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Mumbai, <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> is keen to become a <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">small finance bank</keyword> after having completed five years of operations, Managing Director <keyword id="1336488" type="General" weightage="50" keywordseo="rishi-gupta" source="Orion">Rishi Gupta</keyword> said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after <keyword id="6385180" type="General" weightage="20" keywordseo="airtel-payments-bank" source="Orion">Airtel Payments Bank</keyword>, <keyword id="3388668" type="General" weightage="20" keywordseo="india-post-payments-bank" source="Orion">India Post Payments Bank</keyword> and <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword>. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in this regard," Gupta told PTI. On why to stop at small finance bank, and not a full service bank, Gupta said, the company is too small to directly convert to a full service commercial bank from capital and capabilities perspectives. He said, till the upgrade happens, the bank will grow the business with a focus on tie-ups with fintechs under the Fino 2.0 initiative on building digital assets and strengthen the digital offerings. Already, it has tied up with the Sequoia Capital-backed Hubble to offer a spending account, offering customers better value on their lifestyle spends. People can park their funds, spend and save up to 10 per cent on all purchases made from the account. "We're looking at more such tie-ups in the fintech space," Gupta said, adding the company is also tying up with NBFCs from retail lending as payments partner and such loan remains on the book of the NBFC. "We've already tied up with two such shadow banks-Kredbee and Myshublaon," he said. In Q4FY23, its revenue rose 13 per cent to Rs 323 crore and net income jumped 25 per cent to Rs 22 crore with net margin rising to 6.8 per cent from 6.2 per cent. Its deposits grew 66 per cent to Rs 1,200 crore in FY23 from Rs 724 crore in FY22 of which 20 per cent are the low-cost Casa deposits. Gupta said the bank has been adding 2.5 lakh customers monthly on an average in FY24, taking the overall customer base to 71 lakh now. Another new service they began is offering recurring deposits, he said, adding the bank is also working on launching a virtual debit card. Also, under the pipeline is gold loans, mutual funds and medical insurance, Gupta said.

Fino Payments Bank has its eyes set on becoming a small finance bank

<ul class="summary-list"><li>Russia's war economy ins't in imminent danger of collapse, economist Vladislav Inozemstev said.</li><li>That's because Russia has adapted to the war and looks more stable than it did a few years ago.</li></ul>Russia may stand a better chance at sustaining its war economy than previously thought.That's according to Vladislav Inozemstev, an exiled Russian economist who thinks the chances of an economic collapse in the country have dwindled despite the chorus of experts who predicted a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-crisis-ukraine-war-moscow-inflation-sanctions-putin-spending-2024-10">grim</a> <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-putin-inflation-labor-shortage-rates-2024-5">economic</a> <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-population-decline-worker-shortage-growth-outlook-ukraine-war-2024-8">future</a>.Inozemstev, who has been critical of Putin's regime and left Russia after being labeled as a "<a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-business-national-security-treason-spying-2024-10">foreign agent</a>" in 2023, said the nation's trajectory looked similar to the Axis Powers in the 1930s, when the group of nations rose to prominence partly due to their "highly effective market economies," he wrote in a recent <a target="_blank" href="https://www.memri.org/reports/russias-economic-prospects-2025-and-beyond">op-ed</a> published by the Middle East Media Research Institute. The comparison suggests that Russia will be able to sustain its war-driven economy for longer than many expected, he said, dismissing the notion that Russia was headed for a <a target="_blank" class="" href="https://www.businessinsider.com/russia-ukraine-war-economy-soviet-union-spending-workers-flee-imf-2024-2">Soviet Union-style</a> collapse."The war, formally an 'emergency,' has been rethought as a 'new normal' that can be waged indefinitely. Even though many experts are still talking about the aggravating slowdown in Russia, the Kremlin is mostly right: These days, the economy is the Russian dictator's reliable rear," Inozemstev said. "To conclude, I would argue that Russia seems to have become a long-term threat to the Western world whose chance of economic collapse is extremely small," he later added.Russia's finances appear to have stabilized since the early days of the war, when even the Kremlin <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-collapse-putin-moscow-gdp-outlook-ukraine-war-sanctions-2023-11">admitted the economy was on the verge of collapse</a>.Federal revenue has exceeded expectations for the past several years, Inozemstev noted, rising 28% on an annual basis from the months of January and October, according to <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/107508/">Interfax</a>. Russia also posted a <a target="_blank" class="" href="https://www.reuters.com/markets/europe/russia-records-budget-surplus-01-gdp-jan-sept-2024-2024-10-09/#:~:text=MOSCOW%2C%20Oct%209%20(Reuters),Finance%20Ministry%20said%20on%20Wednesday.">small budget surplus</a> through the first nine months of the year and is estimating only a small budget deficit of 0.5% of GDP in 2025, according to data from Russia's finance ministry.Russia's economy has <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-defense-budget-spending-ukraine-war-putin-sanctions-2024-10">held up</a> partly due to its <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-inflation-worker-shortage-2024-2">hefty war spending</a>, experts have said, which has boosted growth despite soaring <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">inflation</a>, <a target="_blank" class="" href="https://www.businessinsider.com/russian-central-bank-raises-key-interest-rate-to-21-2024-10">high interest rates</a>, and a labor market <a target="_blank" class="" href="https://www.businessinsider.com/russian-economy-brain-drain-labor-shortage-workforce-exodus-capital-flight-2023-9">short of millions of workers</a>.Russia has also taken measures to boost business activity, Inozemstev said, such as by not hiking taxes for entrepreneurs and self-employed workers, while implementing subsidized loan programs for businesses. That means many businesses are sheltered from the pain of higher borrowing costs — and they could actually benefit from the surge in inflation in Russia, which could raise profits, he added.Bank deposits from Russian citizens and corporations, meanwhile, have swelled 54% since 2022, according to central bank data. Russia's war economy also looks to have gained the acceptance of the Russian people, who are benefiting from <a target="_blank" class="" href="https://www.businessinsider.com/russia-war-economy-boosts-wages-salaries-beat-inflation-labor-crunch-2024-2">higher wages</a> amid the nation's severe worker shortage. It's another key factor that makes Russia's economy likey more stable than many have thought, Inozemstev said."The economy, I would argue, is now undergoing another wave of adaptation to the changing conditions," Inozemstev wrote. "The people realize that the 'war economy' has substituted the anemic economic condition of the 2010s."Inozemstev said he expected Russia's economy to continue to grow in 2025 and beyond, forecasting 2%-2.5% GDP growth next year. The <a target="_blank" class="" href="https://www.imf.org/en/Countries/RUS">International Monetary Fund</a> has said it is expecting Russia's economy to expand by 3.6% in 2024.

The odds of Russia's economy collapsing are 'extremely small' and the war can go on for the long term, economist says

<ul class="summary-list"><li>Hurricane Helene devastated western North Carolina, causing widespread damage.</li><li>Local breweries, crucial to the economy, face significant losses and uncertain recovery timelines.</li></ul>Brian Fetting and Dan Juhnke welded every chair and table for their business, <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.gofundme.com/f/support-for-new-origin-brewing-after-hurricane-helene">New Origin Brewing</a> in Asheville, North Carolina. They vaulted the ceilings, made a canning line, and designed the logo. After two years of work, they opened in the summer of 2021.Last week, <a target="_blank" class="" href="https://www.businessinsider.com/mom-didnt-hear-from-daughter-asheville-for-days-2024-9">Hurricane Helene</a> stripped away nearly everything. The building no longer exists, and kegs, bricks, and chairs sit scattered in a pile of mud. Their inventory is gone, and their staff are out of work."I found a chair about half a mile away, but I couldn't find my desk or any of the files," Fetting told Business Insider. "The propane tanker just went straight through our building and just disintegrated it."New Origin Brewing is in one of the hardest hit cities by Hurricane Helene, despite its mountain location, 300 miles inland. The <a target="_blank" class="" href="https://www.businessinsider.com/quartz-mine-computer-chips-hurricane-helene-spruce-pine-semiconductor-2024-9">Category 4 hurricane</a> struck Florida's Gulf Coast and Georgia on September 26 before reaching North Carolina. The county manager of Buncombe County, where Asheville is located, reported on Monday that the county's death toll was 40, and hundreds remain missing. Cities and rural towns are facing a crisis as people lose access to power, healthcare, and food. <a target="_blank" class="" href="https://www.citizen-times.com/story/news/local/2024/09/29/what-roads-are-open-in-western-nc-asheville-road-closures-today/75440942007/">Road closures</a> also mean there is only one way in and out of the region.As the community processes Helene's damage, the brewery industry is grappling with how to move forward. There are hundreds of breweries in western North Carolina, where beer and cider-making generate nearly a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://riverbirdresearch.com/wp-content/uploads/2021/09/Asheville-Breweries-Contribution-Report_092121.pdf">$1 billion</a> economic output and thousands of jobs.Now, hundreds of these workers are left scrambling to determine where their next paycheck will come from. Brewery owners aren't sure when they can produce their next batch, beer distributors are losing their supply chain, and bars nationwide can't restock Asheville-area brands.The New Origin co-owners have tried to salvage what they can of the business, and Fetting said he's also dealing with severe damage to his house. Based on initial conversations, he thinks they would be lucky to get $200,000 from insurance — nowhere near the $600,000 loan they took out to build the brewery. He's fled to Minnesota with his family while Juhnke takes stock of the New Origin damage."The carnage is so bad you can't really access it," Fetting said, adding: "The hurricane took our business, and now the banks might take our homes."<div type="image" title="a broken cold liquor tank sitting among hurricane debris" height="438" width="582" msid="113875538" hostid="261" sizebytes="56482"></div><h2 id="f8690f57-d7fc-46c3-af6e-4a5ba064091e">Small breweries lead western North Carolina's economy</h2>Before the storm, Mike Semenec filled one of the cold liquor tanks at Asheville's DSSOLVR Brewery with water. Little did he know that the tank — typically used to hold liquid in the beer-making process — would soon be used to distribute over 1,000 gallons of drinking water to residents affected by Helene.DSSOLVR's storefront had minimal water damage during the storm but remains without power and running water. Until the tap turns back on, Semenec said the business can't produce and package beer products or clean its equipment. Debris and flood waters in the area have forced him to temporarily relocate to Tampa with his family.Semenec estimates that the business will lose at least $20,000 each week it's closed — and that doesn't include extra money that staff might make through tips. DSSOLVR sent some inventory to the Durham location that wasn't as severely impacted.Semenec said he's concerned about how DSSOLVR's closure will impact his 20-member staff. He is helping his employees apply for unemployment so they can continue paying their bills. Helene wiped out the brewery's most lucrative fall season."It's quite heartbreaking, devastating to see that," Semenec said.The storm has had a similar ripple effect across the industry. Western North Carolina's breweries generated a $935 million economic contribution between 2014 and 2021, and local breweries support over 3,000 jobs — per an <a target="_blank" href="https://riverbirdresearch.com/wp-content/uploads/2021/09/Asheville-Breweries-Contribution-Report_092121.pdf">Asheville Metro Area Breweries Contribution Analysis</a> published in the fall of 2021. This also contributes to local and state tax revenue and millions of dollars in annual earnings.Like Semenec, Harrison Fahrer — cofounder of Cellarest Beer Cellar in Asheville — said his brewery won't be able to function long-term without running water. His building is largely intact, and they got power back a few days ago.Fahrer told BI that losing a few days of business, operating on limited hours for the time being, and losing half of their wholesale accounts is "a huge hit to finances."Tim Kent, executive director of the North Carolina Beer &amp; Wine Wholesalers Association, told BI that the hurricane damage has also "paralyzed" distributors."They're not going to be able to operate anytime soon," Kent said.Without active beer manufacturers, open highways to transport goods, or reliable cell service to communicate between businesses, he said most major distributors cannot function. Most bars and grocery stores, where products would be sold, are also closed.<div type="image" title="Storm debris from Hurricane Helene." height="539" width="720" msid="113875541" hostid="261" sizebytes="152274"></div><h2 id="a3fe3c1b-e604-40cc-a8bb-3a87bfea4bb0">Brewery owners look toward recovery after Hurricane Helene</h2><a target="_blank" class="" href="https://www.businessinsider.com/hurricane-damage-port-strike-could-hurt-us-economy-2024-9">It could take months</a> for full power and water access to be restored, leaving the future of western North Carolina's brewery industry uncertain. For most of the small breweries dotting the French Broad River and the Blue Ridge Mountains, the devastation from Hurricane Helene can't just be measured in dollars lost.For Hi-Wire Brewing, the flooding means each bar that sells its beer will soon run out of product. Hi-Wire has locations in other cities and states, but its main brewery in Asheville is largely underwater, per owner Bryna Frosaker. The flooding means that much of its ingredients, 80% of its finished beer, and 100% of its packaging inventory are destroyed."Our main facility where we receive ingredients and ship final product out was totally decimated," owner Adam Charnack said. "I don't even know what that path to rebuild or not rebuild even looks like at this point."<div type="image" title="A building, street, and cars flooded by Hurricane Helene." height="580" width="1031" msid="113875531" hostid="261" sizebytes="96660"></div>Days after Helene hit Asheville, Charnack and Frosaker said they were still trying to confirm the safety of all their employees. They have begun to research their insurance and "solve basic problems," Frosaker said. The pair feel like the livelihood they worked so hard to build was swept away.There's a long road ahead, but Charnack said Hi-Wire Brewery hasn't lost hope. They are working in a friend's office building, with limited internet and no running water."We'd love to let everybody know that we're doing everything we can to get back to as normal operations as quickly as possible," Frosaker said, as rain pit-pattered on the windows behind him. "Have patience and grace."Fetting — the co-owner of New Origin Brewing — said he hasn't given up either. On Tuesday, he did payroll with the last few dollars he had. Fetting is doing his best to provide for his staff as long as he can."They're really, really good people," he said. "They're all safe, but now they don't have any shifts to work. They relied on us."Are you a business owner or resident impacted by Hurricane Helene? Are you open to sharing your story with a reporter? If so, reach out to <a target="_blank" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a> and <a target="_blank" href="mailto:nsheidlower@insider.com">nsheidlower@insider.com</a>.

Hurricane Helene devastates Asheville's small beer breweries: 'It's quite heartbreaking.'

2021 was a nightmare for many banks and pharmaceutical stocks; RBL Bank, Bandhan Bank, Strides Pharma saw sharp losses this year

<ul><li>IPOs like Indigo Paints, Mrs Bectors Food, Chemcon Speciality Chemicals which got huge institutional demand during IPOs are down 14%-27% since listing.</li><li>Some of the IPOs where institutional players subscribed for more than 100 times the shares on offer, are in deep red right now.</li><li>Ujjivan Small Finance is one among such stocks, which is down 44% after more than a year of going public.</li></ul>Initial public offerings (IPOs) that get huge demand from institutional players are believed to be more valuable as investors trust their stock picking skills. However, this does not stand true in some cases. The Zomato IPO, for instance, saw institutional investors oversubscribing the issue by over 52 times. The shares of Zomato have gained over 6% since the listing. While one has to wait and watch if the stock lives up to the expectations, there are many other examples that show that the excitement of institutional investors does not assure good returns for retail investors who buy and hold shares. Some of the recent superhit IPOs like Indigo Paints, Mrs Bectors Food, Chemcon Speciality Chemicals, Ujjivan Small Finance Bank received more than 110 times subscription from qualified institutional buyers (QIBs). Commercial banks, public financial institutions, mutual fund houses and foreign portfolio investors registered with India’s market regulator Securities and Exchange Board of India (SEBI) fall under this category. These stocks ⁠— where institutional players subscribed for more than 100 times the shares offered to them during the IPO, are in deep red right now ⁠— did see a bumper listing. However, not all of them have gone on to create wealth over a longer period of time. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oversubscription by institutional investors </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Change since listing </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">No of months since listing </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tatva Chintan Pharma Chem </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">185.23x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Two days </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Clean Science &amp; Technology </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">156.37x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11 days </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">G R Infraprojects </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">168.58x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-0.6% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11 days </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shyam Metalics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">155.71x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">15.23% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1 month </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nazara Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">103.77x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10.85% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Laxmi Organic Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">175.43x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">59% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MTAR Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">164.99x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33.86% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.5 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indigo Paints </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">189.57x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-16.59% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mrs Bectors Food </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">176.85x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-27.89% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Chemcon Speciality Chemicals </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">113.54x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-14.37% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ujjivan Small Finance Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">110.72x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-44.42% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">19 months </td></tr></tbody><tbody></tbody></table>Note: ‘x’ denotes the number of shares subscribed for, over and above the total offered Among others, Indigo Paints’ IPO also made a strong listing on exchanges as the prospects of the paints industry looked good. And it is good for players like Asian Paints, whose stock has surged 71% in the last one year. <div type="image" title="asian paint and indigo paint chart" height="900" width="1200" msid="84964395" hostid="261"></div> However, for Indigo paints the bummer came from the over $50 billion <a href="https://www.businessinsider.in/business/corporates/news/birla-is-making-asian-paints-and-berger-paints-change-colours-and-its-bad-news-for-those-who-got-shares-in-indigo-ipo-too/articleshow/80451063.cms">Aditya Birla Group</a>, which announced its intent to enter the paint business soon after the IPO. Aditya Birla group’s flagship company Grasim has announced to foray into the paint business with capital infusion of ₹5,000 crore over three years. <div type="image" title="grasim indus chart" height="900" width="1200" msid="84964418" hostid="261"></div> It was the second wave of COVID-19 pandemic that dented the stock of Ujjivan Small Finance Bank, which listed at over 50% premium to the issue price. The shares of the company have slipped 44% since listing as investors feared that many of its borrowers may not be able to repay their loans. A similar pain is visible in the bottomline of <a href="https://www.businessinsider.in/stock-market/news/britannia-tata-motors-maruti-suzuki-and[%E2%80%A6]tocks-to-watch-out-for-on-august-2/slidelist/84962973.cms">Bandhan Bank</a> ⁠— which leads in lending to the microfinance segment ⁠— which shrank nearly a third in the April-June 2021 quarter. The <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">$73 million IPO</a> of the biscuit and bakery products maker Mrs Bectors Food was a hit⁠ — subscribed over <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">198 times</a>. It was the top IPO by subscription in 2020. After its listing on December 24, the stock had started declining. <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Analysts </a>had said the stock was overpriced and even expected correction. <div type="image" title="bector foods" height="900" width="1200" msid="84964433" hostid="261"></div> According to an Axis Securities’ IPO note released in December, the company holds mere 1% of the market share in the branded biscuit segment, whereas its other listed peer Britannia has about 28% share of the pie. And as feared, the April-June quarter was bad even for Britannia, which saw its profit shrink by nearly 29% despite measures to curb costs. Meanwhile, Laxmi Organics has gained 59% since its listing on March 25, 2021. The company is the largest manufacturer of ethyl acetate ⁠— used as a solvent in paints and perfumes, for instance ⁠— with over 30% market share in product category. <div type="image" title="Laxmi organic" height="900" width="1200" msid="84964453" hostid="261"></div> In July, Tatva Chintan Pharma Chem, G R Infraprojects and Clean Science and Technology made a strong listing with over 100% premium. Let us see how these stocks turn out to be in the coming months. SEE ALSO: <a href="https://www.businessinsider.in/business/news/oyo-founder-ritesh-agarwal-and-zomato-founder-deepinder-goyal-invest-in-unacademy-valuation-crosses-3-billion/articleshow/84963709.cms">The founders of OYO and Zomato pump in money to make edtech startup Unacademy worth $3.4 billion ⁠— a ten fold jump in 18 months </a> <a href="https://www.businessinsider.in/business/news/exclusive-indias-largest-zinc-miner-is-eyeing-a-share-of-the-bangladesh-economic-boom/articleshow/84963388.cms">EXCLUSIVE: India's largest zinc miner Hindustan Zinc is eyeing a share of the Bangladesh economic boom </a>

Don’t subscribe to an IPO just because it saw great interest from institutional investors ⁠— Indigo Paints, Mrs Bectors Food, and Ujjivan are examples to look at

<ul><li><keyword id="6383459" type="UNKNOWN" weightage="20" keywordseo="Ujjivan-Small-Finance-Bank">Ujjivan Small Finance Bank</keyword> has received <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>’s nod for an <keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword>. </li><li>Its Q2 report also shows a profit of ₹93 crores. </li><li>This year, the bank has also seen a change in its management with Nitin Chugh being named CEO and Sachin Bansal joining as an independent director.</li></ul>It’s been quite a 2019 from Ujjivan Small Finance Bank. The bank has just <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ujjivan-small-finance-bank-gets-sebis-go-ahead-for-rs-1200-crore-ipo/articleshow/71707806.cms">received </a>a nod from the Securities and Exchange Board of India (SEBI) to go ahead with an IPO. It plans to raise ₹1,200 crore from the public. According to reports, the bank had filed its request with the government body in August. The bank also released its <keyword id="56260" type="PERSON" weightage="20" keywordseo="Q2-earnings">Q2 earnings</keyword> report which showed that it posted a profit of ₹93 crore. And, the profits jumped by 111%. "The quarter was good for us. The transition phase is over with most of our branches converting into the banking outlets. Our focus now is on growth," Ujjivan Financial Services' managing director and CEO, Ittira Davis, told PTI. In May 2019, the bank had roped in HDFC Bank's digital banking head Nitin Chugh as its managing director and CEO. In the same month, Flipkart founder Sachin Bansal too joined the bank as an independent director. With its parent company Ujjivan Financial Services, the bank started as a microfinance company but transformed into a small finance bank in 2017. It commenced operations with five pilot branches in Bengaluru. Today, it has over 180 branches across 20 states. Yet another bank which lends <a href="https://www.businessinsider.in/stock-market/news/bandhan-bank-stock-hits-upper-circuit-as-its-believed-to-enter-msci/articleshow/71536698.cms">to rural women</a>, Bandhan Bank too has taken large strides this month. The bank’s stock will be listed at MSCI index in New York, giving it access to international investors. This is a large feat for a five-year old bank, especially amidst a brewing crisis in the Indian banking sector.

With profits in its pocket, Ujjivan Small Finance Bank heads for an IPO

<keyword id="6383459" type="COMPANY" weightage="100" keywordseo="Ujjivan-Small-Finance-Bank">Ujjivan Small Finance Bank</keyword> (SFB) is expecting contraction in interest and fee incomes this fiscal due to business disruptions caused by COVID-19 and ensuing lockdowns, its annual report has said. The bank, however, said that the pandemic situation had a minimal impact on its books in FY 2019-20 as the nationwide lockdown was imposed in the last few days of March, by which time most of bank's collections had already come. The 2019-20 annual report said the lockdown "did impact the typically high year-end growth momentum of March, and our volumes stood lower than that envisaged earlier and significantly lower than that in the previous month, which affected the interest and fee income". The surplus liquidity carried as a buffer for the crisis period has led to a slight increase in finance cost for the last week of March, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/wework-gets-funds-from-softbank-while-india-franchise-offers-discounts/articleshow/77540098.cms">WeWork gets a new $1.1 billion cheque from SoftBank while it attempts resurrection – its India franchise is now offering discounts and a global all-access pass</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/wework-gets-funds-from-softbank-while-india-franchise-offers-discounts/articleshow/77540098.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms">Eicher Motors registers first-ever net loss of ₹55 crores in at least a decade</a> The benefit of RBI dispensation on NPA recognition norms were applied on the <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> portfolio, and it prevented any spike in credit cost, as per the report. "Although we shall continue to accrue interest income on the outstanding portfolio including those accounts that opt for moratorium, there will be an overall contraction in interest income and fee income on account of lower business volumes due to lockdown and adherence to social distancing norms," the bank said in it outlook for 2020-21. However, the bank said it expects a steady reduction in cost of funds due to the several stimulus measures of the RBI to enhance liquidity in the banking system. The lender added that the impact on credit cost remains to be seen at the end of the moratorium and the end of dispensation on NPA (non-performing assets) classification at the end of August 2020. Citing customer surveys, Ujjivan SFB said there have been temporary dip in household income levels in the wake of COVID-19 crisis and addressing the credit needs of this segment would help customers resurrect their businesses and livelihoods. "Given the ongoing crisis situation, we visualise it to be a good time to sensitise our customers and their families on basic savings and banking behaviour and promote goal based deposits, as our deposit rates remain attractive," it said. The bank said as digital payments have increased due to the pandemic, Ujjivan considers it as a good opportunity to expand initiatives and increase adoption to digital channels. "Our continued efforts on contactless and digital banking services will stand us in a good stead to further our outreach and build on this opportunity. Moreover, the volatility in the market yields is expected to help in the growth of institutional deposits," it said. Going forward, bank's strategy would be to manage the effects of lockdown and it will set in motion initiatives such as curtailing credit cost, re-starting business with repeat clients, scaling deposits and Sampoorna banking business. Bank's Sampoorna Family Banking solution was launched to address every household's comprehensive banking requirements, ranging from the youngest member to the senior citizens. The bank said it will also penetrate into new geographies and further push the growth of rural banking. "We will also introduce consumer durable loan, micro loan against property and use an analytics-based model to graduate group loan customers. Additionally, we will simplify our digital pre-approved loan process with the help of data analytics and expand our UPI QR based payment solutions for merchants via UPI acquirer platform and our UPI PSP Mobile app," Ujjivan SFB said in the report. Besides, the lender said that it will step up its cashless repayment further through its Money Mitra initiative and will offer banking services from neighbourhood shops and pilot cash collection points. "We are also planning to launch a voice-, video- and vernacular-based, easily navigable mobile banking app for microfinance customers to drive digital usage," it said. Moving ahead, the bank will expand the product base with new channels of loan EMI payment via popular and easy-to-use platforms -- Popular UPI apps, BBPS, CCAvenue and Billdesk and use of BC and digital pre-approved individual loans via phone banking and mobile app, it said. Also, the bank will concentrate on semi-formal and formal MSME segments, led by its diversified product offering and relationship based approach. Further, the bank said it plans to launch fintech partnerships in supply chain finance domain to provide an additional lead channel and will also introduce digital onboarding platform for improved delivery processes. During 2019-20, Ujjivan SFB registered a 28 per cent growth in its gross advances at Rs 14,153 crore as on March 30, 2020. Deposits of the bank were up by 46 per cent at Rs 10,780 crore while the retail deposits rose 73 per cent to Rs 4,724 crore. Bank's total income in FY20 jumped by 49 per cent to Rs 3,026 crore, earning net profit of Rs 350 crore, which was higher by 76 per cent from a year ago. Ujjivan SFB, which began its operations in Februray 2017, got listed into the capital market in December 2019, which was termed as one of the most subscribed IPOs in 2019. The bank with its branches spanning across 24 states and union territories had a customer base of 54.4 lakh as on March 31, 2020.

Ujjivan Small Finance Bank sees shrinking interest and fee incomes due to loan moratorium this year

New Delhi, Mar 23 () Ujjivan Small Finance Bank (SFB) on Monday said its independent director Luis Miranda has resigned from its board to abide by conflict of interest norms. The bank in a regulatory filing said that it has received a letter from Luis Miranda tendering his resignation as an Independent Director of the Bank with effect from March 22. Miranda in his letter said: "In addition to being an Independent Director of the Bank which is an Insurance Intermediary, I am also the Chairman and Independent Director of Manipal Cigna Health Insurance Company Limited, an Insurance Company. "With reference to provisions of Section 48A of the Insurance Act, 1938 which per se restricts common directorship, I understand that my continuation as common director of an Insurance Company and Insurance Intermediary may pose a potential conflict of interest." He said to uphold the principles of good corporate governance, he is resigning as an Independent Director of the Bank with effect from March 22, 2020. "Consequently, I shall also cease to be a member of various Board Committee of the Bank (Ujjivan SFB)". Ujjivan SFB said Miranda also confirmed that there are no other material reasons for his resignation other than those stated in his resignation letter. KPM NKD MRMR

Ujjivan Small Finance Bank's director resign

New Delhi, Jan 28 () Sachin Bansal has resigned from the board of Ujjivan Small Finance Bank Ltd citing that an entity owned and controlled by him has applied for a universal banking licence, according to a regulatory filing.
 Chaitanya India Fin Credit, a microlender in which the Flipkart co-founder has a majority stake, had earlier this month said it has applied to the Reserve Bank of India (RBI) for universal bank licence.
 "I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said in his resignation letter, which was disclosed by Ujjivan SFB in the regulatory filing.
 He added that consequently, he will also cease to be a member of various board committees of the bank.
 Ujjivan Small Finance in the filing said, "The bank has received a letter dated January 27, 2020 from Sachin Bansal tendering his resignation as an independent director of the bank with effect from January 27, 2020".
 Bansal had acquired Chaitanya in September with an investment commitment of Rs 739 crore. Chaitanya was founded in 2009 and operates 40 branches in Karnataka, Bihar, Maharashtra, Rajasthan and Jharkhand.
 Bansal, chief executive officer of Navi Technologies that had invested in Chaitanya, previously talked about building a universal bank being a reflection of the entity's commitment to provide financial services to those who need them the most.
 "Our vision is to go beyond what hitherto has been broadly defined as 'financial inclusion' and provide access to formal financial services using technology that people can use intuitively and easily," Bansal had said. SR HRS

Sachin Bansal resigns from Ujjivan Small Finance Bank's board

New Delhi, May 20 () Shares of Ujjivan Small Finance Bank settled with 4 per cent gains on Wednesday after the company reported a 15 per cent rise in net profit for the fourth quarter ended March 2020. The company's stock, which gained 6 per cent to Rs 28.15 during the day on the BSE, later closed at Rs 27.60, a gain of 3.95 per cent. It rose by 3.57 per cent to close the trade at Rs 27.50 on the NSE. Ujjivan Small Finance Bank on Tuesday reported a 15 per cent rise in net profit to Rs 73.15 crore for the fourth quarter ended March 2020. The bank had posted a net profit of Rs 63.78 crore in the year-ago period, it said. Total income rose to Rs 809.65 crore during the quarter under review from Rs 602.23 crore in the corresponding quarter a year ago. The bank expects the mass market to show resilience and recover strongly and the economic package announced by government would also boost recovery and open various opportunities, it said. SUM SHW SHW

Ujjivan Small Finance Bank rallies 4 pc post Q4 earnings

New Delhi, May 20 () Shares of Ujjivan Small Finance Bank rose over 6 per cent on Wednesday after the company reported a 15 per cent rise in net profit for the fourth quarter ended March 2020. The company's stock gained 6 per cent to Rs 28.15 on BSE. It rallied 6.40 per cent to Rs 28.25 on NSE. Ujjivan Small Finance Bank on Tuesday reported a 15 per cent rise in net profit to Rs 73.15 crore for the fourth quarter ended March 2020. The bank had posted a net profit of Rs 63.78 crore in the year-ago period, it said. Total income rose to Rs 809.65 crore during the quarter under review from Rs 602.23 crore in the corresponding quarter a year ago. The bank expects the mass market to show resilience and recover strongly and the economic package announced by government would also boost recovery and open various opportunities, it said. SUM ANS ANS

Ujjivan Small Finance Bank rallies over 6 pc post Q4 earnings

Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation. On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately. “No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive. “The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added. He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. <keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers. "I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added. Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy. American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City. KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation. Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance. The budget rightly “rewards” the taxpayers for their commitment, Dimri said. LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors. Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Bankers say private capex will take one more year to revive

<a target="_blank" href="https://www.businessinsider.com/travis-kelce-twin-brother-manager-make-him-famous-taylor-swift-2024-1">Travis Kelce</a> is everywhere right now. The Kansas City Chiefs tight end has gone from "guy who is very good at football" to "guy whose name I say more than my own" in the span of mere months. The <a target="_blank" href="https://www.businessinsider.com/travis-kelce-favorite-taylor-swift-song-anti-hero-2024-2">Taylor Swift</a> factor is obviously a big part of it — dating the world's most famous pop star will get you into the limelight — but Kelce is a mini-media mogul in his own right. He hosts a popular podcast. He's <a target="_blank" href="https://www.businessinsider.com/travis-kelces-brand-partnerships-boosted-by-taylor-swift-rumors-2023-10">a spokesperson for getting vaccinated</a>, buying insurance, and eating soup. And now, he would like to talk about everybody's — credit scores.Lately, my X, formerly Twitter, feed has been filled with a particular sponsored <a target="_blank" href="https://twitter.com/Experian_US/status/1751515458312839406">post</a> from Experian, one of the three big credit bureaus in the US, that features a surprised-looking Kelce asking a pretty personal question: Do you know your FICO score? It's the type of message that can briefly fill you with panic since <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-a-credit-score">credit scores </a>can make or break your financial life. It's also the type of message that, if you take a beat, has more to unpack. What does Travis Kelce know about personal finance? More importantly, why is a credit bureau, which ostensibly exists to help American Express decide whether to give someone a credit card, advertising directly to people at all?Back in October, Experian announced it was launching a campaign with Kelce to "help consumers score a financial touchdown" by signing up for the credit bureau's "Smart Money" checking account. Its <a target="_blank" href="https://www.youtube.com/watch?v=RHb63pZ39FY">ads featuring the Chiefs player</a> have since flooded TV and social media. One of the main selling points of the Smart Money account is access to Experian Boost, a product that can help people increase their credit scores. <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-is-credit-score-calculated">Credit scores</a> are calculated based on your track record of paying back loans, from the small, such as your monthly credit-card bill, to the massive, like a mortgage. How long you've been a borrower, <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-a-good-credit-score">how much you owe</a>, and how often prospective new lenders are checking your credit are all taken into account. But a lot of regular transactions that could, in theory, prove your financial reliability are missed by the traditional process. So when you sign up for Boost, you allow Experian to scan your bank account for other regular payments — say, those to Netflix or the electric company — and lets you add them to your Experian credit file. Experian says Boost increases credit scores by an average of 13 points. When I tried it on my Citibank checking account, it increased my FICO score by 7. (You don't have to have an account with Experian to use Boost, which is free.)<div type="image" title="Travis Kelce." height="1666" width="2500" msid="107458712" hostid="261"></div>On its face, this seems pretty useful: Why not get credit for payments you're already trying to make? But when you dig deeper, the offering is actually a little meh. The checking account and debit card are pretty vanilla, and Boost doesn't guarantee a higher credit score. Even if you do get one, it's not necessarily super meaningful. Plus, Experian is just one of the three big agencies, so Boost won't affect scores from its competitors, <a target="_blank" href="https://www.businessinsider.com/how-to-get-higher-credit-score-medical-debt-credit-reporting-2023-11">TransUnion and Equifax</a>. Also, FICO scores <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-an-excellent-credit-score">range from 300 to 850</a> — so a 7-point uptick isn't suddenly going to open the door to a lot of new loans. In fact, it's unclear whether lenders are taking this alternative data, meaning information not usually included in credit scoring, into account at all. The Boost-sourced data is cherry-picked — you get to decide to offer up when you pay on time, not when you pay late — and it's incomplete. When you go in for a mortgage, the bank may simply not care whether you paid your Netflix bill on time."It is certainly better to improve one of the three reports than none, but if your lender doesn't use Experian, then the help from Boost is largely irrelevant," Matt Schulz, the chief credit analyst at LendingTree, said.While the Kelce package is a mixed bag for the consumer, on Experian's end, the math is pretty good. For one thing, experts told me, Experian likely gets a cut of the swipe fee on the debit cards — the charge merchants pay every time a customer uses their card. For larger banks with over $10 billion in assets, the amount that they can collect from swipe fees is capped at $0.21 per transaction, plus 0.05% of the transaction value. But because Experian is partnering with a <a target="_blank" href="https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&amp;idType=fdiccert&amp;id=57129&amp;date=09302023">small bank</a>, it can circumvent the cap, <a target="_blank" href="https://www.businessinsider.com/what-the-debit-card-interchange-rules-mean-for-consumers-2011-6">allowing the company to collect even more revenue</a>. That probably explains why there's a $75,000 limit on the accounts, said Aaron Klein, a senior fellow in economics at the Brookings Institution and former Treasury official."It's a national brand that people are familiar with, with a national spokesman, for a tiny bank that's going to be able to generate two to almost four times the swipe fee of the big banks," he said.Swipe fees are nice, but the bigger get for Experian is probably the data, whether obtained by persuading people to sign up for a debit card, attach their bank account to Boost, or just hand over their email and create an account. It can then <a target="_blank" href="https://www.inc.com/associated-press/equifax-data-money.html">sell that data</a> onward or use it to try to sell people other financial products, such as a consumer loan or a new credit card, for which Experian gets paid."They can both refer you to loans and perhaps sell you additional products, like credit monitoring," Rajiv Bhatia, an equity-research analyst at Morningstar, said.Experian has historically been the most <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-bureau-experian-equifax-transunion">direct-to-consumer-focused of the three bureaus</a> — after its 2017 <a target="_blank" href="https://www.businessinsider.com/equifax-breach-check-details-update-2018-5">data breach</a>, Equifax would like for you to forget it exists, and TransUnion does some DTC advertising but not as much. "Experian has always been the most aggressive," Chi Chi Wu, an attorney at the National Consumer Law Center who focuses on consumer credit, said. It's gotten them into hot water with regulators in the past, including over <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2005/08/marketer-free-credit-reports-settles-ftc-charges-0">marketing</a> of not-so-free "free" credit reports and <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2023/08/ftc-charges-experian-spamming-consumers-who-signed-company-accounts-marketing-emails-they-couldnt">spamming</a> consumers with marketing emails they couldn't make stop. When I reached out to Experian to talk about its consumer business, Boost, and Kelce, a spokesperson for the company said that while Experian was "widely known as a credit bureau," it's a "data and technology business using innovative technology to modernize an industry and provide real-time data to help consumers and businesses." She added that more than 14 million consumers had used Boost and that working with "ambassadors" such as Kelce complemented Experian's mission "in trying to reach a wide and diverse audience with information about the resources we offer."As a general rule, it's not a great idea to listen to advertising from celebrities pitching financial products, including Kelce — or Swift, who does ads for Capital One. It's not that anyone here is bad for taking ad dollars or that companies are nefarious for trying to reel consumers in, but there's a fundamental information asymmetry at play here. As with many financial products, it's helpful sometimes to just ask, "What's in it for them?" Especially when it's a credit bureau — perhaps a necessary evil in the economy but not really your best friend.As for the Kelce-Boost package, it's not going to ruin your life if you sign up, but you're handing over data you might later come to regret providing, and you'll wind up with more spammy emails in your inbox. Experian, not the consumer, is the real winner here."I am highly dubious that your FICO score will materially change as a result of this," Klein said. "But America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans."<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

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