Page 37 - Banking Sector

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%

Tamilnad Mercantile Bank Q1 results: Net profit rises 9.9% to Rs 287.29 cr

Over century-old private sector Tamilnad Mercantile Bank has recorded a 9.97 per cent rise in its net profit for the April-June 2024 quarter at Rs 287.29 crore on account of rise in interest income. The Tamil Nadu-based bank had registered a net profit of Rs 261.23 crore during the corresponding quarter of last year. For the financial year ending March 31, 2024 the net profit stood at Rs 1,072.03 crore. Total income during the April-June 2024 quarter went up to Rs 1,046.03 crore from Rs 942.98 crore registered in the year ago period. For the financial year ending March 31, 2024 the total income stood at Rs 5,492.85 crore. According to a press release, the bank's deposits rose to Rs 49,188 crore during the April-June 2024 quarter, from Rs 47,008 crore registered in the same quarter of last year. The advances of the bank has increased to Rs 40,853 crore with a growth of 10 per cent year-on-year basis. The Net Interest Income stood at Rs 567 crore for the April-June 2024 quarter, a

Omkara ARC to buy Rs 6K cr NPA book of Stressed Asset Stabilisation Fund

After the revision in reserve price, NARCL and Omkara ARC put in binding bids to acquire the portfolio of NPAs, and subsequently, an auction was conducted to determine the winning bidder

No rate cut, but dovish undertone likely

The stance can be changed, and if that doesn't happen, the hawkish underdone will not continue

Utkarsh Small Finance Bank Q1 results: Net profit jumps 28% to Rs 137 cr

Utkarsh Small Finance Bank on Saturday posted a 28 per cent increase in its profit at Rs 137 crore in the first quarter ended June 30. The bank had earned a net profit of Rs 107 crore in the same quarter a year ago. Total income increased to Rs 1,071 crore during the quarter under review against Rs 812 crore in the same period last year, the bank said in a regulatory filing. The interest income of the bank rose to Rs 966 crore as against Rs 720 crore in the first quarter of previous year. As regards asset quality, gross Non-Performing Assets (NPAs) of the bank declined to 2.78 per cent of the gross loans by the end of June 2024 from 3.13 per cent a year ago. Similarly, net NPAs came down to 0.26 per cent from 0.33 per cent at the end of the first quarter of the previous fiscal. The provision coverage ratio, including floating provision, was 91 per cent as on June 30, 2024.

Tamilnad Mercantile Bank Q1 results: Net profit up 10% at Rs 287.3 crore

Total income has grown 15 per cent to Rs 1,515 crore during the quarter under review, from Rs 1,323 crore during the same period last fiscal