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ETBFSI Newsletter | Tuesday, May 2, 2023


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Top Stories



RBI's digital guidelines created a level playing field between players, say NBFC
captains
The biggest benefit of digital lending has been the improved reach and
efficiency for lenders, say NBFC honchos at the ETBFSI NBFC Connect conference
..




FPI cut Rs 30,000 crore stake in Indian banks in FY23, raise YES, IDFC Bank
holdings
FPIs' stake in RBL Bank decreased by 4% to 25% as of March 2023, while in
IndusInd Bank, their exposure was trimmed by 4% to 42.16%.




Sustainable co-lending essential for NBFCs, banks; will help both scale up: NBFC
honchos
At the ETBFSI Connect conference in Chennai, senior NBFC leaders discuss how
sustainable businesses can be built with the use of co-lending, the major..


 

Banking



JPMorgan buys First Republic, US's 2nd biggest bank failure
JPMorgan acquired about $173 billion of First Republic's loans, $30 billion of
securities and $92 billion in deposits. JPMorgan and the Federal Deposi..




Bank branches need to become smart amidst rise of online channels: Report
According to the World Retail Banking Report 2022, 75% of customers believe
branches are an important channel and will remain relevant. However, with ..




Axis Bank's original promoter fully exits after three decades
In December Suuti held six lakh shares representing 0.02% stake in the bank
which was down from 1.55% in September 2022. As of end March 2023, the sta..




Rising funding costs weigh on private banks
For Kotak Mahindra Bank, the proportion of CASA deposits in total deposits fell
to 52.8% from over 60% a year ago. Savings account deposits also decli..




Why First Republic failed. Are other banks to follow?
First Republic Bank, the second regional bank with assets over $200bn to fail in
a few weeks after Silicon Valley Bank, was seized by the government. ..


 

NBFC



IIHL receives Rs 50,000 cr financial offers from overseas lenders for Reliance
Capital acquisition
The Hinduja Group arm, IndusInd International Holding Ltd. (IIHL), which emerged
the highest bidder for Reliance Capital in the recently concluded auc..




Kunal Shah's Newtap Technologies in talks to raise $50-70 million to push
lending business
Shah has discussed shoring up the funds from Cred's existing investors including
Sequoia Capital and Singapore's sovereign fund GIC, which will valu..


 

Fintech



Fintech sector plays important role in developing e-governance solutions: Odisha
CM
"Under the BSKY program, citizens can use their smart health cards to avail an
annual cashless treatment of Rs. 5 lakh per family and an additional tr..






Mobikwik turns profitable, expects to almost double revenue to Rs 1,000 crore
this fiscal
Fintech platform Mobikwik turned profitable in the March quarter and expects to
almost double revenue to over Rs 1,000 crore in the current fiscal alo..




India, Russia explore card, UPI and bank messaging system tie-ups
The adoption of RuPay and Mir cards by Russia and India is expected to further
strengthen the economic ties between the two nations.


 

Financial Services



GST collections hit monthly high of Rs 1.87 lakh crore in April
India's goods and services tax (GST) collections rose 12% YoY to a monthly
record high of INR1.87tn ($24bn) in April, beginning the financial year on ..




SBI, HDFC Bank lead in cards market; Axis Bank moves up post Citi deal
SBI and HDFC bank continued to lead the debit and credit cards market
respectively in March 2023, as per the latest data by 1Lattice. Further,
Axis-ac..




Morgan Stanley plans more job cuts: US media
The US investment and financial services giant said in a recent earnings report
that its profit dropped 20 percent in the first three months of this y..


 

Policy



New Sebi rule from today: A ban that's a boon in many ways
This move of SEBI further increases the working capital requirement of stock
brokers. This will only affect brokers who have the practice of pledging ..




FinMin wants PSU banks to enhance recovery rate from written-off accounts to
about 40 pc
Worried over the low recovery rate from written-off accounts, the Finance
Ministry has asked state-owned lenders to increase it to about 40 per cent, ..


 

Industry



Global banks readying a big ESG push this year, shows survey
Appetite for green lending continues to soar 3 out of 4 global banks plan to
increase their exposure by more than 16% in the next 12-18 months or ..




State of the Economy: What are macroeconomic indicators signalling about India?
Various economic indicators are showing that consumption is on a full spree,
albeit with a decline owing to the base effect. Here's a detailed report ..




World Bank set to launch more robust, transparent business climate rankings
The World bank said a pilot edition of the new replacement annual series called
"Business Ready" would be published in the spring of 2024, covering an..

 

 





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