Page 37 - Banking Sector

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

IDFC First Bank board approves Rs 3,200 cr fundraise via preferential issue

IDFC First Bank on Thursday said its board approved a plan to raise Rs 3,200 crore via preferential issue of shares to fund business growth. The board of the bank at its meeting on May 30, 2024 considered and approved to issue, offer and allot 39.68 crore shares of face value of Rs 10 each fully paid-up, on a preferential basis, to the allottees at a price of Rs 80.63 per equity share, amounting to Rs 3,200 crore, IDFC First Bank said in a regulatory filing. This is subject to approval of the shareholders of the bank, it said. Further, the board approved a process of carrying out postal ballot to seek approval of the shareholders for issuance and allotment of equity shares by way of preferential issue to the proposed allottees. Post allotment, the issued and paid-up equity share capital of the bank will increase from 7,07,72,76,843 equity shares of Rs 10 each fully paid-up to 7,47,41,51,443 fully paid-up equity shares of Rs 10 each. After the preferential issue, LIC stake would ..

Number of frauds in banking sector rises in FY24, amount declines 47%: RBI

The number of frauds in the banking sector went up to 36,075 in 2023-24 year-on-year, but the amount involved reduced by 46.7 per cent to Rs 13,930 crore, according to the Reserve Bank's annual report released on Thursday. The RBI report also said that with an aim to curb frauds and enhance the payment experience further, the introduction of real-time payee name validation before the actual fund transfer will be explored in compliance with newly enacted The Digital Personal Data Protection Act, 2023'. During 2023-24, the amount involved in frauds was Rs 13,930 crore, down from Rs 26,127 crore a year ago. The number of frauds increased to 36,075 during 2023-24 from 13,564 in the preceding financial year. An assessment of bank group-wise fraud cases over the last three years indicates that while private sector banks reported maximum number of frauds, public sector banks continued to contribute maximum to the fraud amount, said the Annual Report for 2023-24. "Frauds have occurred ...

US bank profits jump 79.5% as large firms shake off failed bank costs

Specifically, the FDIC said bank noninterest expense dropped $22.5 billion in the first quarter, and was the primary cause of the profit boost

Karnataka Bank slips 3% on weak Q4 margins; Rs 5.50 dividend announced

The bank's net interest income (NII), which is the difference between interest earned and interest expended, fell 3 per cent to Rs 834 crore in Q4FY24, from Rs 860 crore in Q4FY23

Karur Vysya Bank to open 100 new branches in FY25: MD & CEO Ramesh Babu

Private sector Karur Vysya Bank has set a target of opening 100 new branches during the current financial year across the country, a top official said on Wednesday. The Tamil Nadu-based bank's 840th branch in Ayodhya was inaugurated by the bank's Chairperson Meena Hemchandra. Karur Vysya Bank Managing Director and CEO B Ramesh Babu said the bank had opened 39 branches during the current financial year and proposes to add about 100 new branches across the country during the period. In a statement, here, Babu said the bank recorded the highest-ever annual net profit of Rs 1,605 crore in the last financial year while the net Non-Performing Assets (NPA) were at 0.40 per cent as on March 31, 2024. "The bank continues its strong growth momentum, consistency in asset quality and profitability," he said. Babu along with Directors of the Bank Sarvashri K S Ravichandran, R Ramkumar and K G Mohan were present at the inauguration of the new branch in Uttar Pradesh, which is also the 35th bran