🍒 No increase in bank service charges, says FinMin : The Finance Ministry, on Tuesday, cleared the air on service charges levied by banks, and asserted that there was no truth to media reports alluding to the steep increase in service charges imposed by public sector banks (PSBs). On the Basic Savings Bank Deposit (BSBD) accounts, no service charge is applicable on the 60.04 crore accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society for the free services prescribed by the RBI, an official release said. As regards Regular Savings accounts, Current Accounts, cash credit accounts and overdraft accounts, the charges have not been increased, the release added. - Business Line
🍒 State-owned lender Bank of Baroda rolls back charges after public outcry : One of India's largest state-owned banks, Bank of Baroda, on Tuesday reversed course and said it would not charge for basic banking services following a public outcry. The announcement came just a day after the bank said it would begin charging customers for basic transactions, including deposits and withdrawls, above certain limits. "In view of the current prevailing COVID-19 pandemic and its impact on the economy, it has been decided to withdraw the above circular with immediate effect," the lender said in a statement. Opposition political parties had also protested against the move.Two sources said it was likely that the charges were rolled-back after government intervention.The Finance Ministry and Bank of Baroda did not immediately reply to an email seeking comment. "Other (public sector banks) have also intimated that they do not propose to raise bank charges in the near future in view the COVID pandemic," the finance ministry said in a tweet earlier today. - Economic Times
🍒 PNB to raise ₹7,000 crore via QIP in mid-December : Punjab National Bank (PNB), the country’s second largest public sector bank, will raise ₹7,000 crore through Qualified Institutional Placement (QIP) in the second or third week of December, SS Mallikarjuna Rao, Managing Director & CEO, has said. The state-owned lender also plans to raise ₹1,500 crore in Tier-2 capital and ₹3,000 crore in AT-1 capital from the market before this month-end, Rao said at a virtual press briefing to discuss the Q2 results of the bank. “As of today, we already have approvals from the Board and the Government to raise ₹14,000 crore. The ₹14,000 crore comprises of QIP of ₹7,000 crore; AT-1 capital of ₹3,000 crore and ₹4,000 crore of Tier-2 capital. In Tier-2, we have already raised ₹2,500 crore in July and September,” he said. - Business Line
🍒 Kotak Mahindra Bank trims home loan interest rates to 6.75% : Kotak Mahindra Bank has further reduced home loan interest rates by another 15 basis points. “Kotak home loan and balance transfer loans now start at 6.75 per cent per annum, which is one of the lowest rates in the home loan market,” the lender said in a statement on Tuesday, adding that the change is with effect from November 1. “The new normal has changed the functioning of the entire ecosystem. Interest rates at a 15-year low, developers significantly reducing residential property prices and having a ready inventory of ready-to-move-in homes and lower stamp duty,”it further said, adding that all these factors when taken together make home buying at this point of time extremely attractive. - Business Line
🍒 Bandhan Bank Q2 net profit falls 5% to Rs 920 crore; NII rises 26% : Private sector lender Bandhan Bank on Monday reported a 5.3 fall in net profit for the September quarter (Q2FY21) at Rs 920 crore due to additional provisions made for Covid-related uncertainties, even as it saw a robust 26 per cent growth in net interest income (NII). It had earned a net profit of Rs 971.8 crore in the corresponding period last financial year. Sequentially, though, net profit was up more than 67 per cent. Also, the bank earned its highest pre-tax profit at Rs 1,233 crore in the reporting quarter, up 6.2 per cent. NII was up almost 26 per cent to Rs 1,923 crore against Rs 1,539 crore in the corresponding period last financial year. Non-interest income, however, rose only 6 per cent to Rs 381.8 crore. Net interest margin (annualised) stood at 8 per cent against 8.2 per cent last year. - Business Standard
🍒 Muthoot Finance net profit rises 2.5% to Rs 931 cr in September quarter : Muthoot Finance on Tuesday reported a 2.5 per cent increase in consolidated net profit at Rs 930.80 crore for the second quarter ended September of the current fiscal year. The company had posted a net profit of Rs 908.54 crore in the same quarter of previous fiscal year. Total income grew 17.4 per cent to Rs 2,824.19 crore during July-September period of 2020-21 from Rs 2,406.39 crore in the same period of 2019-20, Muthoot Finance said in a regulatory filing. The company's consolidated loan assets under management grew 29 per cent to Rs 52,286 crore during April-September of FY21, it said.The results include financial numbers from its subsidiaries -- Muthoot Homefin (India) Ltd, Belstar Microfinance Ltd, Muthoot Insurance Brokers Pvt Ltd, Muthoot Money Ltd and Sri Lankan subsidiary Asia Asset Finance Plc (AAF). - Business Standard
🍒 Expect less than 3% of loan book under debt restructuring: PNB MD : State-owned Punjab National Bank (PNB) on Tuesday said it expects less than 3% of its loan book to be under one-time debt restructuring, lower than what the lender had earlier estimated. PNB managing director and chief executive officer SS Mallikarjuna Rao said the response to the debt restructuring scheme has been tepid. As of the now, the lender’s current estimate for restructuring is about ₹20,000 crore, half of what it had expected three months ago. “With restructuring profile, we had estimated it to be (overall amount) ₹40,000 crore. However, the response has been very low. People have started paying the money. As on today, in retail and MSME segment, the restructuring done at the end of September was ₹42 crore," Rao said in a post earnings virtual briefing. "We received application for another ₹32 crore, which we have restructured by October 31. In terms of corporate loans, we have 15 received applications amounting ₹2,022 crore. I am expecting the MSME profile restructuring to be between ₹4000-6000 crore," he said. “Overall, including corporate, the amount may not go beyond ₹20,000 crore. That is my estimate as on today." - Live Mint
🍒 Yes Bank in talks with ARCs to sell NPAs worth over Rs 32,000 crore: Report : Troubled private sector lender Yes Bank is in discussions with several asset reconstruction companies (ARCs) to sell off bad loans worth Rs 32,344 crore. It has appointed EY as an advisor for the bids, Business Standard reported. Yes Bank has already made provisions for 76 percent of its gross non-performing assets (NPAs) worth Rs 24,476 crore and is looking at the sale to “regain its place” in India’s banking sector, the report noted. Yes Bank and EY did not respond to queries, as per the report. - Moneycontrol.com
🍒 PNB lowers recast target; expects only Rs 20,000 crore loan book to be restructured : Punjab National Bank (PNB) on Tuesday lowered the debt recast target by 50 per cent to Rs 20,000 crore as there was not enough demand for restructuring approved by RBI a couple of months ago. The Reserve Bank of India (RBI) has permitted one-time restructuring of corporate and personal loans to help entities amid the COVID-19 crisis. "With respect to restructuring, surprisingly, as on today, if you look at, not many people have requested. In terms of retail and MSME together by September 30, we have undertaken restructuring to the extent of Rs 41 crore. As on today, another Rs 30 crore request has come with respect to retail and MSME. - economic times
🍒 Scam-hit PMC Bank invites EoI from potential investors for reconstruction : Scam hit Punjab and Mumbai Co-operative Bank (PMC) has invited expressions of interest from investors to take management control of the bank and run day to day operations. In a notice in its website the bank said eligible investors could be financial institutions, individuals or companies, societies, trusts or any other such entities. It has not detailed a precise financial qualification. "The investor(s) should ideally bring in the capital required for enabling the bank to achieve the minimum required capital to risk weighted assets ratio (CRAR) of 9%. However, the investors may explore the option of restructuring a part of deposit liabilities into capital/capital instruments. The bank may also approach DICGC for its support for payment uptoRs.5,00,000(Rupees Five lakh only) (insured deposits) to depositors," the notice said. - economic times
🍒 HSBC appoints new head of debt financing business in India : HSBC has elevated old hand Chetan Joshi as head of its debt financing business in India, according to sources. Joshi was previously managing director and head of the bank's debt capital markets business in which role he led the UK-headquartered lender to the position of the top-ranked arranger of foreign debt issuances from India. The bank is also said to have announced the appointment of Vinod Venkatesh in Joshi’s role. Joshi will also be overseeing the debt capital markets business in addition to taking added responsibilities for acquisition and leveraged finance, these sources said. - economic times
🍒 Citigroup names Anand Selva global head of consumer banking : Citigroup Inc said on Monday, Anand Selva will become head of its global consumer bank in January, filling the spot left vacant by Jane Fraser when she becomes the first female CEO of a major Wall Street bank. Selva, who has been at the firm for nearly three decades, has helped shape the international banking giant's consumer strategy in different regions including Asia and the United States. Most recently, he was served as CEO of U.S. consumer banking since 2018. "Anand has unified our products into one client-centric business, strengthened talent and deployed a digital-first strategy that is elevating the growth trajectory of our franchise," the bank said in a joint memo signed by Fraser and outgoing CEO Mike Corbat. - economic times
🍒 Cholamandalam Financial Holdings Q2 net jumps 56 per cent : Cholamandalam Financial Holdings Ltd on Tuesday reported a 55.5 per cent jump in its consolidated net profit to Rs 505.55 crore for the second quarter of the current fiscal. The company had posted a net profit of Rs 325.15 crore in the same quarter a year ago. However, the profit was down sequentially from Rs 589.46 crore in first quarter ended June 30, 2021. Total income during the September quarter rose to Rs 3,503.15 crore from Rs 3,340.64 crore in the same period a year ago. - Business Line
🍒 October, November good months for economy: Uday Kotak : Veteran banker Uday Kotak, on Tuesday, said the performace of the economy wasmuch better in October and November than the lockdown months of April and May and that the infection trend of Covid-19 is also going down. “Overall, the economy in October and November is looking much better in India than in April and May. I do hope the way the Covid trend is playing out in India right now is also positive,” he said at the RH Patil Memorial Dialogue 2020 when asked about a possible disconnect between the global macro economic situation, markets and actual ground reality. These could have been priced in by equity markets earlier, he further said. - Business Line
🍒 RBI looking to diversify investment options for forex reserves: Report : The Reserve Bank of India is looking at diversifying its foreign exchange reserve investments amid the fall in global interest rates caused by the Covid-19 pandemic, according to two government sources aware of the development. The RBI's foreign exchange reserves stand at a record $560.63 billion. The central bank, which mostly invests in gold, sovereign debt and other risk-free deposits, has seen returns fall as monetary policy loosened globally. U.S. two-year government bonds ended at 0.16% on Nov. 2. As a result, the RBI is likely to increase its gold investments, as well buying dollars and exploring investing in AAA-rated corporate bonds for the first time, said the sources, who declined to be named due to the sensitivity of the issue. "The RBI is likely to continue to buy dollars. The problem is the dollar deployment and getting good returns," one of the officials said. - Business Standard
🍒 Ubs Principal Capital Asia sells IndusInd Bank shares worth Rs 148 cr : Ubs Principal Capital Asia Ltd on Tuesday sold shares of IndusInd Bank worth nearly Rs 148 crore through an open market transaction. On BSE, 23 lakh scrips of the private lender were sold at an average price of Rs 642.85 apiece.This translated into a total deal value of Rs 147.85 crore.The shares of IndusInd Bank were purchased by BofA Securities Europe SA at the same price, block deal data showed.According to shareholding data of the lender for the September 2020 quarter, Ubs Principal Capital Asia is a public shareholder and held 3.22 per cent stake. On BSE, shares of IndusInd Bank ended at Rs 646.75 apiece, up 3.13 per cent over the previous close. - Business Standard
🍒 HDFC’s home loan disbursements in October beat estimates : Housing Development Finance Corp. Ltd (HDFC) on Monday said its September-quarter standalone profit dropped by 27% to ₹2,870.12 crore because of one-time gains in the year-ago period. The mortgage lender reported a profit of ₹3,962 crore in the year earlier. “Profit would have been higher by as much as 27% after we remove dividend income, profit on the sale of investments (in the year earlier) and covid provisioning (made in the latest September quarter)," said Keki Mistry, vice-chairman and chief executive, HDFC. - Live Mint
🍒 RBI exploring investment options for forex reserves, sources say : The Reserve Bank of India is looking at diversifying its foreign exchange reserve investments amid the fall in global interest rates caused by the COVID-19 pandemic, according to two government sources aware of the development. The RBI's foreign exchange reserves stand at a record $560.63 billion. The central bank, which mostly invests in gold, sovereign debt and other risk-free deposits, has seen returns fall as monetary policy loosened globally. U.S. two-year government bonds ended at 0.16% on Nov. 2.As a result, the RBI is likely to increase its gold investments, as well buying dollars and exploring investing in AAA-rated corporate bonds for the first time, said the sources, who declined to be named due to the sensitivity of the issue. "The RBI is likely to continue to buy dollars. The problem is the dollar deployment and getting good returns," one of the officials said. - Live Mint
🍒 Gold prices gain for second day in a row to touch Rs 51,242 per 10 gram; silver rises by Rs 383 a kg : Gold prices gained for the second straight day by Rs 205 to hit Rs 51,242 per 10 gram in the Mumbai retail market on weakness in the US dollar and sluggish global cue. The precious metal traded firm on US election and worries over rising coronavirus cases. The rate of 10 gram 22-carat gold in Mumbai was Rs 46,938 plus 3 percent GST, while 24-carat 10 gram was Rs 51,242 plus GST. The 18-carat gold quoted at Rs 38,432 plus GST in the retail market. Silver prices rose by Rs 383 to Rs 62,250 per kg from its closing on November 2.
🍒 Sensex rallies 504 pts; Nifty reclaims 11,800 : Equity benchmark Sensex rallied 504 points on Tuesday, tracking a strong uptick in index majors ICICI Bank, HDFC twins and SBI amid positive cues from global markets ahead of the US presidential election. The 30-share BSE index ended 503.55 points or 1.27 per cent higher at 40,261.13. Similarly, the broader NSE Nifty jumped 144.35 points or 1.24 per cent to 11,813.50. ICICI Bank was the top gainer in the Sensex pack, soaring over 6 per cent, followed by SBI, HDFC, PowerGrid, Sun Pharma, IndusInd Bank, Titan, Bajaj Auto and HDFC Bank. On the other hand, NTPC, Reliance Industries, Nestle India, HCL Tech and Infosys were among the laggards.
🍒 Rupee trims early gains to end flat at 74.41 against US dollar : The rupee on Tuesday settled almost flat at 74.41 against the US dollar after its initial gains were erased despite strong equity markets. Despite the early bounce, the home unit appeared to struggle, even as the dollar remained broadly weak. The rupee opened sharply higher at 74.34 amid heavy buying in local stock markets. The domestic currency rushed to hit the day’s high of 74.25..
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