Page 52 - Banking Sector

Bank of America profit rises in second qtr on boost from interest income

Bank of America's net interest income (NII) rose 14% to $14.2 billion in the second quarter

Banks cautious over uncertainty around withdrawn Rs 2,000 notes

Lenders hesitate to deploy excess funds with the central bank due to uncertainty about the duration of recently withdrawn Rs 2,000 notes, affecting liquidity overall as loan demand remains strong

BoA to pay over $100 mn for doubling fees, opening accounts without consent

Bank of America must pay more than USD 100 million to customers for double-dipping on some fees, withholding reward bonuses and opening accounts without customer consent. The Office of the Comptroller of the Currency also found that the bank's double-dipping on fees was illegal. Bank of America will pay USD 90 million in penalties to its organisation and USD 60 million in penalties to the OCC, the Consumer Financial Protection Bureau said on Tuesday. Bank of America, based in Charlotte, North Carolina, serves 68 million people and small business clients. The bank had USD 2.4 trillion in consolidated assets and USD 1.9 trillion in domestic deposits as of March 31, making it the second- largest bank in the US.

India's announced M&A deals increase 5.2% YoY; reach above 1,400 in H1

Domestic M&A activity totaled $16.7 billion, down 83.2% from the same period in 2022. Inbound M&A fell 46.3% from a year ago and totaled $12 billion

Top Headlines: RBI's path to internationalise rupee, data protection bill

Business Standard brings you the top headlines at this hour

India Banks: Merger of HDFC Bank with HDFC is a serious makeover

Of the two big changes expected this year, one has just occurred and created a juggernaut bigger than Morgan Stanley

Private banks more aggressive in writing off bad loans than public banks

The ratio of write-offs to gross non-performing assets (GNPAs) in private banks was 47.9 per cent, much higher than 22.2 per cent in public banks

HSBC chases wealthy clients in India with private banking business launch

HSBC said on Tuesday it would target business with India's wealthy as it launched its global private banking business in the country

IIHL approves capital raising of up to $1.5 bn for strategic objectives

IIHL is likely to be listed by 2024 which would give trading options to its shareholders who have been with the company for over three decades

TMB failed to file details of Rs 3,610 cr deals due to tech glitch: sources

The bank has now submitted all the required documents, may not invite any penalty

SBI starts 34 transaction banking solutions hubs, 21 district centres

SBI raised Rs 1,000 cr in current account deposits at centres under revamped systems

Aim is to create one HDFC Bank in every four years: CEO Sashi Jagdishan

The bank will set up a grievance committee to hear the concerns of anyone who wishes to air their woes

Bandhan Bank triples number of branches to 1,500 in less than 8 years

Private lender Bandhan Bank on Wednesday said it has trebled its branches in nearly eight years of its operations, totalling 1,500 at present. A statement said the bank now has a network of 4,500 banking outlets besides branches across the country. The Kolkata-based bank started operations with 501 branches on August 23, 2015. Presently, it is spread across 34 states and UTs. It said that the lender is committed to fulfilling the diverse financial needs of people with tailored products to suit everyone's needs through physical or digital channels. MD and CEO of the bank, Chandrasekhar Ghosh, said, "India needs deeper financial penetration so that access to banking is available to everyone." The bank has diversified its asset base and expanded its geographical presence beyond its traditional regions, the east, and the northeast, with an even mix of rural and urban markets, the statement added. The MFI-turned-lender is also increasing the share of secured loans in its asset portfo

UBS preparing to cut over half of Credit Suisse's workforce after takeover

Bankers, traders and support staff in Credit Suisse's investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts

Want to be mid-sized bank with pan-India presence by 2030: CSB Bank chief

We are revamping our entire technology platform, almost there will be nothing in the bank which was there two years back, Pralay Mondal, MD & CEO of CSB Bank

Barings PE, ChrysCapital acquire 90% stake in HDFC Credila for Rs 9,060 cr

In April 2023, Reserve Bank of India had advised HDFC to bring down its stake in HDFC Credila to 10%

High investor interest propels IDFC First Bank's stock to new highs

Lender's financial performance has been robust but high valuations may cap further gains

RBI's hygiene step to bring much-needed clarity to FLDG arrangements

Mint Road has pulled the plug on clever financial arrangements between regulated entities and fintechs, with stress on skin in the game

Enforcement sees paradigm shift by RBI

Regulated entities should realise that the central bank's enforcement actions carry reputation risks, erode investor confidence, and impact the chief executive's tenure

Bank of Maharashtra plans to recover 5% from written-off accounts in FY24

The Pune-based lender had recovered Rs 943 crore from written-off accounts in FY23, up from Rs 642 crore in FY22, according to the document filed Qualified Institutional Placement (QIP)