Page 46 - Banking Sector

US Fed holds policy rate in 5.25%-5.50% range, sees 75 bps cut next year

Fed's 'soft landing' scenario still on the table

Financial sector stocks, new listings take centerstage in November for MFs

The equity market witnessed a sharp rally last month. The benchmark Nifty50 rose by 5.5 per cent, the most since July 2022

Not mentioning L/C no. on invoice is not a discrepancy, says expert

Provided all the stipulated documents are received by the issuing bank, the absence or mistyping of a credit number does not constitute a reason for refusal

Central bank and cricket

While the economy seems to be on a firm growth path, the fight against inflation is not over yet. It has not even entered the last round

RBI to establish cloud facility for financial sector to secure data privacy

Focusing on digital banking, the RBI announced a regulatory framework for web-aggregation of loan products and proposed the establishment of a fintech repository by April 2024

RBI revokes the banking licence of UP-based Urban Co-operative Bank

According to data submitted by the bank, 98.32 per cent of depositors are expected to receive the full amount of their deposits from DICGC

Moody's issues negative outlook for banks with tightening monetary policies

Central banks' restrictive monetary measures may impact GDP growth and amplify challenges for global banks in 2024, warns Moody's

Banking liquidity swings to surplus after a month driven by govt spending

"OMO is out of the picture right now because it will also disrupt the overall supply at this point in time," said a dealer at a state-owned bank

Banks raised record Rs 40,895 crore through infra bonds in Apr-Nov

The country's largest lender, State Bank of India (SBI), accounted for almost half of the amount mopped up via infrastructure bonds in the eight months of FY24

RBI, Bank of England strengthen ties; ink agreement to end CCIL logjam

Move comes as a relief to UK-based banks such as Standard Chartered and HSBC

With 123,000 new employees in FY23, bank hiring to hit 10-year high

The highest annual net addition among banks was recorded in FY11 at 125,000, followed by 124,000 in FY12

BFSI forms larger pie of corporate profits in India than US, Europe

This surge is largely due to rising lending rates and an expansion in the net interest margins of banks and non-bank lenders

Deposits safe, RBI confident of fixing Abhyudaya Co-op Bank's governance

The multi-state cooperative lender, which was established in 1965, was under the regulatory watch for about two years, sources said

RBI slaps penalty on Citibank, Bank of Baroda, IOB for violating norms

On Bank of Baroda, RBI said the lender failed to ensure accuracy and integrity of data on large exposures submitted to RBI with respect to some accounts

RBI supersedes Abhyudaya Co-operative bank board, appoints administrator

No business restrictions, to carry out normal banking activities

Audit report of 'bob World' is in progress; RBI decision to impact capital

In October, RBI had ordered Bank of Baroda (BoB) to suspend further customer onboarding on its 'bob World' mobile app with immediate effect

L&T Finance to trim bank borrowing to whittle spike in cost of funds

Leading non-banking player L&T Finance expects its cost of funds to marginally rise by 12-14 basis points due to the recent RBI action related to unsecured credit, and also plans to reduce borrowings from banks. L&T Finance has said it will cut its borrowings from banks and instead increase its loans from the markets through instruments such as NCDs in response to the Reserve Bank's hiking of the risk weightage on unsecured consumer loans. "To contain the impact of this on margins, the company will increase its borrowings from markets through debt securities (NCDs), Commercial Papers (CPs) and even external commercial borrowings, L&T Finance Managing Director and Chief Executive Dinanath Dubhashi said. Further, it will reduce borrowing from banks, which is around 33 per cent of its total loans, Dubhashi said on the sidelines of the national banking summit Fibac here. "We see the cost of funds rising 12-14 bps following the RBI action and to tide over the impact of the same

RBI's move on unsecured consumer credit to constrain loan growth in segment

The Reserve Bank of India's recent decision that require banks and non-bank financial institutions to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, according to a report. This should also reduce the potential for the rising appetite for such lending to weaken financial system stability, a report by Fitch Ratings said on Thursday. "We generally view the tightening as a credit-positive effort by authorities to control emergent systemic risks posed by consumer credit, which has increased rapidly in recent years off a relatively low base," it said. Growth in banks' unsecured credit card loans and personal loans in the first half of the current financial year stood at 29.9 per cent and 25.5 per cent year-on-year, respectively. This is against total system loan growth of 20 per cent, the report said. Increasing exposure to unsecured consumer credit -- typically a riskier loan category -- indicates greater risk appetite, as banks and No

Tamilnad Mercantile Bank finalises three candidates for MD and CEO post

It was at the end of September that the bank's MD and CEO, Krishnan Sankarasubramaniam, resigned from the post, citing personal reasons

Banks set to increase interest rates on unsecured loans and NBFCs

Demand to slow down post rate increase