All Banking & Crypto Related Details

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Facing deposit mobilization challenges, Indian banks turned to certificates of deposit (CDs) for funding needs, with a 38% increase in issuances in July. Punjab National Bank, Bank of Baroda, and HDFC Bank were key players. Banks opted for shorter-tenure CDs driven by market uncertainty and the need to address funding gaps without constraining credit uptake. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/OPpQUK9 via IFTTT

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Future Enterprises, undergoing insolvency proceedings, saw Central Bank of India emerge as the frontrunner to acquire its 25% and 33% stakes in two insurance ventures with Generali. The committee of creditors approved the bank's bid to enhance its insurance sector presence while Future Enterprises sought to settle its debt issues. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3XrtBoA via IFTTT

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Finance Minister Nirmala Sitharaman called for substantial reforms in multilateral development banks to secure additional funds for developing countries during the third Voice of Global South Summit. She stressed the need for swift and agile financing solutions and suggested fresh capital infusions. Highlighting a $4 trillion annual financing gap for sustainable development goals, Sitharaman urged for measures to optimize balance sheets and mobilize private capital. Emphasis was also placed on South-South cooperation to enhance development financing. An Independent Expert Group formed by the G20 was mentioned as part of ongoing reform efforts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QkJw1Sg via IFTTT

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RBI approved the appointment of former SBI Deputy Managing Director Salee Sukumaran Nair for a three-year term after S Krishnan's resignation. Nair, with over 35 years at SBI, has handled key assignments, including roles in corporate accounts and stressed assets. Shareholder approval is pending, and he is expected to start in September. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/8YqeROs via IFTTT

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Updated claims as of end July show that financial creditors including homebuyers are owed a total of Rs 51,510 crore led by SBI which with close to Rs 15,500 crore is the largest creditor with 30% of the debt followed by ICICI Bank with 18% and IDBI Bank with 11%. All three together hold close to 60% of the debt and adding LIC's 6%, make the 66% vote needed to approve a resolution. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/WoBKhOf via IFTTT

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Banks have urged the government to organize more Lok Adalats through Debt Recovery Tribunals to settle distressed loans out of court. Public sector banks believe that increasing the frequency of these adalats will expedite loan recoveries. Currently, Lok Adalats hear cases under ₹20 lakh, having recovered substantial amounts in FY23. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/H6zV2UO via IFTTT

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The government and banks sought advice from attorney general R Venkataramani to regain public sector banks' power to issue look-out circulars against defaulters. Consultations with stakeholders and potential legal amendments are underway. Courts have previously ruled against banks issuing LOCs independently. A swift resolution is expected by involving the banking regulator, RBI, and possibly the Supreme Court. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/U6eGPH3 via IFTTT

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India's largest private lender HDFC Bank experienced an adjustment period that might slow credit growth, said MD Sashidhar Jagdishan. The bank aimed to reduce its credit-to-deposit ratio by focusing on higher deposit growth. Advances grew by 52.6% annually, with deposits rising 24.4%. Jagdishan emphasized the bank's strategy benefits in a changing business cycle. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/enRZL5m via IFTTT

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Reserve Bank of India (RBI) Governor Shaktikanta Das has cautioned banks about potential asset-liability mismatches if they rely too heavily on short-term bulk deposits. He noted that as households shift their savings to alternative investments, banks face challenges in funding, with deposit growth lagging behind loan growth. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/aYEoLqI via IFTTT

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