Page 34 - Banking Sector

Self-regulatory organisations for NBFCs: RBI invites application

Central bank to recognise a maximum of 2 SROs for the sector

Banks struggle with ATM shortage as 'Make in India' policy disrupt supply

The initial cause of low number of ATMS across India is linked to the "Make in India" guidelines introduced in FY20, which required vendors to establish operations in India, leading to a delay

Digital loans up 49% in FY24 by value, Rs 1.46 trn disbursed: Industry body

Amid wide ranging concerns about digital lending, an industry body on Tuesday said its 37 member entities witnessed a 49 per cent surge in disbursements at Rs 1.46 lakh crore in financial year 2023-24. According to Fintech Association for Consumer Empowerment (FACE), the number of loans disbursed grew by 35 per cent to over 10 crore borrowings in FY24. It can be noted that the Reserve Bank has been public with its concerns on some of the practices adopted by such lenders, and has also formulated draft guidelines for their operations. "The digital lending sector is responsibly driving ahead with a sharp focus on customer-centricity, compliance, risk management and sustainable business models," FACE's chief executive Sugandh Saxena said in a statement In the March quarter, companies disbursed 2.69 crore loans worth Rs 40,322 crore at an average ticket size of Rs 13,418. The average ticket size for loans disbursed in FY24 stood at Rs 12,648, as compared to Rs 11,094 in FY23, the data

PSBs outshine private, foreign peers in technical efficiency: SBI report

SBI report says takeover of weaker banks affected productivity of acquiring ones

Axis Bank expanding branches to raise more deposits: Deputy MD Rajiv Anand

Axis Bank completed the acquisition of Citibank India's consumer banking business effective March 1, 2023

India Inc files ECB plans worth $4.28 bn in April, shows RBI data

The registrations for ECBs by Indian companies almost doubled to $49.2 billion in the year ended March 2024 (FY24) from $26.6 billion in FY23

Technical glitch in bank-RBI liquidity management system resolved

The technical glitch prevented the ASISO facility in e-Kuber - the core banking solution of RBI - which is automatically triggered around midnight, from processing, said dealers

State Bank of India to scale up global operations through GIFT City

Diversify in trade finance through supply chain funding to MNCs

Process to select next Punjab National Bank chief to begin in July

Selection process for EDs in PSBs also starting soon

Bank of India acquires over 6% stake in recently incorporated CCIL IFSC

State-owned Bank of India on Monday said it has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC. The announcement was made by Bank of India's Executive Director (International Operations) Subrat Kumar in GIFT City while speaking at an event to mark the first anniversary of the bank's IFSC Banking Unit in GIFT City. "The acquisition of 6.125 per cent stake in CCIL IFSC for Rs 6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider," Kumar said. Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City, the country's only operational international financial services centre. The entity will act as a clearing house and system operator at GIFT City. The foreign currency settlement system is expected

Capital SFB aims to comply with conversion norms in 12-18 months

Capital SFB is not yet eligible to apply for a conversion to a universal bank because of net non-performing ratio

Indian Overseas Bank sets up dedicated branch to serve budding startups

Public sector Indian Overseas Bank has set up an exclusive branch to serve startups and budding entrepreneurs in the city. The branch inaugurated by top officials on Thursday would offer a suite of financial products and services. Indian Overseas Bank has planned to open five more startup branches nationwide. Marking the inaugural of the Startup Exclusive Branch, the city-headquartered bank launched 'IOB Startup Current Account' and credit scheme 'IOB Pragati' for financing startups. "Start-ups are the cornerstone of innovation and job creation in our economy. By establishing this dedicated branch, IOB aims to remove financial obstacles and empower entrepreneurs to bring their visions to fruition," the bank's Managing Director and CEO Ajay Kumar Srivastava said. "The launch of this startup branch is a significant milestone in our journey to support the growth of the startup ecosystem," he said. The startup exclusive branch has entered into a memorandum of understanding with severa

MF funding to NBFCs grow at 30% to Rs 2.08 trn in April 2024: CareEdge

Signals confidence in robust profile of NBFCs

Credit card upgradation: Consider benefits, needs before you do that

Before deciding to upgrade your card, it's crucial to check the benefits it offers

Why small finance banks are in no hurry to become universal banks

The fear of rejection is real. Many of the SFBs are listed on the exchanges. They are aware that no new universal bank licence has been granted in the last 10 years

Unclaimed shares in banks caught in legal limbo

State-owned and private banks are regulated by different laws, complicating the task of investor protection. A solution could be incorporating all banks under the Companies Act of 2013

Will take decisive steps to stabilise banking system: FM Sitharaman

Sitharaman also said that the 'Samudra Manthan' of sorts in the banking sector under PM Narendra Modi's leadership yielded positive results along with expected challenges during the 'churn'

Canara Bank says it will raise up to Rs 8,500 cr in debt capital in FY25

State-owned lender to sell 14.5% stake in life insurance subsidiary via IPO

EU watchdog says banks must take full responsibility when using AI

While AI holds promise in enhancing investment strategies, client services, it also presents inherent risks, and potential impact on retail investor protection is likely to be significant, ESMA said

IDFC First Bank to issue Rs 3,200 cr of equity shares on preferential basis

The allottees of these shares are LIC, HDFC Life, Aditya Birla Sun Life, Bajaj Allianz, ICICI Lombard, and SBI General