidiaries, including RNLIC

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Battle for Reliance Nippon Life Insurance: Nippon top brass likely to visit India

Japan's Nippon Life, which holds 49 per cent stake in RNLIC, is opposed to the entry of Aditya Birla Sun Life in the race to acquire Reliance Capital's stake in RNLIC. The visit coincides with the deadline for submitting the final binding bids for Reliance Capital and its subsidiaries, including RNLIC

source https://economictimes.indiatimes.com/industry/banking/finance/insure/battle-for-reliance-nippon-life-insurance-nippon-top-brass-likely-to-visit-india/articleshow/95803878.cms

Saturday, November 26, 2022

IRDAI Board revises norms for insurers, approves changes in ownership, solvency of insurance companies



source https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-board-revises-norms-for-insurers-approves-changes-in-ownership-solvency-of-insurance-companies/videoshow/95793853.cms

BANKING



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SBI reports highest profit, broking houses lauding us: chairman

"In the recent quarterly results, the bank's profits are the highest ever. SBI crossed the highest ever profits recorded by any corporate and analysts and broking houses are praising this," Khara said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-reports-highest-profit-broking-houses-lauding-us-chairman/articleshow/95786313.cms

BANKING

"In the recent quarterly results, the bank's profits are the highest ever. SBI crossed the highest ever profits recorded by any corporate and analysts and broking houses are praising this," Khara said.

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Friday, November 25, 2022

State govts ask centre to extend interest-free capex loan by another year

Chhattisgarh chief minister Bhupesh Baghel asked the Centre to release funds for implementing the old pension scheme for state government employees. He also demanded an increase in royalty for minerals extracted in the state and that different royalties be fixed on different grades of coal and iron ore. Tamil Nadu finance minister P Thiaga Rajan said states cutting across party lines said that centrally sponsored schemes are constraining states' fiscal autonomy since in some schemes states end up contributing large amounts which are more than the Centre's contribution.

source https://economictimes.indiatimes.com/industry/banking/finance/state-govts-ask-centre-to-extend-interest-free-capex-loan-by-another-year/articleshow/95773688.cms

BANKING

Chhattisgarh chief minister Bhupesh Baghel asked the Centre to release funds for implementing the old pension scheme for state government employees. He also demanded an increase in royalty for minerals extracted in the state and that different royalties be fixed on different grades of coal and iron ore. Tamil Nadu finance minister P Thiaga Rajan said states cutting across party lines said that centrally sponsored schemes are constraining states' fiscal autonomy since in some schemes states end up contributing large amounts which are more than the Centre's contribution.

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HDFC Bank could see drop in cost of funds post merger with parent HDFC Ltd: Bernstein

“On cost of funds the level of impact depends on the extent to which the borrowings are replaced by term deposits,” said Pranav Gundlapalle, senior research analyst, Bernstein. The cost of the liabilities used to replace HDFC Limited's borrowings — would drive a slightly lower cost of borrowings versus while replacing borrowings with term deposits will further lower the cost of funds.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-could-see-drop-in-cost-of-funds-post-merger-with-parent-hdfc-ltd-bernstein/articleshow/95765103.cms

BANKING

“On cost of funds the level of impact depends on the extent to which the borrowings are replaced by term deposits,” said Pranav Gundlapalle, senior research analyst, Bernstein. The cost of the liabilities used to replace HDFC Limited's borrowings — would drive a slightly lower cost of borrowings versus while replacing borrowings with term deposits will further lower the cost of funds.

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Thursday, November 24, 2022

BANKING

A five-member Constitution bench comprising justices Abdul S Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna had on October 12 directed the Centre and RBI to file comprehensive affidavits. Defending the move, the Centre in its affidavit last week had told SC that demonetisation was a well-considered decision and part of a drive to eradicate black money.

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BANKING

Top bankers say that cash withdrawal from ATMs slowed down in major cities, as payments through UPI (united payments interface) have clearly taken over. However, ATMs are still very relevant for cash customers in India, especially in the tier-2 to tier-6 towns.

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Canara Bank launches Electronic Bank Guarantee with NeSL

With this Canara Bank now offers an API based digital workflow of Bank guarantees which will eliminate physical issuance, stamping, verification and paper-based record maintenance of Bank Guarantees paving the way to augment integration of Environmental and Social Governance (ESG) framework into Business.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/canara-bank-launches-electronic-bank-guarantee-with-nesl/articleshow/95742153.cms

BANKING

With this Canara Bank now offers an API based digital workflow of Bank guarantees which will eliminate physical issuance, stamping, verification and paper-based record maintenance of Bank Guarantees paving the way to augment integration of Environmental and Social Governance (ESG) framework into Business.

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5 priceless benefits of financial freedom

We all have several dreams and goals we wish to fulfil in our lives. Our financial decisions should be based on how and when we aim to achieve these goals.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/5-priceless-benefits-of-financial-freedom/articleshow/95734673.cms

BANKING

We all have several dreams and goals we wish to fulfil in our lives. Our financial decisions should be based on how and when we aim to achieve these goals.

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Wednesday, November 23, 2022

General, health insurers face a single management expense limit

The draft IRDAI (Expenses of Management of Insurers Transacting General or Health Insurance Business) Regulations, 2022, has proposed the insertion of a single limit of 'Expenses of Management' and additional allowances towards the rural sector and government welfare-oriented schemes; also for expenses towards 'insurtech' and 'insurance awareness'.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/general-health-insurers-face-a-single-management-expense-limit/articleshow/95723899.cms

Use HPR to build network of doctors for healtchare services: Irdai to insurers

"The General and Health Insurers offering health insurance policies can also consider leveraging on the Health Professional Registry for building up the network of doctors/physicians or other healthcare professionals for providing OPD or other healthcare services," Irdai said in a circular.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/use-hpr-to-build-network-of-doctors-for-healtchare-services-irdai-to-insurers/articleshow/95715739.cms

BANKING

"The General and Health Insurers offering health insurance policies can also consider leveraging on the Health Professional Registry for building up the network of doctors/physicians or other healthcare professionals for providing OPD or other healthcare services," Irdai said in a circular.

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Pocket money and financial literacy: Way to your child’s fruitful feature

We hear about kids these days who come as brilliant examples of what we could have achieved at that age if we knew the idea of growing money! We sometimes even regret not having enough financial knowledge.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/pocket-money-and-financial-literacy-way-to-your-childs-fruitful-feature/articleshow/95714458.cms

BANKING

We hear about kids these days who come as brilliant examples of what we could have achieved at that age if we knew the idea of growing money! We sometimes even regret not having enough financial knowledge.

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Tuesday, November 22, 2022

PE houses, VCs can no longer stretch their fund's life to avoid fire sale

The Indian capital markets regulator has made it unambiguously clear that funds have to close and liquidate within the specified period even if a predominant number of investors who have contributed to a fund pool give their consent to extend the tenure of the fund.

source https://economictimes.indiatimes.com/industry/banking/finance/pe-houses-vcs-can-no-longer-stretch-their-funds-life-to-avoid-fire-sale/articleshow/95698354.cms

BANKING

The Indian capital markets regulator has made it unambiguously clear that funds have to close and liquidate within the specified period even if a predominant number of investors who have contributed to a fund pool give their consent to extend the tenure of the fund.

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Monday, November 21, 2022

BANKING

The appellate tribunal will hear the matter further on December 7. Before the appellate tribunal's order, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company under CIRP on November 11, and had appointed Ashutosh Agarwala as the interim resolution professional (IRP) of the company.

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Financial system should collaborate together on sustainability initiatives: Deepak Parekh

"Hiding behind lack of data is not an excuse. There is no reason why the Indian financial system cannot collaborate together on climate risk and measuring financed emissions," Parekh said Monday. Addressing the 21st World Congress of Accountants held in Mumbai, the veteran finance professional said that it would be easier and more economical to collaborate together on sustainability initiatives

source https://economictimes.indiatimes.com/industry/banking/finance/banking/financial-system-should-collaborate-together-on-sustainability-initiatives-deepak-parekh/articleshow/95667503.cms

Lending made Smarter, Faster and more Reliable with Lentra



source https://economictimes.indiatimes.com/industry/banking/finance/lending-made-smarter-faster-and-more-reliable-with-lentra/articleshow/95664855.cms

BANKING



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