Page 487 - Finance News
RBI bars Mastercard from onboarding new customers in India from July 22
The ban is only on adding new domestic customers to its network; no impact on its existing customers
 "RBI bars Mastercard from onboarding new customers in India from July 22")
No senior-level resignations, says Axis Bank in response to rumours
"We believe this has been done with the intention to damage the reputation of the bank and mislead the stock markets and the public in general," Axis Bank said in a regulatory filing
 "No senior-level resignations, says Axis Bank in response to rumours")
RBI proposes tweaks to capital-raising guidelines for urban co-op banks
The UCBs, it said, could raise share capital by issue of equity to persons within their area of operation enrolled as members and also through additional equity shares to the existing members.
 "RBI proposes tweaks to capital-raising guidelines for urban co-op banks")
Ujjivan, Equitas promoter holdings to fall to zero post mergers with SFBs
Predictably, share prices of Ujjivan Financial Services, and Equitas Holdings jumped 20 per cent each after the two entities received the nod to reverse merge with their small finance bank entities
 "Ujjivan, Equitas promoter holdings to fall to zero post mergers with SFBs")
India's microfinance sector hit as defaults surge in Covid pandemic
Loan collection efficiency across the total loan pool has fallen to about 70% from a peak of nearly 95% in March, analysts say, indicating a potential build up in stress.
 "India's microfinance sector hit as defaults surge in Covid pandemic")
Banks may encounter legal hurdles in invoking personal guarantees
Experts say most promoters don't register assets under their names
 "Banks may encounter legal hurdles in invoking personal guarantees")
RBI restricts Mastercard from onboarding new domestic customers
The company has been found to be non-compliant with the directions on Storage of Payment System Data. However, these curbs will not impact existing customers
42% NBFCs expect over 15% growth in AUM in FY2022, says Icra survey
Around 42 per cent of non-banking financial companies (NBFCs) expect a growth of more than 15 per cent in their asset under management (AUM) in fiscal 2021-22, says an Icra Ratings survey.
 "42% NBFCs expect over 15% growth in AUM in FY2022, says Icra survey")
SBI, Axis, HDFC Bank top go-to lenders for Indian Inc during Covid: Report
Companies say digital infra provided by Indian banks and faster loan and account documentation helped them during crisis.
 "SBI, Axis, HDFC Bank top go-to lenders for Indian Inc during Covid: Report")
HDFC Bank considers its first offshore bond to boost its buffers
It would be only the second such offshore offering from an Indian bank after State Bank of India sold such securities in 2016.
 "HDFC Bank considers its first offshore bond to boost its buffers")
SAT questions Sebi's intervention in PNB Housing-Carlyle Group deal
Says regulator could've waited before passing order in PNB HF matter
 "SAT questions Sebi's intervention in PNB Housing-Carlyle Group deal")
Need food, farm subsidy reforms to improve fiscal position: Finance Secy
Finance Secretary T V Somanathan on Tuesday underlined the need for improving the fiscal position of the government through reforms in farm, food and fertilizer subsidies
 "Need food, farm subsidy reforms to improve fiscal position: Finance Secy")
Credit card buys seen 8% lower in Apr-June quarter, say analysts
Among players in the credit card segment, HDFC Bank, despite a ban on issuing new credit cards, retained a sizeable, and, perhaps, the largest market share in spends, at 27 per cent in May.
 "Credit card buys seen 8% lower in Apr-June quarter, say analysts")
DBS Bank India eyes self-sufficiency in capital within next 3-5 yrs
Lender aims to reduce net NPA below 2%; Grow CASA to 40% level
 "DBS Bank India eyes self-sufficiency in capital within next 3-5 yrs")
JPMorgan notches record quarter on merger flurry, $3-bn reserve release
JPMorgan released $3 billion in reserves it had previously set aside for bad loans, almost twice as much as analysts had predicted.
 "JPMorgan notches record quarter on merger flurry, $3-bn reserve release")
India sets up bad bank to reduce debt burden, free up lenders
National Asset Reconstruction Company Ltd's paid-up capital is Rs 74.6 crore
Liquidity in the banking system rises as govt steps up spending
Net daily liquidity absorbed from banks on July 9 was Rs 4.6 trillion, data released on Monday showed
 "Liquidity in the banking system rises as govt steps up spending")
HDFC Bank's loss is ICICI Bank's gain on credit cards: Check details here
Between December and May, HDFC Bank's credit card kitty saw a drop of 528,447 cards while that of ICICI Bank increased 1.16 million, the highest by any lender during the period
 "HDFC Bank's loss is ICICI Bank's gain on credit cards: Check details here")
PNB Housing to SAT: Sebi can't compel us as AoA is just a contract
It argued that AoA cannot override the Sebi's ICDR (Issue of Capital and Disclosure Requirements) regulations, which listed firms have to follow for issuing preferential allotments
RBI offers hassle-free trading in govt bonds for retail investors
Online portal will give access to the bond trading platform available for institutional investors; retail investors can also bid for bonds in primary auctions as large institutions do
 "RBI offers hassle-free trading in govt bonds for retail investors")