Unsecured loan growth to remain strong even if RBI raises risk weights
Mumbai: The growth in the concerning unsecured loans segment will remain strong even if the Reserve Bank ups the risk weights for such lending, a domestic brokerage said on Tuesday. The RBI has asked lenders to be more diligent about such lending to ensure that no undue risk gets built up in the system because of high growth in unsecured assets such as personal loans and credit cards.

Rising bank financing for NBFCs raises concerns about systemic contagion: RBI’s research body
Mumbai: Rising bank financing for non-banking financial companies (NBFCs) raises concerns about systemic contagion and underscores the need for tighter preventive measures to mitigate potential systemic fallout, cautioned Centre for Advanced Financial Research and Learning (CAFRAL), an independent body set up by the Reserve Bank of India.

Axis Bank inks an MoU with IRMA to promote financial inclusion and literacy in India. Details here
Just a few days ahead of “National Education Day" observed on November 11 every year, Axis Bank and the Institute of Rural Management Anand (IRMA) have entered into a Memorandum of Understanding (MoU) on November 06, 2023. The idea behind entering the MoU is to establish the Axis Bank Chair for financial inclusion at IRMA. Established for five years, the Chair’s primary objectives include conducting research, fostering closer collaboration between the industry and academia, promoting thought leadership, and advocating for policy development. The Chair’s overarching goal is to enhance and expedite the advancement of financial inclusion (FI) and financial literacy in India.

Ujjivan SFB targets to improve CASA in line with peers
Bengaluru-headquartered Ujjivan Small Finance Bank (SFB) is putting in place various systems to bring its low-cost current account and savings account ratio (CASA) in line with its peers, said MD & CEO Ittira Davi.

Indian banks' digital maturity score above global average: Deloitte

Mumbai: Indian banks have scored above the global average in the Digital Banking Maturity survey by consultants Deloitte but have scope to improve to match what it calls the global champions, which are ahead in providing non-financial services such as healthcare.

HDFC Bank hikes interest rates on these loans: Check details

HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 5 basis points on select tenures. The rates are effective from November 7, 2023.

ESAF Small Finance Bank IPO subscribed 73.15 times on final day
 

Rawat and Sood named deputy MDs of NABARD
Mumbai: The central government has appointed Goverdhan Singh Rawat and Ajay Kumar Sood as Deputy Managing Directors (DMDs) of National Bank for Agriculture and Rural Development (NABARD).

NDB to assess India projects portfolio next year
New Development Bank’s Independent Evaluation Office (IEO) will next year commence an evaluation of the portfolio of projects funded by it in India since its launch in 2015, Ashwani K Muthoo, Director General, Independent Evaluation, has said. So far NDB’s approvals for India total $7.5 billion, of which $4.2 billion stands disbursed. The disbursals in India include the $2-billion loan extended as part of NDB’s emergency response to Covid-19 pandemic.

Positive outlook for credit offtake in FY24: CARE Ratings
Mumbai: The outlook for credit offtake remains positive for FY24, supported by factors such as economic expansion and a steady push for retail credit, which has been supported by digitalisation, according to CARE Ratings. The credit rating agency estimated credit growth at 13-13.5 per cent for FY24, excluding the impact of the merger of HDFC with HDFC Bank.

SBFC looks geared for sustained growth given strong disbursals
ET Intelligence Group: SBFC Finance, a mid-tier microfinance company, which garnered an overwhelming response to its IPO in August and later staged a strong debut on exchanges, reported robust growth in revenue and net profit for the September quarter with steady improvement in the asset quality. ICICI Securities has initiated a buy rating on the stock citing good long-term prospects.

Samvat 2080: Why Reliance & Poonawalla Fincorp are top picks for Dharmesh Kant
Dharmesh Kant, Head of Equity Research, Chola Securities, says the idea was to pick up stocks which remain fairly or largely insulated from such factors and are driven by their own internals of the business. The risk reward ratio is very favourable with the kind of correction we have seen in Reliance Industries and it is poised for a good up move if you have a holding period of one to two years.

Shriram Group to start ARC, build wealth management

Shriram Capital, the holding company for the financial services in the Shriram Group will invest Rs 300 crore to start a new business aggregating retail bad loans as it seek to leverage its collection efficiencies, company executives said.

PhonePe crosses 500 million registered users, alters top deck
PhonePe has elevated multiple business heads to the position of chief executive of their verticals to scale up its new businesses even as the number of registered users on its platform crossed 500 million, the digital payments major said on Tuesday.

Fintech lending to youth rises 100 times in 2015-21
Large-scale increase in the use of smartphones among the urban youth has led FinTech lenders to aggressively lend to young borrowers (below 35).  As per a report by the Centre for Advanced Financial Research and Learning (CAFRAL), an RBI affiliate, fintech NBFC lending to young borrowers has increased 100 times between 2015 and 2021.

Razorpay elevates Rahul Kothari as COO
Bengaluru: Fintech platform Razorpay has elevated Rahul Kothari as Chief Operating Officer (COO) for its India and Malaysia businesses. This elevation comes at a time when Razorpay has begun expanding its footprint globally, starting with the SEA region. Earlier, Kothari was the chief business officer (CBO), where he was responsible for defining and executing strategies for business development while ensuring they fit with the company’s broader vision and ambition. As the CBO, he was instrumental in leading various business leaders in Razorpay to co-create long-term business plans and solve for different organisational priorities

Banks turn to gold loans on RBI stance, woo fintech companies

With the Reserve Bank of India turning cautious on the growing unsecured portfolio of banks, some of them are making a quick move towards pushing secured lending and gold loans are emerging as an attractive product in the retail sector.

Fintech can emerge as substitute for traditional banking, says RBI's CAFRAL

Reserve Bank Governor Shaktikanta Das on Tuesday released the first flagship publication of the Centre for Advanced Financial Research and Learning (CAFRAL) with the title India Finance Report 2023 (IFR 2023).

Paisabazaar looks to turn profitable in Q3, revenue touches Rs 154 crore

Paisabazaar is looking to clock a net profit from next quarter onwards, in line with its parent PB Fintech, Naveen Kukreja, cofounder and chief executive of the credit marketplace, told ET.

Transferred money to the wrong UPI ID? Here's how can retrieve it

However, users sometimes make errors by entering incorrect information or phone numbers, resulting in money being transferred to the wrong UPI ID. Here is a simple guide for you to help get your money back. 

Bitcoin’s grip on crypto eases after climb in smaller tokens like XRP
Speculative crypto demand is widening beyond Bitcoin’s revival.

Bitcoin holds above $34,000; Dogecoin, Toncoin jump over 6%
Major crypto tokens traded higher on Tuesday amid optimism and stimulating bullish sentiments within the market. While the global cryptocurrency market cap surged nearly 1% to around $1.33 trillion in the last 24 hours.

Invest in dynamic bond funds, says Pankaj Pathak of Quantum Mutual Fund
Investors with an investment horizon of two to three years and some appetite for intermittent volatility, can continue to hold or add dynamic bond funds to their portfolios, says Pankaj Pathak, Fund Manager - Fixed Income, Quantum Mutual Fund.

Gold funds offer 7.76% in one month; topper offer 11%

Gold funds, the toppers in the one-month performance chart, have offered an average return of around 7.76% in one month, according to the ACE MF database. These funds gave 2.61%, 5.73%, and 19.78% in three months, nine months, and one year respectively. These funds lost around 1.72% in six months. There are around 24 gold schemes available in the market.

Dividend yield funds offer 24.96% in three years; topper offers 33%

Dividend yield funds have offered an average return of around 24.96% in a three year horizon, an analysis of performance showed. Six dividend yield schemes have completed three years in the market. ICICI Prudential Dividend Yield Equity Fund gave the highest return of around 33.69% in the three-year horizon. Templeton India Equity Income Fund, second in the list, offered 27.67% in three years.

Aditya Birla Sun Life Dividend Yield Fund, the oldest scheme in the category, offered 26.30% in three years. The scheme has completed around 20.75 years in the market.

UTI Dividend Yield Fund and Templeton India Equity Income Fund have completed around 18.44 and 17.48 years in the market. UTI Dividend Yield Fund and Templeton India Equity Income Fund gave 21.53% and 27.44% respectively in three years.

3 top MFs account for 50% of ₹51,000 cr inflows in Q2: Study
 

Brookfield India REIT leases over 5.21 lakh sq ft in July-September

Brookfield India Real Estate Trust has leased over 5.21 lakh sq ft office space including 4.63 lakh sq ft of new leasing during the quarter ended September. Of this, the listed Real Estate Investment Trust (REIT) has leased over 3.18 lakh sq ft in its Special Economic Zone (SEZ) assets with 2.20 lakh sq ft of expansion demand from existing occupiers.

SBI raises dollar bond issue size to $1 billion amid fall in US yields

Mumbai: State Bank of India has increased the size of its dollar bond issue to $1 billion from $750 million and is aiming to raise the funds in the first week of December amid a recent decline in US bond yields on hopes of the Federal Reserve calling an end to its monetary tightening cycle.

RIL to raise Rs 20,000 crore via bonds

Mumbai: Mukesh Ambani-owned Reliance Industries plans raising up to ₹20,000 crore in its largest ever domestic bond sale this week, marking the biggest such domestic issuance by a non-BFSI private entity in India where regulators want companies to rely on market instruments to help establish a corporate bond market that reflects the breadth and stature of Asia's No. 3 economy.

UBS posts first quarterly loss since 2017 on Credit Suisse costs
UBS posted a larger-than-expected loss in the third quarter on Tuesday, the first quarterly drop since 2017 as it integrates Credit Suisse after taking over its fallen Swiss banking rival.