Page 41 - Finance Sector

IBA signs MoU with unions on pay revision; okays 17% hike for 5 years

The parties will endeavour to finalise the bipartite settlement within 180 days from the date of this minutes

Small ticket personal loans remain a concern for industry: Incred Finance

Incred Finance noted that its personal loans portfolio was in the regular personal loan segment, with an average ticket size being over Rs 2,00,000

Adani Green Energy raises $1.36 billion in latest project finance round

AGEL is setting up a 2,167 megawatt renewable energy park at Khavda, Gujarat, touted to be the world's largest

US govt examined Hindenburg allegations before giving $553 mn loan to Adani

Allegations in a scathing report by US-based Hindenburg Research, which erased around $100 billion from the Adani Group's market value earlier this year

L&T Finance announces completing merger of 3 subsidiaries with itself

Merger will create "sustainable value" for stakeholders and help governance, says NBFC

LIC intends to set up office in GIFT City during this financial year

Life Insurance Corporation (LIC) is planning to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current fiscal to further its overseas business. LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. "We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations," LIC Chairman Siddhartha Mohanty told PTI in an interview. He said LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). Besides, it has subsidiaries in Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Ltd, Life Insurance Corporation (Lanka) Ltd, Life Insur

No legal bar on member's reappointment: Finance secy T V Somanathan

No further ToRs to come, says Somanathan

State-owned REC approves hike in borrowing to Rs 1.5 trillion for FY24

State-owned REC Ltd on Thursday said its board has approved a proposal to increase borrowing to Rs 1.5 lakh crore from Rs 1.2 lakh crore for 2023-24. The Board of Directors of REC Ltd, in its meeting held on November 30, 2023, approved revision in its market borrowing programme under different debt segments with interchangeability among various instruments, including bonds/debentures, term loans, external commercial borrowing, commercial papers etc. on private/public placement basis from Rs 1,20,000 crore to Rs 1,50,000 crore for 2023-24, the company said in a regulatory filing. The funds under the said revised market borrowing programme will be raised, from time to time, during the financial year 2023-24, with the approval of competent authority as per powers delegated in this regard by the Board of Directors, it added. The board also approved the proposal of equity investment in Hindustan Power Exchange Ltd (HPX) for an amount up to Rs 14.25 crore (i.e. up to 19 per cent of the ..

Not for everyday transactions, but cash still store of value: RBI report

Currency in circulation up despite rise of digital transactions

PE firm True North forays into private credit, raises Rs 1,000 crore fund

Homegrown private equity fund True North on Monday announced a foray into private credit, joining a slew of other entities which have started dabbling in this space. The firm said it had set up a fund in 2022, and has already raised over Rs 1,000 crore. It intends to close the fund by the end of the year, as per a statement. The business christened "True North Private Credit" will build on the capabilities by the firm over the last two decades. A favourable risk-reward equation and a good regulatory framework make private credit a robust business, the statement said. The business will offer agile capital solutions to well-governed and profitable enterprises and deliver superior, risk-adjusted returns to its investors, it said. The fund, which bridges the supply-demand gaps for middle-market companies, will invest Rs 75 crore by itself into companies and Rs 200 crore along with its co-investment pools, as per the statement. It is targeting an internal rate of returns between 15-18

Going long on the bond street

For financial intermediaries globally, interest rate risk seems to be higher than credit risks, of loans turning non-performing assets, at this point. Fortunately, India is a different story

Credit card spending in India rises to Rs 1.78 trn in Oct, sets record

Industry likely to see loan growth moderating after RBI asks banks, NBFCs to increase risk weight for unsecured lending

HSBC India, UK Export Finance tie up for 100 mn pound financing programme

HSBC India and UK Export Finance (UKEF), the UK's export credit agency, have intended to establish a financing programme of up to 100 million pound to support Indian Micro, Small and Medium Enterprises (MSMEs) and corporates for financing their imports from Britain. This partnership will enhance the availability of credit for Indian MSMEs and boost trade ties between the two countries, HSBC India said in a statement on Thursday. HSBC India and UKEF on Thursday signed a Letter of Intent (LoI), which enables them to work together on opportunities relating to UKEF's guarantee-backed structures. India was the UK's 12th largest trading partner in the four quarters to the end of Q2 2023, accounting for 2.1 per cent of total UK trade. In 2021, around 7,500 UK SMEs, with around 3,17,300 employees, exported goods worth 1.2 billion pound to India, accounting for 85 per cent of all UK businesses exporting goods to India. Providing enhanced financial access and developing an ecosystem that ..

Tamilnad Mercantile Bank finalises three candidates for MD and CEO post

It was at the end of September that the bank's MD and CEO, Krishnan Sankarasubramaniam, resigned from the post, citing personal reasons

Fintechs may shift to secure products after RBI order on consumer loans

Central bank's directives not a complete surprise and will prompt sector to diversify business, they say

Financial sector must avoid 'all forms of exuberance': RBI governor

Banks, NBFCs would be 'well advised to take precautionary measures in four areas, says Shaktikanta Das

Risk weight hikes by RBI: Maintaining credit score now more crucial

If you're finding it difficult to secure a personal loan or credit card, be prepared to offer some collateral

RBI approves Hinduja Group directors on board of bankrupt Reliance Capital

Central bank clears resolution plan for Reliance Capital by IIHL BFSI (India)

Jio Financial Services in early talks with bankers for maiden bond issue

Jio Financial, which was carved out of Reliance Industries, is in the process of getting its credit rating and other necessary approvals

Fintech may be the worst hit as RBI comes down hard on unsecured credit

Fintech may be the worst hit as Mint Road comes down hard on unsecured credit in the system, reports Raghu Mohan