The decision, communicated through a letter dated May 16, 2024, follows an earlier notification from IDFC FIRST Bank dated December 30, 2023, announcing his proposed appointment. As per the RBI's directive, Natarajan will serve as the bank's Executive Director for the stipulated period.
There will be geopolitical and socioeconomic challenges, and inflation will also remain a key issue. I see banks' margins moderating and insurance premiums going up. I would love to see more success stories of fintechs and more Indian banks in the top global lists. I don’t see any further consolidation of PSU banks but there could be consolidation in PSU insurance. More companies will enter the insurance sector as more than 20 licences are up for IRDAI approval.
Latest data from banks' quarterly results in Q4 FY24 suggests that contrary to public sector banks, private banks like have been actively expanding their business through bank branches in the last quarter of FY24 and the previous few quarters. Here's what the data suggests:
In the last 5 years regulators became very active, and the finance ministry took many decisions, Sensex almost doubled from 38,672 in March 2019 and the mutual fund investors tripled to 15 crore. On the flip side, cybercrime cases also increased. We, at ETBFSI, spent enough time and efforts covering developments in the financial world and tried our best not to just update but to also give you a perspective.
Bengaluru and San Francisco-based customer engagement platform MoEngage has launched 'MoEngage for Financial Services' for agile and secure digitization.
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The NIM trajectory is expected to remain stressed and moderate even further in coming quarters as competition would also cap the interest rates charged at a certain level.
LIC reported higher APE growth, compared to private players leading to an increase in market share which is likely to reduce as the growth of private players picks up going ahead.
Net profit for the quarter was also aided by a 32.6% jump in other income to Rs 755.4 crore. There was also a write-back of provisions worth Rs 337 crore, compared to an outgo of Rs 262.6 crore in the December quarter and a write-back of Rs 494.2 crore in the year-ago quarter.
The matter is subject to approval of IRDAI, shareholders, and such other statutory approvals, as may be applicable. The necessary intimation about the exact date of appointment of Rushabh Gandhi will be filed with exchange on receipt of requisite approvals, IndiaFirst Life said.
As per Ind-Ra’s securitised auto ABS portfolio of two wheelers (2W), electric-2Ws are less than 2% of the vehicle loan pool. This is a medium-term opportunity as the proceeds can be tagged green and securitised.
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