Page 83 - Banking Sector

Credit card spends dip 11.6% in November after record show in October

November spends are still higher than pre-Covid levels, with 43% YoY growth

IDFC First Bank board favours merger with promoter entities

Earlier in July, the Reserve Bank of India allowed IDFC Ltd to exit as the promoter of IDFC First Bank as the five year lock-in period ended

SBI to acquire nearly 10% stake in India International Clearing Corporation

The strategic investment in IICC is aimed at strengthening the financial markets infrastructure, SBI said

Pvt cryptocurrencies pose immediate risks to customer protection: RBI

The aggregate market capitalisation of the top 100 cryptocurrencies has reached USD 2.8 trillion

Bank NPAs may go beyond 8% by September 2022, says RBI report

Going forward, as the economy recovers and credit demand rises, banks will need to ensure availability of sufficient capital to support credit growth

Private banks seeing jump in number of online frauds: RBI report

Commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year.

Limits of progress

Covid-19 still poses risks for the banking system

AU Small Finance Bank inducts ex-RBI deputy governor H R Khan on its board

The appointment is for a period of three years subject to the approval of shareholders

RBI approves re-designation of Rajiv Anand as Axis Bank Deputy MD

The Reserve Bank of India has approved the re-designation of Rajiv Anand as the Deputy Managing Director of Axis Bank, the lender said on Monday. In October this year, the board of directors of the bank approved to re-designate Rajiv Anand as the Deputy Managing Director of the bank, subject to approval of the Reserve Bank of India, and the shareholders of the bank. "The Reserve Bank of India vide its letter dated December 27, 2021, has approved the re-designation of Rajiv Anand as the Deputy Managing Director of the bank from the date of its communication and co-terminus with his approved term of appointment till August 3, 2022 (both days inclusive)," Axis Bank said in a regulatory filing. Anand is the Executive Director (Wholesale Banking) of the bank since December 2018. Anand, 55, had joined Axis Bank in May 2013 from its asset management arm, Axis Asset Management Co Ltd, where he was the Managing Director & CEO. Anand was appointed as a director of the bank in May 2016 and .

Pune Police book Saraswat Bank chairman, MD, 6 others in cheating case

The largest cooperative lender described the development as an attempt to prevent confiscation of properties of a defaulting borrower Orange Medicare and Research Centre

Banking sector set to witness significant reforms in the new year

Privatisation of public sector banks and strategic disinvestment of IDBI Bank on the agenda of the government for 2022

Citicorp Finance reworking business strategy to focus on corporate lending

Banking sources said Citigroup is in an advanced stage to sell its consumer business unit in India.

Banks need additional $70 bn to back $5- trn GDP: SBI's Dinesh Khara

Banks would continue to play a critical role in meeting the needs of corporations

Technology is causing disruptions in banking, says K V Kamath

Kamath recognised the great transition done by the banks over the last two years during the pandemic, however, the only issue is about how to compete.

Merchants seek six more months to meet card data storage norms

Say hasty roll-out may lead to disruptions,loss of revenue

YES Bank board approves raising funds up to Rs 10,000 crore

The fundraising will happen through various instruments, including equity and bonds

New licensing regime for UCBs on the cards after a 17-year standstill

What went unnoticed is that the RBI has been tightening the screws on UCBs for a while now

Governance to groundwork for digital biz, the year that was 2021 for RBI

2021 will go down as the year in which the central bank undertook long overdue governance initiatives even as it laid the groundwork for the fast-growing digital business

On the cusp of an orbital jump

Estimates indicate that by 2025 about 130 zettabytes of data in the world will be unstructured.

Two-day nationwide bank strike ends; services across country hit

The two-day nationwide bank strike called by United Forum of Bank Union ended on Friday, impacting normal operations across the country. Lakhs of employees of public sector banks were on strike to protest against the proposed privatisation of banks by the government. Banks will work as usual on Saturday, as it is a working day. United Forum of Bank Union (UFBU) is an umbrella body of nine bank unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW). Services like deposits and withdrawal at branches, cheque clearance and loan approvals remained paralysed due to the two-day strike. ATMs at different parts of the country went dry on the second day. Government treasury operations, negotiating of import and export bills, grant of loans, cash transactions, etc. were not possible and clearing operations were affected. In the three clearing centres of Mumbai, Delhi and Chennai, about 3