Page 868 - Finance News
Bank of India cuts lending rates by 0.05-0.10% from Sept 10
Banks had adopted MCLR from April 2016 following the directive of Reserve Bank of India
 "Bank of India cuts lending rates by 0.05-0.10% from Sept 10")
4 PSU banks cut lending rates by up to 0.45%, MCLR loans to become cheaper
The reduction in MCLR is expected to positively impact loan growth
 "4 PSU banks cut lending rates by up to 0.45%, MCLR loans to become cheaper")
Modi govt freezes over 200,000 bank accounts of suspected shell companies
Bank accounts of delisted companies inoperative
 "Modi govt freezes over 200,000 bank accounts of suspected shell companies")
IDFs fail to grow despite regulatory reform: ICRA
IDFs are investment vehicles for channelising investment to the sector
 "IDFs fail to grow despite regulatory reform: ICRA")
Andhra Pradesh govt wants Vizag to act as global hub for fintech firms
State govt trying to attract companies from Silicon Valley
 "Andhra Pradesh govt wants Vizag to act as global hub for fintech firms")
UCO Bank turnaround plan takes shape, sans salary cut
Bank to prune costs via branch rationalisation, CASA growth instead
 "UCO Bank turnaround plan takes shape, sans salary cut")
Banks without Aadhaar enrolment centres to face Rs 20,000 fine from October
Banks sought additional time from the authority for setting up such facility
 "Banks without Aadhaar enrolment centres to face Rs 20,000 fine from October")
HDFC to raise Rs 2,000 cr via bonds in private placements tomorrow
The issue to raise Rs 2,000 crore will open tomorrow and closes the same day
 "HDFC to raise Rs 2,000 cr via bonds in private placements tomorrow")
HDFC Bank among RBI list of 'too big to fail' lenders along with SBI, ICICI
India's largest lender SBI and private sector major ICICI Bank were classified as D-SIBs in 2015
 "HDFC Bank among RBI list of 'too big to fail' lenders along with SBI, ICICI")
Virtual currencies like Bitcoin prone to misuse, cautions RBI
RBI has not given any licence, authorisation to any entity to operate with virtual currency
 "Virtual currencies like Bitcoin prone to misuse, cautions RBI")
DBS gets RBI approval to set up banking subsidiary
It is the second bank to get this approval, the first being Bank of Mauritius
 "DBS gets RBI approval to set up banking subsidiary")
PNB Housing Finance to raise up to Rs 1,000 crore via bonds
The issue opens tomorrow and closes the same day
 "PNB Housing Finance to raise up to Rs 1,000 crore via bonds")
Rama Moorthy takes over as MD and CEO of Tamilnad Mercantile Bank
The appointment of Moorthy is for a period of three years from the date of assuming the charge
 "Rama Moorthy takes over as MD and CEO of Tamilnad Mercantile Bank")
BRICS: Members press for financial market integration in China summit
BRICS finance ministers and central bank governors are to also cooperate on PPP
 "BRICS: Members press for financial market integration in China summit")
Catholic Syrian Bank aims to get back to consistent growth, says MD & CEO
The bank has returned to profitability from continuously being in the red for the past 2 years
 "Catholic Syrian Bank aims to get back to consistent growth, says MD & CEO")
Finance ministry writes to heads of PSU banks on consolidation
Govt has been nudging state-owned lenders to merge, in order for stronger, fewer banks to exist
 "Finance ministry writes to heads of PSU banks on consolidation")
Syndicate Bank withdraws 'no work, no pay' missive
This happened after UCO Bank's Kolkata office refused to pay employees for non-performance
 "Syndicate Bank withdraws 'no work, no pay' missive")
Credit growth of banks slowed to 8.1% from 10.9% in 2016-17: Report
Banks' non-performing assets (NPAs) continued to display the highest level of stressed advances
 "Credit growth of banks slowed to 8.1% from 10.9% in 2016-17: Report")
Fincare Small Finance Bank eyes over 300 branches in a year
Collects Rs 225 cr worth of fixed deposits in 4 weeks; to come up with an IPO after 3 years
 "Fincare Small Finance Bank eyes over 300 branches in a year")
Fintech-bank collaboration yields smarter outcomes, says RBI's Kanungo
According to him, the marriage between Fintech and banking also has its attendant challenges