Now, you can send Rs 2,000 notes via post directly to RBI
People can now conveniently send their Rs 2,000 banknotes to regional offices of the Reserve Bank of India (RBI) via insured post for direct credit in their bank accounts. This option is particularly beneficial for individuals who are unable to visit the regional offices in person. The RBI is also offering a Triple Lock Receptacle (TLR) form for the deposit of Rs 2,000 banknotes into bank accounts.

RBI appoints Manoranjan Mishra as new Executive Director
New Delhi: The Reserve Bank of India (RBI) on Wednesday said it has appointed Manoranjan Mishra as Executive Director.

RBI engaging with banks to address evergreening of loans, delinquencies: RBI DG Rao
Mumbai: Reserve Bank of India is monitoring and engaging with banks to create additional provisions for instances of evergreening of loans or higher delinquencies in certain loans pockets, said Deputy Governor Rajeshwar Rao. “That is monitored through the supervisory process, and if there are instances, we ask the banks to create additional provisions and that they have to disclose also, in terms of their divergences, etc,” said Rao.
 

Finance Minister Nirmala Sitharaman inaugurates SBI branch in Sri Lanka
Finance Minister Nirmala Sitharaman on Thursday visited Sri Lanka's eastern port town of Trincomalee where she opened a branch of the State Bank of India and appreciated its role in supporting corporates in international trade.

YES BANK and Cloud Ace India team up for digital transformation
YES BANK has entered into a Memorandum of Understanding (MOU) with Accelerated Computing Enterprise Pvt. Ltd. (trading as “Cloud Ace India”), a leading provider of cloud solutions. The agreement signifies a pivotal step in YES BANK’s commitment at facilitating tech innovation and global digital transformation. It also emphasises the Bank’s endeavour of using advanced cloud tech and financial expertise to assist businesses, startups, and entrepreneurs. 

Axis Bank to offer cheaper loans for Mahindra Lifespace’s green homes
Under this partnership, Mahindra Lifespaces’ customers can avail home loans at 0.25 per cent less than the standard home loan rate. Further, the loan application and disbursal process will entail reduced paperwork, to minimise paper wastage and ensure efficient document management.

UCO Bank decides to distribute Diwali sweets to top 10 wilful defaulters, withdraws notice later
The public sector lender UCO Bank on Wednesday announced its decision to distribute sweets to the top 10 Non-Performing Assets (NPA) borrowers of the bank on the occasion of Diwali this year. However, the order was withdrawn on the next day, November 2. 

Personal Loans: Lenders still prefer salaried class over others
Salaried borrowers with steady flow of income are still a prefered choice for lenders despite expansion of personal loans to varied types of borrowers, reported TOI.

AU SFB expects to complete Fincare SFB merger by March 2024: Agarwal
New Delhi: AU Small Finance Bank (AU SFB) expects to complete its Fincare SFB deal by end March next year, said its MD & CEO Sanjay Agarwal on Thursday. The move to merge Fincare SFB with itself will lead to AU SFB getting an additional 50 lakh customers, taking the overall customer base to about 1 crore, said Agarwal at an event to mark the launch of a co-branded travel credit card with leading travel platform ixigo.

Mahindra Finance, SBI in co-lending pact for priority sector lending
Mumbai: M&M Financial Services has entered into a co-lending partnership with the State Bank of India to offer affordable solutions to the NBFC’s customers.

FINO Payments Bank Q2FY24 net up 41.5% at ₹19.5 cr
MUMBA: Fino Payments Bank’s second quarter net profit rose 41.5 per cent year-on-year (y-o-y) to ₹19.5 crore against ₹13.8 crore as net revenue grew faster than operating cost.

Esaf Small Finance Bank sets IPO price band at ₹57 to ₹60 per equity share
Kochi: Esaf Small Finance Bank Ltd has fixed the price band for its maiden initial public offer at ₹57 to ₹60 per equity share. The IPO opens for subscription on Friday, November 3, and closes on Tuesday, November 7. Investors can bid for a minimum of 250 equity shares, and in multiples of 250 equity shares thereafter.

One step forward, two steps backwards? Lenders fret on new SC ruling on IBC
Banks are fretting over the Supreme Court’s latest ruling on IBC, as it recognised tax departments and government agencies on par with secured creditors under the insolvency law.

ESAF Bank financials looking up, consider for long-term bet
Source Credit: Ranjit Shinde, The Economic Times

RBI moots principle-based regulatory regime: Dy Guv

The Reserve Bank of India is moving towards a principle based regulatory regime that would provide broad directions to those it regulates, but it would ensure that different players are treated differently depending on their kind of activities, said Deputy Governor Rajeshwar Rao.

Signs of stress in small ticket personal loans: Report

Small ticket borrowers are slowly starting to miss their repayments and seen to be delaying repayments beyond a month of the scheduled date.

Munnabhai redux: UCO Bank sends sweets to top 10 defaulters

New Delhi: From photos in newspapers and impounding of passports usually, loan defaulters are now getting a 'Munnabhai' treatment. Banks are reaching out to them with sweets to encourage them to get back on track.

Karnataka Bank Q2 net down 20%

During the second quarter of 2023-24, the gross NPAs (non-performing assets) of the bank increased to 3.47 per cent (3.36 per cent Q2 FY23), and net NPA reduced to 1.36 per cent (1.72 per cent).

Investcorp aims to give India business a $5 billion boost

Bahrain-based investment firm Investcorp aims to increase its investments in India to as much as $5 billion over the next five years, from less than $1 billion today, as the investor looks to grow its private equity business and expand its real estate business in adjacent sectors such as logistics and warehousing and education infrastructure, said Mohammed Alardhi, executive chairman of Investcorp.

LIC Housing Finance expects Rs 500-cr recovery in H2
LIC Housing Finance, the largest housing finance company, expects to recover around Rs 400-500 crore from bad loans in the current financial year. The company will aggressively use measures such as one time settlement (OTS), and has approached asset reconstruction companies to boost the recovery process.

Aptus Value Housing posts 11% rise in Q2 standalone profit
 

53% Indians take loans before hitting 30; men prefer credit cards, women personal loans: Study
 

Retail loan originations rise 15% y-o-y on strong demand: Report
Retail loan originations rose 15% year-on-year(y-o-y) in the second quarter of 2023 as consumption-led demand remained strong, TransUnion CIBIL said in a report.

Chola posts 35% rise in PAT in Q2 FY24
Cholamandalam Investment Q2 net up 35% to ₹762 cr.

The ascendance of private credit AIFs in India
 

Housing.com invests in fintech start-up Easiloan

Digital real estate platform, Housing.com, owned by REA India has invested undisclosed amount in Easiloan, a fintech start-up focusing on digitizing the home loan journey.

Housing.com makes strategic investment in fintech lending start-up Easiloan
 

Investor protection: AMFI prescribes norms for mutual fund ads
Mumbai: The Association of Mutual Funds in India has made it mandatory for mutual funds to display only the 10-year compounded annual rolling returns prescribed by it in non-scheme related pamphlets and advertisements. In March, market regulator SEBI had said that the advertisements by some asset management companies did not comply with the letter and spirit of the code prescribed by it.

Baroda BNP Paribas MF mops up ₹1,103 cr via small-cap NFO
Mumbai: Baroda BNP Paribas Mutual Fund has mopped up ₹1,103 crore through its new fund offer on small-cap which was open for subscription between October 6-20. The scheme reopened for investment on Wednesday. This is the seventh NFO by Baroda BNP Paribas Asset Management since the two entities merged in March, 2022. Suresh Soni, CEO, Baroda BNP Paribas Asset Management said the NFO has received wide participation from many investors and distribution partners across cities and towns.

DSP Mutual Fund launches DSP Gold ETF Fund of Fund – Check details
DSP Mutual Fund has announced the launch of DSP Gold ETF Fund of Fund, an open-ended Fund of Fund scheme investing in DSP Gold Exchange Traded Fund. The scheme offers investors a convenient way to invest in gold like a normal mutual fund scheme, compared to the physical version, with the freedom to trade easily.

Edelweiss Gold ETF, DSP Gold ETF FoF open for subscription this week; should you invest?

Two new fund offerings or NFO will open for subscription this week. Edelweiss Gold ETF is open for subscription and DSP Gold ETF FoF will open for subscription later this week.

A gush of state bonds may upend market dynamics
Mumbai: Even as the sword of large-scale open market bond sales by the Reserve Bank of India hangs over the debt market, state governments in the poll season have upset bond traders’ demandsupply calculations by overshooting their stated borrowing plans.
 

Benchmark 10-year Treasury yields tumble to 3-week lows on refinancing relief
Benchmark 10-year Treasury yields tumbled to three-week lows on Thursday, continuing a rally from Wednesday on relief that the US Treasury Department announced smaller-than-expected increases in longer-dated Treasury supply.

Time's right to buy g-secs with rates near a peak

Mumbai: Long-tenure bonds aren't the most glamorous instruments in the investable universe. But they would offer solid returns now - at the peak of a rate-hardening cycle where inflation-adjusted guaranteed returns are positive.

A gush of state bonds may upend market dynamics

Mumbai: Even as the sword of large-scale open market bond sales by the Reserve Bank of India hangs over the debt market, state governments in the poll season have upset bond traders' demand-supply calculations by overshooting their stated borrowing plans.

Demand for 50-year government bond seen firm from insurance firms
“We expect strong demand from the long-term investors. The 50-year bond has been introduced in response to a long-standing demand from the long-term investor community and, hence, we see no dearth of demand,” said Badrish Kulhalli, head (fixed income), HDFC Life Insurance.
 

Bank of England holds rates at 5.25%, rules out quick cuts to help economy
The Bank of England held interest rates at a 15-year peak as it kept up its fight against the highest inflation among the world's big rich economies, and it stressed that it did not expect to cut them any time soon.