Page 34 - Banks

ED raids Kandala Service Cooperative Bank in southern Kerala district

The Enforcement Directorate (ED) on Wednesday carried out a raid at a services cooperative bank in this southern Kerala district. The ED raided the Kandala Services Cooperative Bank near Kattakada here following reports of alleged irregualarities of several crores at the bank. Raids were also carried out by ED at several other locations connected with the bank. The ED raid which began early in the morning was still underway, police sources confirmed.

BoB's former chief digital officer Akhil Handa says he was not terminated

On October 31, 2023, BoB, in a filing with BSE, had said that Kadgatoor Sheetal Venkatesmurt will handle this charge in addition to her role as head of digital channels and operations

BoB Q2 result: Net profit up 28.4% to Rs 4,253 cr, led by loan growth

To slash personal loan growth pending portfolio review; CDO terminated in 'bob World' fiasco

Bank of Baroda terminates key official after mobile app deficiencies

"We have taken action on a large set of people on the field," managing director and chief executive officer Debadatta Chand told reporters. He did not specify the nature of the action

Uco Bank realigns growth strategy with focus on profitable lending

State-owned lender UCO Bank is implementing a strategic shift in its growth plan, concentrating on the pursuit of a "profitable" corporate loan portfolio expansion while identifying retail, MSME, and agriculture as its key drivers of growth in the coming quarters. This shift in perspective concerning the bank's corporate loan portfolio coincides with the delayed rate cut expectations, attributed to global inflation and geopolitical uncertainties. Furthermore, the bank has adopted a less aggressive approach to term deposits, choosing to prioritise CASA accounts to manage its cost of funds. It intends to utilise its surplus Statutory Liquidity Ratio (SLR) deposits to fuel its growth initiatives, according to a senior bank official. The bank presently holds an excess SLR of Rs 23,400 crore. "We are not chasing corporate loan growth merely for the sake of expansion. Our focus is on sustainable and profitable growth," UCO Bank MD and CEO Ashwani Kumar said. Addressing a post-results .

Bank of India Q2 PAT jumps 52% to Rs 1,458 cr as asset quality improves

The state-owned bank experienced a 6 per cent decline in net profit on a sequential basis

SBI Q2 results: PAT up 8.03% to Rs 14,330 cr on robust NII growth

SBI reports steady growth in net interest income, dip in credit costs boost profits

AePS Scam: Here are the things you need to do if you are a victim of fraud

If you are a victim of an AePS scam, there are a few things you need to do immediately to protect your money

Bank Holidays in November 2023: Banks to remain shut for 15 days next month

The Reserve Bank of India has released the list of bank holidays in November month. Banks will remain closed for 15 days. However, online service, UPI transactions will continue to work seamlessly

BS BFSI Insight Summit: Banks can't be technology companies, say CEOs

Banks have a great deal to learn from technology companies in terms of improving the way that business is conducted, they added.

BS BFSI Summit: SFB chiefs call for building services to become universal

At BS BFSI Summit 2023, Ittira Davis, MD and chief executive officer (CEO) of Ujjivan Small Finance Bank, said, there is a roadmap right now indicating the eligibility to become universal banks

BFSI, oil & gas sectors key drivers of India Inc earnings as IT slips

A slowdown in the IT services sector is expected to impact the growth of overall corporate earnings in the coming quarters

RBI allows DCCBs to wind-up branches without prior notice to central bank

The RBI on Monday said District Central Co-operative Banks are allowed to close their un-remunerative branches without prior permission of the central bank, though a nod will be needed from the Registrar of Cooperative Societies of the respective state. The decision to close down branches should be taken by the Board after taking into account all the relevant factors and should be properly recorded/minuted in the proceedings of the Board meeting, the Reserve Bank of India said in a circular. "The bank should give two months notice in advance to all existing depositors/ clients of the branch through press release in local leading newspapers as well as communicate to each constituent of the branch, well in advance of the closure of the branch," it said. Also, the District Central Co-operative Bank (DCCB) should return the original licence/s issued for the closed branch to the Regional Office concerned of the Reserve Bank. However, DCCBs will not be allowed to close branches if ...

Axis Bank Q2FY24 result: Net profit up 10% at Rs 5,864 crore, NII up 19%

Axis Bank's gross non-performing assets (NPAs) stood at 1.73% as compared to 1.96% in the previous quarter

Former Barclays banker Ashok Vaswani to head Kotak Mahindra Bank

The RBI has approved the appointment of Vaswani as the Bank's MD and CEO for a three-year period from date of taking charge which shall not be later than January 1, 2024

ICICI Bank Q2 net profit rises 35.8% on lower provisioning, higher income

Bank reported 23.81% increase in net interest income

Kotak Mahindra Bank Q2 results: Net profit up 24%, aided by improved NIMs

The net interest income increased 23% to Rs 6,297 cr from Rs 5,099 cr a year ago

IDBI Bank Q2 results: Net profit jumps 60% to Rs 1,323 cr on declining NPAs

IDBI Bank on Saturday reported a 60 per cent rise in net profit to Rs 1,323 crore for the second quarter ended September 30 on the back of a fall in bad loans. The private sector lender controlled by India's largest insurer LIC had posted a net profit of Rs 828 crore in the year-ago period. The total income in the September quarter increased to Rs 6,924 crore over Rs 6,066 crore a year ago, IDBI Bank said in a regulatory filing. The interest income grew to Rs 6,035 crore during the period under review from Rs 4,978 crore in the corresponding quarter a year ago. The bank's asset quality improved significantly with its gross non-performing assets (NPAs) declining to 4.90 per cent of the gross advances as of September 30, 2023, against 16.51 per cent at the end of September 2022. Its net NPAs fell to 0.39 per cent as compared to 1.15 per cent in the same quarter a year ago. The bank's Capital Adequacy Ratio increased to 21.26 per cent from 19.48 per cent at the end of the same quart

Kotak Mahindra Bank gets RBI approval to acquire MFI Sonata Finance

The shares of Kotak Mahindra Bank closed 1.8% higher at Rs 1769.55 on BSE Ltd while the broader index was down 0.35%

Central Bank of India Q2 results: Net profit jumps 90% to Rs 605 crore

State-owned Central Bank of India on Friday reported a 90 per cent jump in net profit to Rs 605 crore for the September quarter on a healthy growth core income and a fall in bad loans. The bank had posted a net profit of Rs 318 crore in the year-ago period. During the quarter, total income rose to Rs 8,412 crore from Rs 7,065 crore a year ago, Central Bank of India said in a regulatory filing. Interest income during the September quarter grew to Rs 7,351 crore as against Rs 6,155 crore in the year-ago period. Net Interest Income (NII) grew 10.23 per cent to Rs 3,028 crore in the second quarter of the current fiscal as against Rs 2,747 crore a year ago. Gross non-performing assets (NPAs) reduced to 4.62 per cent of gross advances as of September 30. Net NPAs were also brought down to 1.64 per cent as compared to 2.95 per cent in the same period previous fiscal. As a result, provision and contingencies declined to Rs 967 crore as against Rs 1,125 crore in the same period a year ..