Page 9 - Banking

State Bank of India hikes retail, bulk deposit rates up to 50 bps

The term deposits upto Rs two crore are categorised as retail deposits and those above it are considered as bulk deposits

RBI flags contagion risks on SFBs for high reliance on co-op banks deposits

"Lack of asset diversification coupled with geographical concentration"

The future of finance

Strategic sense about the forces reshaping banking

Stock price, net worth of NBFCs take knock as RBI curbs investments in AIFs

RBI tightening has minimal impact on banks as their AIF exposures small

UPI transactions surge 118% in semi-urban & rural stores, shows report

Aadhaar Enabled Payments System (AePS) withdrawals increased 30 to 40 per cent during direct benefit transfer (DBT) releases

Sharp improvement in liquidity expected from January 2024: India Ratings

Govt spending, FPI flows to drive liquidity

Srinivasa Rangan to look after corporate affairs in HDFC Bank, subsidiaries

Role involves oversight of all group companies and other responsibilities

PM Modi seeks to revive hinterland finance hub GIFT city with new breaks

Modi last weekend addressed an investment conference in the city to breathe life back into the site, calling for it to become a "new age financial services and technology nerve center"

Credit-deposit ratios of Indian banks may weaken, dent margins in 2024: S&P

Asset quality to stay on improvement trajectory

Not mentioning L/C no. on invoice is not a discrepancy, says expert

Provided all the stipulated documents are received by the issuing bank, the absence or mistyping of a credit number does not constitute a reason for refusal

Private banks need to catch up on financial inclusion drive: Official

Financial Services Secretary Vivek Joshi on Tuesday flagged lower participation by private sector banks in the government's financial inclusion drive and nudged them to step up their efforts to popularise such schemes. Speaking at the 20th Global Inclusive Finance Summit, Joshi also asked banks and financial institutions to work on three areas -- getting KYC done for inoperative accounts, nomination for bank accounts and strengthening cyber security. Joshi also said that currently, 92 per cent of the adults in India have at least one bank account, and around 3 crore Jan Dhan accounts are added every year. "We are not far from a situation where all the adults in the country will be covered with at least one basic bank account," Joshi added. In over nine years of the launch of the PM Jan Dhan Yojana (PMJDY), 51 crore bank accounts have been opened. "While public sector banks have done a wonderful job in furthering financial inclusion efforts and have done a lot of outreach for ...

'Upskill or cross-skill': Cybersecurity skill gap hobbles banking sector

Recently, UCO Bank reported an IMPS (Immediate Payment Service) fraud in which Rs 820 crore was credited to some account holders of the bank without a debit from any other bank

Songs, cricket metaphors: RBI governor's way of conveying complex issues

Das has often cited the example of Arjuna's eye to communicate that the central bank is completely focused on bringing down inflation

Best of BS Opinion: Why the passenger matters, Unsecured risk & more

Here is the best of Business Standard's opinion pieces for today

SBI to soon launch Yono Global app in Singapore and US, says official

State Bank of India (SBI) will soon launch its banking mobile app Yono Global' in Singapore and the US, offering digitalized remittance and other services to its customers, Vidya Krishnan, Deputy MD (IT), said. We are continuing to invest in Yono Global to offer the best services available as we want to give superior experience to our customers, Krishnan told PTI at the three-day Singapore Fintech Festival (SFF), which ends on November 17. Krishnan held talks with Singapore-based digital platform enablers as well as the local regulator and central bank, the Monetary Authority of Singapore (MAS). We are constantly working on the remittance story between India and Singapore, given the large number of Indian diaspora in the city state. Currently, SBI offers Yono Global services in 9 countries, starting with the UK operations in September 2019. SBI's foreign operations have a total balance sheet size of USD 78 billion. In Singapore, SBI is integrating its Yono Global app with PayNow a

UCO Bank approaches CBI for probing IMPS glitch, says systems safe

State-owned lender says it has recovered 79% of wrongly credited amount after the glitch

UCO Bank recovers 79% of wrongly credited amount after technical glitch

UCO Bank on Thursday said the bank has retained or recovered Rs 649 crore or 79 per cent of the amount erroneously credited to some accounts of the bank via Immediate Payment Service (IMPS). By taking various proactive steps, the bank blocked the recipients' accounts and has been able to recover Rs 649 crore out of Rs 820 crore which is about 79 per cent of the amount, UCO Bank said in a regulatory filing. The state-owned bank is yet to clarify whether this technical glitch was due to human error or a hacking attempt. It is to be noted that the IMPS platform is operated by National Payments Corporation of India (NPCI). The bank has initiated requisite actions to recover the balance amount of Rs 171 crore, it said, adding, the matter has also been reported to the law enforcement agencies for necessary action. Uco Bank shares dropped by 1.1 per cent to Rs 39.39 on BSE in afternoon trade.

Citigroup considering at least 10% job cuts in major businesses: Report

The bank has warned of job cuts as part of a sweeping overhaul it unveiled in September, but has said it will estimate the scale of layoffs and cost savings in the current quarter

Savour the joys of delayed gratification

Practise Pay Now Buy Later (PNBL). Invest a few thousand rupees each month and buy the item by redeeming your investments upon reaching the required amount

RBI appoints Manoranjan Mishra as Executive Director effective from Nov 1

As the Executive Director, Mishra's duties will include looking after Enforcement Department, Risk Monitoring Department, Department of External Investments & Operations