Page 29 - Banks

RBI tweaks rules to standardise filing of supervisory returns by banks

Previously, banks had to submit all audited returns to the RBI within seven days from the date of the completion of statutory audit of books of accounts

Maruti Suzuki, Union Bank of India partner for dealer financing solutions

Maruti Suzuki India on Tuesday said it has inked an initial pact with Union Bank of India for dealer financing solutions. The tie-up enhances the comprehensive inventory funding options for over 4,000 Maruti Suzuki sales outlets across the country, the auto major said in a statement. MSI (Maruti Suzuki India) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said the automaker takes great care in nurturing its dealer network. "We proactively align our efforts in meeting the evolving demands of customers and the market, " he added. The company's partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 3,00,000 car finance cases till date, Srivastava said. "As a next milestone of our association, we are entering into an inventory funding Memorandum of Understanding (MoU) which will focus on innovative financing solutions for dealer partners," he added. Union Bank of India Managing Director & CEO

Maha company booked for giving Rs 1 cr fake bank guarantees to civic body

A case has been registered against a representative of a company in Maharashtra's Latur district for allegedly giving fake bank guarantees of more than Rs 1 crore to the Panvel Municipal Corporation for securing contracts of maintenance projects, police said on Tuesday. Between November 17, 2022 and February 26, 2024, the engineering company was awarded contracts for the maintenance, repair and renovation of all public toilets within the Panvel Municipal Corporation limits and for the repair and renovation of sewage pipelines in Kharghar area of Navi Mumbai, an official from Panvel town police station said. The contracts required the company to furnish bank guarantees of Rs 1,32,63,229. During verification by the civic body, the bank guarantees were found to be fake, the official said. Based on a complaint by the civic body's sanitation department chief, a case was registered on Monday against the company's representative under various Indian Penal Code sections for cheating and ...

Banks to continue investing in physical branches; limits in digitisation

Despite the competition for savers' funds, fueled by the rise of mutual funds and other alternative investment options, banks realise the need for a physical presence to attract customers

EU carbon border tax will do little to cut emissions, says ADB report

It was designed to level the playing field and make foreign suppliers pay the same carbon price as domestic ones, even if they are not subject to an ETS or carbon tax at home

Jack Ma-backed Ant outbids Citadel Securities for Credit Suisse's China op

UBS is struggling to attract interest in the unit from global firms because of escalating geopolitical tensions, a crackdown on bank data flows and the struggling economy

Citigroup hires JPMorgan's Viswas Raghavan as head of banking, exec VC

Raghavan, who is expected to start at the bank in summer, will also join the firm's executive management team and report directly to Fraser, Citigroup said in an internal memo Monday

CBI court convicts Bank of Baroda manager after 27 years of chargesheet

A special CBI court in Mumbai has convicted a manager of the Bank of Baroda in two separate cases after 27 years of charge sheet for causing a total loss of over Rs 15 crore to the bank, officials said on Monday. The CBI had charge-sheeted Ramchandra Shridhar Joshi, then Chief Manager posted in Walkeshwar Road Branch, Mumbai, in 1996 in two cases -- for causing loss of Rs 10.50 crore and Rs five crore -- by fraudulently diverting bank's money to accused conspirators, the agency said in a statement. The central probe agency had taken over the probe in 1994 and had filed a charge sheet in both cases in 1996, it said. After the completion of the trial, the special CBI court sentenced him to under two years rigorous imprisonment with a fine of Rs three lakh in the first case and one year imprisonment with a fine of Rs 1.37 lakh in the second case. "The case against two charge sheeted accused was abated due to their death during trial while another accused was discharged," a CBI ...

Bank of England builds 'proactive case' to regulate non-banking sector

A central banker said that one way to overcome this would be to use capital and liquidity rules to influence how banks, which central banks regulate, interact with non-banks

Canara Bank board approves 5-for-1 stock split to increase affordability

The lender would need two months to get an approval for the stock split from the Reserve Bank of India, it said in an exchange filing

Paytm likely to partner with four banks for enabling UPI transactions

The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app

Banks, post offices to help ECI step up voter education ahead of LS polls

Lok Sabha elections: The initiative is part of the Election Commission of India (ECI)'s ongoing efforts to increase electoral awareness across the country

Ahead of LS polls, EC ropes in banks, post offices to spread awareness

The Election Commission on Monday roped in banks and post offices to spread voter awareness as part of its efforts to increase voting percentage in the upcoming Lok Sabha polls. The poll panel has often expressed concern over urban and youth apathy with many registered voters not turning up at the polling stations to cast ballot in the previous elections. Over 30 crore of the 91 crore electors did not cast their ballot in the previous parliamentary polls. The Election Commission (EC) on Monday signed a memorandum of understanding (MoU) with two prominent organisations -- the Indian Banks' Association (IBA) and the Department of Posts (DoP) -- to amplify its voter outreach and awareness efforts ahead of the Lok Sabha elections. The initiative, the poll panel said, is in continuation of its efforts to enhance electoral awareness in the country. The EC had recently signed an MoU with the Ministry of Education to formally integrate electoral literacy into the educational curriculum of

RBI lifting curbs on forex non-deliverable forward arbitrage by banks

Arbitrage trades allow investors to benefit from the price differences of securities in different markets but can exaggerate price trends

RBI allows banks, non-banks to issue PPIs for public transport systems

The regulator amended guidelines for prepaid payment instruments for mass transit systems (PPI-MTS). It said such PPIs can be issued without Know Your Customer (KYC) verification of the holders

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.