Page 50 - Finance Sector

Beyond the financial system: Will AA framework be a game-changer in India?

The Account Aggregator framework is being adopted across sectors, including in verifying the employment status of newly skilled workers

Public sector banks' total profit crosses Rs 1 trn-mark in 2022-23

Public sector banks' cumulative profit crossed the Rs 1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results. These 12 PSBs witnessed 57 per cent increase in total profit compared to Rs 66,539.98 crore earned in 2021-22. In percentage terms Pune-based Bank of Maharashtra (BoM) had the highest net profit growth with 126 per cent to Rs 2,602 crore, followed by UCO with 100 per cent rise to Rs 1,862 crore and Bank of Baroda with 94 per cent increase to Rs 14,110 crore. However, in absolute term, SBI has reported an annual profit of Rs 50,232 crore in 2022-23, showing an increase of 59 per cent over the preceding financial year. Except for the Punjab National Bank (PNB), ot

Integrated financial services platform airpay now live on ONDC: Report

Integrated financial services platform airpay on Thursday said it has gone live on the Open Network for Digital Commerce (ONDC). This will enable airpay's vyaapaaris to have access to an array of local businesses offering multiple products and services on ONDC to consumers, it said in a release. Presently, airpay vyaapaaris offer banking and financial services to more than 60 million consumers in 561 districts and over 7,000 villages in 36 states and union territories, it said. "Given the democratised nature of an Open Network, it levels the playing field for small and medium enterprises. ONDC also enables increased trade of locally manufactured goods and local sellers, thereby multiplying the investment and production of MSMEs," Kunal Jhunjhunwala, Founder and Managing Director of airpay, said. The company said the initiative will enable ONDC to understand and implement key consumer and partner learnings. Thampy Koshy, Managing Director and Chief Executive Officer of ONDC, said t

Suryoday Small Finance Bank posts profit of Rs 39 cr for Jan-Mar

Suryoday Small Finance Bank on Monday posted a net profit of Rs 39 crore for the March quarter of 2022-23 as bad loans fell. The bank had posted a net loss of Rs 48 crore for the same quarter a year ago. Total income during Q4 FY23 rose to Rs 363 crore from Rs 257 crore in the same quarter of the previous year, Suryoday Small Finance Bank said in a regulatory filing. Interest income also increased to Rs 329 crore from Rs 237 crore in the same period a year ago. The lender's asset quality improved, with gross non-performing assets (NPAs) significantly falling to 3.13 per cent of gross advances as of March 31, 2023, from 11.8 per cent a year ago. Likewise, net NPAs or bad loans declined to 1.55 per cent from 5.97 per cent in the same quarter a year ago. Thus, the bank made Rs 51 crore provisions for bad loans and contingencies as against Rs 112 crore put aside for the year-ago quarter. For the full 2022-23, the bank earned a net profit Rs 78 crore against loss of Rs 93 crore in th

National Centre for Financial Education invites application for CEO post

National Centre for Financial Education (NCFE), promoted by capital markets watchdog Sebi and other regulators, has invited applications for the post of chief executive officer. The CEO is expected to provide administrative, operational and strategic leadership to NCFE under the overall guidance of its board of directors, according to a public notice issued by the Securities and Exchange Board of India (Sebi). The appointment would be on contract basis for a period of three years initially, which can be extended up to a maximum of two years or till the age of 65, whichever is earlier. Applicants are required to have the vision and ability to transform NCFE into an institution of national importance. The selected candidate will exercise general supervision and control over the day-to-day affairs of the institute and implement the decisions of its governing board, the notice said. Also, the selected candidate needs to develop new partnerships with multiple agencies and stakeholders -

IMF warns US default would have 'serious repercussions' worldwide

Potential consequences from a US default would include higher interest rates and broader instability, IMF spokeswoman Julie Kozack said in a briefing Thursday

Regulators ask if Credit Suisse bond wipeout must trigger insurance payout

The five-year default swaps tied to Credit Suisse Group's AG's junior debt rose by 36 basis points on Thursday to 397, according to CMAI pricing

Aditya Birla Capital Q4 results: Net profit rises 35% to Rs 609 crore

Consolidated total revenue from operation rose by 21.2 per cent to Rs 8,025 crore for the March quarter as compared to Rs 6,617 crore in the year-ago period

JP Morgan ordered to pay Frank founder Javice's lawyers while they sue her

The ruling likely also covers Javice's defense to criminal fraud charges brought by federal prosecutors over the disputed deal

Aditya Birla Capital to consider raising of funds; board meeting on May 11

The board of directors will also consider and approve the audited standalone and consolidated financial results of the company

Financial institution 1 Finance bags psychology patent for screening tool

MoneySign assessment framework, for which the financial institution has won the psychology patent has been developed with the help of global psychology experts

Tata Capital in talks with lenders to raise Rs 10,000 crore via debt

Tata Capital is getting aggressive in the retail loans segment and the majority of funds raised this quarter will be for home loans and personal loans, according to a banker

Bajaj Finance Q4 Results: PAT up 30% YoY; dividend declared at Rs 30/share

The net interest income for the reporting period surged 28% to Rs 7,771 crore from Rs 6,061 crore in Q4 FY22

Poonawalla Fincorp's net income doubles to Rs 181 cr in March quarter

Poonawalla Fincorp on Wednesday said its net income more than doubled to Rs 181 crore (up 103 per cent) in the March quarter, driven by higher loan sales and better asset quality. For the full year (FY23), the Pune-based company doubled its net income to Rs 585 crore, making it the highest-ever net income reported by the firm. The company's on record loan disbursals also grew 37 per cent to Rs 16,143 crore in the financial year 2022-23 and the disbursal for the quarter were highest-ever as it jumped 151 per cent to Rs 6,371 crore. The non-deposit taking NBFC, focused on consumer and MSME finance, said its overall asset quality improved massively with gross Non Performing Assets (NPAs) coming down by 185 basis points (bps) to 1.44 per cent and the net NPAs falling 52 bps to 0.78 per cent, thus boosting its bottom line. Its digital disbursements increased to 81 per cent in the quarter from 24 per cent in Q4FY22. Net interest margin climbed 87 bps to 11.3 per cent for the quarter und

Credit Suisse saw $69 billion of outflows before UBS takeover

The Swiss bank lost more than 200 billion francs of customer deposits over a six-month period, culminating in several frantic days in March before the government-orchestrated sale

State Bank of India board approves raising of $2 billion from bonds in FY24

SBI will raise $2 billion through foreign currency bonds in 2023-24 in single or multiple tranches

Pick tech over finance: Street's career advice to highschoolers

A recent Goldman Sachs Group Inc. report estimated that some 300 million full-time jobs worldwide may soon be affected by AI automation

HDFC Bank recommends 1900% dividend from net profits of FY23

The dividend benefit was taken during the meeting held on Saturday during which HDFC Bank also fixed a record date for the said dividend

HDFC Bank Q4 net profit up 19.8% to Rs 12,047 cr on healthy loan growth

The bank's total balance sheet expanded by 19.2% to Rs 24.6 trillion

Foreign portfolio investors pull out Rs 11k cr from energy, finance, IT

Turn their attention to capital goods, construction, FMCG, consumer durables in March