BANKING

The private lender's portfolio comprises 8,529 accounts given to affordable home buyers with average principal loans ranging between Rs 10 lakhs and 12 lakhs. The bank reportedly invited offers in cash by December 2.

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BANKING

Net headcount addition in FY23 surged 61% over FY22 and is expected to beat the record high of FY11. The record additions are being driven by aggressive hiring by private banks across functions such as customer interface, lending, assurance, and technology to drive their branch expansion into tier 3 and rural areas.

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BANKING

The Reserve Bank of India (RBI) has imposed a penalty of Rs 10,000 each on Bank of America, N.A., and HDFC Bank Ltd for violations of certain norms. Bank of America was penalized for violating reporting requirements under the Liberalised Remittance Scheme of FEMA 1999.

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BANKING

On a year-on-year (y-o-y) basis, non-food bank credit rose 15.3 per cent in October 2023 compared with 18.3 per cent a year ago according to the latest data on sectoral deployment of bank credit was released by the Reserve Bank of India largely due to the merger impact of HDFc with HDFC Bank. Excluding the merger impact, credit offtake is higher 19.8 percent in October this year.

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BANKING

The company stated that ​​the collaborations are designed to empower MSMEs, offering a diverse array of value-added services and comprehensive support throughout their business journey.

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BANKING

The Insurance Regulatory and Development Authority of India (Irdai) has increased scrutiny on the ultimate beneficiaries in share transfers within the insurance broking sector, leading to extended approval timelines. The regulator is examining general partners (GPs), alternative investment funds (AIFs), and venture capital/private equity funds associated with these transfers.

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BANKING

"The merits of the offer are not very good. They want to replace the board and the management," said Ahmed, also the chief executive officer of Hamdard Laboratories and chancellor of Jamia Hamdard University. "The company has come out of heritage problems. At such a time, the offer looks a bit fishy," said Ahmed, who joined Religare's board as an independent director two years ago.

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BANKING

The government assessed the readiness of banks and financial institutions to combat cybersecurity challenges and rising digital payment fraud. Financial services secretary Vivek Joshi revealed the suspension of seven million mobile numbers due to suspicious transactions. So far, Rs 900 crore defrauded money has been saved, benefiting 350,000 victim

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BANKING

HDFC Bank's board has approved the appointment of former NABARD Chairman Harsh Kumar Bhanwala's appointment as additional independent director. The board also gave its nod for appointing V Srinivasa Rangan as executive director for three years, pending shareholder approval. Bhanwala's tenure spans January 2024 to January 2027.

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BANKING

True North, a private equity fund, has announced its foray into private credit, raising over Rs 1,000 crore since 2022. The "True North Private Credit" will invest Rs 75 crore in companies and Rs 200 crore in co-investment pools, targeting an internal rate of returns between 15-18%.

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BANKING

Lenders want the regulator to tweak the age-old rule. "We have told the Reserve Bank of India (RBI) to modify the regulation so bank boards are not involved in proposals on renewal of loans when there is a 'related party' issue," a senior banker told ET.

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BANKING

"About a quarter of our Asian funds have been invested in India. Could that be higher in the coming fund vintage? Given where India is and given where some of the other markets are, I think that's certainly possible," said Singh. Bain Capital believes that private equity activity will pick up pace in 2024, having seen a tepid 2023. Factors like the upcoming general elections next year are unlikely to impact PE investments in India, the firm feels.

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BANKING

​​Universal Sampo General Insurance is a joint venture between the public sector Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance.

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BANKING

"Private general insurers have a combined market share of 53.58 per cent YTD September 2023 with a growth rate of 21.13 per cent as compared to a market share of 50.81 per cent YTD September 2022 with a growth rate of 21.33 per cent," Irdai said.

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BANKING

"Our objective is to get best in class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE," LIC Chairman Siddhartha Mohanty said.

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BANKING

The RBI order on Friday had superseded the board for 12 months on material concerns emanating from poor governance standards observed in the bank" but refrained from putting any business restrictions.

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BANKING

According to a senior executive from the management consultancy firm Arthur D Little, the anticipated increase in private sector investment in India is expected to follow a pattern similar to international investments in the country, rather than being broad-based.

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BANKING

Financial services secretary Vivek Joshi will hold some key consultations on the matter next week. Meetings will include those with the Reserve Bank of India (RBI), Trai, telecom department and the National Payments Corporation of India (NPCI), among others.

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BANKING

Mis-selling has transformed into a digital format involving deceptive design interfaces and tactics, tricking users into taking high-cost, short-term consumer credit by posing as instant loans, the RBI deputy governor said.

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BANKING

RBI loan ban: The Reserve Bank of India (RBI) has implemented stringent measures impacting banks and non-bank financial institutions to address burgeoning consumer credit risks. Fitch Ratings highlighted these changes as a credit-positive step. Concerns arose due to the surge in unsecured credit card and personal loan growth, prompting regulatory action.

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BANKING

This is the second bank objection to the loan default resolution of Lavasa Corporation, billed as the first private hill town project to be built since Independence. It comes almost two years after creditors approved the plan overwhelmingly in December 2021 and months after the NCLT gave its nod in July this year.

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BANKING

Meanwhile, private insurers grew the combined market share to 53.58% up from 50.81%, with a growth rate of 21.13%.

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BANKING

On November 16, RBI announced increases in bank capital requirements for consumer loans and mandated lenders to set limits on various retail segment loans, signalling the central bank's vigilance on the unbridled growth in these types of advances.

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BANKING

HSBC India CEO Hitendra Dave said though technology has made banking easier, the risks are sometimes unknown. He cited the example of the ransomware attack on the world's largest lender by assets Industrial and Commercial Bank of China (ICBC) earlier this month which forced the bank to re-route trades using spreadsheets stored on portable drives and accessing the internet using dongles.

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BANKING

GMR will use ₹1,520 crore proceeds from the bonds to repay term loans, ₹227 crore for repayment of subordinated debt, ₹300 crore to repay sponsors' debt, ₹290 crore for capex of phase 2 of the airport construction, according to the bond documents available at the Bombay Stock Exchange.

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BANKING

Insurers frequently reject health insurance claims, with approximately 25% facing rejection due to the policyholder's non-disclosure of pre-existing conditions such as diabetes or hypertension during purchase. An additional 25% of rejections occur when policyholders are unaware of coverage terms and attempt to claim for outpatient department (OPD) or other treatments not covered by the policy.

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BANKING

Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the increasing connectivity between banks and Non-Banking Financial Companies (NBFCs). He urged banks to continually assess their exposure to NBFCs and the exposure of individual NBFCs to multiple banks, as concentrated linkages could pose "contagion risks."

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BANKING

Lenders say large- and small-value loan customers have previously falsified data for expanding their borrowing limits. Last year, Can Fin Homes detected fake ITRs in 37 accounts at its Bhilwara branch in Rajasthan, after complaints were made.

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BANKING

The ruling clarifies that the interim moratorium begins when the application is duly numbered by the tribunal, the Kerala High Court said. This order, along with the recent Supreme Court ruling on personal guarantees, would help creditors to exercise their rights.

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BANKING

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had last week said the IDBI Bank strategic sale transaction is "on course" but the transaction would not be completed in the current fiscal. "We practically don't think that before March we can conclude it (IDBI Bank stake sale)," Tuhin Kanta Pandey had said.

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BANKING

Startup investments came in at USD 1.3 billion in October, more than double that of the year-ago period when the industry was passing through a funding winter. From a sectoral perspective, retail and consumer products led with USD 623 million of PE/VC investments across five deals, driven by the ADIA bet on Reliance Retail Venture.

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BANKING

Sorin Investments had raised a corpus of over ₹1,000 crore in August. Sorin has deployed about ₹70 crore till date in two startups. It plans to invest an additional about ₹70 crore in two more transactions by 2023, people said.

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BANKING

Banks must provide customers with facilities of a website, phone banking, SMS, email, IVR and a dedicated toll-free helpline for reporting unauthorised transactions as well as loss/theft of payment instruments such as cards. They should also be given the facility to report these to the home branch.

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BANKING

Some customers in these cities earlier this month found that when they tried to transfer funds using the Immediate Payment Service (IMPS) from their IDFC First Bank savings accounts to Uco Bank, the amount got credited into the Uco Bank account without getting debited at IDFC First, according to the preliminary findings by Uco Bank.

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BANKING

The Finance Ministry has urged state-owned banks to review their digital operations following the UCO Bank incident. They are advised to check their cybersecurity robustness and strengthen them. The Finance Ministry and RBI have been educating banks on this issue due to the growing digitization in the financial sector.

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BANKING

According to officials aware of the deliberations, the Indian Banks Association, or IBA, and National E-governance Services Ltd. (NeSL) are working to further improve the reporting system, which will now capture data on 'declaration of fraud' and 'declaration of wilful default,' a move that is expected to fast-track the process of establishing defaults and verify claims expeditiously.

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BANKING

While Venkitaramanan was known for quick decision making, he had managed many crises skilfully during his more than three decades of service in the government and as a central banker.

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BANKING

As per the bid document, those selected for income verification and analysis will need to extract data from the bank statement, analyse the data, determine income and expenditure, and detect fraudulent transactions and other anomalies.

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BANKING

"The recent ruling has potential to improve the recovery in existing written-off accounts, many of which are through the bankruptcy code, and result in 5 percentage point incremental recovery from personal guarantees," said Hari Hara Mishra, CEO, ARC Association.

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BANKING

IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.

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BANKING

Ashok Vaswani has been approved as the Managing Director and CEO of Kotak Mahindra Bank for a three-year term starting from January 1, 2024. The appointment received approval from the Reserve Bank of India in October.

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BANKING

The Reserve Bank of India (RBI) increased risk weights on consumer loans from banks, non-banking finance companies (NBFCs) and credit card providers, making it more expensive for lenders across the spectrum to offer loans in these segments. That will mean higher interest rates for all borrowers.

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BANKING

Analyst estimates are mixed. A Macquarie report citing the company's investor presentation said out of the 3,580,000 customers added in the second quarter about 670,000 or 19% were EMI card customers. Digitally-sourced EMI card franchise stood at 4,200,000 or 10% of the EMI card base.

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BANKING

Stock brokers' profits surged in the September quarter due to a record-breaking stock market rally, driven by increased client addition and higher trading activity. A study of six firms' second-quarter earnings showed average net profit growth over 40% from the June quarter and 53% from the same period a year ago.

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BANKING

In response to the recent Supreme Court order upholding recovery provisions against personal guarantors, Indian lenders are now taking measures to protect their interests. They will require a negative lien on the assets underlying personal guarantees given by promoters of companies raising bank loans. This will prevent promoters from transferring these assets to a special trust that is bankruptcy remote.

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BANKING

Once the open offer is concluded, the Burman family-owned entities - currently the largest shareholding bloc at Religare - will nominate their directors on the board of the financial services company, Burman told ET.

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BANKING

The Reserve Bank of India has directed Bajaj Finance Limited to stop the sanction and disbursal of loans under two of its lending products – ‘eCOM’ and ‘Insta EMI Card’ with immediate effect as the non-banking financial company did not comply with certain norms.

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BANKING

The Reserve Bank of India (RBI) has ordered NBFC Bajaj Finance to cease lending under its eCOM and Insta EMI Card products due to non-adherence to RBI's lending norms, including non-issuance of Key Fact Statements and deficiencies in other digital loans.

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BANKING

According to the report, the MFI sector has immense growth potential with the market size estimated by MFIN to be around Rs 13 lakh crore during the current fiscal 2023-24. MFIN said that the new regulations have guided the strengthening of governance in microfinance operations.

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BANKING

The death of Sahara Group's chief Subrata Roy has brought attention to undistributed funds totaling over Rs 25,000 crore in the capital markets regulator Sebi's account. In 2011, Sebi ordered two Sahara Group firms to refund money raised from nearly 3 crore investors through Optionally Fully Convertible Bonds (OFCDs), report said.

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BANKING

The PSU banks continued to show a sustained improvement in the September quarter. At the aggregate level, the provisioning for bad loans or loan loss provisioning for the 12 listed PSU banks fell to Rs 16,552 crore compared with Rs 16,875 crore in the previous quarter and Rs 18,138 crore in the year-ago quarter.

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BANKING

The government is keen to take advantage of the sharp rally in share prices of public sector banks (PSBs) that are riding on much-improved financial performance and fundamentals. The stake sale can be conducted through the offer-for-sale route for lenders that are not inclined toward a rights issue, said people aware of the deliberations.

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BANKING

AU Small Finance Bank's move to acquire Fincare Small Finance Bank may encourage others to explore inorganic opportunities, industry captains believe, as bigger balance sheets would put them on a stronger platform to take on their bulge-bracket rivals, especially when it comes to mobilising public deposits.

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BANKING

Insurance Ombudsman for the Delhi region, Sunita Sharma, emphasized the need for insurance companies to prevent incidents of mis-selling. Sharma, a former LIC MD, stressed the importance of treating customers well and avoiding mis-selling practices. She noted that companies often engage with customers until the free look period, disappearing afterward, making it challenging for customers to claim mis-selling after that period.

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BANKING

The latest data from the Insolvency and Bankruptcy Board of India (IBBI) show that a total of 2,289 cases related to personal guarantees involving corporate debt of Rs 1.63 lakh crore have been filed at the National Company Law Tribunal (NCLT). Of these, 282 have been admitted, out of which 21 have yielded Rs 91.27 crore. The order means cases stuck at the NCLT will move forward with banks likely making fresh pleas in this regard.

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BANKING

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BANKING

An official said that the government has asked lenders to watch for any signs of incipient stress. "Almost all PSBs (public sector banks) have stated that in this segment there has been no spike in delinquencies and most borrowers have credit scores of 700 and above," he said, underscoring the stable asset quality of these loan accounts.

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BANKING

State-owned hydel unit Sikkim Urja lodged an insurance claim of ₹500 crore after unseasonal rains early in October caused the banks of the glacial South Lhonak Lake to breach, with a wall of water battering public infrastructure assets and drowning homes across a large swathe of urban Sikkim and the hilly reaches of West Bengal.

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BANKING

"IBC cannot be held to be operating in a retroactive manner in order to hold it violative of the constitution," it said. "Thus, we hold that the statute does not suffer from the vices of manifest arbitrariness."

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BANKING

ICICI Bank on Thursday received approval from the Reserve Bank of India for making ICICI Securities a wholly-owned subsidiary.

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BANKING

Pidilite Industries, a company that makes adhesives and building chemicals, intends to go into the banking market and offer small-value retail loans. According to a regulatory update, Pidilite Industries would purchase Pargro Investments, an existing NBFC that is a part of the Promoter Group, in order to facilitate this.

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BANKING

The Welspun Group has interests in textiles, line pipes, flooring solutions, warehousing, roads, and oil and gas, and is laying out an expansion strategy for each of its businesses. The group is focusing on four major segments with an aim to build a robust business in each segment.

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BANKING

“This growth can largely be attributed to the large-scale adoption of digitisation by the sector as well as the positive regulatory amendments brought in by RBI that have bridged the gap between rural and urban markets” said Sanjeet Dawar, managing director, CRIF High Mark.

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BANKING

The MD & CEO of JM Financial explains why HNIs should look at gold as an investment option and how the diversified alternatives and private market investment are becoming popular among HNIs and UHNIs.

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BANKING

On February 21, India and Singapore launched the real-term linkage between the UPI and PayNow to facilitate instant and cost-effective cross-border fund transfers. Money transfers can be made from India to Singapore using mobile numbers and from Singapore to India using virtual payment addresses.

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BANKING

Financial institutions need to focus on improving ease of transaction through digital means, Choudhary said, adding, the need of the customers in the changing time has to be addressed as per their convenience and ease.

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BANKING

According to some reports, the regulator may increase the risk weights for such loans, which moderates a lender's ability to lend to such segments as the capital charge goes up. "Growth can remain strong even with higher risk weights," the report by Axis Capital Research said.

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BANKING

Delhi High Court has overturned a decision by the Debt Recovery Appellate Tribunal (DRAT) that required Religare Finvest Ltd (RFL) to deposit 40% (approximately Rs 116.85 crore) of a Rs 306 crore debt due, along with interest, to pursue its petition.

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BANKING

"CCI approves acquisition of approx 49 per cent shareholding of Bharti AXA LifeInsurance Co. Ltd. by BhartiLife Ventures Pvt Ltd from AXA India Holdings & acquisition of approx 48.54 per cent shareholding of Bharti Management Services Ltd by BhartiEnterprises Ltd. from Societe Beaujon," according to a post by CCI on social media platform X on Tuesday.

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BANKING

The company will also expand it asset management business by building a wealth management as it seeks to deepen relationships with its depositors.

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BANKING

Bandhan Bank, based in Kolkata, expanded its reach by opening a branch in Kargil, Ladakh, adding to its presence in 35 of India's 36 states and UTs. This follows the opening of a Leh branch in August. Bandhan Bank emphasizes its commitment to serving the diverse financial needs of Indians across the country, with a strong network of over 6,200 outlets and 3.2 crore customers.

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BANKING

The RBI in a draft directive has suggested an in-person hearing at the review stage, which is the last stage before classification. Lenders hope recovery will improve - at least among the small-ticket borrowers - if a dialogue is initiated at an early or the identification stage.

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BANKING

"The caution on high-cost deposits is a part of the review of the asset liability risk management practices followed by banks," a government official said, adding that it was also pointed out that another challenge for public sector banks is to arrest the decline in current and savings account, or CASA, which has come down to 57% in March 2023 from 64.9% in 2018.

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BANKING

NIM, the difference between the yield a bank earns on loans and that it pays on deposits, dropped to 3.43% for SBI but ICICI held on to its margins at 4.53%. Smaller banks like Federal Bank also saw a 14 basis points drop in NIM year on year to 3.16%.

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BANKING

State-owned Bank of Maharashtra (BoM) retained the top spot among public sector lenders in loan and deposit growth in percentage terms during the second quarter of the current financial year. The deposit and advances of the Pune-based lender posted an over 20 per cent rise, the highest by any public sector bank during the July-September period.

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BANKING

Bank of Baroda's former Chief Digital Officer, Akhil Handa, has clarified his employment status, asserting that he was not terminated from his position. Instead, he confirmed that he had voluntarily resigned from his role in August, citing personal reasons.

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BANKING

Bank of Baroda (BoB) clarified on Saturday that the 'bob World' initiative had a very insignificant and immaterial financial implication on the bank. The statement came as BoB's Managing Director, Debadatta Chand, announced its quarterly financial results and shared updates regarding the 'bob World' project.

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BANKING

State-owned lender UCO Bank is shifting its growth strategy to focus on expanding its corporate loan portfolio in a profitable manner. The bank will prioritize retail, MSME, and agriculture as its key drivers of growth in the coming quarters. This strategic shift coincides with delayed rate cut expectations due to global inflation and geopolitical uncertainties.

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BANKING

Recent meetings between senior officials of the Reserve Bank of India (RBI) and bank treasury executives have focused on market appetite for upcoming green bond sales even as the likelihood of liquidity-draining open-market auctions remain a concern for an anxious bond market.

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BANKING

The penalty was imposed on Punjab National Bank due to several violations, including levying SMS charges on certain accounts despite maintaining invalid mobile numbers in the Core Banking Solution (CBS), not strictly adhering to the interest rates as per the pre-disclosed schedule in several term deposit accounts, and failing to specify the interest reset date in MCLR-linked loans.

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BANKING

UCO Bank initially directed its branches to distribute sweet packets to its top 10 non-performing borrowers but later withdrew the circular due to implementation difficulties and borrower cooperation issues. The move aimed to improve borrower relations during Diwali but faced backlash.

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BANKING

"In the last five years, we got to know India very well, the team has really formed well, so the foundation is solid. And now, because of what we are seeing in India, the growth of the economy, the transformation that has happened, we believe that we can set a target of $5 billion AUM in the medium term," said Mohammed Alardhi, executive chairman of Investcorp.

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BANKING

After the country's largest bank, the State Bank of India, another state-run lender, UCO Bank, has come out with a circular asking its branch officials to visit and distribute sweet packets to the top 10 non-performing borrowers. In comparison, in 2018, the Punjab National Bank had the passports of 150 willful defaulters impounded.

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BANKING

Kotak Mahindra Bank has sealed a deal with Zurich Insurance, where Zurich will invest Rs 4,051 crore to acquire a 51% stake in subsidiary Kotak General Insurance. This agreement involves a combination of fresh capital infusion and share purchase, with the potential for Zurich to acquire an additional 19% stake within three years of the initial investment.

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BANKING

​​With traditional lenders retrenching, alternative asset managers like Apollo Global Management are accelerating their efforts to fill the vacuum to position themselves as an alternative to the traditional banking system — offering corporates as well large PE funds who are saddled with big bets in their portfolios bought at higher prices — with loans and financing. Apollo’s private credit unit now manages more than $400 billion in AUM, four times the size of its buyout arm which historically was the lynchpin of its business.

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BANKING

Sources told ET that the new loan is expected to be raised at a significantly higher interest rate, around 17-18%, compared with prepayments from Oaktree and Trafigura, which were below 13%. This new financing would be utilised for the prepayment of 55% of the 13.875% bonds due in 2024, 5% of the 6.125% bonds maturing in August 2024, and 20% of the 8.95% bonds set to mature in March 2025.

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BANKING

The Insurance Regulatory and Development Authority of India (Irdai) has taken a proactive step by forming a high-level panel. The primary objective of this panel is to recommend measures that would enhance the involvement of banks in facilitating the accessibility of insurance products throughout the nation.

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BANKING

Canara Bank, Bank of India and IDFC First Bank are among the lenders looking to issue Tier-II bonds in the coming weeks on expectations that interest rates will remain elevated in the near term, merchant bankers said.

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BANKING

Bogus loans were sanctioned by the bank on the same property multiple times without the knowledge of members of society. Investigation has also revealed that benami loans were sanctioned to non members against inflated property valuations in the names of other members and such loan funds were siphoned off and laundered by the accused beneficiaries, the agency had said in a statement earlier.

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