BANKING

The pricing of the loan, which has a tenor of three years, would be around 200 basis points above the Secured Overnight Financing Rate (SOFR), the UK-based bank told ET.

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​​The merged entity will be India's second most valued company after Reliance Industries, which had a $210 billion market cap on Friday. Global index services provider FTSE will replace HDFC in its indices with HDFC Bank after closure of the merger. The bank is not part of the index currently. There will be no change in weight and the move will not result in any fresh inflow now.

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These borrowers manage to keep their accounts from slipping into non-performing assets (NPAs) with some payments before the 90-day deadline.

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"This aims at enabling enhanced access of the scheme for girls/women. With this, Mahila Samman Savings Certificate scheme will now be available for subscription in post offices, and eligible scheduled banks," the finance ministry said in a statement on Friday.

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Deepak Parekh in his final letter to HDFC shareholders, highlighted the optimism surrounding India's resilience and its broad-based recovery, stating that the country's GDP growth rate is expected to be more than double the global average. He also underscored the significance of embracing change and the power of adaptability, growth, and new aspirations.

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The RBI has announced the launch of its next-generation data warehouse Centralised Information Management System (CIMS). The system will first be used by commercial banks, followed by urban cooperative banks and non-banking financial companies. The CIMS will provide more data for public use and support online statistical analysis. It will also allow regulated entities access to their past data and quality assessment.

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The tieup of HDFC Bank Ltd. and Housing Development Finance Corp. creates a lender that ranks fourth in equity market capitalization, behind JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp., according to data compiled by Bloomberg. It’s valued at about $172 billion.

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Lenders could recover more than ₹10,000 crore, or about 40% of verified claims, under the proposal from IndusInd International Holdings Ltd (IIHL). As much as 99.6% of the lenders favoured the plan as the voting ended Thursday, they said.

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Fintech companies say that such an extension will allow more skin in the game and give banks the confidence to enter into more such tie ups.

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Lenders of debt-ridden Reliance Capital Limited (RCAP) are expected to recover upfront cash of Rs 9,661 crore from Hinduja Group firm IndusInd International Holdings Ltd (IIHL). The Hinduja Group made the highest cash offer and along with cash balance of RCAP resulting 65% recovery for the lenders . The resolution plan is expected to be filed in the National Company Law Tribunal (NCLT) Mumbai next week.

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Chennai-based Sundaram Alternates has launched its fourth high-yield credit fund, aiming to raise Rs 750 crore with a green shoe option of the same value, taking the targeted size to Rs 1,500 crore. The focus of the fund will be on sub-Rs 100 crore deals, with the aim of delivering gross deal returns ranging between 18% and 22% on a senior secured basis.

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BANKING

"So far as India is concerned, both regulators and regulated entities need to stay the course with an unwavering commitment to ensuring a stable financial system," RBI Governor Shaktikanta Das wrote in the semi-annual Financial Stability Report. "It has to be remembered that seeds of vulnerability often get sown during good times when risks tend to get overlooked."

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The Reserve Bank of India (RBI) has expressed its commitment to creating a global regulatory framework for crypto assets, stablecoins, and decentralized finance (DeFi). The RBI has highlighted the risks associated with these assets, including their impact on financial stability and the potential for systemic exposure. The central bank has suggested three policy responses: banning, containing, or regulating cryptocurrencies.

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Under a baseline scenario projected for one year ahead, based on assumptions of business continuing under usual conditions the gross non performing asset (GNPA) ratio is assessed at 4.1% up from 3.4% in March 2023 with capital adequacy ratio (CAR) at 24.4% down slightly from 25% in March 2023.

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A report states that the average cost of health insurance claims in India is Rs 42,000, with 15% of claims exceeding Rs 1 lakh. The report highlights the need for policyholders and insurance providers to consider high-cost scenarios when designing coverage options. It also reveals that the typical hospitalization period is two days, but more than 21% of hospitalizations extend beyond three days.

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BANKING

Bandhan Bank has tripled its branches in nearly eight years of operation, reaching a total of 1,500 branches. It now has a network of 4,500 banking outlets across India, and is committed to meeting diverse financial needs through physical or digital channels. The bank has expanded beyond its traditional regions and increased the share of secured loans in its asset portfolio, offering loans for retail products such as home loans, personal loans, and auto loans.

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BANKING

Kotak Mahindra Bank and National Payments Corporation of India (NPCI) have partnered to allow customers to use their RuPay Credit Card on UPI with UPI-enabled apps. This integration eliminates the need for physical credit cards and offers advantages such as simplicity and security. Customers can make payments at merchant outlets across the country using QR codes and POS devices.

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Amid meetings with top corporate and startup clients, the Prime Minister and other senior officials, Solomon took time out to speak to ET on a range of topics — the global economy, US regional banks, geopolitical headwinds, corporate earnings, the challenges facing Goldman and, of course, India. Solomon, 61, said he's not bothered about all the noise, his focus remains on serving clients and the Goldman share price performance.

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The funds raised through this issuance will be utilised by the company to refinance upcoming maturities of Cyrus Investment Pvt Ltd debt, prepay Sterling Investment Corp Pvt Ltd debt amounting to ₹3,300 crore ($406 million), and fund other group debt obligations with ₹2,976 crore ($363 million). Additionally, the debt will be used to prepay ₹3,250 crore borrowed from Ares SSG and Farallon, which includes ₹2,300 crore of principal and ₹950 crore of interest payment.

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The boards of HDFC and HDFC Banks are set to meet after hours on June 30 to go ahead with the merger following approvals from requisite regulatory bodies, HDFC chairman Deepak Parekh said on Tuesday.

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“The social loan facility marks the single largest foreign borrowing transaction in our journey. Being the largest NBFC-MFI, the strength and scalability of the liability profile is paramount in our pursuit of consciously growing our loan portfolio at 20-25% CAGR to cross the Rs 50,000 crore mark in the coming four to five years," chief financial officer Balakrishna Kamath said.

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India's 'Banking Industry Country Risk Assessment', an indicator of an economy's financial sector, has been raised one notch to 5 from 6 earlier, the rating agency said in a note.

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While many businesses - driven by commercial convenience, balance of payments, and terms of global reinsurers - often prefer to deal in hard, convertible currencies, New Delhi is pursuing its aim to internationalise the local currency.

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BANKING

State-run Bank of India (BoI) is looking to sell the Rs 670-crore debt of KSK Mahanadi Power and has set a reserve price of Rs 301 crore, which will result in a recovery of 45% on the debt. The lender has set the reserve price on an all-cash basis and will hold open bidding Wednesday. Thereafter, the highest bid will form the base price for the Swiss Auction, which will be held later. BoI's recovery expectation is higher than those for the State Bank of India and Union Bank of India.

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Fiscal year 2023 was a breakout year for digital banking platform Axis 2.0 and the early leadership in building proprietary in-house digital native capabilities with full stack engineering, product and a design team of about 400 people have started yielding results, according to Axis Bank Managing Director and CEO Amitabh Chaudhry.

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"​​ A monetary penalty of Rs 30 lakh has been imposed on Standard Chartered Bank-India for non-compliance with certain provisions of the 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016," according to releases. Also, a penalty of Rs 26 lakh has been imposed on TransUnion CIBIL Limited, Mumbai for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005 [CIC (R) Act].

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The fusion of finance and technology is ringing in a new era of financial inclusion, where data-driven approaches and digital lending platforms are improving credit penetration and bridging the gap between aspirations and reality for Bharat's aspiring artisans, entrepreneurs, and MSMEs. RBI’s financial inclusion index currently stands at 56.4, growing a phenomenal 4.6% within a year across all access, quality, and usage parameters.

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BANKING

DBS Bank India, has appointed Rajat Verma as managing director and head of institutional banking. Verma, who was previously with HSBC India will be taking over from Niraj Mittal, who is moving to Australia to take charge as the country head of DBS Bank. Under Verma, the bank aims to increase digitisation and deliver better value for customers.

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At the end of May 2022, around 4.80 lakh units (launched in 2014 or before), worth over ₹4.48 lakh crore, were stuck in various construction stages in the top 7 cities, said a report by ANAROCK, a leading real estate services company. The value of stalled projects in the country would cross ₹5.5 lakh, said a banker.

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BANKING

Samunnati has around 5,500 FPOs registered on its platform, 50 per cent of which are borrowers while most avail the market linkage offering of the company. The company provides short term loans to Farmer Producer Organisations (FPOs) to provide working capital solutions procure from farmers.

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Indian banks are claiming that they do not yet have the requisite software to implement new rules relating to tax collection at source for foreign debit and credit card transactions, due to start from July 1. Rules issued by the Central Board of Direct Taxes last month require foreign card spending above INR700,000 ($10,874) to be counted towards the Liberalised Remittance Scheme and taxed at 20%. fn

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HDFC Life Insurance on Friday said it has received a demand notice of more than Rs 942 crore for non-payment of GST. The matter relates to the claiming of input tax credit against supply of services, which the Directorate of Goods and Services Tax (GST) Intelligence (DGGI) believes are ineligible for such claims, it said.

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BANKING

A penalty of Rs 1.45 crore has also been imposed on Bank of Maharashtra for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions' and Advisory on ‘Man in the Middle (MiTM) Attacks in ATMs'.

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BANKING

In an internal circular issued earlier this week, the bank noted that some frauds related to high-value cheques were reported and that, going forward, it will discontinue the practise of taking confirmation of high value cheques from the base branch through email or fax.

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Moody's Investors Service on Friday said it has affirmed Yes Bank's ratings on the back of expectation that its financial performance will remain stable over the next 12-18 months. The long-term foreign and local currency bank deposit ratings and foreign currency issuer rating has been affirmed at 'Ba3', with a stable outlook.

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LIC said Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings.

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Prudent ARC's binding offer of ₹311 crore has triggered a Swiss challenge auction for the hotel properties with total loans of ₹507 crore. Prudent's offer equates to a recovery of 61% for the housing finance company. HDFC has invited counteroffers from other asset reconstruction companies (ARCs) by June 26, a notice issued by the housing finance company stated.

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Bupa is likely to pick up as much as 15-20% stake from True North, at a valuation of ₹11,000-12,000 crore, the sources said. Bupa currently holds a 44.42% stake in the health insurer. Indian insurance sector regulations permit foreign investors to hold up to 74% stake in an insurance company.

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PNB Housing Finance also plans to borrow about Rs 2500 crore from National Housing Bank through the latter's refinancing window, besides bank borrowing.

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​​The ARCs have started following measured steps to ensure realizations, which has slowed down the pace of recovery, and the recovery timelines can have got stretched by three to four quarters, India Ratings and Research said in a report.

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"We are seeing a lot of traction on power and renewables, infrastructure, healthcare, and industrials. Renewables is one of the most active sectors right now. The government's target of 500 GW renewable capacity by 2030 has attracted a lot of foreign capital into India because no other market offers this level of scale. There is still a very large pool of capital waiting to enter India's renewables, Malhotra.

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SMFG owns a 74.9% stake in SMFG India Credit Company, earlier called Fullerton India, which it purchased from Singapore's Temasek Group in 2021. The Japanese bank had valued the company at ₹23,000 crore, buying the 74.9% stake for close to ₹17,000 crore in 2021.

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PFS, which has been battling allegations of corporate governance lapses, has in the past year and a half seen resignations by several independent directors and got show-causes notices from both the stock market and banking regulators.

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Madhivanan Balakrishnan has been elevated as the Executive Director and Chief Operating Officer of IDFC First Bank following the RBI's approval, a statement said on Wednesday. His elevation was recommended by the nomination and remuneration committee for a period of three years, IDFC FIRST Bank said in the statement.

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The mortgage lender, which was hurt by the meltdown in real estate, is planning to resume business in construction finance for residential projects in the second half of the fiscal year, returning with lessons from past experience. Monitoring in the real estate industry is also stronger now.

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Private wealth management firm LGT Wealth India has appointed Chirag Doshi as its chief investment officer for fixed income and Abhishek Modi as director of portfolio management. The pair joins from Credit Suisse India. Doshi brings more than 20 years of experience in fixed-income markets, while Modi has 15 years experience in the Indian equity and debt markets.

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From July 1, overseas expenses on credit cards exceeding Rs 7 lakh will be subject to a 20 per cent TCS. However, if such expenses is incurred for medical or educational purpose, the TCS would be levied at lower rate

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