Page 38 - Banks

Tamilnad Mercantile Bank finalises three candidates for MD and CEO post

It was at the end of September that the bank's MD and CEO, Krishnan Sankarasubramaniam, resigned from the post, citing personal reasons

Banks, NBFCs need to be watchful of stress building up: Shaktikanta Das

'Banks and NBFCs must continue to do stress tests of their books,' RBI Governor Shaktikanata Das said on Wednesday

Banks to revalue McLeod Russel's gardens amidst falling tea price

Promoters of country's largest bulk tea producer had made OTS offer of Rs 1,030 cr to lenders last year against entire outstanding loan and interest. However, tea market has deteriorated since then

Banks to need Rs 84K cr excess capital: Economists on unsecured loan tweaks

The banking system will need Rs 84,000 crore of excess capital due to revised unsecured loans risk weights introduced by the Reserve Bank of India, economists at the country's largest lender SBI said on Friday. In a report, the economists also said the RBI is seeking to achieve the desired objective of growth and inflation through liquidity and macro prudential measures as the repo rates have peaked out. "The immediate impact of the enhanced risk weights is the excess capital now that banks would require. As per our calculation, the banking industry needs Rs 84,000 crore of excess capital," the report said. The RBI on Thursday increased risk weights on unsecured personal loans, credit cards, and lending to Non-Banking Financial Companies (NBFCs) by 25 percentage points. The decision to raise the risk weights perhaps is an attempt by the RBI to send out a strong message of addressing any incipient financial stability risks in the system, the SBI economists said in their report. The

Pak seeks $600 mn in loans from China banks to bridge financing gap: Report

Cash-strapped Pakistan has sought USD 600 million in fresh loans from two Chinese banks to bridge a big financing gap as it negotiates with the IMF for the release of the second tranche of a USD 3 billion bailout package, a media report said on Wednesday. Citing sources, The Express Tribune newspaper reported that the federal government was in negotiations with the Industrial and Commercial Bank of China (ICBC) and the Bank of China for a total loan of USD 600 million. Each bank has been approached for USD 300 million in financing. Negotiations are at an advanced stage and loans are expected to be received by next month, according to officials of the finance ministry. Ministry of Finance spokesman Qamar Abbasi did not respond to queries, the report said. Abbasi also did not respond to a query on whether Pakistan had sought another loan from the State Administration of Foreign Exchange (SAFE) of China. SAFE has already given USD 4 billion in loans that are rescheduled every year due

FY24 might witness minimum 15-20% rise in corporate bond issuances

Yields on AAA rated corporate bonds fell by 7 basis points across tenures in the first week of November

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