Page 10 - Banking

Equiniti India aims to hire 800 employees as part of expansion in India

Equiniti India, the offshore arm of Equiniti Group, currently has a total of about 1,500 employees in India across Chennai and Bengaluru

Security challenges persist despite cloud services adoption: EY's Bellary

Ranjeet Bellary, partner at EY said that the Cloud has disrupted the way clients access their data and scale their operations

SBI, IDBI to Canara Bank: Lucrative offers to explore this festive season

Banks and credit card companies have different lucrative offers for customers amid the ongoing festive season. Check which bank has the best offers for customers

Adopt risk-based approach for periodic updation of KYC: RBI asks banks

The Reserve Bank on Tuesday tightened the customer due diligence (CDD) norms by asking banks and regulated entities to adopt a risk-based approach for periodic updation of KYC. After a review, the central bank has made amendments to the Master Direction (MD) on Know Your Customer (KYC). Regulated Entities (REs) have to undertake customer due diligence (CDD) as per the process for their customers. The amendments follow the latest government instructions related to the Prevention of Money-Laundering Rules, Unlawful Activities (Prevention) Act (UAPA), and Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act. The Reserve Bank said it has also updated certain instructions in accordance with the FATF recommendations. The latest Master Directions said the risk-based approach for periodic updation of KYC has been amended to be read as: "REs shall adopt a risk-based approach for periodic updation of KYC ensuring that the information or data collec

Federal Bank reported its highest-ever quarterly net profit in Q2 FY24

The bank's NII grew 16.72 per cent to Rs 2,056.42 crore, up from Rs 1,761.83 crore in the same quarter of the previous financial year

SBI launches 'Mobile Handheld Device' for convenience to customers

SBI Director Dinesh Khara revealed the "mobile handheld device", which is aimed at providing essential banking services to the consumers and promoting financial inclusion among the masses

Rs 4,500 crore disbursed in September at 11% YoY growth: Mahindra Finance

For the first half of FY2024, Rs 25,500 crore was disbursed, leading to a growth of 20 per cent YoY

Axis Bank launches NEO for Business transaction banking platform for MSMEs

India currently has over 65 million MSMEs which contribute over 30 per cent to India's gross domestic product

BFSI sector saw highest rise in data science, analytics jobs in 2023: Study

The report also noted a decline in the overall number of data science and analytics jobs over the past year

RBI's liquidity withdrawal pushes bank CD issuances to 3-month high

Banks raised over 350 billion rupees ($4.24 billion) via CDs in the fortnight ended Aug. 25, data from CCIL's F-Trac platform showed

Bank Holidays September 2023: Banks will remain shut for 16 days, list here

Banks will remain closed for 16 days in September 2023. Plan your bank visits accordingly to avoid last-minute hassle. ATM services and net banking facilities will remain operational

India Post Payments Bank plans to double income in FY24: MD Venkatramu

India Post Payments Bank (IPPB) reported a net profit of 200 million rupees in 2022/23, Venkatramu said, as compared with a loss of 1.6 billion rupees in the previous year

RBI seeks greater transparency in floating interest rates of retail loans

As policy interest rates rise, lenders pass on the burden to customers by either raising their monthly payments or increasing the tenor of their loan

TMSEp487: Banking, Bharat Mandapam, markets, Global Biofuel Alliance

Why are Indian corporates so keen on banking? What makes Bharat Mandapam significant? Are the markets entering a consolidation phase? What is the Global Biofuel Alliance? Answers here

Elon Musk pursues financial services in wake of rivals' failed attempts

US tech companies have struggled in their attempts to take on banking behemoths, often scaling back their ambitions in the face of competition and protracted approval processes

ED registers 490 fraud cases related to NPAs worth over Rs 20 crore

The Directorate of Enforcement has recorded 490 bank fraud cases related to non-performing assets (NPAs) of Rs 20 crore or more in the last 5 years under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), Parliament was informed on Tuesday. "As on July 20, 2023, proceeds of crime amounting to Rs 26,732.68 crore approx. have been attached/freezed, 82 persons have been arrested and 80 prosecution complaints have been filed before the special court, PMLA in these cases," Minister of State for Finance Bhagwat Karad said in a written reply to the Rajya Sabha. Further, he said, assets worth Rs 15,113.02 crore have been confiscated and restituted to public sector banks. In the case of an account classified as NPA, banks initiate recovery action under various recovery mechanisms, such as filing a suit in civil courts or in debts recovery tribunals, action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, filin

CMS Info Systems net profit rises 22% growth in Q1 on higher revenue

CMS Info Systems, which is into banking logistics and technology services, on Friday reported a 22 per cent growth in net income to Rs 87 crore for the June 2023 quarter on higher revenue. Its revenue grew 13 per cent year-on-year to Rs 512 crore in the reporting quarter, from which it earned a margin of 29.6 per cent, the company said in a statement. The cash logistics business' revenue rose 12 per cent to Rs 351 crore and gave an operating profit of Rs 94 crore, and the revenue from managed services and technology solutions business grew by 17 per cent to Rs 182 crore, and operational profit of Rs 34 crore. During the quarter the company handled the highest-ever quarterly currency throughput at Rs 3.3 lakh crore, which was 6 per cent more than the 12 trailing months. Managed services business has won Rs 150 crore of new orders in the quarter and successfully installed 5,200 plus ATMs for PNB, thus becoming the largest managed services provider for that bank. Its vice-chairman Ra

SBI seeks to raise Rs 10,000 cr in tier-I bonds, wary about spike in yields

Offering slated for coming week; bank to decide on actual issuance based on yield level in the market, which hardened in the last two weeks

3/4 of all Indian households are debt-free, 69% save in banking instruments

The survey covered over 40,000 households, both rural and urban from 25 states.

Banking beyond weather reports: Why lenders need a green business strategy

Indian lenders have yet to train their employees to assess credit risks arising from climate change