Page 25 - Finance Sector

The road ahead to Viksit Bharat

The entry and exit of capital are two sides of the same coin, and both need to be facilitated while maintaining financial stability

RBI cancels licence of K'taka-based Shimsha Sahakara Bank Niyamitha

The RBI has cancelled the licence of Shimsha Sahakara Bank Niyamitha, Maddur (Karnataka) in the wake of its worsening financial position. Consequently, the bank ceases to carry on banking business, with effect from the close of business on Friday (July 05, 2024), the Reserve Bank said in a statement. The Registrar of Cooperative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC). As per the data submitted by the bank, RBI said about 99.96 per cent of the depositors are entitled to receive the full amount of their deposits from the DICGC. Giving details, RBI further said the bank does not have adequate capital and earning prospects, and its continuance is prejudicial to the interests of its depositors. "The bank with i

Protect market gains, book your profit: Top personal finance stories

Also this week, we write about why Indians love Frontier food

FSIB invites applications for deputy managing director in IIFCL

According to an official notification, the last date for submitting the completed online application is July 31

HDFC Bank's loan book shrinks in June quarter, deposits flat sequentially

The deposit book as of June 30 was Rs 23.79 trillion, almost flat compared to the previous quarter. Deposit growth was 16.5 per cent year-on-year, excluding the impact of the merger

Tyger Capital to list by next year, targets Rs 20,000 crore book

Gaurav Gupta said that in keeping with growing business, company expects to take on board 600 people in the current financial year as it is opening 60-65 new branches for broadening its network

Banks to see treasury gains in Q1 as government bond yields soften

Gains limited due to new investment norms

Fundamentals strong for global fintech

Funding for the sector hit a three-year low last year but revenues improved

Budget FY25: MSMEs may get 180 days to repay loans before NPA tag

Current bad loan classification period is 90 days

RBI Governor Das asks banks to step up efforts to fight digital frauds

RBI governor, deputy governor met CEOs of public sector banks, private banks

Bank of India plans to raise up to Rs 5,000 crore via infra bonds

BOI's infrastructure loan book stood at Rs 58,860 crore at the end of March 2024

Nine NBFCs including Fino Finance surrender certificate of registration

Ujjivan Financial Services Ltd surrendered the CoR as it ceased to be a legal entity due to amalgamation

NaBFID raises Rs 5,000 cr via bonds, gets oversubscribed by 6 times

The National Bank for Financing Infrastructure and Development (NaBFID) on Tuesday said it has raised Rs 5,000 crore by issuance of listed bonds. The issue received overwhelming response from the investors with bids of Rs 12,287 crore, NaBFID said in a regulatory filing. The bonds were oversubscribed 6 times, against the base issue of Rs 2,000 crore. The unsecured non-convertible, 'AAA' rated with stable outlook, debt securities have been issued at an annualized coupon rate of 7.43 per cent for a 10 year-tenure. This represents a spread of 26 basis points over the corresponding Financial Benchmarks India Pvt Ltd (FBIL) GSec par yield curve, it said, adding, the total number of bids received was 131, indicating wider participation with heterogeneity of bids. The investors were across provident funds, pension funds, insurance companies, banks etc indicating the trust of investors across segment, it said. "This issuance is also very significant as NaBFID has been successful in raisi

RBI appoints Arnab Kumar Chowdhury, Charulatha S Kar as executive directors

The Reserve Bank of India (RBI) has appointed Arnab Kumar Chowdhury as executive director with effect from Wednesday. Chowdhury will look after three departments, including DICGC. Prior to being promoted as executive director, Chowdhury was serving as Chief General Manager-in-Charge in the Department of Supervision. As executive director, he will look after Deposit Insurance and Credit Guarantee Corporation (DICGC), foreign exchange department, and international department, the RBI said in a statement. Chowdhury is a chartered accountant and holds a master's degree in economics. He is also a certified associate of IIBF. He has experience of over three decades in the Reserve Bank of India. He has worked extensively in the area of supervision of financial entities. Chowdhury has worked in the area of corporate strategy, budgeting, accounting and issue department. He has also served as member of several committees and working groups and has been contributing to policy formulation.

Finance world's question to self: Are there too many regulators within?

From fintech to urban cooperatives, a host of industry associations have expressed interest in becoming self-regulatory organisations

Skills, financial support, AI access key challenges for tech MSMEs: Nasscom

Around 94% of tech MSMEs acknowledged AI's ability to drive business growth, and 87% showed confidence in AI's potential to improve overall productivity in their enterprises

RBI red flags NBFC consumer credit, calls for close monitoring of a few

Says need to monitor NBFCs growing fast clip pace with low capital buffers

Post runup, expect more modest returns from infrastructure funds

Altogether 22 infrastructure schemes manage assets worth Rs 41,912 crore.

Gujarat's new financial hub aims for real-time dollar settlement by 2025

The service which will cut down on times and delays, and it would be available for financial firms in Gujarat International Finance Tec-City

Deferred pension plans, applying for visa: Top personal finance stories

This week we write about the advantages and drawbacks of annuity plans and how to work on your visa application