Page 20 - Banks

Reserve Bank to stick to higher digitally-linked deposit buffer proposal

In India, retail and small business accounts make up around two-thirds of deposits, of which more than 50 per cent are digitally accessible, Moody's estimates

Fada to approach lenders requesting caution while funding dealers

Dealers' body has written twice to SIAM raising alarm bells over unsold inventory which amounted to 70-75 days valued at Rs 77,800 cr in August

Several banks oppose draft LCR circular, say may affect loan growth

Claim it will impact retail deposits as 90% are digitally linked

Sanjeev Mehta quits Standard Chartered Bank, set to launch new venture

Sanjeev Mehta Sanjeev Mehta has stepped down as Standard Chartered Bank's managing director and head of transaction banking sales for corporate, commercial and institutional Banking for South Asia after a 17-year career at the bank. Mehta resigned in July this year with plans to launch a greenfield venture, a statement said on Friday. His departure from the bank comes at a time when the Indian financial landscape is undergoing rapid change, presenting both challenges and opportunities for new entrants, it said.

Banks to hire young graduates as apprentices in a month; pay Rs 5k stipend

Banks are mulling to hire graduates under 25 years of age as apprentices in a month, a top industry official said on Friday. Lenders will be paying a stipend of Rs 5,000 a month to such candidates who will get trained on a specialized skill set during the stint, industry lobby grouping Indian Banks Association's chief executive Sunil Mehta told PTI. The move follows a budget announcement by Finance Minister Nirmala Sitharaman, under which the government is targeting to provide internships at top-500 companies for up to 1 crore youth over the next five years. Explaining the banks' role in implementing the scheme, Mehta said, "There are a lot of areas where we don't need any skilled manpower for example marketing, recoveries. We can give them training in those areas and they can create employment for themselves." The candidates applying for apprentice should be a graduate between 21-25 years of age, should not be a taxpayer and must not possess a degree from top institutions like IIT

Adani Group in talks with global banks to sell $1.5 billion of dollar bonds

Proceeds would be used to refinance project debt, according to people familiar with the plans, who requested anonymity to discuss private details

Deposit mobilisation: Banks seek level playing field vis-a-vis mutual funds

Industry lobby group IBA wants govt and RBI to intervene

Long-term projects should be funded through debt market: Sanjiv Bajaj

Banks are ill suited to fund long term projects as there is a mismatch between assets and liabilities, he said

Bank holidays in September 2024: Check the full list before making a visit

Essential financial services will be functional through digital channels such as online platforms, ATMs, mobile banking apps, and bank websites

Regional Rural Banks evince interest in going public at meet with FM

"Through the IPO, we aim to enhance our credibility as a prestigious organization to be part of and worth investing in," said a senior executive of an RRB

Market correction may drive deposit growth for banks: SBI MD Tewari

Tewari said that the deposit and credit gap is expected to correct next year as per the SBI's research

MUFG Bank expects over 25% growth in India biz; to focus on large cos

Shashank Joshi, MUFG's deputy chief executive officer and head of global corporate and investment banking in India, said the bank has an exposure of about $15 billion in India

YES Bank removes financial market head Amit Surekha with immediate effect

Sources in the bank said the development does not have any bearing on the financial aspects of the bank. "It was a human resources department decision," a source said

Bank staff unions to raise old pension restoration issue with IBA

Banks, represented by IBA, and UFBU, representing employees and officers, had signed an MoU for wage revision in Dec 2023 and had agreed to continue discussions on residual matters, including pensions

Bank of China Prez Jin resigns for personal reasons with immediate effect

The state-owned lender said its board had approved Chairman Ge Haijiao to serve as acting president, according to a filing released by the bank on Sunday

Pak seeks $4 bn loan from West Asian banks to meet financial obligations

Cash-strapped Pakistan is in talks with banks in the Middle East to borrow approximately USD 4 billion to meet its external financial commitments for the current fiscal year, as part of the USD 7 billion Extended Fund Facility (EFF) currently pending for IMF's approval. Finance Minister Muhammad Aurangzeb and his team had a virtual meeting with Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank, on Thursday, the Dawn newspaper reported on Friday. On Wednesday, a similar interaction was held with Mashreq Bank President and Group CEO Ahmed Abdelaal. Both meetings had been arranged to discuss the economic outlook and explore investment opportunities in Pakistan. For the current fiscal year, Pakistan has pitched about USD 20 billion in foreign borrowing in the budget, besides another USD 3 billion rollover from the UAE that was reported separately for the balance of payments. With this much borrowing, Pakistan's reserves are estimated to grow to about USD 19-20 billion by the end of the

Bandhan Bank to make tailored products for women to raise customer base

Private lender Bandhan Bank on Thursday said it plans to raise the customer base of women by launching products specifically tailored for them. The bank launched a women-specific debit card in collaboration with Mastercard with facilities like accident insurance cover and discounts on locker rentals among others. The bank also launched a loyalty programme, 'Bandhan Delights', where customers across the bank can earn reward points. Managing Director and CEO (interim) of Bandhan Bank Ratan Kumar Kesh said that women had always played an important part in the journey of the lender which started as micro-finance institution (MFI). "With the launch of Avni debit card, women customers will have access to numerous benefits associated with this specific savings account," he told reporters. With a total customer base of around 3.49 crore customers, 73 per cent of which are women at 2.56 crore. Kesh said that this would help lower the cost of funds and increase the CASA ratio. Rajinder Ku

Amid slow deposit growth, PSBs urge govt to keep cash balances with them

Move to help lenders to gain low cost deposits

RBI asks banks to monitor credit-deposit gap to avoid liquidity issues

Indian banks' loans rose 13.7% as of July 26 from a year earlier, while deposits grew 10.6%, latest provisional data from the RBI showed

IDBI Bank increases interest rates on Utsav FD Scheme to peak 7.85%

Deposits with 444-day tenure will earn 7.85 per cent interest per annum, while those opting for a 375-day term can enjoy a 7.75 per cent annual return