Page 20 - Banking Industry

Ashok Vaswani takes charge as Kotak Mahindra Bank MD & CEO from January 1

Furthermore, C S Rajan, independent director, has assumed the office as the part-time chairman of the bank, with effect from January 1, 2024

UBS steps up bid to claw back cash bonuses from Credit Suisse defectors

UBS has contacted hundreds of bankers and offered some multi-year payment plans amid efforts to claw back a chunk of the 1.2 billion Swiss francs ($1.38 billion) in restricted cash bonuses

IBA signs MoU with unions on pay revision; okays 17% hike for 5 years

The parties will endeavour to finalise the bipartite settlement within 180 days from the date of this minutes

Peer-to-peer (P2P) lending: What is it, and who regulates it in India?

Peer-to-peer (P2P) lending is the practice of lending money to individuals or businesses through online services that match lenders with borrowers

Uco Bank realigns growth strategy with focus on profitable lending

State-owned lender UCO Bank is implementing a strategic shift in its growth plan, concentrating on the pursuit of a "profitable" corporate loan portfolio expansion while identifying retail, MSME, and agriculture as its key drivers of growth in the coming quarters. This shift in perspective concerning the bank's corporate loan portfolio coincides with the delayed rate cut expectations, attributed to global inflation and geopolitical uncertainties. Furthermore, the bank has adopted a less aggressive approach to term deposits, choosing to prioritise CASA accounts to manage its cost of funds. It intends to utilise its surplus Statutory Liquidity Ratio (SLR) deposits to fuel its growth initiatives, according to a senior bank official. The bank presently holds an excess SLR of Rs 23,400 crore. "We are not chasing corporate loan growth merely for the sake of expansion. Our focus is on sustainable and profitable growth," UCO Bank MD and CEO Ashwani Kumar said. Addressing a post-results .

Bank of India Q2 PAT jumps 52% to Rs 1,458 cr as asset quality improves

The state-owned bank experienced a 6 per cent decline in net profit on a sequential basis

Lenders prefer salaried individuals with steady income for personal loans

While more than 25% of salaried borrowers have an excellent credit score of 770 and above, only 14% of self-employed consumers have such strong credit score profiles

Credit growth to industry decelerated, improved for agriculture in Sep: RBI

Personal loan growth too decelerated to 18.2 per cent year-on-year in September 2023 (19.4 per cent a year ago), due to moderation in credit growth to housing, the central bank said

Some NBFCs are bigger than many banks, says CEO Aditya Birla Finance

"There is a harmonisation of policies and regulations for upper-scale NBFCs and banks in terms of capital requirements and asset categorisation," Rakesh Singh of Aditya Birla Finance said

Google, US bank coalition pledge billions to underserved businesses

The Biden Administration announced a series of measures to boost small and minority-owned businesses ahead of its annual Freedman's Bank Forum

Bandhan Bank Q2 results: Net profit rises to Rs 721cr on loan portfolio

Private lender Bandhan Bank on Wednesday reported a whopping 245 per cent jump in its net profit to Rs 721 crore in the second quarter of the 2023-24 fiscal as compared to Rs 209 crore in the year-ago period. The loan portfolio of the Kolkata-headquartered bank at the end of the July-September quarter stood at Rs 1.08 lakh crore, reflecting a 12.3 per cent rise over the corresponding period last year. Bandhan Bank MD & CEO Chandra Shekhar Ghosh said the total deposits of the lender at the end of the quarter stood at Rs 1.12 lakh crore, registering a growth of 12.8 per cent year-on-year.

Reliance Industries' luxury real estate bet gets HSBC financing boost

London-based bank originally provided £60 mn loan facility to subsidiary of Reliance Industries Ltd. shortly after it acquired the Stoke Park estate in southeast England for £57 million in 2021

MDBs should work to increase private financing by $500 bn by 2030: Experts

Multilateral Development Banks (MDBs) should work systematically with the private sector to increase private financing by an additional USD 500 billion by 2030, a G20 expert group has said in a report. The independent expert group on multilateral development banks set up under India G20 Presidency, called for a better, bolder, and bigger MDB system to provide long-term finance to meet physical and social infrastructure needs globally. The second volume of the report 'The Triple Agenda' said the MDBs should work together better as a system. MDBs include the World Bank, Inter-American Development Bank, Asian Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development. The report also suggested that MDBs agree to be held accountable, individually and collectively, on a range of Key Performance Indicators (KPIs) to match the expanded mandate. MDBs should share diagnostic tools, mutually recognise each other's standards and set up shared ...

RBI extends last date for exchanging Rs 2,000 bank notes to Oct 7

RBI says 96% of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned

Banks considering rating framework to assess risk profile of startups

The plan to set up this mechanism has come up at a time when the government has asked banks to play a more active role in financing startups

NRIs can now open new bank accounts using SBI YONO app; Here's how

The service has been designed for the "new to bank" (NTB) customers and aims to smoothen the process of account opening at SBI for NRIs

UBS names South Korea, India, others as 'slow' on Credit Suisse approval

The uncertainties could lead to winding down businesses and asset sales, when UBS faces "difficult jurisdictions or regulators", the Swiss bank said in the document

BLS Int'l, PSB Alliance partner to offer advanced doorstep banking services

Global tech-enabled services firm BLS International on Monday said it has formed a strategic partnership with PSB Alliance, a prominent company formed by public sector banks (PSBs), to provide advanced doorstep banking services (DSB). Under the partnership, BLS International's expertise and cutting-edge technology will facilitate doorstep banking services for PSBs, it added. The initial rollout will be in 58 cities, with plans for a seamless expansion to all regions and the company is committed to elevate customer experience and accessibility to all the 12 public sector banks under the PSB Alliance, it added. "This collaboration is expected to bring about a paradigm shift in the way banking services are available in the country. The partnership reflects a commitment to stay at the forefront of this transformation and offer cutting-edge services that meet the needs of today's tech-savvy and diverse customer base. "The DSB will not only enhance customer convenience but also align wit

SBI introduces digital opening of NRE/NRO account setup through YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or 'new to bank' customers, providing them with ease and efficiency in the account opening process, SBI said in a statement on Monday. This initiative fulfils a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India, it said. An Non-Residential External (NRE) account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an Non-Resident Ordinary (NRO) account is opened in India in the name of an NRI, to manage the income earned by him/her in India. These incomes include rent, dividend, pension, interest, etc. The bank has leveraged technology to create a seamless, digitized account opening process that ensures efficiency and accuracy, making it a one-stop solution

Why the story of India's so-called 'bad bank' has not been too good so far

The target was for banks to sell Rs 2 trillion worth of non-performing assets (NPAs) to NARCL by 2021-22. Only 10 per cent of this has been executed