Page 48 - Finance Sector

State Bank of India rejigs senior leadership roles to boost dominance

State Bank of India, the country's largest lender, is re-jigging its senior leadership positions with at least four key executives getting new roles, according to people familiar with the matter

Top Headlines: RBI's path to internationalise rupee, data protection bill

Business Standard brings you the top headlines at this hour

India Banks: Merger of HDFC Bank with HDFC is a serious makeover

Of the two big changes expected this year, one has just occurred and created a juggernaut bigger than Morgan Stanley

Indian state-run banks to be cautious buyers of govt bonds as yields rise

Bond yields started rising after the Reserve Bank of India's June monetary policy decision pushed out hopes of a rate cut to February, with many participants expecting one only next financial year

HSBC chases wealthy clients in India with private banking business launch

HSBC said on Tuesday it would target business with India's wealthy as it launched its global private banking business in the country

Cash-strapped Pakistan explores external financing options after IMF deal

With the IMF now on board, the cash-strapped Pakistan government is now considering meeting most of its external financing needs in the medium term through 10-15 years of international bonds and concessional multilateral loans, according to a media report on Monday. It also plans to diversify local debt instruments to inflation-based bonds, list government papers on the stock exchange, and issue short-term Islamic and conventional floating rate products, the Dawn newspaper reported. The Pakistan government and the International Monetary Fund (IMF) last week reached a long-awaited staff-level agreement to inject USD 3 billion into the ailing economy after months-long negotiations that pushed the country to the brink of default. This is part of the new Medium-Term Debt Management Strategy, released by the Ministry of Finance on the weekend, for the fiscal years 2023 -2026, the report said. Availing maximum concessional external financing from bilateral and multilateral development ..

TMB failed to file details of Rs 3,610 cr deals due to tech glitch: sources

The bank has now submitted all the required documents, may not invite any penalty

HDFC Bank starts rebranding HDFC Ltd offices, branches after merger

HDFC Bank started rebranding offices of erstwhile HDFC Ltd with its colours on Saturday, on the first day of operations as a merged entity. Branding at all over the 500 offices and branches of the home loan major started getting the HDFC Bank look from Saturday morning onwards, officials said. The entire exercise of changing the look at HDFC Ltd's offices and branches is slated to take about 24 hours, they said, adding that HDFC Ltd's corporate headquarters at Ramon House is among the places where the branding has already been changed. HDFC Ltd, the parent of the country's largest private sector lender, merged into HDFC Bank on Saturday, with boards of both the entities clearing the plan first presented on April 4 last year. HDFC Ltd, the largest pure-play home financier, ceases to exist 44 years after it was founded. Sashidhar Jagdishan, the managing director and chief executive of the HDFC Bank, is slated to address a townhall later in the evening. Over 3,500 employees of HDFC ha

Small savings schemes interest rates hiked by 30 bps for July-Sept quarter

Interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent

World Bank approves $1.5 bn financing for India's low carbon energy sector

The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen and stimulating climate finance for low-carbon energy investments, the bank said

Lot of global investor interest in India right now: Arkam Ventures MD

We expect more foreign limited partners to put money into India, says Bala Srinivasa, MD, Arkam Ventures

CreditAccess Grameen syndicates social loan facility of up to $200 mn

CreditAccess Grameen, Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI), on Tuesday said it has signed a historic syndicated social loan facility of up to USD 200 million (about Rs 1,640 crore). This will qualify as External Commercial Borrowing (ECB) under the automatic route of the RBI, the company said in a statement. The company has received USD 160 million in commitments to date, along with a green-shoe option to raise an additional USD 40 million, exercisable over 120 days from the date of signing of the facility agreement, it said. It has currently drawn USD 100 million, and the remaining commitments would be drawn over the coming months, it added. The social loan shall abide by the company's social loan framework which aligns with the Social Loan Principles 2023, stipulating the use of proceeds, social development goals and governance, according to the loan market association, it added.

Aditya Birla Capital gains 4%; hits 52-week high post launch of QIP issue

On June 1, the company's board approved preferential issuance of Rs 1,250 crore to its promoter and promoter group entity, out of the total approved equity fund raise of upto Rs 3,000 crore.

S&P upgrades rating for Bajaj Finance, UBI, Shriram Finance & Hero Fincorp

The rating upgrade reflects the view that they will continue to improve their asset quality, benefiting from good economic prospects and structural improvements in operating conditions

Instant line of credit, industry networking top priorities of MSMEs: Survey

The majority of micro, small and medium enterprises (MSMEs) feel the instant line of credit and industry networking are the top requirements in the financial services and non-financial services category, a survey said on Monday. Over 55 per cent of the total MSMEs interviewed said an instant line of credit is their top requirement to accelerate everyday business decisions, as per the 'MSME Sentiment Survey' by fintech Kinara Capital. In addition, 16 per cent of respondents favoured flexible repayment products that will give them the choice to make daily or weekly loan payments or variable loan payments, based on their business turnover for the selected time period, it added. "There is a growing acknowledgement of the importance of MSMEs and unlocking this sector's full potential will require a personalised approach. Our survey gave MSMEs an opportunity to vocalise their challenges and needs. "It is a sign that India's small business entrepreneurs are now seeking much more than acce

BIS warns the world economy at critical juncture in inflation fight

Despite relentless rate hikes over last 18 months, inflation in many top economies remains high, while jump in borrowing costs triggered serious banking collapses since financial crisis 15 years ago

Behind Credila's success on education loan turf

Education finance is a complex and dynamic sector. There are too many variables - the course, the calibre of students, the universities, and the job prospects once the course is over

Manipal Technologies partners with Indian Bank to offer banking products

Manipal Technologies Limited on Thursday said it has partnered with state-owned Indian Bank to drive financial inclusion by offering customised banking products. The partnership aims to build a sustainable network of corporate business correspondents (CBCs) that will enhance the availability, affordability, and accessibility of financial services, particularly in underserved markets and rural areas, it said in a release. As part of this association, Manipal Technologies Limited (MTL) will work closely with Indian Bank to offer tailor-made banking products in rural locations. The initial focus will be serving more than 600 locations and gradually expanding the presence in newer regions in states such as Tamil Nadu, Chhattisgarh, Uttar Pradesh, Kerala, Maharashtra, Haryana, and Punjab, MTL said. "We aim to empower individuals with seamless access to financial services, ranging from account opening, withdrawals, deposits, lead generation, opening FDs (fixed deposits), and applying for

RBI supervision not meant to be intrusive or punitive: Deputy Governor Jain

Jain, whose 5-year tenure ends today, talks about the importance of technology, customer service and financial inclusion, besides the RBI's focus on governance at banks and every financial institution

Tweaking banks' key regulatory need may ease interbank cash mkt volatility

MUMBAI (Reuters) - A slight tweak to a key regulatory requirement for Indian banks could help reduce volatility in the overnight interbank borrowing rates, senior bank treasurers said on Tuesday.