Page 4 - Banking

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

Central Bank stake to double bancassurance for company: Future Generali MD

State-owned Central Bank of India acquired a 24.91 per cent stake in Future Generali India Insurance for ₹451 crore

Karur Vysya Bank, Kshema General Insurance announce strategic alliance

The companies said the collaboration marks a seminal change in India's bancassurance landscape through a strategic alliance and a product tailored for the agricultural community

Credit growth drops to 8.97% in May, lowest level in three years

Credit growth slows as banks tighten lending amid stress in microfinance and unsecured loans; deposit growth outpaces credit by 100 bps in May 30 fortnight

AI-ML hiring grows 25% in May, IT sector records 5% decline: Report

While hiring in the Artificial Intelligence and Machine Learning (AI/ML) sector posted 25 per cent year-on-year growth in May 2025, the broader Information Technology sector saw a decline in job opportunities. According to the Naukri JobSpeak May 2025 report, overall hiring in the IT sector fell by 5 per cent compared to the corresponding period in the previous year. "In an otherwise stable job market, what stood out in May was the continued momentum in AI/ML hiring across metros alongside steady demand for senior professionals, a trend that's held firm over the past year," Naukri Chief Business Officer Pawan Goyal said. In May 2025, while overall hiring remained stable, industries like real estate (5 per cent growth) and insurance (6 per cent growth) emerged as relatively bright spots, according to the report. Hiring in Retails, Telecom/ISP, and Banking, Finance & Broking declined 8-9 per cent. However, unicorns in Banking and Financial Services ramped up hiring by 29 per ...

Bank holiday today: Are banks closed today for Maharana Pratap Jayanti?

Bank holiday today: Banks in this state will observe a holiday today, due to Maharana Pratap Jayanti. However, banks will remain open in rest of the country

When DFS Secretary Nagaraju played the role of King Vikramaditya

Customer service and excellence are buzzwords in the Indian financial system now. Both the government and the Reserve Bank of India (RBI) are writing a new chapter in Indian banking

IndusInd Bank fiasco: ₹674 cr wrongly booked as interest in MFI biz

IAD also flags ₹595 crore of unsubstantiated balances in "other assets", as whistleblower complaint prompts deep dive into IndusInd Bank's microfinance portfolio

BFSI's risk index rise amid global economic stability, says CIRI report

BFSI sector's risk index rose amid inflation and geopolitical tensions even as risk mitigation efforts like digitisation and AI adoption supported operational resilience

ICICI Bank Q4 results: Net profit up 15.7% at Rs 13,502 cr, NII up by 11%

ICICI Bank on Saturday reported a 15.7 per cent jump in March quarter consolidated net profit at Rs 13,502 crore. On a standalone basis, the second largest private sector lender's net profit for the January-March quarter came at Rs 12,630 crore, up 18 per cent, as against Rs 10,708 crore in the year-ago period. The core net interest income moved up 11 per cent to Rs 21,193 crore, from the year-ago period's Rs 19,093 crore. The non-interest income excluding treasury increased 18.4 per cent to Rs 7,021 crore. Provisions came at Rs 891 crore in the March quarter, as against Rs 718 crore in the year-ago period. The gross non-performing assets ratio improved to 1.67 per cent at the end of March 2025, from 1.96 per cent in December 2024.

Mudra loan provided by Punjab & Sind Bank generates 1 million jobs: MD

Mudra loans provided by Punjab & Sind Bank over the last 10 years have been able to generate 10 lakh jobs at the grassroot level, the bank's managing director Swarup Kumar Saha said. Sharing the journey of Pradhan Mantri Mudra Yojana (PMMY) over the past 10 years, Saha said, the bank has disbursed loans to the tune of Rs 12,820 crore under the scheme, benefiting over 6.84 lakh beneficiaries across the country. "These include small vendors, women entrepreneurs, artisans, and youth, who are now empowered to become economically self-reliant. About 44 per cent of our disbursals have been under the Shishu (loans up to Rs 50,000) category, which speaks about our focus on first-time borrowers and grassroots entrepreneurship," he told PTI. Punjab & Sind Bank has enabled entrepreneurs to establish and expand their businesses, leading to employment generation, he said, adding, "So far approximately 10 lakh employment have been generated by the bank through this scheme at the grassroots .

Mainframe business critical and India a vital cog: IBM's Ric Lewis

While many consider it a legacy technology, and perhaps no longer at the forefront of today's technology conversations, it remains indispensable to innovation in enterprise businesses