BUSINESS
RBI MPC Analysis: Forget Rupee, focus on growth - the straight message from RBI Governor
Loans are set to get cheaper once again, which signals that banks are expected to play a pivotal role in lifting domestic growth, just like they did post pandemic. Is the market dynamics in favour of a quality credit growth; that’s the challenge ahead.
BUSINESS
RBI approves Vikram Sahu’s appointment as India CEO of Bank of America
Kaku Nakhate, who held the position for 15 years, transitions to the new role of chair–India
BUSINESS
RBI consolidates 3,809 circulars into master directions, scraps 5,673 obsolete norms, to improve ease of compliance, says DG Murmu
Murmu furher said that any circular issued midway during the year will now be added as an amendment to the concerned master direction, and all master circulars will be updated within a period of one year.
BUSINESS
OPINION | Vault Matters: The real but barely mentioned risk in Yes Bank
Recently, Switzerland’s judiciary set aside the decision of its central bank to completely strike down the value of Credit Suisse’s AT-1 bonds when it was acquired by UBS. Will it open the pandora’s box back home where a similar matter is up for consideration at the Supreme Court?
BUSINESS
Jefferies to rope in veteran financier Keki Mistry for its AMC arm
The company has applied to Sebi for an asset management license and in the process of putting together a top management team.
BUSINESS
IndusInd Bank said to have kick started $1 billion equity raise plans
The bank is likely in talks with large sovereign funds such as GIC for a capital raise, expected to be rolled in a month or two, depending on investors’ feedback. Rajiv Anand, MD & CEO, said to be in Singapore currently on roadshows ahead of fund raise.
BUSINESS
Barclays Bank India to remain a wholesale-focused lender, says CEO Pramod Kumar
Barclays Bank India CEO Pramod Kumar said he is hopeful that the government will address the adverse tax treatment that foreign banks are subjected to, when they choose to operate as a branch in India.
BUSINESS
India will continue to see more inbound and domestic interest: Pramod Kumar, CEO Barclays Bank PLC, India
Kumar says he is clear that while investment banking may be core to what Barclays does in the country, corporate banking is getting built as a pillar of strength for the bank
BANKING
How a Rs 1,00,000 crore fat finger error at Karnataka Bank is drawing RBI’s attention
While the incident occurred on August 8, 2023, it was escalated to the bank’s board much later and has caught the regulator’s attention in the current year’s annual inspection.
BANKING
HDFC Bank’s MFI chief K Venkatesh set to join Spandana Sphoorty as CEO
In April this year, Shalabh Saxena quit the company and stepped down as MD & CEO with immediate effect. Ashish Damani, the then CFO, was elevated as interim CEO.
BANKING
Credit guarantee scheme worth Rs 20,000 crore soon for NBFC-MFIs to ease liquidity crunch
Expected to be announced in the coming weeks, the relief package for NBC-MFIs is aimed at providing liquidity support to the sector.
BUSINESS
OPINION | Vault Matters: The consequences of dichotomy of ownership structure in banks
There is difference in approach at present in the ownership structures, whether through the government, foreign owners or the local promoter. While this issue hasn't gathered momentum yet, it would be constructive for the RBI to harmonise the capital structures before it can become a heated debate
BUSINESS
Piramal Finance on track to 3% RoA, MD Jairam Sridharan says, as stock begins trading
The MD and CEO of Piramal Finance said the NBFC would start its new innings on the stock exchanges on a clean slate, and is all set to meet the 3 percent RoA target in the coming years.
BUSINESS
Yes Bank stake sale yielded 14% IRR, no compulsion to hold or sell remaining shares: SBI chairman CS Setty
According to Setty, SBI’s primary intent in participating in the reconstruction plan was not profit-making but supporting financial stability at a crucial time.
BUSINESS
Tata Capital Housing’s Ajai Shukla likely frontrunner for PNB Housing CEO's role
Ajai Shukla has held multiple leadership roles across Tata Capital and its housing finance arm. An official announcement regarding the appointment is expected shortly, it is learnt.
BANKING
MUFG in advanced talks with Shriram Finance for a 20% stake
MUFG likely to invest $3-4 billion in India’s largest vehicle financier; Japanese lender will infuse fresh capital into the lender and secure two board positions.
BUSINESS
ACKO to ramp up EV-specific products, distribution channels as it begins Tesla linked insurance: CEO Animesh Das
CEO Animesh Das said the company plans to significantly scale up this share in the coming quarters, although refraining from providing any specific guidance
BUSINESS
OPINION | Vault Matters: $7 billion, four banks and a new outlook to equity
Capital, equity, etc. are not concerns of RBI was the view that the central bank seemed to hold for a long time. The new regime and its thinking is proving this belief wrong, making for a welcome change
BUSINESS
Wanted valuations to be relevant to the industry, not absurd: Harsh Jain, Co-founder & COO, Groww
Coming from the background of working in Flipkart, the Groww’s founders were clear that diversification and offering what customers want should be ingrained in the company
BUSINESS
RBL and Yes Bank: How India’s two largest banking sector deals happened
The Yes Bank-SMBC and RBL-Emirates NBD deals have opened doors for more such deals to happen in Indian banking ecosystem
BUSINESS
Groww’s IPO likely priced at Rs 95-100 apiece
At these levels, the public issue is seen at a discount to the broker’s pricing in grey market at Rs 128 per share on October 29
BUSINESS
Today’s capex of a ‘different form’ compared to previous decades, says Citi India CEO
Citi India CEO said renewables, semiconductors, electronics and battery energy storage are some of bright pockets where capex is expected to rapidly grow in the coming years.
BUSINESS
India might soon be 3-4 percent of Citi’s overall topline: Citi India CEO K Balasubramanian
Citi ranks No 1 in business with multinational, enjoys 35% market share in custodian biz, 14% share in forex and 8% market share in imports and exports biz
BUSINESS
India to have second-largest number of Citi employees: CEO Balasubramanian
India supports about 80 countries globally, with some employees having created their AI patents, the CEO tells Moneycontrol
