Govt invites fresh bids from asset valuers of IDBI Bank
The government on Wednesday issued a fresh RFP for the appointment of asset valuer for strategic sale-bound IDBI Bank. The last date for submitting bids by asset valuer is January 5, the Department of Investment and Public Asset Management (DIPAM) said while floating the Request For Proposal (RFP).

High attrition keeps private banks on their toes
The attrition at private banks has been high in recent years as the workload of employees has increased. Additionally, intense competition from fintechs and new-age lenders has also led to poaching of employees, said experts.

RBL Bank targets 1.5 per cent RoA by FY26
Private sector lender RBL Bank is targeting 1.4%-1.5% return on assets (RoA) and 14%-15% return on equity (RoE) by FY26 end as against 1% RoA and 8.4% RoE during Q2FY24, the bank’s management said in investor meetings.

RBL Bank eyes to open 226 new branches in 3 years
Mumbai: RBL Bank is planning to add 226 branches in the next three years in a bid to grow its total business (deposits plus advances) to ₹2.70-lakh crore, or thereabouts from ₹1,55,096 crore as at March-end 2023. By expanding the branch network to 740 by March-end 2026 from 514 as at March-end 2023, the private sector lender will have a footprint in 24 States (20 States as at March-end 2023), 190 districts (142) and four Union Territories (3).

Jay Kotak assumes larger role at Kotak Mahindra Bank
Mumbai: Along side being the co-head of Kotak Mahindra Bank’s mobile banking app, Kotak 811, Jay Kotak, son of billionaire banker and promoter of Kotak Mahindra Bank Uday Kotak, has assumed additional charge as Senior Vice-President – Conglomerate Relationships on Tuesday. “I will work closely with Wholesale, Private and Institutional business at Kotak to enhance our franchise and work towards improved access in large business groups,” he said on LinkedIn.

ICICI Bank gets 'no objection' letters from exchanges for delisting ICICI Securities
Mumbai - ICICI Bank on Wednesday said that it has received 'no objection' letters from the BSE and the National Stock Exchange for delisting shares of ICICI Securities.

Kotak Bank’s infra loans get boost from CVs, construction equipment
Growing demand for Commercial Vehicles (CVs) and construction equipment will drive infrastructure financing for Kotak Mahindra Bank in the second half of the current fiscal. The private lender managed to grow its construction equipment and commercial vehicle advances grew by 26% to reach Rs 31,000 crore at the end of first half and the bank plans to maintain this growth momentum in the second half.

Small finance banks wants RBI to clear doubt about micro loan risk weightage

The small finance banks (SFBs) are an anxious lot nowadays as the Reserve Bank of India did not specifically mention on whether microfinance loans are exempted from the higher risk weightage norm recently issued by the regulator.

SBI takes possession of PC Jewellers Ltd promoters residential properties

The country's largest bank, the State Bank of India, has taken possession of two residential properties owned by PC Jewellers Ltd. in New Delhi after the firm and its guarantors failed to repay Rs 1,168.90 crore.

Union Bank’s profitability and capitalisation to cushion impact of RBI measures on risk weights: MOFSL report
 

Bank of India expects 40 bps moderation in CRAR due to higher risk weight
 

Excess SLR holdings reason for RBI's comfort on Abhyudaya Co-operative Bank

“There was comfort since the bank has excess SLR, meaning any depositors who come to withdraw money should not have any problem. Currency chests were also kept open to meet any requirements. However, it was not required as everything went off smoothly,” said a source familiar with the development.

IIFL Finance raises $50 million from Japan's Mizuho Bank

Non-bank lender IIFL Finance on Wednesday raised $50 million in three-year external commercial borrowing (ECB) from Japan's Mizuho Bank.

Japan's Mizuho lines up Rs 4,100 crore for India

Mizuho Financial Group, Japan's third largest 'megabank' with $2 trillion in assets, has infused $500 million (₹4,100 crore) into its India bank branches this week as it seeks to benefit from India's world-leading growth rates.

No CV points for govt, utility spends: Axis Vistara credit card devalued
• Government services transactions will not be eligible for earning Club Vistara points and achieving milestone benefits.

‘Microfinance entails managing risks, not assets’: Shalab Saxena, MD & CEO, Spandana Sphoorthy Financial Services
Shalab Saxena, MD and CEO, Spandana Sphoorthy Financial Services, is content with the progress the company made post pandemic. While it may no longer be the second largest microfinance institution lender, that doesn’t worry Saxena as long as risk management tools are in place. Edited excerpts from an interview:

H&M and DBS to collaborate on a green loan programme to facilitate supply chain decarbonisation
H&M Group and DBS will be collaborating on a first-of-its-kind green loan programme which will help facilitate supply chain decarbonisation in the apparel sector, the company said in a statement.

Paytm wallet services are back after a brief outage
Online payment platform Paytm appeared to suffer an outage on Wednesday evening with many complaining about its digital wallet. Outraged netizens said they were unable to see their account balance, add funds or make transactions.

Fintech leading in AI adoption, need new AI legislation: Moody’s Analytics
Mumbai: Fintech is the leading sector for artificial intelligence (AI) adoption and readiness in risk and compliance, whereas sectors such as insurance, asset and wealth management have been slower to adopt these, according to a report by Moody’s Analytics. As per the study, 18 per cent of fintech respondents are currently actively using AI, double than the 9 per cent respondents across all surveyed sectors. The banking sector was second in line with 12 per cent respondents actively employing AI.

GSPay by Gupshup sees 70% M-o-M growth in UPI123 Pay transactions

The company said the average ticket size of these payments stood above Rs 650, whereas transactions up to Rs 100 constituted 56 per cent of the total payments.

Sequoia-backed mobile wallet Mobikwik selects banks for $84 million IPO
By Baiju Kalesh One Mobikwik Systems Ltd. has selected banks for its initial public offering in Mumbai that could raise about $84 million, according to people familiar with the matter.  
 

Bitcoin crosses $38,000; Solana, Dogecoin rise up to 7%

Snapping a two-day losing streak, major cryptocurrencies traded higher on Wednesday, led by gains in Bitcoin, Ethereum and Solana.

Crypto Winter Thaws: The dawn of Bitcoin ETFs led by BlackRock

BlackRock, the world's preeminent asset manager with over $9 trillion in assets under management, has recently filed for a Bitcoin spot ETF. This move sent shockwaves across the financial world and prompted other industry giants like Fidelity, Invesco, Wisdom Tree, Bitwise and VanEck to follow suit.

SBI MF gets RBI nod to buy 9.99% stake in Karur Vysya Bank
The Reserve Bank on Wednesday has given its approval to SBI Mutual Fund (SBI MF) for acquiring up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank Ltd (KVB).

PPFAS Mutual Fund to host 10th unitholders' meet on December 2
PPFAS Mutual Fund will host its 10th Unitholders' Meet on December 2 in Mumbai. The event will provide unitholders with an opportunity to interact with the PPFAS MF team, gain insights into the company's investment philosophy, and ask questions about their investments, a press release stated.

Distressed loans: AIF route for global funds
On Tuesday, Sebi issued draft regulations paving the way for SSFs to buy and sell bad loans. While foreign funds are expected to enter this space, they may negotiate for higher discounts, recognising that investors in these funds are high-risk takers and willing to accept capital losses.

The opening up of the bad loan market for Sebi-regulated stressed asset funds (SSFs) will have another implication. Asset reconstruction companies - RBI-regulated entities that buy bad loans from banks - will find it more difficult to sustain their model as they face competition from foreign funds.

RBI had opened the doors for SSFs to invest in its regulations two years ago, but this was subject to Sebi coming out with a regulatory framework for them. In the absence of regulations, SSFs participated in the distressed loan business through ARCs. Once Sebi's final guidelines are in place, they can do business on their own.

"The entry of Special Situations Funds will bring in more distressed capital and will help broaden the marketplace. However, regulatory asymmetry between ARCs and AIFs must be addressed to usher in a level playing field...," said Hari Hara Mishra, CEO, Association of ARCs in India.
https://timesofindia.indiatimes.com/business/india-business/distressed-loans-aif-route-for-global-funds/articleshow/105605137.cms

Franklin Templeton appoints Janakiraman as CIO, Emerging Market Equities – India
Franklin Templeton Mutual Fund said Janakiraman Rengaraju, currently the deputy CIO & Senior Portfolio Manager, will assume the role of Chief Investment Officer, Emerging Market Equities – India. Janakiraman will take over from Anand Radhakrishnan, CIO, Emerging Market Equities – India, who will leave the firm effective January 12, 2024, to pursue other opportunities, said a press release.

Munger was the epitome of wisdom: S Naren of ICICI Prudential AMC
Charlie Munger, who passed away yesterday night, had many fans in the Indian mutual fund industry. The respect these successful fund managers had for the straight talking Munger was enormous. Several fund managers, very successful in their own right, refused to share their thoughts about this great teacher because they felt inadequate to the task. Munger, who was often described as the sparring partner of Warren Buffett of Berkshire Hathaway, was known for his straight forward nature and deep insight into investing. He is also credited with steering Buffett away from Benjamin Graham style of value investing to a more robust investment style. Together these two legends created a company that is valued more than many multinational companies.

Axis Mutual Fund launches Axis India Manufacturing Fund
Axis Mutual Fund has launched Axis India Manufacturing Fund, an open-ended equity scheme representing the India manufacturing theme. The new fund offer or NFO of the scheme will open for subscription on December 1 and it will close on December 15.

Birla MF garners ₹800 crore via logistics fund NFO

It presents a wide investing universe, encompassing over 20 industries and more than 200 businesses. The transportation theme includes sectors such as automobiles and auto ancillary while logistics theme includes sectors like ports, warehousing/supply chain, e-commerce and allied sectors. The sectors common to both themes would be shipping, railways, infrastructure and airlines.

Axis MF aims to garner ₹2,500 crore via manufacturing NFO
 

WhiteOak Capital MF launches large- & mid-cap fund
WhiteOak Capital Mutual Fund on Wednesday announced the launch of their new fund offer (NFO) - ‘WhiteOak Capital Large & Mid Cap Fund’.  The NFO will be open from December 1 to December 15. WhiteOak Capital Large & Mid Cap Fund is an open-ended equity scheme investing in both large-cap and mid-cap stocks.

12 equity schemes have a portfolio turnover of over 200%

Around 12 equity schemes had a portfolio turnover ratio of more than 200% , an ETMutualFund analysis of portfolios showed. A higher portfolio turnover indicates constant buying and selling of stocks or churning by the fund manager. Continuous buying and selling by the fund manager increases the costs and drags down returns.

Indian equity market enters coveted USD 4-trillion m-cap club for first time ever
The combined market valuation of all listed companies on the leading stock exchange BSE reached the USD 4-trillion milestone for the first time ever on Wednesday.

Bank of Baroda to issue infrastructure bonds worth ₹5,000 crore today
The Bank of Baroda (BoB) plans to raise infrastructure bonds worth ₹10,000 crore, with a base issue of ₹2,000 crore and a green shoe option of ₹8,000 crore, it has informed the exchanges. The bonds will be tenured for up to 7 years, it added.

Sovereign Gold Bonds: From advantages to eligibility; all you need to know
Sovereign Gold Bonds (SGBs) are a unique investment avenue that combines the attributes of gold with the convenience of bonds. These bonds are issued by the Reserve Bank of India, aiming to provide individuals with an opportunity to invest in gold without physically owning it. 

SEBI urges municipal corporations to enhance transparency for urban infrastructure bonds
Sebi chairperson Madhabi Puri Buch on Wednesday asked municipal corporations to display higher levels of transparency by creating digital escrow accounts to ring-fence certain cash flows and obtain credit ratings to burnish the allure of their bonds, adding that investor appetite for quality securities remains strong.

Azure Power looks to buy back $60-M offshore bonds at par

Mumbai: Azure Power Global has proposed to buy back a portion of its offshore bonds at par to signal its willingness to repay debt, said people with knowledge of the matter.

Corporate bond issuances rebound in November as market gains stability

Estimates suggest that Indian companies might have raised Rs 82,590 crore as of November 28, according to market sources, against Rs 33,148 crore in October.