Page 386 - Finance News
Q1 results: Private banks' net profit rises 47% on fall in provisions
Loan repricing, high loan growth buttress NII
 "Q1 results: Private banks' net profit rises 47% on fall in provisions")
Board-level engagement in banks on climate risk inadequate: RBI survey
The survey pointed out a majority of the banks did not have a separate business unit or vertical for sustainability and ESG-related initiatives
 "Board-level engagement in banks on climate risk inadequate: RBI survey")
South Indian Bank net profit up 10-fold in Q1, asset quality improves
In Q1, South Indian Bank's gross advances saw a growth of 10.95 per cent compared to the same period last financial year
 "South Indian Bank net profit up 10-fold in Q1, asset quality improves")
RBI MPC preview: Das and Co may hike repo rate by 25-50 bps in August
If the inflation remains above 6% on average for the next three months, the RBI will have to explain to the govt in writing the reasons for its failure to keep the rate of price rise in check
HDFC Bank opens special window offering 6.80% interest for NRE deposits
The window, which is available on Wednesday and Thursday, offers an annual rate of 6.80 per cent on NRE deposits worth Rs 2 crore to less than Rs 150 crore
 "HDFC Bank opens special window offering 6.80% interest for NRE deposits")
Will UPI on credit cards take off?
The RBI has allowed the linking of RuPay credit cards with UPI. But it will also carry a merchant fee. Will UPI on credit cards take off? Or the merchant fee will spoil the party? Let's find out
 "Will UPI on credit cards take off?")
RBI launches public awareness drive as unclaimed deposits increase
RBI is now encouraging people who have not claimed their deposits to reach out to the respective banks for such deposits
 "RBI launches public awareness drive as unclaimed deposits increase")
MPC likely to raise repo rate significantly in upcoming meetings: S&P
Says there is significant slack in the economy, as GDP is far below estimates of pre-Covid trajectory of potential output
 "MPC likely to raise repo rate significantly in upcoming meetings: S&P")
Frauds reported by PSBs decline to Rs 3,204 cr in FY22: MoS Finance
In 2020-21, PSBs reported 4,680 fraud cases of Rs 7,306 crore, which declined to 2,369 cases corresponding to Rs 3,204 crore in 2021-22, he added.
 "Frauds reported by PSBs decline to Rs 3,204 cr in FY22: MoS Finance")
CCI clears Axis Bank's proposed acquisition of Citi's consumer biz in India
Under the deal worth Rs 12,325 crore, announced on March 30, Axis Bank would take over Citi's credit cards, personal loans and wealth management businesses that are focused on the affluent segment.
 "CCI clears Axis Bank's proposed acquisition of Citi's consumer biz in India")
Understanding Positive Pay System necessary to encash cheques from August 1
Several banks including BoB and SBI have issued notifications asking customers to register under PPS before August 1 to encash high-value cheques
 "Understanding Positive Pay System necessary to encash cheques from August 1")
Amount involved in bank fraud declines to Rs 3,785 crore in FY22: Karad
As per the RBI data, frauds involving the amount of Rs 11,800 crore were detected in 2020-2021, the Minister of State for Finance said in a written reply to the Lok Sabha.
Divestment push: RBI allows IDBI Bank bidders to own more than 40%
Govt and LIC look to sell 51-74% stake in the lender through strategic disinvestment
 "Divestment push: RBI allows IDBI Bank bidders to own more than 40%")
Rs 14,820 crore tax demand raised under black money law, says govt
On questions on money deposited in Swiss banks by Indians, Sitharaman said: "There is no official estimate of amount of money deposited by Indian citizens and companies in Swiss banks".
 "Rs 14,820 crore tax demand raised under black money law, says govt")
PSU debt serviced by a state to be brought under its FRBM limit: Govt
Such borrowings shall be considered as those availed by the state itself for the purpose of issuing consent under Article 293(3) of the Constitution, says FM Sitharaman
 "PSU debt serviced by a state to be brought under its FRBM limit: Govt")
Axis Bank profit nearly doubles to Rs 4,125 crore in April-June quarter
Axis Bank on Monday said its net profit nearly doubled to Rs 4,125 crore in the April-June quarter of FY23, helped by decline in bad loans.
 "Axis Bank profit nearly doubles to Rs 4,125 crore in April-June quarter")
Central Bank of India Q1 profit rises 14.2% to Rs 234 cr; bad loans drop
Central Bank of India on Monday reported a 14.2 per cent rise in standalone net profit at Rs 234.78 crore in first quarter ended June this fiscal on fall in bad loans, even as its expenses increased.
 "Central Bank of India Q1 profit rises 14.2% to Rs 234 cr; bad loans drop")
As rupee continues to slide, RBI may be back to spot intervention
Reserve Bank of India's foreign-exchange reserves have fallen by about $30 billion since the end of May to $573 billion, according to its data
India should adopt differentiated inflation targeting
Many commentators have laid blame on tight inflation targeting for fall in our growth rates and persistent unemployment
 "India should adopt differentiated inflation targeting")
Microfinance loan securitisation grows over two-fold YoY in Q1FY23
Better recoveries, adequate credit enhancements spark investor confidence
 "Microfinance loan securitisation grows over two-fold YoY in Q1FY23")