Page 2 - Small Finance Banking

AU Small Finance Bank looking at 30% asset growth for five years

AU Small Finance Bank plans to raise fresh equity capital in the current financial year depending on market conditions.

Unity Small Finance Bank pays Rs 3,800 cr to 850,000 PMC Bank depositors

According to the plan approved by the Union government, Unity Small Finance Bank was supposed to pay the insured deposit amount up to Rs 5 lakh received from the DICGC immediately.

Small finance banks seek an urgent extension of time limit for listing

These banks have cited the 'accepted recommendations 31 and 27' of the Reserve Bank of India's (RBI's) Internal Working Group (IWG) to buttress their request

Unity SFB not affected by BharatPe tussle: Centrum Capital's Jaspal Bindra

Jaspal Bindra says Centrum's partnership is with funds like Sequoia, not Grovers

Ujjivan Small Finance Bank seeks shareholders' nod to raise Rs 600 crore

The bank has already sought Sebi nod for a scheme of amalgamation to achieve the Minimum Public Shareholding (MPS)

West End Housing applies for small finance bank licence with RBI

Currently, there are about a dozen small finance banks in the country

Fino Payments not planning to turn into small finance bank 'right now': CEO

Company is only profitable payments bank and 'lot of things need to settle down first' for it to consider seeking a licence for conversion, says Rishi Gupta

Sahakar Bharati may seek tweaks in PMC Bank's draft merger scheme

Five-year interest holiday and final settlement at end of 10 years unfair to depositors

Ujjivan SFB stays in red, net loss widens in Q2 to Rs 274 cr sequentially

Provisions stay elevated in Q2; though lower than Q1

Utkarsh Small Finance Bank reports Rs 38 cr profit for Apr-Sept FY22

The bank on Monday reported nearly 52 per cent decline in net profit

Unity Small Finance Bank begins operations, paving way for merging PMC

Unity Small Finance Bank, the 51:49 joint venture between Centrum Group and payments app Bharatpe, on Monday launched their first branch that will go a long way in resolving the crippled cooperative PMC Bank by merging it with the new entity. Early evening, the Reserve Bank said Unity SFB began operations with the first branch going operational in the city. The 12th small finance bank begins operations with over Rs 1,100 crore of equity capital, over 2 lakh customers and an asset base of over Rs 2,400 crore which comes from the existing MSME and MFI credit business of the Centrum Group, Jaspal Bindra, group executive chairman and also the non-executive chairman of Unity Bank, told PTI on Monday. Unity Bank commenced operations in a record time as it got the final licence only on October 12 from the Reserve Bank, after getting the in-principal approval in June. The licence is also contingent on the Unity Bank taking over the crippled Punjab & Maharashtra Cooperative (PMC) Bank, ...

Capital Small Finance Bank files paperwork with Sebi to raise funds via IPO

The small finance bank (SFB) proposes to utilise net proceed from the fresh issue towards augmentation of the bank's Tier-I capital base to meet the future capital requirements

AU Small Finance Bank Q2 net profit falls to Rs 279 crore

AU Small Finance Bank on Thursday reported 13 per cent decline in net profit at Rs 279 crore for September quarter 2021-22 due to rise in bad loans. The lender had posted a net profit of Rs 322 crore for the year-ago period. However, the bank said the net profit was up 42 per cent year-on-year after excluding the profit earned from stake sale in Aavas Financiers. There was a gain of Rs 144 crore due to stake sale in Aavas in second quarter of 2020-21 and overall gain was of Rs 172 crore in first half of that fiscal year. Total income rose to Rs 1,595.65 crore during the quarter under review as against Rs 1,473.45 crore in the same period of 2020-21, AU Small Finance Bank said in a regulatory filing. Net income rose 15 per cent to Rs 944 crore while net interest income grew 34 per cent to Rs 753 crore. The bank's other income also moved up by 64 per cent to Rs 191 crore. However, employee cost too went up by 46 per cent to Rs 327 crore during the quarter. Gross bad loans or ...

Unity Small Finance Bank plans to tap 100 million Payback users

The proposed business model is one of collaboration and open architecture

Centrum soars 19% as RBI grants SFB license to consortium with BharatPe

The RBI has issued a Small Finance Bank license to the Centrum Group-BharatPe consortium; new SFB has been incorporated as 'Unity Small Finance Bank'

Top-level exits: AU SFB says 'nothing to hide' on disclosure issues

Jaipur-based AU Small Finance Bank (AU Bank) on Wednesday tried to allay concerns of investors and depositors with regard to top-level resignations in recent months, saying that it is a "simple HR issue" that the company management is trying to resolve. Concerns were raised over transparency issues as there has been a lag on part of the bank to make disclosure about the top-level resignations. In an early morning investor call, MD & CEO Sanjay Agarwal said the bank has "nothing to hide" and there is nothing on the "governance issue", and rather it was a simple HR issue that the management of the company is trying to resolve. On Tuesday, the bank had said that its Chief Audit Officer Sumit Dhir has expressed his desire to move back to his hometown Delhi, due to changes in his personal circumstances following the COVID second wave. Shares of the company witnessed a sharp decline of 12.64 per cent on Tuesday even as the broader market ended with significant gains. Shares of AU Bank .

How Google's push into Indian retail banking challenges traditional lenders

Google Pay wants to push time-deposit products of small Indian banks, breaching banks' historic moat with tech innovation.

Jana SFB ties up with two co-op banks to offer digital, payment services

Jana Small Finance Bank (Jana SFB) will provide its digital infrastructure and payments services to HCBL Co-operative Bank and Mysore Merchants Co-operative Bank under the bank sponsorship programme. Under the bank sponsorship programme, the RBI has permitted Core Banking Solution (CBS) enabled co-operative banks to issue ATM cards or ATM-cum debit cards to its customers in association with the sponsor bank. Jana Small Finance Bank signed a memorandum of understanding (MoU) with HCBL Co-operative Bank, Lucknow and Mysore Merchants Co-operative Bank, Mysore to provide digital infrastructure and payments services to the respective banks under the bank sponsorship programme of the RBI, Jana SFB said in a release on Thursday. With this tie-up, HCBL Co-operative Bank and Mysore Merchants Co-operative Bank will be able to extend ATM, point of sale (PoS) and e-commerce services to its customers. This is for the first time that Jana SFB has tied up with a co-operative bank to provide IMPS

Nitin Chugh's exit, provisioning concern to weigh on Ujjivan SFB: Analysts

Including Monday's intra-day fall of 9.6 per cent, the stock of Ujjivan Small Finance Bank has tumbled 31 per cent in six days

Ujjivan SFB shares tumble nearly 19% as MD, CEO Nitin Chugh resigns

Shares of Ujjivan Small Finance Bank on Friday tumbled nearly 19 per cent after the announcement that its Managing Director and Chief Executive Officer Nitin Chugh has resigned from the bank. The stock tumbled 18.76 per cent to close at Rs 19.70 on the BSE. During the day, it tanked 20 per cent to its 52-week low of Rs 19.40. On the NSE, it plunged 18.76 per cent to close at Rs 19.70. In traded volume terms, 22.56 lakh shares were traded at the BSE and over 4.44 crore units at the NSE during the day. Ujjivan Small Finance Bank MD and CEO Nitin Chugh has resigned from the bank and his tenure will come to an end on September 30. The bank has received a letter, dated August 18, from Nitin Chugh tendering his resignation from the position of the bank's managing director and CEO, with effect from the close of business hours on September 30, Ujjivan SFB said in a regulatory filing on Thursday. "His tenure as the director is co-terminus with his tenure as managing director and CEO of th