Surya Financial Infotech

  HDFC Bank's merger catalyzed loan growth, driving the loan growth of the combined entity, which triggered the need for the private bank to raise funds, said MD and CEO Sashidhar Jagdishan. “There is a need to mobilise sustainable deposits to replace the maturing bonds,” Jagdishan said at an investor conference hosted by Goldman Sachs on February 19. The bank’s deposit growth will not match loan growth overnight but will rather follow a glide path, he said. "We realise that we have preponed our loan growth and so we need a transition time to warm up the engine and raise sustainable funding which will substitute some of the bond maturity," said Jagdishan. He further stated that this will enable the bank to match its share of loans and deposits. Despite this transition, the bank aims to maintain financial stability and continue its trajectory of profitable growth, said Jagdishan. - moneycontrol.

 RBI grants payment aggregator licence to Mswipe Technologies : The Reserve Bank of India (RBI) has granted the payment aggregator (PA) licence to digital payments platform Mswipe Technologies, which joins the likes of Zomato, Decentro, Zoho, Juspay  and Razorpayto get the regulator's nod to offer the service. The licence comes almost two years after the company received an in-principle nod in the middle of 2022. "The payment aggregator licence solidifies the company's objective to enhance its suite of offerings while delivering secure, efficient, and user-friendly payment technology to banking partners, enterprises, and merchants across categories," the company said in a statement on February 19. - moneycontrol. 🍒           Religare Finvest case: Rs 400 crore diverted to Hong Kong via ICDs :  A money laundering investigation by the Directorate of Enforcement (ED) into Religare Finvest (RFL) has revealed that ₹400 crore was allegedly diverte...

  Paytm ready for all options for banks’ survival, including acquisition : One 97 Communications is resigned to losing its associate, Paytm Payments Bank , the entity at the centre of the crisis surrounding the fintech . However, it feels that if there is even a slight chance of its survival through an acquisition, then it is ready to take it. Sources said that the outlook for the bank looked bleak at the present, but there is still hope to eventually convince the regulator through ‘good behaviour’ to ease some restrictions. If the bank is given a chance to survive through acquisition, if there is a way for it to thrive, Paytm is willing for that to happen. Having worked hard to establish and create a thriving ecosystem, it wants the bank to continue to exist, even if it changes hands. - Business Line . 🍒           Paytm nodal account : Axis Bank to get “fee and float” boost : Axis Bank’s income will get a “fee and float” boost as One 97 Communicat...

            HDFC Bank merger catalyzed loan growth, need to raise funds to keep pace: MD Jagdishan : The recent merger of HDFC Bank and HDFC Ltd has brought forward the loan growth of the combined entity, triggering the need for the private bank to raise funds, said MD and CEO Sashidhar Jagdishan . “There is a need to mobilise sustainable deposits in order to replace the maturing bonds,” Jagdishan said at an investor conference hosted by Goldman Sachs on February 19 . The bank’s deposit growth will not match loan growth overnight but will rather follow a glide path, he said. "We realise that we have preponed our loan growth and so we need a transition time to warm up the engine and raise sustainable funding which will substitute some of the bond maturity," said Jagdishan. He further stated that this will enable the bank to match its share of loans and deposits. Despite this transition, the bank aims to maintain financial stability and continue its traject...

 Today's Banking / Financial News at a Glance            SBI in talks with RBI to lower cash reserve ratio requirement on green deposits : State Bank of India chairman Dinesh Khara on Friday said the nation's largest lender is in talks with the Reserve Bank to reduce the cash reserve ratio requirement on green deposits. State Bank of India (SBI) last month announced a green deposit scheme, a first in the domestic banking, to attract long-term retail deposits to be used only to fund green transition projects or climate-friendly projects. The bank said such deposits will be priced 10 basis points lower than normal deposit rates. Cash reserve ratio (CRR) is the minimum amount of cash that a bank needs to keep reserved with the central bank against its total deposit. - economic times. 🍒          SBI seeks regulatory dispensation in CRR : State Bank of India (SBI) has asked the Reserve Bank of India (RBI) to allow a reduction ...

      Rs 6.84 lakh crore, HDFC Bank's home loan book closes gap with SBI's : The largest private sector lender HDFC Bank on Thursday said its home loan book reached Rs 6.84 lakh crore in the December quarter, closing the gap with its public sector rival State Bank of India. SBI, the country's largest lender, has a home loan book of Rs 6.94 lakh crore. SBI overtook HDFC in home loan assets in February 2021 when its book crossed the Rs 5 lakh crore-mark with a market share of 23.5 per cent as against HDFC's 17 per cent. Before merger, HDFC Bank's parent firm HDFC was the market leader in the segment for several decades. In the December quarter, SBI added 13.6 per cent to its home loan book on-year to reach Rs 6.94 lakh crore, and 3.22 per cent sequentially from Rs 6.72 lakh crore. - economic times. 🍒           HDFC Bank to launch home saver and home refurbishment loans : HDFC Bank plans to launch the Home Saver product in April and Home Refurb...

       Four PSBs may get approval to raise funds in H1 of FY25 : India may allow at least four state-owned banks to raise funds or expand their public float in the first half of the next fiscal year to accelerate their lending business and improve public participation, said people familiar with the development. The four lenders include Punjab National Bank (PNB), which is targeting a follow-on public offer (FPO) by September, and Central Bank of India, which is seeking approval for an offer for sale (OFS) to expand public float, the people said. An official and one of the persons cited above told ET that the government had received a proposal from the Central Bank of India to launch an offer for sale. The government currently holds a 93.08% stake in the state-owned lender. - economic times. 🍒         Finance Ministry aims to transfer stressed assets worth ₹1 lakh crore to NARCL by March 2024, says DFS Secretary Vivek Joshi : Finance Ministry...

     SBI issues Electoral Bonds worth Rs 16,518 cr in 30 tranches : State Bank of India (SBI) has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018, Parliament was informed on Monday. The objective of the Electoral Bond Scheme is to ensure clean tax-paid money is coming into the system of political funding through proper banking channels, Minister of State for Finance Pankaj Chaudhary said in a written reply in Lok Sabha. "The total value of Electoral Bonds purchased (Phase-I to Phase-XXX) from State Bank of India is about Rs 16,518 crore. No GST or any other taxes/cess are charged from the purchaser on the purchase of Electoral Bonds," he said. - moneycontrol. 🍒         SBI shares fall as Q3 earnings miss estimates : Shares of State Bank of India (SBI) traded lower on February 5 after the public sector bank's third-quarter earnings fell short of Street estimates, dragged by a high wage and pens...

 SBI happy to welcome merchants looking to shift from Paytm bank: Dinesh Khara : State Bank of India (SBI) is reaching out to merchants to support payment systems in light of the regulatory action on PayTM Payments Bank, chairman Dinesh Khara said. The nation's largest lender will be happy to welcome merchants and is also open to a one-time migration of accounts from the besieged payments bank, he said. “We are reaching out to all merchants and will be happy to welcome them back to ensure there are no disruptions in the payments ecosystem. We have SBI Payments which is a company that supports point of sale terminals, QR codes, or app based solutions. We are reaching out to merchants on an ongoing business and are also open to a one time migration of accounts,” Khara said. - economic times. 🍒         SBI says wage hike provisions to reach Rs 26,000 crore by March : State Bank of India, which saw a sharp 35 per cent fall in its December quarter net profit du...