Page 7 - Finance Sector

Banks complete re-KYC of over 1.42 mn accounts in first month of campaign

In the first month of the nationwide re-KYC campaign, over 1.42 million bank accounts were re-verified, and thousands of new enrollments were made under various government schemes

PNB Housing Finance to consider external, internal candidates for MD & CEO

PNB Housing Finance explores internal and external candidates for MD&CEO following Girish Kousgi's resignation. Jatul Anand, newly appointed Executive Director, is in the running for the role

AHFC loans to increase to ₹2.5 trillion by FY28-end: Icra report

Domestic rating agency Icra on Wednesday said affordable housing finance companies' (AHFC) assets under management are set to rise to Rs 2.5 lakh crore, from Rs 1.4 lakh crore, in the next three years. It said non-bank lenders' mortgage portfolio is set to touch Rs 20 lakh crore by March 2028, from Rs 13 lakh crore in March 2025. The retail mortgage loan growth will be driven by robust demand and the restricted availability of alternative credit options due to ongoing issues with unsecured lending, the agency's co-group head for financial sector ratings, A M Karthik, said. He added that the sector has traditionally demonstrated strong performance, marked by low loan losses and healthy business returns. The housing finance companies accounted for two-thirds of the overall mortgage loans, while affordable HFCs constituted 11 per cent of the overall assets under management (AUM). The agency said the AHFCs have a higher share of self-employed borrowers and loans against property in th

Growth guidance and margin recovery positive for Shriram Finance

SHFL's Q1FY26 net rose 9% year-on-year with stable credit costs, strong disbursement trends and margin guidance of 8.5% by Q4 despite high liquidity on the balance sheet

Shriram Finance eyes ₹3 trillion total AUM, 10 million customers

Shriram Finance expects its assets under management (AUM) to exceed ₹3 trn by FY26, anticipates reaching 10 mn live customers in Q2. Umesh Revankar discusses growth drivers and future projections

Citi launches Strata Elite Card to compete with AmEx, JPMorgan Chase

There's a new but familiar face coming to the world of high-end credit cards. Citigroup is launching the Strata Elite Card, the bank's latest attempt to grab a piece of the high-fee, high-rewards credit card market that's dominated by American Express' Platinum Card and JPMorgan Chase's Sapphire Reserve Card. The card, which is priced less than the Platinum Card and the Sapphire Reserve Card at an annual fee of USD 595, will offer points multiples for certain types of spending, like hotels, car rents, air travel and restaurants. Additionally, the card will offer points for everyday spending, as well as a USD 300 hotel credit and a USD 200 splurge credit at brands like Best Buy, Live Nation and others. Citi has had other forays into the high-end credit card market. The company launched Citi Prestige in 2013 as a direct competitor to the American Express Platinum Card, and the card won high praise from travel fanatics when it debuted for its hefty rewards program and perks. But Prest

Planning to sell excess priority sector loans in Q2 FY26: MD Canara Bank

Canara Bank plans to offload excess priority sector loans in Q2 FY26 to reduce margin stress, with its priority sector lending currently exceeding regulatory norms

Indian Bank gets board's approval to raise ₹5,000 crore: MD Kumar

Indian Bank plans to raise ₹5,000 crore in FY26, with a focus on enhancing capital adequacy and introducing its own UPI app, IND-UPI. Net profit rose by 23.69% in Q1 FY26

Poonawalla Fincorp aims AUM growth upwards of 40% in FY26, says CEO

Financial Services firm Poonawalla Fincorp is targeting above 40 per cent growth in its asset book on the back of expansion in products portfolio including gold loans. "We have given Asset Under Management growth guidance of 35-40 per cent this year. We hope to exceed our target as new product lines are gaining good traction," Poonawalla Fincorp MD and CEO Arvind Kapil told PTI. Poonawalla Fincorp registered a 53 per cent robust growth on annual basis in AUM at Rs 41,273 crore at the end of first quarter ended June 30, 2025. "We have close to 13 businesses and there are two noteworthy items that we have and we gave a declaration that we will be building AUM for the first four quarters and we will look at a guidance of sustained business profits thereafter which is a little different than how NBFC's have normally built," he said. The company's offerings include pre-owned car finance, personal loans, loans for professionals, business loans, loans against property, machinery loans, .

No retrospective change in I-T Bill, only simplification: Baijayant Panda

The old law had become so complicated that even experts couldn't give the clear answer, says Panda

Irdai proposes internal ombudsman to address claims up to ₹50 lakh

The ombudsman will apply to insurers with over three years of operations, be empowered to handle claims up to Rs 50 lakh, and offer time-bound grievance redressal

Kotak Mahindra Bank targets affluent clients with 'Solitaire' launch

According to the bank, the eligibility hinges on salaried individuals maintaining a relationship value of ₹75 lakh with the bank, and ₹1 crore for self-employed individuals

New NFRA chief Nitin Gupta brings experience of policy and Investigations

Nitin Gupta, the new chief of the National Financial Reporting Authority (NFRA), brings years of experience in policy-making and investigations, particularly in tackling complex financial issues

RBI's financial inclusion index hits 67 in March 2025, reflecting growth

Growth was witnessed across all sub-indices-access, usage, and quality-indicating continued progress in financial inclusion in India

Fintech self-regulator issues code of conduct for regtech companies

For the first time, FACE has issued a code of conduct for RegTech firms, ensuring cooperation with regulators, data security, and adherence to guidelines set by financial sector authorities

Customer complaints rising fast, bankers lacking empathy, says RBI DG

Reserve Bank Deputy Governor Swaminathan J has rued a "lack of empathy" among bankers, even in the face of rising number of customer complaints around serious aspects like fraud. Speaking at an event of RBI-promoted NIBM (National Institute of Bank Management) on July 12, Swaminathan said there is "increasing automation but decreasing ownership", and customers have to contend with template emails and helplines loop back "endlessly". He made it clear that addressing these issues will be essential if bankers were to sustain people's trust in the system. The Reserve Bank's website published the speech on Tuesday. "The number of customer complaints -- especially through digital channels -- has risen significantly in recent years. From social engineering frauds to poor grievance redressal, the loss and frustration is real. Often, the problem is not the product or service, but, as I see it, the real issue is a lack of empathy," the commercial banker-turned-regulator said in his valedict

Anup Saha resigns as Bajaj Finance MD; Jain redesignated as VC & MD

Anup Kumar Saha resigns as Bajaj Finance MD, with Rajeev Jain re-designated as Vice Chairman and Managing Director for the remainder of his term

Sequoia partner's social media post on Mamdani sets off chain reaction

Maguire's remarks were quickly condemned as Islamophobic. Over 1,000 technologists signed an open letter urging Sequoia to take action, while others defended his right to free speech

India's retail asset-backed securities market shows potential for growth

The retail asset securitisation market is poised for moderate growth in FY26, as indicated by the volumes of ₹52,000 crore in Q1FY26 and a notable shift towards PTC issuances

JPMorgan profit beats analysts expectation; raises interest income forecast

The bank now expects about $95.5 billion of NII, or the difference between what it earns on loans and pays out on deposits, compared with an earlier estimate of nearly $94.5 billion