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ETBFSI Newsletter | Monday, May 8, 2023


Daily Newsletter



Top Stories



Investors asking right questions before investing: Fintech leaders
Which are the right companies that are being funded? What are the right
questions being asked? Here's what top FinTech Industry stalwarts have to say:




Panel Discussion: NBFCs: Emerging From The Shadow
NBFCs in India have been struggling with the tag of being shadow banks ever
since the IL&FS crisis hit in 2018. The crisis exposed the lack of regulat..




More banks totter in the US after First Republic, SVB fall
A renewed sell-off has focused on PacWest Bancorp and Western Alliance Bancorp,
two smaller regional banks whose shares have been under pressure since..




'Need to break down processes through digital': NBFCs path for scaling up
business
Industry leaders believe that technology is the key in scaling up the NBFC
business, and that needs to be leveraged in a systematic manner. Digital tr..




How govt proposes to go about real estate project-based insolvencies
The Ministry of Corporate Affairs is considering due diligence before admission
to ensure that there is no unauthorised diversion of funds.


 

Banking



DCB Bank Q4 profit rises 25 pc to Rs 142 cr
Private sector lender DCB Bank on Friday posted a 25 per cent increase in its
net profit to Rs 142 crore in the quarter ended March 2023. The Mumbai-b..




Equitas Small Finance Bank Q4 Results: PAT jumps 58% YoY to Rs 190 crore
The lender's gross advances grew 35% year-on-year to Rs 27,861 crore. Loan
disbursement during the quarter at Rs 591Equitas Small Finance Bank reporte..




Centre may see a big jump in RBI dividend in FY24
The Budget has estimated receipts of 48,000 crore in FY24 by way of total
dividends from public sector banks and the RBI.




Bank of India Q4 net profit doubles to Rs 1,388 crore
Bank of India reported a consolidated profit of INR 1,388.19 crore ($185
million) in Q4 2022, up 115% YoY, largely due to an increase in non-interest ..




Recovery of written-off loans helps Union Bank post 93% growth in Q4 profits
Union Bank achieved a 93% rise in net profit for Q4 ended March 2023, attributed
to the growth in non-interest income, which countered a smaller rise ..




Dhanlaxmi Bank revises FD interest rates: Check new rates
The bank has revised its interest rates on deposits, which now range from 3.25%
to 7.25% for maturities of 7 days to 10 years, according to the bank's..


 

Insurance



You can no longer repay loan taken against life insurance policy using credit
card: IRDAI
The IRDAI is discontinuing the option of re-payment of insurance policy loans by
credit card. All life insurers are urged to discontinue accepting cre..




Irdai proposes to tighten norms for media campaigns by insurers
Under the proposed amendment, each insurer will be required to constitute an
advertisement committee comprising at least three members mandatorily fro..


 

NBFC



Piramal puts stressed realty loan portfolio on the block
Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance
(PCHFL) have jointly invited bids for their real estate portfolios.




NBFCs step up used car funding as EVs catch on
Mahindra Finance, Shriram Finance, Poonawalla Fincorp, Cholamandalam Finance and
others expect wider acceptance in the metros for used EVs. Finance pe..


 

Fintech



Groww completes Rs 175cr Indiabulls Mutual Fund biz acquisition
The transaction had received approval from Competition Commission of India in
September 2021. The closing date of the deal was May 3, the filing said.






Paytm parent One 97 Communications posts $1 billion in revenue for FY23
For the year ended March 31, the Noida-based company posted a loss of Rs 1,776.5
crore on total revenue of Rs 8,400 crore (about $1.03 billion).


 

Financial Services



HDFC Bank, HDFC tumble nearly 6 pc; combined mcap falls by Rs 85k cr
Shares of HDFC Bank and HDFC fell sharply on Friday amid reports that the merged
entity could see significant fund outflow. The stock of HDFC Bank tum..




FinMin permits 22 finance cos to undertake Aadhaar-based verification of clients
The ministry, through a notification, said these 22 companies, which are already
reporting entities under the PMLA, will be able to verify the identit..




Stable macro data, earnings trigger FPI buying in Indian shares in April: NSDL
Foreign portfolio investors (FPIs) have bought Indian shares worth 116.31
billion Indian rupees ($1.42 billion) on a net basis in April, NSDL data has..




LIC ignores bear howls to strengthen hold on Dalal Street's most hated corner
India's largest domestic investor, LIC, has raised its ownership stakes in seven
of the biggest Indian tech majors, including TCS, Infosys, Tech Mahin..




Over 30,000 I-T pleas for condoning 'delayed returns' pending
Several senior officials are, however, seen to be holding up a decision on the
applications, by neither accepting nor rejecting them, resulting in a p..




India asks European Union to recognise its carbon credit trading scheme
India is urging the EU to validate its Carbon Credit Trading Scheme (CCTS) as
its steel, iron and aluminium exports may face more inspections under th..


 

Policy



Money transfer: RBI mandates complete info about originator, beneficiary
"All cross-border wire transfers shall be accompanied by accurate, complete, and
meaningful originator and beneficiary information...," as per the upd..




Charting the global economy: Fed, ECB policies may diverge
The Fed chief said there was strong support for raising rates by 25 basis
points. But he suggested officials may pause their tightening campaign in Ju..




Government working to control inflation, says finance minister Nirmala
Sitharaman
"Because we took a very calibrated approach, today we have an inflation which is
slightly above the tolerance limit, but which is constantly being wor..




Finance minister Sitharaman to review state of economy at FSDC meeting on Monday
Finance Minister Nirmala Sitharaman will chair a meeting of the Financial
Stability and Development Council (FSDC) to review the state of India's econ..




2024 elections will not hit MNC investments: BofA
According to Puntambekar, the government's focus on developing the country's
ports, airports, roads and railways is impressive. The implementation o..


 

Industry



NCLT to hear two insolvency petitions filed against Go First on May 8
As Go First awaits the NCLT ruling on its voluntary insolvency resolution plea,
the tribunal is set to hear on Monday two petitions seeking insolvency..




Adani Enterprises' ability to service debt improves
Adani Group's flagship company, Adani Enterprises Ltd, has improved its ability
to service debt as of March 31, 2023, after its gross debt fell 7% to ..




Technology trends that are poised to transform the nature of BFSI industry
New Delhi [India], May 5 (ANI/PNN) India's general insurance sector is on the
verge of a technology revolution that would fundamentally alter the way ..

 

 





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 * May 08, 2023 : Are NBFCs emerging from shadow? I Investors asking right
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 * May 07, 2023 : Sunday Morning Roundup: Most Read Stories of Last Week (in
   case you missed)
 * May 06, 2023 : Watch: Scaling up NBFCs for future I RBI tightens noose on
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