Page 48 - Banking Sector

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 Abe Sano, president of the Commercial Bank of Ethiopia, told reporters on Tuesday that around USD 14 million was withdrawn or digitally transferred during the error.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

Fincare Small Finance Bank merger with AU SFB gets RBI approval

To function as combined entity from April 1, 2024

RBI may launch interoperable payment system for internet banking in 2024

"We expect the launch of this interoperable payment system for internet banking during the current calendar year.", Guv said.

Fintech, age and central banking

Innovations in the fintech sector will continue, but will the innovators in their 40s have the freedom to ignore the regulations set by the central bankers in their 60s?

NEFT records a high of 41 million transactions in a single day: RBI

The banking regulator said its NEFT system has registered a growth of 700 per cent in terms of the volume of transactions in the past ten years

Digitalisation needs banks to prioritise employee adaptability: RBI's Rao

He said investing in employee development is essential for financial institutions to thrive

Lagged deposit growth to constrain credit growth for banks in FY25: Report

Lagging deposit accretion poses the risk of constraining credit growth for banks in FY25, India Ratings and Research said on Thursday. Maintaining its "neutral" outlook on the banking sector for FY25, the agency said the deposit growth is likely to moderate to 12-13 per cent in FY25 from the 13.8 per cent estimated for ongoing fiscal year. The loan-to-deposit ratio for the sector is at a five-year high of 81 per cent, which makes deposit growth as a crucial part in banks' credit book expansions, it said. The agency said it expects credit growth to come at 20.5 per cent in FY24, including the positive impact of the HDFC twins merger, and added that the same number will come at over 15 per cent in FY25. The loan book mix for banks is likely to change in FY25 due to the dip in shares of exposures to the retail and non-bank lenders segments, the agency said, adding that a revival in private capex will help increase the share of corporate lending in the overall pie. "The improving retu

NPST bags online dispute resolution solution contract from DCB Bank

Banking and payment services provider NPST on Thursday announced that it has secured a contract for an Online Dispute Resolution (ODR) solution from DCB Bank. Private sector lender DCB Bank will implement NPST's ODR to streamline customer complaint addressal, enhance efficiency and rationalise operational and compliance costs, the company said in a release. NPSI focuses on UPI payments and digital banking solutions. It functions as a Technology Service Provider (TSP) and a Third-Party Aggregator Provider (TPAP), it said. "NPST's Online Dispute Resolution solution aligns with DCB Bank's customer-centric ethos, ensuring safe and secure payments while fostering loyalty-building interactions and driving productivity and cost savings," Deepak Chand Thakur, Co-founder and CEO of NPST, said. NPST's ODR, an advanced digital platform for prompt remediation of transactional disputes and customer complaints, enables DCB Bank to uphold high standards of customer service and transparency, the .

JPMorgan CFO Barnum expects trading revenue to decline in first quarter

"Both equities and macro were relatively strong last year," and performance will be slightly worse across asset classes, Barnum told investors at a conference in Miami on Tuesday