BUSINESS
SBI Cards and Payment’s cost of funds may increase by 5-10 bps in Q2: CFO Rashmi Mohanty
In April-June quarter, cost of funds of the company increased 197 basis points (bps) on-year and 37 bps on-quarter
BUSINESS
Shriram Finance to limit fresh personal loans to existing customers only, says Umesh Revankar
The NBFC is targeting a growth in margins of around 8.5 percent for FY24, despite the higher costs of borrowing. It will stay away from exposure to personal loans because it is risky.
BUSINESS
Shriram Finance reduced bank borrowing as interest rates rose, data shows
Shriram Finance cut its bank borrowings from 25.87 percent of total borrowings in Q1FY23 to 24.31 percent in the April-June quarter of the current financial year
BUSINESS
Bajaj Finance Q1 results | What analysts say on guidance, new products
Bajaj Finance has given a long-term guidance of 23-24% growth in consolidated net profit. It gave a consolidated long-term guidance on AUM in the 25-27% range.
BUSINESS
Easing load of bad debt, rising income from interest boost bank earnings
Most banks have also seen a sharp rise in retail loans. The rise was between 12-50 percent across banks. The lenders reported 30-100 percent growth in net profit, which is almost in line with the estimates of brokerage firms
BUSINESS
Banks’ gold loan portfolios get boost in April-June quarter from high yellow metal prices
During the quarter, MCX gold prices surged 5-8 percent and traded above the Rs 60,000 per 10 grams mark, according to Bloomberg data.
BUSINESS
States’ investments in T-bills rise 18% in May in search for higher returns
State governments invested Rs 91,059 crore in treasury bills in the primary market in May compared to Rs 77,693 crore in April, shows RBI data.
BUSINESS
Kotak Mahindra Bank Q1 results: Slippages came from tractor finance, retail unsecured loans, says CFO Jaimin Bhatt
The bank had reported slippages of Rs 1,205 crore, which is 0.4 percent of the net advances. Of this, Rs 288 crore was upgraded within Q1FY24.
BUSINESS
MC Interview| RBI Policy: Expect status quo on rates, says Puneet Pal of PGIM Mutual Fund
Pal said the rise in inflation is unlikely to force the monetary policy committee’s stance to change the status quo on policy rates as inflation is expected to remain below the upper threshold of 6 percent.
BUSINESS
Union Bank of India reports Rs 260 crore forex income in April-June: Officials
In the reporting quarter, Union Bank of India reported a sharp uptick in its treasury income. It rose over 101 percent on-year in April-June to Rs 775 crore.
BUSINESS
PFC to diversify into infra financing, but power, energy transition to remain core: CMD
Power Finance Corporation (PFC) will launch an issue of NCDs to raise up to Rs 5,000 crore on July 21 to partly finance its Rs 80,000-crore loan disbursal target.
BUSINESS
PFC eyes infra projects for financing; sanctioned Rs 16,000 cr in FY23: CMD
PFC also plans to raise up to Rs 5,000 crore via public issue of NCDs.
BUSINESS
Banks see fall in SMA-2 loans, indicating asset quality improvement
The central bank, in its FSR report in June, said that the asset quality of scheduled commercial banks improved to a 10-year low, with GNPA declining to 3.9 percent in March 2023.
BUSINESS
Central Bank of India writes off Rs 7,856 crore in Q1, reports lowest GNPA in 41 quarters
The lender’s gross NPA ratio was the lowest since March 2013 and net NPA was the lowest since September 2011, according to Bloomberg data.
BUSINESS
RBI may conduct two VRRR auctions of short maturity this week, say dealers
The apex bank has conducted 14 variable rate reverse repo (VRRR) auctions since June. But the response from banks to these auctions has been muted.
BUSINESS
CP fundraising in June rises to highest in 2023 on lower borrowing costs
Indian companies raised Rs 1.51 lakh crore in June, which is up 27.4 percent from Rs 1.18 lakh crore in May.
BUSINESS
RBI may pause in August policy; signal rate cut still distant as inflation climbs, say economists
The retail Inflation rose to 4.81 percent in June from 4.31 percent in May.
BUSINESS
Explainer| Here's how Tirupati Infraprojects duped a consortium of banks of Rs 289 crore
The company’s CMD, Jag Mohan Garg, was arrested and a court in Delhi remanded him to police custody till July 13. Investigations into the case are on.
BUSINESS
Fintech regulations: Industry players pitch for simpler KYC norms, access to cheaper capital
The pitches stem from RBI deputy governor T Rabi Sankar’s recent remarks that the central bank will come out with regulations for the fintech sector soon.
BUSINESS
Aiming 1 mn CBDC transactions per day by year-end: RBI Deputy Governor Rabi Sankar
This will help the central bank to study and understand the functioning of CBDC and its impact on the economy, he added
BUSINESS
Are corporate green bonds losing sheen? Issuances halve since 2022 due to lower investor appetite
Indian corporates and banks have raised only Rs 795 crore through green bonds in the domestic market in FY23 and so far in FY24, less than half that of the previous year.
BUSINESS
NBFCs may report stable margins in Q1 on lower cost of funds, high-yield lending: Experts
Net interest margins of NBFCs ranged from 3 to 15 percent at the end of FY23, according to data from Bloomberg and investor presentations.
BUSINESS
RBI trying to target interoperability of CBDC with UPI: Dy governor Rabi Sankar
Sankar was speaking at the Moneycontrol Startup Conclave.
BUSINESS
RBI may bring fintech regulations soon: Dy governor Rabi Sankar
Sankar was speaking at the Moneycontrol Startup Conclave.
