Page 531 - Finance News

PMC Bank case: Enforcement Directorate searches 5 locations in Mumbai

ED on Friday carried out searches at five locations, including the premises of Mehul Thakur

Bandhan Bank: Problem of portfolio concentration tightens grip on lender

Dependence on microfinance loans for growth is steadily increasing, which poses a risk in present environment

Bitcoin slumps nearly 10% as pullback from record high gathers pace

The world's most popular cryptocurrency Bitcoin was last down 10.6% at $31,724. It has lost about 27% of its value after touching a record $42,000 on Jan. 8

IDBI Bank takes prompt corrective action; all eyes now on Q3 results

The lender has stabilised under LIC ownership, but its exit from the central bank's restrictions may be some time away

Reserve Bank of India imposes Rs 2 cr penalty on Standard Chartered Bank

The Reserve Bank on Thursday imposed a penalty of Rs 2 crore on Standard Chartered BankIndia for delays in reporting of frauds to it.

Bandhan Bank's Q3 net profit down 13.5% on higher Covid provisioning

The lender has made provisioning to the tune of Rs 1,068 crore in Q3FY21, of which Rs 1,000 crore is covid-related

Instamojo onboards more than 50% new recruits from Tier 2 and 3 towns

The fintech firm announced work from home as a permanent feature in the days ahead. The recent hiring cycle saw new hires from Tier II and III towns such as Krishnagiri, Kolar, Dehradun and Sitapur

South Indian Bank books Q3 loss at Rs 92 cr over Covid-related slippages

CEO sees quarterly loss mainly on account of stress in the economy due to the coronavirus pandemic.

Fitch Ratings affirms GMR Hyderabad International Airport at BB-plus

Fitch Ratings on Thursday affirmed GMR Hyderabad International Airport Ltd's (GHIAL's) long-term issuer default rating

Federal Bank's Shyam Srinivasan is Business Standard Banker of the Year

Five-member jury chooses him for consistency of performance

SBI executes inter-bank money market transactions linked to SOFR

State Bank of India said it has executed two inter-bank short term money market transactions with pricing linked to secured overnight financing rate (SOFR)

NBFCs seek continued liquidity support in upcoming Union Budget

Non-banking finance companies expect the government to provide continued liquidity support by encouraging banks to lend more to the sector

Indian insurers to withstand pandemic-led downturn: Moody's

Indian insurance companies are likely to withstand the economic downturn exacerbated by the coronavirus pandemic, the report said

Srinivasaraghavan to retire in March after 18 years as Sundaram Finance MD

He has been with the company for the past 38 years, will be succeeded by Rajiv Lochan

Insurers asked to adopt one aspirational district each, says IRDAI Chairman

IRDAI chairman is concerned over low level of insurance penetration in the country

Federal Bank third quarter profit declines 8% to Rs 404 crore

The fall was mainly due to higher provisioning for bad loans

A surge in bad debt is set to further worsen India's shadow bank crisis

Non-performing assets already swelled in the most recent data to the highest in at least five years, at 6.3% as of March 2020 even before the worst of the pandemic impact, the RBI said

RBI working committee in favour of setting up NPCI-type agency for fintechs

RBI panel favours new structure for better supervision

Fairfax-backed CSB Bank's PAT rises 89% to Rs 53 cr in Dec quarter

Total deposits grew by 16% YoY and the CASA ratio stood at 30.4% as on December31, 2020 as against 28.6% as on December 31, 2019. Advances (net) grew 22% YoY on the back of a 61% growth in gold loans

SBI, ICICI Bank, HDFC Bank remain systemically important banks, says RBI

SIBs are subjected to higher levels of supervision so as to prevent disruption in financial services in the event of any failure.