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EXCLUSIVE


INDIA POST PAYMENTS BANK, RBIH JOIN HANDS FOR FINANCIAL PRODUCT, SERVICES

"Customer centricity is at the heart of everything we do at RBIH. India's strong
digital stack offers us the unique opportunity to bring everyone into the
country's financial ambit. I am excited about the possibilities our
collaboration with IPPB can open, and the impact we can create for the citizens
of India, together," RBIH CEO Rajesh Bansal said.

 * PTI
 * October 20, 2022, 06:40 IST

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India Post Payments Bank and Reserve Bank Innovation Hub joined hands to to
focus their efforts on enhancing the reach of financial solutions to large
sections of society across India and enabling frictionless finance to a billion
Indians, an official statement said on Wednesday. Under the arrangement India
Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) will plan,
design and execute innovative products and offerings to bridge the existing gap
by bringing digitalised services at the customer's doorstep.

"Customer centricity is at the heart of everything we do at RBIH. India's strong
digital stack offers us the unique opportunity to bring everyone into the
country's financial ambit. I am excited about the possibilities our
collaboration with IPPB can open, and the impact we can create for the citizens
of India, together," RBIH CEO Rajesh Bansal said.

The collaboration between IPPB and RBIH will explore projects which shall have
impact on the masses by leveraging the deep rural reach of IPPB-Department of
Posts (DoP) to take rural finance to a billion Indians.



Both entities will jointly work to enabling access to sustainable and secure
finance services to every segment of the society, through research and
innovation.

"The partnership with RBIH is a milestone in IPPB's journey to leverage its
digital platform and physical network for providing comprehensive,
customer-centric, and convenient digital solutions to a billion Indians," IPPB
MD and CEO J Venkatramu said.

Additionally, IPPB shall be an active participant and partner with RBIH on
initiatives of national importance led by RBIH, the statement said.

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BANKING

 * 23 hrs ago
   
   TWO RUSSIAN BANKS OPEN SPECIAL VOSTRO ACCOUNT FOR OVERSEAS TRADE IN RUPEE

 * 23 hrs ago
   
   ICICI EXTENDS CEO SANDEEP BAKSHI’S TERM BY 3 YEARS

 * 23 hrs ago
   
   PRIVATE BANKS' PROFIT MARGINS SOAR IN Q2

 * 1 day ago
   
   BANKS RAISE RS 2.4 LAKH CRORE DEPOSITS AS CREDIT GROWTH NEARS 18%

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   the legacy financial services organisations? How useful AI insights are for
   Future-Ready Neobanking industry? How Fintech industry are reinventing
   themselves and building the digital way forward? On the sidelines at the
   ETBFSI CXO Conclave this special session will explore various features on the
   future.Moderator: Sneha Jha, Deputy Editor, ETCIO; Nirav Choksi, CEO,
   CredAble; Gaurav Jalan, Founder and CEO, mPokket; Yashoraj Tyagi, CTO & CBO,
   CASHeNatraj Choudhury, Head of Engineering, Zolve; Adarsh Prabhu, Associate
   Director, Niveus Solutions.

 * 6 days ago
   
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 * 7 days ago
   
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EXCLUSIVE


TWO RUSSIAN BANKS OPEN SPECIAL VOSTRO ACCOUNT FOR OVERSEAS TRADE IN RUPEE

Two Russian banks have opened a special vostro account following permission from
the Reserve Bank of India to facilitate overseas trade in rupee.

 * PTI

Click Here to Read This Story
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Two Russian banks have opened a special vostro account following permission from
the Reserve Bank of India to facilitate overseas trade in rupee. Sberbank and
VTB Bank -- the largest and second largest banks of Russia -- are the first
foreign lenders to receive this approval after the RBI announced the guidelines
on overseas trade in rupee in July.

These banks have opened special vostro account in their respective branches in
Delhi, sources said.

Last month, state-owned UCO Bank received the RBI's approval to open a special
vostro account with Gazprombank of Russia.



The Kolkata-based lender, among the first banks to receive the regulator's
approval following the RBI's decision to promote rupee settlement, opened the
account during this month.

The move to open the special vostro account clears the deck for settlement of
payments in rupee for trade between India and Russia, enabling cross-border
trade in the Indian currency, which the RBI is keen to promote.

The RBI has allowed the special vostro accounts to invest the surplus balance in
Indian government securities to help popularise the new arrangement.

According to reports, Gazprombank is only facing sectoral sanctions, and is not
under the Specially Designated Nationals, or SDN, sanctions.

UCO Bank already has a vostro account-based facility with Iran.

Gazprombank, or GPB, is a privately-owned Russian lender and the third largest
bank in the country by assets.

Last month, the RBI and the finance ministry had asked the top management of
banks and representatives of trade bodies to push export and import transactions
in rupee.

They wanted the banks in India to connect with their foreign counterparts for
opening special rupee vostro accounts to facilitate cross-border trade in the
Indian currency rather than the popular mode of the US dollar.



"Indian importers undertaking imports through this mechanism shall make payment
in INR, which shall be credited into the special vostro account of the
correspondent bank of the partner country, against the invoices for the supply
of goods or services from the overseas seller/supplier," RBI had said earlier.
PTI DP ANZ HVA

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EXCLUSIVE


ICICI EXTENDS CEO SANDEEP BAKSHI’S TERM BY 3 YEARS

ICICI Bank’s board reappointed Sandeep Bakshi as MD & CEO for three years, the
private lender said in a recent regulatory filing.Bakshi’s term was till October
3, 2023, this the reappointment will be effective October 4, 2023. Bakshi’s
renewed tenure will be up to October 3, 2026.

 * TNN

Click Here to Read This Story
 * 
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MUMBAI: ICICI Bank’s board reappointed Sandeep Bakshi as MD & CEO for three
years, the private lender said in a recent regulatory filing.

Bakshi’s term was till October 3, 2023, this the reappointment will be effective
October 4, 2023. Bakshi’s renewed tenure will be up to October 3, 2026. The bank
added that the reappointment will be subject to RBI and shareholder approval.

Bakshi had taken over as ICICI Bank’s MD & CEO in October 2018.




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EXCLUSIVE


PRIVATE BANKS' PROFIT MARGINS SOAR IN Q2

ICICI Bank reported a 31-basis-point increase in NIM to 4.31% in the September
quarter from a year earlier. NIM is the difference between the yield a bank
earns on loans and the interest it pays on deposits, and is considered a key
matrix to judge bank profitability. One basis point is 0.01 percentage point.

 * Joel Rebello
 * ET Bureau

Click Here to Read This Story
 * 
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Mumbai: Banks have had the best quarter in years in financial performance, with
private sector lenders leading the way with record-high profit margins.

An increase in lending rates helped banks get higher yields on loans, even as
the cost of funds remained relatively low as they have managed with smaller
increases in deposit rates.

Fiscal second-quarter results show private sector banks have all reported a
strong increase in net interest margins (NIM) along with robust loan growth,
especially from retail loans.



ICICI Bank reported a 31-basis-point increase in NIM to 4.31% in the September
quarter from a year earlier. NIM is the difference between the yield a bank
earns on loans and the interest it pays on deposits, and is considered a key
matrix to judge bank profitability. One basis point is 0.01 percentage point.

The improvement in NIM was across the board, with Axis Bank (57 basis points),
Kotak Mahindra Bank (72) and IDBI Bank (135) also reporting strong expansion in
profitability. For HDFC Bank, the NIM remained unchanged at 4.1%.

Analysts say private sector banks have made the most of rising interest rates,
passing on rate hikes almost instantly resulting in a strong increase in margins
across the board even as the cost of funds has stayed low as deposit rate hikes
have lagged.

"The impact on margins and hence, profitability is at its peak, especially in an
extremely benign credit cycle. Going forward, with the instant transmission of
RBI hikes on asset yields, margins will reflate further before deposit pricing
catches up. These are clearly the best times for banks (on the asset side), and
lenders with no asset quality distractions or operational issues are seeing
record profits," said ASV Krishnan, institutional analyst, BFSI at HDFC
Securities.



Analysts say though deposit rates will go up from hereon, the quicker
transmission of rates has ensured profitability will be unhindered as banks
still have enough leeway to avoid large-scale increases in deposits.

"Banks are likely to continue benefitting from the faster transmission of rate
hikes. Deposit hikes have now started but will only eat into margins with a lag,
which may be from Q4. As a result, profitability especially for private sector
banks is likely to remain robust," said Alpesh Mehta, BFSI analyst at IIFL
Securities.

Deposit growth for all banks, like the broader banking system, has trailed the
pace of credit expansion. For example, ICICI's deposit growth at 12% was almost
half the 23% increase in loan growth it reported.

But executive director Sandeep Batra brushed aside concerns of a future
asset-liability mismatch by pointing out that the bank has a liquidity coverage
ratio of 127% - higher than what is required to make up for the slower pace of
growth.



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EXCLUSIVE


NO GOVT, LIC VETO POST PRIVATISATION OF IDBI BANK

The government and state-owned insurer LIC, who will continue to hold
significant shareholding in IDBI Bank post its privatisation, will not veto any
proposals of the new owner as part of their plan to give the incoming promoters
a free hand, a senior official said.

 * PTI

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The government and state-owned insurer LIC, who will continue to hold
significant shareholding in IDBI Bank post its privatisation, will not veto any
proposals of the new owner as part of their plan to give the incoming promoters
a free hand, a senior official said. The government earlier this month invited
bids for the sale of 60.72 per cent stake in IDBI Bank, which is 45.48 per cent
owned by the government and 49.24 per cent by the Life Insurance Corporation of
India (LIC).

At Friday's closing price of Rs 44.30, IDBI Bank is valued at Rs 47,633 crore
but the government is looking for at least 30 per cent markup in the sale.

At the current price, sale of 61 per cent stake would fetch about Rs 29,000
crore to the government.



The official said post-privatisation, the government and LIC shareholding will
come down to 34 per cent but they do not intend to move in tandem to block any
special resolution proposed by the new promoter.

This is with a view to assuaging the concerns of investors.

"There should not be any such concern. If we are selling a 60.72 per cent stake
and transferring management control, it should be clear to investors that we are
not interested in controlling the institution and hence will not oppose any
resolution," the official said.

"We will give an assurance on this at the RFP or financial bids stage to the
qualified bidders for IDBI Bank," the official told PTI.

There have been concerns in some quarters that the government and LIC holding 34
per cent stake in IDBI Bank after its privatisation may act as a deterrent for
bidders as a shareholder or a group of shareholders together holding 25 per cent
or more of the shares can effectively oppose a special resolution.

Allaying such a concern, the official said "if that was the intent, then we
would not have gone ahead with selling about 61 per cent stake. We could have
sold less. The government and LIC would not act together in opposing any
resolution and we will clarify that in writing in the share purchase pact."



Decisions like share buyback, loans and investments by company, removal of
auditor before time and reduction in share capital require to be approved by a
special resolution, with at least 75 per cent of shareholders voting in favour.

While inviting the expression of interest (EoI), the government already
clarified that if the successful bidder intends to amalgamate IDBI Bank with
itself or if the same is required by RBI, the Centre and LIC will vote in favour
of any such merger/ amalgamation at the board and/or shareholders' meetings of
IDBI Bank.

The government is expecting to get the financial bids for IDBI Bank by March and
complete the process of privatisation in the first half of next fiscal beginning
April 2023.

The government, together with LIC, on October 7 offered to sell 60.72 per cent
stake in IDBI Bank and has invited preliminary bids or Expression of Interest
(EoI) from potential buyers by December 16.

LIC and government hold 49.24 per cent and 45.48 per cent stake respectively.
The remaining 5.28 per cent shareholding is with the public.

Of this, the government will sell 30.48 per cent and LIC 30.24 per cent stake,
aggregating to 60.72 per cent of the equity share capital of IDBI Bank.

In addition, the buyer will have to make an open offer to the minority
shareholders of IDBI Bank for buying 5.28 per cent stake. PTI JD ANZ JD ABM ABM

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EXCLUSIVE


BANKS RAISE RS 2.4 LAKH CRORE DEPOSITS AS CREDIT GROWTH NEARS 18%

The credit demand was strong from retail borrowers during the festive season and
from corporates during the second quarter end, forcing banks to raise deposit
rates.

 * ETBFSI

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Commercial banks raised Rs 2.41 lakh crore in deposits during the fortnight
ended October 7 as they raised deposit rates to meet the bank credit demand that
continued to rise at a scorching pace during the festive season.

The credit demand is strong from retail borrowers during the festive season and
from corporates during the second quarter-end. Corporates are also tapping the
public bond market due to liquidity squeeze in the system

Bank credit rose by 17.94 per cent year on year (YoY) to Rs 128.6 lakh crore as
of October 7, while deposits at banks increased 9.62 per cent YoY to Rs 172.72
lakh crore, according to the RBI data.



Sequentially, the outstanding loan book of scheduled commercial banks grew by
1.82 per cent (Rs 2.31 lakh crore) from Rs 126.29 lakh crore on September 23,
2022. The YoY growth in credit was 16.4 per cent as of September 23, 2002.

Credit offtake grows

Over the last two-years-and-half years, credit offtake has overcome
Covid-induced lag and has grown by around 23 per cent to almost catch up with
Deposit growth of 25.5 per cent over the period. The growth is driven by retail
credit, higher working capital demand amidst high inflation, and lower funds
raised in the capital market. It is expected to remain elevated in the short
term due to the festival season, and in the range of 12-13 per cent for FY23.
Deposits saw a slower growth at 9.2 per cent. Deposits rates are expected to go
up due to rising credit demand, widening credit, slower deposit growth, ongoing
festival season, lower liquidity in the market, and elevated inflation.

Dwindling liquidity

From Rs 8 lakh crore in early April, the banking liquidity has declined to
around Rs 64,000 crore now. In September, the average liquidity surplus was
around Rs 91,000 crore.

With credit demand high during the festive season, banks have borrowed funds
from the RBI at the MSF rate of 6.15 per cent four times, with the average
borrowing at around Rs 7,000 crore.



The weighted average call rate, which is the operating target of the RBI’s
monetary policy, has ended above the repo rate of 5.90 per cent on six of the 12
trading days so far this month.

Deposit rates on the rise

To meet the pressing demand for credit. lenders including State Bank of India,
ICICI Bank, HDFC Bank and Canara Bank have raised deposit rates and face
pressure to raise them further to retain high-value deposits.

For the last few years, deposits had been growing at a fast clip, especially
when compared to credit. However, in the current year, with the reversal of this
trend, the y-o-y change in credit has outpaced deposits, reducing the
availability of cheaper CASA deposits.

Customers are moving their funds to fixed deposits (FDs), shifting from saving
deposits as banks raise FD rates and credit offtake picks steam.


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EXCLUSIVE


ICICI BANK Q2 RESULTS: PROFIT RISES 37% YOY TO RS 7,558 CRORE; NII GROWS 26%

Net interest income (NII) increased by 26% YoY to Rs 14,787 crore in Q2FY23 from
Rs 11,690 crore in Q2FY22.

 * Pawan Nahar
 * ETMarkets.com

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NEW DELHI: Private sector lender ICICI Bank on Saturday reported a 37%
year-on-year (YoY) rise in standalone net profit to Rs 7,558 crore as against Rs
5,511 crore a year ago.

India's second larger private lender reported a 26% YoY increase in the net
interest income (NII) at Rs 14,787 crore during the July-September 2022 period
as against Rs 11,690 crore in the same period last year.

More to come...

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EXCLUSIVE


AXIS BANK SAYS FOLLOWED ALL RULES IN MAX LIFE INSURANCE DEAL

Axis Bank chief Amitabh Chaudhry on Thursday asserted the lender has followed
all rules and regulations in the deal to acquire a 20 per cent stake in Max Life
Insurance.

 * PTI

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MUMBAI: Axis Bank chief Amitabh Chaudhry on Thursday asserted the lender has
followed all rules and regulations in the deal to acquire a 20 per cent stake in
Max Life Insurance.

The statement comes against the backdrop of two orders by the insurance sector
watchdog Irdai in the last few days, wherein Max has been fined Rs 3 crore while
a penalty of Rs 2 crore has been imposed on the bank regarding the deal on
concerns over valuations.

"We believe all the rules and regulations have been followed through the entire
deal process," Chaudhry, the bank's Managing Director and Chief Executive
Officer, told reporters on a call.



He also said the bank is engaged with Irdai, and is very committed to the
partnership both as a promoter and as a bancassurance partner.

The bank, which has completed acquiring 13 per cent of the overall 20 per cent
stake it has been allowed to purchase, is committed to increase the stake, he
added.

"We believe we have done everything the right way. Irdai has a different view.
We are in conversation with them," he said.

When asked if it has received any communication from the markets regulator Sebi
as well regarding the deal, Chaudhry replied in the negative.

He said the bank's internal probe in the insider trading matter involving
executives from its asset management business has revealed that one of the
persons has violated the securities law but the amount involved is not
substantial.

The bank has shared the report with the capital markets regulator, and is in
touch with Sebi for further actions, he said.

Meanwhile, on the over Rs 12,000 crore deal to acquire the domestic retail
business of American lender Citi, Chaudhry exuded confidence of finishing the
deal by end of March 2023 but also said that it may slip into the June quarter.

He said the business is performing as per the assumptions made during valuing
the business, and at present, there is no question of invoking the clause where
a provision has been made to decrease the valuations if there is a certain level
of attrition in the metrices.


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EXCLUSIVE


INDIAN BANKS’ ASSOCIATION RE-ELECTS PNB'S AK GOEL AS CHAIRMAN

State Bank of India’s Dinesh Khara has become deputy chairman along with two
others including A S Rajeev, MD & CEO of Bank of Maharashtra and Madhav Nair,
CEO of Mashreq Bank, a Dubai-headquartered foreign lender.

 * Saikat Das
 * ET Bureau

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Indian Banks’ Association reelected A K Goel, managing director and CEO of
Punjab National Bank as its new chairman, who will serve the industry body for
the financial year 2022-23.

The reelection was one of the rare occasions in history when an incumbent IBA
chairman obtained a second consecutive term.

Goel was supposedly a unanimous candidate, said a banking source.



“Goel will be able to coordinate with the government better sitting in Delhi,”
the person said.

The senior most managing director of a public sector bank is generally elected
as chairman for a period of one year.

State Bank of India’s Dinesh Khara has become deputy chairman along with two
others including A S Rajeev, MD & CEO of Bank of Maharashtra and Madhav Nair,
CEO of Mashreq Bank, a Dubai-headquartered foreign lender.

IBA, an industry body comprising all lenders held a meeting Friday to elect new
office bearers. Foreign banks with branches in India are also members of it.

N Kamakodi, CEO of City Union Bank became the honorary secretary of the
Association.

India’s banking industry is all geared up for the next level of growth after
having dealt with a huge pile of bad loans. While deposits grew 9.6%
year-on-year, credit expanded nearly double the pace at 17.9%, show latest data
from the Reserve Bank of India.

Outstanding loans for the industry were at Rs 128.6 lakh crore versus Rs 172.7
lakh crore outstanding deposits, show data updated until October 7 this year.



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EXCLUSIVE


YES BANK’S NET PROFIT DIPS BY 32%, NEXT TWO QUARTERS CHALLENGING FOR BANKS:
PRASHANT KUMAR, MD & CEO

Yes Bank announced its results on Saturday, reporting a dip in net profits by
over 32 per cent. Yes Bank share price closed 1.25 per cent higher on Friday at
₹16.15 apiece on NSE.

 * Anushka Sengupta
 * ETBFSI

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On account of rise in provisioning from ₹377 crore to ₹583 crore in second
quarter of the current financial year, Yes Bank has reported 32.20 per cent dip
in net profit on YoY-basis, despite logging 31.7 per cent rise in net interest
income.

In Q2FY23 results, Yes Bank reported dip in net profit from ₹311 crore in Q1FY23
to ₹153 crore in Q2FY23, logging 50.80 per cent dip on QoQ basis.



The private lender has claimed that the dip in net profit of the bank is due to
the rise in provisioning.

However, Yes Bank's provisioning in Q1FY22 stood at ₹175 crore, which means the
private lender has raised its provisioning by 233.60 per cent on QoQ-basis.

The private lender has reported improvement in its assets as well. In Q2FY22,
Yes Bank's total asset stands at ₹3,34,496 crore that stood at ₹3,18,475 crore
in Q1FY23 whereas it stood at ₹2,88,523 crore in Q2FY22.

Yes Bank has reported improvement in its asset by 5 per cent on QoQ-basis and
15.90 per cent on YoY-basis.

Yes Bank's net interest income (NII) in recently ended September 2022 quarter
stands at ₹1,991 crore that stood at ₹1,850 crore in Q1FY23 and at ₹1,512 crore
in Q2FY22.

"Coming two quarters there'll be a challenge in raising further deposits. Our
deposits growth is 13% compared to industry average of 9%," said Prashant Kumar,
MD & CEO, Yes Bank.

Prashant also said that the bank would continue to make efforts in terms of
raising liabilities, but he also stressed that the next two quarters would be a
challenge for all the banks in terms of liquidity.

He also added that the bank has seen good new business growth this quarter from
corporates.



Yes Bank has reported net income at ₹2,911 crore that stood at ₹2,632 crore in
Q1Fy23 and at ₹2,290 crore in Q2FY22. This means private bank has managed to
register 10.6 per cent QoQ rise in its net income during July to September 2022
quarter.

Yes Bank share price closed 1.25 per cent higher on Friday at ₹16.15 apiece on
NSE.


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EXCLUSIVE


CONSOLIDATION OF PSBS HAS NOT IMPACTED THEIR OUTREACH, SAYS RBI DEPUTY GUV RAO

Reserve Bank Deputy Governor M Rajeshwar Rao on Friday said consolidation of
public sector banks does not seem to have had any negative impact on their
outreach or inclusive banking efforts.

 * PTI

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Reserve Bank Deputy Governor M Rajeshwar Rao on Friday said consolidation of
public sector banks does not seem to have had any negative impact on their
outreach or inclusive banking efforts. The number of state-owned banks has
reduced from 27 (in March 2017) to 12 (as of June 2022).

Delivering the 12th R K Talwar Memorial Lecture, Rao said the Indian banking
system has a very distinguishing characteristic pre- and-post liberalisation.

Before liberalisation, the Indian economy was largely a mixed economy with
government playing a dominant economic role for planned development, he noted.



This economic structure was well aligned with the contemporaneous banking
structure where public sector banks owned roughly 90 per cent of total banking
assets in India, especially after two major episodes of nationalisation of banks
(1969 and 1980).

The genesis of financial sector reforms in India could be attributed to the
recommendations of the Committee on the Financial System chaired by M Narasimham
in 1991.

The Deputy Governor said based on the recommendations of the committee, the dual
regulation of banks was proposed to be removed, interest rates were largely
deregulated, and Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR)
were reduced to increase the productive capacity of bank capital.

Also, the banking sector started to get reorganised with entry of private sector
and foreign banks. The idea of introducing new lenders was to improve the
competitiveness of the banking system for better allocative efficiency, Rao
said.

He further said since commencement of their business, the new age private sector
banks have been contributing increasingly to the credit needs of the economy.

Their share in total credit has increased from about 3 per cent in 1996-97 to 36
per cent in 2021-21, he said.



Rao said the government has been facilitating consolidation of public sector
banks in India over the last few years.

"The consolidation of public sector banks does not seem to have had any negative
impact on their outreach or inclusive banking efforts as the total number of
bank branches has largely remained same (with minor reductions due to
rationalisation) pre- and post-merger," he noted.

Besides, the Deputy Governor said the financial inclusion efforts have already
transcended to a business correspondent-led model leveraging on technology.

He further said at a broader level, for enabling a reasonable level playing
field, there would have to be a gradual convergence in terms of the operating
space and flexibility available to each class of entity.

R K Talwar was a legendary banker who headed the State Bank of India (SBI). PTI
NKD CS NKD ABM ABM

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