"The GDP growth projections are 5 per cent for this year and 5.5-7 per cent next year, which are very good in the current context. So we are doing relatively well," says HDFC Bank's Managing Director Aditya Puri.
BPOs can transform the face of rural India if they can retain even a small proportion of educated youth in villages.
RBI has increased its key rates 10 times since March 2010.
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
Morgan Stanley removed banking stocks from its model portfolio when it slashed its weighting on the sector by 500 basis points. Several foreign brokerages, such as UBS, JP Morgan, and Credit Suisse, of late, have also become less optimistic about banking stocks.
Over 75 per cent of the bank's Rs 175 crore NPA arises from Uttar Pradesh, Madhya Pradesh and Maharashtra.
Stocks such as ICICI Bank, Axis Bank, State Bank of India, Bank of Baroda and HDFC Bank are among the top banking picks of analysts for 2017. A decline in cost of funds and treasury gains are expected to help stabilise their net interest margins
Country's biggest mortgage lender HDFC on Tuesday announced a festive offer in line with peers like SBI with home loans starting from 6.70 per cent. Last week, SBI as part of festival bonanza offered a concessional home loan rate of 6.70 per cent under its festive offer. This was followed by other lenders like Punjab National Bank and Bank of Baroda.
Ahead of the end of his term as the Kotak Mahindra Bank's chief executive and managing director, Uday Kotak has said he will be a "non-executive board governance member and a strategic shareholder" going ahead. In the private sector lender's annual report, the last such message from him as the MD and CEO before he relinquishes the position at the end of 2023, Kotak reminisced about the institution's journey, pointing out that Rs 10,000 invested in 1985 is worth over Rs 300 crore today. "Going forward, I see my role as a non-executive board governance member and a strategic shareholder with a long term perspective of nurturing a world class institution," Kotak said in the annual report.
Personal loans have about 80 per cent share in exposures restructured under regulatory package 2.0 by eight banks who have declared results for the second quarter. The remaining 20 per cent are loans to individuals used for business and credit to MSMEs. The total recast exposure of these banks under One Time Restructuring (OTR 2.0) was Rs 27,708 crore.
'We have seen something do very well when the times are good but maybe not as well when the times are bad.'
A 5% increase is expected due to additional interest on approval costs.
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
'There will be partnerships between banks and fintech firms, but there will also be areas where they will be direct competitors.'
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
Investors may have to wait a little longer for Unified Payments Interface (UPI)-based block mechanism in the secondary market even as the market regulator has set the effective launch date as January 1, 2024. Several brokerage firms said they may take a few months more to implement it. Investors will be able to register for this facility only if the stock broker has opted for the UPI block facility.
Sebi found that on average, the remuneration paid to CEOs in certain Indian companies are far higher than the remuneration received by their foreign counterparts.
Credit card spends jumped 57 per cent year-on-year (YoY) in September, aided by the festive season. According to the latest Reserve Bank of India (RBI) data, in September, credit card spends totalled Rs 80,477.18 crore compared to Rs 77,981 crore in August, thereby registering a 3.2 per cent growth sequentially, despite the high base. In the corresponding period last year, credit card spend was to the tune of Rs 51,356.68 crore.
No word on appointment of Shagun Kapur Gogia
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
HDFC Bank managing director Aditya Puri on Wednesday said the lender's business is returning to pre-COVID-19 levels and full normalcy is expected to be restored soon.
'We do not believe in fire sale. We don't do it.'
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
Generally, the central bank grants its approval by mid-March, or latest by March 31, but most banks have not received RBI approval on bonus packages this year.
The fundamental issue between banks and fintech would be who will own the customer and who will be the service provider.
UTI Mutual Fund has targeted to raise at least Rs 5,000 crore by distributing its products through bank branches over the next 12 months.
Investors will take cues from the December quarter corporate earnings, with blue-chips like Infosys, Reliance Industries scheduled to report their results this week, in addition, inflation data and trading activity of foreign investors will also be crucial in dictating market trends, analysts said.
'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'
Puri earned a salary of Rs 7.39 crore in FY15, up 21.74% from last year
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
Sharma would be 60 in November 2018, and would have completed 10 years as Axis Bank's CEO the following year in June.
Senior citizens and others depending upon income from bank fixed deposit (FD) schemes will be at the receiving end with the retail inflation exceeding the interest rates. The Reserve Bank of India (RBI) in its latest monetary policy review has projected retail inflation at 5.3 per cent for the current financial year. Last week, the RBI said that the Consumer Price Index (CPI)-based inflation is now projected to be at 5.3 per cent for 2021-22 with risks evenly balanced.
With the 50 bps rate cut now more banks are expected to reduce their base rate.
Aditya Puri has a higher yearly pay of 9.7 crore, plus stock options, at HDFC Bank.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
The mass cancellation of coal blocks by the Supreme Court has sent banks in a jittery mode as they have extended over Rs 1 lakh crore loans to power plants that were fed by these mines.
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