Page 31 - Banking Sector

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

Q1 results: SFBs' net profit growth flat as provisions jump over 2x

Provisions more than double on asset quality pressures

ICICI Bank fostering compliance, strong risk culture: CEO Sandeep Bakhshi

He also added that the bank is seeing exciting opportunities arising from the Indian economy and its global linkages and is committed to supporting the economy in its transformative journey

No need to keep minimum balance in Jan Dhan, basic savings accounts: FM

Finance Minister Nirmala Sitharaman on Tuesday said there is no need to maintain minimum balance in Jan Dhan as well as basic savings accounts, and banks impose penalties only in cases where customers fail to maintain a requisite amount in their accounts. The minister was replying to a question in Rajya Sabha during Question Hour regarding public sector banks collecting about Rs 8,500 crore in penalty from customers for non-maintenance of minimum balance in accounts in five years. "Since the member is talking about banks collecting money for basic minimum balance which is not there in the account, that does not apply to PM Jan Dhan accounts and basic accounts of the poor people. It is only for others whose minimum balance is expected to be at a certain level," Sitharaman said. It emerged in a written reply to a question in the Lok Sabha that public sector banks collected around Rs 8,500 crore under this head in five years starting FY 2019-20. Minister of State for Finance Pankaj ..

Muted treasury gains for banks in Q1 FY25 due to new investment norms

Under the new norm, banks must categorise bonds as HTM on a permanent basis, with the exception of 5% of the portfolio that can be withdrawn throughout the year

Banking system liquidity improves to touch 1-yr high; overnight rates ease

According to Bloomberg data, the weighted average call rate also declined 5 bps on Monday to 6.44%