Top Indian Banking Industry News & Updates - 20 April 2024,Saturday
🗎 RBI / MoF / Govt. Policies
Tata seeks RBI nod to avoid listing NBFC
The Tata group has sought a waiver from the Reserve Bank of India (RBI) to avoid listing its investment holding arm — Tata Sons — on the bourses.
RBI approves appointment of Ajith Kumar KK as Dhanlaxmi Bank's MD & CEO
Mumbai : The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar KK as the managing director and chief executive officer of Dhanlaxmi Bank.
Extant monetary policy setting is well positioned: RBI Governor Shaktikanta Das
📝 MPC keen to keep lid on inflation, show minutes
📝 'Robust growth led RBI to keep rates on hold'
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🏦 PSB / Pvt Banks
Results preview: HDFC Bank’s Q4 seen healthy on merger impact, treasury gains, Credila stake sale
Mumbai: HDFC Bank is seen posting steady earnings for Q4 FY24 on the back of pick-up in deposit growth, treasury gains and one-time gains from the sale of stake in HDFC Credila. The private sector lender’s net profit is seen rising 30-50 per cent, largely due to the merger of erstwhile HDFC with the bank effective July 2023. Treasury gains for the quarter are estimated to be around ₹1,000 crore.
Shrinking margins to keep private banks on the leash in Q4
Banks are expected to record moderate growth in profits in the March quarter (Q4FY24) despite strong credit offtake. Blame the scramble for deposits that is putting pressure on net interest margins, especially for private banks.
Expect to log a record profit this time: J&K Bank CEO, MD Baldev Prakash
Jammu and Kashmir Bank (J&K Bank) has scripted a turnaround of sorts. From cutting its NPA by half, to upgrading its 15-year-old “outdated” internal software, a breeze of change is wheezing through it. And, sitting at the helm, its first managing director and chief executive officer (MD & CEO) Baldev Prakash, is quite reasonably a happy man. Prime Minister Narendra Modi too recently praised the turnaround due to government efforts. Subhomoy Bharttacharjee spoke to CEO Prakash to find out what is behind all this
📝 Banks mull options on using iris scans for verifying transactions
📝 Ajith Kumar KK named CEO of Dhanlaxmi Bank
📝 Bank credit surges 16% in fiscal year, marks fastest growth in a decade
📝 In fight against online frauds, banks moot syncing systems with MHA’s cybercrime portal
📝 Ashok Leyland, South Indian Bank ink pact for dealer financing
📝 ICICI Bank revises charges of these 17 savings account services effective from May 1; check details
📝 Despite RBI measures, unsecured personal loans by banks grow; ICICI leads pack
📝 Canara Bank fixes record date of May 15 for stock split
📝 HDFC Bank Q4 Result Preview: Profit seen rising over 50% YoY; asset quality stable
📝 Three Indian banks in top 50 lenders in Asia-Pacific by assets
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🏦 Foreign Banks / FIIs / I-Banks
📝 ANZ Bank in talks with Australia Pensions on India investments
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💳 ATMs / Credit Cards
RuPay launches 'Link it, Forget it' campaign at IPL 2024 to promote credit card on UPI. Details here
📝 Credit card rule change: Utility bill payments made with YES Bank and IDFC First Bank credit cards to get costlier from May 1, 2024
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🗎 NBFCs / FIs / MFI
Jio Financial Q4 consolidated PAT rises 6%
Jio Financial Services on Friday reported a 6% quarter-on-quarter (QoQ) rise in its consolidated net profit for the quarter ended March at Rs 311 crore. On a standalone basis, the net profit stood at Rs 78 crore, marginally higher than Rs 71 crore in the previous quarter.
BSE-listed Moneyboxx assets under management rises to ₹720 crore
Chennai: BSE-listed Moneyboxx Finance Limited, which provides loans to livestock farmers and small businesses, has more than doubled its assets under management (AUM) to ₹720 crore during the 2023-24 fiscal. A statement from the company, which currently has 100 branches across 8 States, said it sees strong growth opportunities in rural and semi-urban India. The Mumbai-based firm plans to significantly expand its presence and enter south India during the current fiscal.
NBCC to set up shadow lender to help save over $100 mn
NBCC planning to set up its own NBFC to help save over $100 million
Motilal Oswal Financial Services shares gain over 7% on bonus proposal
The company’s shares ended at Rs 2,236, up 7.4 per cent over the previous close, valuing the stock broking firm at Rs 33,315 crore.
Gold loan financier Muthoot Finance to raise $2 billion for business expansion
📝 Tata Group seeks RBI waiver to avoid listing NBFC: Report
📝 Jio Financial Services shares slump 3% ahead of Q4 results
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UPIs / Wallet / FinTech
NPCI to review by end of year decision on 30% UPI market share cap
The deadline to introduce the limit remains unchanged: December 2024. “There is still time for it. The 30 per cent cap on the transaction volume of payments players offering UPI services will be reviewed by the end of this year,” said a person, who requested he not be named.
Cred gets RBI’s in-principle approval for payment aggregator business
Fintech firm Cred has received in-principle approval from the Reserve Bank of India for the payment aggregation (PA) business, said people familiar with the development. The Bengaluru-based start-up can double down on the merchant payments business, in which it will be joining the ranks of Razorpay and Cashfree. Generally, it takes about six months after the in-principle nod for a company to get the final approval from the RBI. Recently, CCAvenue, Innoviti Payments and MSwipe have also received their final PA licence recently.
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🧔 Brokers / Distributors
ICICI Securities Q4 FY24 Results Live : profit rise by 104.25% YOY
ICICI Securities declared their Q4 FY24 results on 18 Apr, 2024. The topline increased by 76.09% & the profit increased by 104.25% YoY. As compared to the previous quarter the revenue grew by 16.56% and the profit increased by 15.21%.
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Crypto
Bitcoin Halving: World's biggest crypto reaches supply milestone, trades over ₹58 lakh
Bitcoin, the world's leading cryptocurrency, underwent a programmed reduction in its new coin creation rate on April 19. This event, known as a "halving," occurs roughly every four years and is designed to slow down the overall supply of Bitcoin as per CoinGecko.
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🗠 Mutual Funds / AMCs
Andromeda Sales to foray into mutual fund distribution
New Delhi: Andromeda Sales and Distribution, the country’s largest loan distribution firm, is foraying into mutual fund distribution through a separate wholly owned subsidiary, Andromeda Wealth, a top official said.
HDFC AMC Q4 Results: Cons PAT jumps 44% YoY to Rs 541 crore; co declares Rs 70 dividend
HDFC AMC Q4 results: Net profit increases to ₹541 crore, dividend declared
mint
MFs drop exposure to banks, NBFCs in Q4; hike in auto and pharma
Source Credit: Abhishek Kumar, Business Standard
Mumbai: Mutual funds (MFs) pruned exposure to banks and non-banking financial companies (NBFCs) during January-March 2024, amid persistent margin pressure and regulatory issues.
Sachetisation of mutual funds, a small step in right direction
The sachet — till now identical with shampoos, pickles, kumkum and a host of other consumable products — will soon see a new product packed into it. Yes, small-amount mutual funds will hit the market soon, if the wishes of SEBI chief Madhabi Puri Buch fructify.
Bull run effect? 185 new mutual fund offers raised a whopping ₹66,000 crore in fiscal 2024
The fiscal 2023-24 was undoubtedly a good year for stock markets in general, thus delivering an impressive return of 30 percent to the benchmark index of Nifty50. No wonder then the stocks and mutual funds drew investors galore.
📝 Kotak Mutual Fund reduces SIP amount to as low as Rs 28 for 4 schemes
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🗎 Equities, Pvt. Equity / Hedge Funds
📝 PE/VC investments decline marginally in March quarter: Report
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✈ International
📝 Fed policymakers agree: There's no urgency to cut rates
📝 T. Rowe Price says 2018 Tesla pay aligned with investor interests
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