BUSINESS
Cholamandalam Investment drops plan for a housing finance subsidiary
CFO Arulselvan D tells Moneycontrol that Cholamandalam Investment will continue doing the housing finance business through the main company
BUSINESS
Cholamandalam Investment weighs ECB route to raise $500-700 million
In April-June quarter, the company has raised 3 percent of the of the total borrowing through ECB or FCNR, which is around Rs 4,500 crore.
BUSINESS
Bank of Baroda to focus on IndiaFirst Life Insurance, Nainital Bank for divestment
Stake sale plans for BOB Cards seem have been put on hold
BUSINESS
Bank of Baroda expects 12-15% impact on LCR from RBI’s new norms, says CEO
Currently, Bank of Baroda’s LCR stood at 138 percent as on June 30, as per press release.
BUSINESS
Indian bond yields ease almost 8-10 bps in one month on positive cues
According to the CCIL data, the 10-year benchmark bond 7.10 percent 2034 yield stood at 6.933 percent on July 30, as compared to 7.012 percent on July 2.
BUSINESS
Indian Bank open to MSME lending under special mention accounts, says CEO
Jain said that Indian Bank is expected to close its partnership with Arka Fincap for co-lending in next two months. On July 21, Moneycontrol reported that Arka Fincap, which specialises in SME and MSME lending, may tie-up with at least three state-owned banks for co-lending, including Indian Bank, State Bank of India, and Indian Overseas Bank.
BUSINESS
Home First Finance may add one more co-lending partner in FY25
CEO Manoj Viswanathan tells Moneycontrol that Warburg Pincus is free to sell stake at anytime and is looking to do one transaction a year. The private equity firms holds a 23 percent stake in the company
BUSINESS
MC Explains| All you need to know about why RBI excludes 14-year, 30-year G-Secs from FAR
FAR enables non-residents to invest in specified government of India dated securities without any investment ceilings
BUSINESS
Indian Bank’s fresh slippages in Q1 came from farm loans, says MD and CEO SL Jain
Indian Bank reported a a 40.6 percent on-year rise in net profit at Rs 2,403.42 crore in the first quarter of the current financial year. Sequentially, the profit was up around 7 percent.
BUSINESS
Appointment of merchant banker for Canara Robeco AMC IPO in final stages
The Canara Robeco AMC is likely to be launched in the fourth quarter of FY25 and that of Canara HSBC Life Insurance Company in the first quarter of the next fiscal, Canara Bank CEO K Satyanarayana Raju has said
BUSINESS
Canara Bank forecasts 10-11% hit from RBI's draft LCR norms
The new RBI draft rules require banks to assign an extra 5 percent runoff rate to deposits made via internet and mobile banking.
BUSINESS
MC Exclusive| Clix Capital to see inbound interest from global PE firms, weighs public issue
Aion Capital looking at an exit from Clix Capital in next 12-18 months, say sources. The company will start getting ready for an IPO in next 18 months, source said.
BUSINESS
RBI’s draft LCR norms to increase SLR demand, lowers NIMs
IIFL Securities report also said that the draft norms could lower the banks LCR ratio by 12-18 percent from the current levels.
BUSINESS
AU Small Finance Bank to apply for universal bank licence in about a month
MD and CEO Sanjay Agarwal ruled out the need to raise equity any time soon. The bank does not have any requirement to raise funds through QIP
BUSINESS
Canara Robeco AMC IPO likely in Q4, says bank CEO Raju
The listing of Canara HSBC Life Insurance Company is expected in the first quarter of FY25, Canara Bank MD & CEO K Satyanarayana Raju has said
BUSINESS
Indian Overseas Bank gains Rs 190 crore post transition to revised asset classification norms, says MD & CEO
On co-lending front, Ajay Kumar Srivastava said many proposals are there but it's a matter of pricing and the bank takes a call accordingly.
BUSINESS
Union Bank of India's NPA ratios hit over a decade low in Q1
On July 19, the state-owned lender reported a 13.68 percent on-year rise in its profit after tax to Rs 3,679 crore in the first quarter of the current financial year.
BUSINESS
MC Exclusive | Banks yet to receive communication from RBI on pre-emptive credit loss
The ECL model proposed by the RBI would require banks to recognise stress much earlier, in contrast to the existing regime in which they make provisions after losses are incurred
BUSINESS
Rupee may gain from easier FDI, overseas investment norms proposed in Budget 2024
Today, India rupee closed record low at 83.6937 against the US Dollar after the government raised tax rates on capital gains in the FY25 Budget.
BUSINESS
Revised lower fiscal deficit, fiscal consolidation may pave way for India’s rating upgrade in FY26
In the Union Budget 2024, Finance Minister Nirmala Sitharaman has reduced the fiscal deficit target to 4.9 percent of the GDP for 2024-25, from the target of 5.1 percent pegged in the interim Budget.
BUSINESS
Indian bond yields may soften post marginal cut in gross govt borrowing, fiscal deficit
Finance Minister Nirmala Sitharaman in a speech presenting the full Budget for 2024-25, said the Centre marginally cut the gross borrowing target from the markets in 2024-25 to Rs 14.01 lakh crore to finance its fiscal deficit of 4.9 percent of the GDP.
BUSINESS
FM proposes to simplify FDI, overseas investment rules
Currently, Indian rupee is trading at 83.6313 against the US dollar.
BUSINESS
FM proposes credit guarantee scheme of Rs 100 crore for MSMEs
Further she said the government has formulated package to finance technology support to MSME.
BUSINESS
FM proposes to enhance mudra loans to Rs 20 lakh from Rs 10 lakh in budget 2024
Mudra or Micro Units Development & Refinance Agency, is a channel for government credit scheme meant for entrepreneurs under which loans are given.
