Page 17 - Banks

FinMin seeks comments from sponsor banks on proposed RRB amalgamation

The proposed document said the RRB with the largest business (total deposits and advances) among the amalgamating RRBs in a state would be the transferee RRB in that state

PSBs, financial institutions monetise Rs 4.5 crore through scrap disposal

Public sector banks (PSBs) and financial institutions have realised Rs 4.5 crore through scrap disposal during one month-long special campaign with a special focus on minimising pendency and institutionalising Swachhata from October 2-31, 2024. The Department of Financial Services (DFS) launched Special Campaign 4.0 with special impetus on better space management, customer-centric initiatives, making the environment clean and green, record management and disposal of scrap, an official statement from the finance ministry said. All the organisations of DFS, PSBs, Public Sector Insurance Companies and other Public Sector Financial Institutions like NABARD, SIDBI, EXIM Bank, NHB, IIFCL etc. actively participated in the Special Campaign 4.0. The DFS achieved 100 per cent disposal of all identified Public Grievances, Public Appeals, PMO references and MP references, it said. As much as 11.79 lakh square feet of space has been freed and revenue of Rs 4.50 crore has been earned through scr

Diwali 2024 bank holiday today: Check if your bank is open on Nov 1

Bank holiday today: Many states will have banks closed on November 1 for Laxmi Pujan, Kut, Kannada Rajyothsava, and Govardhan Pooja, depending on the state

HSBC's third-quarter profit tops estimate, launches $3 bn buyback

HSBC's revenue grew 5 per cent in the quarter ended September to $17 billion from a year earlier, with volatile market conditions supporting higher customer activity in wealth products

China launches new lending tool to inject liquidity, support credit flow

In a separate statement announcing the new facility, the PBOC said it would use it to trade with primary dealers in OMO on a monthly basis

Banks, NBFCs' credit growth to see steady slowdown in FY25, says ICRA

Regulatory warning, tight funding influence strategy

US can prosecute Turkish bank in Iran sanctions case, rules appeals court

US prosecutors charged Halkbank in 2019 over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions

Meet Pam Kaur: HSBC’s first-ever female CFO in its 160-year history

For the first time in 160 years, HSBC Holdings has appointed Pam Kaur as its Chief Financial Officer (CFO) on October 22, marking a historic moment for the global banking giant.

Private banks leading AI adoption in banking services, says RBI study

Says AI likely to make banking services accessible to population at bottom of the pyramid

Norwegian bank DNB to buy Sweden's Carnegie from Altor for $1.14 bn

DNB said in a statement it expected to finalise the all-cash acquisition, which is subject to official approvals, in the first half of 2025

European banks under investor pressure to keep earnings growth alive

Bank share prices have broadly delivered a double-digit rise this year, driven by stock buyback programmes

'UCO Bank recovers Rs 414 cr bad loans through NCLT mechanism in Q2FY24'

UCO Bank has recovered Rs 414 crore from 26 accounts through the NCLT mechanism during the second quarter of the current fiscal, an official said on Sunday. Of the recovered amount, Rs 393 crore came from 14 accounts resolved, and Rs 21 crore from 12 under liquidation, he said. "During the July-September quarter, Rs 414 crore was recovered from resolution and liquidation combined. Recovery through the resolution process during the period was Rs 393 crore, significantly higher than the year-ago figure of Rs 82 crore and the June quarter's Rs 34 crore," a senior bank official told PTI. Recovery under the National Asset Reconstruction Company Ltd (NARCL) -- the government-backed bad bank -- during the quarter was negligible, with only one account worth Rs 4 crore resolved, he said. As of September 30, 2024, UCO Bank had exposure to 238 accounts, referred to the Insolvency and Bankruptcy Code (IBC) process, totalling Rs 18,163 crore, the official said. By the end of September 2024, th

Finmin considers proposal to raise posts of Chief General Managers in PSBs

The finance ministry is considering a proposal to raise the posts of Chief General Managers in public sector banks in view of their increasing business and profitability. As per existing government guidelines, there can be one Chief General Manager (CGM) for four General Managers in a public sector bank (PSB). These guidelines were issued in 2019 and since then there has been marked improvement in performance of PSBs despite the pandemic, sources said. Business of PSBs have witnessed significant growth and consequently they booked record profit, sources said, adding the Department of Financial Services under the Finance Ministry is reviewing CGM positions for achieving the next level of growth by PSBs. The decision to relax the guidelines would be taken after thorough examination and considering the need for furthering their business expansion, sources said. The CGM post was created in 2019, after the merger of 10 nationalised banks to four large lenders. CGMs act as an administra

RBI bars four non-bank lenders from issuing loans for breaching norms

The ban on Asirvad Micro Finance, Arohan Financial Services, DMI Finance and Navi Finserv is effective from the close of business on Oct. 21, the Reserve Bank of India (RBI) said

ECB cuts interest rates as expected, says well on track to tame inflation

"The incoming information on inflation shows that the disinflationary process is well on track," the ECB said in a statement

Goldman Sachs profit beats estimates as bond sales boost investment banking

The Wall Street giant's gains echoed those at rival JPMorgan Chase and Citigroup, which also cashed in on debt and equity offerings as clients' economic confidence improved

China's new lending in September rises less than expected despite stimulus

Top Chinese leaders also pledged to deploy "necessary fiscal spending" to meet this year's growth target of around 5%

ECB set to deepen global easing with interest rate cut it didn't expect

US reports will offer a sense of how much momentum consumers, manufacturers and homebuilders had approaching the final quarter of the year

Big US banks say consumers are still strong, despite economy fears

Speaking to reporters, Wells Fargo chief financial officer Michael Santomassimo said spending on credit and debit cards, while down a little from earlier this year, was still "quite solid."

Group representing business correspondents seeks raise, writes to govt

Model is critical for financial inclusion but commissions have not been revised 'in a decade'