Page 19 - Finance Sector

Loan portfolio of microlenders decline 2.3% in Q1, NPAs rise: Report

Loan portfolio of microlenders reduced by 2.3 per cent quarter-on-quarter to Rs 4.32 lakh crore in April-June while NPAs surged, a report said. Notably, for the last few months, microfinance institutions, banks and small finance banks which extend MFI loans, have been reporting challenges on this portfolio, and the regulator has also flagged the same. Over-leveraging among the borrowers is being flagged as a key aspect, impacting asset quality. The report by Crif High Mark, a credit information company said, there was 17.2 per cent increase in the borrowers having more than five active loan accounts in June when compared with the year-ago period, with highest growth seen in West Bengal and Karnataka. Nearly half of the rise in stress on an incremental basis when compared to the year-ago period came from borrowers who have five or more active loans, the company said. There was 31.2 per cent QoQ drop in the amount disbursed in the first quarter of FY25 at Rs 79,000 crore while the .

Fidelity International to slash around five hundred jobs in China: Report

Fidelity International's "centre of excellence" in Dalian supports a wide range of technology, operations and investment needs, according to the company

Bain-Backed 360 One's Co-CEO Taparia to depart amid wealth management boom

360 One confirmed Taparia's departure, saying he tendered his resignation last month and a smooth transition is underway

Karnataka registered a robust 10.2% GSDP growth in 2023-24: MoSPI

Karnataka has registered a robust GSDP growth of 10.2 per cent in 2023-24, the state government said on Monday. Citing a data from the Ministry of Statistics and Programme Implementation (MoSPI), the government said in a statement that the state has significantly surpassed the national average of 8.2 per cent. "Initially, the National Statistical Estimate (NSE) had projected a modest 4 per cent GSDP growth for Karnataka, but this was revised to 13.1 per cent by the end of the fiscal year, indicating early underestimation of the state's economic performance," the statement read. The government pointed out that this feat was achieved despite severe challenges, including the worst drought in a decade and a slowdown in global IT markets. The state's agriculture sector faced negative growth due to drought conditions, while Karnataka's dependence on the IT and hardware sectorsaccounting for 28 per cent of its Gross State Value Added (GSVA)made it vulnerable to global economic downturns,

Proposal to reshape India's money-changing industry hits a roadblock

Central bank called for industry to have forex correspondents but there has been no progress

Govt bond yields seen hardening after RBI governor ruled out a rate cut

Yield on benchmark 10-year government bond settled at 6.81 per cent on Friday

Why has RBI again cautioned NBFCs not to cross regulatory redlines

The focus is on unsecured retail lending by shadow banks, according to experts

L&T Finance lowers NIM guidance, sees challenges in retail loan segment

Retail loan growth may slow down to 15-20% from over 25%

Stress in MFI sector largely due to customer overleveraging: Motilal Oswal

Situation to last for whole of FY25, with Q2 being the most challenging period, it says

Real deal about festival home loan offers; starting marathon running

This week we report about how to review a discount home loan and what you need to take up running

Bank deposit growth moderates to 11.8% in early October: RBI data

Banks have calibrated credit growth, keeping in mind the challenge of raising deposits as well as RBI's concerns over the high pace of growth in the unsecured credit segment

Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos

Previously, Irdai had set a timeline of FY25 for the implementation of IFRS 17 in the insurance sector

Yes Bank appoints Nirav Dalal as country head of financial market division

Dalal holds a master's degree in business administration (finance) from the K.J. Somaiya Institute of Management Studies & Research

RBI imposes Rs 28.30 lakh penalty on SG Finserve for non-compliance

The Reserve Bank of India on Monday said it has imposed a penalty of Rs 28.30 lakh on SG Finserve Limited, formerly known as Moongipa Securities, for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR). The company's financial statements for FY23 revealed inter alia, non-compliance with the specific conditions of the CoR. "The company had accepted public funds and extended loans in violation of the specific conditions of the CoR issued to it," the RBI said in a statement. The RBI has also imposed a penalty of Rs 14 lakh on Arunachal Pradesh Rural Bank for non-compliance with certain directions on 'Strengthening of Prudential Norms - Provisioning Asset Classification and Exposure Limit' and 'Know Your Customer' (KYC). Besides, penalties have been imposed on three other cooperative banks for contravention of certain norms. The banks are Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh; The Urban Co-operative Ba

China's new lending in September rises less than expected despite stimulus

Top Chinese leaders also pledged to deploy "necessary fiscal spending" to meet this year's growth target of around 5%

Big US banks say consumers are still strong, despite economy fears

Speaking to reporters, Wells Fargo chief financial officer Michael Santomassimo said spending on credit and debit cards, while down a little from earlier this year, was still "quite solid."

LIC reduces entry age for its new endowment plan to 50 years from 55

Endowment is an insurance policy that provides life cover and maturity benefit

HDFC Bank raises MCLR by 5 bps for select tenures, effective October 7

MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan

Private lenders securitise loans worth Rs 21,000 crore in Q2 FY25

The country's largest private lender, HDFC Bank, securitised new car loans worth Rs 9,063 crore through a PTC transaction where mutual funds were key investors

Lock into attractive SCSS, FD returns before interest rate cuts begin

Investors with a longer time frame will be better off investing in longer-tenured FDs