Page 39 - Banks

DICGC asks banks to display its logo, QR code on their websites by Aug 31

Deposit Insurance and Credit Guarantee Corporation (DICGC) has asked all banks to prominently display its logo and QR code on their websites and internet banking portals by August 31 with a view to create awareness about the deposit insurance scheme. Deposits up to Rs 5 lakh in banks are insured by the DICGC. The scheme covers deposits in commercial banks, local area banks (LABs), payments banks (PBs), small finance banks (SFBs), regional rural banks (RRBs), and co-operative banks. In a circular, the Reserve Bank's subsidiary said deposit insurance plays an important role in protecting especially the small depositors, instill confidence in the banking system and maintain financial stability. "With a view to enhance the awareness about deposit insurance in a focused and sustained manner and in consultation with the RBI, it has been decided that all banks registered with DICGC shall henceforth display the logo of DICGC and QR code linked to the DICGC website prominently on their websi

Banks park Rs 59,875 cr against notified amount in RBI's VRRR auction

In July, the central bank conducted seven VRRR auctions so far to remove surplus liquidity from the system

Unsecured loan portfolios growth highest, credit card NPAs shoot up: Report

Credit card non-performing assets rose 0.66 per cent to 2.94 per cent as of March 2023, a credit information company said in a report on Thursday. The report, which comes amid heightened concerns on the riskier unsecured loans portfolios from the regulator, also said that such products like credit cards and personal loans grew the fastest, the report by Transunion Cibil said. On the asset quality front, credit card balances unpaid for over 90 days stood at 2.94 per cent, which is a 0.66 per cent jump over the year-ago period, while the same for personal loans improved by 0.04 per cent to 0.94 per cent, it added. From a loan growth perspective, outstanding balances on credit cards grew 34 per cent in the year to March 2023, and personal loans were up 29 per cent. Loan against property, a product typically used by small businesses for funding needs, was the fastest-growing retail product with a 38 per cent rise, according to the report. Interestingly, home loans considered by many

A snapshot of fixed deposit rates offered by various companies

A snapshot of fixed deposit rates offered by various companies

PNB scam: Bank seeks restoration of Nirav Modi's property worth Rs 71 cr

The Punjab National Bank (PNB) on Wednesday moved an application before a special court here seeking restoration of the Rs 71 crore worth property owned by fugitive diamond merchant Nirav Modi, who is accused of duping the bank. The bank urged the court to release the properties seized by the probe agencies to recover a part of its dues. Nirav Modi, who was declared a 'fugitive economic offender' in December 2019, and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the PNB and several of the former's properties as well as that of his kin were attached by the Enforcement Directorate under the provisions of the Prevention of Money Laundering Act. The plea said that the PNB consortium and UBI consortium have always conducted their business in good faith in the normal course of banking activities and were unaware of the fraud when they disbursed loans to the Nirav Modi companies. At present, only Rs 1,066.41 crore

'Risk does not manifest in isolation', say senior managers at banks

'Banks want technology to be agile and nimble'

Reserve Bank of India looking at banks' retail loan book more granularly

Sharp rise in unsecured loans in one year

'Banks should be cautious of technological risks', says N S Vishwanathan

'AQR facilitated RBI to understand how a borrower behaved across the banking system'

With a pause in rate hikes, NBFCs, like banks, are in a sweet spot

RBI's pause in interest rate hikes and a continuation of the revival of private consumption would boost NBFCs in the first quarter (Q1) FY24

Banks, consumer cos to brighten earnings in India amid IT uncertainties

India's banks have largely remained insulated from a global crisis in the industry with their heavy reliance on local markets

Non-performing advances of public sector banks at multi-year lows

The closing stock of write-off pool stood at Rs 7.5 trillion at the end of March 2023, up from Rs 6.8 trillion a year ago

LIVE: HC to give judgement in Rahul Gandhi defamation case on Friday

Catch all the latest LIVE updates from across the globe

This can be a template for why big is necessary: HDFC Bank chairman

'Credit growth is picking up. Banks are now in a lending mode'

State-run banks confident of withstanding macro shocks: Finance Ministry

India's state-run banks are confident of withstanding any macroeconomic shocks and expect their outlook to improve, despite headwinds in the global banking sector, the finance ministry said

Banks and non-banks to seek clarification from RBI on co-branded cards

RBI move aimed end exclusive tie-up with card networks

State Bank of India rejigs senior leadership roles to boost dominance

State Bank of India, the country's largest lender, is re-jigging its senior leadership positions with at least four key executives getting new roles, according to people familiar with the matter

PNB launches virtual branch in the Metaverse with immersive 3D experience

State-owned Punjab National Bank (PNB) on Thursday announced the launch of a virtual branch, PNB Metaverse. It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers who can now explore the bank's products and services such as bank deposits, retail/MSME loans, digital products, women/senior citizens, 'Do It Yourself' and government flagship schemes, PNB said in a statement. PNB has developed the Bank's Metaverse Branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops, it said. In addition, the bank will offer an immersive 3D experience to the customers while performing traditional banking activities through their digital avatars, it said. In this new phase of the internet, which evolves from a disparate collection of sites and apps into a persistent 3D environment, where moving from work to a social platform is

CBI flies FIR against suspended defence firm for duping bank of Rs 30 cr

In March this year, the Ministry of Defence suspended apparel and bulletproof jackets manufacturer Adigear International from doing any business with the armed forces

Nine British banks sign up to Mastercard's new AI tool for tackling scams

Nine of the UK's biggest banks, including Lloyds Banking Group Plc, Natwest Group Plc and Bank of Scotland Plc, have signed up to use the Consumer Fraud Risk system, Mastercard

Bank of India pays dividend of Rs 668 crore to government for FY23

On May 30, BOI declared a dividend of Rs 2 per equity share