Page 67 - Banking Sector
Aim to strike balance between secured, unsecured loans: Ujjivan SFB CEO
'The retail deposit mobilisation is our focus right now. We'd like to grow the retail base - all our branches are working towards it'
 "Aim to strike balance between secured, unsecured loans: Ujjivan SFB CEO")
BoI net profit down at Rs 2,221cr for FY22 on divergence in provisioning
State-owned Bank of India (BoI) on Friday reported divergence in its asset classification for FY22, resulting in lowering of net profit for the year to Rs 2,221 crore. The lender had reported a net profit of Rs 3,404.70 crore for 2021-22. According to a regulatory filing, there was divergence of Rs 105 crore in bank's gross non-performing assets (NPAs) with the bank reporting it to be at Rs 45,605.40 crore. However, as per Reserve Bank of India (RBI) assessment, it came at a higher value of Rs 45,710.40 crore. On the flip side, in case of the net NPAs the bad loans fell by Rs 87 crore as the RBI assessed it at a lower Rs 9,764.93 crore as against Rs 9,851.93 crore reported by the bank. The divergence in provisioning came in at Rs 1,819 crore. Bank of India said the adjusted net profit of the bank before considering the impact of tax on divergence in provisioning for FY22 was at Rs 1,585.70 crore. However, the net profit was further boosted to Rs 2,221.33 crore for the year ended
 "BoI net profit down at Rs 2,221cr for FY22 on divergence in provisioning")
Bank credit growth hits near nine-year high of 15.5%, shows RBI data
Achieving 20% growth going forward remains a challenge; deposits for week ended August 26 up 9.5%
 "Bank credit growth hits near nine-year high of 15.5%, shows RBI data")
Amid rising credit demand, SBI looks for a revamp to increase deposits
The State Bank of India is planning to revamp its current and savings accounts, salary accounts, and transaction banking businesses
 "Amid rising credit demand, SBI looks for a revamp to increase deposits")
Banks jump on the ONDC bandwagon to draw synergy from the network
Nine banks have picked up stake in the Open Network for Digital Commerce (ONDC) network
 "Banks jump on the ONDC bandwagon to draw synergy from the network")
Axis Bank ties up with PayNearby, aims to boost priority sector lending
Private lender's portfolio of rural loans was at Rs 58,800 cr at the end of the first quarter this financial year
 "Axis Bank ties up with PayNearby, aims to boost priority sector lending")
Top public sector banks may soon end wait on trade settlement in rupee
Finance ministry to meet stakeholders on Wednesday
 "Top public sector banks may soon end wait on trade settlement in rupee")
HDFC Bank's Rs 3,000-crore AT1 bonds get FY23's best rate at 7.84%
Canara Bank plans Rs 1,500-2,000 cr AT1 sale; Axis Bank, too, mulls fundraise
 "HDFC Bank's Rs 3,000-crore AT1 bonds get FY23's best rate at 7.84%")
Tamilnad Bank IPO subscribed 1.5x on Day 2, issue closes Wednesday
The priced band for the IPO is Rs 500-525 per share
 "Tamilnad Bank IPO subscribed 1.5x on Day 2, issue closes Wednesday")
HDFC Bank, SBI AT-1 rates set to influence pricing of other issuances
The bonds will have a call option from the fifth year onwards and are rated AA+ by CRISIL, CARE and India Ratings, sources said
 "HDFC Bank, SBI AT-1 rates set to influence pricing of other issuances")
Maharashtra state bank employees union protests govt loan melas
The federation's secretary, said in a statement the Congress government before "distributed hundreds of crores" by organising loan melas and now the present government is on the same lines
 "Maharashtra state bank employees union protests govt loan melas")
ICICI Bank to raise Rs 10,000 cr via infra bonds in one or more tranches
Proceeds to be used for project financing, affordable housing
 "ICICI Bank to raise Rs 10,000 cr via infra bonds in one or more tranches")
Bad loan recovery process can get worse
Apart from creating a distinction between financial creditors and operational creditors, the latest Supreme Court judgment also leads to the creation of a new category of default - temporary default
'Think of the worst': RBI Governor Das nudges banks to raise capital
Inflation has peaked, expect CPI at 5% in April-June, he says
 "'Think of the worst': RBI Governor Das nudges banks to raise capital")
Dhanvarsha makes unsolicited offer of Rs 300 cr to buy Dhanlaxmi Bank
According to sources familiar with the development, Dhanvarsha has offered Rs 11.85 per share, totalling Rs 300 crore, to acquire the entire equity stake in the bank
 "Dhanvarsha makes unsolicited offer of Rs 300 cr to buy Dhanlaxmi Bank")
HDFC Bank to open 207 branches in Maharashtra, hire more than 3,000
The smart banking lobbies will be set up in 16 districts and will be operational 24 hours and 7 days
 "HDFC Bank to open 207 branches in Maharashtra, hire more than 3,000")
New rules from Sept 1 2022: LPG prices, expressway toll taxes and more
New rules are introduced on September 1, Thursday 2022. Banking norms, gas cylinders, insurance premiums and property prices will be impacted. Read this detailed article to know more
 "New rules from Sept 1 2022: LPG prices, expressway toll taxes and more")
RBI ready to relax norms to facilitate LIC, government stake sale in IDBI
The largest stake in IDBI is currently held by the LIC. It holds 49.2 per cent of all the shares in the bank. It is followed by the govt, which holds 45.5 per cent
 "RBI ready to relax norms to facilitate LIC, government stake sale in IDBI")
Ministry of Finance reviews performance of PSBs, pushes for credit growth
The govt reportedly said that it was keen on National Asset Reconstruction Company of India Ltd (NARCL) starting its operation
Indian advertisers on Meta Platform get no-cost EMI for three months
Move designed to support their working capital needs; Meta to bear applicable interest payable to the bank, and give it as upfront discount to advertiser
 "Indian advertisers on Meta Platform get no-cost EMI for three months")