RBI has allowed existing banks to open digital banking units to offer products and services in urban as well as rural areas.
RBI’s approval will be a key monitorable as HDFC Bank will end up owning large stakes in the life-insurance, general-insurance and AMC businesses.
Merger of HDFC with HDFC Bank is like son taking over his father’s business when he grows older; deal to offer significant cross-selling opportunities.
HDFC Bank will become twice the size of ICICI Bank after it absorbs HDFC Ltd with itself, global rating agency S&P said.
HDFC Ltd, India’s largest housing finance company, is merging with HDFC Bank, the country’s largest private sector bank by assets, to create a behemoth.
Key reason for deciding to merge HDFC Ltd with HDFC Bank now is reduced regulatory gap between NBFC and a bank; other reasons include large balance sheet.
Axis Bank will acquire Citibank’s India consumer business for $1.6 bn, giving it access to 2.5 mn premium customer cards, a consumer lending portfolio of Rs 18,500 cr and a lucrative wealth management biz.
Rise in oil prices, dollar shortage and weak equity markets will put further pressure on rupee as it sinks to all-time low. Will RBI with high forex reserves be able to shield currency from deep fall?
State Bank of India is buying out Canara Bank’s stake in the joint venture company in Russia and shutting its representative office in Paris as part of the strategy to rationalise its international business.
Advances pledged against shares and bonds up 24.4% over previous year, RBI data shows; loans against fixed deposits up 17%.
Government may need to revisit its decision to reduce budget for capitalisation of banks due to demands of Basel IV norms.
Revising outlook on banking sector from ‘stable’ to ‘improving’ for FY23, India Ratings said it expects credit growth to pick up 10% and gross NPAs staying at 6.1% during the year.
Ruling out any effort to delay the process at any point of time, SBI said the Rs 22,842-crore of loans to ABG Shipyard is undergoing liquidation under NCLT after lenders had discovered fund diversion following forensic audit by E&Y.
RBI has left interest rates untouched for tenth time in a row; takes 3 bets including crude prices, US yield and the government borrowing programme
Punjab National Bank said it is on track to achieve net profit of Rs 4,000 crore in FY22; credit growth to be higher, recoveries at Rs 5,000 cr and net NPA to fall below 4.5%, says Mallikarjuna.
