Page 98 - Banking Sector

Banking services hit in Punjab, Haryana as unions protest privatisation

Employees under the aegis of the United Forum of Bank Unions went on a two-day countrywide strike

Nationwide bank strike: Cheques worth Rs 16,500 crore stuck

A nationwide strike called by the United Forum of Bank Union in protest against privatisation of the government banks has begun

PSB bank services hit in Bengal as unions protest against privatisation

Banking operations were severely hit in West Bengal on Monday

Bank operations may be hit on Mon, Tue due to nationwide unions' strike

United Forum of Bank Unions (UFBU) has given a call for a nationwide strike to protest against the proposed privatisation of two state-owned lenders

Don't compare us with legacy banks: Aeldra Financial's Sukeert Shanker

We want to be the first truly global consumer bank. Some banks have an international presence, but continue to be country-bound on the consumer side, says Shanker

Emerging markets bank support robust despite resolution regimes: Fitch

Government support for banks in emerging markets is unlikely to weaken materially despite greater adoption of bank resolution regimes, Fitch Ratings has said

Bank privatisation as an experiment

The government must test the efficacy of privatising two banks first before going the whole hog

Government-owned bad bank is more capital efficient: Report

A brokerage has called for government ownership, saying state-funding is more capital efficient

After outage, Trai puts on hold regulation on pesky SMS for one week

Users failed to receive text messages including one time passwords for online transactions , and banks attributed the glitches to Trai's new regulations which came into effect on Monday

Lenders 'can't be asleep', must suffer compensation cut for bad loans: CEA

Ever-greening and zombie loans lead to sub-optimal capital allocation, says Chief Economic Advisor.

5 of 12 large NPAs complete transfer of management control

Central bank mandated the companies for resolution; BPSL, Jaypee Infratech and Amtek Auto in last leg of that process

Expect moderately worse banking sector outlook for next fiscal: Fitch

The plan is well below Fitch's estimated capital requirement of USD 15 billion to USD 58 billion under varying stress scenarios

Amalgamation has led to all-round gains for merged entity: Indian Bank MD

In a Q&A, Padmaja Chundru says issues like equal stature of Allahabad Bank and Indian Bank and retirement of 10 GMs were addressed fairly with continuous communication with staff and customers

Indian banks' modest recovery faces challenges from Covid-19 stress: Fitch

The impact of Covid-19 pandemic is likely to pose challenges to improving financial performance of Indian banks, the report said

Citigroup sees the days of traders slamming phones coming to an end

Citigroup has been working to boost the share of women from assistant vice president up through the managing director level to bolster its efforts to close the pay gap between male and female employee

Citigroup needs a new strategy for its lagging Asian consumer banks

Citi has pan-Asian heft, garnering about 30% of its revenue in the region from ASEAN nations

Data sharing, cybersecurity top concerns for banks, customers: Deloitte

Data sharing, cybersecurity and data protection have emerged as the top concern areas for the banks as well as customers, the report said

Naureen Hassan becomes first VP, COO of Federal Reserve Bank of New York

An Indian-origin veteran of the financial services industry has been appointed as the first vice president and chief operating officer of the Federal Reserve Bank of New York.

Indian Bank to divest stake in asset reconstruction JV ASREC India

State-owned Indian Bank on Friday said it will divest stake in joint venture entity ASREC (India) Ltd as part of asset monetisation exercise. The bank holds a 38.26 per cent stake in ASREC (India) Ltd. As part of the monetisation of the bank's non-core assets, the board of directors of the bank in its meeting held on March 5, 2021, accorded in-principle approval for partial/full divestment of the bank's stake in joint venture ASREC (India) Ltd, Indian Bank said in a regulatory filing. ASREC is an asset reconstruction company in which Bank of India, Union Bank of India, LIC and Deutsche Bank are the shareholders. The company was granted a certificate of registration by the Reserve Bank of India in October 2004 to carry out activities under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002. The company's authorised equity capital was Rs 125 crore and the aggregate paid-up equity and other equity was Rs 146.01 crore as

Administrative success but executive failure

The banking system is mired in structural difficulties. Roads are being built, but India continues to be a logistics nightmare relative to its Asian competitors.