Page 18 - Banks

'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'

Top banks, consultancies lead the charge at IIM Lucknow's summer placements

IIM Lucknow's 2024-26 Post Graduate Programme batch secured 576 offers across diverse sectors

Wells Fargo's profit falls on lower interest income in September quarter

The fourth-largest U.S. lender reported net income of $5.11 billion for the three months ended Sept. 30, compared with $5.78 billion a year earlier, it said on Friday

Banks' group entities cannot be used to circumvent guidelines: RBI

The central bank has made the suggestion in a draft circular on 'forms of business and prudential regulations for investments' released on Friday

Banks record a higher deposit growth rate in Q2 FY25 than Q1 FY25

Four out of five banks have recorded growth at least 2-3 per cent higher than the pace seen in the quarter ended June 2024

India, EU regulators in negotiations as October deadline on oversight looms

The Reserve Bank of India denied European Securities and Markets Authority's request to co-supervise Indian transactions, citing concerns over "extra-territorial reach"

Visa unveils platform for global banks to issue stablecoin, other tokens

The product is designed to let banks use their tokens within smart contracts for programmability

Meta, Australian banks show progress on taking down 'celeb bait' scam ads

The scams use images of famous people, often generated by artificial intelligence, to trick consumers into giving money to non-existent investment schemes

ECB will do anything to remove hurdles to bank mergers: Supervisory chief

The ECB, as the euro zone's top supervisor, will have the final say on whether UniCredit, Italy's second-largest bank, can raise its stake in its German rival to just below 30%

Trai relaxes URL whitelisting mandate for SMS to minimise disruptions

Trai reassured banks that only the static parts of URLs in SMS need whitelisting to avoid disruption fears

Holidays in Oct: Banks to remain closed for 15 days; details here

Essential financial services will be available through ATMs, mobile banking apps, bank websites

SFBs should adopt responsible lending practices: RBI DG Swaminathan

The boards are also expected to ensure a proper succession planning for top management