Page 12 - Banks

Bank holiday: Are banks open or closed today for Ambedkar Jayanti 2025?

Ambedkar Jayanti is being observed across the country and hence, banks in most parts of India will remain closed today

Banks seek power to freeze accounts in case of illicit transactions

To check cyber fraud through mule accounts, banks are seeking authority to freeze accounts involved in channelling illicit transactions without wasting precious time in seeking permission from authorities. Banks freeze/block accounts based on internal triggers, however, as per the Prevention of Money Laundering Act (PMLA), they do not have the authority to freeze or block customer accounts without proper authorisation from a court or law enforcement agencies (LEAs). "In light of this, we may propose this as a suggestion for further consideration by the RBI," a working group constituted by the Indian Banks' Association said in a report. Mule accounts are used by fraudsters to move illegal funds through the banking system. Although banks freeze thousands of these accounts every year, fraudsters quickly create new accounts using loopholes in the system. Besides, it said, banks may look to verify and restrict accounts most vulnerable to misuse as "mule" accounts for channelling illicit

Microfinance: Its rising importance and relevance in the Indian economy

Presently, MFIs account for around 40% of the portfolio while the remainder is shared by banks, SFBs and NBFCs. The overall portfolio touched Rs 4.4 trn with around 85 mn unique borrowers last year

Bank Holiday on Mahavir Jayanti: Will banks remain closed on April 9 or 10?

Banks will remain closed on Mahavir Jayanti. However, people are confused about whether the bank will remain closed on April 9 or 10. Here is more information

Five-day banking week proposal unlikely to be implemented in FY26

The official further explained that such a change could negatively impact banking services, particularly on Saturdays, which remains a critical day for many customers to complete their banking txns

ED arrests SP leader Tiwari, aide in Rs 750 crore bank 'fraud' case

The Enforcement Directorate (ED) on Monday arrested former Uttar Pradesh MLA Vinay Shankar Tiwari and a senior official of his company in a money laundering investigation linked to an alleged bank loan fraud of Rs 750 crore, official sources said. The money laundering case stems from an FIR filed by the Central Bureau of Investigation (CBI). Tiwari, 59, was taken into custody from the state capital Lucknow around 5 pm. Ajeet Pandey, the managing director of his company called Gangotri Enterprises, was apprehended from Mahrajganj district around the same time under the Prevention of Money Laundering Act (PMLA), the sources said. Tiwari, the Samajwadi Party (SP) strongman, was produced here before a special PMLA court that sent him to a day-long judicial custody. He and Pandey will be produced again before the court on Tuesday where the ED is expected to seek their custodial remand. Tiwari is the son of a former minister and strongman from Gorakhpur, late Hari Shankar Tiwari. He ...

Banks pitch SORR as overnight benchmark ahead of RBI policy meeting

The central bank has been conducting a series of interactions with banks, seeking feedback to tide over the liquidity crunch in the banking system and improve monetary transmission

Finance ministry asks banks to work on deposit mobilisation strategies

The meeting was chaired by the Department of Financial Services (DFS) Secretary M Nagaraju with the PSB chiefs and select private sector banks

April 2025 Calendar: Check full list of national days, events and holidays

April 2025 comes with national and regional bank holidays across India. From festive celebrations to scheduled closures, check the complete list of holidays to avoid last-minute banking inconveniences

FinMin to hold review meeting with banks on Thursday on govt schemes

The meeting will be chaired by the Department of Financial Services secretary M Nagaraju

Bank Holiday 2025: Will banks remain shut today, April 1? Why?

Major banks across the country will remain closed today due to closure for the previous year's financial year (2024-25). Here's all you need to know

Banks, financial institutions raise Rs 1.17 trillion via CDs in two weeks

This period saw IndusInd Bank aggressively tapping the CD market with its liquidity coverage ratio declining after its disclosure of discrepancies in its derivatives portfolio

IndusInd Bank fiasco prompts large state-run banks to tap CD market

Market sources indicated that the fiasco at IndusInd Bank may have prompted large state-owned banks to tap the CD market to raise funds for investing in IndusInd Bank's CDs

Shriram Finance targets to cross Rs 3 trillion in assets in FY26

Shriram Finance Ltd, the flagship company of diversified conglomerate Shriram Group, is set to cross Rs 3 lakh crore in assets during the next financial year starting April 1 with loan growth of 15 per cent. "We expect 15 per cent credit growth for FY26 if the GDP grows at 6.5 per cent. Usually, loan growth is more than 2 times of the GDP. Higher the GDP growth, higher is the demand for loan," Shriram Finance executive vice chairman Umesh G Revankar told PTI. Asked about the asset book target, he said, it should cross Rs 3 lakh crore in FY26 and this financial year would close over Rs 2.5 lakh crore. Shriram Finance would end the current financial year with 18 per cent credit growth although the guidance was 15 per cent, he said, adding, the company has exceeded its target. If the economy picks up, he said, the company would do better than the guidance. For example, he said, the company can easily grow its credit at 18 per cent if the GDP growth is more than 6.5 per cent. Apart

BankTech investment projected to hit $1 bn by 2027 end: Cedar-IBSi Capital

Venture capital fund Cedar-IBSi Capital on Sunday said investment in the country's BankTech sector is projected to reach USD 1 billion by the end of 2027. It said as the country is progressing towards achieving its gross domestic product target of USD 7 trillion by 2030, the banking sector will be a key driver for pushing the economic growth. "Investment in India's BankTech sector is projected to reach USD 1 billion by the end of 2027," the company said. Cedar-IBSi Capital Founder and Managing Partner Sahil Anand said technological revolution has been transforming banking services in India, bringing down its core functions towards digitisation. Research indicates that about 80 per cent of the traditional banking services can now be performed digitally, he said, adding that technology is playing a crucial role in driving financial inclusion, extending banking services toconsumers in underserved regions. Cloud computing has emerged as a transformative force in the banking sector, ..

UBS gets regulatory approval to fully own China securities joint venture

The approval wraps up a series of complicated transactions following UBS's merger with Credit Suisse, including the former's sale of a 36.01% stake in Credit Suisse Securities in China to BSAM

SBI's C S Setty elected as chairman of Indian Banks' Association

SBI's C S Setty was on Friday elected as the chairman of Indian Banks' Association. The managing committee of the industry lobby grouping elected Setty, the SBI chairman, to lead the body till the next annual general meeting, as per an official statement. It has also elected Union Bank of India's managing director and chief executive A Manimekhalai, Punjab and Sind Bank's MD and CEO Swarup Kumar Saha, and Bank of Bahrain and Kuwait's country head and India CEO Madhav Nair as deputy chairmen. Private sector lender Karur Vyasya Bank's MD and CEO B Ramesh Babu has been appointed as the honorary secretary of the association, the official statement said. The last AGM of the body was held earlier this month in the financial capital, and was also attended by Department of Financial Services secretary M Nagaraju.

New RBI order on holiday: Know if banks are open in your state on March 31

Insurance regulator and Income Tax department issue orders to keep offices open on March 29, 30, and 31

Axis Bank, JP Morgan roll out anytime dollar payments for clients

This is the first instance where an Indian company will have the flexibility to make or receive dollar payments at any time

Bank holidays on March 27, 28: Banks to close for up to four days this week

Banks will remain closed for up to four days this week due to national and regional holidays. Check the complete schedule here