Page 5 - Banking

Transmission of policy rate has been greater on deposits, shows RBI data

Among different bank groups, state-owned banks have seen a greater increase in interest rates on term deposits-both new and existing-compared to their private sector peers

IBA to take up overseas banks' local data storage issue with RBI

"RBI had advised all system providers to ensure that the entire data relating to payment systems operated by them is stored in a system only in India," said a source familiar with the development

Major rejig: New secretaries for expenditure, corporate affairs appointed

Manoj Govil has been appointed as the secretary in the Department of Expenditure in the Ministry of Finance

Idea behind SROs is not to make them more regulatory: Anish Mashruwala

The idea of SRO is not to make it more regulatory but it's more decentralisation from the regulator to allow a larger sense of how a particular product in the industry should develop, he says

Adoption of AI spotlights biz to invest in proactive cybersecurity defences

Rapid adoption of Artificial Intelligence has powered growth but opened avenues for cybercriminals to misuse AI for sophisticated attacks, Kaspersky has said spotlighting the need for businesses to invest in proactive cybersecurity defences to meet new-age challenges. Kaspersky, a global cybersecurity and digital privacy company, said it has been infusing AI across its products and harnessing AI models to counter threats and safeguard users by making technologies more resistant to new and evolving forms of cyberattacks. From leveraging ChatGPT for writing malicious software and automating attacks against multiple users to misusing AI programmes to track users' smartphone inputs (potentially capturing messages, passwords, and bank codes) - cybercriminals are using AI in novel ways, the company cautioned. Citing the data for 2023, the company said it protected 220,000 businesses across the globe and prevented around 6.1 billion attacks with its solutions and products. During the same

Banking laws Bill extends tenure of cooperative banks' directors to 10 yrs

Changes to banking laws have a consumer tilt; no proposal that would allow change in ownership pattern of PSBs

Allocated Rs 633 cr for ECL provisions: Jammu & Kashmir Bank MD & CEO

This journey over the past two and a half years has been remarkably engaging and incredibly interesting for me, Baldev Prakash, Jammu & Kashmir Bank, MD & CEO

Tamilnad Mercantile Bank submits fresh names for MD, CEO post to RBI

At present, around 93 per cent of its business comes from the retail, agriculture, and micro, small and medium enterprise (MSME) sectors

Most fintech, banking apps tap into users' location, other information

Calling them "most sensitive permissions," the report on currency and finance has highlighted that fintech apps often collect personal data, potentially invading users' privacy

CRR reduction will help banks facing low deposit growth: SBI MD Tewari

Lowering the cash deposit ratio or the proportion of deposits which banks are mandatorily required to park with the RBI will help the lenders facing low deposit growth, SBI Managing Director Ashwini Kumar Tewari said on Monday. Conversations for such a cut are on, he told reporters here, clarifying that the country's largest lender does not need such a reduction as it is well placed on the liquidity front. There has not been any formal request for a CRR cut made either, he added. Speaking at an event organised by domestic rating agency Careedge, Tewari said, "We have to look at various avenues for helping tide over the challenge posed by lower deposit growth", and specifically mentioned a request to get bank deposits at par with capital market investments while referring to CRR and SLR. To a question on whether the bank has sought a CRR cut, he said, "We have not sought any formal dispensation, but it is a conversation we continue to have. I don't think there is any move to do this

Uco Bank Q1 result: Net profit jumps 147% to Rs 551 cr, deposits rise 7.39%

State-owned UCO Bank on Monday reported a 147 per cent year-on-year jump in net profit to Rs 551 crore in the April-June quarter. The lender's bottomline in the corresponding period a year ago stood at Rs 223 crore. Operating profit in the reporting quarter was Rs 1,321 crore, registering a growth of 9.81 per cent over the year-earlier period. The Kolkata-based bank's total business grew 11.46 per cent on-year to Rs 4,61,408 crore, while gross advances increased 17.64 per cent to Rs 1,93,253 crore, it said in a statement. Total deposits rose 7.39 per cent year-on-year to Rs 2,68,155 crore in the three months ended June. Advances in retail, agriculture and MSME (RAM) sectors were up 18.65 per cent at Rs 1,01,986 crore, it said. The bank also managed to reduce its Gross NPA in April-June by 116 basis points to 3.32 per cent, while net NPA declined by 40 basis points to 0.78 per cent. The statement said capital adequacy ratio stood at 17.09 per cent at the end of the first quarter,

Banking's dominance in credit diminishing in country: Economic Survey FY24

Capital markets' rise in role a 'welcome development' but comes with its challenges, says survey

HDFC Bank upgrade on July 13: Full list of services that won't be available

HDFC Bank is upgrading its Core Banking System (CBS) to a new platform

Q1 FY25 business update of banks: Deposits grew slower than loans

Bank of Baroda posted faster growth in advances than in deposits. The loan book of the BoB grew by 1.73 per cent while deposits improved by 1.59 per cent, sequentially

Federal Bank Q1 results; Advances up 20%, total deposits grow 19.6%

Retail credit book grows 25%, according to internal classification of the bank

Accounting standards for banking, insurance sectors soon: MCA secretary

Govil said that discussions are going on with the Reserve Bank of India around accounting standards for the banking industry and they may come out soon

RBI raises limit for short-term borrowing for states, UTs from July 1

The RBI provides WMA to states banking with it to help them tide over temporary mismatches in the cash flow of their receipts and payments

ICICI Bank introduces 'SmartLock': Know to how to use it on iMobile Pay

Feature allows customers to lock/unlock internet banking, UPI, credit and debit cards instantly

Swiss financial regulations not yet tough enough post-Credit Suisse: SNB

Credit Suisse roiled financial markets last year when it collapsed following a string of financial problems

India to remain fastest growing Asia-Pacific economy, says Moody's

The report also noted that India, Indonesia, and the Philippines were the key growth outperformers in the first half of the year 2024