Page 49 - Banking Sector

Rivalry between direct lenders, banks fueling riskier debt deals: Moody's

Private credit firms and banks have been in a tug of war over financing new deals, with direct lenders raising huge amounts of capital to do so

Massive write-offs, low recovery ailing banking sector: Amit Mitra

Principal chief advisor to West Bengal chief minister Amit Mitra said on Thursday that massive write-offs in the last nine years and low recovery is presently ailing the banking sector of the country. Speaking at a CII banking session here, Mitra said that in the last nine years from 2014-2023, Rs 14.56 lakh crore has been written off from the books of the banks. During 2021-22, the written-off amount was Rs 1.75 lakh crore, and subsequently Rs 2.09 lakh crore in the succeeding fiscal. Mitra, also the former finance minister of the West Bengal government, said that union minister of state for finance Bhagwat Karad had informed Parliament that out of the total written-off amount of Rs 14.56 lakh crore, Rs 7.40 lakh crore are for large industry and services segments. He said, however, the recovery had been low to the tune of Rs 2.04 lakh crore out of Rs 14.56 lakh crore, which means more than Rs 12 lakh crore is yet to be recovered. According to him, the amount of write-offs in the

Credit card spending among Indians rises 2.67% to Rs 1.48 trn in August

The transactions at PoS increased by nearly 6.7 per cent to Rs 52,961 crore whereas e-commerce payments jumped to Rs 95,641 crore

BFSI companies go the whole hog to retain talent, prevent poaching

Companies are providing internal career switch opportunities with promotions, upskilling opportunities, quarterly incentives, and Esops across the ranks to retain talent

JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024

Global corporations like Apple Inc have stepped up production out of India while others like Tesla are in discussions to begin manufacturing in the country

Need to avoid dominance of 1-2 directors on boards: RBI Governor Das

Das asserted that directors in UCBs, who are elected to their positions, must possess expertise in diverse banking functions, including risk management and information technology

RBI cancels licence of Mumbai based 'The Kapol Co-operative Bank'

The RBI on Monday said it has cancelled the licence of Mumbai-based The Kapol Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. Consequent to the cancellation of the licence, the cooperative bank has been prohibited from conducting the business of banking' which includes, among other things, acceptance of deposits and repayment of deposits with immediate effect, the Reserve Bank said in a statement. The Additional Secretary & Central Registrar of Cooperative Societies, Ministry of Cooperation, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, it said. On liquidation, the RBI said every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC). About 96.09 per cent of the depositors are entitled to receive full amount of their deposits from ...

RBI found excessive dominance by 1-2 board members even in banks: Guv Das

Board discussions have to be free, fair and democratic, Das said, addressing directors of Urban Cooperative Banks (UCBs) at a meeting organised by the Reserve Bank of India

MFs hungry for bigger slice of banking pie amid growing investor inflows

Seek to exceed RBI's 5% ownership threshold

Indian bonds in global markets

Increasing foreign presence in the debt market will release the pressure on our banks and free up money for lending since demand for loans is far higher than deposit mobilisation

Axis Bank launches NEO for Business transaction banking platform for MSMEs

India currently has over 65 million MSMEs which contribute over 30 per cent to India's gross domestic product

TruCap, HDFC Bank form co-lending tie-up for underserved MSME borrowers

Industry estimates indicate that the MSME sector has an overall credit demand of Rs 69.3 trn, growing at a CAGR of 11.5%

Bank of England halts run of interest rate hikes as economy slows

It cut its forecast for economic growth in the July-September period to just 0.1% from August's forecast of 0.4% and noted clear signs of weakness in the housing market

Fino Payments shares recover after 'funds misappropriation' allegation

Lender says action by some employees will not impact it; conducts internal investigation

BLS Int'l, PSB Alliance partner to offer advanced doorstep banking services

Global tech-enabled services firm BLS International on Monday said it has formed a strategic partnership with PSB Alliance, a prominent company formed by public sector banks (PSBs), to provide advanced doorstep banking services (DSB). Under the partnership, BLS International's expertise and cutting-edge technology will facilitate doorstep banking services for PSBs, it added. The initial rollout will be in 58 cities, with plans for a seamless expansion to all regions and the company is committed to elevate customer experience and accessibility to all the 12 public sector banks under the PSB Alliance, it added. "This collaboration is expected to bring about a paradigm shift in the way banking services are available in the country. The partnership reflects a commitment to stay at the forefront of this transformation and offer cutting-edge services that meet the needs of today's tech-savvy and diverse customer base. "The DSB will not only enhance customer convenience but also align wit

High processing fees hindering growth of e-commerce exports: GTRI report

Banking issues like reluctance to process forex received through alternate channels and high processing fees are hindering the growth of e-commerce exports from India, and there is a need to bring mindset change to unlock the sector's potential, a report by think tank GTRI said on Monday. Unlocking India's e-commerce export potential to USD 350 billion by 2030 requires addressing banking issues that hinder growth and increase operational costs, the Global Trade Research Initiative (GTRI) said. "To initiate change, both the RBI and banks must shift their mindset towards treating small-value exports differently from larger ones. This shift is essential to prevent misuse while streamlining processes. Without this fundamental change, any reforms attempted by the RBI and banks will fall short," it said. Small e-commerce businesses often face challenges because banks are not equipped to handle low-value transactions efficiently, it added. The key issues include reluctance to process fore

Axis Bank investment banking unit's co-CEO Chirag Negandhi resigns

Axis Capital, one of the country's biggest investment banking firms, has been a part of some successful initial public offerings over the past year, including Cyient DLM, Mankind Pharma, Bikaji Food

Barclays PLC to cut about 450 jobs in UK retail bank, says trade union

The bank is consulting over which roles will be cut, with the majority expected to be in head office roles, including at vice-president level

Leasing data shows BFSI sector has bounced back from pandemic lull

The rise in leasing by BFSI companies has been attributed to the return to office and improved domestic financial sector outlook

UBS Group AG to cut hundreds of wealth jobs in Asia as activity slows

UBS is battling muted client sentiment and activity levels in Asia-Pacific, where the regional business hub of Hong Kong has long been a booking center along with Singapore for China's ultra-wealthy