Page 28 - Banking Sector

Jio Financial ups stake in Jio Payments Bank to 82.17% for Rs 68 cr

The company subscribed to 6.8 crore equity shares of Jio Payments Bank for its business purposes

ICICI Bank invites bids to sell $28 million exposure in John Energy

John Energy is currently facing various litigations initiated by ICICI Bank and other lenders before NCLAT

SBI's Dinesh Khara era ends, his successor CS Setty has new challenges

With Dinesh Khara's legacy of stock market's love for State Bank of India, his successor CS Setty faces the task of sustaining this momentum while war for deposits continues on the banking turf

MSME cash flows can be erratic; lenders must know: Flexiloans.com's Jain

We don't set up physical branches, and this allows us to reach more locations compared to the larger banks and NBFCs, he says

Shaping a better tomorrow: Loan distribution set for major overhaul

The Financial Stability Report of June 2024 has it that delinquency levels among borrowers with personal loans below Rs 50,000 remain high

Amid slow deposit growth, PSBs urge govt to keep cash balances with them

Move to help lenders to gain low cost deposits

The untold story of bank deposits

Households still invested Rs 10 trillion in bank deposits and another Rs 2.5 trillion in small savings deposits out of this Rs 29.7 trillion pie, or 42%

Banks caught in a trap

The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books

RBI flags breach of regulations by some NBFC-P2P lending platforms

Bars credit enhancement; caps aggregate exposure at Rs 50 lakh

Freo eyes 25-30% growth in gross revenue in FY25; focus on profitability

Digital banking platform Freo is eyeing 25-30 per cent growth in its gross revenue for the current fiscal, co-founder Anuj Kacker said, adding that the company remains sharply focused on profitability. Kacker told PTI that RBI's recent announcement on the creation of a public repository of Digital Lending Apps (DLA) linked to regulated entities is a good move that would improve confidence around the digital lending ecosystem. He said that Freo's business is growing across multiple verticals, and the company remains steadfast in its resolve to maintain profitability. "This year, we are expecting a 25-30 per cent growth in gross revenue, and in the net revenue by 50-60 per cent as our share in gross revenue will increase," he said. Freo clocked gross revenue of Rs 350 crore for FY24. The company has been profitable since December 2023. "We have been profitable in the June quarter of the current financial year, and for the September quarter also we expect to be profitable," he said o

Karnataka directs all govt depts to suspend transactions with SBI, PNB

One incident involved PNB's Rajajinagar branch, where the Karnataka State Industrial Board had fixed deposits of Rs 25 crore, but PNB released only Rs 13 crore on maturity, citing pending court cases

Bandhan Bank revises FD interest rates, offers up to 8.50%

The updated fixed deposit interest rates for retail deposits will be effective from August 7, 2024

From Canara Bank to HDFC Bank, banks up the ante on deposit drive

Private sector lender Bandhan Bank on the other hand, decided to up their rate substantially over others. On Tuesday, it announced a new bucket of 1 year 9 months at an attractive interest rate of 8%

Revenues growth from corporate banking moderates to 4% in 2023: CRISIL unit

Cash management growth to temper somewhat as peak rates level off: Study

Two deputy governors of Bangladesh Bank resign after Hasina's exit

Days after the resignation of the Bangladesh Bank governor, two deputy governors and the head of the Financial Intelligence Unit (BFUI) have resigned following the directives from the interim government, a media report said on Monday. Additionally, an adviser to the central bank has also submitted his resignation to the governor, The Dhaka Tribune newspaper reported. On Friday, Bangladesh Bank Governor Abdur Rouf Talukder tendered his resignation, citing personal reasons. His resignation was part of a broader wave of departures from various institutions of the country following the recent fall of the Sheikh Hasina-led government. It was reported that the Ministry of Finance informed them on Sunday that they must submit their resignation letters by 1 pm on Monday, the report said. Following this directive, deputy governors Kazi Saidur Rahman and Md Khurshid Alam submitted their resignation letters in the morning. Masud Biswas, the head of the BFIU, the government agency responsible

E-surveillance market rises as banks boost security for branches, ATMs

Industry sources say that only around 40% of ATMs and 20% of bank branches are enabled with AI-led e-surveillance

Rates to remain elevated for loans, bulk deposits: Bank of India MD & CEO

With rising cost of funds, loans rates on highly rated corporates will need a relook to protect margins, he says

Dimon Says He's Skeptical Inflation Will Return to Fed's 2% Target

Dimon has been warning for more than a year that inflation may be stickier than investors expect

Standard Chartered Bank exits Protean eGov Tech, sells stake for Rs 225 cr

British multinational Standard Chartered Bank on Thursday exited Protean eGov Technologies by selling its entire 3.09 per cent stake for Rs 225 crore through an open market transaction. According to the bulk deal data available on the BSE, Standard Chartered Bank offloaded 12.50 lakh shares or 3.09 per cent stake in Protean eGov Technologies. The shares were disposed of at an average price of Rs 1,799.79 apiece, taking the deal value to Rs 224.97 crore. At the end of the June quarter, London-based Standard Chartered Bank owned a 3.09 per cent stake in Protean eGov Technologies, shareholding data showed with the bourse. Details of buyers of Protean eGov Tech's shares could not be ascertained. Shares of Protean eGov Technologies fell 1.19 per cent to close at Rs 1,845.45 per piece on the BSE. On Monday, Protean eGov Technologies reported a 10.83 per cent decline in its consolidated net sales to Rs 196.54 crore for the quarter ended June, compared to Rs 220.41 crore in the correspon

Help PSBs create credit assessment model for MSMEs: DFS secy to fintechs

Joshi also emphasized that fintechs need to strike a balance between regulatory requirements and innovation while working to resolve challenges faced by banks