Page 3 - Small Finance Banking

North East Small Finance Bank to sell over Rs 600 crore stressed assets

Consequently, credit costs are expected to start tapering down gradually, leading to normalisation in profitability in the normal course of business

AU SFB to Ujjivan SFB: Where do small finance banks go from here?

UCBs that aspire to become SFBs do not want the same limits on loan size and priority sector targets that SFBs have, especially when not many of them have sought to become SFBs

Premium cards to higher rates: How small saving banks are luring depositors

While large lenders are resorting to special schemes, small savings banks are rolling out special cards, higher interest rates on savings accounts and competitive fixed deposit rates too.

You can earn up to 7.25% on your savings account with this bank: Details

With the new interest rate, the Bank is reinforcing its commitment to promoting a culture of savings thereby building financial corpus and in turn, self-reliance.

Jana Small Finance Bank refiles IPO papers, seeks to raise Rs 575 cr

The offer consists of fresh issue of shares worth up to 5.75 billion rupees ($70 million) and an offer for sale of up to 4.1 million shares, according to the draft herring prospectus

Utkarsh Small Finance Bank's IPO subscribed 4.2x on day 1 of issue

The company is issuing fresh shares worth Rs 500 crore in the IPO, which will be used for augmenting the bank's tier-1 capital base

Utkarsh Small Finance Bank raises Rs 222 crore from anchor investors

The price band for the issue is Rs 23-25 per share. At the top end, Utkarsh SFB will have a market cap of Rs 2,740 crore post-dilution

Ujjivan SFB Q4 net profit rises 144% to Rs 309 crore, declares dividend

The bank's gross non-performing asset stood at 2.88 per cent and its net NPAs were at 0.04 per cent

Small biz focused Ugro Capital to raise Rs 340 cr in equity capital

Small businesses focused fintech Ugro Capital on Tuesday said it will raise Rs 340 crore in equity capital through a preferential allotment and qualified institutional placement. The company said its board approved Rs 240 crore worth of shares to IFU (Investeringsfonden for Udviklingslande), a Danish sustainable development goals investment fund, on a preferential allotment basis. Another Rs 101 crore will be raised from long-term shareholders like insurance companies, AIFs, and other financial institutions through a qualified institutional placement. It did not say when the money will be raised. The company has already entered into a definitive investment agreement with IFU, a Denmark government-owned fund offering risk capital to companies in developing countries and emerging markets. The new fundraising, its second equity capital raising after the first round in 2018, when it had mopped up Rs 900 crore, will primarily be used for onward lending to MSMEs, Ugro Capital vice chairma

Equitas Small Finance Bank hits fresh 52-week high; stock up 38% in a month

On February 8, the board approved allotment of 789.5 million equity shares (swap ratio at 231:100) of Equitas SFB to the eligible shareholders of the erstwhile Equitas Holdings.

Corporate India's new mantra for employees on leave: Do Not Disturb

Plan your own leave, unlimited paid vacation days, and multiple leave options are India Inc's attempt at respecting time off

SFBs hope to give large private banks a run for their money: BFSI panelists

When we started five years ago, we thought it would be a marathon but it has turned out to be a steeplechase: Samit Ghosh

BS BFSI Insight Summit 2022: SFB leaders discuss big dreams of small banks

Here is the list of leaders from Small Finance Banks on panel for the BS BFSI Insight Summit 2022

Suryoday SFB reports Rs 13-cr Q2 net against Rs 1.92-cr loss a year ago

On a sequential basis, the bank's net profit rose 67.7 per cent from Rs 7.75 crore in April-June

Shivalik SFB raises Rs 111 crore from venture capital firms, Bharti AXA

Shivalik Small Finance Bank on Wednesday said it has raised Rs 111 crore from two global venture capital firms and Bharti AXA Life Insurance. The two global venture capital firms that participated in the funding round are Accel and Quona Capital. The bank plans to use the funds to enhance its tech stack, strengthen team, and deepen partnerships as it moves to become the go-to bank for Indian MSMEs, it said. The Noida-based bank is the first to have transitioned from an urban cooperative bank with 23 years of experience in offering retail banking products and services. The bank has over 5.6 lakh customers and operates through 46 branches and 21 exclusive Business Correspondent branches across northern India. We are on a promising track of growth-focused tech-driven innovations and strategic partnerships in the financial services space. This investment will help us accelerate our growth as we look to leverage digital banking adoption by small business and retail customers, Anshul Sw

SFBs need Rs 4,000 cr capital to maintain 30% CAGR in advances: CareEdge

Capital raising delayed amid volatile markets, lower risk apetite among investors

Fino Payments discussing SFB transition internally: MD & CEO Rishi Gupta

Transitioning from a business correspondent to a payments bank five years back, profit making Fino Payments Bank looks for a further upgrade to a small finance bank with internal discussions underway, bank's chief Rishi Gupta said. The bank will approach the Reserve Bank of India (RBI) for a small finance bank licence at an appropriate time, Gupta, Managing Director and Chief Executive Officer, Fino Payments Bank said. RBI guidelines stipulate that a payments bank more than five years old can apply for a licence for a small finance bank (SFB), Gupta said. "So the natural migration for Fino from a banking licence point of view will be into a small finance bank. We have started to offer credit in partnerships with other players. We are also building a large customer and merchant base, which will come handy as we decide on SFB. "Having said that, right now we are internalising it. And once we close that communication and we believe that it is the right path or approach, then we will .

AU Small Finance Bank hikes fixed deposits rates by 60 bps to 7.5%

AU Small Finance Bank on Wednesday said it has hiked fixed deposit rates by 60 basis points to 7.5 per cent for regular customers. Senior citizens will get an interest of 8 per cent on their fixed deposits. The increased rates have come to effect from October 10, 2022. The bank has hiked the fixed deposit rates by up to 60 basis points for retail deposits from flagship 6.9 per cent to 7.5 per cent for regular customers and 7.4 per cent to 8 per cent for senior citizens, it said in a release. The Jaipur-based small finance bank said with the hike in fixed deposit rates, it is offering one of the most competitive fixed deposit interest rates in the industry and customers can get maximum return on their investments. In the rising inflation scenario, the hike in fixed deposit rates gives the customers an opportunity, particularly senior citizens, to get inflation-beating returns from their fixed deposits, the lender added. Also, savings deposit holders of Rs 1 crore and less than Rs

Equitas SFB gross advances up by 20% at Rs 22,802 cr at September end

Equitas Small Finance Bank on Friday said its gross advances grew by 20 per cent to Rs 22,802 crore at end of September 2022 quarter. The Bank's gross advances in the year-ago period of September 2021 stood at Rs 18,978 crore. During the second quarter ended September 2022-23, the Bank's disbursements were up by 22 per cent at Rs 3,845 crore, as against Rs 3,145 crore in year-ago period. Total deposits rose by 20 per cent to Rs 21,726 crore, from Rs 18,094 crore at end Q2FY22, Equitas Small Finance Bank said in a release. Of this, retail term deposits were at Rs 7,665 crore, up by 13 per cent from Rs 6,767 crore in the year-ago quarter. The current account savings account (CASA) stood at Rs 10,456 crore at end of Q2FY23, as against Rs 8,200 crore in the year-ago period. CASA ratio was at 48.13 per cent. Among others, the Bank's cost of funds came down to 6.25 per cent, as against 6.81 per cent. The Bank said the figures related to September 2022 are provisional unaudited number

Ujjivan SFB reports 44 % YoY growth in advances in Q2, loan book expands

Lender reports 45% growth in deposits to Rs 20,389 crore at the end of the quarter