Banking System

Thieves drill into German bank vault, steal property worth millions

Thieves stole tens of millions of euros worth of property from safety deposit boxes inside a German bank vault that they drilled into Monday during the holiday lull, police said. Some 2,700 bank customers were affected by the theft in Gelsenkirchen, police and the Sparkasse bank said. Thomas Nowaczyk, a police spokesperson, said investigators believe the theft was worth between 10 and 90 million euros (USD 11.7 to 105.7 million). German news agency dpa reported that the theft could be one of Germany's largest heists. The bank remained closed Tuesday, when some 200 people showed up demanding to get inside, dpa reported. A fire alarm summoned police officers and firefighters to the bank branch shortly before 4 am Monday. They found a hole in the wall and the vault ransacked. Police believe a large drill was used to break through the vault's basement wall. Witnesses told investigators they saw several men carrying large bags in a nearby parking garage over the weekend. Video footage

Reserve Bank of India subsumes over 9K norms into 244 master directions

Move aims to ease compliance burden for regulated entities

Digital banking cannot be made mandatory to access other services: RBI

RBI's new digital banking rules mandate explicit customer consent, prohibit banks from forcing digital channels for accessing other services and tighten risk controls

Banking system credit grows 11.3% in October 31 fortnight: RBI data

According to the data, banking system credit stood at Rs 193.9 trillion, while deposits stood at Rs 241.7 trillion during this period

IndusInd Bank looks to claw back salary, bonuses of former top officials

This year, IndusInd Bank disclosed incorrect accounting on derivative trades that prompted a $230 million hit to its accounts and led to exit of former CEO Sumant Kathpalia and deputy CEO Arun Khurana

No regulator should substitute boardroom judgement: RBI Governor Malhotra

Financial stability remains the 'North Star' for the central bank

RBI likely to meet banks and dealers on Tuesday amid liquidity strain

The meeting, though without a formal agenda, is expected to focus on current market conditions, the traders said, declining to be named as they are not authorized to speak to the media

Can private bankers run PSBs? Govt needs patience to make it work

Yes, they can. But to make the experiment successful, the government must have patience

NPCI says same-day cheque clearing stabilised; unions seek RBI help

NPCI says the new t+0 cheque clearing system is stable after early glitches, while bank unions urge RBI to ensure smoother implementation during the festive period

Bank unions slam move to open top PSB roles to private candidates

UFBU calls the move to allow private candidates for top roles in state-run banks and insurers a de-facto privatisation of leadership in public institutions

Japan's top bank CEOs back AI while easing fears over possible job losses

In Japan, where the financial sector employs hundreds of thousands of people, the conversation over AI and its impact on work is picking up pace

UK's Revolut to launch India payments platform, eyes 20 mn users by 2030

The UK-based fintech firm, which said last month it was exploring a US bank purchase and credit card launch at home, is betting on India as a key plank of its global expansion

Banks park ₹90,931 cr at RBI's 4-day VRR auction, against notified ₹1 trn

A VRR auction is a monetary tool used by the central bank to inject short-term liquidity into the banking system, offering funds to banks at rates determined by market demand

Banking system liquidity turns deficit amid tax payments, GST outflows

Experts said the liquidity crunch is expected to be temporary and will pick up on the back of government expenditure

Banks bid ₹45,783 crore at RBI overnight VRR auction as liquidity dips

Banks bid nearly double the notified Rs 25,000 crore at RBI's overnight VRR auction as surplus liquidity fell to Rs 63,745 crore from Rs 1.89 trillion earlier this week

RBI receives ₹31,025 cr bids at VRR auction against ₹50,000 cr notified

RBI's overnight VRR auction received Rs 31,025 crore bids against Rs 50,000 crore notified as surplus liquidity stayed high despite upcoming tax outflows

RBI to conduct overnight VRR auction to infuse Rs 50,000 cr amid GST flows

RBI will conduct an overnight variable rate repo auction to infuse Rs 50,000 crore into the banking system, easing tightness from GST outflows and maturing VRRR amounts

Karur Vysya Bank expands footprint in Maharashtra, Andhra Pradesh

Private sector Karur Vysya Bank has strengthened its footprint with the inauguration of three new branches in Maharashtra, Andhra Pradesh and Tamil Nadu. The Karur-based bank has opened a new branch in KK Nagar, Udayanpatti, Tiruchirappalli in Tamil Nadu, Thane in Maharashtra, and Kurnool in Andhra Pradesh, the bank's Managing Director and CEO Ramesh Babu said. The new branches, which were inaugurated on Monday, would offer a comprehensive range of banking services including accounts, deposits and loans. It would also provide all banking transactions and would meet the specific needs of the customers, a press release from the bank said on Tuesday. Commenting on the branch expansion, Babu said, It is a part of the strategic initiative to strengthen the bank's presence in potential markets and bring services closer to customers. "At KVB, we are continuously working to enhance our service delivery through a combination of physical branches and digital platforms. Last financial year, w

RBI to conduct two VRRR auctions to absorb ₹3 trillion from system

RBI will hold two VRRR auctions on Friday with six-day and three-day tenures to absorb excess liquidity from the banking system, which has a surplus of Rs 4 trillion

From airports to banking, why delaying tech reforms hurts everyone

From easier airport access to opening bank accounts-- slow tech adoption is holding back growth and a hassle-free ecosystem for citizens