Page 39 - Banking Sector

World Bank lifts India's economic growth forecast for FY25 to 6.6%

Cautions that South Asia Risks "Squandering" Its Demographic Dividend

Banks, NBFCs must uphold standards with Fintechs: RBI Dy Governor D G Rao

This change could affect the degree of market concentration and competition, giving rise to new challenges

PM asks RBI to consider innovative credit policies for youth in new sectors

PM attributes the banking sector's profitability and credit growth surge to the decade-long collaboration between his government and the RBI

Growth with trust should be RBI's top most priority next decade: PM Modi

The Reserve Bank has to accord "top-most priority" to growth and at the same time focus on trust and stability, Prime Minister Narendra Modi said on Monday. Addressing the inauguration of the event commemorating 90 years of the Reserve Bank of India (RBI) here, Modi said the next decade is as important for attaining the goal of developed India as it is for the RBI, which will complete 100 years of existence in 2035. Modi said as per the "mantra" of the central bank, "The RBI should make fast growth its top-most priority, along with focusing on trust and stability." Since 2016, keeping inflation under check has become the primary goal of the RBI. Often, there are voices who have pitched for additional attention to growth through measures like rate cuts. The comments come days ahead of the first monetary policy review of the new fiscal year. Modi said the "reflection" of double-digit inflation rate was not visible in the financial policies earlier, and claimed credit for giving the

Banks set to gain as bond yields soften 14 basis points in a quarter

Market participants said that the yields fell in FY24 on the back of foreign inflows and favourable demand-supply dynamics over the year

Banks closed for 14 days in April; Check the state-wise list of holidays

On the account of public holidays, regional holidays, and regular closures on second and fourth Saturdays and all Sundays, banks will remain in various states across the month

S&P Global downgrades outlooks on 5 US banks to 'negative' on CRE exposures

The ratings agency downgraded the outlook for First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark and Valley National

RBI eases recently tightened regulations for banks' investments in AIFs

This was to ensure the rules were uniformly implemented among lenders and to address stakeholders' concerns, the Reserve Bank of India (RBI) said in a release

Ethiopia's biggest bank says 80% cash lost during system glitch recouped

Ethiopia's biggest bank says it has recouped nearly 80 per cent of the cash it lost during what it says was a glitch in its system that allowed customers to take out more money than they had in their accounts. Abe Sano, president of the Commercial Bank of Ethiopia, told reporters on Tuesday that around USD 14 million was withdrawn or digitally transferred during the error. The value of the transactions ranged from 9 cents to USD 5,350, he said. The amount lost initially was reported as USD 40 million. Nearly 15,000 people have voluntarily returned funds that were taken illegally, the bank said in a statement. But 567 individuals haven't yet returned money that is not theirs. On Tuesday, the bank posted their names and account details online, in an apparent attempt to shame them into giving it back. The total amount remaining is not significant for the bank, but if this money is not fully recouped, it sends the wrong message, Abe said. News of the glitch spread on social media on Ma

Govt invites feedback on draft accessibility guidelines for banking sector

The government has invited feedback and suggestions on its draft accessibility guidelines for the banking sector with the aim to ensure that banking services are accessible to all, including persons with disabilities. The draft rules by the Department of Disabilities Affairs covered various aspects of physical infrastructure, automated machines, digital platforms, and training initiatives within the banking sector. By providing detailed specifications and requirements, the guidelines said it aims to create an environment that is welcoming and accommodating to individuals with diverse abilities. According to the draft guidelines, banks are required to ensure that their information or service counters are accessible to all users. This includes provisions for wheelchair users, individuals of short stature, and those with sensory disabilities. Specific measures such as tactile guiding indicators, adjustable counter heights, and hearing enhancement systems are mandated to facilitate ..

6 in 10 find hidden charges on online banking platforms, shows data

The survey received over 44,000 responses from users of online banking located in 363 districts of India. Its findings are related to 'dark patterns'

Public-sector banks asked to submit three-year business plans by March-end

According to the finance ministry's order, the business plans should cover strategies related to increasing low-cost deposits, raising capital, and resolving bad loans, among other things

RBI holds overnight VRRR auction to suck out banking system liquidity

The surplus liquidity in the banking system stood at Rs 13,377 crore on Wednesday, against Rs 4,356 crore on Tuesday, according to the latest data by RBI

Bank of Baroda launches green term deposit scheme with 7.15% interest

The scheme offers annual interest rates, ranging from 6.75% for a tenure of 12 to 18 months to 7.15% for 777 days

Pages from the diary of a woman PSU banker

Last Friday, the banker offered me the pages from her 2023 diary, taking time out from Women's Day celebrations with her friends

HDB Fin Services to raise Rs 2,500 crore via debt capital for biz growth

After witnessing asset quality pressures in the aftermath of the pandemic, the finance company has improved its risk profile and health to support sustained growth in the loan book

AU Small Finance Bank rules out further hike in interest rates on deposits

Fincare SFB is slated to merge with AU SFB from April 1, 2024

Moody's revises India's GPD growth forecast to around 8% for FY24

Operating environment for Indian banks to improve in 2024, says Moody's

BoB announces special offers for female account holders on Women's Day

State-owned Bank of Baroda on Thursday announced special offers for its women account holders on the occasion of International Women's Day. International Women's Day is celebrated on March 8. This offer is applicable for accounts, either a BoB Mahila Shakti Savings Account or a BoB Women Power Current Account, opened till June 30, 2024, and loan facilities availed till December 31, 2024, Bank of Baroda (BoB) said in a statement. These women-centric accounts come with a bundle of offers exclusively for women, including up to 25 basis points interest rate concession on retail loans (concession of 0.25 per cent on two-wheeler loans, 0.15 per cent on education loans, 0.10 per cent on auto loans, home loans and mortgage loan). Besides, there would be a complete waiver of processing charges on retail loans (including personal loans) and a 50 per cent discount on annual safe deposit locker charges, it said. "On this International Women's Day, we are pleased to extend our support to women

SBI should follow SC deadline on electoral bond: Bank employees' union

The State Bank of India should adhere to the deadline set by the Supreme Court to disclose to the Election Commission the names of contributors to electoral bond scheme, a bank employees' trade union demanded on Wednesday. The SBI on Monday had moved the top court seeking an extension of time till June 30 to disclose details of each electoral bond encashed by political parties. In its verdict last month, the court had directed the bank to furnish the details to the poll panel by March 6. In a statement issued in Kolkata, the Bank Employees Federation of India (BEFI) also alleged that public sector banks and its personnel are being utilised for "narrow political interest of the ruling forces" and said it opposes this. The BEFI is a union consisting of employees of commercial banks, the Reserve Bank of India, NABARD, regional rural banks and co-operative banks. Calling the Supreme Court's verdict on electoral bonds a "landmark" judgment, the union said, "The country observed that SBI