Page 29 - Banks

Jana SFB Q3FY24 results: Net profit rises 12.82% to Rs 134.64 crore

Its net interest income rose by 24.4 per cent Y-o-Y to Rs 548.5 crore in Q3, up from Rs 440.8 crore in Q3 FY23

RBI to conduct 13-day VRR auction to infuse Rs 1 trillion on Friday

Despite the slew of VRR auctions being conducted by the RBI since February 8, the persistent liquidity deficit in the banking system has been largely around Rs 2 trillion in the period

Govt planning to standardise 'know your customer' norms for banking checks

Wednesday's statement made no direct reference to Paytm Payments Bank, saying only the FSDC discussed Know Your Customer (KYC) norms

HSBC posts 25% rise in profit from India operations to $1.5 bn in 2023

HSBC Group on Wednesday posted a 25 per cent increase in profit from India operations to USD 1.5 billion for the financial year ended December 2023. The bank, which follows the calendar year as its fiscal, had earned a profit of USD 1.2 billion in 2022, HSBC said in its annual report for 2023. Countries, including India, Singapore, and Saudi Arabia, are the growing markets for the bank, it said. This was again evident as all of them reported a significant increase in profits in 2023, with mainland China (excluding associates), India, and Singapore each contributing in excess of USD 1 billion of profits to the group, it said. HSBC aims to continue growing its wholesale franchise by taking advantage of corporate supply chains in India, as per the annual report. The bank is also tapping into the wealth pools of the Indian diaspora with the launch of onshore Global Private Banking, it said. HSBC, which has 42,000 employees in India operations, said the economies of south and southeas

Union Bank plans to raise Rs 3,000 cr, fixes floor price at Rs 142/share

State-owned Union Bank of India on Tuesday approved a Rs 3,000 crore share sale proposal to fund its business growth. The Committee of Directors for Raising Capital Funds, in its meeting held on Tuesday, cleared the proposal for raising of funds for an amount not exceeding Rs 3,000 crore through the issue of equity shares via Qualified Institutions Placement (QIP), the bank said in a regulatory filing. This is subject to the requisite regulatory or statutory approvals, it said. The committee also approved the floor price of Rs 142.78 per equity share for the issue, it said. The bank may offer a discount of not more than 5 per cent on the floor price to be decided in consultation with the book-running lead managers, it added. The decision for allotment of shares to Qualified Institutional Buyers to be taken on February 23, 2024, by the Committee of Directors for Raising Capital Funds, it added.

Barclays focuses on Britain; cost cuts, buybacks to win over investors

The bank's first strategy update in almost a decade marks an inflection point for Venkat as he tries to improve returns after a period of management turmoil and underwhelming results

K'taka Dy CM calls for regaining banking legacy which has disappeared

He further urged Karnataka Bank to think about how to improve the region and to give a report to the government on what can be done regarding this, you have our full support

Banks to conduct performance review of advocates to fast-track DRT cases

Banks will conduct periodical review of the performance of empanelled advocates at debt recovery tribunals (DRTs) and rationalise the cases assigned to them based on performance, the finance ministry said on Saturday. This is part of the issues discussed at a conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) chaired by Department of Financial Services Secretary Vivek Joshi. The meeting was also attended by senior officers from the public and private sectors banks; chief executive officer (CEO), Indian Bank Association (IBA); and senior officers from the Ministry of Finance and Insolvency and Bankruptcy Board of India (IBBI). The conference also discussed that DRTs and DRATs would take all possible steps to reduce pendency at various stages through strict monitoring. Several suggestions regarding changes and amendments in Debts Recovery Tribunal Regulations, SARFAESI Act and RDB Act discussed to make the

Margin gains propel India Inc's Q3 profit despite revenue slowdown

The combined earnings were, however, up only marginally from Rs 3.15 trillion reported in Q2FY24 as well Q4FY23

Banks should be mindful of legal, cyber risks emanating from AI: RBI dy guv

The banking sector and players in the space should be mindful of legal and cyber risks, and skill gaps emanating from Artificial Intelligence (AI), RBI Deputy Governor T Rabi Sankar has said. "With the adoption of AI and GenAI, laws are to be redefined. Industry needs to note that Digital Personal Data Protection (DPDP) Act rules are going to come soon, and banks may be in violation of some of it so it's important to start preparing for it," he said. Addressing the 19th Annual Banking Technology Conference organised by the Indian Banks' Association (IBA) in Mumbai on Friday, he called upon banks to think of customer convenience and provide services accordingly. "When rules are made by us, we need to think of making it convenient for customers and keep improving continuously," he said. Every new technology has erased few jobs but created newer ones, he said, adding that skilling and reskilling of the work force is a must. NaBFID Chairman K V Kamath said what he had predicted 20 yea

Indian Overseas Bank to open 88 new branches this year: MD Srivastava

Public sector Indian Overseas Bank has drawn up expansion plans to open 88 new branches during the year commemorating the 88th Foundation Day celebrations, a top official said on Saturday. The Chennai-headquartered bank marking the occasion unveiled RuPay Credit Card variants, IOB Freedom Savings and Current Account Variant and Digital Documents Execution for online locker agreements. After paying rich tributes to the late M Ct M Chidambaram Chettiyar, who founded the bank on this day in 1937, the bank's Managing Director Ajay Kumar Srivastava said they plan to open 88 new branches during the year. "This bold expansion initiative underscores the bank's unwavering dedication to offering comprehensive financial services, thereby fostering economic vibrancy and inclusivity in communities spanning the length and breadth of the nation," he said. Meanwhile, Indian Overseas Bank said it has increased the interest rates on Rupees Retail Term Deposits for 444 days by 20 basis points with ..

Bankers laud RBI's step to maintain status quo on rates as balanced policy

Bankers on Thursday welcomed the Reserve Bank of India's decision to maintain status quo on rates as a 'balanced' one which keeps in mind both the inflation challenge as well as the growth needs of the economy. "The Monetary Policy Committee (MPC) decision to hold rates and stance was expected but the set of regulatory decisions holds out a pragmatic and steadfast approach in the quest for digital robustness, customer centricity and price discovery," SBI's chairman Dinesh Khara said. State-owned Indian Bank's chief S L Jain welcomed the policy announcement as a balanced call. "By keeping interest rates unchanged and sticking to its current policy stance, MPC aims to strike a balance between supporting economic growth and managing inflationary pressures. "This approach is essential in navigating the complex and changing global economic landscape, ensuring that the economy remains resilient and adaptable to future challenges," Jain added. Foreign lender Standard Chartered Bank's ..

Suryoday Small Finance Bank Q3 results: Profit rises 3-fold to Rs 57 cr

Suryoday Small Finance Bank on Thursday reported an over three-fold jump in net profit to Rs 57 crore in the third quarter ended December 2023, aided by higher core income and reduction in bad loans. The bank had earned a net profit of Rs 18 crore in the same quarter a year ago. Its total income increased to Rs 463 crore in the quarter against Rs 317 crore in the year-ago period, Suryoday Small Finance Bank said in a regulatory filing. The interest income improved to Rs 411 crore from Rs 292 crore in the same quarter of the previous financial year. Net interest income (NII) increased 34 per cent to Rs 246 crore from Rs 183 crore in the same quarter a year ago. The Gross Non-performing Assets (NPAs) of the bank declined to 2.9 per cent as compared to 4.2 per cent at the end of December 2022. Similarly, net NPA also came down to 1.4 per cent from 2.7 per cent recorded in the third quarter of previous fiscal. As a result, provisions and contingencies declined to Rs 38 crore as comp

RBI clampdown on Paytm Payments Bank followed persistent non-compliance

"When such constructive engagement does not work or when the regulated entity doesn't take effective action, we go for imposing supervisory or business restrictions," Guv Das said

Capital Small Finance Bank mobilises Rs 157 crore from anchor investors

Capital Small Finance Bank on Tuesday collected Rs 157 crore from anchor investors a day before its initial public offering. The bank has allocated 33.53 lakh equity shares to 19 funds at Rs 468 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website. Those who participated in the anchor round are Whiteoak Capital Fund, LC Pharos Multi Strategy Fund, Nippon Life India Trustee Ltd, 360 One Fund, Edelweiss Tokio Life Insurance Company, HDFC Life Insurance Company and ICICI Prudential Life Insurance Company. The Rs 523 crore-IPO of Capital Small Finance Bank consists of Rs 450 crore of fresh issue and the remaining Rs 73 crore of Offer For Sale through which promoters and external investors will dilute 5 per cent of their pre-issue holdings. Those selling shares in the OFS include Oman India Joint Investment Fund II, American Capital and Amicus Capital Private Equity. The bank's maiden public issue, with a price band of Rs 445-468 per

RBI cancels licence of Jai Prakash Narayan Nagari Sahakari Bank

The RBI has cancelled the licence of Jai Prakash Narayan Nagari Sahakari Bank Basmathnagar, Maharashtra, as the lender, with its present financial position, would be unable to pay its present depositors in full. The Commissioner for Co-operation and Registrar of Cooperative Societies, Maharashtra, has been requested to issue an order for winding up the bank and appoint a liquidator, the RBI said in a statement on Tuesday. On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC). As per the data submitted by the bank, about 99.78 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC, the Reserve Bank said. As of September 21, 2023, DICGC has already paid Rs 23.89 crore of the total insured deposits based on the willingness received from the concerned depositors of the bank. Giving ...

Finance ministry asks banks to expeditiously resolve issues of exporters

The finance ministry on Monday asked banks and insurance companies to expeditiously resolve issues of exporters and facilitate overseas trade. The meeting chaired by Financial Services Secretary Vivek Joshi was attended by senior officers from the Ministry of External Affairs, the Department of Commerce and the Ministry of Finance. They discussed issues faced by exporters and importers. During the meeting, Joshi advised banks to classify issues faced by them in different categories and indicated that they may consider seeking necessary regulatory guidance from the RBI and also develop a standard operating procedure through the Indian Banks Association (IBA), an official statement said. Functionaries of the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDAI), the chairman of the State Bank of India (SBI) and senior executives of major commercial banks were also part of the meeting. Insurance related issues faced by traders were discussed with .

Paytm working with other banks for continuity of UPI services on its app

UPI service on Paytm will continue to work as normal as the company is working with other banks to make changes in the back-end for continuity of its services, the fintech firm said on Monday. Paytm UPI service falls under the Paytm Payments Bank, which was recently restrained by the Reserve Bank of India from taking money from customers after February 29. "UPI on Paytm will continue to operate as normal. We are working in the back end to connect with other banks to ensure seamless continuity of service. Users are not required to do anything additional," a Paytm spokesperson said. According to the National Payments Corporation of India (NPCI), PPBL was the top UPI beneficiary among banks in December, with 283.5 crore transactions it received during the month. It had remitted 41 crore transactions in the period. Customers made 144.25 crore transactions on the Paytm Payment Bank App worth Rs 16,569.49 crore in December. Paytm's Bharat Bill Payment Operating Unit (BBPOU) business als

Asian Development Bank appoints Mio Oka as country director for India

Asian Development Bank (ADB) on Monday appointed Mio Oka as its country director for India. He will succeed Takeo Konishi who has been promoted as ADB Director General for South Asia at the Manila headquarters. Oka will take charge of steering ADB operations in India and fostering relations with the government and the country's other development partners, ADB said in a statement. She will lead the implementation of ADB's country partnership strategy, 20232027 that is designed to catalyse robust, climate-resilient, and inclusive private sector-led growth in India, it said. This will be achieved through accelerated structural transformation and job creation, promotion of climate-resilient green growth, and enhanced social and economic inclusiveness, it added. Since the start of its country operations in 1986, ADB has been a steadfast partner in supporting India's development goals and economic growth. "ADB remains committed to bolster India's inclusive and green growth momentum thr

Citi sees opportunity in US bank stocks to 'play offense' after turmoil

In CRE, the exposure to office loans has been the primary concern for investors, but such loans only make up for 1% to 4% of the total for banks under Citi's coverage, Citi said