BANKING

Banks in India have proposed to the Reserve Bank of India (RBI) that the first unpaid education loan should be reclassified as 'standard' and the repayment period extended. This proposal aims to help students who choose to gain work experience before pursuing higher studies. Currently, if a borrower partially repays an existing loan, it is classified as 'restructured', resulting in higher interest rates for borrowers taking out a fresh loan.

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BANKING

HDFC Bank, which had initially raised concerns about SpaceMantra's debt resolution proposal for Future Retail Ltd (FRL), surprised everyone by voting in favor of the Rs 550 crore offer. However, the offer did not receive the necessary majority support. The voting results showed that 58.38% of lenders voted against SpaceMantra's offer, which means that the company may now be liquidated.

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BANKING

“The demand for funds is high given the credit growth of 15-16 percent. Banks need to garner more funds through deposits even at higher rates” said Sachin Gupta, chief rating officer CareEdge Ratings “ Besides some banks are focusing on building durable long-term and stable funding sources even if it means paying higher interest.”

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BANKING

Ahmedabad-based MAS Financial Services, a micro, small, and medium enterprises (MSME) financer, has seen significant growth in its loan assets and stable asset quality. The company expects to double its loan book every three to four years and aims to reach over Rs 10,000 crore in assets under management (AUM) by September 2023. MAS Financial Services has a strong presence in Gujarat and plans to increase its loan disbursement through direct distribution. Analysts predict an annual AUM growth of 25% for the company between FY23 and FY25.

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BANKING

The Tata Group is reportedly considering whether to bid for UTI Asset Management Company, following the entry of Jio Financial Services into the market. The salt-to-software conglomerate is closely monitoring Jio's future plans and their impact on the industry. Four state-owned entities collectively own just over 45% stake in UTI AMC and are exploring options to sell their stake. Earlier talks between the Tata Group and the public sector entities fell through due to a disagreement regarding the selling process. Jio Financial Services has attracted attention due to its appointment of KV Kamath to head its financial services business.

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BANKING

HDFC Bank, India's most valued lender, has seen a decline in its stock value in the past three months, raising concerns about its impact in the banking sector. The bank's performance has been relatively subdued compared to public-sector lenders, and uncertainties surrounding its merger with its home-financing parent have weighed on the stock. However, HDFC Bank has been focusing on expanding its branch network in areas with limited competition from private banks, allowing it to compete with public-sector banks for deposits. This strategy is expected to benefit the bank in the coming years and drive earnings growth.

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BANKING

Contact the customer service department of your bank or UPI service provider right away. Provide all pertinent information, such as the transaction reference number, the date, and the amount.

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