Page 395 - Finance News

Bank of Baroda to raise Rs 5,000 crore via long-term infrastructure bonds

Public sector lender Bank of Baroda on Monday said it will raise Rs 5,000 crore by issuing long-term infrastructure bonds.

Credit card spend hits new high in May; bounce rates by value at 3-year low

The surge in card additions was led by HDFC Bank, Axis Bank, SBI Card, and ICICI Bank

Finance Ministry permits state-owned NBFCs to issue letter of comfort

Modifying its earlier order, the finance ministry has permitted state-owned NBFCs to issue 'Letter of Comfort (LOC)' to banks for for fund tie-up for infra projects.

India saw 9.36 bn transactions worth Rs 10.2 trn in Q1 2022, UPI leads

India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter (January-March period) via various payment modes led by UPI, a new report showed

Indian non-banking finance sector's profit to be stable: Fitch Ratings

Improving credit growth, decreasing asset-quality risks will be the character of Indian non-banking financial institutions (NBFI) during FY23, said Fitch Ratings on Monday

Indian banks to post larger increase in margins in FY23: Moody's

Credit rating agency Moody's Investors Service on Monday said banks in India, Saudi Arabia and South Africa would post larger increases in margins in FY23

S&P affirms ICICI Bank's 'BBB-' rating on improved asset quality

As S&P affirms ICICI Bank's BBB rating, an upgrade over the next one to two years is unlikely as that would require an improvement in the bank's financial profile

'There shouldn't be intolerable growth sacrifice to tame inflation'

With a cautiously optimistic outlook for the country's economy, MPC member Jayanth Varma said growth prospects for 2022-23 and 2023-24 financial years are 'reasonable'

Debt funds' exposure to banks' certificates of deposit doubles, shows data

Several funds reduce average maturity for schemes in anticipation of interest rates rising.

IOB aims to boost advances to retail, MSME, agri, corporate sector in FY23

IOB is aiming to boost advances in retail, MSMEs, corporate and agricultural loans during the current fiscal year, as the lender has substantially brought down the stressed assets on its balance sheet

FinMin asks banks to explore fintech partnership, co-lending opportunities

The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business

GST Council likely to consider changes in monthly tax payment form

Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B

Puducherry and Punjab have the highest GST revenue shortfall, shows data

The good news is the revenue shortfall of all the states have narrowed from FY21 level to FY22 level

Axis Bank reappoints Rajiv Anand as Dy Managing Director for three years

Anand joined Axis AMC in 2009 and was its founding MD and CEO. He subsequently went on to become the President (Retail Banking) of Axis Bank in 2013 and then joined the bank's board in 2016

RBI acts in forwards market to protect forex reserves, pulls down premiums

This move by the central bank results in premiums crashing

RBI extends deadline for card tokenisation by another 3 months till Sept 30

Encourages cardholders to tokenise data themselves for preventing fraud

RBI explores ways to ensure customer safety while dealing with PPIs

Earlier this week, RBI issued an advisory clarifying that non-bank PPI issuers cannot load their wallets and cards from credit lines or preset borrowing limits

Annapurna Fin eyes Rs 8,500 cr in assets by March 23; mulls SME credit arm

Gets $15 mn in equity from French investors, total fundraise reaches $100 mn

Fintechs seek 1 yr sunset clause on RBI's PPI issuer credit lines directive

Earlier this week, the RBI directed the non-bank prepaid payment instrument (PPI) issuers to stop providing credit lines on such PPI cards and asked them to stop the practice immediately

RBI policy action likely to be moderate than other nations: Michael Patra

Speaking at a session on 'Geo-Political Spill-overs and Indian Economy' at PHDCCI here, Patra said there are indications that inflation may be peaking