Page 38 - Banking Sector

Bank Holidays 2024: Banks to observe four consecutive holidays this week

Banks in various states might close for four-day this week, because of Buddha Purnima, Nazrul Jayanti/2024 General Elections and the Saturday-Sunday weekend holidays, as per the Reserve Bank of India

Expect significant growth from insurance income in FY25: City Union Bank MD

Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the bank's Chairman and Managing Director and CEO N Kamakodi said. "As we have onboarded six insurance companies covering life, general, and non-life during FY'23, our insurance income contribution has also doubled to Rs 55 crore in FY'24 as compared to Rs 27 crore in FY'23," he said. "We expect significant growth in insurance income in the current financial year," he told analysts in an earnings call. On the outlook, Kamakodi said the bank opened its 800th branch in Ayodhya last financial year and this year has planned to open about 50-75 branches. The digital lending process targeted to serve the micro, small, and medium enterprises segment was also reaching the 'last leg' and should be launched before mid-June, he said.

FPIs exit BFSI, information technology stocks in May's opening weeks

FPIs trim holdings, await positive signals; experts eye post-Budget opportunities amid election tension

CMS Info Systems to bid for management contracts for 20,000 ATMs

In the managed services businesses, it has booked new orders of Rs 1,850 crore in FY24

Have no immediate requirement to be a universal bank: Suryoday SFB MD & CEO

Ramachandran says it is at least two years before the lender considers becoming a universal bank

A higher interchange is critical for ATM biz: India1 MD & CEO K Srinivas

The country's largest WLAO, India1, with a tad over 13,000 units, feels it can double deployments by FY28

Gold loan business is shining as regulatory scrutiny of sector grows

Recent RBI actions many increase companies' operational cost for but there is enough headroom for growth, say experts

Bandhan Bank Q4 results: Net profit declines 94% to Rs 54.6 crore

The bank said that as a prudent measure and in accordance with its policy, it had technically written off loans amounting to Rs 3,852 crore

RBI flags supervisory concerns over functioning of debt recast companies

The Deputy Governor urged the ARCs to adopt a regulation-plus approach where there is compliance with both the letter of the regulation and its spirit

RBI urges NBFCs to maintain constant vigil against potential risks

Swaminathan said that NBFCs are highly exposed to a slew of risks which can affect their financial and operational status like cybersecurity and other risks

Indian banking industry increases their cyber insurance cover in FY24

The cyber insurance claims ratio by the banking industry in India has increased to over 50 per cent in the financial year 2022-23 compared to 40 per cent in the financial year 2021-22

Best of BS Opinion: Priorities for the next govt, Gaining strength & more

Here is the best of Business Standard's opinion pieces for today

Gaining strength

Improving bank balance sheet will support growth

Bank accountable for clearing forged cheque

Citing a Reserve Bank of India circular, the National Commission stated that the liability for honouring a forged cheque vests with the paying bank

No need to panic on draft infra guidelines: PNB MD & CEO Atul Kumar Goel

Goel spoke on the public sector lender's latest quarterly results and its expansion plans

Non-residents allowed to open margin accounts for derivative contracts

The move by RBI is expected to enhance efficiency in managing margin obligations

IDBI Bank to increase tech spend to 8-9% of operating expenditure

IDBI Bank has 'immediate plans to invest in digital solutions, analytics, AI', says CEO

Q4 Results update: Canara Bank profit surges 18% to Rs 3,757 crore

State-owned Canara Bank on Wednesday reported an 18 per cent rise in its net profit to Rs 3,757 crore during the fourth quarter ended March 2024. The Bengaluru-based lender had earned a net profit of Rs 3,175 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 34,025 crore as against Rs 28,685 crore a year ago, Canara Bank said in a regulatory filing. Interest income grew to Rs 28,807 crore during the period under review from Rs 23,910 crore in the corresponding quarter a year ago. The bank's board recommended a dividend of Rs 16.10 per equity share (i.e., 161 per cent) of face value of Rs 10 each to the shareholders for 2023-24, subject to approval at the ensuing Annual General Meeting. On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) moderated to 4.23 per cent of gross advances as of March 31, 2024, from 5.35 per cent by the end of March 2023. Net NPAs also came down to 1.27 per cent of the advances from 1.73 per cen

Canara Bank Q4 result: Net profit increases by 18% to Rs 3,557 cr

Minimal impact expected from RBI's draft project finance norms

Commercial banks for 1-2% project finance provisioning; RBI proposed 5%

Industry sees short-term pain