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Twelve public sector banks have come under the National Commission for Scheduled Castes' scanner for non-implementation of central schemes, low loan disbursal and not filling vacant posts reserved for persons belonging to SC category. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ufAJg8h via IFTTT

Credit growth to the services sector accelerated to 21.6% during the month from 11.2% a year ago primarily driven by higher lending to non-banking financial companies which rose 29% year-on-year and trade at 18%. Retail loans rose 19.4% in April compared to 4.4% a year ago, mainly driven by 'housing loans' and 'vehicle loans', RBI said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/cWlDw6U via IFTTT

Lending to industry on the other hand slowed to 7.0 per cent (y-o-y) in April 2023 as compared with 8.0 per cent in April 2022. "Demand from corporates for working capital requirements could be lower this fiscal due to a fall in global commodity prices resulting in lower input costs" said Saugata Bhattacharya, chief economist at Axis Bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/zVgeONu via IFTTT

The central government appoints Ashwani Kumar as managing director and chief executive officer in UCO Bank for a period of three years, the Finance Ministry said in a notification. The appointment comes into effect from the date of assumption of office on or after June 1, 2023 or until further orders, it said. Kumar, a chartered accountant, rose through ranks serving various offices of five public sector banks -- Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/NsROQoS via IFTTT

Sarma brings with him nearly four decades of experience in commercial, retail & transactional banking, technology and payments. He has previously held key positions at HDFC Bank, Yes Bank and Jio Payments Bank. At HDFC Bank, he was part of the founding management team and was involved in setting up the bank’s corporate and retail banking, treasury and capital markets infrastructure business. At Yes Bank Limited, he was instrumental in setting up the commercial banking infrastructure. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/vS2kZj5 via IFTTT

The RBI is proposing to introduce expected loss-based approach for provisioning during 2023-24 as part of its measures to strengthen the bad loan resolution ecosystem. This will enable banks to design their own credit loss models and spread the higher provisions over a five-year period under a newer system of setting aside money for lending. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/MhrbGXx via IFTTT

Yes Bank is set to increase its advertising spend by 30% in FY24, according to Nipun Kaushal, chief marketing officer. The bank has been "tactical" in its marketing spend for the last two years as it had to restore its standing following a bailout by peers. Yes Bank's retail brand has now reached a critical mass and is at an inflection point, the bank's executive director Rajan Pental said. The advertising campaign, which will begin on 20 June and last for the full fiscal year, is designed with the bank's current position in mind. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/L5k1XaW via IFTTT

Capital Small Finance Bank Limited is looking at its total business rising over Rs 14,000 crore by the end of current financial year on the back of growth in its advances led by MSME loans and mortgages. The Jalandhar-headquartered bank has also plans to expand its branch network by opening 20 more branches in the northern region. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/IbYOM7o via IFTTT

With this merger, Cosmos Bank now has 40 branches in Mumbai and the bank already has 159 branches in 7 states across India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3cFfCLi via IFTTT

"The MD & CEO is expected to function under the overall supervision, direction and guidance of the board and at the same time, maintain independence in performance of duties. At times, however, we have noticed the dominance of CEOs in board discussions and decision making. It has been seen in such cases that boards are not asserting themselves. We would not like this type of situation to develop. At the same time, there should not be a situation where the CEO is inhibited from doing his duties. Directors and CEOs should, therefore, foster an atmosphere of free and fair discussions in board meetings," Das said in his address to board of directors of private banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Ef0QGZb via IFTTT

Karad said banks should do timely recognition of non-performing assets and make adequate provisions so that the banking system remains healthy. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/8wIBTOi via IFTTT

The Indian banking system is witnessing a revival of sorts of late after suffering from seething bad loan issues for nearly a decade. Policymakers' efforts and banks' measures have ensured banks are on a stable footing, for now. However, if history is anything to go by, this turnaround in fortunes for Indian banks remains vulnerable to monetary policies and external contingencies including geopolitical risks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/yrsq2Jz via IFTTT

The Indian government is discussing with lenders a regulatory mechanism to transfer assets attached by investigative agencies to a buyer or successful resolution applicant under the Insolvency & Bankruptcy Code. Presently, such assets of a fraudulent bankrupt borrower removed by investigating agencies, such as the Enforcement Directorate, are difficult for lenders to include in the corporate insolvency resolution process under the IBC. Discussions are in the early stages, though experts suggest prompt settlement of the case could result in better outcomes under the IBC in both timing and valuations. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pbTHQCu via IFTTT

Banks in India saw a fall in loan loss provisioning for the fifth consecutive period, indicating improving asset quality and sustained collection efficiency. Cumulative bad loan provisioning declined by 42.5% to Rs 18,354.4 crore, the lowest since March 2019 quarter, indicating an overall improvement in the country's banking system. The private sector banks' provisioning decreased by 59.4% YoY, while public sector banks' provisioning fell by 37.3%. The country's credit offtake remained robust despite rising interest rates and global uncertainties, with personal loans and NBFCs being the key growth drivers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/t7bUPNT via IFTTT

The Pune-based state-owned lender was followed by HDFC Bank with net NPA falling to 0.27 per cent and Kotak Mahindra Bank clinching the third spot with 0.37 per cent of net advances. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/7XGH4ws via IFTTT

Term deposit rates have gone up by about 200 basis points in the last few months as banks have had to catch up with the stronger credit growth. One basis point is 0.01 percentage point. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/k8EQMSF via IFTTT

Bank of India offers a rate of interest in the range of 3 per cent to 7 per cent for normal customers for deposits maturing in the range of 7 days to 10 years, BoI said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/eoV1XFl via IFTTT

Private sector Karnataka Bank on Friday announced the appointment of former Jio Payments Bank head Srikrishnan Hari Hara Sarma as Managing Director and CEO. Pursuant to the approval received from the Reserve Bank of India, the Board of Directors at its meeting held on Thursday has appointed Sarma as an additional director to take up the role of MD and CEO, Karnataka Bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/azh4NDY via IFTTT

The RBI on Friday said it has imposed a penalty of Rs 84.50 lakh on Central Bank of India (the bank) for non-compliance with certain provisions of norms related to frauds classification and reporting. The Reserve Bank had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/G1g0zPe via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/8CKJ9MU via IFTTT

A loan acocunt is categorised as a 'fraud account' after it is red-flagged on the basis of practices like fund diversion (even if there is no siphoning of money from the company). A bank is supposed to report the fraud to RBI within 21 days of its detection as well as report it to the CBI or the economic offences wing of the police depending on the amount involved from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/w16Tg2X via IFTTT

S&P Global Ratings predicts that the Indian banking sector's profitability will stabilize at a healthy level and asset quality will continue to improve, as the sector has improved substantially from the past few years. Indian banking profitability is benefiting from higher net interest margins and lower credit costs. The system-wide return on average assets (ROAA) is estimated at 1.2% for fiscal 2023. The formation of new non-performing loans will remain low and a recovery in written-off accounts will boost profitability, despite expected pressure from higher interest rates. India is also forecast to remain the fastest-growing large economy globally. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ZRBOaEn via IFTTT

CEO Frank Holding said the move would only affect "select" corporate Silicon Valley Bank positions, adding that neither employees in customer-facing jobs, nor members of a team based in India, would be impacted. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Z72FUuA via IFTTT

HDFC Bank's merger with HDFC is set to take place in the next few weeks, resulting in a lower net interest margin (NIM) for the bank this year, according to analysts. The bank expects NIM to reduce from 4.1% to 3.7%-3.8% in 2023-24 due to the merger. However, Nomura stated that lower credit costs and increased operating leverage would compensate for the reduction in NIM. HDFC Bank's management is confident about maintaining a post-merger return on assets of 1.9% to 2.1%. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/UivMgon via IFTTT

Bank of Maharashtra emerged as the top performing public sector bank in loan and deposit growth, recording a 29.4% increase in gross advances and 15.7% rise in deposits at the end of March 2023. The bank also recorded the highest profitability growth at 126% to Rs 2,602 crore during the year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/wkqGI9h via IFTTT

"We have argued that MDR is essential and will foster sustainability and enable continued investments in cutting-edge technologies," the banker said on condition of anonymity, adding that these investments will strengthen the security infrastructure, enhance user experience and provide dedicated support to merchants, thus strengthening the entire payments ecosystem. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/LgTqEiV via IFTTT

The absence of a country strategy poses challenges to project performance, Muthoo said in an interview with ET, even after expressing satisfaction over the execution of the first project his office evaluated in India. The New Development Bank, earlier called BRICS Development Bank, was set up in 2015 to finance public and private projects through loans, guarantees and equity participation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2rNFIi5 via IFTTT

The consolidated loan AUM stood at Rs. 71,497 crores, up by 10% Q-o-Q and the consolidated Profit after Tax (PAT) stood at Rs. 1,009 crores for Q4FY23, up by 8% Q-o-Q. The standalone loan AUM stood at Rs. 63,210 crores, up by 9% Q-o-Q and the standalone PAT stood at Rs. 903 crores for Q4FY23. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ktug6Tz via IFTTT

Broadly, public sector banks did not insist on mandatory identity documents while exchanging the notes for smaller denominations. However, leading private lenders sought identity documents from those who did not have banking relationships with these lenders, but were exchanging notes at branches of these banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/0gpSZMy via IFTTT

And as it did through 2022, banks were quick to charge retail borrowers more on loans for buying cars, homes or vacations. By contrast, the pace of transmission was positively more circumspect for corporates seeking credit, which is more often than not priced in line with a lender's internal weighted average cost of capital. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/kDe9TgM via IFTTT

The 131-day window to exchange junked 2000 rupee currency notes opened on Tuesday with a mixed bag of small queues and confusion at some banks over the requirement of officially valid identity cards like PAN or Aadhaar, and official forms. Unlike November 2016, when old 500 and 1000 rupee notes - constituting some 86 per cent of the currency in circulation - were banned overnight, resulting in sarpantine ques outside bank branches across the country, this time no crowding is being witnessed. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/chQpL7w via IFTTT

Paytm's UPI SDK is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/hGEMusb via IFTTT

The Reserve Bank of India (RBI) had announced on May 19 the withdrawal of Rs 2,000 currency notes but gave the public until September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ci1mIrC via IFTTT

A higher-than-budgeted surplus transfer by the RBI to the government, and the central bank's move to withdraw ₹2,000 notes from circulation have substantially altered the liquidity landscape for the banking system. Both announcements, made one after the other by the RBI on Friday evening, will result in an improvement in banking system liquidity, albeit in different ways. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/o7V8hav via IFTTT

The bank's retail loan book is currently about ₹10,000 crore, which is roughly about 20% of the bank's total advances of ₹50,000 crore. Almost half of retail is gold loans, followed by mortgages (20%) and unsecured (10%). The corporate loan book is about ₹35,000 crore while loans to SMEs are about ₹5,000 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/GKuh76e via IFTTT

The government on the recommendation of the Reserve Bank introduced many reforms in governance and provided more autonomy to the board of public sector banks in recent times. The reforms also include an independent professional body for selection, objective and transparent selection and allotment on the basis of merit-cum-performance. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/xmH5YJ3 via IFTTT

Following the Friday's announcement of withdrawing Rs 2,000 notes -- the notes continue to be legal tender unlike demonetisation exercise -- there were concerns about customers facing inconvenience, especially given the summer being at peak. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/XcbpM4A via IFTTT

The Rs 2,000 was introduced with the primary purpose of quickly replenishing the value of money that was being taken out of the system, Das said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ZRIGBtP via IFTTT

With UPI being allowed on RuPay credit cards, NPCI is hoping to attract more lenders as it could be a major source of attraction for consumers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/RgJeScv via IFTTT

Axis Bank features on the buy lists of most investors seeking a slice of Indian top-draw private banking. Since Amitabh Chaudhry stepped into the corner office in 2019, the stock is up nearly 50%, although it still trails peers. In an interview with Saloni Shukla and MC Govardhana Rangan, Chaudhry says that growth triggers are in place that could make it as good as the leader. Edited excerpts: from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/rMxu1qK via IFTTT

The Reserve Bank of India (RBI) Friday said ₹2,000 denomination notes can't be used for transactions after September 30 and asked banks to stop issuing this denomination to customers. "We don't see any major impact on the ATM front, already, as per RBI directions, stakeholders have submitted the plan for implementation of lockable cassettes in 30 cities for both white label and bank-run ATMs," said a senior bank executive. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/VCy52Ha via IFTTT

State Bank of India (SBI) was slow in procuring goods and services from the government-owned GeM portal in 2022-23, while Canara Bank became the largest buyer, followed by Punjab National Bank and Indian Overseas Bank, according to government data. SBI was fourth on the list and purchased Rs 158.22 crore from the portal. The GeM portal was launched in 2016 for online purchasing of goods and services by central government ministries and departments, and currently has over 63,000 government buyer organisations and six crore sellers and service providers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/5FVqEbd via IFTTT

People reacted differently on Saturday following the announcement of Rs 2,000 note withdrwal. Some hoarders tried to buy gold at a premium, others tried target forex and donations but most avoided bank deposits. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BZiO36f via IFTTT

The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the bank’s Chief Executive Officer Shyam Srinivasan said in an interview. The capital will fund growth as Federal Bank pushes further into retail banking with plans to open about 100 branches this year, and seeks to buy a microfinance company, he added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/FDGWBSC via IFTTT

The National Company Law Tribunal on Friday dismissed IDBI Bank's insolvency plea against Subhash Chandra promoted Zee Entertainment Enterprises Ltd (ZEEL). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/mptvFju via IFTTT

The Finance Ministry has clarified that foreign currency payments such as digital subscriptions to publications or goods bought on foreign ecommerce sites through international credit cards will count towards an individual's Liberalized Remittance Scheme (LRS) account and attract 20% tax collected at source (TCS). However, if these purchases are made in Indian rupees, they will not be counted against LRS and face any TCS. This change is intended to bring parity between remittances and overseas spending using debit and credit from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/c5smOEw via IFTTT

The government's small savings scheme for senior citizens more than tripled in April, as those eligible scrambled to take advantage of the budget move that doubled the deposit limit. This fresh mop-up under the scheme breached ₹10,000 crore in April, the first month when the enhanced limit kicked in, compared with the usual deposit of about ₹3,000 crore for this month. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/LNSZHKC via IFTTT

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ₹256.4 crore resolution plan of Innova Captab for Sharon Bio Medicine in its order on May 17. Innova Captab resolution plan was approved by 79.28% voting share of the members of the committee of creditors (CoC), according to the NCLT order. Innova Captab and Tirupati Medicare have submitted their resolution plans to the CoC in September 2022. Tirupati's resolution plan was 25% lower than Innova Captab. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/7x8B2Te via IFTTT

State-owned REC Ltd plans to increase its loan book by three times to Rs 10 lakh crore by 2030, including Rs three lakh crore for renewable energy projects. India's ambitious target of having 500GW of renewable energy capacity by 2030 will require financing in the form of loans. REC Ltd's loan book is Rs 4.35 lakh crore as of March 31, 2023. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/DYQGmak via IFTTT

Given that such spending would be outside the LRS limit, it won’t be subject to a 20% tax collected at source from July 1, as stipulated in the Finance Bill 2023. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lOr3cd5 via IFTTT