Page 62 - Banking Sector

Indian Overseas Bank, Bank of Maharashtra hike MCLR by up to 25 bps

One-year median MCLR of scheduled commercial banks has increased from 7.75 per cent in September

The irrelevance of regional rural banks

Scope of their survival is diminishing. Even as the overall business of rural financial institutions has generally been looking up, they are struggling to scale up business volumes

Banks scantly pricing risks as they scurry to garner deposits: SBI report

Amidst liquidity tightening and a decadal high credit growth of over 18 per cent and deposit growth falling way behind, a report has warned that banks are not adequately pricing their risks from both asset and liabilities sides. Liquidity crunch is primarily because the Reserve Bank has been sucking out funds from the system as it fights to tame inflation which has been much above its band of 4 per cent for the past 10 months of the year. This has prompted the RBI to frontload its inflation fight by increasing the policy rates by 190 basis points to pre-pandemic levels since the war on Ukraine began. The average net durable liquidity injected into the banking system in April 2022 was Rs 8.3 lakh crore, which is nearly a third of that now at Rs 3 lakh crore. Atop this, the government has spent a large part of its cash balances in the Diwali week, and as a result the net LAF (liquidity adjust facility) in the system, which was hitherto negative, has improved of late. Bonus payments by

Strong Q2 results drive earnings, target price upgrades for SBI, BoB

Analysts see up to 31 per cent and 17.6 per cent upside in SBI and BoB's stock, respectively, from a one-year perspective

Bandhan Bank offers 7.5% interest rate on retail FDs for limited period

Rate applicable to both fresh deposits and renewals of up to Rs 2 crore for a tenure of 600 days, seniors to get 0.5% more

SBI's Q2 net rises 74% to Rs 13,265 crore on improved interest margins

The lender's net interest income improved 12.83 per cent YoY to Rs 35,183 crore for Q2FY23, against Rs 31,184 crore last year

Bank of Baroda's Q2 net jumps 58.7% aided by rise in NII, dip in provisions

Provisions of the lender declined 41 per cent YoY to Rs 1,628 crore in Q2FY23.

After meeting Q2 expectations, HDFC's growth outlook appears healthy

Analysts positive on stock, expect it to trade in the Rs 2,750-Rs 3,000 range

HDFC retail loan demand at 8-year high, standalone net profit rises 18%

Shifted from quarterly reset for individual loans to monthly one

YES Bank to transfer Rs 48,000 cr stressed loans to JC Flowers by end Nov

Lender said in July gross NPA ratio would dip below 2% after transfer to asset reconstruction company

UCO Bank net profit up 145% at Rs 504 cr in July-September quarter

Net NPA reduced to Rs 2,700.29 crore in Q2FY23 from Rs 3,854.33 crore as on Q2FY22 and from Rs 3,103.82 crore as on Q1FY23

Indian Bank Q2 net profit up 12% to Rs 1,225 crore in July-Sept quarter

Public sector major Indian Bank has posted a 12 per cent rise in net profit during the second quarter of the financial year to Rs 1,225 crore,

Investors shed $7 billion off Credit Suisse Saudi backer over stake deal

Investors have wiped about $7 billion off Saudi National Bank's market value amid growing concern over the lender's plans to purchase a stake in Credit Suisse Group AG

DBS Bank India seeks three-fold jump in gold loan portfolio in 5 yrs: Exec

Lender's amalgamation with Lakshmi Vilas Bank expanded its reach in South India

Banks' reliance on deposits increases amid strong credit growth

Banks have raised over 3.51 trillion Indian rupees($42.41 billion) through certificate of deposits (CDs)in April-October, 22% higher than the 2.87 trillion rupees raised in 2021-2022

Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens

Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore

Deadlock over carrier's revival: Banks not keen on sharing Jet's liability

Deadlock over carrier's revival after NCLAT order

PNB Q2 net profit slips 63% to Rs 411.3 crore as NPA provisions rise

PNB's total income during July-September 2022 was Rs 23,001.3 crore as against Rs 21,262.3 crore a year ago

Bank of India launches special deposit scheme; raises interest on others

Apart from the special deposit scheme, Bank of India has raised interest rate on its existing 555-days fixed deposit scheme to 6.30 per cent

Pilot for digital rupee for wholesale segment to commence on November 1

Use case to be settlement of secondary market transactions in g-secs; RBI says digital rupee is expected to make inter-bank market more efficient, as settlement will reduce transaction costs