All Banking & Crypto Related Details

Public sector Indian Overseas Bank has elevated Ajay Kumar Srivastava as its managing director and chief executive officer with effect from January 1, the bank said on Saturday. Prior to taking up the new role, Srivastava was serving the city-headquartered bank as its executive director. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/bVGc5DM via IFTTT

Credit to industry continued to register a strong pick-up, with total loans accelerating to 13.1%, while personal loans expanded at 19.7% in November, largely driven by housing and vehicle loans. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QOYI1B7 via IFTTT

Indian banking system's outstanding credit to the services sector jumped by 21.3% year-on-year in November as compared to 3.2% a year ago, data released by the Reserve Bank of India showed on Friday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/8s7LKaH via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/6VnWim9 via IFTTT

"The government wants that banks proactively encourage traders to use this mechanism, and ensure their departments concerned are fully aware of the framework," said a senior executive of a bank who is aware of the development. According to the executive, banks have already had discussions with their counterparts from Russia, Cuba, Luxembourg, Sudan, and Tajikistan. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fXb8nPZ via IFTTT

Banks is the primary and dominant option for stable funding for mid-sized NBFCs. The increase in bank funding to non-banks is also because these entities have demonstrated a reasonably satisfactory performance during the COVID-19 period. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Y1K4wHM via IFTTT

In the private sector banking space, consolidation remained the flavour, with parent HDFC Ltd deciding to merge with HDFC Bank, and Axis Bank announcing the takeover of the retail portfolio of global giant Citibank. These two deals are expected to be completed in 2023. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/I9jluWU via IFTTT

The digital revolution in the banking and financial sector met the need for convenient services, altering customers' expectations of their banks. The question that lies ahead is, what will fuel the next cycle of innovation and expectations? from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/YxvjlN1 via IFTTT

From vanilla debt products to complex, new structures, storied UK bank takes new issuers, co-led around $5 billion on loans for PEs in last 24 months. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/i6NmxTj via IFTTT

"Going forward, we will only focus on organic growth in our current and proposed line of business. We will continue to build a strong retail franchise in consumer and MSME financing. We are already doing ₹1,200 crore of organic business per month," said Adar Poonawalla. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/j8xA7Sy via IFTTT

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"Empirical evidence suggests that a build-up of concentration in retail loans may become a source of systemic risk," the RBI said in its trends and progress in banking report for FY22. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/qtYEoV7 via IFTTT

“Based on the date of occurrence of frauds, advances-related frauds formed the biggest category prior to 2019-2020,” the RBI said. “In terms of number of frauds, the modus operandi shifted to card or internet based transactions. Additionally, cash frauds are also on the rise.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pnCFJRz via IFTTT

The consolidated balance sheet of Indian banks saw double-digit growth in 2021-22, after a gap of seven years, said the Reserve Bank of India in its report on the Trend and Progress of Banking in India 2021-22. "​​With global growth set to deteriorate in 2022 and with rising prospects of a recession in 2023, credit growth could procyclically decelerate across major economies which, in turn, could shrink bank profitability," RBI said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/o52bGOv via IFTTT

The board of directors considered and approved to raise capital through an issuance of non-convertible redeemable unsecured Basel III compliant tier II bonds for amount up to Rs 1,500 crore, the bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/UxOX7L1 via IFTTT

Chanda Kochhar and her husband Deepak Kochhar were arrested by the Central Bureau of Investigation (CBI) last week in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. A special court in Mumbai on Saturday remanded both of them to CBI custody until December 26. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/bgLXB8i via IFTTT

"Going forward, we expect card expenditure to moderate further over the next couple of months due to the end of festive season and inflationary impact on consumer spending," said Bunty Chawla, analyst, IDBI Capital. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/zTp2rFO via IFTTT

Chanda Kochhar, who is facing a probe over alleged irregularities in sanctioning loans to the Videocon Group, has been booked under certain sections of the Prevention of Corruption Act, along with charges of cheating and criminal conspiracy under the Indian Penal Code. Under the anti-corruption Act, prosecution needs the approval of a competent authority. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/E68C4eZ via IFTTT

Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/vZBJML5 via IFTTT

Large PSU banks like State Bank of India, Bank of Baroda, Canara Bank are already trading at close to 1 price to book value. Peak valuations for these banks had hit a high of around 1.5 times book around fiscal year 2012 and 2014. Mid-sized and small banks are currently trading at 0.5-0.7 time price to book and had touched a high of 1 times book around 2014. Bank Nifty has gained around 28% whereas PSU banks were up 74% in the last six months (as of December 21, 2022), ICICI Securities said in a report. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/tDwbAfE via IFTTT

Additionally, the lending framework will set rigorous standards for green buildings, allowing HDFC to boost a quality green housing pipeline while channelling funds to this segment. IFC's financing package is also aimed at enabling HDFC to on-lend to people ensuring they can afford such housing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/d6MGF0e via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/ru28OkQ via IFTTT

"We are consolidating our development finance book, but we still like the business; it is materially a sound business," said Jairam Sridharan, managing director, Piramal Capital and Housing Finance. "The fact that banks have got serious limitations in terms of how to lend to real estate is well known. So, where will the funding come from? We want to be among those providers." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/DW7l5n0 via IFTTT

Banks have approached the government, saying that since accounts are seeded with Aadhaar, there is no need for PAN as well. "We have received representations in this regard, and they are being examined," said an official aware of the matter. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/jnp2vEh via IFTTT

Guide on Systematic Investment Plans and its management from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/i90Txmq via IFTTT

IDBI Bank is 95% owned by Life Insurance Corp of India (LIC) and the government, but the Reserve Bank of India (RBI) has classified it as a private lender. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/8a41lMj via IFTTT

"Banks had taken board approvals to raise capital this fiscal and they are now tanking up as the busy season approaches. This is probably the last tranche of Tier 1 issues by public sector banks for this fiscal and this keeps them ready for the likely increase in loan demand in the fourth quarter," said a banker aware of the transactions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Yz5L7RI via IFTTT

MoS Finance Bhagwat Karad said that the total number of wilful defaulters each having outstanding loan of Rs 25 lakh and above in public sector banks was 8,045 as on June 30, 2017 and 12,439 as on June 30, 2022. In case of private sector banks, it was 1,616 as on June 30, 2017 and 2,447 as on June 30, 2022. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/HtmF56T via IFTTT

The present credit growth in India is far away from being considered 'exuberant' and there is no 'big gap' between the credit growth and deposit accretion when looked at the absolute numbers, RBI Governor Shaktikanta Das said at the BFSI Summit organised by Business Standard on Wednesday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/jFO6iD7 via IFTTT

In January there are some significant festivals like New Year, Guru Gobind Singh Jayanti, Missionary Day, Swami Vivekanand Jayanti, Makar Sankranti, Pongal, Republic Day, etc. Note that banks won't remain closed on all these days in all states as many of these holidays are region specific. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/5K7jNuX via IFTTT

The bank had moved the dedicated bankruptcy court against the company's insolvency resolution professional's decision to reject the claim and not include the bank in the committee of creditors (CoC). Yes Bank, in its December 2021 response to a query from the resolution professional, had stated that the developer had not defaulted in repayment of its loan and the bank had not invoked the corporate guarantee provided by the corporate guarantor from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Q1KStcH via IFTTT

By BY TARA SIEGEL BERNARD from NYT Your Money https://ift.tt/8Dgi1WK via IFTTT

The bank has launched a step-down subsidiary Axis Pension Fund Management through its subsidiary Axis Asset Management Company, which marks its foray into the retirement business, the statement added. Axis Bank's chief executive and managing director Amitabh Chaudhry said Axis Pension Fund will capitalise on the investment management capabilities and distribution strength of the group and aims to be the preferred retirement solutions provider. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/CPmWgDU via IFTTT

To transmit assets to the legal heir, Nomination is the simplest and most effective way. Read to know more from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/qtEg4TO via IFTTT

"As per RBI data, public sector banks (PSBs) and scheduled commercial banks (SCBs) wrote off an aggregate amount of Rs 8,16,421 crore and Rs 11,17,883 crore respectively during the last six financial years," Minister of State for Finance Bhagwat Karad said. With regard to the list, including names of write-offs/defaulters who have defaulted more than Rs 1 crore to the public sector banks, RBI has informed that borrower-wise information on written off loan accounts is not maintained by it, he said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/yuIPYGA via IFTTT

The federal finance ministry is looking to relax a tax clause, which would require the buyer of IDBI Bank to pay additional tax if the share price rises post the final bid, one of the officials said. Share prices tend to increase after financial bids are invited by the government, the official said, noting that it would be "unfair" to ask the new buyer to pay tax on an increase in price from the time bids are placed to the closure of transaction. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/IEo02mK via IFTTT

Consideration of issues related to disinvestment and decision on selection, terms and conditions, etc. in case of strategic sale is entrusted to the Cabinet committee designated for this purpose under the Government of India (Transaction of Business) Rules, 1961, minister of state for finance Bhagwat Karad said in a written reply to Lok Sabha. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/sXHDOhf via IFTTT

The hike follows a similar 35 basis points hike by the Reserve Bank of India (RBI) in its monetary policy review earlier this month. One basis point is 0.01 percentage point. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/iJ3mhDN via IFTTT

The deal, the largest sale of bad loans in the Indian banking sector yet, comes more than two years after the central bank stepped in to take control of the lender after a dramatic rise in toxic assets alarmed investors and depositors. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2GkLt4K via IFTTT

Incremental credit growth in FY2023 is expected to remain at an all-time high of Rs.18-19 lakh crore in FY2023, which will be significantly higher than the previous high of Rs. 11.4 lakh crore in FY2019. Incremental credit growth expected to remain buoyant at Rs.15.0-16.0 lakh crore in FY2024, ICRA said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/XdNZHto via IFTTT

According to Reserve Bank of India (RBI) data, public sector banks have recovered Rs 4,80,111 crore, including Rs 1,03,045 crore from written-off loans, during the last five financial years, she said. As per inputs received from the RBI, scheduled commercial banks have written off an amount of Rs 10,09,511 crore during the last five financial years, Nirmala Sitharaman said during Question Hour. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/TOmD7kF via IFTTT

India imported goods worth USD 3,520.83 million from Egypt, of USD 1,004.24 million from Algeria and USD 2,725.08 million from Angola in the last financial year. As far as Bangladesh is concerned, the import in the last year from the neighbouring country stood at USD 1,977.93 million, according to the data provided by the commerce ministry. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QjelUBG via IFTTT

The lender said it has waived fees on 25 commonly used banking services related to savings accounts such as cash deposit and withdrawal at branches, third party cash transactions, demand drafts, IMPS, NEFT, RTGS, cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/4SLyaZu via IFTTT

The bank had earlier declared JC Flowers Asset Reconstruction Private Limited (JC Flowers ARC) as the winner of the Swiss Challenge process for sale of its identified portfolio of stressed assets. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/y9bT0SD via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/DEV6H9e via IFTTT

The minister said she had in the last 6-7 months held several meetings with representatives of the central bank, her ministry officials and Ministry of Corporate Affairs (MCA) on the issue of Chinese loan apps harassing and cheating people. "A lot of apps that have been badly misused have also been brought to the attention of MeiTY," she said. "So there is a coordinated effort to contain such apps. And also to take action against those who are misusing." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/VwAeyOT via IFTTT

Over the past few weeks, lenders such as HDFC Bank, ICICI Bank and State Bank of India (SBI) have raised their deposit rates by up to a percentage point to garner more deposits so that they can lend to borrowers across segments — institutional, retail or small-business owners. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QtXi0pB via IFTTT

CRED, in partnership with BBPS, has launched an assured rewards campaign from 12 to 16 December 2022. During this time, pay your bills on CRED and stand a chance to win upto INR 10,000 as cashback. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/f0BIOGn via IFTTT

Growth in bank deposits has trailed lending growth sharply, causing concern for the central bank, as depositors choose to put money into shares and mutual funds for better returns amid high inflation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/RUDHb0j via IFTTT

​A continued increase in rates by the Reserve Bank of India seems to have forced the lender's hand, with SBI choosing to hike its marginal cost of funds-based lending rate (MCLR) by 25 basis points​. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/FOlrJkf via IFTTT