BANKING

Around 16% of India's credit card spending occurs on the RuPay network, driven by UPI-linked credit cards. With more than 30 banks issuing RuPay credit cards, transactions have significantly increased. The NPCI is expanding its influence with a new R&D centre and efforts to internationalize UPI.

from Banking/Finance-Industry-Economic Times https://ift.tt/QE2gwmY
via IFTTT

BANKING

Personal loan growth slowed to 14.2% by January 24, 2025, down from 18.2% a year earlier, due to reduced vehicle loans and credit card outstanding, according to RBI data. Non-food bank credit increased 12.5%, marking a three-month high, while credit to agriculture grew by 12.2%. Industry advances rose by 8.2%, driven by sectors like petroleum and chemicals.

from Banking/Finance-Industry-Economic Times https://ift.tt/5XTAOlk
via IFTTT

BANKING

Health insurance premiums in India surpassed Rs 1 lakh crore in the first 10 months of the current fiscal year, marking a 10% increase from last year. Individual health insurance saw the highest growth at 13.5%. Rising costs and medical inflation have raised concerns about affordability and accessibility.

from Banking/Finance-Industry-Economic Times https://ift.tt/6TxPc1R
via IFTTT

BANKING

HDFC Bank plans to expand its loan securitisation business to meet increasing investor demand while managing its balance sheet effectively. The bank targets reducing its loan-to-deposit ratio and aims for a substantial increase in securitisation volumes over the next three to five years.

from Banking/Finance-Industry-Economic Times https://ift.tt/QTJuUCr
via IFTTT

BANKING

State-run banks will present a strategic road map for capital-raising and expansion plans for FY 2025-26 to 2027-28 next month. The government plans to assess these projections to determine the timing and extent of its stake reductions in the banks, focusing on enhancing strategic capabilities like GenAI systems.

from Banking/Finance-Industry-Economic Times https://ift.tt/LkmdNKt
via IFTTT

BANKING

LIC received a demand notice of Rs 479.88 crore for the short payment of GST for the financial year 2020-21. The notice is from the Deputy Commissioner of State Tax, Mumbai. It includes GST, interest, and penalty amounts. The company said there is no material impact on their financial, operational, or other activities.

from Banking/Finance-Industry-Economic Times https://ift.tt/k9pGWRa
via IFTTT

BANKING

Non-performing assets in the microfinance sector soared to ₹50,000 crore at the end of December, reaching a 13% ratio of gross loans. The sector faced elevated stress from over-lending and deteriorating credit discipline, despite regulatory measures to lower capital allocation requirements for risky assets.

from Banking/Finance-Industry-Economic Times https://ift.tt/NHzuge2
via IFTTT

BANKING

With the IMD issuing heatwave warnings, lenders in India are bracing for challenges. They anticipate a decline in collection efficiency and loan disbursals due to less active sales teams. To mitigate this, they are adopting digital collections and tightening underwriting standards for heavily impacted industries. Last year, extreme temperatures caused significant drops in loan collections, especially in North India.

from Banking/Finance-Industry-Economic Times https://ift.tt/cCKQSTs
via IFTTT

BANKING

The government urges lenders to strengthen credit evaluations and monitor micro loans for self-help groups (SHGs) to avoid multiple loans. A unified business correspondent registry and unique IDs for SHG members are being planned. This move supports financial inclusion, rural enterprise development, and targets identified sectors more effectively, ensuring better fund utilization.

from Banking/Finance-Industry-Economic Times https://ift.tt/H9z5vN8
via IFTTT

BANKING

The Reserve Bank of India has decreased capital requirements for banks to boost liquidity and credit flow, specifically enhancing lending to NBFCs and MFIs. Risk weights on such loans were reduced, expected to lower borrowing costs and improve margins for institutions. This move aims to encourage prudent growth and address the slowdown in bank credit to NBFCs.

from Banking/Finance-Industry-Economic Times https://ift.tt/RZHbzld
via IFTTT

BANKING

Insurers, including HDFC Life, are preparing for a significant legal battle with GST authorities over allegations of wrongful input tax credit claims on agent commissions. The Adjudicating Authority recently confirmed a ₹2,400 crore demand against HDFC Life, indicating a potential industry-wide liability exceeding ₹5,500 crore.

from Banking/Finance-Industry-Economic Times https://ift.tt/ZN37g8Y
via IFTTT

BANKING

Alpha Alternatives Fund Advisors have successfully raised over Rs 5,500 crore for its Structured Credit Opportunities Fund, surpassing the initial target. The fund focuses on special situations and debt restructuring, targeting returns of 24%. With diversified investor support, it aims to deploy the funds within 9-12 months. The firm's confidence is highlighted by its Rs 150 crore commitment.

from Banking/Finance-Industry-Economic Times https://ift.tt/4dFtbMC
via IFTTT

BANKING

The government is seeking bids from merchant bankers for stake dilution in select state-run banks and financial institutions, aiming to comply with the minimum public shareholding norm. The move involves considering a reduction in its stake in banks where it holds over 90%. Merchant bankers have until March 27 to submit bids, with contract terms outlined by DIPAM.

from Banking/Finance-Industry-Economic Times https://ift.tt/YITWgok
via IFTTT

BANKING

The Reserve Bank of India has relaxed restrictions on New India Co-operative Bank, allowing withdrawals up to Rs 25,000, effective February 27, 2025. This follows an assessment of the bank's liquidity position. Additionally, the bank’s General Manager was arrested for allegedly embezzling Rs 122 crore.

from Banking/Finance-Industry-Economic Times https://ift.tt/FmGSWRu
via IFTTT

BANKING

Bain Capital is nearing a deal to acquire a controlling stake in Manappuram Finance. The agreement involves fresh capital from Bain and a secondary share sale by promoters, potentially increasing Bain's stake to 46%. The deal is expected to bring management changes, with a new CEO and initial joint operations.

from Banking/Finance-Industry-Economic Times https://ift.tt/1a3cAK2
via IFTTT

BANKING

Federal Bank aims to become the fifth-largest private sector bank in India within three to five years. It plans to boost growth through both organic and inorganic strategies, enhance its product portfolio, and improve operational efficiencies to achieve higher profitability.

from Banking/Finance-Industry-Economic Times https://ift.tt/cH3DpXQ
via IFTTT

BANKING

State Bank of India Chairman C S Setty announced the bank's goal to achieve Net-Zero emissions by 2055. The announcement coincided with the launch of the "SBI Green Marathon Season 5" in Mumbai, where over 10,000 participants competed in various distance categories to promote environmental sustainability.

from Banking/Finance-Industry-Economic Times https://ift.tt/fnezQLN
via IFTTT

BANKING

State-owned Bank of Maharashtra has reduced interest rates on retail loans by 25 basis points following the RBI's 25 basis points cut in the repo rate. Home loan rates are now at 8.10% and car loans at 8.45%. Additionally, the bank will set up an International Financial Services Centre in GIFT City.

from Banking/Finance-Industry-Economic Times https://ift.tt/6rzGtLq
via IFTTT

BANKING

Rising temperatures and climate change may increase default risks in 30% of agricultural and housing loans in the next five years, according to a BCG report. Temperature increases negatively impact agriculture production and income, posing significant risks for banks. However, a $150 billion annual investment opportunity exists for banks in India's energy transition to renewable sources.

from Banking/Finance-Industry-Economic Times https://ift.tt/kN9PMfq
via IFTTT

BANKING

Real money gaming companies are struggling to comply with new Tamil Nadu regulations prohibiting minors and imposing 'blank hours.' They face technical challenges in swiftly implementing these laws. Some firms seek more time or are considering legal action, while potential criminal liability looms for non-compliance.

from Banking/Finance-Industry-Economic Times https://ift.tt/6VESsfA
via IFTTT

BANKING

Hitesh Mehta, ex-general manager of New India Coop Bank, allegedly directed staff to hand over large sums of money to his associates, leading to a Rs 122 crore embezzlement. The Economic Offences Wing is investigating the case after an RBI inspection revealed the discrepancy. Statements from bank staff and auditors are being recorded to ascertain the details.

from Banking/Finance-Industry-Economic Times https://ift.tt/tHskvaA
via IFTTT

BANKING

The Burman family has officially taken over Religare Enterprises Ltd (REL) and plans to infuse ₹2,000 crore by subscribing to preferential shares, increasing their stake to over 50%. They aim to rebrand Religare and appoint a new management team to transform it into a competitive non-banking financial company.

from Banking/Finance-Industry-Economic Times https://ift.tt/Wkts5le
via IFTTT

BANKING

Intense competition among banks in the mid-sized corporate sector is leading to mispriced loans and increased risk exposure. Banks like HDFC and Kotak Mahindra are expressing concern over the trend, emphasizing the need for proper risk-adjusted pricing to maintain sustainable credit costs in the long term.

from Banking/Finance-Industry-Economic Times https://ift.tt/un2PQIe
via IFTTT

BANKING

Punjab National Bank (PNB) has decreased interest rates by up to 25 basis points on retail loans including housing, auto, education, and personal loans following the RBI rate cut. PNB is offering perks such as waived processing fees and extended repayment tenures, with revised rates being applicable from February 10, 2025.

from Banking/Finance-Industry-Economic Times https://ift.tt/v6nS5MB
via IFTTT

BANKING

Citigroup Inc.'s India unit plans to significantly boost its asset-backed securities portfolio to over $1 billion by the end of the fiscal year to provide liquidity as domestic lenders face sluggish deposit growth. The securitization market in India is growing, driven by large private banks and non-bank financing companies.

from Banking/Finance-Industry-Economic Times https://ift.tt/LbXd2tg
via IFTTT

BANKING

Google Pay has started charging a convenience fee for bill payments made with credit and debit cards, with fees ranging from 0.5% to 1% of the transaction value plus GST. This move highlights a shift towards monetizing UPI transactions to offset processing costs as UPI adoption grows.

from Banking/Finance-Industry-Economic Times https://ift.tt/OC132ty
via IFTTT

BANKING

HSBC, Europe's largest lender by assets, reported an 11% increase in pre-tax profit in its Indian operations to $1.68 billion for the last calendar year, driven by growth in both wholesale and retail banking. The bank, recently approved to expand in India, aims to leverage new local opportunities.

from Banking/Finance-Industry-Economic Times https://ift.tt/OlKQ0vU
via IFTTT

BANKING

The Urban Cooperative Banks (UCBs) sector is under scrutiny following regulatory actions, with 1,472 banks and significant deposits and advances. As of March 2024, two scheduled UCBs had critically low capital ratios, leading to enhanced monitoring and corrective measures by the RBI, including potential license cancellations.

from Banking/Finance-Industry-Economic Times https://ift.tt/x9swKzv
via IFTTT

BANKING

The Enforcement Directorate (ED) seized ₹1,646 crore assets in a probe into a $2.4-billion ponzi cryptocurrency scam and plans to work with global authorities to restore the funds to victims worldwide. The ED interrogated Satish Kumbhani, the mastermind, and plans to secure his arrest. BitConnect defrauded investors using a fake trading program, collecting $2.4 billion.

from Banking/Finance-Industry-Economic Times https://ift.tt/R4BnAF6
via IFTTT

BANKING

Thousands of Indian investors are struggling to recover almost $100 million from a Ponzi scheme involving Falcon Invoice Discounting, which promised high returns. The scheme defrauded nearly 7,000 investors, with police making arrests and searching for the key founder, Amardeep Kumar.

from Banking/Finance-Industry-Economic Times https://ift.tt/OYlwdWB
via IFTTT

BANKING

ICICI Bank Ltd. is considering purchasing an additional 3% stake in ICICI Prudential Asset Management Co. from Prudential Plc ahead of the company's potential IPO. This would allow ICICI to maintain its 51% shareholding even after allocating 3% to employees under a stock options plan. Prudential has hired Citigroup as the arranger for the IPO.

from Banking/Finance-Industry-Economic Times https://ift.tt/anoyfck
via IFTTT

BANKING

Life Insurance Corporation of India launched the 'One Man Office' service to create a digital ecosystem for its sales force, improving efficiency and productivity. It includes features for policy sales, after-sales services, business tracking, and training resources, accessible via mobile phones.

from Banking/Finance-Industry-Economic Times https://ift.tt/NOxZB50
via IFTTT

BANKING

The government plans to streamline compliance in the insurance sector by identifying redundant regulations, aiming for improved ease of business. Proposed amendments to the existing insurance laws will support 100% FDI and seek to enhance policyholder security and market competition.

from Banking/Finance-Industry-Economic Times https://ift.tt/hN6voFR
via IFTTT

BANKING

Paytm is committed to becoming profitable in the next quarter. The company has a strong focus on digital payments and is recalibrating its credit activities. Regulatory compliance improvements are underway. The goal is to generate profits and continue growing its user base while benefiting from government initiatives and the National Digital Retail initiative.

from Banking/Finance-Industry-Economic Times https://ift.tt/EfLJbmI
via IFTTT

BANKING

IL&FS Group has started an interim distribution of Rs 5,000 crore, including Rs 3,500 crore in InvIT units and Rs 1,500 crore in cash for debt resolution. These units belong to Roadstar Infra Investment Trust, holding six major road assets. This interim payout will increase IL&FS’ total resolved debt to Rs 43,000 crore, crossing 70% of their overall resolution target.

from Banking/Finance-Industry-Economic Times https://ift.tt/cS5aUgY
via IFTTT

BANKING

IndusInd International Holdings (IIHL), backed by the Hinduja Group, seeks to raise ₹800 crore from Standard Chartered and other funds for a 60% stake acquisition in Invesco Asset Management (India). The deal awaits final approval from SEBI. A borrowing rate target of 11-12% is aimed, but private credit investors may find it unattractive.

from Banking/Finance-Industry-Economic Times https://ift.tt/0ISBR8m
via IFTTT

BANKING

The Reserve Bank of India has approved Bank of Maharashtra to establish an International Financial Services Centre Banking Unit at GIFT City, Gujarat. This unit will be the bank’s first international branch for offshore banking, enhancing its international banking business and services, and contributing to India's vision of becoming a global financial hub.

from Banking/Finance-Industry-Economic Times https://ift.tt/w2YyhgQ
via IFTTT

BANKING

Indian authorities have ordered Aviva India's local unit to pay $7.5 million in back taxes and penalties for creating fake invoices, paying illegal commissions, and claiming incorrect tax credits. Aviva plans to appeal the order, stating it will not impact their operations.

from Banking/Finance-Industry-Economic Times https://ift.tt/uHPVmgK
via IFTTT

BANKING

Irdai emphasised on the need for stress testing, scenario analysis and effective asset-liability management (ALM). The National Bank for Financing Infrastructure and Development (NaBFID) presented insights on infrastructure investments and the bond market and discussed opportunities for insurers to diversify their portfolios.

from Banking/Finance-Industry-Economic Times https://ift.tt/REyJXHz
via IFTTT

BANKING

Food subsidy expenditure forms over 50% of India's total subsidy spending in FY 2024-25, with Rs 1.64 lakh crore allocated for April-December 2024, up from the previous year. Fertilizer subsidy spending decreased slightly to Rs 1.36 lakh crore. Non-debt capital receipts declined, and FDI inflows weakened, highlighting revenue collection challenges and increased foreign investor outflows.

from Banking/Finance-Industry-Economic Times https://ift.tt/vRNPCcZ
via IFTTT

BANKING

The RBI has replaced the board of New India Cooperative Bank, appointing Shreekant as Administrator for 12 months. Restrictions have been imposed on loan issuance and withdrawals due to governance issues and liquidity concerns. Depositors can claim insurance up to ₹5 lakh under the deposit insurance scheme.

from Banking/Finance-Industry-Economic Times https://ift.tt/1iCoI6F
via IFTTT

BANKING

State-owned Life Insurance Corporation of India (LIC) has launched its MarTech platform, marking the first significant step in its Project DIVE initiative for digital transformation. This platform enables LIC to offer hyper-personalized customer engagement and reinforce its commitment to global leadership in digital insurance innovation.

from Banking/Finance-Industry-Economic Times https://ift.tt/QX16YuP
via IFTTT

BANKING

Moody's has identified a rise in new romance scam profiles, with India among the top 10 countries. The United States leads with 38%, followed by Nigeria, India, and the UK. The pandemic heightened vulnerability to financial grooming scams, contributing to a 14% increase in 2024. This escalation underscores significant reputational risks and fines for banks.

from Banking/Finance-Industry-Economic Times https://ift.tt/6l8EdQJ
via IFTTT

BANKING

The Reserve Bank of India has approved Zulia Investments, a Temasek unit, to increase its stake in AU Small Finance Bank up to 7%. Currently holding a 1.37% stake, Zulia could become the largest foreign portfolio investor in the bank, reflecting strong foreign interest and confidence in AU SFB’s growth.

from Banking/Finance-Industry-Economic Times https://ift.tt/imweJHd
via IFTTT

BANKING

Welcoming the move to lift restrictions, the bank spokesperson said that the Kotak will work with the RBI to shortly resume digital onboarding of new customers and issuing fresh credit cards. Kotak Mahindra Bank's managing director, Ashok Vaswani had indicated to media soon after declaring December quarter results that the RBI's restrictions had cost the bank around ?450 crore annually.

from Banking/Finance-Industry-Economic Times https://ift.tt/oM1Xky4
via IFTTT

BANKING

The Supreme Court granted Danny Gaekwad Developments & Investments an extension until Thursday to deposit Rs 600 crore for acquiring a stake in Religare Enterprises Ltd. Despite the Burman family's allegations, the court allowed the US investor extra time due to difficulties in transferring the funds without RBI's permission. All other terms from the previous court order remain valid.

from Banking/Finance-Industry-Economic Times https://ift.tt/EwXgM0J
via IFTTT

BANKING

The Reserve Bank of India (RBI) has lifted the restrictions on Kotak Mahindra Bank that were imposed in April 2024 due to supervisory concerns. After the bank implemented remedial measures and an external audit verified compliance, the RBI decided to remove the restrictions, allowing the bank to resume normal operations.

from Banking/Finance-Industry-Economic Times https://ift.tt/AUSgvto
via IFTTT

BANKING

State Bank of India's chairman, Challa Sreenivasulu Setty, views tighter credit reporting rules as a solution to retail loan default concerns. With an updated fortnightly credit report mandate, lenders can better assess customer leverage. SBI, with a substantial loan book and strong asset quality, aims to target affluent customers by enhancing premium banking services and deploying relationship managers.

from Banking/Finance-Industry-Economic Times https://ift.tt/YNRWIwP
via IFTTT

BANKING

Irdai has initiated quarterly monitoring for eight insurers exceeding their 30% expenses of management limits to enforce financial discipline. New accounting norms require insurers to report premiums annually. High commissions in bancassurance are also under review, with a significant rise in expenses since April 2023.

from Banking/Finance-Industry-Economic Times https://ift.tt/v7zfrJq
via IFTTT

BANKING

Creditors have recovered Rs 3.58 lakh crore through the resolution of 1,119 cases under the insolvency law by December 31, 2024. Minister Harsh Malhotra informed that 2,707 cases ended in liquidation, and 1,274 cases yielded Rs 0.13 lakh crore for creditors.

from Banking/Finance-Industry-Economic Times https://ift.tt/RlwSKo6
via IFTTT

BANKING

The government plans to utilize Artificial Intelligence to identify mule accounts where cyber fraudsters park illegal funds. Home Minister Amit Shah highlights the blocking of apps and website links for national security, and preventive measures against suspicious transactions amounting to Rs 2,038 crore.

from Banking/Finance-Industry-Economic Times https://ift.tt/aksQRcG
via IFTTT

BANKING

Health insurers are seeking clarity from IRDAI on how the 10% annual premium hike cap for senior citizens affects long-term policies. The cap aims to protect financially vulnerable older adults from steep premium increases. Insurers must also standardize pricing and obtain regulatory approval before discontinuing or modifying products.

from Banking/Finance-Industry-Economic Times https://ift.tt/Z7f34gw
via IFTTT

BANKING

The government has directed state-run banks to create a standardised induction programme for new recruits across all cadres, focusing on training for leadership roles and cross-bank participation. This is part of a broader effort to enhance employee development, streamline HR functions, and improve competitiveness.

from Banking/Finance-Industry-Economic Times https://ift.tt/tYd1cCg
via IFTTT

BANKING

Uco Bank has increased its one-year marginal cost-based lending rate (MCLR) by 5 basis points despite the RBI reducing the policy repo rate by 25 basis points. Conversely, Uco Bank, along with Bank of India, Indian Bank, and Karur Vysya Bank, has reduced repo-linked lending rates effective immediately. MCLR-linked loan impacts typically take two quarters to materialize.

from Banking/Finance-Industry-Economic Times https://ift.tt/5IEYNB2
via IFTTT

BANKING

The due diligence process for the privatisation of IDBI Bank is currently in progress, with government and LIC selling nearly 61 percent stake. Essential clearances from the Ministry of Home Affairs and Reserve Bank of India have been obtained, and due diligence by qualified bidders has commenced.

from Banking/Finance-Industry-Economic Times https://ift.tt/Uf2HREo
via IFTTT

BANKING

The government is meticulously watching banks to ensure the transmission of the recent RBI rate cut to borrowers, as officials warn that insufficient rate cuts would be addressed. The RBI's quarter-percentage-point cut aims to reduce borrowing costs, but historical precedents show mixed transmission effectiveness.

from Banking/Finance-Industry-Economic Times https://ift.tt/URS8pV4
via IFTTT

BANKING

Bankers are relieved with Malhotra's emphasis on a consultative approach with minimum disruption to the financial system. With the expected increase in provision costs and tighter regulations for project finance now on the back burner, lenders can focus on business growth over the next one year, bankers said.

from Banking/Finance-Industry-Economic Times https://ift.tt/ExOgKwc
via IFTTT

BANKING

Realty firm Signature Global reduced its net debt by 29% to Rs 720 crore in the October-December quarter, driven by strong pre-sales and collections from customers. The company also bought a 16.12-acre land in Gurugram to expand its business, and is eyeing further expansions in Noida and Greater Noida.

from Banking/Finance-Industry-Economic Times https://ift.tt/PTBXA9p
via IFTTT

BANKING

Zaggle Prepaid Ocean Services reported a 29.6% rise in consolidated profit after tax to Rs 19.7 crore for the October-December quarter, compared to Rs 15.2 crore in the same period last year. Revenue from operations surged 68.8% year-on-year, reaching Rs 336.8 crore in Q3 FY25.

from Banking/Finance-Industry-Economic Times https://ift.tt/ZE6c318
via IFTTT

BANKING

India's central bank governor announced a one-year deferral, until March 2026, for the proposal requiring banks to set aside more funds for digitally-linked deposits. The RBI will further review the norms due to the feedback received to avoid disruptions. Additional review time is also needed for draft guidelines on expected credit loss and project financing.

from Banking/Finance-Industry-Economic Times https://ift.tt/9G6ozyj
via IFTTT

BANKING

RBI Governor Sanjay Malhotra announced new security measures to make internet banking safer, including the implementation of a 'bank.in' domain for Indian banks and extending Additional Factor of Authentication (AFA) to international digital payments. These steps aim to combat rising cyber threats and digital frauds, urging banks and NBFCs to improve their cyber risk controls.

from Banking/Finance-Industry-Economic Times https://ift.tt/QCW6ySb
via IFTTT

BANKING

IIHL's acquisition of Reliance Capital faces delays as deadlock over escrow agreements stalls the final Rs 4,300-crore funding. The stalemate concerns the unwinding mechanism during litigation, with NCLT intervention sought to resolve the issue.

from Banking/Finance-Industry-Economic Times https://ift.tt/O3dz6sU
via IFTTT

BANKING

The Reserve Bank of India's upcoming monetary policy announcement is anticipated to benefit NBFCs and banks through an accommodative stance. Continued liquidity support and regulatory relaxations are expected to sustain credit growth and manage funding costs, particularly favoring well-diversified and highly rated NBFCs.

from Banking/Finance-Industry-Economic Times https://ift.tt/vDfqU4O
via IFTTT

BANKING

Finance Minister Nirmala Sitharaman confirms the government's commitment to privatisation and disinvestment, emphasizing their cabinet-backed strategy. The government and LIC plan to sell their 60.7% stake in IDBI Bank, with the process expected to commence soon. Valuations of the targeted companies have significantly improved.

from Banking/Finance-Industry-Economic Times https://ift.tt/AexRT1X
via IFTTT

BANKING

PSP Investments, a major Canadian pension investor, is in early discussions to acquire a significant minority stake in Maple Infrastructure Trust, owned by CDPQ. The trust seeks to raise $300-400 million, which will help finance its recent acquisition of toll road assets from Ashoka Concessions. Rothschild has been hired to manage the fundraising process.

from Banking/Finance-Industry-Economic Times https://ift.tt/hpn0Fw3
via IFTTT

BANKING

Bupa is planning to increase its stake in Niva Bupa Health Insurance after India's budget announcement on 100% foreign direct investment in the sector. Niva Bupa reported strong growth in Q3FY25, with profit after tax of Rs 13.2 crore and a retail health market share increase to 9.6%.

from Banking/Finance-Industry-Economic Times https://ift.tt/8iFyuXZ
via IFTTT

BANKING

Life Insurance Corporation of India (LIC) has received a demand notice amounting to Rs 105.42 crore for short payment of GST over seven financial years. The notice, received on February 5, includes interest and penalties for various states and can be appealed before the Commissioner (Appeals) in Lucknow.

from Banking/Finance-Industry-Economic Times https://ift.tt/QZMVuzJ
via IFTTT

BANKING

Banks are focusing on medium-term deposit mobilization to comply with new liquidity coverage ratio rules and improve asset-liability management. Non-callable deposits with two-to-five year maturities are preferred despite higher costs. Revised rules effective from April 1 mandate a higher run-off factor, prompting banks to invest more in liquid securities.

from Banking/Finance-Industry-Economic Times https://ift.tt/AgGPyT8
via IFTTT

BANKING

Ashu Khullar, Citi’s India chief, is appointed as the global co-head of GAM, based in London, and will oversee EMEA and Asia. K Balasubramanian will succeed him as India's CEO, pending RBI approval. During Khullar's tenure, Citi's revenue grew significantly, reflecting his effective leadership.

from Banking/Finance-Industry-Economic Times https://ift.tt/L2DRs8A
via IFTTT

BANKING

The Reserve Bank of India's recent notification aimed at promoting the use of the Indian rupee for international transactions has raised questions about the ability of Russian banks to invest in Indian stocks using funds from special Vostro accounts. Legal experts believe such transactions may be possible, but custodians await RBI's clarification.

from Banking/Finance-Industry-Economic Times https://ift.tt/PRUh0ui
via IFTTT

BANKING

Finance Minister Nirmala Sitharaman will address the RBI central board on February 8 to discuss key points of the Budget FY26, which includes significant income tax relief aimed at boosting demand. The meeting follows the RBI's expected announcement of a rate cut to stimulate GDP growth.

from Banking/Finance-Industry-Economic Times https://ift.tt/GkNBTpa
via IFTTT

BANKING

The finance ministry plans to present a draft bill to raise the foreign direct investment limit in the insurance sector to 100% from 74%, along with a unified license for insurers.

from Banking/Finance-Industry-Economic Times https://ift.tt/A7vqHeX
via IFTTT

BANKING

Bill Winters, CEO of Standard Chartered Plc, will visit India to enhance the bank's presence and launch a global wealth campaign. He is set to meet key clients and business heads in Mumbai and New Delhi to strengthen wealth management and cross-border strategies. Standard Chartered was the leading arranger for Indian issuers' dollar bonds last year.

from Banking/Finance-Industry-Economic Times https://ift.tt/dM0shJF
via IFTTT

BANKING

Gold loans by commercial banks surged by 68% in the first nine months of FY25 due to rising gold prices. Non-bank lenders also saw a rise in gold loan sanctions. The increase in gold prices has allowed lenders to offer higher loan amounts due to higher collateral value, enhancing lender comfort despite regulatory scrutiny on gold loan portfolios.

from Banking/Finance-Industry-Economic Times https://ift.tt/gA9UB60
via IFTTT

BANKING

The National Financial Reporting Authority has fined auditor Neeraj Bansal Rs 5 lakh and barred him for five years due to lapses in auditing Religare Finvest Ltd for 2017-18. Violations include failure to report fraud, assess risks, verify future taxable income, question investments, and obtain sufficient audit evidence. NFRA's actions follow their investigation and show cause notice in May 2024.

from Banking/Finance-Industry-Economic Times https://ift.tt/N8FBq0y
via IFTTT

BANKING

The RBI's strict capital and investment norms might hinder the National Bank for Financing Infrastructure & Development from establishing a partial credit enhancement facility for infrastructure corporate bonds. Despite potential benefits in credit rating, the higher costs and demanded investor premiums make these instruments less viable compared to bank loans.

from Banking/Finance-Industry-Economic Times https://ift.tt/bcprPKl
via IFTTT

BANKING

Sajjan Jindal family plans to dilute 14% of its promoter stake in JSW Infrastructure to fund a ₹39,000-crore capex over the next five years. The company, listed in September 2023, aims to maintain a 70:30 debt-to-equity ratio and utilize internal cash accruals. JSW Infra will look at acquisitions and aims for increased revenue growth and Ebitda margins.

from Banking/Finance-Industry-Economic Times https://ift.tt/U3GMJZy
via IFTTT

BANKING

Microfinance leaders anticipate the implementation of a new Grameen credit score framework to restore lending discipline following a decline in repayment culture. The proposed framework by Sitharaman aims to enhance creditworthiness among self-help groups and rural borrowers, potentially benefiting the entire sector and addressing issues of credit discipline.

from Banking/Finance-Industry-Economic Times https://ift.tt/wvYPosO
via IFTTT

BANKING

The bold budget focuses on enhancing growth through agriculture, MSMEs, investments, and exports. It emphasizes fiscal responsibility, infrastructure development, and inclusive policies to boost productivity and employment. Reforms in tax brackets, regulatory support, and financial sector liberalization aim to strengthen India's global competitiveness and economic stability.

from Banking/Finance-Industry-Economic Times https://ift.tt/VBxS7Mt
via IFTTT