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Kotak Mahindra Bank on Wednesday said the tenure of Chengalath Jayaram as non-executive director on the board of the bank has ended on April 30. In a regulatory filing, the bank said Jayaram's term ended on April 30, 2024 on completion of eight continuous years (as a Non-Executive Director) on the bank's board, in line with the provisions of the Banking Regulation Act, 1949.

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The bank informed the stock exchange late Tuesday evening that Manian has stepped down from his position to pursue other opportunities in the financial services sector. Manian, who spent 29 years with the bank, has resigned with immediate effect.

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As per latest data from the finance ministry, around 215,000 cases are pending before DRTs till January 2024, of which 162,000 are original applications (OAs) filed under Section 19 of Recovery of Debts and Bankruptcy Act (RDB Act), 1993. RBI data showed in FY23, around 58,000 cases with amounts totalling about ₹4.02 lakh crore were referred to DRTs.

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At the time of the announcement, Manian said that he was tendering his resignation from Kotak Mahindra Bank to pursue other opportunities in the financial services sector that he is currently exploring. Manian also stepped down from his position on the board of the bank.

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ICICI Prudential Life Insurance has been ordered to pay a GST and penalty of Rs 835 crore from Maharashtra's State Tax department for FY2019. The order includes violations related to input tax credit reversal, mismatch in ITC, non-payment of tax on fixed asset sales, and interest on GST payment.

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The Indian financial system, recovering from a history of bad loans, faces new challenges as banks grapple with technology pitfalls. Kotak Mahindra Bank Ltd. was recently penalised for security deficiencies, highlighting broader risks of fraud and system vulnerabilities in the digital age. Regulatory scrutiny intensifies amid concerns about financial stability and cybersecurity in the evolving landscape of digitisation.

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At a time when overseas capital flows have been firm, foreign lenders have requested the banking regulator for flexibility in compliance with the central bank's Large Exposures Framework (LEF), particularly in handling certain types of accounts that facilitate global transactions.

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The International Finance Corporation (IFC) plans to increase its investment in India to over $4 billion this financial year, with a focus on climate finance. India's renewable energy targets and plans for a net zero economy by 2070 align with IFC's investment priorities, particularly in areas like batteries and electric vehicles (EVs). IFC also emphasizes financial inclusion, digitalization, infrastructure, and public-private partnerships as crucial for India's growth. However, challenges such as geopolitical developments and high interest rates may impact economic predictions and investment decisions.

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As more and more people in India take to paying digitally, banks are having to pick up a larger tab on account of rising costs of maintaining a competent IT system.

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NPST excelled in FY 2024 with a 216% surge in annual revenue and a 310% net profit increase. The company secured orders for innovative solutions and plans to focus on AI/ML technologies for future growth in digital payments.

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"The RBI had given the dispensation on CRR maintenance in 2022 to at least one private bank which was facing some issues, but that dispensation does not exist anymore. Another factor is that there are issues with how the CRR maintenance data is reported. That is contributing to the shortfall and the RBI will rectify that issue," said one of the persons, who did not wish to be identified.

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RBI sets criteria for small finance banks to become universal banks, with benefits like improved branding and regulatory advantages. Criteria include Rs 1000 crore net worth, low non-performing assets, profitability, and listing requirements.

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S&P Global Ratings forecasts robust credit growth, profitability, and asset quality for Indian banks in FY25, yet warns of potential slowdown in loan growth due to tepid deposit growth. Loan-to-deposit ratios are deteriorating, urging banks to align loan growth with deposits to maintain profitability amid higher wholesale funding costs.

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AU Small Finance Bank is set to double its balance sheet size to Rs 2.5 lakh crore in three years, driven by the acquisition of Fincare SFB and the growing consumption trend in India. The bank has operationalized an Authorised Dealer (AD-I) license, foray in forex with 'AU Remit' and cross-border trade with 'AU DigiTrade'. The bank's managing director, Sanjay Agarwal, aims to achieve a 25% growth rate in the next three years and double its balance sheet size to Rs 2.5 lakh crore by the end of its one decade of existence.

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AdaniConneX, a joint venture, raised USD 1.44 billion in India's largest sustainability linked financing. The construction financing pool now stands at USD 1.65 billion, focusing on advanced technologies and environmental solutions, with support from international lenders and industry partners.

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The Reserve Bank of India (RBI) is considering new rules for digital lending, aiming to enhance transparency. The proposed guidelines would require lending service providers (LSPs) to digitally share all available loan offers from willing lenders with borrowers. This move aims to empower borrowers by providing a clear view of their loan options, including details like lender names, loan amounts, interest rates, and key terms. The RBI also emphasizes the need for unbiased content, prohibiting LSPs from favoring any particular lender.

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The Federation of Indian Micro and Small & Medium Enterprises (FISME), which represents about two million MSMEs in the country, has in a submission to the government also suggested setting up an equity guarantee fund trust to cover the risks related to equity financing for the sector.

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S&P Global Ratings warned that RBI's recent regulatory action on Kotak Mahindra Bank could limit the bank's credit growth and profitability. The RBI prohibited Kotak Mahindra Bank from issuing new credit cards and onboarding customers online, impacting a key growth segment. S&P noted the bank may need to rely more on physical branch expansion, increasing operating costs. However, the impact on the bank's credit rating is expected to be minimal, as credit cards constitute a small portion of its total loans. S&P anticipates that Kotak Mahindra Bank may need around a year to address the RBI's concerns related to system stability and disaster recovery.

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The Bombay High Court declared that issuance of Look Out Circulars (LOC) by public sector banks against default borrowers without a specific law violates fundamental rights. The court quashed the Centre's decision empowering banks to request LOCs, stating executive actions cannot infringe constitutional rights without legal basis.

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Kotak Mahindra Bank Credit Card & Mobile Banking Curbs: Prime Minister Narendra Modi aims to export India's digital payments system worldwide, but faces obstacles as Indian banks struggle with outdated technology. Despite massive investments in tech to boost financial inclusion, banks are grappling with system glitches and cyber threats. The government urges modernization to safeguard the financial system and customer data.

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Chemhub Tradelink's plan for Pancard Clubs, approved by NCLT, involves Rs 8,900 crore debt claims with 8% recovery for creditors. The resolution process included bidders like Ashdan Properties and Vijay K. Oswal, with oversight from Deloitte and representation by Nausher Kohli.

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Russian financial institutions have been negotiating with the Reserve Bank of India (RBI) to use the rupees in special accounts in India for investment in stocks and securities. Currently, 10 Russian institutions, including its largest lender, have registered as foreign portfolio investors (FPIs) with Sebi. However, they have made little investments due to US sanctions in the wake of Russia's war with Ukraine.

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Kotak Mahindra Bank is in the latest in the line of entities in financial services which has been pulled up for various lapses. Hints are that more could be penalised for dropping the ball - particularly if they had chosen to disregard warnings and red flags.

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Rana Ashutosh Kumar Singh recommended by FSIB for SBI MD post, pending Appointments Committee of the Cabinet approval under PM Modi's leadership. FSIB, led by Bhanu Pratap Sharma, conducted the selection process. Singh currently serves as SBI's deputy MD.

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The Reserve Bank of India on Wednesday asked Kotak Mahindra Bank to cease issuing new credit cards and onboarding of new customers through online portal.

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Punjab National Bank's CIRP plea against Arshiya Ltd has been approved by Mumbai NCLT, with Nitin Vishwanath Panchal being appointed as RP. Officers have been asked to provide findings within a week.

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The government-promoted National Asset Reconstruction Company (NARCL) has raised ₹670 crore equity from existing shareholders and is in the process of raising ₹3,200 crore debt to support its plan to acquire ₹1 lakh crore of stressed assets. However, the bond issuance has faced challenges due to pricing differences between existing shareholders and the NARCL board. The ARC aims to raise funds through a five-year bond and fund-based limits but is negotiating the coupon rate with shareholders.

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The Kolkata-based Kanorias previously controlled the twin companies of SIFL and Srei Equipment Finance Company till RBI superseded their boards over alleged mismanagement in October 2021 and subsequently initiated IBC proceedings. However, NARCL successfully acquired the companies under the Insolvency and Bankruptcy Code (IBC) initiated by RBI to resolve over Rs 32,000 crore debt of the NBFCs.

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On October 19, 2023, Jio Financial and BlackRock Financial Management Inc. filed papers with markets regulator Sebi for launching a mutual fund business. As of March 2024, the application was under process for Sebi's in-principle approval.

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Indian fintech firm BharatPe has launched BharatPe One, an all-in-one payment product that integrates a point of sale (POS), QR code, and speaker into one device. The product will be launched in 100 cities in the first phase and 450 cities over the next six months. BharatPe One offers versatile payment options, including QR code, tap-and-pay, and traditional card payment.

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The Bombay High Court declared public sector lenders ineligible to issue Look Out Circulars (LOCs) under Central government office memoranda. While deeming this practice as 'arbitrary', the court upheld the constitutionality of the Central government's office memoranda. The ruling nullified all LOCs issued by public sector banks.

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In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent any potential misuse of electronic fund transfer mechanisms to influence voters or indirectly fund candidates who are participating in the elections.

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HDFC Bank MD emphasizes stability over growth, positive outlook for next 2-3 years post-merger. Focus on quality, slow growth strategy. Plans to raise ₹60,000 crore in infrastructure bonds for cost reduction.

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AdaniConneX secures $900-950 million loan from MUFG Bank for 1 GW data centre expansion in multiple Indian cities. The loan, with an interest rate above SOFR, aims to support Adani Group's venture into the data centre business.

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In a decision that could have a bearing on other `HSBC account’ cases, a tax tribunal last week has ruled that the I-T department cannot go back 16 years to reopen old matters to tax the ‘peak balance’ lying in such bank accounts. Why? Because, according to the Mumbai bench of the Income Tax Appellate Tribunal --- a quasi judicial authority --- a bank balance reflects 'assets' and not ‘income’, and, under the law, only income can be taxed.

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"We will have our day when the proportion of borings comes down. We will have enough momentum in terms of funding, which we can then unleash in terms of growth," said the CEO.

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The Insurance Regulatory and Development Authority of India (IRDAI) has eliminated the age limit of 65 years for purchasing health insurance policies, aiming to broaden the market and offer comprehensive coverage. This change, effective from April 1, makes health insurance more inclusive and accessible to individuals of all ages. Insurers are now required to offer policies to all age groups and cover pre-existing medical conditions.

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A special CBI court granted bail to Yes Bank co-founder Rana Kapoor, criticizing the CBI for failing to start his trial promptly. The court argued that Kapoor's continued detention without trial, especially given his health issues and previous bail in other cases, would amount to a "pre-trial conviction." Kapoor, arrested in March 2020, was released from jail after bail in eight cases. The CBI had accused Kapoor of malpractices in loans to the Avantha Group and a property purchase at below-market rates.

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A special CBI court in Mumbai granted bail to Yes Bank founder Rana Kapoor in a fraud case, stating that further incarceration without trial would amount to "pre-trial conviction." Kapoor had been arrested in March 2020 in a money laundering case and was booked in multiple cases related to fraud at Yes Bank. The court noted Kapoor's deep roots in society, his health issues, and the lack of justification for his continued detention. The CBI had alleged that Kapoor obtained "illegal gratification" for sanctioning a loan at Yes Bank.

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This is aimed at restraining perpetrators of digital crimes and phishing attacks from quickly moving money from a target’s bank account to accounts with multiple banks before it’s withdrawn or spent — a ploy used by cyber shysters and voice phishers to make it tougher for banks and cops to salvage the funds.

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The banks are in talks with Reserve Bank of India (RBI) among stakeholders, for using iris scans as ageing has been found to distort fingerprints or thumb impressions, making them less reliable for authentication, the people said.

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IIT Kanpur's e-Masters in finance explores interdisciplinary aspects, adapting to the evolving financial landscape. With high FinTech adoption in India, the program offers advanced knowledge for professionals. Alumni benefits and flexible learning enhance career opportunities.

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In the fiscal year 2023-24 (FY24), India's non-life insurance industry experienced significant growth primarily fueled by the health and motor insurance segments. Health insurance premiums surpassed Rs 1 trillion, marking a 20.2% increase, while motor insurance reached Rs 91,781.3 crore with a growth rate of 12.9%.

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NCLAT freed Sporta Technologies from CIRP after rejecting Reward Solutions' petition linked to a ₹7.61 crore default, aligned with Section 10A guidelines under the Insolvency and Bankruptcy Code, 2016. The tribunal overturned NCLT Mumbai's order regarding Dream11 insolvency.

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"The Board has unanimously approved the appointment of Keki M Mistry as the chairman of the board with immediate effect subject to approval of Insurance Regulatory and Development Authority," the statement from the company read.

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NPCI approves Paytm's OCL to migrate users to major banks for UPI. PPBL issues force transition. New UPI IDs introduced. Merchants impacted by changes.

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Despite RBI's unchanged rates, lenders raised deposit rates by 96 bps in FY24 due to rising credit demand. Liquidity tightened with incremental cash reserve ratio, leading to a multi-year high liquidity deficit.

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Renew car insurance promptly to comply with the law, avoid financial burdens, and maintain benefits like no-claim bonuses. Online services simplify the process, ensuring continuous coverage and hassle-free renewals.

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Insurance companies in India are adjusting their policy terms, conditions, clauses, and wordings to provide customers with more flexibility in tailoring coverage. This change is expected to be visible in July or October renewals, as it will take time for insurers to implement these changes and develop new policies. The Indian insurance market is now catching up with global standards, allowing more flexibility in pricing and policy design.

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Nabard clarified that it doesn't provide loans directly to individual farmers but supports financial institutions and cooperatives in rural development. It urged stakeholders to be cautious of misinformation, which can lead to financial risks. Nabard remains committed to promoting rural development and agriculture through official channels for accurate information. Contact Nabard for inquiries.

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​Speaking about the catchment which can be tapped into, Birla said the wider group has a 2.5 lakh strong small business ecosystem and currently serves over 25 crore customers through products and services like telecom, fashion, and retail. A person can choose from 22 products and services across all the offerings of Aditya Birla Capital.

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The move is expected to unlock funds for lending purposes and ease the pressure on banks that have been relying on costly deposits to disburse loans, Manian said in an interview. Kotak holds securities well in excess of the minimum statutory liquidity ratio mandated by the Reserve Bank of India, he said. Banks in India are the largest holders of government bonds.

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Fairfax's Odyssey Reinsurance offers Rs 500 crore debt to IIFL Finance for gold loans. Prem Watsa's subsidiary provides secured, rated bonds at 9.5% coupon. ET's comment requests to IIFL Finance and Fairfax go unanswered.

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Bank of India and India Mortgage Guarantee Corporation (IMGC) have joined forces to introduce mortgage guarantee-backed home loan products, targeting both salaried and self-employed individuals in the affordable housing sector. With IMGC's extensive branch network, the partnership aims to enhance credit delivery and provide flexible and secure home loan options.

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NFRA has penalized Pathak HD & Associates, and banned its partners, in Reliance Capital case after lapses in statutory duties and ethical violations were noted.

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How about leaving a tip in rupees at a beach bar in Pattaya or a spa in Bangkok? Well, that could be a reality if India can pull off a currency deal with Thailand, which has emerged as one of the preferred destinations for holidays, conferences and corporate offsites, especially since the visa relaxation last year.

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Finance ministry stresses rigorous KYC and due diligence to prevent financial frauds, focusing on data security, safeguarding the financial ecosystem, and blocking fraudulent micro ATMs. Recommendations were discussed at an inter-ministerial meeting.

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To counter financial frauds like the BoB World app scam, the finance ministry proposes reinforced KYC procedures and due diligence for merchant onboarding. Enhanced data security is urged for merchants and Business Correspondents (BCs) to mitigate cyber risks. RBI may advise reviewing BC concentration in fraud-prone areas

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MUFG in talks to buy 20% stake in HDB Financial Services from HDFC Bank at $9-10B, unlocking value post $60B merger, with $2B investment, IPO preparations per RBI regulations.

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Currently, a third of the company's total global workforce of 15,000 is based in capability centres in Bengaluru and Hyderabad. Broadridge doesn't have an India business yet but only operates the two capability centres.

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The Reserve Bank of India (RBI) has rejected two more applications, including that of Dvara Kshetriya Gramin Financial Services, for setting up small finance banks. This follows the rejection of three applications in July 2023. The RBI had received approximately a dozen applications for setting up banks under the guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks (SFBs).

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Bank of Tokyo-Mitsubishi UFJ (MUFG) is set to buy a 20% stake in HDB Financial Services, a non-banking subsidiary of HDFC Bank, at a valuation of $9-10 billion. The decision is expected to take place next week at the HDFC Bank board meeting. The deal is expected to be among the largest deals in the shadow banking space in India. HDFC Bank owns 95% of the shadow bank, while employees own 5% as ESOPs.

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The rise of standalone health insurance companies' growth can be credited to larger policy sizes, as they introduce high-value policies worth crores. Premium rates have been adjusted to match medical inflation, and coverage has expanded, insurers revealed.

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The Financial Services Institutions Bureau (FSIB) has recommended Manoj Mittal as the Chairman and Managing Director of Small Industries Development Bank of India (SIDBI) and Sanjay Shukla as the Managing Director of National Housing Bank (NHB). Mittal will replace S Ramann, who joined SIDBI in April 2021. FSIB interviewed 21 candidates and recommended Mittal for the position.

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HDFC Bank's Kavaratti Island branch leads in Lakshadweep's financial development with digital solutions, QR transactions, and a vast distribution network, aiming to be a trusted partner in the region's growth.

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Under the Liberalised Remittance Scheme (LRS), resident individuals are permitted to transfer up to $250,000 a year abroad to invest in properties and securities, maintenance of relatives, among other specified purposes. Some of the tax professionals and bankers ET spoke to said authorised dealer (AD) banks are undertaking greater scrutiny before clearing LRS remittances.

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Icra revised banking sector outlook to stable, expecting moderated credit growth. Net interest margins to compress due to rising deposit cost, potential rate cut leading to margin pressure from advances repricing. Healthy earnings and elevated CD ratio may pose challenges in deposit mobilisation. Credit costs steady at 0.8% of advances.

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The bank seeks to serve customers wherever they are and looks forward to serving the financial needs of individuals, families, and businesses in Lakshadweep, the bank's retail branch banking group head S Sampathkumar said.

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BANKING

Icra downgraded the banking sector outlook from 'positive' to 'stable' due to expected credit growth and profitability moderation in FY25. Gross NPAs likely to reduce to 2.2% by March 2025. Challenges include deposit mobilization, NIM pressure, and increasing operating expenses, despite benign credit costs. Public sector banks fare better in fresh slippages due to a larger corporate advances focus

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DBS Bank's IFSC banking unit in Gujarat International Finance Tec-City (GIFT City) said in a statement that it led the syndicated loan. The funds will be used for growing the retail education loan franchise, it said.

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Senior citizens can earn another 50 basis points, while women investors earn an additional 10 basis points, taking the maximum rate to 9.4% for a woman senior citizen.

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Amid deepening speculations over who succeeds the prominent banker at Bandhan Bank's helm, Ghosh said a searching committee will look at options over the next three months.

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Muthoot Microfin, a listed pure-play microfinance lender, reported a 32% year-on-year growth in assets under management (AUM) along with a significant improvement in loan collection efficiency, leading to enhanced profitability. Its AUM reached Rs 12,194 crore by the end of March, with loan disbursement rising by 32% to Rs 10,662 crore in FY24.

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In the Indian corporate banking scene, Citigroup's global head of corporate banking Jason Rekate highlighted the prominence of companies in infrastructure, pharmaceuticals, and automobiles. Rekate mentioned that these companies are set to make intriguing investments as they focus on shedding non-core but high-quality assets, as reported in an interview with Bhaskar Dutta.

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​​It said Chithra H, the current CFO and Senior General Manager, will transition to the role of Chief Compliance Officer (CCO) as per regulatory directives issued by the Reserve Bank of India (RBI).

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IRDAI raises concerns over IndusInd International Holdings' (IIHL) resolution plan for Reliance Capital, citing deviations from insurance regulations. Questions arise over IIHL's equity infusion, debt-raising plans, and ability to meet future capital needs. The regulator also seeks clarity on FDI limits and acquisition structure. IIHL's Rs 9,650-crore resolution plan for Reliance Capital was approved by NCLT in February 2024

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Chandra Shekhar Ghosh, MD and CEO of Bandhan Bank since 2015, will retire on July 9, 2024, after three consecutive terms. The bank's loans have reached Rs 1.28 lakh crore, showing a 17.8% growth year-on-year.

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BANKING

RBI Governor Shaktikanta Das emphasizes the responsibility of financial institutions in handling public funds. Recent actions against entities like Paytm, IIFL Finance, and JM Financial highlight regulatory scrutiny. S&P lauds RBI's governance efforts but warns of higher capital costs due to stringent measures. Regulatory focus intensifies on compliance, customer protection, and risk mitigation.

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BANKING

Bandhan Bank in Kolkata saw significant growth in loans and deposits by the end of the 2023-24 fiscal year, with a notable increase in CASA deposits and strong collection efficiency.

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BANKING

IndusInd Bank's advances grew by 18% to Rs 3,42,857 crore with a 14% increase in deposits. Meanwhile, Suryoday Small Finance Bank reported a 41% rise in gross advances, reaching Rs 8,650 crore.

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BANKING

HDFC Bank witnessed robust deposit growth of 7.5% in Q4 FY24, amounting to Rs 1.6 lakh crore. However, the share of low-cost deposits decreased to 38%. Despite this, the bank's shares surged by 2.8%. The bank's merger with HDFC impacted the CASA ratio, yet it reported strong retail and wholesale deposit growth.

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BANKING

In FY24, Mumbai's securitisation volume growth slowed to 4% at Rs 1.88 lakh crore due to the HDFC twins merger. Icra predicts FY25 volume to exceed Rs 2 lakh crore. Co-lending by NBFCs and HFCs could challenge growth. PTCs made up 57% of the market. Vehicle loans dominate PTC issuances. Other loans, like small business and personal loans, are increasing participation. Non-financial entities are also entering the securitisation market.

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BANKING

The bank's gross advances stood at Rs 73999 crore at the end of March. The bank also said that it has achieved the highest ever monthly disbursement in March.

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BANKING

Rising IVF coverage in corporate health insurance renewals with sub-limits managing premiums. Firms add cosmetic benefits amid medical inflation. Growth attributed to health and wellness benefits.

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BANKING

Blackstone Group plans to invest USD 2 billion annually in India, aiming to improve the ease of doing business for firms like it. The New York-based group has been operational in India for nearly two decades and has invested a total of USD 50 billion in the country. The value of its assets, after accounting for exits, stands at USD 30 billion. Over the next five years, the value of assets is expected to rise by USD 25 billion, including USD 17 billion in fresh bets and up to USD 7.5 billion value creation across portfolio companies.

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BANKING

Indian lenders adapt to JIT tool with SNA 'SPARSH' for timely fund releases, impacting liquidity in state schemes. RBI utilizes e-Kuber for payments, potentially affecting 24x7 banking demands.

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BANKING

The State Bank of India (SBI) has refused to disclose its standard operating procedure for electoral bonds, citing commercial confidence exemption. Transparency activist Anjali Bhardwaj sought details under the RTI Act. The SBI's response, denying disclosure, comes after the Supreme Court's directive to reveal all details of electoral bonds, including purchaser names and dates of purchase.

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BANKING

Nirmala Sitharaman lauded India's digital infrastructure, highlighting 43.3 crore monthly transactions. She discussed the seller, buyer, and payment system involvement. Additionally, she mentioned Viksit Bharat 2047, mobile phone production, PLI schemes, and renewable energy collaboration.

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BANKING

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BANKING

Atul Mehra becomes Axis Capital MD and CEO, with Parag Gude and Dhaval Desai joining. Emphasis on strengthening investment banking and equities. Axis Capital maintains leadership amid global recognition of India's potential.

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