 "Abhijit Lele")
Abhijit Lele
Abhijit Lele
Abhijit Madhav Lele covers banking financial services at Business Standard. Earlier, he has worked with the Press Trust of India, covering banking, finance, and capital markets in Delhi and Mumbai (1997-2006). He also had a stint in the editorial team of India Economic Update, a Dalal Street Journal group publication (1995-1997). He has also worked as a lecturer (psychology) with Sathaye College, Bombay University (1992-95).
Abhijit Madhav Lele covers banking financial services at Business Standard. Earlier, he has worked with the Press Trust of India, covering banking, finance, and capital markets in Delhi and Mumbai (1997-2006). He also had a stint in the editorial team of India Economic Update, a Dalal Street Journal group publication (1995-1997). He has also worked as a lecturer (psychology) with Sathaye College, Bombay University (1992-95).
Page 46 - Abhijit Lele%20/t%20_blank%20
Lenders can impose penalty on defaults only as 'penal charges': RBI
Regulated entities are barred from imposing such charges in the 'penal interest' that is added to the rate of interest charged on the advances
 "Lenders can impose penalty on defaults only as 'penal charges': RBI")
Net FDI into India declines sharply to $5 billion in Q1, shows data
The sectors that received most of the investment during this period included manufacturing, financial services, business services, computer services, electricity, and other energy sectors
 "Net FDI into India declines sharply to $5 billion in Q1, shows data")
Flows into NRI deposits grow multi-fold to $2.14 billion in first quarter
Outstanding deposits rise in June 23 over Dec 22
 "Flows into NRI deposits grow multi-fold to $2.14 billion in first quarter")
Fitch warns rapid growth in unsecured retail credit needs management
Operating environment for Indian banks improved as economic risk recede
 "Fitch warns rapid growth in unsecured retail credit needs management")
Padmaja Reddy's Keertana Finserv pegs AUM at Rs 3,000 cr by March 2025
Padmaja Reddy's Keertana Finserv pegs AUM at Rs 3,000 cr by March 2025
 "Padmaja Reddy's Keertana Finserv pegs AUM at Rs 3,000 cr by March 2025")
Indian per capita income to grow sevenfold by FY47, says SBI Research
The buoyancy in the number of tax filers earlier not reporting income also contributed to the upward push
 "Indian per capita income to grow sevenfold by FY47, says SBI Research")
Morgan Stanley backed RE firm Continuum to refinance $400 mn bonds
Company's interest savings will likely be minimal despite a lower funding cost, says S&P
 "Morgan Stanley backed RE firm Continuum to refinance $400 mn bonds")
Riding on high NII and other income, SFBs witness 59% profit growth
The banks' NII expanded 23.8 per cent Y-o-Y to Rs 3,381 crore, reflecting the advantage of increased lending rates
 "Riding on high NII and other income, SFBs witness 59% profit growth")
Bank of Maharashtra cuts home, car loan rates by upto 20 basis points
The lender has hiked the MCLR by 10 basis points in select tenors upto one year
 "Bank of Maharashtra cuts home, car loan rates by upto 20 basis points")
FM calls for concerted global efforts to restructure debt of poor nations
Sitharaman said G20 also stresses the criticality of debt vulnerability in low- and middle-income countries through an effective, comprehensive, and systematic approach
 "FM calls for concerted global efforts to restructure debt of poor nations")
Monetary policy: RBI to prescribe framework to reset floating rate loans
Pulls up banks for ignoring repayment capacity while elongating repayment period
 "Monetary policy: RBI to prescribe framework to reset floating rate loans")
LIC profit up 14x at Rs 9,543 crore in Q1; premium income stayed flat
Investment income boosted profit; individual policies sold fell
 "LIC profit up 14x at Rs 9,543 crore in Q1; premium income stayed flat")
10% incremental CRR temporary, will drain out Rs 1 trn from system: RBI
Short-term rates on money market instruments like call money rates, treasury bills and commercial paper are likely to increase by 15-20 bps in the near term: ICRA
 "10% incremental CRR temporary, will drain out Rs 1 trn from system: RBI")
Svatantra Microfin-Chaitanya deal not trailer of M&A wave in MFI space
Huge business prospects for all players to grow
 "Svatantra Microfin-Chaitanya deal not trailer of M&A wave in MFI space")
Ananya Birla's Svatantra MFI to acquire Chaitanya India Fin for Rs 1,479 cr
Combined entity to become 2nd-largest MFI player
 "Ananya Birla's Svatantra MFI to acquire Chaitanya India Fin for Rs 1,479 cr")
Poonawalla group appoints Keki Mistry as strategic advisor for fin services
At present, the Pune-based group has one non-banking finance company (NBFC) and a clutch of investments in financial services companies
 "Poonawalla group appoints Keki Mistry as strategic advisor for fin services")
PSB's net profit more than doubles at 124.8% in Q1 to Rs 34,418 crore
Sequentially bottom line shows a small dent
 "PSB's net profit more than doubles at 124.8% in Q1 to Rs 34,418 crore")
LIC Housing Finance to aggressively use OTS, ARC for loan recoveries
The company had written off Rs 544.71 crore during FY23, in comparison to just Rs 23.03 crore written off in the previous year
 "LIC Housing Finance to aggressively use OTS, ARC for loan recoveries")
Bank of Baroda Q1FY24 proft rises 87.7% on growth in net interest income
The non-interest income almost tripled YoY to Rs 3,322 crore. Sequentially, it was down from Rs 3,466 crore in Q4FY2
 "Bank of Baroda Q1FY24 proft rises 87.7% on growth in net interest income")
SBI reports merely 3% employee attrition, much lower than Private peers
The expansion of industry and the economy are producing ample job opportunities, which may be one of the reasons behind the high attrition rate in the private sector