BUSINESS
Bajaj Finance’s Rajeev Jain likely to be elevated to Bajaj Finserv’s board
Anup Saha, who joined Bajaj Finance in 2017 from ICICI Bank and was elevated to the role of deputy MD recently, may take over the reins of the NBFC from Jain.
BUSINESS
RBI to take stock of cash being handled by ATM operator AGS Transact
'We are in the process of reconciling cash across our ATMs and vaults and handing it over to the respective banks in line with established industry procedures,' says AGS Transact
BUSINESS
How deficiencies in derivative accounting at IndusInd Bank came to the fore
Sources aware of the matter say Gobind Jain, the bank’s CFO who stepped down on January 17, had a detailed exit interview with the regulator during which inadequate accounting for derivative instruments came to fore.
BUSINESS
SEBI questions IndusInd Bank management why early disclosures were not made
When the extent of the financial impact of wrong accounting of derivative instruments cannot be confirmed even now, what stopped the bank from making early disclosures, SEBI has asked IndusInd Bank management
BUSINESS
Citi is India’s largest foreign bank, even without retail business: Citi India CEO Ashu Khullar
Citi presently is the largest corporate FX (foreign exchange) player in the market, Khullar said.
BUSINESS
Citi’s strengths are aligned with what India needs: Citi India CEO Ashu Khullar
Khullar said India is becoming one of the most vibrant financial sponsor to investors and this would give him a reason to stay in touch with the Indian market.
BANKING
Sanjay Garyali appointed as CEO of Fusion Finance
Sanjay Garyali was earlier the L&T Finance’s chief executive of urban finance
BUSINESS
RBI starts industry-wide review of derivative positions after IndusInd Bank fiasco
The RBI wants to ascertain if more banks are in non-compliance of its derivative trade rules and also wants to compliance on the treasury front
BUSINESS
Bankers fear strain on deposit mobilisation after IndusInd Bank derivative loss
As the accounting discrepancy has come to light in March, a busy period for deposit mobilisation, it could hurt banks efforts to garner large deposits, bankers say
BUSINESS
IndusInd Bank may take Rs 1,500 crore charge on derivatives portfolio adjustment
Kathpalia said that the external agency’s review is expected to be done by the fourth quarter of the current financial year and estimated the impact at 2.35% of the bank’s net worth as of the December FY25 quarter.
BUSINESS
Vault Matters: Why green financing is not yet a greener pasture
The US is having a total rethink on its approach to renewable financing and back home the trend seems to have just gotten started. Like most times, are we picking the tail end of an idea?
BUSINESS
Mizuho and KKR chalk out at final deal terms for Avendus Capital
With a valuation upwards of Rs 6,000 crore, Mizuho Financial Group is the clear frontrunner to pick up controlling stake in India’s homegrown investment banking business, Avendus Capital.
BUSINESS
Carlyle, Advent among PE investors interested in Axis Bank's NBFC subsidiary
Axis Bank, according to sources, is open to offer controlling stake in Axis Finance to potential investors. The bank is keen to close the deal with financial investors and talks are on with private equity firms.
BUSINESS
Vault matters: New leadership at RBI is rearranging priorities
As much as it’s true to say that give the Governor six months for him to be one of RBI in approach, the reverse is also equally true. There is a reason why it matters who helms the central bank. The question, however, is whether Governor Malhotra’s regulatory changes are a bit premature
BUSINESS
RBI closely monitoring capital position of small finance banks, few may be forced to shore up buffer
As many as 3–4 small finance banks may be required to raise capital in the next 6–12 months owing to asset quality issues plaguing the micro lenders, sources familiar with the development have said.
BUSINESS
Manian wants Federal Bank to be among India’s top five private lenders
Execution remains key, say analysts as Federal Bank targets to move up several notches from its current no. 9 spot to among the top five private banks under the leadership of K V S Manian by FY28
BUSINESS
Can add one SBI to ourselves every six years if we grow at 12% CAGR: SBI chairman CS Setty
Confident of delivering another year of 14 –16 percent annual growth in FY26, Setty said that the country’s largest bank is perhaps an aberration on the positive side, to witness an equally robust corporate loan book growth as its retail book
BUSINESS
Now is the time to have confidence and lend across segments: SBI chairman
CS Setty is confident of SBI maintaining a 14–16% loan growth in FY26, though he expects the banking system as a whole to see some slowdown
BUSINESS
Disbursed Rs 34,000 crore worth of loans to SMEs using new data model, says SBI chairman CS Setty
GST and income tax data are helping assess the credit eligibility of an SME borrower, which has also made up the process quicker, Setty has said
BUSINESS
SBI Chairman CS Setty says mission to change the bank is 'very close to heart'
SBI accounts for a fifth of India’s loans and advances, and one-fourth of the total deposits with the banking system. Chairman Setty is very clear that at no cost, SBI will ever sacrifice its market share.
BUSINESS
Gamification, hyper-personalisation and more in YONO 2.0, says SBI chairman
The new version of the bank’s mobile banking app, expected to be released by July, will ensure an omnichannel experience for customers, says Challa Srinivasalu Setty
BUSINESS
Alleged misappropriation of funds by staff at New India Co-operative likely reason behind RBI action
On February 13, the RBI had restricted New India Co-operative bank from doing fresh business and accepting deposits, citing supervisory concerns.
BUSINESS
MC Exclusive | Empty ATMs, statutory defaults, and deep rating downgrades: AGS Transact faces a crisis
Some banks serviced by AGS Transact have informed the regulator about the increasing cases of ATMs not being refilled and have held back their payments to the company. Crisil and India Ratings have downgraded the company’s debt to default status. Its GST registration also stands cancelled; virtually, AGS Transact is out of business.
BUSINESS
Karnataka MFI ordinance: Collections likely to get impacted in state
While Karnataka may not turn into a no-go zone for microfinance lenders, industry executives caution that, in the near-term, there could be some disruptions in operations.
