BUSINESS
L&T Finance's personal loan book likely to see more thrust from next quarter amid new fintech partnerships
L&T Finance is hoping that new partnerships with fintechs will give an impetus to its personal loan book. Joshi further added that the company may see 30-35 basis points (Bps) increase in cost of funds.
BUSINESS
Exclusive: AGS Transact Technologies eye contracts with SBI, Union Bank of India and PNB for 18,000 ATMs and technology services
In addition to this, the company has launched a new product, an application to make payments and monitor fuel related transactions and details with Hindustan Petroleum Corporation Limited which is in the pilot phase at some select fuel retail outlets in Mumbai.
BUSINESS
Budget 2024: Divestment of PSU companies may be pushed to FY26, says RBL Bank’s Achala Jethmalani
Healthy dividends from the RBI and PSU companies are expected to put divestment plans on the backburner in the Union Budget for fiscal 2025. In addition, some government measures would help in keeping inflation under control, Jethmalani said.
BUSINESS
Public sector banks cut headcount by 11,154 in FY24
The number of employees was 19 percent lower in fiscal 2024 over fiscal 2023. Industry experts highlighted that increased digitisation at the lower level has led to the reduction, and more could follow.
BUSINESS
HDFC Life to review distributor fee recast plan after tweaks in surrender value norms: ED and CFO
Niraj Shah, ED and CFO, said that the insurer will look at increasing its unit linked insurance plans (ULIP) among its product mix in this fiscal due to its rising demand. Also, when asked about the interest in composite license, Shah was quick to reply that the company isn’t keen to have a product which is very similar that is available in the market. The company, Shah said, is targeting a VNB growth of 18 percent in FY25.
BUSINESS
Axis Bank, Kotak Mahindra Bank see lower attrition in FY24
Axis Bank and Kotak Mahindra Bank saw relatively low attrition rates at the junior level of 25 percent and 35 percent, respectively.
BUSINESS
Cases of fraud at PSBs rise nearly sixfold in FY24 over FY23
However, an analysis of eight top public sector banks showed that while the total number of frauds surged, the total amount involved was Rs 7,134 crore, down by more than 50%.
BUSINESS
NBFCs may see 60-100 bps rise in cost of funds, pressure on Q1 margins as bank turn funds tap dry
The shadow banks are likely to record a decline in loan disbursements during the April-June quarter due to extended electoral activities and disruptions caused by heat waves
BUSINESS
Budget expected to focus on capex, rural demand and support to state governments: IDFC First’s Gaura Sen Gupta
The bank's chief economist also highlighted that the government may keep borrowings unchanged as the huge RBI dividend has resulted in a sharp rise in its cash surplus.
BUSINESS
Despite minor moderation in loan growth, strong private banks to see net profit growth
Recently banks have seen pressure on their net interest margins (NIM); this trend is expected to continue mainly due to repricing of deposits resulting in higher cost of funds.
BUSINESS
MC Exclusive | Fintech Convergence Council may get licence to be self-regulatory organisation
Fintech Association for Consumer Empowerment (FACE) which is represented by a more heterogeneous set of players to apply for the SRO – Fintech licence and seen as favourable contender
BUSINESS
Bandhan Bank appoints Ratan Kumar Kesh as interim MD & CEO with effect from July 10
With the initial search for the top job not yielding the desired results, the bank decided to appoint an interim MD & CEO.
BUSINESS
Fino Payments Bank awaiting inputs on SFB licence from RBI, says CEO Rishi Gupta
The bank, Gupta said, applied to the central bank for the permit to operate as a small finance bank in December 2023 and is currently waiting for clarity from the regulator.
BUSINESS
Banks continue to battle with slow growth in deposits in June quarter
Deposits other than low cost are picking pace but banks need to draw their focus on garnering on CASA deposits, experts said.
BUSINESS
Federal Bank plans co-branded credit cards with non-fintech partners after RBI curbs
On March 13, the RBI barred the bank from issuing new credit cards under its co-branded arrangement. Post this, the bank is aggressively growing its organic credit card business and hiring employees
BUSINESS
Budget 2024: Microfinance industry seeks special funding, tax relief on affordable housing
The microfinance sector put up robust growth in the January-March quarter of 2023-24, with the loan portfolio growing 23.6 percent
BUSINESS
MC Exclusive | TReDS platform M1xchange to soon get Tata AIG Insurance, SBI General Life on invoice discounting platform
Sundeep Mohindru, MD & CEO of the company, said that they are targeting a total of Rs 70,000 crore in transaction volume in the financial year 2024-25.
BUSINESS
Personal loan defaults highest in education, lowest in housing, shows RBI report
The financial stability report (FSR) of the Reserve Bank of India (RBI) showed that lending to the housing segment under personal loans grew by 36.5 percent in March 2024, highest among other sub-segments.
BUSINESS
NBFC body FIDC will apply to RBI for SRO licence: Raman Aggarwal
Over the past few months, the RBI has been taking strict action against some NBFCs, and RBI Deputy Governor Swaminathan J had urged NBFCs to bolster governance. The SROs are expected to help with this.
BUSINESS
Satin CreditCare plans to raise Rs 10,000 crore in debt in FY25, says CMD
The microfinance lender is targeting a 25 percent growth in assets under management in the current financial year, said HP Singh.
BUSINESS
Telangana farm loan waiver may bring another shocker to banks, say experts
Such waivers hurt lenders' asset quality and credit cycles. A loan waiver simply means the government asking banks to write off what they are owed by a large number of borrowers.
BUSINESS
Budget 2025: Bankers bat for tax assistance on interest income and funding for small lenders
The banking sector is unlikely to see any major announcements such as capital infusion from thUnion budget for 2024-25.
BANKS
Private banks continue to bet on physical branch expansion to garner deposits
Banks are facing challenges to garner more deposits. And deposit growth has not been in line with credit growth which has worried the RBI
BUSINESS
Self-regulatory structure for non-banks a welcome move, experts say
Given the RBI’s strict watch on the larger NBFC space in the past few months, the formation of SROs can lead to a more strict approach, experts said.
