Top Indian Banking Industry News & Updates - 25 April 2024,Thursday
🗎 RBI / MoF / Govt. Policies
RBI comes out with FEMA regulations for direct listing on international exchange
New Delhi: Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively.
Hinduja Group likely to seek extension from RBI on transfer of RCap to IIHL
Mumbai: Hinduja Group’s IndusInd International Holdings (IIHL) is expected to seek a six-month extension from the Reserve Bank of India for the proposed transfer of control of Reliance Capital, sources told businessline. In addition to IIHL, parts of Reliance Capital’s business will be transferred to its subsidiaries IIHL BFSI (India) Limited (IIHL BFSI), and Aasia Enterprises LLP (Aasia).
RBI bars Kotak Bank from adding customers digitally
RBI’s big action against Kotak Mahindra Bank! Lender stopped from issuing fresh credit cards, onboarding new customers digitally
The Financial Express
T Rabi Sankar re-appointed as RBI DG for one year
RBI Deputy Governor T Rabi Sankar Gets One Year Tenure Extension
The Hindu Business Line
FSIB recommends appointment of Rana Ashutosh Kumar Singh as SBI MD, Asheesh Pandey as Indian Bank MD
📝 RBI tells ARCs to maintain ₹300 crore in net owned fund by FY26
📝 RBI urges banks for caution on unauthorised forex transactions
📝 REITs, InvITs mobilise ₹1.3 lakh crore in four years: RBI data
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🏦 PSB / Pvt Banks
Kotak must act fast to escape RBI’s cyber-risk clamps
The Reserve Bank of India (RBI) has barred Kotak Mahindra Bank from issuing new credit cards and enlisting new customers through its two online channels of a website and app. The action follows the bank’s alleged failure to address significant technology concerns that RBI scrutiny in 2022 and 2023 revealed.
DCB Bank Q4 Results: Profit up 9.5% at Rs 155.68 crore, NII at Rs 507.5 crore
DCB Bank on Wednesday posted its fiscal fourth quarter earnings with profit at Rs 155.68 crore, up 9.5 per cent in comparison to Rs 142.21 crore during the fourth quarter of FY23. Its Net Interest Income (NII) for the quarter increased by 4.4 per cent on-year to Rs 507.5 crore.
AU SFB plans 25% growth in advances in three years
AU Small Finance Bank (AU SFB) is planning to grow its advances at a compound annual growth rate (CAGR) of 25% in the next three years. “Our growth will be slower than the previous years because the merger has changed our base. Even with 25% CAGR, we will be able to double our balance sheet in three years,” MD and CEO Sanjay Agarwal told FE.The Jaipur-headquartered bank, which received its SFB licence in 2017, has grown its advances by over 30% annually before the merger. Now the management is content with a relatively slower growth.“We are aiming for a responsible and sustainable growth as our customer base has crossed 1 crore and the deposit base has reached around Rs 87,000 crore. So, the expectations of customers from the bank have increased,” he added.
Axis Bank reports Q4 PAT of ₹7,130 crore
Axis Bank posts ₹7,130-crore PAT in Q4 on healthy deposit, margin growth
The Hindu Business Line
AU Small Finance Bank's Q4 net profit dips by 13% to Rs 371 crore
Small Finance Banks’ ‘universal’ conundrum
In the post-April 2024 Monetary Policy press conference, RBI Deputy Governor M Rajeshwar Rao, had reportedly stated, “SFBs have been conceptualised as differentiated banks with specific objectives. The tag of having an SFB after their name is a key part of that differentiator. So, I do not think there is any requirement to modify that at this point of time.”
📝 Kotak Mahindra case: Indian banks caught between growth targets and an unforgiving regulator
📝 Kotak Bank promoter Infina Finance donated Rs 60 crore to BJP via electoral bonds
📝 FSIB Recommends Rana Ashutosh for State Bank’s MD Post
📝 Kotak Mahindra Bank penalised by RBI: What happened on April 15, 2024, that was the final straw?
📝 RBI asks Kotak Mahindra Bank to stop issuing fresh credit cards, onboarding fresh customers via mobile banking
📝 Bankruptcy court admits Punjab National Bank’s insolvency resolution plea against Arshiya
📝 Higher margins and non-core income lift Axis Bank Q4 profit
📝 Equitas Small Finance Bank Q4 Results: PAT jumps 9% YoY to Rs 208 crore
📝 FSIB Recommends Rana Ashutosh Kumar Singh for SBI MD, Asheesh Pandey for Indian Bank MD
Read More >>
💳 ATMs / Credit Cards
SBI Card MILES: SBI Card’s maiden travel-focused credit card with mega benefits – airport lounge access, air miles, hotel points and more
SBI Card has launched three variants of its first travel-focused core credit card ‘SBI Card MILES’. The three variants are SBI Card MILES ELITE, SBI Card MILES PRIME and SBI Card MILES.
Travel, hospitality, entertainment comprised 33% of SBI Card’s spends in 9M FY24
Mumbai: Travel, hospitality and entertainment sectors comprised 33 per cent of the total card spends seen by SBI Card during 9M FY24, according to MD and CEO Abhijit Chakravorty.
Hitachi Payment Services launches upgradable ATM; aims to enhance banking services
Hitachi Payment Services has announced the launch of an upgradable ATM. As per the company, these can be transformed into high-performance Cash Recycling Machine (CRM) and manufactured under the Make in India initiative, these new upgradable ATMs provide flexibility to banks.
📝 Credit card spends hit record Rs 1L crore in March, up 20% in year
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🗎 NBFCs / FIs / MFI
📝 Eldeco scales up platform with HDFC Capital to Rs 850 crore
📝 Bajaj Finance Q4 Preview: Healthy profit, NII growth seen, but margins may contract
📝 Hardayal Prasad appointed as new CEO and managing director of Srei Infrastructure Finance
Read More >>
UPIs / Wallet / FinTech
Heartburn for payment aggregators as new KYC rule looms
PhonePe shifts focus to food, grocery; exits fashion, electronics on ONDC
PhonePe is restructuring its e-commerce strategy on the Open Network for Digital Commerce (ONDC) as it plans to exit categories like fashion, electronics, home decor except for food delivery on the network, according to sources. However, it will continue to operate in the travel ticketing segment on ONDC through its main app.
📝 PayU gets Reserve Bank of India's in-principle nod to operate as payment aggregator
📝 Paytm progresses with UPI migration with banking partners, focuses on UPI Lite and Rupay Credit Card
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🧔 Brokers / Distributors
LKP Securities Q4 results : profit at ₹5.57Cr, Revenue increased by 88.61% YoY
LKP Securities Q4 Results Live : LKP Securities declared their Q4 results on 23 Apr, 2024. The topline increased by 88.61% & the profit came at ₹5.57cr.
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🗠 Bourses
📝 NSE launches derivative contracts on Nifty Next 50 index; gets positive response from participants
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🗠 Mutual Funds / AMCs
How to view all your MF holdings in one place
Mutual funds (MFs) have fast become the preferred vehicle of investment for people wanting a slice of the stock market action. So much so that the MF industry in India has witnessed exponential growth, with assets under management (AUM) reaching an impressive ₹53.40 trillion as of 31 March, going by data put out by the Association of Mutual Funds in India (Amfi). Yet, unlike with their bank accounts, many people find it tough to keep track of their MF investments for various reasons.
Nippon Life India Asset Management’s shares surge 4.27% on quarterly results
Mumbai: Nippon Life India Asset Management’s shares were up by 4.27 per cent after the company reported a 73.2 per cent increase in profit for the fiscal year ended 2024 at ₹342.63 crore compared to ₹197.74 crore during the corresponding period last year. However, the company’s revenues were down by 25.6 per cent to ₹348.34 crore compared with ₹468.27 crore last year. Sequentially, the company’s profits were lower by 30.3 per cent compared to ₹284 crore in the previous quarter.
Motilal Oswal AMC elevates Prateek Agrawal as MD
With over 14 years of experience, Niket Shah, Fund Manager, has been promoted as Chief Investment Officer. Currently, he manages assets worth over ₹18,000 crore. All of them will start on their new roles from Friday.
📝 Invesco AMC, its CEO, others settle case with Sebi
📝 Nippon India Life Q4 results: PAT grows by 73% YoY, dividend of Rs 11 per share declared
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🗎 Equities, Pvt. Equity / Hedge Funds
‘Complacency poses greatest market risk now ‘‘: Lakshmi Iyer, CEO-Investments & Strategy, Kotak Alternate Asset Managers Limited
New Delhi: The current General Elections season — spread over two months — are largely seen to be non-events from a markets perspective, with continuity of power likely for ruling dispensation. With market expectation having hit a peak, businessline spoke to Lakshmi Iyer, CEO-Investments & Strategy, Kotak Alternate Asset Managers, to get her sense of the market trends and outlook.
PE investments look up, but tax uncertainty persists
The pace of transactions has picked up in India, with deal volumes in the first quarter of calendar 2024 rising by a fourth sequentially and by a third in value. There were 455 deals worth $25.6 billion, of which over 75 per cent was due to mergers and acquisitions, according to PricewaterhouseCoopers.
📝 Kedaara Capital closes largest India PE fund at $1.74 bn; no single individual investor got allocated more than 6% of fund
📝 REITs, InvITs mobilise Rs 1.3 lakh crore in four years: RBI data
Read More >>
✈ International
📝 Goldman Sachs, BofA shareholders reject proposals for CEO-chair split
Read More >>
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