Page 2 - Finance Sector

ICICI Prudential AMC IPO gets Sebi nod, set for launch in December

Prudential to sell 10 percent stake in listing valued above Rs 1 trillion

FIMMDA unveils SORR-based OIS plan, invites comments by December 15

FIMMDA has released a proposed settlement and trading framework for a new SORR-linked OIS product, aligning with the shift to secured benchmarks, and has invited market feedback by December 15

In a first, commercial banks' credit-deposit ratio breaches 80% mark

Another rate cut will make mobilising resources tough

NBFCs seek refinance window, tax tweaks in pre-Budget meeting with FM

Dedicated refinance window on the lines of NHB for the NBFC sector and aligning long-term capital gains tax with fixed deposits to encourage deposit mobilisation are some of asks presented before Finance Minister Nirmala Sitharaman on Wednesday during a pre-Budget meeting with the representatives of BFSI sector here. There is a need to create a dedicated refinance window for NBFCs (non-banking financial companies) to ensure a smooth and sustainable flow of funds and resources raised through this mechanism may be exclusively used to finance MSMEs and priority sectors, Finance Industry Development Council CEO Raman Aggarwal said after the meeting. With regard to recovery, he said, there was a suggestion for tweaking of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act so that NBFCs can benefit from this. Currently, he said, the limit under SARFAESI Act is Rs 20 lakh which can be reduced so that smaller NBFC players can be ...

Capital market players call for tax sops, steps to deepen financial sector

Representatives of capital markets on Tuesday pitched for reductions in transaction tax and measures to deepen the financial sector in the upcoming Budget. Suggestions regarding improving efficiency of capital markets and increasing capital market inclusion were also made during the pre-Budget meeting with Finance Minister Nirmala Sitharaman, sources said. Representatives of the sector sought lower Securities Transaction Tax (STT) on cash market trade as compared to derivatives, sources said. This was the fourth pre-Budget meeting between the finance minister and representatives of capital markets, including BSE, Multi Commodity Exchange, Association of Mutual Funds in India, Association of Registered Investment Advisers, and Commodity Participants Association of India. Capital markets facilitated resource mobilisation of Rs 14.6 lakh crore in FY25, marking a 33 per cent increase over the previous year. The use of a broad spectrum of financial instruments -- ranging from equity an

Axis Max Life chases 'breakout No. 3' in life insurance: MD & CEO

MD & CEO Sumit Madan says product mix tweaks and cost control will offset ITC loss as firm targets "breakout number 3" position in industry

Piramal Finance hits ₹30,000 cr market cap on debut after PEL merger

Shares of Piramal Finance, which debuted on BSE after its merger with PEL, hit the upper circuit at Rs 1,333.45, valuing the NBFC at over Rs 30,000 crore

BS BFSI Summit: Top experts from the finance world to share their insights

The summit's broad focus is charting the future of the financial services industry at a critical economic juncture

Buy Now, Pay Later: Limit instalments to 10-15% of income, restrict usage

Those with multiple loans, irregular earnings, or poor repayment habits should avoid this form of quick credit

RBI proposes lower risk weight for NBFC loans to infrastructure projects

Draft norms define high-quality infrastructure projects, aim to reduce capital burden for NBFCs and align risk weights with actual project performance

Corporate advance growth for large banks robust in Q2 as demand picks up

The growth in corporate loan books of major banks comes at a time when, in Q1FY26

Rethinking India's Monetary Policy Framework: A response to the RBI Review

Former RBI Chair Professor Charen Singh says the 4 per cent inflation target stifles growth and jobs, calling for a flexible 5-7 per cent range and a band-only framework instead of a fixed point targe

Customers allowed to opt for up to four nominees in bank accounts

The finance ministry says depositors can now nominate up to four beneficiaries under the Banking Laws (Amendment) Act, 2025, bringing transparency and uniformity in claim settlements

Size Matters: What will it take for India PSBs to break into Global Top 20?

With a rank of 43, the State Bank of India (SBI) is currently the only Indian public sector lender in the latest S&P Global Market Intelligence ranking of the world's 100 largest banks by assets

Foreign interest: Growth prospects draw investment into financial sector

India is not only the fastest-growing large economy in the world, it also has significant untapped potential for formal finance

Bank customers can opt for up to four nominees in their accounts from Nov 1

Beginning next month, a bank customer can opt for up to four nominees in her or his account with a view to ensure uniformity, and efficiency in claim settlement across the banking system. The key provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1, 2025, a finance ministry statement said on Thursday. The Banking Laws (Amendment) Act, 2025 was notified on April 15, 2025. It contains a total of 19 amendments across five legislations the Reserve Bank of India Act, 1934, Banking Regulation Act, 1949, State Bank of India Act, 1955 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980. As per the amendments, it said, customers may nominate up to four persons, either simultaneously or successively, thereby simplifying claim settlement for depositors and their nominees. Depositors may opt for either simultaneous or successive nominations, as per their preference, it said. With regard to nominat

Andhra Pradesh govt clears ₹250 crore pending under Vaidya Seva Scheme

The Andhra Pradesh government on Wednesday said it released Rs 250 crore towards pending dues owed to private hospitals under the Dr NTR Vaidya Seva health scheme. The funds were released after State Health Minister Satya Kumar Yadav held discussions with Finance Minister P Keshav to expedite the clearance process. The government has released Rs 250 crore now, and steps are underway to release another Rs 250 crore soon, Health Department Secretary Saurabh Gaur said in a press release. He appealed to representatives of the Andhra Pradesh Speciality Hospitals Association and other associations to continue offering health services under the Dr NTR Vaidya Seva scheme without interruption. However, the association rejected the government's offer, saying accepting smaller amounts would jeopardise their financial stability. The offer made in yesterday's meeting was something we all unanimously refused and rightly so. Yielding to smaller amounts now will mark the end of our cash flows an

UCO Bank to add another 150 branches by March to expand business

State-owned UCO Bank plans to add another 150 branches in the next five months in a bid to expand its presence and business. Currently, the Kolkata-based lender has 3,322 branches across the country and with the addition of 150 branches, the network would rise to 3,472 by the end of the current financial year. The board has approved opening of 150 more branches by March, UCO Bank MD & CEO Ashwani Kumar said during a call after approval of second quarter numbers. The bank is working on improving ambience of the branches, he said, adding, more skilled workers are going to be hired on the IT, digital and cyber security side. As of September 2025, the bank has a total staff strength of 21,266 with 70 per cent of them are below average age of 70 years. For the second quarter ended September 30, 2025, UCO Bank has reported a 3 per cent rise in net profit at Rs 620 crore against Rs 603 crore in the year-ago period. The total income in the quarter under review rose to Rs 7,421 crore from

Provisions of SC/ST Act can't be used to curtail bank's mortgage rights: HC

The Delhi High Court has said that the provisions of the SC/ST Act relating to wrongful occupation or dispossession of land belonging to people from Scheduled Castes and Scheduled Tribes cannot be used to prevent a bank from exercising its lawful mortgage rights. Justice Sachin Datta made the prima facie observation while staying the proceedings initiated by the National Commission for Scheduled Tribes against Axis Bank, its Managing Director (MD) and the Chief Executive Officer (CEO). "Prima facie, in the context of the facts of the present case, Sections 3(1)(f) and (g) of the Atrocities Act are not attracted inasmuch the same cannot be invoked to preclude/ prevent the exercise of mortgage right/security interest of the petitioner," the judge said in an order passed on October 16. The Commission had ordered Axis Bank's MD and CEO to appear in person after a representation was made by a person alleging violation under Sections 3(1)(f) and (g) of the Scheduled Castes and Scheduled

Indian govt pushes to expand rupee settlement with key trade partners

Initial steps include establishing direct rupee rates that don't rely on a third currency, such as the US dollar, for cross-reference, said the person familiar with the central bank's thinking