LOK-SABHA-ELECTION
INC wins majority of Christian seats in Kerala, BJP opens account with Thrissur
in the previous Lok Sabha elections held in 2019, the direct contest was between the Congress-led United Democratic Front (UDF) and the CPI(M)-led Left Democratic Front (LDF).
BUSINESS
Aadhar Housing Finance targets 20% growth in FY25, says CEO
The affordable housing company is also looking at growing its disbursals by 20 percent in the financial year 2024-25, said Rishi Anand, MD and CEO.
BUSINESS
Exclusive: Avendus Group plans to launch new credit fund in FY25, thrice the size of previous fund
The fund will focus on pharma and healthcare, special chemicals, manufacturing, business to business, FMCG, warehousing, logistics, financial services, and auto comp sectors, said Nilesh Dhedhi, Managing Director and CEO, Avendus Finance.
BUSINESS
Banking sector: IDBI Bank privatisation, IBC reforms may top next government’s agenda
According to government officials, the IDBI Bank stake sale may happen this year.
BUSINESS
SBI asks employees to take approval before opening demat accounts outside the group
A breach of these instructions will be treated as gross misconduct and punished, the bank has said in an internal circular.
BUSINESS
Shriram General Insurance plans to go public in two-three years, says MD
The insurer, Anil Agarwal, MD and CEO, has no plans to go public in FY25 and may look at going public in FY27 or afterwards.
BUSINESS
MC Interview: Shriram General Insurance to aggressively push EV business, says MD&CEO
After incurring losses and shutting the EV business for a few years, the insurer plans to go aggressive in the business, says Anil Agarwal, MD and CEO.
BUSINESS
LIC targeting double-digit growth in FY25, says Chairman
The value of new business (VNB) of the insurer increased by 4.66 percent to Rs 9,583 crore and VNB margin increased by 60 bps to 16.8 percent.
BUSINESS
MPC Poll: RBI to leave key interest rates unchanged in June monetary policy, say economists, bankers
The six-member Monetary Policy Committee of the RBI will meet from June 5 to 7 to decide on interest rates.
BUSINESS
Muthoot Fincorp plans to cut down gold loan book by 30-40% in 3-4 years, says CEO
Currently, 99% of the company's book is in gold loan. The plan to cut down gold loan portfolio is part of a diversification strategy, says Shaji Varghese, CEO, Muthoot Fincorp. The company has no plan to go public in the next 18-24 months, he said.
BUSINESS
RBI cracks whip on co-lending deals, writes to at least 4 banks advising caution
The regulator’s concern is understood to be about the poor underwriting standards of loans in some cases and potential asset quality issues in loans originating through such channels.
BUSINESS
Private banks report higher jump in net profit in FY24, beating PSBs
Prime Minister Narendra Modi, in a tweet on May 20, said that this is a remarkable turnaround in the last 10 years with India's banking sector net profit crosses Rs 3 lakh crore for the first time ever.
BUSINESS
NCGTC audit on Bandhan Bank's books should get over soon, says CEO Ghosh
The bank had taken insurance of the portfolio of Rs 20,800 crore under the Credit Guarantee Fund for Micro Units (CGFMU) scheme. The NCGTC has flagged that the loans were either evergreen or that the bank created fictitious accounts to obtain the maximum guarantee cover
BUSINESS
RBI rule change impact? LIC Housing Finance CEO signals caution on project loans business, citing high risk
Tribhuwan Adhikari, MD and CEO, said that the housing finance company would want its affordable housing book to grow to around 20-25% from the existing 10-12% in three-four years.
BUSINESS
Capital Small Finance Bank eyes universal banking permit, hopes to meet eligibility in 12-18 months
The bank, which has been focusing on an organic growth model, will continue to follow the model and will soon open branches in Jammu.
BUSINESS
IRDAI’s okay for stake sale in RCap’s insurance arms a step towards resolution, say experts
The IRDAI gave its approval for a 26 percent stake sale in Reliance Capital including in Reliance General Insurance Company, Reliance Nippon Life Insurance Company (RNLIC), and Reliance Health Insurance to the Hinduja Group.
BUSINESS
Banks report better-than-expected NIM in Q4 but asset quality a concern, say industry experts
Experts say banks have cut down their credit growth in the fourth quarter post the Reserve Bank of India’s concerns on high credit-deposit ratio of some lenders
BUSINESS
Muthoot Microfin looking at maintaining 35% CAGR in FY25: CEO Sadaf Sayeed
In FY25, the company plans to source funds from the existing ratio of 70:30 from banks and other markets, respectively, to a ratio of 50:50.
BUSINESS
Bank of Baroda expects to recover Rs 2500 crore from NCLT accounts, says MD & CEO
According to the information available in the lender’s investor presentation, for the year ended March 2024, the bank has a total exposure of Rs 45,977 crore.
BUSINESS
SBI in the process of hiring 12,000 employees for IT and other roles: Dinesh Khara
The new employees will be channelised into various associate roles and some of them will be channelised in IT, says SBI Chairman
BUSINESS
SBI may increase infra loan rates if RBI's draft norms get implemented: Dinesh Khara
State Bank of India reported 24 percent rise in net profit at Rs 20,698 crore for the quarter ended March 31, 2024, aided by strong loan demand.
BUSINESS
With rising IT expenses, Kotak Mahindra Bank also saw rising customers complaints
In the two years of the Reserve Bank of India’s examination of Kotak Mahindra Bank’s IT management, customer complaints on internet banking, mobile banking and e-banking jumped from 50,670 to 67,304.
BUSINESS
Piramal Enterprises wrote back Rs 1,067 crore from AIF provisions in Q4
The company had reported a loss in the Q3FY24 as it set aside provisions to cover its exposure to alternate investment funds (AIF).
BUSINESS
RBI’s proposal on infra lending not to impact Canara Bank’s margins, says CEO
The RBI has proposed that lenders set aside higher provisions for all under-construction infrastructure projects
