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Why ICICI Bank is going slow on personal loans | Company Business News
Livemint
·
6m ago
Medial
ICICI Bank experienced a rise in retail and rural loan slippages, primarily from the kisan credit card portfolio, affecting overall asset quality despite stable financials. Gross slippages for the quarter were ₹6,085 crore, with significant recoveries and write-offs. The bank maintained focus on quality underwriting and monitored stress without prioritizing high-risk segments. Loan growth was steady, with personal loan portfolio growth slowing due to conscious risk assessment decisions. Despite competitive pressures, the bank remained disciplined on pricing.
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Indian banks ask fintech partners to limit tiny personal loans amid regulatory glare
Economic Times
·
1y ago
Medial
Indian banks have asked their fintech partners to reduce issuing small personal loans following the Reserve Bank of India's stricter regulations to cover personal loans. Paytm has already announced that it will slow down on sub-50,000-rupee loans. While the pullback may affect the availability of such loans, banks are not severing ties with fintech partners altogether. The move comes in response to concerns about higher risk and the need for more capital to cover personal loans and lending via NBFCs.
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Personal loans: Banks offering the lowest interest rates on a Rs 5-lakh loan during the festive season
Money Control
·
1y ago
Medial
During the festive season, there is an increased demand for personal loans, and some major banks offer discounted interest rates and waived processing charges. People apply for these loans to travel, shop, or cover emergencies like medical expenses or job loss. However, it's important to note that personal loan interest rates can be high. Bank of Maharashtra offers the cheapest rate at 10%, followed by Punjab National Bank and IndusInd Bank at 10.4% and 10.49% respectively. HDFC Bank, Punjab & Sind Bank, ICICI Bank, Bank of India, Canara Bank, Kotak Mahindra Bank, and IDFC First Bank offer rates starting from 10.5% to 10.99%.
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ONDC to add banks, fintechs to take credit services to last mile
Economic Times
·
1y ago
Medial
Open Network for Digital Commerce (ONDC) is set to integrate banks such as HDFC Bank, IDFC First Bank, and Karnataka Bank, as well as fintech firms like Fibe, to offer unsecured personal loans and invoice loans targeting small merchants in underserved areas of India. ONDC is also piloting credit disbursals through partnerships with Tata Neu, Paisabazaar, DMI Finance, and Aditya Birla Finance. Additionally, ONDC plans to introduce business-to-business credit services and explore small ticket, short tenure loans based on alternative data. ONDC is also expanding into insurance and investments segments.
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Paytm halts postpaid loans, to focus on distribution-only model
Economic Times
·
1y ago
Medial
Paytm has paused the distribution of postpaid loans since February, signaling a shift in its lending approach. The value of postpaid loans distributed dropped over 90% to Rs 720 crore in the March quarter of FY24. Paytm is becoming more cautious with its small-ticket size personal loans business due to deteriorating asset quality. The company will not disburse collections-based loans unless incentivized to do so through collections bonuses. It will focus more on distribution-only models for personal loans, compressing its take rates in the 3-3.5% range. This follows a regulatory crackdown by the Reserve Bank of India.
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Grapevine: ICICI Bank, Prudential Plc, AkzoNobel, Pidilite Industries, and JSW Paints in news
VCCircle
·
5m ago
Medial
ICICI Bank is reportedly planning to acquire an additional 3% stake in ICICI Prudential Asset Management Co. Meanwhile, AkzoNobel N.V. is exploring options to sell its consumer paints business in India while retaining its industrial coatings division, according to media reports.
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Rural-focussed NBFC Moneyboxx Finance raises $21 mn
VCCircle
·
10m ago
Medial
Non-bank lender Moneyboxx Finance has raised $21 million in capital to support its growth plans. The company focuses on impact investing by providing business loans to micro entrepreneurs in rural areas. The fund raise puts Moneyboxx Finance in a position to achieve a target of over $335 million by 2025-26. The company plans to keep raising capital going forward and aims to enhance its outreach and impact in rural India. Moneyboxx Finance is supported by 33 lenders, including State Bank of India, HDFC Bank, and Kotak Mahindra Bank.
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Tech-based lending aggregator SwitchMyLoan raises pre-Series A funding
YourStory
·
1y ago
Medial
Mumbai's lending aggregator SwitchMyLoan closed a pre-Series A funding round led by O2 Angels Network, joined by Rajesh Ranjan, Dr. Jaydeep Thaker, and others. The undisclosed funds will aid technology development, including an AI-powered credit underwriting bot, and business expansion. SwitchMyLoan streamlines loan processes, offering multiple lenders and products, focusing on education, guidance, and support for customers seeking new or switched loans. It simplifies secure and unsecured loans through its network of 85+ lenders, including HDFC Bank, ICICI Bank, and Axis Bank.
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Bijith Bhaskar, ICICI Bank's cards and payments head, resigns
Money Control
·
1y ago
Medial
Bijith Bhaskar, head of cards, payment solutions, e-commerce ecosystem, and consumer finance at ICICI Bank, has resigned after 21 years with the company. Bhaskar's resignation was accepted by the bank on May 10 and is effective from May 18. Bhaskar cited personal reasons for his departure and expressed a desire to pursue opportunities outside the bank. This news comes after ICICI Bank recently experienced a data glitch that affected 17,000 newly-issued credit cards, although the issue was resolved promptly and no misuse was reported.
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NCLAT upholds insolvency order against Jaiprakash Associates | Company Business News
Livemint
·
8m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by Jaiprakash Associates Ltd (JAL), the parent company of the Jaypee Group, challenging their admission into insolvency proceedings. The NCLT had previously admitted JAL into insolvency based on a plea by ICICI Bank, due to JAL's default on loans amounting to ₹1,269 crore. JAL's settlement offer to repay ₹16,000 crore within 18 weeks was also dismissed. JAL currently has outstanding borrowings of ₹55,525.89 crore, making it one of India's largest ongoing insolvency cases.
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Consumer lending to grow 15-20% annually despite headwinds: InCred Finance
Economic Times
·
1y ago
Medial
Non-banking finance company InCred Finance predicts that consumer lending in India will grow by 15% to 20% annually, despite the increasing stress on portfolios. The retail lending balances in India currently stand at Rs 89 lakh crore ($11.9 trillion), with consumer finance outstanding balances exceeding Rs 22 lakh crore ($2.9 trillion) and growing at over 25% per year. While the risk performance of standard personal loans is improving, small ticket personal loans (STPL) have seen a deterioration in risk performance. Concerns about the rapid growth in unsecured loans have led the Reserve Bank of India to increase risk-weights on unsecured credit and bank loans to non-banking finance companies.
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