Page 5 - Small Finance Banking

Fino Payments discussing SFB transition internally: MD & CEO Rishi Gupta

Transitioning from a business correspondent to a payments bank five years back, profit making Fino Payments Bank looks for a further upgrade to a small finance bank with internal discussions underway, bank's chief Rishi Gupta said. The bank will approach the Reserve Bank of India (RBI) for a small finance bank licence at an appropriate time, Gupta, Managing Director and Chief Executive Officer, Fino Payments Bank said. RBI guidelines stipulate that a payments bank more than five years old can apply for a licence for a small finance bank (SFB), Gupta said. "So the natural migration for Fino from a banking licence point of view will be into a small finance bank. We have started to offer credit in partnerships with other players. We are also building a large customer and merchant base, which will come handy as we decide on SFB. "Having said that, right now we are internalising it. And once we close that communication and we believe that it is the right path or approach, then we will .

AU Small Finance Bank hikes fixed deposits rates by 60 bps to 7.5%

AU Small Finance Bank on Wednesday said it has hiked fixed deposit rates by 60 basis points to 7.5 per cent for regular customers. Senior citizens will get an interest of 8 per cent on their fixed deposits. The increased rates have come to effect from October 10, 2022. The bank has hiked the fixed deposit rates by up to 60 basis points for retail deposits from flagship 6.9 per cent to 7.5 per cent for regular customers and 7.4 per cent to 8 per cent for senior citizens, it said in a release. The Jaipur-based small finance bank said with the hike in fixed deposit rates, it is offering one of the most competitive fixed deposit interest rates in the industry and customers can get maximum return on their investments. In the rising inflation scenario, the hike in fixed deposit rates gives the customers an opportunity, particularly senior citizens, to get inflation-beating returns from their fixed deposits, the lender added. Also, savings deposit holders of Rs 1 crore and less than Rs

Equitas SFB gross advances up by 20% at Rs 22,802 cr at September end

Equitas Small Finance Bank on Friday said its gross advances grew by 20 per cent to Rs 22,802 crore at end of September 2022 quarter. The Bank's gross advances in the year-ago period of September 2021 stood at Rs 18,978 crore. During the second quarter ended September 2022-23, the Bank's disbursements were up by 22 per cent at Rs 3,845 crore, as against Rs 3,145 crore in year-ago period. Total deposits rose by 20 per cent to Rs 21,726 crore, from Rs 18,094 crore at end Q2FY22, Equitas Small Finance Bank said in a release. Of this, retail term deposits were at Rs 7,665 crore, up by 13 per cent from Rs 6,767 crore in the year-ago quarter. The current account savings account (CASA) stood at Rs 10,456 crore at end of Q2FY23, as against Rs 8,200 crore in the year-ago period. CASA ratio was at 48.13 per cent. Among others, the Bank's cost of funds came down to 6.25 per cent, as against 6.81 per cent. The Bank said the figures related to September 2022 are provisional unaudited number

Ujjivan SFB reports 44 % YoY growth in advances in Q2, loan book expands

Lender reports 45% growth in deposits to Rs 20,389 crore at the end of the quarter

Rupee Cooperative Bank set to explore merger proposal, SFB conversion

On August 8, the RBI had ordered cancellation of the banking licence of the ailing UCB from September 22. The high court will take up the matter on October 17

Microfinance loans grow 24% YoY in Q1 of FY23; credit quality stable

Fund flow to the sector has improved but some smaller MFIs still find it difficult to access finance from banks

Unity Small Finance Bank appoints Inderjit Camotra as MD and CEO

Unity Small Finance Bank is a new age, digital first bank which was recently elevated to a 'Scheduled Bank' and was included in the Second Schedule of the RBI Act.

No plan to pass interest rate hike to MFI customers: Suryoday SFB's Babu

R Baskar Babu, managing director & chief executive officer of Suryoday Small Finance Bank, tells Manojit Saha in an interview that the regulator wants these lenders to rebalance the portfolio

AU Small Finance Bank Q1 net up 32% YoY to Rs 268 cr, down 23% sequentially

Improvement in NII, even as trading losses weigh on profitability

AU Small Finance Bank to invest over Rs 500 cr for IT, digital makeover

Sanjay Agarwal, managing director and chief executive, said the lender was in a growth phase and is spending to achieve digital ambitions

RBI says 6 of 11 applicants found not suitable for bank permits: Full list

RBI announces decision on six of eleven pending applications for universal bank licence / small finance bank licence

RBI gives go-ahead to Equitas reverse merger plan with certain riders

Asks Equitas Holdings to divest shareholding in its subsidiary, Equitas Technologies, prior to the scheme taking effect

Over 50% PMC depositors have stayed with Unity: Centrum Group's Bindra

Unity Small Finance Bank's first leg of journey is integration: Bindra

AU Small Finance Bank looking at 30% asset growth for five years

AU Small Finance Bank plans to raise fresh equity capital in the current financial year depending on market conditions.

Unity Small Finance Bank pays Rs 3,800 cr to 850,000 PMC Bank depositors

According to the plan approved by the Union government, Unity Small Finance Bank was supposed to pay the insured deposit amount up to Rs 5 lakh received from the DICGC immediately.

Small finance banks seek an urgent extension of time limit for listing

These banks have cited the 'accepted recommendations 31 and 27' of the Reserve Bank of India's (RBI's) Internal Working Group (IWG) to buttress their request

Unity SFB not affected by BharatPe tussle: Centrum Capital's Jaspal Bindra

Jaspal Bindra says Centrum's partnership is with funds like Sequoia, not Grovers

Ujjivan Small Finance Bank seeks shareholders' nod to raise Rs 600 crore

The bank has already sought Sebi nod for a scheme of amalgamation to achieve the Minimum Public Shareholding (MPS)

West End Housing applies for small finance bank licence with RBI

Currently, there are about a dozen small finance banks in the country

Fino Payments not planning to turn into small finance bank 'right now': CEO

Company is only profitable payments bank and 'lot of things need to settle down first' for it to consider seeking a licence for conversion, says Rishi Gupta