Page 24 - Banking

RBI's Index on financial inclusion: A very timely initiative

The index includes 97 attributes that are extensive and one assumes that they cover capital markets insurance and other banking services

City Union Bank Q1 net up 12% at Rs 173 cr on lower provisioning

The bank had posted a net profit of Rs 154 crore in the same quarter a year ago.

RBI's new rules on interchange fee, 24/7 bulk clearing facility functional

The Reserve Bank of India's new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from Sunday onwards.

Bandhan Bank Q1 net profit falls 32% to Rs 373 cr, asset quality weakens

Bandhan Bank stock settled 0.43 per cent up at Rs 291.30 on BSE.

Hear no evil, see no evil: How Credit Suisse ignored Archegos warnings

The Swiss bank suffered by far the most of all peers from financing the fund's risky market bets

RBI cancels licence of Madgaum Urban Co-operative Bank Ltd, Margao

The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits

Punjab & Sind Bank reports first quarter net profit at Rs 174 crore

State-owned Punjab & Sind Bank on Thursday reported a net profit of Rs 173.85 crore for the first quarter ended June 30. The bank had posted a net loss of Rs 116.89 crore a year ago. Sequentially, it had registered a net profit of Rs 160.79 crore in the March 2021 quarter. The total income of the bank during Q1FY22 rose to Rs 2,039.61 crore from Rs 1,954.39 crore in Q1FY21, Punjab & Sind Bank said in a regulatory filing. Provisions for bad loans and contingencies for the quarter fell to Rs 77.30 crore from Rs 382.56 crore in the year-ago period. The bank's asset quality showed an improvement and the gross non-performing assets (NPAs or bad loans) came down to 13.33 per cent of the gross advances as of June 30, 2021, against 14.34 per cent a year ago. In absolute value, the net NPAs stood at Rs 9,054.96 crore, up from Rs 8,848.06 crore. The net NPAs ratio fell to 3.61 per cent (Rs 2,206.70 crore), from 7.57 per cent (Rs 4,326.41 crore). The bank said it has kept the account of .

IPOs of India's Paytm, South Korea's Kakao reveal Gen Z's banking vision

Internet-based businesses are raising funds at a record pace, making use of the boost given by the pandemic to all things digital

We helped shrink the working capital cycle: CredAble's Nirav Choksi

The fintech company is currently disbursing close to Rs 1,500 crore a month

Hope to get buyer for consumer biz by Q4: Citi India CEO Ashu Khullar

Despite being a foreign bank, we move 7-10 per cent of the Indian payment systems, says CEO Khullar

Bank of America 2Q profit more than doubles to $9.22 bn, tops forecast

Bank of America 2Q profit more than doubles, tops forecast Bank of America Corp. said Wednesday that second-quarter net income more than doubled to USD9.22 billion from USD3.53 billion a year ago. The Charlotte, North Carolina-based bank said it had earnings of USD1.03 per share for the quarter ended June 30, up from 37 cents in the year-ago quarter. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share. The nation's second-largest bank posted revenue of USD22.62 billion in the period. Its revenue net of interest expense was USD21.47 billion, missing Street forecasts. Four analysts surveyed by Zacks expected USD21.77 billion. Year-ago revenue was USD22.33 billion. Bank of America shares have increased 32per cent since the beginning of the year, while the S&P 500 index has risen 16per cent. The stock has climbed 65per cent in the last 12 months.

Finance ministry puts on hold examination for clerical cadre in PSU banks

The Finance Ministry directed the Institute of Banking Personnel Selection to put on hold examination for clerical cadre in PSBs till a final view is taken on conducting tests in regional languages.

Attach bank, demat accounts to recover due amount in Avon Corp case: Sebi

Markets regulator Sebi on Tuesday ordered attachment of bank accounts as well as shares and mutual fund holdings of an individual to recover dues totalling around Rs 1.13 crore.

Liquidity in the banking system rises as govt steps up spending

Net daily liquidity absorbed from banks on July 9 was Rs 4.6 trillion, data released on Monday showed

CRMNEXT raises $16 million from Avataar Ventures, Ascent Capital

Startup provides enterprise solutions for banks and financial services companies, has offices in 11 countries

How Zeta acquired Unicorn status in the very first round of funding

Enterprises typically reach the feat at series C or series D, or three to four funding rounds later

As work from home deepens …

… are far-reaching social changes coming with it?

RBI tightens dividend payout norms for NBFCs, links them to bad debt

NBFCs can give dividend only if accounts are clean, NPAs not hidden, and are below 6 per cent for the last three years

RBI has given us 120 days to operationalise SFB: Centrum's Jaspal Bindra

In an exclusive interview with Business Standard, Jaspal Bindra, executive chairman of Centrum group said it has committed Rs 1,800 cr capital to the SFB, Rs 900 cr of which will come in first year

How banks were able to prove doomsday predictions wrong in a pandemic year

There were five factors that helped banks contain bad loans in a pandemic year