Page 3 - Banking

IndusInd Bank appoints Viral Damania as new chief financial officer

Damania's appointment, effective September 22, comes after the bank late last month said veteran banker Rajiv Anand had taken charge as its CEO for a three-year period

UAE firms keen to invest in Indian infra, banking, startups: Piyush Goyal

The UAE companies are looking at multiple sectors, such as infrastructure, data centres, banking, startups and logistics, in India to increase their investments, Commerce and Industry Minister Piyush Goyal said on Friday. He said that the two countries have reset their targets and are actively working to increase investments rapidly in different sectors, and enhance collaborations in areas such as renewable energy, shipbuilding, retail, and pharmaceuticals. Infrastructure is one of the major sectors where they (UAE) can see huge potential. There was a lot of interest in the banking sector and startups. The interest of potential investors is also in the logistics ecosystem in India and green energy. The UAE is keen to look at investments, Goyal told reporters here. The minister was here for the 13th India-UAE High-Level Joint Task Force on Investments. The two-day visit concluded on September 19. He was leading a 75-member business delegation. There are many ways through which India

0% GST on health, life insurance, banks eye festive season boost, Bima Sugam ready for debut & more

The GST Council has scrapped GST on all individual life and health insurance policies, including term plans, ULIPs, family floaters, and senior citizen covers. Reinsurance is exempt too. >

Karur Vysya Bank cuts MCLR by 10 bps across all tenors from Sept 7

Private sector Karur Vysya Bank on Friday reduced the marginal cost of funds-based lending rate (MCLR) by 10 basis points (0.10 percentage points) across all tenors, making loans linked to the benchmark cheaper. The benchmark one-year tenor MCLR, which is used to price most consumer loans like auto and personal, will be at 9.45 per cent against the existing rate of 9.55 per cent, Karur Vsysa Bank said in a regulatory filing. Among others, the rate of one-month, three-month, and six-month tenors will be in the range of 9.30-9.45 per cent. The MCLR on overnight tenor will be 9.15 per cent against 9.25 per cent. The new MCLR of the bank will come into effect from September 7, it said. It is to be noted that the Reserve Bank of India (RBI) last month kept its benchmark lending rate unchanged at 5.5 per cent.

Deutsche Bank puts India retail banking business up for sale, invites bids

The Germany-based bank has pledged to make its retail business more profitable

China's top banks under strain from rising loan losses, shrinking margins

The lenders, led by Industrial & Commercial Bank of China Ltd., reported falling or weak earnings for the first half of 2025 as they continued to pump out new loans to China's struggling consumers

India needs to think about its leapfrog moment in AI research: B Ravindran

IIT Madras' B Ravindran says India must focus on AI penetration, data, and infrastructure - not just chasing ChatGPT - as BharatGPT, Sarvam and India AI mission chart the nation's path forward

The good and worrying about the bad loan problem of state-owned banks

Lenders are improving asset quality but they are struggling to recover money

IndusInd Bank to boost retail loans, MSME assets, and rural banking in FY26

Ramping up retail liabilities, scaling secured retail and MSME assets, and being selective in the corporate space are some of the focus areas for the current fiscal, as IndusInd Bank is making efforts to come out of the financial mess caused by past frauds, its chairman Sunil Mehta has said. Observing that FY25 was a watershed year for the bank, Mehta said, "This was also a year of internal reckoning. We faced certain challenges that required swift, transparent and decisive actions by the board and management. These events, while unfortunate, have catalysed a major transformation rooted in ethics, accountability, transparency and long-term sustainability". The Hinduja family-promoted bank, which is reeling under a slew of issues stemming from alleged irregularities at the top management in recognising bad loans and trading reverses, had reported a consolidated net loss of Rs 2,329 crore for the March quarter of FY25. In March this year, the bank reported a Rs 1,979 crore accounting

ICICI Bank hikes minimum account balance for urban areas to ₹50,000

The minimum balance for semi-urban regions has been increased to ₹25,000 and for rural branches has been increased to ₹10,000 from ₹5,000

Mizuho Bank to hire Mashreqbank PSC's corporate banking India head

Devendra Sharma will be a Mumbai-based managing director at the Japanese lender and look after the bank's business in western India

Banking system liquidity surplus reaches ₹4.09 trillion amid govt spending

Surplus liquidity in the banking system reaches Rs 4.09 trillion, with the rupee slipping to 87.66 per dollar amidst oil demand and trade tensions

New banking law kicks in today to boost governance, protect deposits

The Banking Laws (Amendment) Act, 2025 takes effect today, introducing key reforms to improve governance, enhance PSB audits, and safeguard depositors across India

Tom Hayes Libor victory puts convictions in $10 billion scandal at risk

When star trader Tom Hayes was found guilty of rigging a benchmark interest rate in 2015, it set off a raft of other investigations of bankers and traders across the City of London

Macquarie replaces CFO Alex Harvey as regulatory probes intensify

Harvey, 54, will also leave Macquarie's executive committee at the end of December and retire the following year after handing over to deputy CFO Frank Kwok

PNB urges customers to update KYC details by August 8 to avoid issues

In adherence to the Reserve Bank of India (RBI) guidelines, Punjab National Bank (PNB) has asked its customers to update their 'Know Your Customer' (KYC) information by August 8, to ensure smooth functioning of their accounts. Failure to update KYC details within the stipulated time may result in restrictions on account operations, it said. This is applicable only for those customers whose accounts are due for KYC updation as of June 30, 2025, PNB said in a statement. As part of the KYC compliance exercise, PNB customers are requested to provide their updated information like identity proof, address proof, recent photo, PAN/Form 60, income proof, mobile number (if not available) or any other KYC information at any branch, it said. It can also be done through PNB ONE/Internet Banking Services (IBS) or registered e-mail/post to their base branch by August 8, 2025.

Why has China barred Wells Fargo banker from leaving the country?

The Chinese foreign ministry did not specify what charges under which Wells Fargo MD Mao Chenyue has been restricted from leaving the country

Wells Fargo suspends China travel after employee exit ban: Report

The US banking giant's Chenyue Mao was subjected to an exit ban after she entered China in recent weeks, the Wall Street Journal reported, citing people familiar with the matter

HDFC Bank board to consider bonus issue, special dividend on July 19

HDFC Bank on Wednesday said its board in its meeting on July 19 will decide on issuing bonus shares and special interim dividend. Shares of HDFC Bank gained 1.33 per cent to touch a high of Rs 2,021.90 in the early morning trade after the company's announcement on BSE. Earlier on June 23, the bank had announced that its board will meet on July 19, Saturday, to consider and approve the financial results for the April-June quarter of the current fiscal. In a regulatory filing on Wednesday, HDFC Bank said its board would also consider the proposals of declaration of a special interim dividend on the equity shares of the bank, for the financial year 2025-26; and issue of bonus shares, subject to approval of shareholders of the bank. HDFC Bank Managing Director & CEO Sashidhar Jagdishan, in a message to shareholders in the annual report for FY25 had earlier this week said that the bank is confident of growing its advances on par with the industry in the current financial year and will .

Citi India's commercial banking head Bhanu Vohra to exit firm after 25 yrs

Citigroup Inc's Bhanu Vohra is exiting after nearly 25 years with the bank; the veteran banker most recently headed a team providing global banking solutions to mid-sized Indian companies