Banking Sector

It was incorporated on December 30, 2021, with an early investment from the QCI and Protean eGov Technologies. ONDC is expected to digitise the entire value chain, standardise operations, promote inclusion of suppliers, derive efficiencies in logistics, and enhance value for consumers for almost all types of businesses. "In the current platform-centric digital commerce model, buyers and sellers must use the same platform or application to do a business transaction," PNB said.

India's big banks score poorly on climate challenge", ranks 34 biggest banks in the country against a range of criteria and most banks have not even begun to factor climate change into their business strategies. The analysis comes on the heels of the IPCC report on impacts, adaptation and vulnerability which warned that India faces serious economic threats from sea-level rise and riverine flooding, reduced labor capacity due to intolerable heat, drop in crop and fishproduction and water.

According to Brickwork Ratings, in FY23, banks will be able to achieve credit growth of 8-9 per cent. "Between FY17-FY20, the government injected Rs 3,000 billion in PSBs in order to help the banks maintain the minimum capital requirement, as well as manage huge amounts of bad assets in their books," the agency said.

Covid's third wave subdued India's eight core industries' production in January 2022 on a sequential basis, official data showed on Monday.The growth rate of the eight major industries in January 2022 rose to 3.7 per cent from 4.1 per cent in December 2021. The Index of Eight Core Industries' (ICI) index reading rose on a year-on-year basis, at 1.3 per cent during January 2021.

Asset quality further improved for banks during the quarter, the brokerage said, adding that the economy bouncing back sharply in Q3FY22 which also coincided with the festive season, helped lenders report better sequential loan growth. In housing finance space, the brokerage bets on Can Fin Homes, whereas UTI Asset Management and Aditya Birla Sun Life Asset Management as preferred picks among the asset management companies.

"An application has been filed against the Company, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules 2016, by IndusInd Bank Limited, claiming to be a 'Financial Creditor', before the Hon'ble National Company Law Tribunal, Mumbai Bench for initiation of Corporate Insolvency Resolution Process against the Company, claiming a default of Rs.83,08,00,000," the filing said.

Accordingly, the ratings agency said that the state is inclined to place the burden of raising growth capital on its banks, as indicated by a lack of capital allocation for state banks in the government's latest budget. "This lack of capital allocation arguably indicates the government's belief that bank financials will remain healthy in the near term, enabling banks to support capital adequacy by sourcing fresh capital on their own," Fitch said.

In the past one-month period, Nifty bank index rose nearly 11 per cent to 39,330 points. Just on Wednesday, it gained over 2 per cent. Besides, credit card spending also continued to be strong, the brokerage house said. During the past month, Nifty PSU bank and Nifty private bank rose 21 per cent and 10 per cent, respectively. On Wednesday too, these two indices jumped sharply.

The net profit rose to Rs 454 crore during the period under review as against Rs 213 crore for the quarter ended December 2020. Besides, interest income stood at Rs 4,198 crore for the quarter ended December 31, 2021 compared to Rs 4,244 crore for the corresponding period of the previous year. The lender's gross NPA as on December 31, 2021 stood at Rs 15,427 crore as against Rs 16,753 crore as of December 31, 2020. "The GNPA reduced by 1.74% on a YoY basis," the IOB said.

In the past one-month period, Nifty bank index rose nearly 11 per cent to 39,330 points. Just on Wednesday, it gained over 2 per cent. "Payment activity continues to be strong. Loan growth saw some signs of revival as it climbed up to 8 per cent YoY led by retail and MSMEs. The interest rate environment seems to be turning, accompanied by a narrowing of term spreads and credit spreads," said brokerage house Kotak Securities.