Page 39 - Banks

Bank held liable for delay in insurance purchase

The National Commission observed that procrastination by the bank in deducting the premium, despite having obtained authorisation, had led to a delay in policy issuance

IBA signs MoU with unions on pay revision; okays 17% hike for 5 years

The parties will endeavour to finalise the bipartite settlement within 180 days from the date of this minutes

RBI allows liquidity reversal for banks on weekends, holidays from Dec 30

The Reserve Bank of India (RBI) governor Shaktikanta Das said that the move will come into effect on December 30

Big bank CEOs warn that new regulations may severely impact economy

The heads of the nation's biggest banks say there are reasons to be concerned about the health of US consumers particularly poor and low-income borrowers in their annual appearance in front of Congress on Wednesday. The CEOs of JPMorgan Chase, Bank of America, Wells Fargo and five other large firms also took the opportunity to impress upon senators that the Biden Administration's new proposed regulations for the industry may hurt the US economy going into an election year and at a time when a recession is possible. Wall Street's most powerful bankers have regularly appeared in front of Congress going back to the 2008 financial crisis. Among those testifying before the Senate Banking Committee include JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Jane Fraser of Citigroup and Goldman Sach's David Solomon. When both houses of Congress were controlled by Democrats, the CEOs would appear in front of both the House Financial Services Committee and the Senate banking panel. N

Global banks face negative outlook, property stress in 2024: Moody's

Moody's said in its report that it expected money to remain tight next year, lowering economic growth even as central banks are expected to start cutting rates

What world's biggest banks really mean when they put trillions into ESG

By 2021, the role of finance in creating a greener, fairer planet was a growing part of the public debate, leading an ever greater number of lenders to produce such targets

Banks raised record Rs 40,895 crore through infra bonds in Apr-Nov

The country's largest lender, State Bank of India (SBI), accounted for almost half of the amount mopped up via infrastructure bonds in the eight months of FY24

Bank holidays in December: Banks to remain closed for 18 days; check list

Bank Holidays in December 2023: Banks in India will remain closed for 18 days next month

ED carries out raids in Rs 250-crore money laundering case in J-K

The Enforcement Directorate on Thursday searched six places in connection with a Rs 250-crore money laundering case in Jammu and Kashmir, officials said. The searches included the premises of the former chairman of Jammu and Kashmir State Cooperative Bank Limited, they said. Earlier the officials had mentioned that the case pertained to J-K Bank. The fraud was in the name of the fictitious River Jhelum Cooperative Housing Building Society, the officials said. According to them, the raids were conducted by the ED's office in Srinagar under powers provided to the federal probe agency under the Prevention of Money Laundering Act (PMLA) for search and seizure. The Anti-Corruption Bureau (ACB) had already filed a charge sheet in the case against Hilal A Mir, the chairman of the fictitious housing society, the then chairman of J-K State Co-operative Bank Limited Mohd Shafi Dar and others for the commission of offences under relevant sections of Indian Penal Code and the Prevention of ...

'Upskill or cross-skill': Cybersecurity skill gap hobbles banking sector

Recently, UCO Bank reported an IMPS (Immediate Payment Service) fraud in which Rs 820 crore was credited to some account holders of the bank without a debit from any other bank

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