Banks must enhance presence in derivative markets, says Das
Pointing out that the participation of Indian banks in the derivatives market remains limited, Reserve Bank of India (RBI) governor Shaktikanta Das on Monday said the focus must be on enhancing and widening their participation, both domestically and offshore, while being prudent.

Mudra loans see record surge, top ₹5-lakh-cr mark in FY24
Hyderabad, April 8 Small business loans under the Pradhan Mantri Mudra Yojana (PMMY) witnessed record growth in disbursals in FY24 and also crossed the milestone of ₹5 lakh crore, according to the latest Government data.  Loans sanctioned in the last financial year were higher at ₹5.28 lakh crore. The total disbursals stood at ₹5.20 lakh in the year ended March 2024, as against ₹4.40 lakh crore in the previous financial year. Nearly 70 per cent of the beneficiaries of these loans are women.

Bandhan Bank's Ghosh not to be part of the board post-retirement
Mumbai : Chandra Shekhar Ghosh, Bandhan Bank's founder and managing director and chief executive officer, has said he will not be part of the bank's board even in a non-executive role after he retires on 9 July.

Indian banks are battling the worst deposit crunch in 20 years
Mumbai : Banks in India struggled to attract deposits in 2023-24 even as credit growth turned stronger. Data from RBI showed the credit-deposit ratio at its highest in at least 20 years as loan offtake rose across categories including home loans and other loans for consumption.

Vinod Francis, new CFO of South Indian Bank
Kochi: The Board of Directors of The South Indian Bank Ltd approved the appointment of Vinod Francis as the Chief Financial Officer (CFO) and Key Managerial Personnel. Francis, a seasoned professional with over 18 years of experience within the bank, has held various key roles across departments such as credit underwriting and corporate finance.  He has served as Deputy CFO since June 2021 and has demonstrated his leadership capabilities consistently.

Strong loan demand: Banks raise Rs 3.6 trillion via CDs in Q4
Banks rushed to raise funds through certificate of deposits (CDs) in the fourth quarter of FY24 to meet the strong loan demand. Lenders issued CDs worth `3.6 trillion in Q4, the highest in any quarter of the previous fiscal.

Bandhan Bank tanks over 6% after CEO Ghosh steps down
Bandhan Bank shares tank 9% after founder-CEO decides to demit office
The Indian Express

A ‘pure NGO worker’ hangs up his boots, perhaps a little too early
“I am neither an economist, nor a banker. I am a pure NGO worker…” wrote Chandra Shekhar Ghosh, CEO, Bandhan Bank, in his resignation letter to the board of directors on Friday.

Are IDBI Bank's potential suitors good enough? RBI is checking
New Delhi : The long-delayed privatization of IDBI Bank may be about to speed up, with the central bank examining the suitability of potential bidders.

RBI imposes curbs on Shirpur Coop Bank over declining financial position

In a statement, the RBI said from the close of business on Monday, the bank will not grant or renew any loans and advances, make any investment, incur any liability, transfer or otherwise dispose of any of its properties or assets, without prior approval of the central bank in writing.
 

Aadhar Housing Finance gets SEBI nod for IPO
Mumbai: Aadhar Housing Finance, which is an HFC focused on the low-income housing segment, has received final observations from SEBI for its proposed IPO. AHFL serves economically weaker and low-to-middle income customers, who require small ticket mortgage loans of less than ₹15 lakh. The average ticket size of loans are ₹9 lakh with an average loan-to-value of 57.6 per cent and 58 per cent, as of September, 2022 and September, 2023, respectively. Aadhar Housing Finance Limited had the highest AUM and net worth among the analysed peers in six months ended last September, according to Crisil.

Blackstone-backed Aadhar Housing Finance gets SEBI approval for ₹5,000 crore IPO
Aadhar Housing Finance Limited, which is an HFC focused on the low income housing segment in India, has received final observations from SEBI for their proposed IPO.

Co-lending a win-win: NBFC co-lending AUM nearing Rs 1 lakh crore mark, says CRISIL Ratings
Co-lending assets under management (AUM) of non-banking financial companies (NBFCs) is nearing ~Rs 1 lakh crore after more than 5 years since the model came into being, said a report by CRISIL Ratings. Amidst rising interests of partners – NBFCs as well as banks, growth momentum over the medium term, is seen healthy at 35-40 per cent annually, it added. 

At Rs 3.55 trillion, REC clocks highest ever loan sanctions in FY24
The NBFC, which has widened its scope beyond pure play power sector, now lends to green energy, infrastructure, and new age energy transition projects as well. Last year, REC signed Memoranda of Understanding (MoUs) worth Rs 2.85 trillion during the G20 Energy Transition Ministerial with close to 25 renewable energy companies to lend for clean energy projects.

Veritas Finance picks bankers for ₹2,000-crore IPO
Mumbai : Mumbai: New-age lender Veritas Finance Pvt. Ltd is preparing to raise ₹2,000 crore from an initial public offering, and has appointed Kotak Mahindra Capital Co., Jefferies, HDFC Ltd and ICICI Securities to help it with the share issue, three people with knowledge of the development said.

NBFCs’ co-lending book set to touch Rs 1 lakh crore’
Five years after the launch, the co-lending book of non-banking finance companies (NBFCs) is expected to reach Rs one lakh crore by June 2024 in the wake of interest from partner banks and the benefit of access to funding and diversification, according to CRISIL Ratings.

Bajaj Finance hikes fixed deposit rates for most tenures by up to 60 bps

Bajaj Finance is a deposit-taking non-banking financial company registered with the Reserve Bank of India.

Edelweiss Financial Services launches ₹200-crore NCD issue
Edelweiss Financial Services Ltd’s ₹200-crore public issue for Secured Redeemable Non-Convertible Debentures with a face value of ₹1,000 each, opened on April 8. The issue, which includes a green shoe option of up to ₹100 crore, will close on April 23, 2024.

JPMorgan Chase’ India team building indigenous platforms adoptive globally
Bengaluru: JPMorgan Chase, with a sizable team of technologists in India is building and developing platforms and services, which are globally adopted. It is also actively engaging with fintech startups in India to forge collaborations, said senior executives of the company. 

Mobile wallet payments in India to surpass Rs 531 trn in 2028: GlobalData

Over the next few years, payments via mobile wallets in India are likely to surpass the Rs 531.8 trillion mark in 2028, witnessing a compound annual growth rate (CAGR) of 18.3 per cent between 2024 and 2028, according to GlobalData – a London-based leading data and analytics company.
 

Mcap of BSE-listed companies hit Rs 400 lakh crore milestone
The market capitalisation of BSE-listed companies reached an all-time high of Rs 401.10 lakh crore on Monday morning, following a record rally in equities, wherein the 30-share BSE Sensex scaled its lifetime peak.

Cryptos rallying again, but concerns remain
When cryptocurrency exchange FTX imploded in 2022, many saw it as a sign of the crypto industry’s end. “Prices have crashed, investors are walking away, and Sam Bankman-Fried (FTX founder) is in jail. It’s not clear if the industry can recover,” the Washington Post wrote that December. “The collapse of FTX has dealt a catastrophic blow to crypto’s reputation and aspirations,” The Economist noted. This March, an American court sentenced Bankman-Fried to 25 years in prison. However, the industry seems to have recovered and is on another run. The price of bitcoin, the pioneer cryptocurrency and the biggest by market cap ($1.3 trillion), has increased by 140% in the past year. Other large cryptocurrencies have also appreciated in excess of 75% during the same period, including ethereum (market cap of $398 billion) and Binance coin ($87.3 billion). Spot trading volumes of cryptocurrencies on centralized exchanges more than doubled month-on-month in March to $2.94 trillion, the highest since May 2021. Derivatives trading volumes for the same month jumped 86.5% to $6.18 trillion, the highest ever, according to CDC’s latest report on cryptocurrency exchanges.

Local MFs tighten equity AUM grip further, close in on FPIs
The heft of domestic mutual funds has been rising amid an unabated inflow from retail investors. Their share in the equity assets under management (AUM) by institutions rose by 152 basis points to a record 20.1% in March 2024, the data from NSDL showed. This has reduced the gap between the proportion of the AUMs of domestic and foreign institutional investors to under 1%.

Tata Asset Management launches 6 innovative index funds aimed at growth sectors – Key details inside
Tata Asset Management Company on Monday announced the launch of six innovative index funds designed to provide investors with exposure to key sectors having growth potential in the current economic landscape.

Kotak Alternate Asset Managers raises Rs 2000 crore from its iconic fund
Mumbai: Kotak Iconic Fund, an open-ended fund, has raised ₹2000 crore, Kotak Alternate Asset Managers said in a release. Conceptualised as an equity multi-advisor portfolio solution, the fund has maintained a flexible approach by adopting diversified active and passive strategies across market capitalisation and tactical allocations.

Returned $2 billion, including co-investments, in 5 years: Everstone’s Mehra
Mumbai : Homegrown private equity firm Everstone Capital has returned almost $1.2 billion through exits in the last five years, a senior official at the firm said in an interview with Mint.

Bain Capital to sell 1.08% stake worth Rs 3,575 crore in Axis Bank
Source Credit: Rajesh Mascarenhas, The Economic Times

HSBC helps funds steer India bond mkt
HSBC Holdings Plc is engaging with over 200 overseas funds to help establish their presence in India ahead of the nation’s entry into global debt indexes.