Sector: Banks & FIs
Kotak targets to become 3rd largest private bank by FY 2030
In a media interview, Kotak Bank’s CEO, Ashok Vaswani has communicated his target to be the 3rd largest private bank by 2030. From the interaction it was unclear whether the aspiration is on balance sheet, profits, ROE or all. As of now Kotak is the 4th largest private bank after HDFC, ICICI and Axis. In … Read more
Godrej plans to list NBFC business in 3-4 years
Godrej Capital (GCL), the financial subsidiary of Godrej Industries (GIL) was started in 2020. Since then it has been providing home loans in select geographies. It is the holding entity for Godrej Housing Finance (an HFC) and Godrej Finance Limited (an NBFC). The business is ramping up nicely and GIL has now shared the following … Read more
Time for fintech NBFCs to revisit business models, says India Ratings
Fintech NBFCs may need to revisit their business model and temper loan disbursements in light of tighter funding and a regulatory warning on growth strategies, India Ratings (Ind-Ra) has cautioned. They need to be watchful in growing their unsecured consumer lending exposure in FY25 in the backdrop of an increase in funding costs, along with … Read more
Tata group’s financial services business make hefty profits in FY24
The Tata group’s unlisted financial services businesses have reported hefty profits for the year, with Tata Capital, the group’s financial services business, reporting a profit of Rs 2,492 crore on revenues of Rs 13,309 crore, as per Tata Sons’ annual report for the financial year ended March 2024. The two insurance joint ventures, Tata AIA … Read more
AU applies for Universal Bank Licence
AU Small Finance Bank (SFB) has applied to the RBI for voluntary transition from a SFB to a Universal Bank (UB). The eligibility criteria for a SFB to transition into a UB is – a satisfactory track record of performance for at least five years; listed on stock exchanges; minimum net worth of Rs 1,000 … Read more
SMFG India Credit Company to get up to Rs 2,000 crore capital from parent
SMFG India Credit Company Ltd is looking at a capital infusion of up to Rs 2,000 crore from its parent—Japanese financial services group SMFG—till 2026 to support future growth in India. The business plans factor in possible inclusion in the upper layer list of finance companies, requiring the listing of equity shares on bourses. Its … Read more
Post IPO, Bajaj Housing Finance open to strategic stake sales
Bajaj Housing Finance (BHFL) was set up in 2017 as a 100% subsidiary of Bajaj Finance (BFL). BHFL’s IPO is coming on September 9, 2024 with a price band of Rs 66-70/ share Issue size is Rs 6,560 cr Rs 3,560 cr fresh capital Rs 3,000 cr offer for sale BFL is diluting 10-11% through … Read more