Page 27 - Banks

Defunct SVB Group to sell Indian subsidiary to First Citizens Bancshares

SVB Financial Group is currently seeking approval from a bankruptcy court, with a hearing scheduled for April 9. The company anticipates that the transaction will close after this hearing

RBI directs all bank branches dealing in govt biz to remain open on Mar 31

The Reserve Bank of India (RBI) on Wednesday advised banks to keep its branches dealing with government business to remain open on March 31. The last day of the current financial year is a Sunday. "The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself," the RBI said in a statement. Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday), it said.

Bankrupt airline Go First's bidder ups bid following nudge from banks

Go First, which filed for bankruptcy in May last year, received two financial bids as part of its bankruptcy process, the second being Sharjah-based Sky One Airways, Reuters had reported

UBS Group moves past $100 billion a year after Credit Suisse shock

Overnight, the client funds managed by its wealth unit jumped by about one-fifth to $3.4 trillion at the time.

Public-sector banks asked to submit three-year business plans by March-end

According to the finance ministry's order, the business plans should cover strategies related to increasing low-cost deposits, raising capital, and resolving bad loans, among other things

Banks asked to check mis-selling, safeguard customers' interest: DFS Secy

Financial Services Secretary Vivek Joshi has said that public sector banks have been asked to check mis-selling of insurance products and ensure protection of account holders' interest. Banks have been sensitised on the matter, as the Department of Financial Services (DFS) regularly gets complaints that fraudulent and unethical practices are being adopted by banks and life insurance companies for procuring policies from the bank customers, he told PTI in an interview. "Banks have been asked to give utmost importance to the interest of account holders," he said. There have been instances where life insurance policies were sold to customers aged above 75 years in tier-II and III cities. Usually, banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly admit that they are under pressure from the top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. It is also conveyed that the Centr

5 PSU banks to reduce govt shareholding to meet Sebi's MPS norms: DFS Secy

Five public sector lenders, including Bank of Maharashtra, IOB and UCO Bank are planning to reduce government stake to less than 75 per cent to comply with Sebi's minimum public shareholding (MPS) norms, Financial Services Secretary Vivek Joshi has said. Out of 12 public sector banks (PSBs), four were complying with MPS norms as on March 31, 2023. "As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year. Remaining five PSBs have laid out action plans to meet MPS requirement," he told PTI in an interaction. Currently, government holding in Delhi-based Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based Indian Overseas Bank at 96.38 per cent, UCO Bank 95.39 per cent, Central Bank of India 93.08 per cent, Bank of Maharashtra at 86.46 per cent. As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent. However, the regulator had given .

RBI imposes Rs 1.4 crore penalty on Bank of India for non-compliance

The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with certain directions. The penalty on Bank of India has been imposed for non-compliance with the RBI's directions related to 'interest rate on deposits', 'customer service in banks', 'interest rate on advances', and contravention of provisions of Credit lnformation Companies Rules, 2006. The RBI said statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as on March 31, 2021 and March 31, 2022. Meanwhile, the RBI also said a penalty of Rs 13.60 lakh has been imposed on Indostar Capital Finance Ltd for non-compliance with the 'Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016' and with certain provisions of KYC directions. In all cases, the penal

RBI tells 2 banks to stop adding new customers to co-branded credit cards

RBI directed South Indian Bank and Federal Bank to stop adding new customers to their co-branded credit cards, the lenders did not disclose the reasons cited by the central bank

Banks' lending rate hit 46-month high in Jan; for fresh deposits in Aug

The weighted average lending rate by scheduled commercial banks on fresh loans increased to 9.45 per cent in January 2024 compared to 9.32 per cent in December 2023

Global banking watchdog to crack down on 'window dressing' by big banks

The rules were introduced a decade ago after many lenders were bailed out by taxpayers in the global financial crisis

BoB announces special offers for female account holders on Women's Day

State-owned Bank of Baroda on Thursday announced special offers for its women account holders on the occasion of International Women's Day. International Women's Day is celebrated on March 8. This offer is applicable for accounts, either a BoB Mahila Shakti Savings Account or a BoB Women Power Current Account, opened till June 30, 2024, and loan facilities availed till December 31, 2024, Bank of Baroda (BoB) said in a statement. These women-centric accounts come with a bundle of offers exclusively for women, including up to 25 basis points interest rate concession on retail loans (concession of 0.25 per cent on two-wheeler loans, 0.15 per cent on education loans, 0.10 per cent on auto loans, home loans and mortgage loan). Besides, there would be a complete waiver of processing charges on retail loans (including personal loans) and a 50 per cent discount on annual safe deposit locker charges, it said. "On this International Women's Day, we are pleased to extend our support to women

RBI tightens norms for credit, debit cards used with business accounts

Last month, the RBI had ordered Visa to stop using an unauthorized route to make business-to-business card payments which used fintech companies as an intermediary

85% of Paytm wallet users unaffected, rest to link apps to banks: RBI Guv

As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts. The deadline for linking the wallet attached with PPBL with other banks has been fixed for March 15, the governor said, ruling out any further extension. The time given up to March 15 is sufficient and there is no need for further extension, he said, adding that 80-85 per cent Paytm wallets are linked to other banks, and the remaining 15 per cent have been advised to move on to other banks. He said that the RBI has taken action against a regulated entity, which in this case is PPBL and has nothing against Fintech companies. Instead, Das stressed that the RBI favours innovation in the financial ...

Starting an FD? Check out the top rates offered by banks

If you are planning to invest, bank fixed deposits (FDs) are popular among investors seeking stable returns and capital preservation. Here's a list of rates offered by different types of banks.

Bank holiday on Mahashivratri 2024: Banks to remain shut for March 8

Bank holiday on Mahashivratri 2024: Mahashivratri is a very auspicious occasion when the devotees offer prayers to Lord Shiva, and Shakti. Check the full March holiday list here

Indian banks to enhance KYC standards with multi-level verification

Currently, passport, Aadhaar, voter card, NREGA card, PAN card, or driving licence are accepted as valid means to open a bank account

DoT's new CHAKSU portal to allow citizens to report fraudulent calls

A new Digital Intelligence Portal will help banks, agencies and telecom operators to share data on suspected fraud

Shah launches NUCFDC, sets target to establish urban co-op bank in all town

Cooperation Minister Amit Shah on Saturday launched the National Urban Cooperative Finance and Development Corporation (NUCFDC) and asked the umbrella body to set up one urban cooperative bank in each town. He also said urban cooperative banks should upgrade themselves to provide ATM facility, credit/debit cards, clearing system, maintain SLR (statutory liquidity ratio) limit and refinancing. NUCFDC has received the RBI approval to function as a non-banking finance company and a self-regulatory organisation for the urban cooperative banking sector. After launching NUCFDC, Shah said, "After 20 years, NUCFDC has been established. This is the need of the hour. I am happy the RBI has given approval for this." The minister said he felt the absence of an umbrella organisation when he had an opportunity to work with National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) when there was a crisis in Gujarat. Some urban cooperative banks would not have suffered losses i

Digitalisation needs banks to prioritise employee adaptability: RBI's Rao

He said investing in employee development is essential for financial institutions to thrive