IRDAI approves Axis-Max Life deal

As per the proposed transaction, Axis Entities have the right to acquire up to 19% stake in Max Life, of which, Axis Bank proposes to acquire up to 9%, and Axis Capital Limited and Axis Securities Limited together propose to acquire up to 3% of the share capital of Max Life in the first leg of the transaction….

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Fino Payments Bank says inclusion in commercial bank list to boost biz

Fino Payments Bank on Wednesday said it will be able to improve its business prospects further as the RBI has included it in the category of a scheduled commercial bank. The Reserve Bank on Tuesday said it has included Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934. The scheduled commercial bank, also called scheduled bank, status allows Fino to enhance its banking position in the treasury and participation in liquidity adjustment facility (LAF) window as per the RBI. It also helps the bank strengthen its business proposition on liabilities generation, Fino said in a release. “It provides strategic impetus for Fino Payments Bank to enhance its scope on balance sheet management and explore additional avenues for business. We are keen to capitalise on the growth opportunities that exist within the regulatory guidelines and build on the momentum of consistent profitability achieved last fiscal,” said Rishi Gupta, MD & CEO, Fino Payments Bank. The … …

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Fino Payments Bank says inclusion in commercial bank list to boost business prospects

The scheduled commercial bank, also called scheduled bank, status allows Fino to enhance its banking position in the treasury and participation in liquidity adjustment facility (LAF) window as per the RBI. It also helps the bank strengthen its business proposition on liabilities generation, Fino said in a release….

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Bankers fear spike in NPAs from Mudra loans

Bankers say that the Supreme Court moratorium over classifying loans as non performing assets (NPAs) has so far kept defaults under wraps, even as recovery efforts are ongoing. But they fear that as much as 25% loans under the scheme could turn bad….

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Improvement in macroeconomic conditions to alleviate banking sector stress: S&P

“While the Indian economy is on a mend, the permanent GDP loss stemming from the brunt of the coronavirus is huge at 10 per cent. We estimate the banking system’s weak loans are at 12 per cent of gross loans,” S&P said. An improvement in India’s macroeconomic conditions is likely to alleviate stress for the country’s banking sector, said S&P….

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India’s economic recovery to cut bank stress, but Covid hit to be felt: S&P

While the Indian economy is on a mend, the permanent GDP loss stemming from the brunt of the coronavirus is huge at 10 per cent …

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Home loan demand rising in mid, high-range segments

A total of around 46 per cent of the consumer preference is now in the range of Rs 30 lakh-Rs 1 crore and above category, with most of the demand being generated from the key residential markets of Bengaluru, Hyderabad and Delhi….

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Punjab & Sind Bank shares advance nearly 5%; hits the upper circuit

Shares of Punjab & Sind Bank advanced nearly 5 per cent in morning trade on Wednesday after the bank said it will allot shares worth Rs 5,500 crore to the government in lieu of capital infusion. After opening in the green territory, the bank’s shares rose 4.98 per cent to hit the upper circuit limit at Rs 17.48 a piece on the BSE. The scrip hit its upper trading limit on the NSE as well, with a gain of 4.80 per cent at Rs 17.45. An extraordinary general meeting (EGM) of the shareholders of the bank is scheduled on March 25, 2021 for preferential issue of equity shares to the government up to Rs 5,500 crore, the bank said in a regulatory filing on Tuesday. The EGM, the bank said, will take place through video conferencing and other audio visual means for passing the resolution for issuing shares to the government. In September, the government had approved a Rs 20,000 crore fund as part of the Supplementary Demands for Grants for 2020-21, for capital infusion into public sector … …

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CSB Bank strengthens senior leadership aims for 30% growth

While continuing to bank on gold loans as primary growth driver, the bank is set to target opportunities in the SME, two wheeler and secured loan segments….

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Paytm Payments Bank helps 2.6 lakh FASTag users get back wrongly deducted toll charges

Paytm Payments Bank MD and CEO Satish Gupta said in a statement, “It has been our endeavour to empower our users with seamless and hassle-free travel on road. In this quest, we support our users in every possible way, including fast redressal of any grievance they face with toll plazas.”…

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HSBC’s India PBT in 2020 inches up to $1.024 billion

The profit growth came despite an increase in provision for credit losses in the year dominated by the pandemic, the bank said in a statement, pointing out that money set aside for losses for wholesale advances almost doubled to USD 94 million, while the same for retail more than doubled to USD 54 million….

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Federal Bank aims ‘mid-teen’ growth in credit for FY22

Its Managing Director and Chief Executive Officer Shyam Srinivasan said the increase in virus infections in states like Maharashtra needs to be watched, but exuded confidence that it will not affect the overall economic activity, terming it a “minor blip”….

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Kerala Financial Corporation loan assets cross record Rs 5000 crore

“KFC has achieved the highest growth among the Government owned State Financial Corporations (SFCs) in India. This important achievement was facilitated by fresh loan sanctions of Rs 3385 crore so far in the current financial year,” said Tomin J Thachankary, CMD of KFC….

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State Bank of India joins JPMorgan’s blockchain-based payment network

The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments, sources said. Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight, they said. This will help cross-border payments reach beneficiaries faster and using limited steps….

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SBI joins JPMorgan’s blockchain-based payment network

The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments, sources said. Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight, they said. This will help cross-border payments reach beneficiaries faster and using limited steps….

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Monthly collections in retail pools of NBFCs at pre-moratorium level: Icra

Icra said the monthly collections, including overdues in its rated retail loan pools originated largely by NBFCs and HFCs, have reached pre-moratorium levels …

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Shriram Housing Finance aims to double loan book in two years

The lender, which expects to close the year at Rs 3,700 crore, aims to close FY23 with a book size of Rs 10,000 crore. Bulk of the growth is expected to come from the affordable housing loan segment….

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10 months on, appointment of J&K Bank chief hangs in limbo

“It’s quite unfortunate that the regulator has been dragging its heels on Iqbal’s appointment since the last 10 months, in fact several shareholders have even shot off letters of complaint to the RBI and the bank board about the CEO’s appointment, but there hasn’t been any response,” an official in the know said….

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Relief for HDFC Bank as SAT stays Sebi directive on Rs 160 cr transfer

Matter pertains to BRH Wealth Kreators share-pledge fiasco; SAT cites lender’s financial strength while asserting it won’t run away or become insolvent …

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Lenders collection efficiency at pre-Covid levels: ICRA

With collections bouncing back to the pre-moratorium levels in most of the secured asset classes and businesses of non-bank lenders nearing their pre-moratorium levels, ICRA expects a rise in securitisation transactions….

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Religare scam: Delhi court dismisses anticipatory bail plea of former independent director

The court said Mahajan did not express any concern or opposed the alleged loan proposal which clearly established conspiracy with the promoters/other accused persons for alleged diversion of funds….

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