Page 10 - Banking

Rs 820 crore Uco bank scam: CBI conducts second round of searches

The CBI has conducted searches at 67 locations in seven cities of Rajasthan and Maharashtra in connection with the Rs 820-crore IMPS scam in UCO bank, officials said Thursday. The case pertains to over 8,53,049 IMPS (Immediate Payment System) transactions that took place between November 10 and November 13 last year in the bank. "IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs. 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks," the CBI Spokesperson said. The searches in Rajasthan and Maharashtra on Wednesday focused on people who received the money and withdrew it rather than returning it to the bank, officials said. This is the second round of searches. "Earlier in December 2023, searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and ...

Starting an FD? Here are the top rates offered by private and public banks

Navigating fixed deposit options: A comprehensive guide to top rates across different banks

Bank holiday on Mahashivratri 2024: Banks to remain shut for March 8

Bank holiday on Mahashivratri 2024: Mahashivratri is a very auspicious occasion when the devotees offer prayers to Lord Shiva, and Shakti. Check the full March holiday list here

Interoperability of internet banking system in 2024: RBI's Shaktikanta Das

Shaktikanta Das said there's considerable scope for expanding digital payments

RBI revises timeline for completion of Regulatory Sandbox process

The updated framework for an RS also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023

BS IMLC: IMGC expects to write mortgage cover worth Rs 11,000 cr in FY25

The company aims to provide guarantees worth Rs 7K cr in FY24

BS Banking Annual 2024: Why banks can't be technology companies

CEOs of India's largest private and foreign banks say their business is 'unique, trust is its most important word'

Bank of Baroda reduces floating rate car loan by 65 basis points to 8.75%

The Mumbai-based public sector lender also offers a fixed rate of interest option on Baroda Car Loans, starting at 8.85 per cent per annum

Best of BS Opinion: Three lessons from two years, Munich AI accord & more

Here is the best of Business Standard's opinion pieces for today

A rethink on priority sector norms for SFBs can be helpful: ASFBI CEO

The Report on Trend and Progress of Banking in India (FY23) notes that some microfinance institutions among SFBs earlier retained their business models

Zurich Insurance to acquire 70% stake in Kotak General for Rs 5,560 crore

The proposed 70 per cent acquisition is subject to regulatory approval from the Reserve Bank of India and the Insurance Regulatory and Development Authority of India

Banking norms likely to shield information on electoral bond buyers

Govt unlikely to issue ordinance

Rating agencies need to review their framework, says CEA Nageswaran

Says global financial institutions tend to accentuate spillovers for developing economies

Nabard Q3 results: Net profit rises 34% to Rs 4,495 crore, income up 25%

The national developmental bank Nabard has reported a 34 per cent on-year rise in net profit at Rs 4,495 crore for the 2023 December quarter, helped by robust income growth and balance sheet expansion. In the year-ago period, it had booked Rs 3,345 crore in post tax profit. The bottom line expansion was led by a margin increase of 18 basis points to 1.53 per cent, a marginal improvement in gross bad loans at 0.27 per cent and zero net Non Performing Assets (NPAs). Total income of the bank rose 25 per cent to Rs 35,503 crore in the latest December quarter from Rs 28,463 crore. During the same period, expenses increased 23 per cent to Rs 29,496 crore from Rs 24,042 crore, its chairman Shaji K V told PTI on Wednesday. The city-headquartered bank saw its assets size rising 15 per cent to Rs 8,31,091 crore as of December 2023 and the chairman said the same is likely to cross Rs 9.05 lakh crore by March end. Of the total assets, its own funds rose 10 per cent to Rs 71,261 crore. On the

Regulations to climate risk: Managing challenges in a complex banking world

Banks must move beyond being transaction platforms to act as facilitators guiding customers

Barclays to buy most of Tesco's banking arm for nearly $757 million

Barclays will take on Tesco's existing banking operations in credit cards, loans and savings, adding 8.3 billion pounds of unsecured loans and around 6.7 billion pounds of deposits

UBS resumes buybacks, seeks more cost savings from Credit Suisse takeover

Shares in the bank dropped as much as 4%, with analysts pointing to slightly lower-than-expected profitability targets as revenue at the lender falls before the cost savings are achieved

Interim Budget 2024-25: Banks likely to see heavy trading gains in Q4

The yield on the benchmark 10-year government bond declined by 12 basis points (bps) in 2024 from 7.17 per cent to 7.05 per cent on February 1, 2024

Deutsche Bank will cut 3,500 jobs even as it records $4.5 billion profit

Deutsche Bank said on Thursday that it would cut 3,500 jobs as part of efforts to slash costs by 2.5 billion euros (USD 2.7 billion) through next year and boost profits even as Germany's largest lender benefits from higher global interest rates. The bank said it would seek to streamline its marketing network and computer systems and software as it seeks to cut costs. It said the reduction in the number of positions would mostly be for jobs that don't involve directly dealing with customers. The announcement came alongside the release of annual profit figures showing the bank made 4.2 billion euros (USD 4.5 billion) last year, a decline of 16 per cent compared with 2022. It was, however, the fourth straight year in which the bank made a profit. The bank has benefited along with its peers from the global rise in interest rates, which can increase the profit margin between what the bank pays out in interest and what it can earn. CEO Christian Sewing said the results demonstrated ...

Bank Holidays in February 2024: Banks to remain shut for 11 days

Banks will remain shut for 11 days in February. Internet banking and ATMs will remain operational across the country