Page 4 - Banking System

Banks to set up a Unified Recovery Interface to enhance efficiency

IBA mulls special apprenticeship scheme for banking sector

HSBC wealth chief Matos leaves as new CEO Elhedery shakes up team

HSBC aims to double the assets under management in its British wealth business to 100 billion pounds

IBPS PO, SO Recruitment 2024: Registration deadline extended till August 28

The registration deadline for IBPS PO SO Recruitment 2024 has been extended. Candidates can now complete their applications until August 28. This year, the IBPS PO exam will be held for 4,455 posts

Yes Bank appoints veteran banker Sumit Bali to head retail business

Bali will join Yes Bank from Aug. 26 and report to executive director Rajan Pental, one of the sources said

Axis Bank expands wealth management biz rapidly in non-metro cities

Some of the new cities the bank has added include Patna, Raipur, Ghaziabad, Jodhpur, Udaipur, and Meerut

Govt tables banking laws bill in LS, seeks to raise nominees per a/c to 4

The government is scheduled to introduce the Banking Laws (Amendment) Bill, 2024 which seeks to increase the option for nominees per bank account to four, from existing one, among others. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. As per the revised list of business of Lok Sabha, Finance Minister Nirmala Sitharaman is scheduled to introduce the Banking Laws (Amendment) Bill, 2024 later in the day. Besides, sources said there are some changes with respect to cooperative banks. In addition, the Bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. The Bill also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month instead of the second and fourth Fridays. The Bill, which was approved by the Union Cabinet l

Monetary policy: Some entities not following topup loan norms, says RBI

Credit card spend continues to see high growth despite risk weighting increase

Banking system liquidity improves to touch 1-yr high; overnight rates ease

According to Bloomberg data, the weighted average call rate also declined 5 bps on Monday to 6.44%

Omkara ARC to buy Rs 6K cr NPA book of Stressed Asset Stabilisation Fund

After the revision in reserve price, NARCL and Omkara ARC put in binding bids to acquire the portfolio of NPAs, and subsequently, an auction was conducted to determine the winning bidder

Tamilnad Mercantile Bank Q1 results: Net profit up 10% at Rs 287.3 crore

Total income has grown 15 per cent to Rs 1,515 crore during the quarter under review, from Rs 1,323 crore during the same period last fiscal

Indian lenders need $1 bn to upgrade core bank systems: BCG report

Companies' legacy core systems have various problems, it says

Five entities enter test phase for 5th cohort of RBI's regulatory sandbox

The banking regulator received 22 applications for this cohort of the regulatory sandbox

Move to reduce govt stake in PSB to less than 51% will be resisted: Cong

The Congress on Friday said any move to bring down the Union government's stake in 12 public sector banks to less than 51 per cent would continue to be resisted forcefully both in Parliament and outside. The party asserted that the mergers in the public sector banking industry in the last seven years have been broadly accepted only because the Union government's share was not to be reduced to below 51 per cent. Congress general secretary in-charge communications Jairam Ramesh recalled that on this day 55 years ago, then prime minister Indira Gandhi had moved decisively to nationalise 14 banks and opened a whole new chapter in India's economic history. "I have described the background to this momentous event based on archival material in my 'Intertwined Lives: PN Haksar and Indira Gandhi'. DN Ghosh who played a key role along with Haksar has also left a detailed account of it in his very valuable memoir 'No Regrets'," he said. IG Patel was the special secretary in the finance minist

Indian banks see climate change as their biggest source of systemic risk

It wasn't until earlier this year that the RBI finally released a draft framework that would require financial institutions to devise and disclose their strategies to mitigate climate-related risk

HDFC Bank to migrate its core banking system to a new platform on July 13

Customers will have limited access to bank's services during the 13.5-hour upgrade

CS Setty: Soft spoken village boy set to occupy SBI's corner office

CS Setty is currently looking after international banking, global markets & technology portfolios

Window opens to give urban cooperative banks an uplift

The success of National Urban Cooperative Finance and Development Corporation will revive public confidence in the sector and provide regulatory comfort

Now, users can't make credit card repayments on third party apps

Many players said they will pause credit card payment for banks that have not gone live

SBI plans to open 400 new branches across country in FY25: Chairman Khara

As part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year. The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were launched. "Somebody asked me if 89 per cent of digital and 98 per cent transactions were happening outside the branch, whether the branch is required anymore. My answer is yes. It is still required because there are newer areas which are emerging," SBI Chairman Dinesh Kumar Khara told PTI in an interview. There are certain services like most of the advisory and wealth services that can be offered only from the branch, he said. "We will be identifying locations where the opportunity exists, and in those locations, we plan to open branches. Almost 400 branches we plan to add this year," he said. SBI has a network of 22,542 branches across the country as of March 2024. Asked about the monetisation of subsidiaries, Khara said that SBI wo

Securitisation volumes back to historic high after HDFC twins' merger

Housing finance company accounted for 23% of the FY23 volumes of around 1.8 trillion