Industry

South Indian Bank posts ₹92 cr loss in December quarter

The bank had recorded a net profit of ₹90.54 crore in the corresponding period of the previous financial year

RBI imposes ₹2 crore penalty on Standard Chartered Bank

The penalty has been imposed for delays in reporting of frauds to RBI, revealed during the statutory inspection of the bank with reference to its financial position as on March 31, 2018 and March 31, 2019

Bandhan Bank's collection efficiency hit in Assam

• The Kolkata-headquartered lender witnessed a 10-percentage point contraction in collection efficiency between the December quarter and 1-16 January, to 78%.

Decathlon to sell NBA merchandise in India, other regions

• The collection will be sold in more than 1,200 Decathlon stores worldwide including all outlets in India, and online at Decathlon.com. Products will be available for pre-order beginning March 2021 ahead of the April 2021 launch in stores.

Shopping, food top credit card spends in ’20

The pandemic has seen a shift in consumer spending, benefiting some categories like packaged food, electronics, e-commerce, while hurting discretionary goods, entertainment, eating out, and travelling

Credit risks better-managed at small finance banks: RBI bulletin

• As on 31 March last year, about 41% of total loans by small finance banks were to small businesses, as per RBI data. The same for public sector banks, private banks and foreign banks put together, was at 17%

Southern India leads movie theatre re-openings post lockdown

• The pandemic-induced lockdown, imposed in India last year, and consequent disruptions have battered the cinemas, with over a thousand theatres shutting shop forever. Movie business in the country is expected to contract 67% in FY21

Peak power demand hits record 185.82GW

The demand (and supply) of power in January (up to 19.01.2021) has grown by 8% as compared to the corresponding period of last year

Auto-debit defaults fall in Dec

• Transaction failures were 200 bps lower, at 38% of total auto-debits
• The recovery is being seen at a time when judicial order has barred lenders from classifying certain loans as bad

Power demand touches all-time high of 185.82 GW: Power Secretary S.N Sahai

Power demand touches all-time high of 185.82 GW, says Secretary S N Sahai

Bajaj Finance Q3 net drops 29%, writes off ₹1,970 crore loans under moratorium

• FY22 onwards, the company expects loan losses and provisions to revert to pre-covid-19 levels of 160-170 bps of average assets

World’s biggest offshore wind producer moves into hydrogen

Danish utility Orsted A/S took a final investment decision on its first hydrogen project as it expands beyond wind power.

Federal Bank reports 8% fall in Q3 net profit on higher provisions

• Operationally, the bank saw a strong growth with net interest income seeing a 24% y-o-y growth to ₹1437 crore as on 31 December 2020 compared to ₹1380 crore during the same quarter of the previous fiscal.

Govt raises authorised capital of Punjab & Sind Bank to ₹10,000 crore

• In 2020, the government had approved capital infusion of ₹5,500 crore into the bank through preferential allotment of shares

YES BANK new initiative for MSME: ₹5 cr loan without collateral for startups

• The bank will provide 'curated offerings to address both business and individual needs of MSMEs'
• YES BizConnect – a collaborative solutions to build strong market linkages involving over 700 industry associations will also be offered

Netflix scripts success with StreamFest as global subscribers cross 200 million

• According to analytics firm Apptopia, Netflix saw eight lakh app downloads during the first weekend of StreamFest, a 2570% increase in downloads versus the previous week.

India's power demand surges to record high Wednesday

• This assumes significance as the Indian economy has been battered by pandemic-induced disruptions. Energy consumption, especially that of electricity and refinery products, is typically linked to overall demand in the economy

Banking systems in emerging markets face deterioration in asset quality: S&P

Widespread immunisation, which certain countries might achieve by mid-year, will help pave the way for a return to more normal levels of social and economic activity, said S&P

ICICI Bank launches ‘InstaFX’ mobile app: Key features, other details explained

• ICICI Bank is the first bank in the country to offer such facility to money changers
• InstaFX mobile app allows authorised money changers to complete KYC verification of new customers digitally

Online gaming industry may touch $2.8 bn by 2022

Experts say 5G network, internet penetration, and broadband proliferation will revolutionize the gaming sector