Indian banks, especially those privately owned, are adding branches at the fastest pace in several years to help garner deposits, upending conventional wisdom that increasing familiarity with digital modes of transaction will obviate the need for brick-and-mortar lender facilities.
PNB Housing Finance expects a 22 per cent growth in fresh loan sales this fiscal, according to a top executive. The company, promoted by Punjab National Bank, has an aggressive growth plan and has set an internal target of crossing the Rs 1 lakh crore-mark on the assets side in the next three to three-and-a-half years.
Slower deposit growth, likely decline in fee income, rising operational expenses and increasing number of so called credit tested customers is likely to impact bank profitability in the next couple of years, consultancy firm McKinsey & Co said. It expects banks' return on asset (RoA) to drop to 0.80% to 1% range in the next two years from 1.1% at the end of fiscal 2023.
GlobalData’s Payment Cards Analytics reveals that card payments value in India registered a strong growth of 26.2% in 2022, supported by the improving economic conditions. This trend is expected to continue in 2023 and set to grow by 28.6% to reach $337.2 billion in 2023.
ICICI Prudential Life Insurance is seeing shifts in investment trends with a renewed demand for ULIPs and a growing demand for protection and annuity products after the recent tax changes affected high-value non-par products. New managing director Anup Bagchi tells Shilpy Sinha that with a solid balance sheet and prudent risk management, the company is sharpening its customer centricity in a crowded insurance market.
IDBI bank has moved the National Company Law Appellate Tribunal (NCLAT) against Zee Entertainment to challenge an NCLT order, which rejected the private lender's plea to initiate insolvency proceedings against the media major. IDBI's petition has been listed for hearing on Wednesday before a bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra.
As per the data for large NBFCs ( assets under management or UM of Rs 10.3 lakh crore as of March 2023), the AUM grew 19% yoy in FY23, compared to 3.3% and 9.6% in FY21 and FY22, respectively. "The revival in pent-up demand, which was dormant during the pandemic, led to the robust growth in the portfolio of NBFCs, despite the headwind of higher interest rates" India Ratings said in a report.