Weekly Insight from The Banking & Finance Post: News, Mergers, Q2 Results & More!
UPI Surge Outpaces ATMs as Banks Cut Cash Access Points Despite High Demand
Finance Minister Nirmala Sitharaman Launches Nari Shakti Branches of Union Bank of India for Women Entrepreneurs
In a significant step towards empowering women entrepreneurs, Union Finance Minister Shri Nirmala Sitharaman virtually inaugurated five dedicated “Nari Shakti” branches of the Union Bank of India.
SBI Q2 FY25 Results: Net Profit up by 28% to ₹18,331 Crore
State Bank of India (SBI) reported a 28% year-on-year (YoY) increase in net profit for Q2 FY25, reaching ₹18,331 crore, compared to ₹14,330 crore in the same period last year.
Profectus Capital Secures $25 Mn Investment from IFC to Drive Energy Efficiency in MSMEs
Profectus Capital Private Limited has raised $25 million (approximately INR 205 crore) from the International Finance Corporation (IFC) through the issuance of non-convertible debentures (NCDs).
IFC Join Hands with Bajaj Finance to Invest $400 Mn in Climate Finance for EVs and Women Empowerment
The International Finance Corporation (IFC) announced a strategic partnership with Bajaj Finance to invest $400 million as part of Bajaj Finance’s $1 billion fundraising initiative aimed at advancing climate finance, promoting electric vehicle (EV) adoption, and supporting women-led enterprises.
Muthoot FinCorp Q2 Results: Net Profit Surges 28% to Rs 60 Cr
Muthoot FinCorp Limited reported strong financial performance in Q2 FY25, with a consolidated revenue surge of 35.48% year-on-year, reaching ₹2,113.78 crore.
Prodigy Finance Secures $310 Mn from DFC to Expand Social Impact in Education Loans
Global higher education financing company, Prodigy Finance, has secured up to $310 million in funding from the U.S. International Development Finance Corporation (DFC) to enhance its socially impactful education loan initiatives.
Indian Life Insurers Achieve Record Growth in October 2024: Premium Collection Surges 18.56% YTD
Life Insurance Council has released updated industry business numbers for the month of October 2024.