Money & Banking

Bajaj Finserv’s Q3FY22 net profit declines 3%

Bajaj Finserv’s Q3FY22 net profit declines 3%

Net profit stood at ₹1,256 crore against ₹1,290 crore in the year ago period

RBI holds repo auction as GST outflow tightens liquidity

RBI holds repo auction as GST outflow tightens liquidity

Conducts one-day variable rate repo auction for ₹50,000 crore to cool overnight call money market rates

Existing NBFC-ICCs with asset size of Rs 1,000 cr & above allowed to undertake ‘Factoring’ biz: RBI

Existing NBFC-ICCs with asset size of Rs 1,000 cr & above allowed to undertake ‘Factoring’ biz: RBI

The move will increase the number of NBFCs eligible to undertake factoring business to 182

PNB Housing Finance net profit down 19 per cent in Q3

Management says company continues to focus on retail segment

South Indian Bank brings down net loss to ₹50 crore in Q3

Management says the strategy adopted to improve the business in all key areas has started yielding results

Bank of Maharashtra PAT soars 111% in Q3

The bank made more provisions than what is require by the regulator in order to bring down NNPAs and increase provision coverage ratio

Karnataka Bank launches online KYC updation portal

Updation of KYC at periodic intervals is a statutory requirement, as per RBI norms

ICRA revises AUM growth outlook for FY22 for retail NBFCs to 5-7 per cent

The ratings agency cites muted first half performance as the reason, cautions against Omicron threat

Y Combinator-backed Invoid in pact with Credenc to build neobank for students

Fintech firm to provide its expertise of remotely onboarding customers without compromising on security

Personal loans, biz loans, school bus, taxi segments still witnessing lower collection efficiencies: Ind-Ra

In volume terms, the bounce rate declined to 30 per cent in December 2021

ICICI Lombard net profit up marginally to ₹318 cr in Q3

Gross Direct Premium Income was up 16 per cent at ₹4,699 crore in Q3

PFC, REC reduce lending rates

In October last year, the Power Minister had directed the two NBFCs to explore cheaper avenues for raising funds,

Cryptocurrencies crash 40% since November on mounting regulatory uncertainties

Cryptocurrency investors hope the Budget provides some clarity on taxing crypto transactions

High premium prices, lack of awareness key reasons for low penetration of health insurance in India

‘New mantra must be health inclusion’

Cross border trade a business priority for Indian MSMEs, reveals PayPal India survey

MSMEs want to invest in improving checkout and payment process to push up sales

pi Ventures announces first close of its second fund at ₹300 cr

The second fund was launched in March 2021 with a base target corpus of ₹565 crore

Sahicoin raises $1.75 million in seed funding

To deploy funding to scale the team across engineering, product and grow the platform.

BharatPe’s Ashneer Grover takes voluntary leave of absence 

January 19

Cholamandalam launches three new business verticals for consumer & SME loans

Aims for the next growth phase, enters into partnership with fintech companies

Federal Bank, Equirus Wealth launch exclusive USD Fixed Maturity Fund

Both NRI and Resident customers of Federal Bank will be able to invest in this fund

United Forum of Bank Unions-Kerala urges for reduced working hours

According to the Union, banking should be restricted to five days in a week to break the chain

ICICI Pru Life posts improvement in PAT

Premium earned edged up about 2 per cent y-o-y to ₹9,344 crore

Cut-off yields on 10-year State borrowings harden 9 bps

Twelve State governments raise ₹21,200 crore through SDLs

IBBI bars IIV Registered Valuers Foundation from enrolling members for 6 months

New Delhi, January 18

Bajaj Finance Q3 net up 84% on income growth

A 20% decline in loan loss provisions also boosts bottomline

SIDBI sanctions ₹650 cr to AU and Jana Small Finance Banks

CMD says the move is expected to benefit more than 40 small-sized non-banking financial companies and micro finance institutions

India Inc on an overseas borrowing binge

Indian corporates raise $6-plus bn through offshore bonds in opening fortnight of 2022

3rd Covid wave could slash 200 basis points off estimated AUM growth for HFCs: Crisil

Current estimated compound annual growth rate in assets under management of housing finance companies is 9–11 per cent

Recovery encountering headwinds in 3rd wave: RBI article

‘Overall economic activity in India remains strong’

G-Sec yields on the rise

Amid high retail inflation, govt borrowing programme and rising US Treasury yields

Union Budget 2022: Startups pitch for further booster dose via fiscal incentives

Seeks government to ensure liquidity support measures reach MSMEs’ bottom of the pyramid.

Banking frauds to increase over next two years: Deloitte survey

Suggests banks reimagine their fraud risk management framework.

Kotak Mahindra Bank introduces Same Day Settlement feature for merchants

With digital payments soaring, the SDS facility would be helpful for businesses with immediate cash flow requirements.

DCB Bank’s board approves appointment of Rupa Devi Singh as Non-exec Chairman

Appointment of Singh will be effective from the date of receipt of RBI approval

How co-lending can help banking sector

Top bankers and NBFC chiefs say the co-lending model is a win-win proposition for banks, NBFCs and their customers

NARCL Chairman to be External Expert for Search panel to identify candidates for RBL Bank Chief’s position

Egon Zehnder has been made the search firm for identifying suitable candidates

Punjab & Sind Bank cuts MCLR by 5-10 bps

The new rates will be effective from January 16, 2022

HDFC Bank reports 18 per cent yoy increase in Q3 net profit

India’s largest private sector bank recorded a net profit of ₹10,342 crore in the reporting quarter

IRDA Chairman post vacant for 9 months even as govt fast tracks LIC IPO

Sends wrong signal to millions of policyholders in terms of governance, reflects poorly on govt image, say experts