Page 19 - Banking Industry

RBI approves re-appointment of V Vaidyanathan as IDFC First Bank's MD & CEO

He took over as the MD and CEO of IDFC First Bank in December 2018, following the merger of Capital First and IDFC Bank

Bidders' insistence on 51% stake in Yes Bank may jeopardise stake buy

Bidders' insistence on having a 51 per cent stake in Yes Bank may end up jeopardising the stake buy, an informed source said on Thursday. When asked on whether the deal will go through by the end of this fiscal, the source, who is not authorised to speak to the media, said the deal itself is in a quandary. As per the source, the talks on any deal "are not going anywhere" because of all the bidders' push on the 51 per cent stake. The source explained that the RBI is uncomfortable with a foreign entity owning a 51 per cent stake in a big entity like Yes Bank. There are reports of two bidders being in the fray including Japan's SMBC and Emirates NBD. The suitors are directly speaking with RBI, but the central bank is not amenable on giving the ownership control. At present, the regulations allow for a maximum of 26 per cent stake by an entity in a bank and in cases where it is higher, has set a fixed timeline for getting it down. As per the source, there has been no progress on the

Banking for growth: PMJDY has improved financial inclusion. What next?

With deposit and credit facilities broadly in place, the government should now focus on spreading financial and digital literacy

Competition for deposits but no rate war, says SBI chief C S Setty

SBI is aiming to get 90 per cent of its retail unsecured loans from the digital channels, going forward, Setty said

SBI working on new version of digital banking platform: Dinesh Khara

Former SBI Chairperson Dinesh Khara on Thursday said the country's largest lender is working on a new version of its digital banking platform to take care of its customers' requirements and preferences. In his special address at the Global Fintech Fest 2024 here, Khara, who superannuated on Thursday, also said that a banker should always keep risks in mind, even though people tend to ignore the risk but that shouldn't happen. "We had envisaged YONO only as a retail solution and initially it was thought to replace internet banking but when we launched it, we thought that it should be much more than that, (as) it serves all banking and financial needs today. We're working on YONO 2.0 where it should be made more modular and faster in terms of processing," Khara said. Stating that YONO has 80 million registered users today with almost 10 million users logging in at the platform each day, he said in many respects, it would be a record of sorts across the globe. Last year, the platform

MUFG Bank expects over 25% growth in India biz; to focus on large cos

Shashank Joshi, MUFG's deputy chief executive officer and head of global corporate and investment banking in India, said the bank has an exposure of about $15 billion in India

Expecting NIMs to climb in a few quarters, says RBL Bank MD & CEO

He outlines the bank's approach to safeguarding its net interest margin (NIM), mobilising liabilities amid fierce competition for deposits, and reorganising its advances portfolio

Bank of India's Q1 net profit rises 10% to Rs 1,703 cr, NII up 6%

NII was up 6% YoY to Rs 6,275 crore in Q1FY25, compared to Rs 5,915 crore in Q1FY24, aided by robust growth in advances

SBI Q1FY25 results: Net profit rises 0.9% to Rs 17,035 cr, NII up 5.7%

NIM fell 12 bps, both sequentially and Y-o-Y basis, to 3.35 per cent

SBI Q1 results: Net profit almost flat at Rs 17,035 crore; NPA at 2.21%

State Bank of India (SBI) on Saturday reported an almost flat standalone net profit at Rs 17,035 crore for the first quarter of the current financial year. The country's biggest lender had posted a net profit of Rs 16,884 crore in the April-June quarter of 2023-24. The bank's total income increased to Rs 1,22,688 crore in the first quarter against Rs 1,08,039 crore a year ago, SBI said in a regulatory filing. During the quarter, the bank earned an interest income of Rs 1,11,526 crore compared to Rs 95,975 crore in the year-ago period. The bank's gross non-performing assets (NPA) of the total advances declined to 2.21 per cent in the first quarter from 2.76 per cent at June-end last year. Similarly, its net NPAs also eased to 0.57 per cent in June 2024 from 0.71 per cent a year ago. On a consolidated basis, SBI's net profit rose marginally to Rs 19,325 crore against Rs 18,537 crore in the same quarter of the previous fiscal. At the same time, its total income increased to Rs 1,52

Bank of Baroda to recover Rs 10K cr from bad loans in FY25, says CEO

Bank of Baroda recovered Rs 1,005 crore from bad debt in April-June, of which a major portion was small-ticket loans, the chief executive said

Why Indian banks need to be extra nice to their less tech-savvy customers

Out of 820 million active internet users last year, 370 million used the web for digital banking

Most fintech, banking apps tap into users' location, other information

Calling them "most sensitive permissions," the report on currency and finance has highlighted that fintech apps often collect personal data, potentially invading users' privacy

CSB Bank Q1 results: Net profit drops 14% to Rs 113 cr as provisions rise

The provisions for non-performing assets rose 273 per cent to Rs 20 crore from Rs 4 crore in Q1 FY24

South Indian Bank is looking to expand beyond Kerala, says MD & CEO

The bank is also shifting its focus on loan mix to micro small and medium enterprises (MSMEs) and retail, from the current bias towards corporates

RBI drafts liquidity norms, adding buffers for electronic fund transfers

The Reserve Bank of India (RBI) on Thursday released draft guidelines proposing banks to assign additional liquidity buffers for accounts having internet and mobile banking (IMB) facilities to stave off any risks during times of stress. The draft guidelines follow an announcement by Governor Shaktikanta Das in the April policy review, given the high usage of technological tools in banking that can lead to moving of funds without physically queuing up at bank branches. "While increased usage of technology has facilitated the ability to make instantaneous bank transfers and withdrawals, it has also led to a concomitant increase in risks, requiring proactive management," the draft circular amending the 2014-issued guidelines on Basel-III Framework on Liquidity Standards' Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards," said. The draft suggests banks shall assign an additional 5 per cent run-off factor for retail deposits, which are enabled

Cred launches product to track expenses, view total bank account balances

The new Cred product will be rolled out to its members in phases starting Thursday, making it one of the first fintechs to launch the offering

Axis Bank Q1FY25 results: Net profit increases 4% to Rs 6,035 crore

The bank's net interest income (NII) increased 12 per cent year-on-year (Y-o-Y) and 3 per cent sequentially to Rs 13,448 crore in Q1FY25, aided by steady growth in advances

SBI Life Q1FY25 results: Net profit increases 34% to Rs 519.5 crore

The company's new business premiums grew by 13 per cent YoY to Rs 7,030 crore in Q1FY25 against Rs 6,210 crore in the year-ago period

Indian banks' short-term debt increases to 12-year high on loan demand

Depositors in India have been saving less in banks as soaring equity markets and avenues such as mutual funds, insurance funds and pension funds lure them