BUSINESS
HDFC Bank to open up to 2,000 branches in FY23, roll out new features every three weeks, says MD Sashidhar Jagdishan
The new branches will be “phygital” relationship centres, the MD said.
BUSINESS
Banks report higher credit growth in Q4 as economy rebounds post COVID-19; Opex continues upward move
Slippages arising from loans extended under the central government’s emergency credit line guarantee scheme and movement of loans in the restructured pool of advances will be key monitorable in FY23, analysts said.
BUSINESS
Exclusive Interview| No leadership crisis at RBL Bank, RBI to take final call on board nominee, says management
"I held the stone close to my eyes, it blocked my vision. I held the same stone one feet away from my eye and look I can now continue to see both the stone and the world," Subramaniakumar said referring to the markets' reaction to his appointment as RBL Bank top boss.
BUSINESS
M&M Finance plans to tap rural, semi-urban segments to step up growth
The company wants to double its loan book by FY25
BUSINESS
As YES Bank crisis team heads for exit, a relook at India's biggest bank bailout
India's banking regulator had on March 5 superseded the board of YES Bank. Former State Bank of India CFO Prashant Kumar was roped in as bank administrator.
BUSINESS
SREI Equipment Finance says auditor found fraudulent transactions worth Rs 3,000 crore during FY20-21
The loss was on account of the NBFC fraudulently charging lower rate of interest to certain entities, the notice said.
BUSINESS
RBL Bank hits all-time low: Why leadership transition unnerved investors?
Owing to COVID-19 and internal developments at the bank, the lender saw a muted 2 percent year-on-year (YoY) growth in advances during January-March with its total loans standing at Rs 60,022 crore as of March end.
BUSINESS
India’s highest-paid bankers: How SBI boss Khara’s salary compares with HDFC’s Mistry and others
SBI chairman Khara received a Rs 34 lakh annual package while HDFC ‘s Mistry earned Rs 19 crore in FY22. That yawning gap epitomises the disparity between the salaries of top PSB officials and their private as well as NBFC counterparts.
BUSINESS
Banks upbeat on credit card- UPI linkage, await clarity on MDR charges
To boost online transactions in the economy, the Reserve Bank of India has allowed banks to link credit cards with the Unified Payment Interface.
BUSINESS
Bankers expect interest rates to rise by 20-25 basis points post RBI’s 50 bps rate hike
Even as the RBI has cumulatively increased repo rate by 90 bps in a little over a month and with expectation of further rate hikes, credit demand is expected to remain buoyant, bankers say.
BUSINESS
YES Bank calls AGM on July 15 to seek approval for new board formation, Prashant Kumar’s re-appointment as MD for 3 years
SBI, the largest shareholder in YES Bank, is in favour of Kumar continuing as MD and CEO for three years.
BUSINESS
BoB bets big on credit cards, to issue over 1 million cards in FY23, says BoB Financial MD
Bank of Baroda credit cards issued have grown from 0.12 million in March 2018 to over 1.1 million in March 2022.
BUSINESS
Need shareholders support more than ever before: Deepak Parekh on HDFC twins merger
HDFC announced its merger with HDFC Bank on April 4. HDFC will acquire 41 percent stake in HDFC Bank through the transformational merger, according to an exchange filing by the non-bank lender.
BUSINESS
Anand Rathi Group NBFC arm aims up to Rs 250 crore monthly loans in FY23: CEO
As on March 31, Anand Rathi Global Finance’s net loan book stood at Rs 2,234 crore, up 58 percent on year.
BUSINESS
SBI Chairman Dinesh Khara draws Rs 34.42 lakh annual salary in FY22, up 13% than predecessor Rajnish Kumar
Canara Bank MD and Chief Executive Officer (MD & CEO) LV Prabhakar drew Rs 36.89 lakh annual salary in FY22, while Bank of Baroda paid a remuneration of Rs 40.46 lakh to its MD & CEO Sanjiv Chadha during the same period.
BUSINESS
A Manimekhalai takes over as chief of Union Bank of India
Manimekhalai started her career in 1988 with Vijaya Bank, where she held various leadership roles.
BUSINESS
Exclusive | Centre approves appointment of A Manimekhalai as Union Bank MD, CEO: Source
Manimekhalai is the first woman MD and CEO of Union Bank of India and replaces Rajkiran Rai. G who held the position of Union Bank chief since 2017.
BUSINESS
Interview: Successor must grow on 15 years of banking expertise in informal segment, says Equitas SFB’s PN Vasudevan
Vasudevan had announced his decision to move on from the bank on May 19.
BUSINESS
NeoGrowth may raise Rs 500 crore by September, eyes 40% loan growth
Post the equity raise, the non-banking finance company’s capital adequacy ratio will improve to about 50 percent from 23.2 percent in March.
BUSINESS
Crypto exchanges tap P2P route for transactions as banks stay away
Crypto exchanges have found a way to facilitate cryptocurrency transactions without the support of banks, which take a cautious approach due to regulatory uncertainty.
BUSINESS
PowerShock | Banks come to the rescue of the power sector, again!
Banks are even thinking about providing priority funding to power plants that are functional but some loans of the generating company have turned non-performing
BUSINESS
Muthoot Finance expecting robust gold loan growth, credit card foray this fiscal: MD
The company will also launch three or four more NCD issues this fiscal, each in the Rs 300-400 crore range, George A. Muthoot said.
BUSINESS
Facing delay in receiving government guarantee for loans under ECLGS: South Indian Bank MD
Banks had extended credit under ECLGS with the understanding that if a loan falls into the non-performing asset category, all it required was to inform the government and they would be compensated but that is not always the case, Ramakrishnan says.
BUSINESS
Interview | Indian Overseas Bank MD says no communication from Centre on privatisation, 'not even a hint'
The bank is aiming to increase advances by 12% in the current financial year with secular growth across retail, micro, small and medium enterprise (MSME), and corporate and agricultural loans.
