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Chennai, <keyword id="20269172" type="General" weightage="20" keywordseo="kotak-mahindra-bank-ltd" source="keywords">Kotak Mahindra Bank Ltd</keyword> on Saturday said it closed the third quarter of FY24 with an after tax profit of Rs 3,005 crore. In a regulatory filing, the bank said the net profit for the quarter ended December 31, 2023 stood at about Rs 3,005 crore up from about Rs 2,792 crore in Q3FY23. According to the bank, the Q3FY24 results include Rs 143 crore provision (post tax) on applicable Alternate Investment Fund (<keyword id="19903848" type="General" weightage="20" keywordseo="aif" source="keywords">AIF</keyword>) investments pursuant to <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s circular dated December 19, 2023. Net Interest Income (<keyword id="19936363" type="General" weightage="20" keywordseo="nii" source="keywords">NII</keyword>) for Q3FY24 increased to Rs 6,554 crore, from Rs 5,653 crore in Q3FY23, up 16 per cent YoY. Net Interest Margin (<keyword id="19936365" type="General" weightage="20" keywordseo="nim" source="keywords">NIM</keyword>) was 5.22 per cent for Q3FY24. During the period under review, the bank's total interest income stood at Rs11,799.2 crore, up from Rs 8,998.61 crore earned during the corresponding period in the previous year. As on December 31, 2023 the bank's gross and net non-performing assets stood at Rs 6,301,67 crore (Rs 5,994.57 crore on December 31, 2022) and Rs 1,225.26 crore (Rs1,344.77 crore). vj/vd

Kotak Mahindra logs Rs 3,005 crore PAT for Q3

<keyword id="178659" type="General" weightage="20" keywordseo="kotak-mahindra-bank-ltd" source="Orion">Kotak Mahindra Bank Ltd</keyword> (KMBL) has received approval from the government for collection of direct and indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network. With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by <keyword id="25455" type="General" weightage="20" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> allowing all banks to participate in government-related business. After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL's mobile banking or net banking platforms as well as through KMBL's branch banking network, resulting in immense ease and convenience for customers, the bank said in a statement. <keyword id="46013" type="General" weightage="80" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>'s Joint Managing Director, Dipak Gupta said: "We are delighted to receive the necessary approvals permitting <keyword id="39409" type="General" weightage="100" keywordseo="kotak" source="Orion">Kotak</keyword> to collect direct and indirect taxes on behalf of the government, making tax payments more simple, convenient and efficient for our customers. We look forward to a long-standing relationship with the government, providing a wide range of services, backed by our strong technology platform, digital capabilities and customer-first approach." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ongc-returns-to-2-trillion-club-after-2-years-as-gas-crude-oil-prices-rise/articleshow/86778637.cms">ONGC returns to ₹2 trillion club after 2 years as gas, crude oil prices rise</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paras-defence-space-technologies-stock-remains-in-5-upper-circuit-this-week/articleshow/86775804.cms">The party isn’t over for Paras Defence shareholders as the stock breaks through the ceiling three days in a row</a>

Kotak Mahindra Bank gets approval from the government to collect direct, indirect taxes

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> had shared an advance copy of its damning report against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords">Adani group</keyword> with New York-based hedge fund manager <keyword id="22266296" type="General" weightage="20" keywordseo="Mark-Kingdon" source="keywords">Mark Kingdon</keyword> about two months before publishing it and profited from a deal to share spoils from share price movement, according to market regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword>. The Securities and Exchange Board of India (Sebi), in its 46-page show cause notice to <keyword id="20016891" type="General" weightage="20" keywordseo="Hindenburg" source="keywords">Hindenburg</keyword>, detailed how the US short seller, the New York hedge fund and a broker tied to <keyword id="19938495" type="General" weightage="20" keywordseo="Kotak-Mahindra-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Kotak Mahindra Bank" meta.hostid="261" meta.entityid="Kotak Mahindra Bank">Kotak Mahindra Bank</keyword> benefited from the over USD 150 billion routs in the market value of Adani group's 10 listed firms post-publication of the report. Sebi charged Hindenburg of making "unfair" profits from "collusion" to use "non-public" and "misleading" information and induce "panic selling" in Adani Group stocks. Hindenburg, which made public the Sebi notice, in its response, has described the show cause as an attempt to "silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India" and revealed that the vehicle used to bet against Adani's flagship firm Adani Enterprises Ltd belonged to Kotak Mahindra (International) Ltd, a Mauritius-based subsidiary of Kotak Mahindra Bank Ltd. KMIL's fund placed bets on Adani Enterprises Ltd for its client Kingdon's Kingdon Capital Management. Sebi notice includes extracts of time-stamped chats between an employee of the hedge fund and KMIL traders for selling future contracts in AEL. Kotak Mahindra Bank has stated that Kingdon "never disclosed that they had any relationship with Hindenburg nor that they were acting on the basis of any price-sensitive information". Sebi -- which last year told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the Adani group -- has sent notices not just to Hindenburg but also to KMIL, Kingdon and Hindenburg founder Nathan Anderson. Senior lawyer Mahesh Jethmalani, who had in the past spoken for the Adani group, in a post on X claimed that Kingdon had a Chinese link. Kingdon is married to "Chinese spy" Anla Cheng, he claimed. "Accomplished Chinese spy Anla Cheng, who along with her husband Mark Kingdon, hired Hindenburg for a research report on Adani, engaged the services of Kotak to facilitate a trading account to short sell Adani shares; made millions of dollars from their short selling; eroded Adani market cap enormously," he alleged. Kingdon, which had a controlling stake in KMIL's K-India Opportunities Fund Ltd, had a pact to share with Hindenburg 30 per cent of profit made from trading in securities based on the report, the Sebi letter said, adding this profit share was cut to 25 per cent due to the extra time and effort needed to reroute trades via the K India fund. The market regulator said Kingdon transferred USD 43 million in two tranches to build short positions in AEL. The K India fund built short positions for 8,50,000 shares ahead of the report release and squared off these positions soon after the report was released. According to Sebi, Hindenburg published a report titled 'Adani Group: How the World's 3rd Richest Man is Pulling The Largest Con in Corporate History' on January 24, 2023 (United States time - January 25, 2023, according to IST) during pre-market hours. "Prior to the release of the Hindenburg Report, concentration in short-selling activity was observed in the derivatives of Adani Enterprises Ltd," it said. "Pursuant to the release of the said report, the price of AEL fell by around 59 per cent during the period from January 24, 2023 to February 22, 2023" -- from Rs 3,422 to Rs 14,04.85 per share. Sebi said K India Opportunities Fund Ltd - Class F (KIOF Class F) opened a trading account and started trading in the scrip of AEL just a few days prior to the publication of the report and then squared off its entire short position post-publication of the Hindenburg Report, making significant profits of Rs 183.23 crore (USD 22.25 million). "The net profit after trading and legal expenses comes to USD 22.11 million," Sebi said. As part of the deal, Kingdon owned Hindenburg USD 5.5 million, of which USD 4.1 million had been paid as of June 1, the notice said. In its response to Sebi, Kingdon Capital said it had got legal option that it could "enter into a research services agreement with a third-party firm that publicly releases short reports on companies, pursuant to which Kingdon Capital would be given a draft copy of the report before it is made publicly available and would have the opportunity to accordingly made investments before the report's public dissemination". A show-cause notice is often a precursor to formal legal action that may include imposing financial penalties and barring participation in the Indian capital market. Sebi can also seek government help to geoblock the research firm's website. Sebi has given Hindenburg 21 days to respond to its allegations. Hindenburg, which published the Sebi notice on its website, in its response stated that it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. It said that while Sebi was seeking to claim jurisdiction over a US-based investor, the regulator's notice "conspicuously failed to name the party that has an actual tie to India: Kotak Bank," which created and oversaw the offshore fund structure used by Hindenburg's investor partner to bet against Adani. The regulator "masked the "Kotak" name with the acronym "KMIL", it added. KMIL refers to Kotak Mahindra Investments Ltd, the asset management company.

Hindenburg shared the Adani report with its client Mark Kingdon two months before publishing it: Sebi

<ul><li>Digital lenders should push for raising limits on small loans using <keyword id="6355118" type="UNKNOWN" weightage="20" keywordseo="technology">technology</keyword>.</li><li>After digital payments, fintech players are rushing to offer small ticket consumer loans. </li><li>Technology has made it possible for them to undertake different - often more efficient -modes of credit assessment. </li></ul><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> is a credit-starved country - at least for most ordinary Indians. But a slew of digital lenders promising instant or short-term loans is hoping to change that by filling the gap left by the onerous requirements of traditional banks. However, the government wants even the relatively flexible digital lenders to step up their game. On Tuesday, Niti Aayog chief executive <keyword id="6358887" type="PERSON" weightage="20" keywordseo="amitabh-kant">Amitabh Kant</keyword> <a href="https://www.livemint.com/Politics/7FwClNXWhg2yaOz3jQUkkL/Raise-limits-on-loans-granted-through-OTPbased-eKYC-Niti.html">urged </a>digital lenders to better use technology to raise the current caps on small-ticket loans. According to Kant, digital lenders should push for raising these limits on small loans using efficient e-vetting systems like the one time password-based electronic know your customer (KYC) verification. Relying on biometric Aadhaar-authentication alone results in higher operating expenses for these lenders, he added. “Currently, lending through OTP-based e-KYC is capped at ₹60,000 whereas the loan size through online digital mode, as per market data points, is approximately around ₹350,000,” Kant <a href="https://www.livemint.com/Politics/7FwClNXWhg2yaOz3jQUkkL/Raise-limits-on-loans-granted-through-OTPbased-eKYC-Niti.html">reportedly </a>said at an event in Mumbai. Earlier this year, the Indian government said it would <a href="https://economictimes.indiatimes.com/small-biz/policy-trends/government-sets-up-panel-on-fintech-to-make-regulations-more-flexible/articleshow/63170535.cms">bring</a> in a more flexible regulatory environment for fintech players in order to increase <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword>. India has a vast unbanked population with an unmet demand for loans of roughly $200 billion from individuals and small to medium-sized enterprises, <a href="https://www.pwc.in/assets/pdfs/publications/2017/fintech-india-report-2017.pdf">according</a> to PWC. The changing face of consumer lending After digital payments, fintech players are rushing to offer small ticket consumer loans to serve the underserved market. Recently even search <a href="https://www.livemint.com/Companies/283dgHufJo9XzKleq3Kh4K/Google-Tez-Google-Pay-bank-loans-paytm.html">giant</a> Google has also entered the fray, partnering with HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd. and Federal Bank to provide instant, pre-approved loans. Using data analytics and proprietary algorithms, digital lenders can <a href="https://www.livemint.com/Industry/mHyfNNXEbFRxtF8DqZ8wRP/Benefits-of-taking-instant-loans-through-digital-lenders.html">provide</a> instant loans ranging from ₹10,000 ($137) to ₹700,000 while saving consumers the hassle of long waiting times and extensive paperwork of traditional banks. Many of them have teamed up with NBFCs to facilitate these digital loans while some others are using the <keyword id="2814950" type="PERSON" weightage="20" keywordseo="peer-to-peer-lending">peer-to-peer lending</keyword> models. Technology has made it possible for them to <a href="https://yourstory.com/2018/08/ai-powered-tech-rupeelend-can-get-loan-even-low-cibil-score/">undertake</a> different modes of credit assessment - evaluating whether a borrower is credit-worthy - and lend where traditional banks would hesitate. For instance, P2P lenders use as many as 1,000 data points including data gleaned from social media, Aadhar, where a person lives, credit scores in order to minimise risk and often bypass physical paper-based vetting. That enables many of these digital lenders to lend to people who are new to credit or who lack the requisite credit history. Lending times have also come down significantly from weeks to just hours. Overall, <keyword id="59794" type="PERSON" weightage="20" keywordseo="Digital-lending">digital lending</keyword> represents a huge opportunity for both borrowers and lenders. It’s <a href="https://www.livemint.com/Opinion/MgTU086kNbuc6lbpgmdgsI/The-changing-face-of-Indian-retail-borrowing.html">estimated</a> that in India, out of 220 million credit-eligible people, just 70 million have actively taken out loans despite having eligible credit scores.

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Kotak Mahindra logs Rs 3,005 crore PAT for Q3

IANS

Kotak Mahindra Bank gets approval from the government to collect direct, indirect taxes

IANS

Hindenburg shared the Adani report with its client Mark Kingdon two months before publishing it: Sebi

PTI

Why the government wants more from India's booming digital lending market

Rimin Dutt

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