BUSINESS
Veteran banker Ravi Narayanan appointed as CEO of SMFG India Credit
Set to take charge by end of August, sources say Narayanan’s immediate task would be to clean up and overhaul the operations of the lender
BUSINESS
We've strengthened the team and have a more diversified portfolio, says Axis AMC's B Gopkumar
The Axis AMC managing director and CEO says the firm's goal is to bridge the gap between traditional fund management and the transparency offered by modern fintech platforms, empowering customers with comprehensive but easy-to-understand portfolio analysis
BUSINESS
New normal credit cost for MFI likely 3 – 4% says PN Vasudevan, MD & CEO, Equitas Small Finance Bank
Speaking exclusively to Moneycontrol, PN Vasudevan, MD & CEO of the bank explained the rationale for higher provisioning. Interestingly, he said going ahead, banks ought to look at microfinance as just another business to have, not bet on it entirely shore up return ratios.
BUSINESS
May engage with regulator to understand NOFHC requirement: Sanjay Agarwal, MD & CEO, AU Small Finance Bank
Speaking exclusively to Moneycontrol, Agarwal said he will approach the regulator soon to understand why the requirement to convert his stake into a non-operative finance holding company was imposed as a licensing condition.
BUSINESS
RBI holds repo rate steady: Are we in for a long pause?
Another rate cut may be at a bay until the last mile transmission of the 100 bps reduction from February is fully reflected in economy. Equally, the possible impact of macro uncertainties on economic growth may play a larger role in deciding the rate trajectory from hereon.
BUSINESS
Merchant bankers tasked to bring foreign capital into PSU banks during upcoming QIPs
The government budgets to earn approximately Rs 20,000 crore through QIP of five banks, namely Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India, and Punjab and Sind Bank.
BUSINESS
Double Trouble: IT layoffs & loan slowdown – is there a storm brewing?
Private banks, which have higher exposure to private sector employees, particularly those from IT, have witnessed an 8-12 percent contraction in their FY26 EPS estimates.
BUSINESS
Aim to be among Top 3 players in India, says UBS' Abhishek Joshi
Betting on UBS and Credit Suisse's synergies, Abhishek Joshi, Head of ECM India, UBS, is confident that the Indian market will remain attractive from an IPO and deals perspective this year
BUSINESS
Vault Matters | Why now isn’t the time to upgrade banks
While there are at least four bank requests pending for regulator’s blessings to get a bump up in the value chain, now is the time to observe and assess, not react and regret
BUSINESS
Strategic decisions to be taken when SMBC comes board: Prashant Kumar, MD & CEO, Yes Bank
On the retail front, while the RDIF book should shrink by Rs 7,000–8,000 crore this year, concerns pertaining to weak asset quality have to do with the quick flip in the retail credit cycle, Kumar said
BANKING
SBI eyes spot among top 10 global banks by market cap in 5 years: Chairman CS Setty
Setty says investor response to SBI’s QIP was beyond expectations
BUSINESS
Committed to providing $1billion in financing to female entrepreneurs by 2028, says Standard Chartered's Xie Wen
Green loans is another area of interest for the global head of SME Banking at the London-based bank. India is one of the top 3 markets, with climate investment potential of $543 billion, says Xie Wen
BUSINESS
RBI said to have asked IndusInd Bank’s board to expand CEO search
The board of IndusInd Bank, which furnished some names for the CEO's position in mid-June, has been informally told by the RBI to look at more candidates, sources say
BUSINESS
Vault Matters: Why RBI should play a more proactive role as a supervisor
Senior supervisory managers upping their engagement with banks has instilled disciple and brought about some moral responsibility in dealing with matters that are not clear-cut. But can supervision be made proactive? How about involving SSMs as observers in critical board meetings, such as the Audit Committee Board (ACB) for a start?
BUSINESS
IPOs of SME lenders Veritas Finance & SK Finance likely in August
According to sources, both companies are in the process of roadshows and are likely to roll out their IPOs by early next month.
BUSINESS
Businesses that are national champions must go public: Gopal Jain, Gaja Capital
Speaking exclusively to Moneycontrol, Jain laid out why India is becoming a hit destination for global PE investors, and how the development of a good exit option through IPOs will be a magnet to attract more foreign money.
BUSINESS
Aggrieved Credit Suisse AT-1 bondholder approaches EOW against HDFC Bank officials
They allege mis-selling by HDFC Bank They were sold AT-1 bonds of Credit Suisse in May 2021. These bonds were written down to zero in March 2023 when Credit Suisse was merged with UBS. AT-1 holders had to take a complete write-off.
BUSINESS
Vault Matters | Bank or NBFC, the valuation dilemma
Remaining an NBFC has merit, but converting to a bank offers long-term funding advantages. The dilemma lies in the cost and valuations involved in the transition
BUSINESS
Karnataka Bank likely to elevate new COO Raghavendra Bhat as interim CEO
Managing director and CEO Srikrishnan Hari Hara Sarma resigned on June 29 and the resignation takes effect from July 15
BUSINESS
Blackstone, Advent, EQT and Kedaara show interest in Axis Finance
Sources say major private equity funds have shown interest in picking up a significant minority interest in the company to begin with. They may make a bid to take controlling interest after three years from the date of initial investment.
BUSINESS
Vault Matters | ‘True and Fair’ or ‘True and Correct’: What should be the objective of a statutory audit?
Given the complexity of business and accounting practices, and the growing list of interested stakeholders, it is critical that we reset the objective of statutory audit. It should rise above the customary tick mark with a lilac pen and a documents compilation process
BUSINESS
Tata Capital rights issue at nearly one-third the unlisted price
The funds are likely to be utilised for absorbing incremental credit costs owing to the merger of Tata Motors Finance with Tata Capital.
BANKING
Karnataka Bank CEO Sarma steps down due to differences with board
Sources say the board refused to ratify certain consultancy payments incurred by the bank, which resulted in differences between the CEO, another senior official, and the board
BUSINESS
Vault Matters | HDB Financial’s IPO is a much needed reality check
A host of issues has gone against the company. However, the key takeaway is that being a part of a big house alone is not enough to sell a story to investors
