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Total provisions and contingencies rose sharply to Rs 1,878 crore at the end of the quarter under review. This was at Rs 764 crore in the corresponding period last year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zT2W71 via IFTTT

"Net loss of Rs 630 crore for Q1FY22 is because of prudent provisions for Covid wave 2.0. Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact," IDFC First Bank said in a release. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xfhwUF via IFTTT

Investment bankers Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the IPO. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BWs6DH via IFTTT

The State Bank of India, a public sector lender, said on Saturday that processing fees on housing loans would be waived entirely. This is a big reduction from the 0.40 percent processing costs that were previously in place. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zSoLDG via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/3id0PVu via IFTTT

The Reserve Bank of India (RBI) is expected to provide a road map to the new owners of IDBI Bank, for reducing their stake as the government seeks to sell its equity, by the end of the current fiscal year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3C3Q3ci via IFTTT

According to RBI data, loans against jewellery by banks stood at Rs 62,221 crore as of June 18, 2021 — an 80% increase over the previous year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3fysHSv via IFTTT

Banks are also engaging vendors to conduct mock cyber-attacks on their platforms to see whether their defences are breached — and to find loopholes and plug them. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3iZemPy via IFTTT

As per the court order, PNB’s stand is due to letters issued by IBA on December 12, 2018, to its member banks, stating that if a bank issues a claim period of less than one year on top of the guarantee period then such a bank guarantee would not have the benefit of Exception 3 to Section 28 of the Contract Act. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3lezK6c via IFTTT

The bank increased its corporate loans by more than 10% year-on-year in the April-June quarter to about Rs 3.15 lakh crore. The majority of wholesale-banking advances comprise working capital loans. About four years ago, the book size was at about Rs 1 lakh crore for credit extended to corporates. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BXQZ1G via IFTTT

By BY PAUL SULLIVAN from NYT Your Money https://ift.tt/3j2C1Po via IFTTT

"Basically, we have been able to recover almost 140% of the principal and still some more recoveries are expected. We have provided for our NPAs and the provision coverage ratio is 97% so similarly when some other recoveries come we can expect similar results in future, probably even better ones," says Sharma of the Kingfisher situation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3lqbdvl via IFTTT

Net interest income grew 9.53 per cent to Rs 7,013 crore from Rs 6,403 crore in the year-ago quarter. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3x80VSJ via IFTTT

“The industry also needs to stop postponing the inevitable and kicking the can down the road,” Kotak said. “Upfront action with an eye on enduring, sustainable growth, not swayed by quarterly, short-term results is a must for the future of a healthy Indian financial sector.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BSJr0a via IFTTT

The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BTr1fK via IFTTT

"I believe that our provision PPOP margins are such that we can take any provisions right now. I do not believe that the third wave will be as vigorous as we what we saw in the Covid-2 or Covid-1." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3iXhV9e via IFTTT

Increased financing for climate-friendly projects as well as more financing for small businesses to help accelerate India's economic recovery from COVID-19 are expected in the wake of a USD 126 million (Rs 916 crore) equity investment in the bank, IFC and Federal Bank said in a joint release on Thursday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/37526I3 via IFTTT

As mutant variants of the virus succeedingly assailed the country with a pervasive health crisis, the already floundering pre-pandemic financial infrastructure was left fractured. However, across various sectors, despite the notion that India is surviving on borrowed time, there is hope yet at the end of the tunnel for the economy. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2TGb4Iu via IFTTT

"We have also reinitiated the Rs 500 crore of restructuring which will happen in this quarter on that book, but otherwise we are well on our way." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ye1bRd via IFTTT

According to the information ETBFSI received from various sources, more than 1,200 ATMs are down in the five districts of Maharashtra -- Ratnagiri, Raigad, Sindhudurg, Kolhapur and Satara. There are about 1,300 ATMs in these districts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/379Nozg via IFTTT

"Besides this, Paytm Payments Bank is also India's largest acquirer of toll plazas for the National Electronic Toll Collection (NETC) program offering an interoperable nationwide toll payment solution," Paytm Payments Bank said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3i7Wvqr via IFTTT

The bank is looking forward to further building a profitable and quality home loan portfolio through this partnership, Rajan Pental, Global Head - Retail Banking, Yes Bank said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xad3T8 via IFTTT

They also include 'Financial Inclusion-Access to Banking Services-Basic Savings Bank Deposit Account'; and 'Frauds-Classification and Reporting'. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3f6RRr0 via IFTTT

The Reserve Bank of India (RBI) has projected the economy to grow at 9.5 per cent in the current financial year, lower than its earlier projection of 10.5 per cent. The International Monetary Fund (IMF) has also slashed the GDP growth projection for India to 9.5 per cent from 12.5 per cent earlier. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2WpKWCB via IFTTT

The central probe agency said its investigation in the case was initiated on the basis of an FIR filed by the Bengaluru Police sometime back against Vijay Akkash, Mohamed Musthafa, M D Jairam (the then Assistant Branch Manager of Syndicate Bank, Uttarahalli branch in Bengaluru) and others. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zKH1io via IFTTT

"The best part of this restructuring, as far as our bank is concerned, is under MSME. We have restructured about Rs 3,300 crore and retail about Rs 7,600 crore and total amount is over Rs 13,200 crore." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2ViccCJ via IFTTT

Total income in the April-June increased marginally to Rs 21,210.06 crore, from Rs 20,685.91 crore in the year-ago period, Canara Bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BYsFgj via IFTTT

Banks for which gold loans contribute substantial amount to their profits, were hit in the first quarter. Out of the Rs 640 crore slippages that Federal Bank saw during the quarter, Rs 86 crore was from gold loans or linked to the product as a result, the bank's gross NPAs rose to 3.50% of advances, up from 2.96% a year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zFZpJ2 via IFTTT

The total income during Q1 FY22 increased to Rs 4,539.08 crore, against Rs 4,436.57 crore in Q1 FY21, UCO Bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/377p8xY via IFTTT

Total income in the April-June increased marginally to Rs 21,210.06 crore, from Rs 20,685.91 crore in the year-ago period, Canara Bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BYsFgj via IFTTT

Other income including fees and commissions increased 18 per cent to Rs 1,788 crores in the quarter ended June 30 from Rs 1,520 crore a year ago. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3f3JvQY via IFTTT

Sequentially, on a quarter-on-quarter basis, it was higher by 238.26 per cent over the quarter ended March 2021. However, on a year-on-year basis, the profit declined by 45.98 per cent, mainly on account of decreased treasury income, the bank said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zFTtje via IFTTT

Profits nearly tripled to Rs 1177 crore at the end of the June quarter as fee income and treasury gains grew sharply. The lender had reported profits of Rs 406 crore in the corresponding period last year. Though it’s net interest income was flat at Rs 6,147 crore from Rs 6,096 crore in Q1FY21. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3l2VfXQ via IFTTT

Private lender Axis Bank reported fresh slippages of Rs 6,518 crore, up 23% from Rs 5285 crore in the March quarter. 84% of the net slippages were from the retail book. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3f4XlCq via IFTTT

Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3l3kaum via IFTTT

Profits nearly tripled to Rs 1177 crore at the end of the June quarter as fee income and treasury gains grew sharply. The lender had reported profits of Rs 406 crore in the corresponding period last year. Though it’s net interest income was flat at Rs 6,147 crore from Rs 6,096 crore in Q1FY21. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3l2VfXQ via IFTTT

Private lender Axis Bank reported fresh slippages of Rs 6,518 crore, up 23% from Rs 5285 crore in the March quarter. 84% of the net slippages were from the retail book. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3f4XlCq via IFTTT

Giving the details in a written reply, the minister said as per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3i5tc7W via IFTTT

Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3iQu4ws via IFTTT

"As we fervently work towards making digital escrows a household name in India, more and more people are realizing that the risks they take while carrying out digital transactions are avoidable, and they find the ease and convenience of our platform attractive,” said Castler’s co-founder and CEO, Vineet Singh. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zzPapu via IFTTT

Profits were helped by a 70 per cent growth in non-interest income to Rs 1056 crore up from Rs 621 crore a year ago which included fees from retail and corporate banking, forex, debt capital markets and recoveries from written-off accounts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3x88uc2 via IFTTT

This was in line with consensus estimates of analysts tracked by Bloomberg who expected the lender to post profits of ₹1,652 crore. The lender had reported profits of ₹1,244 crore in the corresponding period a year ago. Operating profit for the quarter came in at ₹3,121 crore, up 19% on-year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2UKJ0o4 via IFTTT

Axis Bank reported a 11 per cent on-year growth in net interest income to Rs. 7,760 crore in the reported quarter, which was also below Street’s estimate. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2We6h1N via IFTTT

Net interest income (NII) for the quarter rose 18 per cent year-on-year to Rs 10,936 crore from Rs 9,280 crore YoY.​​ from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3iOiMZO via IFTTT

By BY RON LIEBER AND TARA SIEGEL BERNARD from NYT Your Money https://ift.tt/3eX4dSs via IFTTT

Scheduled commercial banks (SCBs) were carrying NPAs worth Rs 8.96 lakh crore on their balance sheet at the end of March 2020. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3eWAHvU via IFTTT

"We are very confident because of the impending festive season and the vaccination drive that is on the way. We are hoping that there is no third wave. Things are looking better and spends will come back strongly in the coming days." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3y5o9tL via IFTTT

The Reserve Bank of India has also reached out to various lenders on the problems being faced by the broader banking system after it barred the US payments major from issuing new cards for its alleged failure to comply with data localisation rules. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2TEhV5k via IFTTT

JPMorgan in India as a lender to both the domestic and multinational companies has insights into corporate strategies. Its chief executive Madhav Kalyan tells Saikat Das and MC Govardhan Rangan what’s happening on the ground. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BDR626 via IFTTT

His successor Sashidhar Jagdishan, who took over as the chief executive and managing director of the largest private sector lender on October 27, 2020 grossed a salary of Rs 4.77 crore for the fiscal year, which included payments as a group head till his elevation. Puri's overall payments included Rs 3.5 crore as post-retirement benefits. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3iFrVng via IFTTT