Page 6 - Small Finance Banking

Top-level exits: AU SFB says 'nothing to hide' on disclosure issues

Jaipur-based AU Small Finance Bank (AU Bank) on Wednesday tried to allay concerns of investors and depositors with regard to top-level resignations in recent months, saying that it is a "simple HR issue" that the company management is trying to resolve. Concerns were raised over transparency issues as there has been a lag on part of the bank to make disclosure about the top-level resignations. In an early morning investor call, MD & CEO Sanjay Agarwal said the bank has "nothing to hide" and there is nothing on the "governance issue", and rather it was a simple HR issue that the management of the company is trying to resolve. On Tuesday, the bank had said that its Chief Audit Officer Sumit Dhir has expressed his desire to move back to his hometown Delhi, due to changes in his personal circumstances following the COVID second wave. Shares of the company witnessed a sharp decline of 12.64 per cent on Tuesday even as the broader market ended with significant gains. Shares of AU Bank .

How Google's push into Indian retail banking challenges traditional lenders

Google Pay wants to push time-deposit products of small Indian banks, breaching banks' historic moat with tech innovation.

Jana SFB ties up with two co-op banks to offer digital, payment services

Jana Small Finance Bank (Jana SFB) will provide its digital infrastructure and payments services to HCBL Co-operative Bank and Mysore Merchants Co-operative Bank under the bank sponsorship programme. Under the bank sponsorship programme, the RBI has permitted Core Banking Solution (CBS) enabled co-operative banks to issue ATM cards or ATM-cum debit cards to its customers in association with the sponsor bank. Jana Small Finance Bank signed a memorandum of understanding (MoU) with HCBL Co-operative Bank, Lucknow and Mysore Merchants Co-operative Bank, Mysore to provide digital infrastructure and payments services to the respective banks under the bank sponsorship programme of the RBI, Jana SFB said in a release on Thursday. With this tie-up, HCBL Co-operative Bank and Mysore Merchants Co-operative Bank will be able to extend ATM, point of sale (PoS) and e-commerce services to its customers. This is for the first time that Jana SFB has tied up with a co-operative bank to provide IMPS

Nitin Chugh's exit, provisioning concern to weigh on Ujjivan SFB: Analysts

Including Monday's intra-day fall of 9.6 per cent, the stock of Ujjivan Small Finance Bank has tumbled 31 per cent in six days

Ujjivan SFB shares tumble nearly 19% as MD, CEO Nitin Chugh resigns

Shares of Ujjivan Small Finance Bank on Friday tumbled nearly 19 per cent after the announcement that its Managing Director and Chief Executive Officer Nitin Chugh has resigned from the bank. The stock tumbled 18.76 per cent to close at Rs 19.70 on the BSE. During the day, it tanked 20 per cent to its 52-week low of Rs 19.40. On the NSE, it plunged 18.76 per cent to close at Rs 19.70. In traded volume terms, 22.56 lakh shares were traded at the BSE and over 4.44 crore units at the NSE during the day. Ujjivan Small Finance Bank MD and CEO Nitin Chugh has resigned from the bank and his tenure will come to an end on September 30. The bank has received a letter, dated August 18, from Nitin Chugh tendering his resignation from the position of the bank's managing director and CEO, with effect from the close of business hours on September 30, Ujjivan SFB said in a regulatory filing on Thursday. "His tenure as the director is co-terminus with his tenure as managing director and CEO of th

Longer forbearance will help in conversion to a bank, says Y S Chakravarti

We are not going in for external funding. We have decided that SCUF will fund them, says Shriram Group MD

AU Small Finance Bank shares jump 3% as lender launches QIP issue

The issue has been set at a floor price of Rs 1,181.06 per share, on which the lender may offer a discount of not more than 5 per cent, according to its exchange filing.

BS SFB Round Table: Rural, urban India show little difference, say experts

At Business Standard Unlock BFSI 2.0, some of the best minds from the SFB sector discuss the consequences of the lockdown, the urban- rural divide, capital-raising plans, and the way forward for SFBs

AU Bank posts over two-and-a-half times jump in Q3 net profit to Rs 479 cr

AU Small Finance Bank on Thursday reported a rise of over two-and-a-half times in its net profit to Rs 479 crore for the third quarter ended December 2020.

SMCB becomes India's first urban co-operative bank to transition to SFB

The bank had received an in-principal approval from the RBI for transitioning to a SFB in January 2020

Early implementation of RBI panel proposals will give us time to list: SFBs

The steps mooted by the RBI's internal working group headed by P K Mohanty may not impact regulations concerning SFBs in the short term

Ujjivan Small Finance Bank Q1 net profit dips 41% on higher provisioning

The bank had reported a profit after tax of Rs 94 crore in the same quarter of previous fiscal.

Weak economic outlook to give small finance banks more time to get listed

Five small finance banks, including Equitas SFB, are due for listing by 2021

BS Banking Annual 2019: Banking is a very long-term biz, says USFB chief

Becoming a bank has given us more strength, says Jana SFB MD & CEO Ajay Kanwal

With 'restrictive' norms, not many takers for small finance bank licences

Word is out that there will be relatively few takers for SFB licences compared to the 72 applicants who lined up in February 2015

Ujjivan Small Finance Bank: Analysts still bullish despite bumper listing

The IPO of the lender, which was open for subscription during December 2-4, was subscribed more than 170 times at a price band of Rs 36-37 per share

Former RBI deputy governor H R Khan to head micro-finance panel

CRL was launched in September by MFIN and Sa-Dhan, an RBI-recognised association of MFIs, along with Finance Industry Development Council, an association of NBFCs

RBI mandates 67% variable pay component for brass of private, foreign banks

The regulator said if the variable pay is up to 200% of the fixed pay, at least 50% of it should be in non-cash

Slowdown hasn't hurt small finance banks: ESAF Small Finance Bank CEO

ESAF Small Finance Bank, which began operations in March 2017, saw an over threefold jump in its net profit to Rs 90 crore in 2018-19

Equitas Holdings stock tanks after Sebi rejects listing proposal for SFB

The shares ended the session nearly 13 per cent lower at Rs 102 as analysts slashed price targets for the stock, citing so-called "holding company (holdco) discount"