Page 2 - Banks In India

Jana SFB Q1 result: Net profit rises 89% to Rs 171 cr, NII up at Rs 610 cr

Jana Small Finance Bank on Monday reported an 89 per cent jump in its post-tax net profit to Rs 171 crore for the April-June quarter. The lender had reported a profit after tax of Rs 90 crore in the year-ago period. The core net interest income grew to Rs 610 crore from Rs 462 crore in the year-ago period on the back of a 25 per cent growth in advances and a 0.4 per cent expansion in the net interest margin to 8 per cent. The non-interest income was flat at Rs 189 crore for the reporting quarter. Amid the sluggish deposit growth in the system, the bank seems to have ducked the trend with a 41 per cent growth in the number. Its gross non-performing assets ratio increased to 2.62 per cent in June against 2.11 per cent at the end of the preceding March quarter, which was attributed to seasonal and event-driven factors by its managing director and chief executive Ajay Kanwal. The overall capital adequacy as of June 30 stood at 19.3 per cent against 18.7 per cent in the year-ago ...

Bank holidays in July: Banks to remain closed for 12 days; details here

The RBI publishes a list of bank holidays each month, advising customers to check the list to avoid unnecessary trips to the bank on holidays

Banks seek clarification on RBI's credit card network choice guidelines

The Reserve Bank of India's directive, which will go into effect in September, requires banks and non-banking financial companies to provide customers options to choose multiple card networks

CLSA thinks pvt banks may outperform PSBs ahead; check reasons, top picks

CLSA expects private sector banks, which have been stock market laggards over the past few months, to give better returns ahead, given a good business outlook and inexpensive valuations

Banks could boost revenues by 6% with Generative AI: Accenture report

Banks can significantly increase employee productivity and revenues by incorporating generative AI (GenAI) in their operations, according to a report by IT company Accenture. Accenture analysed publicly available employee data to estimate the impact of generative AI on banking tasks. The company modelled the financial implications for over 150 large banks globally, including Indian public and private sector banks, over a three-year period. "Banks that move quickly to scale generative AI across their organisations could increase their revenues by up to 600 bps (basis points) in three years," the research revealed. Banks which effectively adopt and scale generative AI could increase employee productivity by up to 30 per cent by streamlining numerous language-related tasks, it said. "Operating income could increase by around 20 per cent, while return on equity levels could rise by 300 bps...By helping banks operate more efficiently, the technology could lead to 1-2 per cent in cost ..

Banks form special panel to address corruption cases, guard executives

The committee will include representatives from three state-run banks and be led by former CBI Special Director DC Jain

Banks urge return to call option valuation for perpetual bonds: Report

They added that the recommendation was currently under review with the NFRA, a regulator that oversees auditing, which will submit its views to a panel of top regulators

Banks, finance companies lost out in 2023 despite record earnings

BFSI firms hold a weighting of 34.5%, down from 36.7% at the end of Dec 2022

Total income of Indian banks' overseas branches more than doubles in FY23

The total income of branches more than doubled to Rs 60,596 crore in FY23 from Rs 22,947 crore in FY22. The expenses grew to Rs 51,479 crore in FY23 from Rs 19,709 crore

Higher credit demand likely to lead to further upsides for banks

The RBI's increased risk weightage will hit growth in personal loans, credit cards and NBFCs

Pilot launch of revamped eRBC system for exporters from November 15

The commerce ministry on November 15 will do a soft launch of the revamped electronic bank realisation certificate for self-certification by exporters to promote ease of doing business for traders. An electronic Bank Realisation Certificate (eBRC) is an important document for exporters and is issued by a bank as a confirmation that the exporter has received the payment from a foreign buyer against the export of goods or services. This certificate validates repatriation of export proceeds to the country and ensure compliance with provisions of foreign exchange rules. eBRCs can be generated for outbound shipments of goods, services and deemed exports. According to a trade notice of the Directorate General of Foreign Trade (DGFT), the upgraded system is based on electronic inward remittance messages to be transmitted directly by banks to the DGFT. Based on the messages received, the exporters would self-certify their eBRCs. "The enhanced eBRC system shall enable exporters to reduce

Banks considering rating framework to assess risk profile of startups

The plan to set up this mechanism has come up at a time when the government has asked banks to play a more active role in financing startups

Banks cautious over uncertainty around withdrawn Rs 2,000 notes

Lenders hesitate to deploy excess funds with the central bank due to uncertainty about the duration of recently withdrawn Rs 2,000 notes, affecting liquidity overall as loan demand remains strong

Net profit of listed commercial banks seen growing 44% in Q1 FY24

Healthy growth in NII, controlled credit costs to support bottom line: Analysts

Banks are to remain closed for 15 days this month; check details here

According to the Reserve Bank of India's (RBI) list of holidays, 8 holidays are state-specific holidays for various celebrations across various states alongside others are weekend holidays

Banks say RBI rules make it difficult to attract top-class talent on boards

A big off-record talking point in recent times has been that boards are now burdened with matters that should be in the domain of banks' professional management

Indian banks going through a purple patch: NPAs trending downwards

Banks have been slow to pass the rate hikes on the liabilities while the assets side saw immediate revision

Bank holiday: In October, banks will remain closed for total 21 days

Starting today (October 3), the banks in some cities will remain closed for the entire week because of festivals

New rules from Sept 1 2022: LPG prices, expressway toll taxes and more

New rules are introduced on September 1, Thursday 2022. Banking norms, gas cylinders, insurance premiums and property prices will be impacted. Read this detailed article to know more

Banks took a haircut of 69 per cent while resolving IBC cases: Report

Haircuts are defined as the losses incurred by the creditors (banks in this case) on resolving the bad debts or stressed assets