Top Indian Banking Industry News & Updates - 23 April 2024,Tuesday
🗎 RBI / MoF / Govt. Policies
RBI asks payment system operators to report high value, suspicious transactions during elections
Reserve Bank of India has asked all authorised non-bank Payment System Operators (PSOs) to report high value and suspicious transactions undertaken on their platforms during the election period.
Bankers must factor in climate risk in farm loans
Financing climate change adaptation and mitigation has gained traction in the national climate policy regime. However, accounting, or quantifying climate risk in lending has yet to generate a consensus among the regulator and scheduled commercial bankers. Though the Reserve Bank of India emphasised climate risk-informed financing, there needs to be a unified approach to climate risk assessment and its incorporation in potential-linked credit plans in agriculture, the most vulnerable sector to climate risk.
📝 Empowering borrowers: RBI asks lenders to disclose loan details
📝 Track dubious transactions, RBI tells payments cos
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🏦 PSB / Pvt Banks
Brokerages bet on HDFC Bank’s margin and pricing strategies despite lower than expected Q4 profit
Shares of HDFC Bank opened Monday’s trade muted despite being in green after the lower-than-expected Q4 profit on account of increased provisioning.
Merged entity a completely new organisation, can’t compare financials
Mumbai: The amalgamated entity following the merger of erstwhile HDFC with HDFC Bank effective July 2023, is a “completely new organisation” and cannot be compared to either of the two pre-existing lenders, HDFC Bank MD and CEO Sashidhar Jagdishan said in an analyst call.
Co-lending on personal loans set to decline
In the aftermath of the Reserve Bank of India(RBI) measures on unsecured consumer credit, banks and non-bank lenders are looking to reduce their personal loan portfolios. This will lead to a fall in the personal loan mix within the overall co-lending assets under management, say experts.
Analysts turn bullish on HDFC Bank, but stock dips post Q4
Chennai: Shares of HDFC Bank slipped over 1.2 per cent, after reporting its March quarter earnings over the weekend, despite analysts remaining bullish on the stock. The stock settled at ₹1,512.30 on the BSE, after beginning on a positive note the BSE. On the NSE, shares edged down 1.10 per cent at ₹1,514.35.
Raising capital may be priority for incoming Dhanlaxmi Bank's CEO
Ajith Kumar KK, whose appointment was approved by the Reserve Bank of India (RBI) as managing director (MD) and chief executive officer (CEO) of Dhanlaxmi Bank last week, will be the fifth person to head the bank in the last nine years. According to bank sources, one of the top priorities of Kumar will be to raise capital.
'Actively working to resolve...': HDFC Bank says as customers experience issues accessing NetBanking
After a few of its customers experienced issues while accessing NetBanking, the HDFC Bank on Monday said it is trying to resolve the issue at the earliest.
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
📝 IndusInd Bank pilots cenbank's e-rupee payments program with farmers
📝 HDFC Bank decision to refrain from price war on deposits and infra bonds will help improve NIM: Analysts
📝 Tamilnad Mercantile Bank Q4 Results: Net profit flat at Rs 253 crore
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🏦 Foreign Banks / FIIs / I-Banks
📝 Japan's MUFG mulls sweeter offer for India's HDB Financial, Bloomberg News reports
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💳 ATMs / Credit Cards
Top 5 credit cards for airport lounge access in India – Know key features, benefits and annual fees
Credit cards offer several benefits like cashback, miles, vouchers, discounts, free priority pass membership, etc, to attract customers. One of their prominent offerings is free airport lounge access at select airports in the country and abroad. The facility of airport lounge access is available not only on travel credit cards but also on some other premium cards issued by banks.
Number of ATMs plateauing in India, off-site ATMs down since 2022
Chennai: In India, an Automatic Teller Machine (ATM) is a millennial. It debuted in 1987 and as the years passed, its popularity grew. Zoomer children weren’t shocked when they saw their parents use it, a machine a few feet taller than them, to dispense money every time they needed it. But as the generation enters adulthood and starts making their own money, they may find fewer of these machines.
📝 Credit cards with all-round benefits can help maximise savings: Top cards of HDFC Bank, Axis Bank, SBI Card, IDFC FIRST Bank
📝 Govt teams up with SBI Cards, telcos to finish off OTP frauds
📝 RBI concerned about using credit card to pay rent, tuition fees; how will it affect P2P payments?
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🗎 NBFCs / FIs / MFI
Up to 9.10% Interest Rate on Recurring Deposits, 8.65% on Fixed Deposits: This NBFC hikes rates on digital-only RDs, FDs
Non-bank lender Shriram Finance Ltd (SFL) has launched digital-only recurring deposits and fixed deposits, which can be subscribed through the Shriram One App and the official company website, effective April 22.
Shriram Finance ups interest rates on digital-only RDs by 35-40 bps
Mumbai: Shriram Finance Ltd (SFL) has increased interest rates on digital-only recurring deposits (RDs) by 35-40 basis points even as it launched a special 15-month digital-only fixed deposit (FD).
📝 Shares of Jio Financial jumps 3% post Q4 results
📝 Shriram Finance offers ‘digital only’ fixed deposit scheme
📝 Macquarie's USD 1.5 bn India EV platform to focus on fleet electrification
📝 M&M Finance delays Q4 results after ₹150 crore fraud detected at a North East branch
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UPIs / Wallet / FinTech
Paytm completes merchant migration to new UPI ids
Mumbai: The migration of merchant customers from Paytm to the new Payment System Provider (PSP) bank handles has been completed, said Paytm founder Vijay Shekhar Sharma.
📝 Paytm Payments Bank board is independent, Paytm CEO Sharma says
📝 Paytm launches Made in India 4G soundboxes, enables credit card-based UPI payments
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🧔 Brokers / Distributors
📝 Profit booking in equities likely post polls: Bernstein
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🗠 Mutual Funds / AMCs
Why Mirae Asset MF is cautioning its ETF investors?
Mirae Asset Mutual Fund (Mirae Asset MF) has cautioned investors looking to purchase units of its overseas exchange-traded funds (ETFs), noting that these ETFs are currently trading at a premium.
New Fund Offer: HDFC Mutual Fund launches HDFC Manufacturing Fund – Should you invest?
HDFC Asset Management Co Ltd, the investment manager to HDFC Mutual Fund (HDFC MF), has announced the launch of HDFC Manufacturing Fund. This open-ended equity scheme aims to unlock the potential of India’s manufacturing sector by investing predominantly in equity and equity-related securities of companies engaged in manufacturing activities.
Nifty can hit 100,000; mid, smallcaps are a real pot of gold: Vikas Khemani
What's your key differentiator for the Bharat Amritkaal fund? There are many such funds that already exist.
Small, midcap funds remain mutual fund investors' top choice in March
Sectoral and thematic fund category, which has six times more schemes than the smallcap fund space, led the race with 817,000 folio additions in March. Midcap funds also managed to add more folios than the lower-risk largecap and flexicap funds. Midcap schemes added nearly 300,000 folios, while largecap funds added 179,000 and flexicap funds 256,600, shows data from the Association of Mutual Funds in India (Amfi).
`Upcoming weeks crucial for markets': Harsha Upadhyaya, Chief Investment Officer, Kotak MF
Excerpts
Mutual funds collect ₹66,364 cr through NFOs in FY24
Mirae Asset MF cautions investors on trading in overseas-focused ETFs
Market regulator SEBI has directed mutual funds to stop accepting fresh investment in their overseas ETFs as the overall limit of the industry is inching closer to the $1-billion mark set by the banking regulator RBI.
📝 HDFC Mutual Fund launches HDFC Manufacturing Fund
📝 Hybrid mutual funds stage comeback; see Rs 1.45 lakh crore inflows driven by arbitrage investments
📝 Edelweiss Mutual Fund files draft document with Sebi for Nifty Alpha Low Volatility 30 Index Fund
📝 It makes sense to move your SIP to balance advantage funds: S Naren of ICICI Pru MF
📝 ESG mutual funds: Why these MFs may not be the right choice for investors
📝 Axis MF to focus on hybrid, passives in bid to enter the top four league
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🗎 Equities, Pvt. Equity / Hedge Funds
Peak XV’s MD Piyush Gupta quits, to launch own fund
Piyush Gupta, who served as Managing Director at Peak XV Partners, is departing the venture firm at the end of this month, according to sources familiar to the matter. Gupta plans to launch his own secondary-focused fund, which Peak XV intends to work closely with to facilitate transactions at its portfolio firms, sources added.
Aramco’s VC arm in talks for India team
Mumbai : The venture capital (VC) arm of Saudi Aramco is building an India team and scouting for early-stage deals in the country, two people aware of the plans said, in a move to leverage India’s startup story and widen the fund’s global reach.
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🗎 Govt. Securities / Bonds
📝 Indian bond yields inch up but benchmark unlikely to break 7.25%
📝 Surging interest in India papers gives a boost to Re-Eurobond issuances
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