Page 36 - Finance Sector

Priority sector credit target to be Rs 3.97 trn for K'taka in FY25: Nabard

NABARD has estimated a credit potential of Rs 3.97 lakh crore for priority sector lending in Karnataka during 2024-25, its Chief General Manager (CGM) T Ramesh said here on Tuesday. Speaking during the State Credit Seminar for Karnataka at their Regional Office, the NABARD CGM said the estimated credit potential is 10.67 per cent higher than the previous years' credit projection. Of the total, the share of agriculture sector including agri-infrastructure and ancillary activities is Rs.1.85 lakh crore (46 per cent), MSME sector is Rs.1.58 lakh crore (40 per cent) and other priority sector activities is Rs.0.54 lakh crore (14 per cent), a statement issued by NABARD quoted him as saying. In the wake of severe drought situation, NABARD has been complementing the efforts of State government by extending financial support to the tune of Rs 990 crore for 119 irrigation projects and Rs 611 crore for drinking water projects under Rural Infrastructure Development Fund and has sanctioned Rs 29

Blackstone's Aadhar Housing Finance targets $600 million India IPO: Report

Aadhar plans to file its IPO papers with India's market regulator within the next two weeks, both sources said

Bajaj Finserv Q3 results: Net profit increases by 22% to Rs 2,158 crore

Bajaj Finserv on Tuesday reported a 22 per cent increase in consolidated net profit to Rs 2,158 crore for the December quarter. The diversified financial services group had earned a net profit of Rs 1,782 crore in the year-ago period. The company's total income increased to Rs 29,038 crore in the third quarter of the ongoing fiscal from Rs 21.755 crore in the year-ago period, Bajaj Finserv said in a regulatory filing. Interest income during the quarter increased to Rs 13,922 crore as against Rs 10,430 crore in the same period a year ago. Total expenses also moved up to Rs 23,609 crore from Rs 17,336 crore in the same quarter a year ago. During the quarter, its subsidiary Bajaj Allianz Life Insurance Company posted shareholders' profit at Rs 108 crore from Rs 81 crore, registering an increase of 33 per cent. Non-life arm Bajaj Allianz General Insurance profit remained flat at Rs 281 crore as compared to Rs 278 crore in the year-ago period.

Centre allows woman employees to nominate son, daughter for family pension

In a path-breaking decision with far-reaching socio-economic impact, the Centre has allowed woman employees to nominate her son or daughter for family pension, instead of her husband, according to an official statement issued on Monday. Previously, family pension was granted to the spouse of a deceased government servant or pensioner, while other family members became eligible only after the spouse's ineligibility or demise, the statement said. Union Minister of State for Personnel Jitendra Singh said that the Department of Pensions and Pensioners' Welfare (DoPPW) has introduced an amendment to the Central Civil Services (Pension) Rules, 2021, allowing female government employees or pensioners to grant family pension to their eligible child/children after their own demise, in place of of their spouse. The amendment will address situations where marital discord leads to divorce proceedings or cases filed under laws such as the Protection of Women from Domestic Violence Act, Dowry ...

Nippon India AMC Q3 results: Net profit rises 39% to Rs 284 crore

Compared to the second quarter, the profit is up 16 per cent, while the revenue from operations has risen 6.5 per cent

Govt may raise dividend target to Rs 70k cr from RBI, banks, FIs in Budget

Having reaped rich dividends from the Reserve Bank in the current financial year, the government will be looking forward to receiving about Rs 70,000 crore from the central bank and the financial institutions (FIs) in the next financial year. In the interim Budget to be unveiled in the Lok Sabha on February 1 by Finance Minister Nirmala Sitharaman, sources said, the government would peg receipts from dividends from financial institutions at much higher level than Rs 48,000 crore estimated for the current fiscal. The current financial year estimate has already exceeded the Budget target as RBI paid a dividend of Rs 87,416 crore. With public sector banks and financial institutions posting good quarterly numbers during the current financial year, the dividend payout by them in the coming year would be higher compared to this year. So, it would be feasible to expect about Rs 70,000 crore as dividend payout from RBI and financial institutions in FY'25, sources said. The government had

ECB's next move is 'a cut' but policymakers spar on timing: Report

The ECB kept its key rate unchanged at a record high 4% last Thursday but sounded confident that inflation was coming under control

Shriram Finance sees assets under management growth slowing to 15% in FY25

"For this year, we may end up at an AUM growth of around 20% because the first three quarters have been good," Umesh Revankar said

YES Bank Q3FY24 results: Net profit rises 349% to Rs 231.46 cr, NII up 2.3%

Reduced loan provisioning drives significant profit surge for lender

Fintech association launches awareness campaign about cyber fraud

Spotting fake lending apps and reporting online financial fraud will be part of Fintech Suraksha

Moody's downgrades ratings of 17 Chinese local govt financing vehicles

It left the ratings of nine other Chinese LGFVs unchanged but cut their outlooks to negative too due to the same pressures.

Lloyds bank to cut around 1,600 branch jobs in digital transition

Rival Barclays also slashed thousands of jobs last year, with the majority falling in the bank's back office support unit, Reuters first reported in November

No hint of cuts as ECB keeps rates unchanged at record-high of 4%

Investors are betting that the ECB is getting it wrong on both growth and inflation and will be forced to U-turn and deliver five rate cuts in rapid succession from early spring

Govt, RBI actively working on CBDC to enable cross border payment: FM

RBI has already rolled out a pilot in the retail version of CBDC or the e-rupee on December 1, 2022. The e-rupee is in the form of a digital token that represents legal tender

Indian companies, banks raise Rs 3,683 crore through corporate bonds

Lower fund raise amid widening yield spread, tight liquidity

REC to collaborate with NIIFL for financing renewable, infra projects

State-owned REC has inked an initial pact with the National Investment and Infrastructure Fund Ltd for collaborating to finance renewable and large scale infrastructure projects in the country. Both entities have signed a Memorandum of Understanding (MoU) in this regard, according to a statement on Thursday. "The collaboration with REC aligns perfectly with NIIFL's broader strategy to enhance financing and attract private capital into the infrastructure sector. Through this partnership, we aim to develop innovative financial solutions supporting major infrastructure," Prasad Gadkari, Executive Director & Chief Strategy Officer at NIIFL, said.

Govt bond yields decline, end flattish for week with eyes on budget 2024

The benchmark 10-year yield ended at 7.1760%, following its previous close at 7.1835%. Indian markets are shut on Friday for a holiday

HDFC Bank sees period of consolidation as it absorbs mega merger: Report

The lender's quarterly earnings last week prompted a sharp 15% decline in the stock, even as its profit beat expectations, as analysts raised concerns about lending margins

Maruti Suzuki, J&K Bank partner to provide financing solutions to dealers

Maruti Suzuki India on Thursday said it has joined hands with Jammu & Kashmir Bank to provide financing solutions to its dealer partners. The Memorandum of Understanding (MoU) inked with Jammu & Kashmir Bank would empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital requirements, the auto major said in a statement. "Our collaboration with J&K Bank will focus on innovative financing solutions for inventory funding for our dealer partners," Maruti Suzuki India Ltd (MSIL) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said. This strategic alliance reinforces the company's long term association with J&K Bank, leveraging the strength of both the MSIL and J&K Bank to offer tailored retail finance products and end-to-end working capital solutions, thus marking a significant milestone for both the organisations, he added. "The MoU is surely a big step towards providing

RBL Bank targets 20% loan growth over next two financial years: CEO

"We are trying to get into areas which are futuristic ... and have a better management of the capital," R Subramaniakumar told Reuters in an interview