Banking Sector Funds

RuPay launch in Maldives, new runaway at airport to ease transaction

The inauguration of a new runaway in the Maldives built under an airport redevelopment project assisted by India and the official launch of the RuPay card in the island nation on Monday are aimed at boosting economic ties and tourism cooperation between the two countries. Prime Minister Narendra Modi and Maldivian Mohamed Muizzu jointly virtually inaugurated the runway at the Hanimadhoo International Airport and also witnessed via weblink a live transaction using a RuPay payment service card in the Maldives. The launch took place after the two leaders held extensive talks which Muizzu in his press statement said were to "chart a new path for the future". The Maldivian president accompanied by First Lady Madam Sajidha Mohamed and a Maldivian delegation arrived in India on Sunday evening. Though the Maldivian president attended PM Modi's swearing-in ceremony in June, it is his first bilateral visit to India. Prior to the launch of different India-assisted projects in the Maldives, a

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

'UN keen on furthering MDB reforms initiated during India's G20 Presidency'

UN Secretary-General Antonio Guterres is keen on continuing the momentum of Multilateral Development Banks (MDB) reforms initiated during the G20 presidency of India, Chairman of the 15th Finance Commission N. K. Singh has said. Singh, who had met Guterres at the UN headquarters in New York on April 12, said he had a positive interaction with the UN chief. Deputy Secretary General Amina Mohammed was also present during the meeting. Guterres was very keen on continuing the momentum of MDB reforms initiated during India's G20 Presidency and as contained in the 2 Vol. IEG Report, Singh said in a post on X, referring to the report of the Independent Expert Group. Singh said the report had been accepted by the G20 and, therefore, had ongoing traction. Guterres said that the UN would endeavour to keep this item high on the agenda for the Summit of the Future in September and thereafter in the Summit on Financing for Development in June 2025, Singh said. The ambitious Summit of the Futu

RBI proposes changes in net-worth guidelines for payment aggregators

The banking regulator has identified two major types of payment aggregators (PAs) as part of the payments ecosystem in the country

PM Modi pitches for studying newer banking structure to fund future needs

Prime Minister Narendra Modi on Monday said there is a need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Speaking at the inauguration event for the commemoration of 90 years of the Reserve bank of India (RBI) here, Modi said there may be a requirement for newer ways of "financing, operating and business models" in the changing landscape. The PM said the banking industry needs to move forward to ensure that it can fund the credit needs of the projects necessary for the country's future growth. There are some challenges confronting the industry along with this, including artificial intelligence and blockchain, which are changing the face of banking, cyber security amid the increasing reliance on digital banking and innovations like fintechs, he said. "In such a situation, we need to think about the changes that will be required in the country's banking sector and its structure," Modi said in his address to the audience, which ...

Bandhan Bank's micro challenges: Unsecured loan book, CEO's tenure

Microloans are unsecured. Conscious of this, the Kolkata-based Bandhan acquired affordable housing finance company Gruh Finance in 2019 from what was then HDFC Ltd

NFO alert: DSP Mutual Fund launches DSP Banking & Financial Services Fund

The New Fund Offer for DSP BFSF will open for subscription on November 20, 2023, and will close on December 4, 2023

SVB collapse: Union Minister to meet startups to see how govt can help

As the collapse of Silicon Valley Bank (SVB) in the US left the Indian startup ecosystem worried, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar

Is it time for state-run banks to end industry-wide wage pacts?

While there is still a large talent pool in state-run banks, the reality is that it may not walk in as in the past

Banks using quality liquid assets to fund loan growth: RBI report

Credit growth in the system has touched a decade high, a level seen last in 2011

Bank of Maharashtra likely to sell Rs 1000 crore of AT-1 bonds

Over the last couple of weeks, banks have made a beeline to raise funds by issuing debt instruments

HDFC Bank revises credit card rewards points programme for customers

The bank said for select products and vouchers, redemption of reward points will be capped at 70 per cent of the total value, but this is not applicable for Infina and Diners Black cards

Axis Bank launches 7th edition of knowledge summit 'Evolve' for MSMEs

The current edition is focused on the broader theme of 'Indian SMEs: Shifting Gears for Next Level Growth'

Bank credit increases 17% YoY to Rs 129 trillion in early November 17

Deposit growth moderates to 8.25%

Karur Vysya Bank net profit up 52% at Rs 250 cr in Q2, deposits grow

NPA declines to Rs 2,457 crore, compared to Rs 3,972 crore a year ago

Strong rebound in BFSI funds makes a good case for taking an exposure

Since these funds can be volatile, limit your exposure to 5 per cent

RBI policy: Here is how a repo rate hike can affect your finances

If RBI increases the repo rate, the cost of borrowing by banks also rises, which subsequently makes taking loans from banks costlier

HDFC Bank's Rs 3,000-crore AT1 bonds get FY23's best rate at 7.84%

Canara Bank plans Rs 1,500-2,000 cr AT1 sale; Axis Bank, too, mulls fundraise

We are on the path of recovery, says Bank of Baroda CEO Sanjiv Chadha

Broadly the trend we have seen is that retail is growing faster than corporate loans, said Chadha

PNB bond holdings of short maturity, less prone to rising yields: MD Goel

In a Q&A, Atul Kumar Goel says the lender has not sought any special dispensation from RBI to provide for MTM losses amid rising bond yields