Top Indian Banking Industry News & Updates - 27 April 2024,Saturday
🗎 RBI / MoF / Govt. Policies
Youth must be equipped with financial planning skills: RBI DG Swaminathan
Mumbai: The idea of financial planning, budgeting, and saving needs to be instilled amongst the people, especially the youngsters, for ensuring financial discipline from an early age, according to Swaminathan J, Deputy Governor, Reserve Bank of India.
Small finance banks seeking universal banking license need at least Rs 1,000-crore net worth: RBI
SFBs should be worth Rs 1,000 cr to become universal banks, says RBI
The Indian Express
RBI proposes new norms for LSPs to promote transparency
RBI proposes tighter norms for LSPs offering multiple loan products
The Hindu Business Line
RBI sets eligibility rules for SFBs seeking universal banking licence
RBI extends on-tap licensing to SFBs
The Financial Express
RBI lays out a roadmap for voluntary transition of small finance banks to universal banks
📝 Need dedicated commercial bank to ease credit flow to MSMEs: Industry body to govt
📝 Lending service providers may have to provide digital view of all offers: RBI
📝 LVB-DBS deal: HC asks RBI to relook at valuation
📝 RBI ban cripples Kotak Bank’s key functions as 95% sales done online
📝 GCCs in BFSI industry anticipate muted CY 2024 hiring
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🏦 PSB / Pvt Banks
Bank of Maharashtra Q4 PAT UP 45%; higher NII, other income boosts profit
Public sector lender Bank of Maharashtra on Friday reported 45% year-on-year (y-o-y) increase in its net profit for the quarter ended March 31 at Rs 1,218 crore, driven by robust growth in core income.
Kotak Mahindra Bank: Shedding the underperformer tag may be a tough task
Mumbai: Once reckoned as a value generator, Kotak Mahindra Bank now seems to be struggling to keep that tag. In the last three years, the bank’s stock price has eroded by 5.3 per cent, while its peers ICICI Bank, Axis Bank and IndusInd Bank have generated 70–90 per cent gains during this period.
ICICI Bank Savings Account Charges: 10 major changes in tariffs from next month – Check details
ICICI Bank, India’s second largest bank by market capitalisation, recently announced a revision in charges for many of its services for customers, effective May 1. Among these are charges pertaining to ATM usage, debit card, cheque book, IMPS, stop payment, signature attestation and more.
Union Bank of India inaugurates new premises of Zonal Office, Malleswaram
Bengaluru: A Manimekhalai, MD and CEO of Union Bank of India, inaugurated the new Zonal Office premises at Malleswaram, Bangalore. To mark this occasion Sh. Navneet Kumar- Zonal Head, Bengaluru, Sh. Asim Kumar Pal-Regional Head, Bengaluru South, Sh. Rajendra Kumar-Regional Head, Bengaluru North, Sh. J Mahesha-Regional Head, Bengaluru -East, and other executives from the Bengaluru Zone were present.
CSB Bank’s Q4 FY24 net profit declines 3 per cent to ₹151 crore
Total non-interest income jumped 56 per cent to ₹197 crore (₹126 crore). Pralay Mondal, Managing Director and CEO said, “Despite the challenges posed by the economic conditions, regulatory changes, liquidity constraints, increased competition etc., we got our priorities right and could post reasonably good numbers.
Axis Bank aims to grow loans 400 bps higher than system
Axis Bank expects to grow loans by 300-400 basis points (bps) higher than the banking industry over the next three to five years, supported by higher growth in retail advances, the management told analysts in earnings call.
📝 Public sector banks may get legal teeth on issuing lookout circulars
📝 Bombay HC rules banks can't issue Look Out Circulars against defaulters
📝 Kotak Bank reveals how Indian banks fail to keep up with Modi's ambitions
📝 Operations continue uninterrupted: Kotak Mahindra Bank CEO Ashok Vaswani writes to customers amid RBI action
📝 ICICI Bank Q4 Result Preview: PAT likely to rise nearly 18% YoY, NII growth seen at 4-8%
📝 Utkarsh SFB Q4 Results:Net profit jumps 19% YoY to Rs 160 crore on higher total income
📝 Yes Bank Q4 Result Preview: Strong PAT growth likely even as NII may fall 3% YoY
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💳 ATMs / Credit Cards
SBI Cards logs profit of Rs 662 crore in Q4
SBI Cards and Payment Services saw its net profit rise 11% year-on-year(y-o-y) to Rs 662 crore in the January-March quarter due to a growth in receivables. This was around 15% higher than the Rs 578 crore Bloomberg consensus estimate.
ICICI Bank blocks 17,000 credit cards after data breach
Mumbai: ICICI Bank has blocked 17,000 credit cards after a technical glitch in its mobile banking application ‘iMobile’ led users to complain about being able to view other customers’ card details, including co-branded cards.
📝 Step into a world of delightful global experiences with HSBC Credit Cards
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🔍 Rating / Research
📝 RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P
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🗎 NBFCs / FIs / MFI
Shriram Finance Q4 results: net profit jumps 49% to Rs 1,945.87 crore; Here are all other details
Shriram Finance’s net profit in Q4 of FY24 rose 49% to Rs 1,945.87 crore Vs Rs 1,308.31 crore it posted in the same quarter a year ago. The company’s total revenue from operations stood at Rs 9,483.71 crore in Q4 of FY24, against Rs 7,756.33 crore it recorded in Q4 of FY24.
Bajaj Finserv Q4 results: Net profit rises 20% to Rs 2,118.53 crore; Here are all other details
In Q4 of FY24, Bajaj Finserv recorded a net profit of Rs 2,118.53 crore Vs Rs 1,768.95 crore it reported in Q4 of FY23, a jump of almost 20% on year
Aavas Financiers Q4 Results Live : profit rise by 12.34% YOY
Aavas Financiers Q4 Results Live : Aavas Financiers declared their Q4 results on 25 Apr, 2024. The topline increased by 21.41% & the profit increased by 12.34% YoY. Compared to the previous quarter, the revenue grew by 7.84% and the profit increased by 22.07%.
Motilal Oswal Financial Services Q4 net up 4 times, to issue 3:1 bonus
Motilal Oswal, MD & CEO, said the capital market business remains significantly under penetrated with most exciting 5 years ahead and the company’s presence in 98 per cent of pin codes and 6 per cent cross-sell ratio provides a ready base and headroom to grow distribution business.
📝 Commercial paper issuances touch a 4-year high of Rs 1.2 lakh crore
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🗠 Bourses
📝 Sebi asks BSE to pay regulatory fee on options contract
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Crypto
📝 Cryptocurrency Price on April 26: Bitcoin rises marginally above $64.3K; Solana, Toncoin shed over 2%
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🗠 Mutual Funds / AMCs
ETFs trade like small-cap stocks as SEBI bans MFs’ overseas investment
Mumbai: The overseas-focused exchange traded funds (ETFs) on stock exchanges are trading at a premium over the indicative net asset value (iNAV) announced by mutual funds due to soaring investors amid the SEBI diktat. Last month, SEBI directed AMFI to stop fund houses from accepting fresh inflows into ETFs investing in overseas ETFs from April 1. The direction was on the back of strong inflows taking overseas ETFs close to the mandated investment limit of $1 billion.
Edelweiss Mutual Fund launches open-ended scheme blending ‘alpha’ and ‘low volatility’ factors – Should you invest?
Edelweiss Asset Management has launched an open-ended scheme ‘Nifty Alpha Low Volatility 30 Index Fund’. This new fund replicates the Nifty Alpha Low Volatility 30 Index. The New Fund Offer (NFO) will open on April 26, 2024 and closes on May 10, 2024.
Aditya Birla Sun Life MF Q4 net up 53 per cent
📝 Mirae Asset’s thematic mutual fund outperforms category in January-March quarter
📝 Chote miyan out, bade miyan in! How MF investors are shuffling their cards
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🗎 Equities, Pvt. Equity / Hedge Funds
PE firm Advent to invest $300 million in Apollo HealthCo
Chennai: Private equity firm, Advent International, has agreed to invest ₹2,475 crore ($300 million) into Apollo HealthCo, a wholly owned subsidiary of Apollo Hospitals Enterprise Ltd. Concurrently, Keimed Pvt Ltd, a wholesale distribution company owned by the promoters of the Apollo group, is to be merged with Apollo HealthCo.
Read More >>
🗎 Govt. Securities / Bonds
📝 FPI investment limit in g-sec unchanged at 6% of outstanding stocks of securities for FY25: RBI
📝 Indian bond yields track US yields higher before debt sale
📝 RBI announces auction sale of Govt. securities of Rs 32,000 crore
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