Page 21 - Banks

Cracking the whip: Banks may face bigger fines for non-compliance

Current penalties may not act as effective deterrent: Experts

Indian Overseas Bank bags Rajbhasha Kirti Puraskar for 2nd consecutive time

Public sector Indian Overseas Bank has secured the Rajbhasha Kirti Pratham Puraskar first prize for the second consecutive year in the Official Language Implementation category for 2023-24 by the Ministry of Home Affairs. The recognition underscores the commitment of the city-headquartered bank in promoting the use of Hindi language and enhancing the implementation of official language policies across its operations. Union Home Minister Amit Shah presented the award to the bank's Managing Director and CEO Ajay Kumar Srivastava in New Delhi at a function to mark the Hindi Day Celebrations and the Diamond Jubilee of Official Languages, a press release from the Bank said. Indian Overseas Bank currently has 3,264 branches, 3,500 ATM network and 7,251 business correspondents. It also offers its service in Singapore, Hong Kong, Thailand and Sri Lanka. The Ministry of Home Affairs introduced the Rajbhasha Kirti Puraskar award scheme to encourage the implementation of the official language

Short-sellers may target banks with large CRE exposure: RBI governor Das

'We still have distance to cover,' Das says on inflation

RBI imposes penalty on BNP Paribas, 3 others for compliance lapses

The Reserve Bank of India on Friday said it has imposed a penalty of Rs 31.8 lakh on BNP Paribas (the bank) for certain deficiencies in statutory and regulatory compliance. The central bank has also imposed penalties on Hewlett Packard Financial Services (India), SMFG India Credit Company, and Muthoot Vehicle & Asset Finance for non-compliance with certain norms. In a statement, the RBI said the penalty has been imposed on the bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances'. Giving details, it said the statutory inspection for Supervisory Evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to BNP Paribas, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's

HDFC in talks with int'l banks to offload $1 bn in loans to cut credit book

The proposed loan portfolio sales, with terms yet to be finalised, would take place through a debt instrument known as pass through certificates, the people added

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