Page 20 - Banking Industry

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

Oil dependence a key challenge for India: HDFC Bank director Keki Mistry

Mistry said that the trajectory of oil prices always needs to be watched as India imports 85 per cent of its oil requirements and is the world's third-largest oil importer

Capital Small Finance Bank Q1 total business grows 15.58% to Rs 12,584 cr

Capital Small Finance Bank Limited on Monday said its total business grew by 15.58 per cent to Rs 12,584 crore for the quarter ended June 2023. The Jalandhar-headquartered bank's total business was Rs 10,888 crore during the first quarter of the last financial year, according to a statement. The bank said its deposits grew by 14.64 per cent to Rs 7,064 crore and advances went up by 16.81 per cent to Rs 5,519 crore. The net worth of the bank increased by 28.81 per cent to Rs 69 crore during the first quarter of the current fiscal. Sarvjit Singh Samra, managing director and chief executive officer of Capital Small Finance Bank said, "We are proud to report robust profits, which underscore the resilience of our business model and the effectiveness of our strategic initiatives. "As we continue to navigate an ever-evolving financial landscape, we remain focused on sustaining this positive momentum and creating long-term value for our stakeholders.

Banks cautious on lending to small businesses despite high demand, low NPAs

Lenders are cautious on providing loans to the micro, small and medium enterprises (MSME) segment, despite high demand, availability of analytical data and lower delinquencies, a report said on Thursday. Demand for loans from MSMEs grew 33 per cent in the January-March period of the previous fiscal (Q4, FY23) compared to the year-ago period, but the supply of credit was up by only 11 per cent during the quarter, the report by credit information company Transunion Cibil, in association with Sidbi, said. "Credit flow to the MSME sector is slower compared to the increasing demand as lenders follow a cautious approach on commercial lending," the report said. The reluctance of banks is despite the availability of analytical data, which gives more comfort to a lender while taking a decision, and a sharp improvement in asset quality in the segment. The report said unpaid loans between 90 and 720 days improved to 2.4 per cent in Q4 FY23 as against 2.9 per cent in the year-ago ...

We bet on private capex to grow corporate credit, says SBI chairman

SBI's total domestic advances were 28 trillion rupees as of June 30

With above 33% attrition, pvt banks find it tough to retain junior staff

Industry experts say that the resignations could be largely attributed to young employees taking a second look at their life decisions and career choices

Tamilnad Mercantile Bank reports Q1 net up by 11.53% at Rs 261.23 cr

Private sector Tamilnad Mercantile Bank has reported 11.53 per cent rise in its April-June quarter net at Rs 261.23 crore, the bank said on Monday. The Tuticorin-based over Century old bank had registered net profit at Rs 234.21 crore during the corresponding period of last year. Total business of the bank during the quarter under review grew by 9.40 per cent to Rs 84,300 crore as compared to Rs 77,056 crore registered in the corresponding quarter of last year, the bank said in a statement. The retail, agriculture and micro, small and medium enterprises (RAM) portfolio witnessed an increase of 12.86 per cent during April-June 2023 quarter at Rs 33,574 crore from Rs 29,749 crore registered in the same period of last year. During the quarter ending June 30, 2023 the bank said it opened six branches. To tap the emerging micro, small and medium enterprise market with focused attention, the bank said MSME Loan processing hub has been set up in Chennai, Madurai, Coimbatore and Tuticor

What is the average balance in a bank account in your state? Check it here

Using RBI data, we found out the average balance in a savings, current or a term deposit account across states in India. Read more to find out

This can be a template for why big is necessary: HDFC Bank chairman

'Credit growth is picking up. Banks are now in a lending mode'

Demand for 5 days of work at banks hits speed bumps, likely to take time

Public sector banks will have to see that their business is not affected in case private banks decide to work on Saturdays

First Republic stuck between US, banks as both sides try to avoid losses

As the bank's stock keeps lurching lower - dropping 49% on Tuesday and 30% on Wednesday - regulators have so far refrained from stepping in

AU Bank's credit card business will break even in FY25: CEO Sanjay Agarwal

Banking will completely shift from brick-and-mortar to online in some 10 years, he says

After Credit Suisse wipeout, AT1 bonds make a return in the global market

A Bloomberg index of contingent convertible bonds has risen 10 per cent from the lows seen during the Credit Suisse crisis

Credit card outstanding rises 29.6% to reach record high level in Jan

RBI data showed that credit card outstanding in January 2023 stood at Rs 1,86,783 crore as against Rs 1,41,254 crore in January 2022

E-commerce, travel transactions drive credit card spends in January

Cross Rs 1 trillion for 11th month in a row

State Bank is changing its business model, quietly

Going beyond corporate loans, SBI is getting into vendor financing as well as supply chain and cluster financing, the buzzwords of banking these days

Launch of digital rupee a historic milestone, says RBI executive director

Terming the launch of digital rupee a historic milestone, RBI executive director Ajay Kumar Choudhary on Thursday said the currency would bring in a lot of operational efficiency in the system and will foster financial inclusion. As per the central bank digital currency (CBDC) tracker, almost 105 countries representing 95 per cent of the world's GDP have taken steps to inculcate digital currency in their ecosystem. Around 50 countries are at the advanced phase of exploration to launch the digital currency, while 10 countries have fully launched the digital currency, he said at an event organised by PHD Chambers of Commerce and Industry (PHDCCI). Digital rupee will add the resilience associated with innovation in the way payments are made, he said, adding, it will also boost innovation in the cross-border payment space. CBDC will give the public the desired experience while ensuring consumer protection but avoiding the damaging social and economic consequences, he added. RBI has ..

BS BFSI Insight Summit 2022: Who's leading the way in banking technology?

From Ranjeeth Bellary, Partner, EY Forensic & Integrity Services to Rajsri Rengan, HoD - Banking & Payments, India & Philippines, FIS here are panelists who will speak on Technology in Banking

SBI board approves raising Rs 10,000 crore capital through tier I bonds

State Bank of India (SBI) on Wednesday said its board has approved Rs 10,000 crore capital raising plan through Tier I bonds. The fund raising through Additional Tier 1 (AT1) capital up to an amount of Rs 10,000 crore is subject to Government of India concurrence, the bank said in a regulatory filing. The Central Board accorded an approval for raising capital by way of issuance of Basel III compliant debt instrument in INR and/or any other convertible currency, up to FY24, it said. The fund would help the bank grow its loan book. Last week, SBI had announced that its personal banking advances, excluding high value home loans, have crossed the Rs 5 lakh crore-mark. The country's largest lender took a year to book the last Rs 1 lakh crore of advances, as against over 15 months for the previous Rs 1 lakh crore and over 30 months for the Rs 1 lakh crore before that.