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In a significant move, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword>) has imposed penalties on <keyword id="19952948" type="General" weightage="20" keywordseo="axis-bank" source="keywords">Axis Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword> for lapses in regulatory and statutory compliance. The fines, which amount to a total of ₹2.91 crore, highlight the central bank's ongoing efforts to ensure that financial institutions adhere to prescribed guidelines. The RBI levied a penalty of ₹1.91 crore on Axis Bank for violations that included contraventions of the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword> and non-compliance with specific RBI directions related to interest rates on deposits, Know Your Customer (KYC) norms, and collateral-free loans for agriculture. Meanwhile, HDFC Bank faced a ₹1 crore fine for failing to comply with directions concerning interest rates, customer service practices, and the use of recovery agents. <h2>Axis Bank: Key regulatory failures</h2>Axis Bank’s penalty stems from a supervisory evaluation conducted by the RBI based on its financial position as of March 31, 2023. Upon reviewing the bank’s activities, the RBI found several areas of non-compliance. One of the primary issues was the opening of savings deposit accounts in the names of ineligible entities, a direct violation of regulatory norms. Additionally, Axis Bank was found to have issued multiple customer identification codes to certain clients instead of assigning a Unique Customer Identification Code (UCIC), which is mandatory to avoid duplication and ensure proper monitoring of accounts. The bank also violated guidelines concerning agricultural loans. RBI regulations prohibit banks from asking for collateral for agricultural loans up to ₹1.60 lakh, but Axis Bank had obtained such collateral in certain cases. Lastly, a wholly-owned subsidiary of Axis Bank was found to be engaged in providing technology services—an activity that is not permissible for a banking company. This contravention added to the overall penalty levied by the central bank. <h2>HDFC Bank: Regulatory shortcomings</h2> In the case of HDFC Bank, the RBI’s investigation was based on its financial position as of March 31, 2022. The central bank uncovered several violations, including the offering of gifts, specifically covering the first-year premium for complimentary life insurance, which exceeded the permissible limit of ₹250. Moreover, HDFC Bank was found to have opened savings accounts in the names of ineligible entities, a violation similar to that of Axis Bank. Another significant failure was the bank’s inability to ensure that customers were not contacted by bank officials outside the permitted time frame of 7 am to 7 pm. <h2>RBI's Stance on Compliance</h2> While the RBI has been stringent in penalising both banks, it clarified that these penalties are based on lapses in regulatory compliance and are not reflective of the validity of any transactions or agreements between the banks and their customers. The central bank’s message is clear—financial institutions must adhere strictly to guidelines to maintain transparency, protect customers, and uphold the integrity of the banking system. The penalties serve as a reminder to all banks to stay vigilant and maintain high standards of compliance to avoid such financial and reputational damage in the future. Both Axis Bank and HDFC Bank have accepted the fines and are expected to take corrective actions to avoid future infractions. For customers, this action from the RBI is a reassurance that regulatory oversight remains a priority to ensure fair banking practices across the country.

RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

<ul><li><keyword id="6357149" type="General" weightage="80" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> today reported a 19% growth in the first quarter to ₹9,169 crore.</li><li>Net interest income for the quarter grew by 14.5% to ₹19,481 crore.</li><li>The bank’s other income excluding trading and mark to market losses grew by 35%.</li></ul>HDFC Bank today reported a 19% growth in the first quarter of FY23 net profit to ₹9,169 crore, from ₹7,729 crore in the same quarter last year. Its total revenues grew by 13% to ₹41,560 crore as compared to ₹36,771 crore last year. Net interest income for the quarter grew by 14.5% to ₹19,481 crore from ₹17,009 crore last year. This was driven by a 22.5% growth in advances and 19.2% growth in its deposits, India’s largest private bank said in its press release. Its gross non-performing assets or NPAs grew by 11.7% to ₹18,033 crore as compared to the fourth quarter of the last financial year. Its net NPAs too went up by around 10.8% as compared to the last quarter. On a sequential basis, its net profits also fell by 8.5%. In an annual general meeting that was held on the same day as it declared results, the company chairman Atanu Chakraborthy, the bank chairman claimed that they had added 90 lakh customers during the year. While inflation reared its ugly head, the resultant monetary tightening has resulted in rate increases and currency depreciation, Chakraborthy said. In the last financial year ending March 2022, it paid a dividend of ₹15.5 per equity share, he said in his AGM speech. <cmsannotation type="cmsannotation" annotationid="Margins remain flat, while commission fees grows" comment="subhead" text="Margins remain flat, while commission fees grows">Margins remain flat, while commission fees grows</cmsannotation> India’s largest private bank reported a core net interest margin of around 4%. Its other income excluding trading and mark to market losses grew by 35%, the bank said. “The four components of other income for the quarter were fees and commissions, foreign exchange and derivatives revenue, loss on sale / revaluation of investments of ₹1311 crore, which gained by ₹601 crore in the corresponding quarter of the previous year and miscellaneous income, including recoveries and dividend,” the bank said in a press release. The bank’s fees and commissions for the quarter stood at ₹5,360 crore. Its operating expenses for the quarter came in at ₹10,502 crore, and increased by 28.7%. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/full-list-of-airtel-xstream-fiber-broadband-plans-with-complete-details-and-benefits/articleshow/92901601.cms">Airtel Xstream Fiber Plans 2022: Full List of Airtel broadband plans with prices, benefits and validity</a> <a href="https://www.businessinsider.in/finance/news/rupee-at-80-heres-how-a-falling-rupee-could-impact-indias-current-account-deficit/articleshow/92897064.cms">Rupee at 80: Here’s how a falling Rupee could impact India's current account deficit</a>

HDFC’s net profit grows by 19% but its non performing assets swell sequentially

The country's largest private sector lender <keyword id="6357149" type="General" weightage="100" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> on Thursday announced that it has raised USD 750 million through a dollar bond sale. The bank said it will be paying a coupon of 5.686 per cent for the three year bonds, according to an exchange filing. The paper, rated Baa3 by Moody's Rating Services and Bbb by S&amp;P, will be listed on the India International Exchange, it said. The USD denominated senior unsecured instruments will be redeemed on maturity in March 2026. The <keyword id="45123" type="General" weightage="20" keywordseo="hdfc" source="Orion">HDFC</keyword> Bank scrip had closed 0.69 per cent down at Rs 1,603.35 a piece on the BSE on Thursday, as against a 0.23 per cent correction on the benchmark. SEE ALSO: <a href="https://www.businessinsider.in/tech/gadgets/news/mapmyindia-launches-gps-trackers-smart-helmet-kits-dash-cam-and-more-starting-at-2990/articleshow/98177325.cms">MapmyIndia launches GPS trackers, smart helmet kits, dash cam, and more starting at ₹2,990</a> <a href="https://www.businessinsider.in/tech/gadgets/news/noise-and-fire-boltt-entered-in-top-five-in-global-smartwatch-shipments/articleshow/98171390.cms">These two Indian brands have together sold more smartwatches than Samsung in 2022</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambanis-jiocinema-to-take-on-disney-hotstar-and-amazon-prime-with-free-4k-ipl-streaming/articleshow/98150380.cms">Mukesh Ambani’s JioCinema to take on Disney+ Hotstar, and Amazon Prime with free 4K IPL streaming</a>

HDFC Bank raises $750 million in dollar bond sale

<ul><li>In a category that follows a homogenised approach to advertising, Insurance major <keyword id="472962" type="General" weightage="100" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>’s latest campaign is like a breath of fresh air.</li><li>It is an insurance advertisement that won’t make you press that skip button and will stay with you for a long time.</li><li>Conceptualised and produced by <keyword id="261687" type="General" weightage="20" keywordseo="leo-burnett-india" source="Orion">Leo Burnett India</keyword>, HDFC Life takes an emotional route to convey how different our life is today and how insurance plays an important role in keeping us secure, without really mentioning it.</li></ul>At a time when consumers are extremely scared about their health and are spending extra on health care, the insurance sector, under the BFSI category, is one of the biggest advertising spenders in India. According to TAM, 27% of the BSFI television ads during Jan-Aug 2021, were by the Life Insurance sector. However, advertising in the insurance industry in India, even till a few years back, used to be more about talking about the various benefits of the policy in less than 30 seconds than a strong story or narrative. So, in a category that follows a homogenised approach to advertising, Insurance major HDFC Life’s latest campaign feels like a breath of fresh air. <div type="Youtube" id="oi1ntQwBJ9Y" title="BounceBack Batch" thumbUrl="https://i.ytimg.com/vi/oi1ntQwBJ9Y/mqdefault.jpg"></div> HDFC Life steps into the shoes of students who are commonly known as the ‘COVID batch’ or the batch of 2022. A young girl, as she passes on from school to college, delivers a speech in front of her whole batch. As she stands on the podium, she mimics how we often forget to unmute ourselves before speaking in a Zoom session. Those who haven’t had to go to school due to the pandemic or sit through 8 hours of classes and pass through multiple offline exams are often told that they have had it easy. “What are your achievements? You were just at home for 2 years,” people taunt them, shares the protagonist in her speech. However, she highlights how people often forget that they had to concentrate on studying and passing their highly competitive exams, while their parents struggled to make ends meet. The parents prioritised their kid’s school fees on salary cuts and ensured that they have the space to concentrate on online sessions as they worried about hospital bills. She goes on to share how her father worried about her online exams even when he was breathing through an oxygen cylinder and battling through COVID. The advertisement then subtly and cleverly mentions how the parents also secured their kids' future by investing in life insurance. The protagonist mentions, “When the world was filled with uncertainties about the future, our parents did everything to ensure our future was as secure as ever.” With her moving speech, she explains how the kids of 2022, the COVID batch, have learnt a lot more from their parents and COVID warriors than any textbook could ever teach them. ‘This tough chapter of bouncing back from life’s most difficult challenges’ will be an invaluable lesson for these students. Conceputalised and produced by Leo Burnett India, the advertisement ‘Bounce Back’ for HDFC Life takes an emotional route to convey how different our life is today and how insurance plays an important role in keeping us secure, without really mentioning the brand name throughout its narrative. Speaking about the campaign, Rajdeepak Das, CEO &amp; Chief Creative Officer, South Asia, Leo Burnett said, “One of the biggest setbacks of the pandemic was the shutdown of educational institutions. The batch of 2022 is often referred to as the ‘Covid batch’ and are questioned whether they are at par with those before. Our film takes the audiences on an emotional journey of how in reality, the Covid batch was the most resilient batch ever, facing real life problems like no one else in the last century. And how, by taking cues from their parents and peers, they have bounced back from these challenges.” HDFC Life's 'Bounce Back' is an insurance advertisement that doesn’t make you want to press that skip button and is certainly one that will stay with you for a long time.

From talking about struggles of COVID batch students to addressing how our country survived extreme oxygen shortage in 2021, HDFC Life’s latest ad will leave you teary-eyed

The <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> closed the third quarter of FY23 with a net profit of about ₹12,259 crore, the bank said in a regulatory filing. According to the <keyword id="45123" type="General" weightage="20" keywordseo="hdfc" source="Orion">HDFC</keyword> Bank, it has posted a net profit of about ₹12,259 crore for the quarter ended 31.12.2022 up from ₹10,342 crore logged in the previous year corresponding quarter. The bank had earned a total income of about ₹51,207 crore for the period under review up from about ₹40,651 crore earned during Q3FY22. The bank's net non-performing assets (NPA) as on 31.12.2022 was ₹5,024 crore up from ₹4,676 crore for the corresponding period previous year. The provisions stood at about ₹2,806 crore for the quarter ended 31.12.2022 down from about ₹2,993 crore for the quarter ended 31.12.2021 SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/us-could-default-on-its-debt-as-soon-as-june-says-us-treasury-department/articleshow/96987802.cms" style="">US could default on its debt as soon as June, says US Treasury Department</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vodafone-group-plans-hundreds-of-job-cuts-biggest-in-5-years-report/articleshow/96985156.cms" style="">Vodafone Group plans hundreds of job cuts, biggest in 5 years: Report</a>

HDFC Bank Q3 net at ₹12,259 cr

<ul><li>With the end of the year just round the corner, we bring you our latest trends report that talks about marketing trends in the <keyword id="6356925" type="General" weightage="20" keywordseo="bfsi" source="Orion">BFSI</keyword> sector.</li><li>Vishal Subharwal Head, Marketing, Digital Business &amp; E-commerce, <keyword id="472962" type="General" weightage="20" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>, <keyword id="878756" type="General" weightage="20" keywordseo="sandeep-walunj" source="Orion">Sandeep Walunj</keyword>, CMO, Nippon Life India Asset Management Ltd, <keyword id="328559" type="General" weightage="20" keywordseo="ajay-kakar" source="Orion">Ajay Kakar</keyword>, CMO, <keyword id="6391710" type="General" weightage="20" keywordseo="aditya-birla-capital" source="Orion">Aditya Birla Capital</keyword>, <keyword id="4121510" type="General" weightage="20" keywordseo="jasneet-bachal" source="Orion">Jasneet Bachal</keyword> – Chief Marketing Officer, YES Bank, <keyword id="178450" type="General" weightage="20" keywordseo="abhishek-gupta" source="Orion">Abhishek Gupta</keyword>, CMO, Edelweiss Tokio Life Insurance, Karthik Raman, Chief Marketing Officer and Head - Products, Ageas Federal Life Insurance and <keyword id="9793035" type="General" weightage="20" keywordseo="nikhil-bharadwaj" source="Orion">Nikhil Bharadwaj</keyword>, Head, Corporate Communications, Bajaj Allianz General Insurance share their thoughts.</li></ul>As the world slowly recovers from the Covid-19 pandemic, financial services are slowly but steadily changing their way of doing business and also the way they engage and communicate with their consumers. In the last 2 years, there has been a massive shift in the way consumers interact with the Banking, Financial Services and Insurance (BFSI) players. With the change in consumer behavior, there has also been a shift in the way these organizations are communicating with their consumers. There is a lot more empathy, the last year has about putting the spotlight on courage, resilience and hope. Going ahead too, players in the BFSI sector will need to catch the pulse of the consumers, and reach out to them at the touch-points they are most comfortable at. The need of the hour also is to listen to consumers, figure out their pain-points and try and solve them. Seamless customer experience will play an intrinsic role in keeping brands top-of-mind. The future will be all about convenience and simplicity. To understand a few larger trends we can expect to see in the BFSI sector in the year ahead, we reached out to some key players, and here is what they had to say: Vishal Subharwal Head-Marketing, Digital Business &amp; E-commerce HDFC Life <div type="image" title="Vishal Subharwal" msid="88591744" hostid="261"></div> I believe a ‘user first, omni-channel’ approach to be a trend that marketers need to cater to 2022. Let me elaborate my thoughts. To be successful, business organizations have to move in sync with larger trends seen in wider society. These changes are often reflected in various elements such as popular culture, technology adoption curves, environmental awareness. The role of marketing is to identify such changes ahead of the curve &amp; align resources accordingly. Consumers no longer look at old-school structural boundaries but are more focused on the seamlessness of experience offered to them across touch-points, be it a physical branch or an online platform. This is a trend commonly reflected across industries, as on a standalone basis neither model serves the customer needs well. When was the last time you saw an online payments intermediary get a physical banking license, an online medicine intermediary purchase a physical diagnostic chain, an online insurance broker opening physical branches, retail stores with online integrations. There are many such examples. In the context of rapidly evolving business models, marketing capabilities hence need to be aligned towards building superior omni-channel capabilities for customer acquisition &amp; lifecycle management. Sandeep Walunj, Chief Marketing Officer, Nippon Life India Asset Management Ltd <div type="image" title="Sandeep W 1" msid="88591952" hostid="261"></div> There are three very interesting trends that I feel will dominate 2022 in post-Covid Indian BFSI: 1. Social Discussion Forums where advanced users and experts handhold first-time users/ information seeker Seeds were sown during COVID when people dropped their inhibitions against digital financial transactions/ online investing. Information seeking/ handholding was the logical next (first) step and that’s what’s going to be mainstream. Going further, neutral enabling platforms will equip potential customers with information and tools to make right choices. These could also be offered/ run by an industry body or Government/ quasi-government bodies (example: MF Central mooted by SEBI) 2. Agents/ Brokers connecting with customers through Video Bots The evolution mentioned in point 1 above will further lead to distributors of financial products connecting with potential customers through video bots on social media wherein questions can be asked, individual proposals can be sent, appointments sought and transactions concluded through bots. 3. Social Commerce 2.0 with Meta+Insta leading the way Shopping while consuming social media seemed like an alien concept in early 20s but it is clearly how the consumers prefer it/ want it and desire it. We all saw the string response Meta generated and I am sure brands would be hatching their plans to leverage this trend. Ajay Kakar, Chief Marketing Officer, Aditya Birla Capital <div type="image" title="Ajay_Kakar_DSC_1575" msid="88591665" hostid="261"></div> Uncertainty will remain a way of life, in the foreseeable future. But as they say, tough times are the true test of character, and in these times, it holds equally true for a brand. While there will be a temptation to lay low and see how the uncertainty pans out, such times will help sift the men from the boys. He who sows during this time, will reap the most. Now. And hereafter. Towards this end a ‘spray and pray’ approach will not help. Brands will have to keep a finger on the customer’s pulse; be it their felt, or even unfelt (as yet) needs. Brands that can anticipate the customer’s need will have to offer relevance, simplicity, and comfort in these ever-changing times. Speed to market will become a barometer of success. While anticipating the customer’s future needs, I believe that a brand must not place all its bets only on the digital world. The customer will want and will exercise a choice. High touch and high tech. As he wants it, when he wants it. At the end of the day, the customer remains the king and the brand that not merely listens, but makes its customers feel heard for all their said and unsaid needs, in the times like these, will live to narrate the tale.” Jasneet Bachal – Chief Marketing Officer, YES Bank <div type="image" title="Jasneet Bachal" msid="88591695" hostid="261"></div>While Banks have been consistently trying to engage the ‘new to banking’ generation - Gen Z and late millennials, building a stronger connection with them will be a key trend for banks in the coming year. As digital natives, this audience has naturally come to expect digital-first experiences that are seamless across apps and platforms. Therefore, their expectation from banking is significantly different – a near-instant fulfilment which the banks will need to accommodate through products and services, in order to address this shift in behaviour. To offer a differentiated banking suite that meets these expectations, banks will need to create simplistic and personalized solutions that can come alive by re-imagining customer journeys for this segment. Using purpose-driven marketing that appeals to their emotional motivators – their beliefs, drivers and cultural environment – banks can cater to the experiences they are looking for. In sync with this, evolving the design language and communication, with a focus on simplicity and relatability, will help establish a lasting connect. Abhishek Gupta, Chief Marketing Officer, Edelweiss Tokio Life Insurance <div type="image" title="Abhishek Gupta -- IMG_6499" msid="88592207" hostid="261"></div> Customer experience, data protection and social consciousness will be the three dominant trends for the BFSI sector in 2022. The last two years of the pandemic have recast customer expectations from brand experiences across various platforms. In line with these changes, brands will work on building consistency in CX, irrespective of the purchase or service channel. They will also make efforts on easing access to insurance by continuing to invest in multi-channel capabilities. While the pandemic has bolstered the digital opportunity, it has also raised concerns over data protection. As data becomes increasingly important for businesses, there is an improving awareness among customers regarding data privacy. With giants like Google and Apple making first move towards data protection, there is a looming threat to the efficacy of marketing campaigns. Brands will proactively craft inclusive data protection strategies so that customers can stay in control of their data. Lastly, brands will increasingly align with a social purpose that best reflects their brand values. Of all the social initiatives, Environment, Sustainability and Corporate Governance will be higher on priority list. Karthik Raman, Chief Marketing Officer and Head - Products, Ageas Federal Life Insurance <div type="image" title="Mr. Karthik Raman, CMO and Head-Products, Ageas Federal Life Insurance" msid="88608360" hostid="261"></div> The pandemic has made people realise that uncertainty in life is a reality and not just a sales pitch. Given that, the realisation of the need for insurance has increased, especially for term and health insurance. We have seen demand rising, not just in the metros and Tier 1 cities but even in the smaller towns and rural areas. With reduced spending on lifestyle expenses, people have greater disposable income in hand which they are keen on investing in financial instruments such as life insurance. Parents too, are increasingly keen on investing in child plans. Findings from our recent #FutureFearless survey have shown that the pandemic has influenced Indian parents to rethink their financial health and priorities for their children. Saving for their children’s education, future and milestones has emerged as the top priority for parents, along with saving for medical emergencies. In 2022, as an industry, we need to further capitalise on this demand. Using various platforms, especially the cost-effective digital medium, we need to further educate people and create awareness on the role of insurance in financially securing themselves and their families against life’s uncertainties, while allowing them to pursue their dreams. Nikhil Bharadwaj, Head – Corporate Communications, Bajaj Allianz General Insurance <div type="image" title="Nikhil Bharadwaj, Head - Corporate Communications, Bajaj Allianz General..." msid="88591976" hostid="261"></div> The pandemic has taught us that communication is of utmost importance not just for your customers, but also for other stakeholders including employees. Going forward, simplicity and authenticity, will be the most important part of all communication! While inclination towards digitization is increasing, print is not going away, in fact I see it making a strong come back. Digital media is surely the future and I see another year where this belief is reinforced further. In fact, we’re already listening to talks of OTT platforms of news channels, which might be something totally new with custom content. On the internal communications side, as always it remains as a tool which helps organizations provide right information to their employees. However, I feel that it will also play a role of culture builder wherein it will no longer be restricted to communications or HR team, but various other functions getting involved in it. With complex business models, we’ll see custom built communications for specific SBUs.

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RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

BI India Bureau

HDFC’s net profit grows by 19% but its non performing assets swell sequentially

Katya Naidu

HDFC Bank raises $750 million in dollar bond sale

PTI

From talking about struggles of COVID batch students to addressing how our country survived extreme oxygen shortage in 2021, HDFC Life’s latest ad will leave you teary-eyed

Karuna Sharma

HDFC Bank Q3 net at ₹12,259 cr

IANS

Marketing: Trends to watch out for in the BFSI sector in 2022

Samarpita Banerjee

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