Page 348 - Finance News
AU Small Finance Bank's net profit rises 23% to Rs 343 crore in Q2
Disbursements during the quarter stood at Rs 8,605 crore as against Rs 5,061 crore
 "AU Small Finance Bank's net profit rises 23% to Rs 343 crore in Q2")
IndusInd Bank's Q2 net profit rises 57% to 1,805 cr, NII rises 18%
Should see 18-20% credit growth in FY23 says Sumant Kathpalia, MD & CEO, IndusInd Bank
 "IndusInd Bank's Q2 net profit rises 57% to 1,805 cr, NII rises 18%")
Competition for funds drives SBI to hike savings deposit rate by 30 bps
Balances of Rs 10 cr and above to earn 3% rate of interest Oct 15 onwards; 2.7% rate unchanged on deposits below Rs 10 cr
 "Competition for funds drives SBI to hike savings deposit rate by 30 bps")
Banks offer over 3-year high interest rate to raise funds through CDs
Call mkt rates at higher end of rate corridor as liquidity shrinks rapidly
 "Banks offer over 3-year high interest rate to raise funds through CDs")
Uday Kotak, Asia's richest banker, weighs $1-bn real estate fund: Report
Kotak Investment plans to complete the fundraising by the end of this year and to embark on its investment in 2023, focusing on residential property in India's top five cities
 "Uday Kotak, Asia's richest banker, weighs $1-bn real estate fund: Report")
SBI hikes interest rate on savings deposits above Rs 10 crore by 30 bps
The deposits will attract an interest rate of 3%, effective Oct 15. Balances up to Rs 10 cr to earn 2.7% interest
 "SBI hikes interest rate on savings deposits above Rs 10 crore by 30 bps")
Axis Bank hikes MCLR by 25 bps, joining other lenders in policy action
Central bank's MPC has cumulatively increased the repo rate by 190 bps since May
 "Axis Bank hikes MCLR by 25 bps, joining other lenders in policy action")
Digital Banking Units to boost financial inclusion: All you need to know
Karnataka, Tamil Nadu, Uttar Pradesh, Odisha and Rajasthan will get four DBUs each, followed by Gujarat, Kerala, Madhya Pradesh, Maharashtra, Punjab, Sikkim and Telangana, with three DBUs each
 "Digital Banking Units to boost financial inclusion: All you need to know")
RBI should pause rate hikes as growth fears loom: MPC member Varma
India's central bank should pause interest rate hikes, despite unacceptably high inflation, to avoid stalling a recovery in economic growth, monetary policy committee member Jayant Varma said
 "RBI should pause rate hikes as growth fears loom: MPC member Varma")
India's policy hawk sees end of aggressive hikes amid growth fears
India's most hawkish rate-setter said the policy rate was reaching a level that allows past aggressive action to cool inflation without inflicting too much pain on the economy
 "India's policy hawk sees end of aggressive hikes amid growth fears")
As deposit rates rise, where should you park your money?
Central banks around the world are raising rates to suck liquidity and bring down the soaring inflation. Banks too are passing on the rates. Find out where should you park your hard-earned money
 "As deposit rates rise, where should you park your money?")
Bank of Maharashtra Q2 net doubles YoY to Rs 535 cr as NIM improves
Lender eyes equity offering by Q4FY23 or early FY24
 "Bank of Maharashtra Q2 net doubles YoY to Rs 535 cr as NIM improves")
Indians remitted $2.67 billion in August under LRS scheme, shows data
According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.
 "Indians remitted $2.67 billion in August under LRS scheme, shows data")
SBI cuts savings deposit rate by 5bps to 2.7%;BoB raises FCNR deposit rates
State Bank of India (SBI) has reduced the interest rate on savings accounts by a marginal 5 basis points to 2.70 per cent effective from October 15
 "SBI cuts savings deposit rate by 5bps to 2.7%;BoB raises FCNR deposit rates")
American Express to start reporting card information to NeSL in November
Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC
 "American Express to start reporting card information to NeSL in November")
Revised RBI norms to improve governance, bolster ARCs structurally: Crisil
More stringent NOF guidelines could edge out smaller players, lead to consolidation
 "Revised RBI norms to improve governance, bolster ARCs structurally: Crisil")
Bank of Maharashtra's net profit reports 2-fold jump to Rs 535 crore in Q2
State-owned Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its net profit to Rs 535 crore in the September 2022 quarter, helped by a decline in bad loans.
What is lock-in period?
Anchor investors are offered shares in an IPO a day ahead of its primary market debut. But they cannot offload it for the next 30 days. It is called the lock-in period. This report tells more about it
 "What is lock-in period?")
Bank of Maharashtra slashes home loan rate to 8% as part of festive offer
State-owned Bank of Maharashtra (BoM) on Sunday announced a cut in interest rate on home loans to 8 per cent as part of its festive offer
 "Bank of Maharashtra slashes home loan rate to 8% as part of festive offer")
HDFC twins may merge a few months ahead of schedule: HDFC Bank CFO
HDFC Bank reported a 20.1 per cent year-on-year increase in net profit to Rs 10,605.8 crore in July-September
 "HDFC twins may merge a few months ahead of schedule: HDFC Bank CFO")