Page 438 - Finance News
Kotak Pre-IPO Opportunities Fund raises Rs 2,000 cr, closes maiden offering
The fund has already made investments worth Rs 653 crore in five deals and has another Rs 405 crore worth deals are in various stages of execution
 "Kotak Pre-IPO Opportunities Fund raises Rs 2,000 cr, closes maiden offering")
India Post Payments Bank customer base crosses 50 mn-mark
Reaching to 50 mn customers in a short span of 3 years speaks of success of this model of providing cost - effective, easy and secure digital ecosystem, says Vineet Pandey, Secretary, Dept of Posts
 "India Post Payments Bank customer base crosses 50 mn-mark")
Citigroup hires 5,500 young staff in Asia, ahead of 2023 target
Consumer banking operation has taken up 48% of the overall hires, followed by 31% for the institutional businesses with the remainder in support functions
 "Citigroup hires 5,500 young staff in Asia, ahead of 2023 target")
Yield on new 10-yr paper hardens by 8 bps over RBI cut-off point
The closing yield for the 2032 govt bond was 6.62% on Monday; RBI cut-off at auction was 6.54%
 "Yield on new 10-yr paper hardens by 8 bps over RBI cut-off point")
Banks pitch for reduction of tax-free fixed deposit tenure to 3 years
Banks have made a case for lowering fixed deposit (FD) tenure to three years for availing tax benefits, in line with mutual fund products like equity-linked savings scheme (ELSS)
 "Banks pitch for reduction of tax-free fixed deposit tenure to 3 years")
Banks struggling to deal with increasing fraud incidents amid Covid: Survey
This trend is expected to continue, with 78% respondents stating that frauds could increase over the next two years, says Deloitte survey
 "Banks struggling to deal with increasing fraud incidents amid Covid: Survey")
DCB Bank appoints Rupa Devi Singh as chairman after Munjee's retirement
Munjee was the chairman of the bank since August 2005.
 "DCB Bank appoints Rupa Devi Singh as chairman after Munjee's retirement")
What are Treasury Bills or T-Bills?
How does the government raise funds to meet its obligations, in excess of its annual revenue generation? Well, it issues Treasury Bills or T-Bills. This report tells us more about it
 "What are Treasury Bills or T-Bills?")
Private lender HDFC Bank issues record credit cards in third quarter
According to RBI data, at the end of August 2021, HDFC Bank's outstanding credit card base stood at 14.74 million
 "Private lender HDFC Bank issues record credit cards in third quarter")
PMC Bank merger with Unity Small Finance Bank awaits govt approval
The proposed merger of debt-ridden Punjab and Maharashtra Cooperative Bank with Unity Small Finance Bank is being examined and the process of amalgamation will start after the government approval
 "PMC Bank merger with Unity Small Finance Bank awaits govt approval")
RBL Bank to rope in EgonZehnder, NARCL chairman for CEO search
At present, Rajeev Ahuja, an executive director at bank, is acting as interim MD & CEO after Vishwavir Ahuja, proceeded on medical leave in December 2021
 "RBL Bank to rope in EgonZehnder, NARCL chairman for CEO search")
SBI hikes interest rates on fixed deposits by up to 10 basis points
State Bank of India, the country's largest lender, on Saturday increased interest rates on fixed deposit (FD) by upto 10 basis points or 0.10 per cent.
 "SBI hikes interest rates on fixed deposits by up to 10 basis points")
HDFC Bank's Q3 net profit rises 18% to Rs 10,342 cr
Net interest income jumps 13% to Rs 18,443.5 crore in Q3FY22, backed by a 16.5% growth in advances
HDFC Bank Q3 results: Net profit rises 18% to Rs 10,342 cr
The lender's net interest income, the difference between interest earned and interest expended, grew by 13% to Rs 18,443.5 cr in Q3FY21
 "HDFC Bank Q3 results: Net profit rises 18% to Rs 10,342 cr")
RBI proposes adding corporate bonds in banks' HTM category
An investment in the HTM category doesn't require to be valued at the current market price
 "RBI proposes adding corporate bonds in banks' HTM category")
Banks park Rs 4.3 trn in Rs 5-trn variable rate reverse repo auction
From this year, the central bank has moved to variable rate reverse repo auctions, instead of fixed rate auctions
 "Banks park Rs 4.3 trn in Rs 5-trn variable rate reverse repo auction")
Citi to sell retail arms in 4 Southeast Asian markets to Singapore's UOB
UOB buying Indonesia, Malaysia, Thailand and Vietnam operations
 "Citi to sell retail arms in 4 Southeast Asian markets to Singapore's UOB")
RBI proposes new norms for classification of banks' investment portfolio
RBI on Friday proposed new norms for the classification and valuation of the investment portfolio of banks, with a view to align them with the global prudential framework and accounting standards.
 "RBI proposes new norms for classification of banks' investment portfolio")
Rising Covid cases may add to asset quality risks of NBFIs: Fitch
Fitch Ratings on Friday said the rising COVID cases may delay recovery in MSME and microfinance lending, and add to asset quality risks of non-banking financial institutions.
 "Rising Covid cases may add to asset quality risks of NBFIs: Fitch")
What is the FRBM Act, 2003?
To ensure discipline in government finances and keep a check on fiscal profligacy, a legislation was enacted almost two decades ago - the FRBM Act, 2003. This report demystifies it
 "What is the FRBM Act, 2003?")