All Banking & Crypto Related Details

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A report by the Reserve Bank of India revealed that the share of loans with an interest rate above 9% increased to 56.1% in March 2023, following monetary tightening measures implemented since May 2022. The central bank raised interest rates in response to inflation caused by global supply disruptions resulting from the Russia-Ukraine war. Despite this, the RBI did not raise rates in its last two monetary policy reviews. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/RnHY54h via IFTTT

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The data release comes amid news reports stating that the RBI has been cautioning banks about the risks on unsecured books, which includes credit cards, personal loans, and microfinance. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fsLbh1W via IFTTT

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The Small Industries Development Bank of India (Sidbi) on Tuesday said its net income jumped 71 per cent on-year to Rs 3,344 crore in FY23. The company's Chairman and Managing Director Sivasubramanian Ramann said the massive increase in profit and all other key number were driven by better all round performance which has helped it more than double its income to Rs 18,485 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/aF9o2wb via IFTTT

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Fiscal year 2023 was a breakout year for digital banking platform Axis 2.0 and the early leadership in building proprietary in-house digital native capabilities with full stack engineering, product and a design team of about 400 people have started yielding results, according to Axis Bank Managing Director and CEO Amitabh Chaudhry. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/YEXnauV via IFTTT

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"We are seeing a lot of traction on power and renewables, infrastructure, healthcare, and industrials. Renewables is one of the most active sectors right now. The government's target of 500 GW renewable capacity by 2030 has attracted a lot of foreign capital into India because no other market offers this level of scale. There is still a very large pool of capital waiting to enter India's renewables, Malhotra. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/GulqOXZ via IFTTT

SMFG owns a 74.9% stake in SMFG India Credit Company, earlier called Fullerton India, which it purchased from Singapore's Temasek Group in 2021. The Japanese bank had valued the company at ₹23,000 crore, buying the 74.9% stake for close to ₹17,000 crore in 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/CaTilXf via IFTTT

PFS, which has been battling allegations of corporate governance lapses, has in the past year and a half seen resignations by several independent directors and got show-causes notices from both the stock market and banking regulators. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/NWGDaml via IFTTT

The company was hit hard by the second wave of the pandemic and reported Rs 894.5 crore net income last fiscal against Rs 1500 crore loss in FY22, as it could grow 10x growth in FY23 over FY22 with loan disbursements doubling to Rs 30,186.8 crore as of March and since then grown to Rs 36,000 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/asYJE54 via IFTTT

Madhivanan Balakrishnan has been elevated as the Executive Director and Chief Operating Officer of IDFC First Bank following the RBI's approval, a statement said on Wednesday. His elevation was recommended by the nomination and remuneration committee for a period of three years, IDFC FIRST Bank said in the statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/LbuFC59 via IFTTT

BharatPe Chairman Rajnish Kumar said, "This (Unity Bank) is our biggest investment and we are committed to build it as a new-age, digital first Bank- that appeals to customers across age groups. In the last 1.5 years, Unity Bank has built a good foundation and I am confident that it will emerge as one of the most credible banks in the banking industry in the times to come." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BXwu5RI via IFTTT

BharatPe Chairman Rajnish Kumar said, "This (Unity Bank) is our biggest investment and we are committed to build it as a new-age, digital first Bank- that appeals to customers across age groups. In the last 1.5 years, Unity Bank has built a good foundation and I am confident that it will emerge as one of the most credible banks in the banking industry in the times to come." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BXwu5RI via IFTTT

State-run banks together have around 86,000 branches across the country. These branches could provide a touchpoint for election authorities to reach out to voters through voter awareness programmes. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/t9PAZhK via IFTTT

ET first reported on May 29 that BPEA EQT was set to acquire the education loans business from HDFC group. ET reported that the buyout fund will be buying 90% of the company, with the housing finance company retaining a 10% stake that it may sell over a two-year period. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/JY8DFi3 via IFTTT

Jammu and Kashmir Bank on Monday launched two mobile branches in Ladakh to offer banking services in remote areas of the Union Territory. "J&K bank today dedicated two mobile branches -- 'J&K Bank on Wheels' -- for public in Ladakh that will extend banking services to the people of various remote and unbanked areas of the UT," a spokesman of the bank said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/4rIyvKQ via IFTTT

The Bombay High Court has issued an interim stay on the effect of circulars issued by the Reserve Bank of India, which empower banks to declare an account as fraudulent without a hearing. The court has granted the stay until September 11, when it will hold hearings on petitions filed by Jet Airways' former owners Naresh Goyal and Anita Goyal, which will challenge the central bank's approach, saying that denying borrowers a chance to be heard violates the principle of natural justice. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/4J6amfy via IFTTT

RBL Bank aims to increase its net interest margin (NIM) to 5.2% by March 2024 as it increases the share of higher-yielding assets in its loan book, while maintaining a share of unsecured loans such as credit cards and microfinance of more than 20% each year until March 2026. The bank intends to increase secured retail assets such as mortgages and loans against property to achieve a higher yield, and aims to reduce its wholesale lending from 44% to 30% of its loan book by end-FY26. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/mXf3o1d via IFTTT

Financial Services Secretary Vivek Joshi on Saturday asked banks to collaborate and create policies for mobilizing capital towards green finance. Speaking at a seminar on 'Climate Finance and Risk', Joshi highlighted the fact that the financial sector is well positioned to incite a behavioural change in corporates and contribute towards building a sustainable society. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/1MjzV2X via IFTTT

The Reserve Bank of India conducted a statutory inspection of the company concerning its financial position as of March 2021, and an examination of the risk assessment report, inspection report, supervisory letter, and all related correspondence pertaining to the same, had revealed non-compliance with the aforesaid directions to the extent it did not classify certain gold loan accounts with over-dues of more than 90 days as non-performing assets. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/f8Zr6ky via IFTTT

Deposits in commercial banks in India increased by INR 3.26 lakh crore to INR 187 lakh crore in the first two weeks after the Reserve Bank of India announced the withdrawal of INR 2,000 notes, according to the latest data. Term deposits rose INR 2.65 lakh crore while demand deposits increased by INR 760,968 crore, resulting in an annual deposit growth rate of 11.8%, compared to 9.3% last year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/m5aTwu7 via IFTTT

Vishwanathan has been appointed for a period of three years, Axis Bank said in a press release. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/l57LVrw via IFTTT

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Vasudevan's current term as MD & CEO expires on July 22, 2023.​​​​ He had announced his intention to step down in May this year to devote his time towards social welfare through his public charitable trust. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fSEdtk7 via IFTTT

As India explores defence exports to Africa based on the growing interests for Indian defence equipment in the continent, future LoCs could cover defence, according to Bangari. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/OEej4rq via IFTTT

Kotak Mahindra Bank has said that it has attracted INR54bn ($790m) in deposits as a result of the Reserve Bank of India's withdrawal of INR2,000-denomination notes. Many of the funds have come into current accounts held by the bank’s business customers. Kotak’s president for retail liabilities and branch banking, Virat Diwanji, warned that the increase in deposits was a temporary phenomenon, as the businesses would eventually deploy the same money for other purposes such as paying vendors. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3CtUzTB via IFTTT

The Reserve Bank of India may need to tighten retail credit norms as the unsecured loan portfolio for the banking sector doubled in four years to reach INR 11.1tn ($148bn) and risky borrowing among less-privileged sectors grew. Unsecured personal loans circulated by banks and NBFCs rose 20.2% in Q4 2022 over the same period the previous year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ZNhcojD via IFTTT

"Africa is becoming a big consuming continent and there Indian companies have huge potential to find a market," Harsha Bangari, managing director of Export-Import (EXIM) Bank of India, told Reuters in an interview on the sidelines of the 18th CII-Exim Bank Conclave on India-Africa Growth Partnership. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/8OuNbnv via IFTTT

State-owned financial entities PNB, LIC, SBI, and BoB are said to be seeking formal bids for the sale of their 45% stake in UTI Asset Management Company (AMC). The quartet had previously appointed merchant bankers to initiate a sale process but the relationship with the Tata Group reportedly broke down due to a large interest holder insisting on a formal bidding process. While the final value is yet to be determined, UTI AMC was worth INR88bn ($1.2bn) as of Wednesday, with AUM of INR2.39tn ($32.7bn), equating to 6% of India's total industry AUM. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/wjJEUuM via IFTTT