Page 9 - Banking Industry

Indian Bank cuts lending rate for one year maturity by 5 bps to 9%

State-owned Indian Bank on Wednesday said it has reduced Marginal Cost of Funds Based Lending Rate (MCLR) for one year maturity by 5 basis points to 9 per cent. The new rate will be effective from July 3, Indian Bank said in a statement. The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced. Reinforcing its commitment to affordable credit, the bank has announced a reduction of 5 basis points in its one-year Marginal Cost of Funds Based Lending Rate (MCLR), bringing it down to 9 per cent, it said. This reduction will directly benefit borrowers with a lower interest rate on loans, it said. Besides, the Chennai-based bank has announced the complete waiver of minimum balance charges across all Savings Bank accounts, effective July 7, 2025. This move is aimed at fostering financial inclusion and making banking more accessible and affordable for all sections of society, it said. This decision is set to benefit a vast spec

Saraswat Bank approaches RBI to acquire New India Cooperative Bank

The RBI in February had prohibited New India, based in Mumbai, from issuing fresh loans and suspended deposit withdrawals for six months

MF funding to NBFCs hits record Rs 2.77 trillion in May 2025: CareEdge

Mutual fund exposure to NBFCs rose 32.5% YoY to record Rs 2.77 trillion in May 2025, driven by CPs and corporate debt, while bank credit to NBFCs fell 0.3%

Karnataka Bank's MD, ED resign; bank forms panel to find replacements

Following the departure of the MD&CEO and ED, the bank has formed a search committee to identify suitable candidates for both roles

Share of public sector banks in CD issuances rises to 69% in 2024: RBI

Public sector banks accounted for 69 per cent of CD issuances by Dec 2024, up from 6 per cent in 2022, with Q4 FY25 issuance reaching an all-time high of Rs 3.7 trillion

Govt cancels Pankaj Dwivedi's appointment as Union Bank executive director

In an unusual step, the Centre cancels Pankaj Dwivedi's appointment as Union Bank ED without citing a reason, following reports of a pending sexual harassment chargesheet

RBI deepens scrutiny of bank board meetings and governance practices

The central bank's message (through SSMs) is clear: Mere box-ticking will not suffice

Mutual fund assets surge to nearly one-third of the bank deposits

The MF assets under management (AUM) at Rs 72.2 trillion is almost a third of the total bank deposits of Rs 232 trillion in May 2025

Yes Bank extends CEO's tenure by 6 months: Move to help SMBC steer strategy

RBI extends Yes Bank CEO Prashant Kumar's tenure till April 2026 to allow new shareholder SMBC time to decide on leadership after completing the ownership transition

Transition woes: SFBs' long bumpy road to becoming universal banks

The RBI requires SFBs to provide a detailed rationale for their desire to convert into a universal bank. Those with a diversified loan portfolio will be preferred

Focus areas will be retail penetration, MSMEs: Indian Bank's Binod Kumar

Binod Kumar lines up the strategy to focus more on retail and micro, small, and medium enterprises, plans to improve technology via an investment of Rs 1,300 crore, and outlines the growth roadmap

SBI hires 505 probationary officers to boost delivery across India

SBI recruits 505 probationary officers as part of its 18,000-person hiring drive to enhance process and delivery nationwide, with a focus on skill development and service

State Bank of India hires 13,455 junior associates for customer service

The recruitment is aimed to fill vacancies across 35 states and Union Territories, making it one of the significant hiring initiatives in the industry, the bank said in a press release

Most public-sector banks see decline in headcount even as branches spread

Public sector banks (PSBs) have shown varied trends in employee strength over the last three financial years

Vigilance scrutiny: 'Sword of Damocles' for public-sector bankers

The word 'vigilance' is a dreaded term for PSB employees, and there are instances of this fear being misused by the higher authorities

Shortage of ₹100, ₹200 notes may delay RBI's ATM target, say banks

Cash logistics firms and banks cite note supply and operational costs as key concerns in meeting RBI's target for ATMs dispensing Rs 100 or Rs 200 notes by September 2025

Over 63,000 digital payment frauds reported in last decade: Govt

Government data show over 63,000 digital payment frauds worth Rs 733 crore in the past decade as Congress questions the Modi government's banking security record

Govt extends tenure of Punjab & Sind Bank MD S K Saha till Feb 2027

According to an official notification issued by the Department of Financial Services under the Ministry of Finance, Saha's current term was set to end on June 2, 2025

Pressure on US dollar may continue in near term: Bank of America's Jin Su

India is a fascinating growth story. It is one the world's fastest growing major economies globally, says Jin Su

Yes Bank to boost retail book with strong focus on internal customers

The bank plans to grow its retail book by 10-12% in FY26, reduce the cost of deposits, and improve asset yields