Page 16 - Banks

Goldman Sachs quits climate coalition for banks, biggest one to exit group

Goldman Sachs gave no explicit reason for its departure, but focused on its strategy for the future and a growing push by regulators to make sustainability efforts mandatory

Banks, matchmakers lend shoulder to self-funded wedding palanquin

Roll out accessible, flexible loans with revolving credit lines, overdraft facilities as wedding business gets bigger, grander

Allow use of non-financial transactions to decide a/c status: SBI to RBI

Current regulatory norms permit only credit and debit transactions to render an account operational.

Net growth in deposits higher than advances by Rs 5.68 trn between 2020-24

Deposit growth of Indian banks had been lagging behind credit growth since the fortnight ending March 25, 2022

Japan's MUFG Bank, Koch Group gets CCI nod to buy stakes in Shiprocket

The Competition Commission of India (CCI) on Tuesday cleared MUFG Bank's and American conglomerate Koch Group's proposed acquisition of shareholding in logistics aggregator Shiprocket. "The proposed combination envisages acquisition of certain shareholding of Shiprocket Pvt Ltd by MUFG Bank Ltd," the CCI said in a release. MUFG Bank is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), being the ultimate parent company. It is engaged in banking services in India. In another release, fair trade regulator CCI said the proposed combination envisages acquisition of certain shareholding in Shiprocket Pvt Ltd by KDT Venture Holdings, LLC. KDT Venture Holdings LLC is an early-stage venture capital firm. It is a wholly owned subsidiary company of Koch, Inc. Koch is one of the largest private companies in the US after multinational food corporation Cargill Inc. Shiprocket operates a logistics platform whereby it provides logistics services to other businesses, ...

Govt not considering PSU bank mergers: MoS Finance Pankaj Chaudhary

The government is not considering merger of public sector banks, Minister of State for Finance Pankaj Chaudhary said on Tuesday. In a written reply to a question in the Rajya Sabha, he said several steps have been taken by the government to strengthen the financial condition of public sector banks (PSBs). Chaudhary said the reforms undertaken by the government in the banking sector have created systemic improvements and instituted checks and controls to minimise the risk of recurrence of excessive stress. To a question on whether the merger of public sector banks is being considered, Chaudhary replied: "No sir". Chaudhary further said PSU banks have shown improvement in their capital adequacy ratio and gross non-performing assets position post-merger. "The merger has helped in improved synergies, economies of scale, better technology integration and the same has resulted in uniform improvement across all key financial parameters," Chaudhary added. In the biggest consolidation exe

RBI directs banks to urgently reduce inoperative or frozen accounts

This includes enabling seamless Know Your Customer (KYC) updates through mobile or internet banking, non-home branches, video customer identification processes, and more

Bank-backed private life insurers' scrips tumble on banca limit reports

HDFC Life and SBI Life deny knowledge of regulator discussions

Loan book of Axis Bank's GIFT City unit doubles to $4 billion in 5 years

Private lender Axis Bank on Wednesday said the asset book of its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar has doubled to USD 4 billion from USD 2 billion in 2019. The bank unveiled a spacious IBU office at GIFT City here that spans nearly 8,000 square feet and is nearly three times bigger than the previous facility located here. "In terms of size, today our asset book here is a little over USD 4 billion, which is among the largest in GIFT City. Similarly, on the liability side, we have a USD 1 billion deposit, which once again makes us among the highest in terms of deposits as well...from USD 2 billion in 2019, we have doubled our asset book," its Deputy Managing Director Rajiv Anand told mediapersons. "The office is an expression of our ambition aligned with the ambition for GIFT City to serve our customers. We continue to show very solid growth on multiple fronts," said Axis Bank's President and Head of Wholesale Banking Products

Banks eye Rs 1 trillion through infrastructure bond issuances in FY25

So far, lenders have raised Rs 74,256 cr

Bank guarantee waiver for telecom operators comes with conditions

Additional 3 months' instalment along with annual payments to be paid

Indian banks write off Rs 1.7 trillion in loans in FY24, shows govt data

Loan write-offs by banks in FY24 are the lowest in the last five years

Delegates of 18 nations join RBI conference for Global South central banks

Delegates from 18 countries, including central bank governors, deputy governors and other central bank officials from the Global South, attended a two-day high-level policy conference that concluded on Friday. High-Level Policy Conference of Central Banks from the Global South was organised here as part of the commemoration of the Reserve Bank of India's 90th year since its establishment. In his keynote address, RBI Governor Shaktikanta Das highlighted that maintaining overall stability, which includes sustained growth, price stability, and financial stability, is a daunting challenge for the countries of the Global South amidst global spillovers, external sector imbalances, limited fiscal space, elevated debt levels and continuing financial market volatility. Central banks need to work towards more robust, realistic and nimble policy frameworks that use monetary, prudential, fiscal and structural policies synergistically to achieve better societal outcomes, he added. RBI Deputy ..

Govt. push for re-KYC, Banks seek governance reform, Interest rates, HSBC India, & Bima Sugam project

Government push for re-KYC completion Private banks seek governance reform Affordable interest rates a priority HSBC India expands amid market shift Bima Sugam project’s capital requirement rises

Be vigilant for concentrations in biz models: RBI Guv Das to bank boards

Says need to curb unethical practices such as mis-selling of products

Panel Discussion: What Gift City offers to banks, insurance firms and asset managers | BFSI Summit

Business Standard BFSI Insight Summit brings together thought leaders from India’s financial landscape, including regulators, leading banks, NBFCs, mutual funds, and insurance companies.

Panel Discussion: A case for increasing coverage? BFSI Insight Summit 2024

Business Standard BFSI Insight Summit brings together thought leaders from India’s financial landscape, including regulators, leading banks, NBFCs, mutual funds, and insurance companies.

Panel Discussion: Coming out of the shadow of banks? | BFSI Insight Summit 2024

Business Standard BFSI Insight Summit brings together thought leaders from India’s financial landscape, including regulators, leading banks, NBFCs, mutual funds, and insurance companies.

Multilateral banks crucial to financing fight against global warming

As climate change leads to a seemingly endless stream of weather disasters around the world, countries are struggling to adapt to the new reality. Preparing to better withstand hurricanes, floods, heat waves, droughts and wildfires will take hundreds of billions of dollars. And then there is confronting the root cause of climate changethe burning of fossil fuels like coal, gasoline and oilby transitioning to clean energies like wind and solar. That will take trillions of dollars. Enter climate finance, a general term that means different things to different people but boils down to: paying for projects to adapt to and combat the cause of climate change. Financing related to climate change is especially important for developing countries, which don't have the same resources or access to credit that rich countries do. International mega banks, funded by taxpayer dollars, are the biggest, fastest-growing source of climate finance for the developing world. Called multilateral developme

BS BFSI Summit: Banking experts emphasise customer vigilance on cyber fraud

Banking industry leaders highlight growing cybersecurity challenges and customer education efforts while speaking with Manojit Saha at Business Standard BFSI Insight Summit