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☆ India's central bank holds rate, looking for inflation 'elephant' to vanish
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +4 min

India's central bank held its key interest rate for a seventh straight policy meeting on Friday as growth in the economy is expected to remain robust while inflation stays above the 4% target. The six-member monetary policy committee kept the main lending rate at 6.5%, in line with expectations. While low core inflation provides comfort, the uncertainty on food inflation remains a worry. "While low core inflation provides comfort, the uncertainty on food inflation remains a worry," said Upasna Bhardwaj, chief economist at Kotak Mahindra Bank. "The increasing incidence of climate shocks remains a key upside risk to food prices," the rate setting panel said in its monetary policy statement.

Persons: Shaktikanta Das, Das, Upasna Bhardwaj, Devendra Kumar Pant Organizations: Bloomberg, Getty, Kotak Mahindra Bank, U.S, NSE, BSE, Research Locations: India

☆ As global rates turn, banks in India and Indonesia set to win
▼ + stars: | 2023-11-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Loan growth at Asian banks is estimated to rise from 4.5% this year to 10% next year, LSEG data shows, with banks in India and Indonesia leading with 15% and 11% growth, respectively. Ng likes banks in India and Indonesia, given the better economic growth in those economies and ability of banks to sustain margins. LSEG data shows profits at banks in India and Indonesia will grow 13% and 11% respectively next year, nearly double the 6% average rise across Asia-Pacific banks. That compares to price-to-book ratio for MSCI's index for all-country Asian banks (.dMIAS0CB00PUS) of 0.9. Banks in Australia are estimated to see a drop of 5% in profit in 2024 while profits at Singapore banks will be flat.

Persons: Frederic Neumann, Neumann, Morgan, Yao Ng, abrdn, Ng, Vinay Agarwal, Agarwal, Morgan Stanley, Ankur Banerjee, Gaurav Dogra, Patturaja, Vidya Ranganathan, Simon Cameron, Moore Organizations: U.S . Federal, Fed, HSBC, ICICI, Kotak Mahindra Bank, Axis Bank, FSSA Investment Management, Indonesia's Bank Central Asia, BCA, Reuters, Thomson Locations: SINGAPORE, India, Indonesia, Thailand, Asia, Japan, J.P, Pacific, Singapore, Hong Kong, South Korea, Banks, Australia, China, Bengaluru

☆ Indian shares rise as falling oil prices boost energy stocks
▼ + stars: | 2023-11-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Nov 8 (Reuters) - Indian shares rose on Wednesday, led by energy stocks, as crude prices fell, while a drop in high weightage financials after a recent rise capped gains. The NSE Nifty 50 index (.NSEI) was up 0.23% at 19,451.10 as of 10:07 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.14% to 65,027.13. "Moderation in U.S. bond yields, positive earnings and a drop in crude oil prices are positive for the markets," said analysts at Centrum Institutional Research. Ten of the 13 major sectors rose, with energy (.NIFTYENR) and oil & gas (.NIFYOILGAS) rising 0.5% and 1%, respectively. ICICI Bank (ICBK.NS), SBI Life Insurance (SBIL.NS), Bajaj Finance (BJFN.NS), Kotak Mahindra Bank (KTKM.NS) were among the top Nifty 50 losers, shedding between 0.3% and 0.8%.

Persons: Francis Mascarenhas, Powell, Brent, Bharath Rajeswaran, Dhanya Ann Thoppil, Sohini Goswami, Nivedita Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, BSE, Centrum Institutional Research, Bharat Petroleum Corporation, ICICI Bank, SBI Life Insurance, Bajaj Finance, Kotak Mahindra Bank, Wall, U.S, Treasury, Nasdaq, Apollo Tyres, Prestige Estate, Thomson Locations: Mumbai, India, China, Bengaluru

Savings accounts are low interest rate-bearing deposits offered by Indian banks, forming a third of their total deposits. Public sector banks offer interest rates between 2.70% to 4% on savings deposits, while large private banks offer rates between 3% to 4.50%. Savings deposits rate of banks vs RBI's repo rateThe RBI has been nudging banks at meetings to raise savings deposit rates and may need to push them again if required, the same source said. The RBI said in its monetary policy report that while the increase in term deposit rates in the current tightening cycle has exceeded that in lending rates, savings deposit rates have remained almost unchanged. Yes Bank (YESB.NS), Kotak Mahindra Bank (KTKM.NS) and IndusInd Bank (INBK.NS) are among lenders that have recently said they have no plans to raise savings deposit rates.

Persons: Anushree, Siddhi Nayak, Swati Bhat, Nivedita Organizations: Reserve Bank of India, REUTERS, Rights, Savings, Reuters, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, Siddhi, Thomson Locations: New Delhi, India, Rights MUMBAI

☆ India's Axis Bank Q2 profit beats view on robust loan growth
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 25 (Reuters) - India's Axis Bank (AXBK.NS) reported a bigger-than-expected rise in second-quarter profit on Wednesday, helped by strong growth in loans. Loan demand stayed strong as an uptick in consumer spending helped drive retail credit. The bank is seeing strong demand for loans from corporate clients, including for capital spending, it said. Net interest income - the difference between interest earned and interest expended - rose 19% year-over-year to 123.15 billion rupees. The country's top lender HDFC Bank (HDBK.NS) reported a drop in margins earlier this month, while IndusInd Bank (INBK.NS), ICICI Bank (ICBK.NS), and Kotak Mahindra Bank (KTKM.NS) reported second-quarter profit gains.

Persons: Amitabh Chaudhry, Chaudhry, Varun, Mrigank Organizations: Bank, HDFC Bank, IndusInd Bank, ICICI Bank, Kotak Mahindra Bank, Sethuraman, Varun Vyas, Thomson Locations: BENGALURU, Mumbai, Bengaluru

☆ Top private Indian banks report strong Q2 profit rise as loan growth continues
▼ + stars: | 2023-10-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

The bank's net interest income - the difference between interest earned and paid - rose nearly 24% to 183.08 billion rupees, while asset quality also improved. Kotak Mahindra Bank (KTKM.NS), the fourth largest Indian bank by market capitalisation, reported a 21% rise in loans for the second quarter, which contributed to a 24% increase in standalone net profit. Indian banks have consistently clocked double-digit loan growth over the past few months due to rising demand for credit, amid increased consumer spending. However, the banking regulator has been concerned about a sharp rise in unsecured loans - mostly personal loans and credit cards. "Although concerns (in the unsecured book) remain, they are not currently significant," said the bank's MD Prashant Kumar.

Persons: Dipak Gupta, Prashant Kumar, Siddhi Nayak, Clelia Oziel, Tomasz Janowski Organizations: ICICI Bank, Kotak Mahindra Bank, Yes Bank, Siddhi, Thomson Locations: MUMBAI

MUMBAI, Oct 21 (Reuters) - India's central bank has approved the appointment of veteran banker Ashok Vaswani as managing director and chief executive of Kotak Mahindra Bank (KTKM.NS), the private lender said in an exchange filing on Saturday. Vaswani's appointment comes after billionaire Uday Kotak, who founded Kotak Mahindra Bank, resigned as the MD and CEO last month in a surprise move, citing personal reasons. Dipak Gupta, currently the managing director and CEO, will carry out the chief executive duties until Dec. 31, the bank had said last month. "I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next CEO of Kotak Mahindra Bank," Kotak said in the filing, describing him as a "world class leader" with digital and customer focus. KVS Manian and Shanti Ekambaram, the two most senior bankers at Kotak Mahindra Bank, will remain on the board and keep their current roles, Gupta added.

Persons: Ashok Vaswani, Vaswani, Vaswani's, Uday Kotak, Dipak Gupta, Kotak, Gupta, KVS Manian, Shanti Ekambaram, Siddhi Nayak, Ira Dugal, William Mallard Organizations: Kotak Mahindra Bank, Citigroup Asia Pacific, Barclays, Reserve Bank of India, Kotak, Siddhi, Thomson Locations: MUMBAI

☆ Goldman expects 'healthy' growth at these 3 Indian banking stocks – giving one nearly 50% upside
▼ + stars: | 2023-09-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Goldman Sachs forecasts "healthy" growth in new lending at three major Indian banks over the next six months, which it says could lead to a significant upside for these stocks. The Wall Street bank noted that Indian bank stocks have broadly outperformed the MSCI India index over the past year, but have underperformed over the last three to six months. Goldman Sachs said that valuation multiples for Indian banks have declined the most despite earnings per share (EPS) upgrades. HDB KOTAKBANK-IN,SBIN-IN YTD mountain However, Goldman Sachs expects operating profit to bottom out in the December quarter of 2023 as margins and growth rates stabilize. Goldman's view on the Indian banks Kotak Mahindra Bank Price target: 2,624 Indian rupees ($31.6).

Persons: Goldman Sachs, Rahul Jain, Hardik Shah, Goldman, ROA, ROE, CNBC's Naman Tandon Organizations: Mahindra Bank, State Bank of India, HDFC Bank, ICICI Bank, Mahindra Bank Price, SBI, HDFC Locations: India, United States

☆ India's banking system liquidity deficit jumps to over 4-year high
▼ + stars: | 2023-09-20 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI (Reuters) - India’s banking system liquidity deficit is at its widest in over four years ago, amid tax outflows and the lack of any major inflows, traders said on Wednesday. REUTERS/Hemanshi Kamani/File PhotoBanking system liquidity deficit jumped to 1.47 trillion rupees ($17.67 billion) as on September 18, the highest single day shortfall since April 23, 2019, while banks have borrowed a record 1.97 trillion rupees from the central bank’s Marginal Standing Facility window. Advance tax payments took place last week, while outflows towards Goods and Services tax will be completed by Wednesday, with bankers estimating aggregate outflows of up to 2.50 trillion rupees. Moreover, “another drain on rupee liquidity could be from RBI’s (Reserve Bank of India) FX intervention if depreciation pressures on the rupee persist,” said Gaura Sen Gupta, an economist with IDFC First Bank. The liquidity deficit will, however, narrow towards the end of this month and the beginning of October as government spending picks up and the I-CRR is completely wound down.

Persons: Hemanshi, ”, Gaura Sen Gupta, Upasna Bhardwaj Organizations: REUTERS, Goods, Services, Reserve Bank of India, IDFC, Bank, Kotak Mahindra Bank Locations: MUMBAI, India, RBI’s

☆ Billionaire banker Uday Kotak steps down as CEO of Kotak Mahindra Bank
▼ + stars: | 2023-09-02 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

FILE PHOTO-Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak Mahindra Bank is India's fourth largest private sector bank by assets. Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added. "I thought it appropriate to hand over the baton and stagger the transition," Kotak wrote. The bank has already made an application for the new managing director to India's central bank, the bank said in its exchange notification.

Persons: Uday Kotak, Danish Siddiqui, Dipak Gupta, Kotak, Amit Tandon, Tandon, Anand Dama, Jayshree, Chris Thomas, Miral Fahmy, Tomasz Janowski Organizations: Mahindra Bank, REUTERS, Danish, Kotak Mahindra Bank, Reserve Bank of India, Investor Advisory Services, Global Financial Services, Thomson Locations: Mumbai, India

☆ Uday Kotak is wanting for the market’s support
▼ + stars: | 2023-08-09 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Uday Kotak plans to remain on the board of the $44 billion lender carrying his name after he steps down as CEO in December. India’s regulator will bear that in mind as it also decides if someone from inside Kotak Mahindra Bank (KTKM.NS) can succeed the 64-year-old. In the past, the regulator has booted out private bank chiefs for poor management of bad loans and overhauled a bank board where it perceived succession planning was poor. Whatever regulators decide for Uday Kotak and his bank, having the market onside will be helpful all around. Follow @ShritamaBose on TwitterCONTEXT NEWSThe Reserve Bank of India is nudging Kotak Mahindra Bank to select someone outside the lender to succeed billionaire founder Uday Kotak as the next CEO, Bloomberg reported on July 31, citing unnamed sources.

Persons: Uday Kotak, Jamie Dimon, Kotak, Jay, Una Galani, Thomas Shum Organizations: Reuters, Kotak Mahindra Bank, Reserve Bank of India, HDFC Bank, ICICI Bank, Kotak, Reuters Graphics, nudging, Mahindra Bank, Bloomberg, Thomson Locations: MUMBAI, Mumbai

SummaryCompanies Top private banks report attrition rates of 35-50%Highest turnover seen in sales staffBrisk growth in retail lending leading to attritionMUMBAI, July 27 (Reuters) - India's private lenders are contending with soaring attrition amid strong demand for loans and the rush to capture a larger share of the crowded market. HDFC Bank, India's largest private lender, saw its employee turnover rate over the last year rise to 34%, while Axis Bank was at nearly 35%. Kotak Mahindra Bank's attrition surged to about 50%, with smaller peer Yes Bank in toe at 43%. The bank is working towards controlling it and would "not like to see an overall attrition of more than 25-30%," he said. Kotak Mahindra Bank, which has seen the sharpest jump in attrition, saw the worst churn at junior levels, it said.

Persons: Kotak, Amitabh Chaudhry, Chaudhry, Rituparna Chakraborty, Prashant Kumar, Teamlease's Chakraborty, Shanti Ekambaram, Ekambaram, Jain, Ira Dugal, Siddhi Nayak, Dhanya Ann Thoppil Organizations: HDFC Bank, Axis, Kotak Mahindra, Teamlease Services, Reuters, Kotak Mahindra Bank, Thomson Locations: MUMBAI, India's, Siddhi

☆ India Kotak Mahindra Bank's 67% profit jump beats expectations
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 22 (Reuters) - India's Kotak Mahindra Bank (KTKM.NS) beat expectations on Saturday with a 67% year-on-year rise in net profit for the April-June quarter, helped by higher net interest income and robust loan growth. The Mumbai-based private lender's standalone net profit rose to 34.52 billion rupees ($421.1 million) for the financial first quarter, above analysts' average estimate of 32.4 billion rupees, according to Refinitiv data. Kotak's net interest income, the difference between interest earned and paid out, increased 33% to 62.34 billion rupees. Its net interest margin grew to 5.57% from 4.92% for the same quarter last year. The strong credit growth has helped private banks such as HDFC Bank (HDBK.NS) and IndusInd Bank (INBK.NS) report double-digit profit growth for the April-June quarter.

Persons: Kotak, Siddhi Nayak, Robert Birsel, William Mallard Organizations: Kotak Mahindra Bank, Loans, HDFC Bank, IndusInd Bank, Kotak Mahindra, Siddhi, Thomson Locations: MUMBAI, Mumbai

☆ Asia's private credit markets thrive as desperate borrowers find lenders
▼ + stars: | 2023-07-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Private lenders, meanwhile, had "significant liquidity" to deploy for such financings, proving to be a right fit. Besides property developers, borrowers thronging private markets include privately-held companies and start-ups whose private equity issuance has been stymied by broader stock market swings and the deepening discounts of their valuations, known as a 'down round' in the industry. Investment firm Muzinich & Co. recently announced it had closed a $500 million Asia Pacific private debt strategy. Australian superannuation fund UniSuper, which runs a $15 billion private markets portfolio investing in unlisted infrastructure and private equity, is looking to grow its portfolio. "Just given the pipeline of opportunities, we could see ourselves potentially ... (doing) another $3 to $5 billion," said Sandra Lee, UniSuper's head of private markets.

Persons: Bryan Clark, Andrew Tan, Tan, Sandra Lee, UniSuper's, Shane Forster, Benno Klingenberg, Timm, Rae Wee, Georgina Lee, Vidya Ranganathan, Kim Coghill Organizations: Star, JLL, Western, Muzinich, Asia Pacific, Muzinich's Asia Pacific, ICE, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, BlackRock, Data, Barclays, UBS, Thomson Locations: SINGAPORE, Arizona, Asia, Hong Kong, Singapore

☆ India cenbank calls on more lenders to offer digital rupee - sources
▼ + stars: | 2023-07-12 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

Nearly two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey, published on Monday. The RBI aims to reach a target of one million CBDC transactions per day by the end of this year, RBI deputy governor T Rabi Sankar said on Tuesday. There were 1.3 million customers and 0.3 million merchants, who used CBDC as of June 2023, he said. "We are in the advanced stage of submitting a CBDC pilot request to the RBI. The central bank has also asked smaller banks to seek feedback from those currently conducting the pilots, the bankers said.

Persons: T Rabi Sankar, Siddhi Nayak, Sohini Goswami Organizations: Reserve Bank of India, Reuters, Bank for International Settlements, State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank, Siddhi, Thomson Locations: MUMBAI, Bank, BOB.NS

☆ Goldman strategist says one country offers the 'most fertile ground for picking stocks' and shares his favorites
▼ + stars: | 2023-07-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

That's despite Indian stocks already soaring, with the country's benchmark indexes BSE Sensex and Nifty 50 soaring to new record highs on Friday, according to Refinitiv data. He said that Indian stocks have a 16% compound annual return over the last 20 years in local currency terms, and 13% in dollar terms. It also has a high proportion of what Goldman analysts dub "multibagger" stocks, according to Koul. Goldman Sach screened 25 large-cap Indian stocks for those with an attractive growth and valuation profile. Four banks meet its criteria: HDFC Bank , ICICI Bank , State Bank of India and Kotak Mahindra Bank.

Persons: Goldman Sachs, Sunil Koul, CNBC's, Koul, That's, Goldman, Banks, Goldman Sach, Larsen, Toubro, — CNBC's Michael Bloom Organizations: Asia Pacific, CNBC, HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, U.S . Global, SBI, UltraTech, Growers Locations: India, U.S

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

The hectic pace of activity comes after private credit funds targeting Asia jumped 76% last year to a record $11.2 billion, driven by both regional and India-dedicated strategies, according to Global Private Capital Association. As large global sponsors continue to invest into multi-billion dollar Asia-focused credit funds such as Apollo, Blackstone and KKR, the Asian private credit industry is set for further boom, Robert Wright, partner in law firm Baker McKenzie, said. The string of new private credit funds come against the backdrop of startups facing the threat of having down rounds. Nevertheless, alternative financing such as private credit does not come cheap, industry experts warned. Private credit firms usually arrange loans, with assets secured, on a floating rate basis.

Persons: GPCA, Singapore's SeaTown, Europe's 21yield, Nicholas Mairone, Robert Wright, Baker McKenzie, SeaTown, Rakshat Kapoor, Camille Krejci, Parthiv Rishi, Sidley Austin, Siew Kam Boon, Yantoultra Ngui, Sumeet Chatterjee Organizations: Asia, SINGAPORE, Global Private Capital Association . Industry, Silicon Valley Bank, Blackstone, KKR, Reuters Graphics, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, SoftBank Investment Advisers, Reuters, Prosus NV, Thomson Locations: Asia, India, Singapore, United States, North America, Silicon, Pacific, Japan, Hong Kong

☆ Mega-merger gives Indian lender new lease on life
▼ + stars: | 2023-06-20 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

HDFC Bank (HDBK.NS), the country’s largest private lender, is set in July to complete its merger with its parent, partner and 26% shareholder Housing Development Finance Corporation (HDFC) (HDFC.NS). That’s a great opportunity for the larger, streamlined HDFC Bank – until now it sold most home loans it originated to its parent. However, the share of mortgages in HDFC Bank’s portfolio will rise close to 30%, compared to SBI’s 20%. HDFC Bank remains a fixer-upper in a couple of important respects, though. Housing Development Finance Corporation created HDFC Bank in 1994 and remains a 26% shareholder.

Persons: Sashidhar Jagdishan, That’s, HDFC, Jagdishan, Breakingviews, Srinivasan Vaidyanathan, Antony Currie, Thomas Shum Organizations: Reuters, HDFC Bank, Housing Development Finance Corporation, –, Bank of India, Mahindra Bank, Reserve Bank of India, Thomson Locations: MUMBAI, Asia, China, United States, watchdogs, Credila

[1/2] Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak General Insurance, which is fully-owned by Indian banking giant Kotak Mahindra Bank (KTKM.NS), did not respond to Reuters queries. While the Kotak insurance unit's interest in selling a stake has been reported earlier, its talks with Zurich, the potential deal size and valuation are being reported for the first time. More than 30 companies operate in India's general insurance market, where annual premium collections grew 11% to reach $26.7 billion in 2021-22, helped by rising financial literacy and income levels, CareEdge Ratings said in a report. Already, foreign companies such as Germany's Allianz and South Africa's Lombard have general insurance partnerships with Indian banking or financial groups.

Persons: Uday Kotak, Kotak, South Africa's Lombard, Ergo, Sriram, Tom Sims, Victoria Farr, Aditya Kalra, Jacqueline Wong Organizations: Mahindra Bank, REUTERS, Danish, Zurich Insurance, Kotak, Zurich eyeing, Insurance, Asia's, Germany's Allianz, South, Thomson Locations: Mumbai, India, Zurich, MUMBAI, South Africa's, Europe, China, Frankfurt

☆ About 80% of Indians choose to deposit withdrawn 2000-rupee notes, boost bank deposits - bankers
▼ + stars: | 2023-06-07 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, June 7 (Reuters) - About three-fourths of Indians are choosing to deposit the recently withdrawn 2000-rupee notes into bank accounts so far rather than exchanging them for smaller denominations, with the trend likely to boost bank deposits, bankers said. In May, the Reserve Bank of India (RBI) said it would withdraw these high-value notes from circulation and permitted their exchange or deposit until Sept. 30. When announced, the value of these notes in circulation was 3.6 trillion rupees ($43.61 billion), the RBI said. Though the total quantum of notes deposited or exchanged so far is not available, six public and private sector bankers Reuters spoke to said over 80% of the notes received by them have been deposited into accounts. The initial assumption is the overall bank deposit base would increase by at least 1.5 trillion rupees, with SBI contributing 22%-25%, the SBI official said.

Persons: Virat Diwanji, Gaura Sen Gupta, Dipanwita Mazumdar, Siddhi Nayak, Swati Bhat, Sonia Cheema Organizations: Reserve Bank of India, Reuters, State Bank of India, Bank of Baroda, Union Bank of India, Bank of India, Kotak Mahindra Bank, IDFC FIRST Bank, SBI, Siddhi, Thomson Locations: MUMBAI, BOB.NS, India

☆ India inflation likely hit 18-month low in April - Reuters poll
▼ + stars: | 2023-05-10 | by ( Madhumita Gokhale | ) www.reuters.com time to read: +2 min

Predictions ranged from 4.40% to 5.80%, with respondents expecting inflation to remain below the RBI's 6.00% upper tolerance limit for the second consecutive month. "Food inflation was a mixed bag on the month, with cereals and vegetables easing, whilst pulses and milk rose. "With inflation off the boil besides core (inflation), the RBI is likely to remain on an extended pause." However, inflation was expected to remain well above the RBI's medium-term target of 4.0% in the coming quarters, according to a separate poll. The survey also showed wholesale price inflation (INWPI=ECI), which measures the change in producer prices, is likely to have fallen to -0.20% last month compared to a year ago.

☆ India's Kotak Mahindra Bank beats expectations with 26% net profit rise in Jan-March
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 29(Reuters) - India's Kotak Mahindra Bank (KTKM.NS) on Saturday reported a better-than-expected 26% increase in net profit for the January-March quarter, helped by higher net interest income and strong loan growth. The private lender's standalone net profit, excluding subsidiaries, rose to 34.96 billion rupees ($427.8 million) in the fourth quarter of the fiscal year from 27.67 billion rupees in the same period last year. The result beat analysts' forecast of 29.13 billion rupees, according to Refinitiv data. Net interest income - the difference between interest earned and interest expended - increased 35% to 61.03 billion rupees from 45.21 billion rupees a year ago. Thanks to strong credit growth, large private banks such as HDFC Bank and ICICI Bank reported a double-digit profit growth for the Jan-March quarter.

☆ Asia's richest banker will loom over his successor
▼ + stars: | 2023-04-25 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

It will also be messy and is at odds with the regulator’s own aim to improve governance across the industry. Bosses of the country’s private-sector banks are allowed to stay in their jobs for up to 15 years. It is little surprise that more than 99% of investors voted for him to stay, per exchange filings published last week. If Kotak sits on the board, his successor - expected to be an insider – will effectively continue to work with his or her long-time boss. If things go wrong at Kotak, regulators may end up wondering who to blame.

☆ Indian shares set to open higher as strong earnings lift mood
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 24 (Reuters) - Indian shares were set to open higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd (RELI.NS) and ICICI Bank Ltd(ICBK.NS) eased some concerns over a lacklustre start to the earnings season. India's most valuable company, Reliance Industries reported 19% growth in fourth-quarter profit, aided by the strong performance in oil-to-chemicals (O2C) segment, post market hours on Friday. Private lender ICICI Bank posted a 30% jump in net profit in the March quarter, helped by improved net interest income and loan growth. The strong earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak earnings and outlook of top information technology companies, analysts added. Stocks to Watch:** Yes Bank Ltd (YESB.NS): Lender's net profit slumps 45% in the March quarter on higher provisions.

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