Page 4 - Banks

Fifth Third, Comerica enter $10.9 bn deal to create ninth-largest US bank

Comerica shareholders will receive 1.8663 Fifth Third shares for each Comerica share, valuing the deal at $82.88 per share based on Fifth Third's closing price on October 3

SBI aims to be one-fourth of India's GDP by assets: Chairman C S Setty

Setty highlighted that India has to focus on the emerging sectors

Banks move to continuous cheque clearing, funds in hours from October 4

From October 4, cheques will be cleared on a near real-time basis under a new continuous clearing system, replacing the batch process and speeding up fund access

UPI races ahead, accounts for 84% of total digital payments in FY25

The UPI digital payment system has been fast replacing cash as a preferred mode of payment, and has now taken the lead in overall digital payments

RBI proposes basic savings bank deposit account as a standard service

RBI draft circular mandates that all banks offer BSBD accounts with free basic facilities, no minimum balance, and the option to convert existing savings accounts

FM to kick off nationwide campaign on unclaimed financial assets on Oct 4

Finance Minister Nirmala Sitharaman will launch a three-month nationwide awareness campaign (October-December 2025) on unclaimed assets in the financial sector, titled 'Apki Poonji, Apka Adhikar (Your Money, Your Right)'. The campaign is to be launched by the Department of Financial Services under the Finance Ministry, in coordination with the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (Irdai), Securities and Exchange Board of India (Sebi), and the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs. The campaign will be inaugurated by the Finance and Corporate Affairs Minister on October 4 from Gandhinagar, Gujarat, an official statement said. Unclaimed financial assets, including insurance policy claims, bank deposits, dividends, shares, and mutual fund proceeds, often remain unclaimed due to the lack of awareness or outdated account details, it added. During the campaign, the citizens will be

Sidbi net profit rises by 19.5% to record high of ₹4,811 cr in FY25

Small Industries Development Bank of India (Sidbi) on Monday said its net profit rose by 19.5 per cent to hit an all-time high of Rs 4,811 crore in the 2024-25 financial year. The Lucknow-headquartered bank had earned a net profit of Rs 4,026 crore in the previous financial year. During the year, Sidbi's balance sheet crossed Rs 5.6 lakh crore, the bank said in a statement. The asset base grew by 8.7 per cent to Rs 5,68,238 crore as of March 31, 2025, from Rs 5,22,521 crore as of March 31, 2024. The loans and advances portfolio rose by 8.8 per cent to Rs 4,96,282 crore from Rs 4,56,015 crore in FY24, it said. The bank earned an income of Rs 38,511 crore, up 20.6 per cent over the previous year. Earnings per share increased to Rs 84.62 in FY25. Regarding asset quality, it stated that the Gross NPA and Net NPA ratios stood at 0.04 per cent and nil, respectively, as of March 31, 2025. The bank's annual general meeting held on Monday approved a dividend of 20 per cent for ...

RBI revises norms for claims settlement of deceased bank customers

The Reserve Bank on Friday issued revised norms for the settlement of claims on deceased customers' bank accounts and lockers within a 15-day timeframe and prescribed compensation to nominees for delays in the settlement. The revised instructions are aimed at streamlining the divergent practices followed by banks in the settlement of claims in respect of deceased customers. It has also standardised the documentation to bring improvement in the quality of customer service. The central banks said the 'Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025' revised instructions will be implemented as expeditiously as possible, but not later than March 31, 2026. The directions are related to the settlement of claims in the deposit accounts of a deceased customer, safe deposit locker and articles in safe custody by the deceased customer. A deposit account where a depositor had made a nomination or where the account was opened with a ...

US Banks to lean on India hubs as Trump imposes $100,000 visa fees

US lenders including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. are among the biggest employers of India's so-called global capability centers

PM Vishwakarma Scheme: PSBs disbursed loan in 1 of 4 applications till Aug

The scheme - launched in 2023 on the birthday of PM Modi to provide financial support and skill development to artisans in informal sector - has received 1.2 mn applications by PSBs till August 2025

Sebi seeks govt nod for banks, pension funds in non-agri commodity trade

Sebi will "engage" with the government to allow banks, insurance companies and pension funds to invest in non-agriculture commodity derivative markets, chairman Tuhin Kanta Pandey said on Wednesday. He said the capital markets regulator is also looking at a proposal to allow foreign portfolio investors to trade in non-cash settled, non-agricultural commodity derivative contracts. "We will also engage with the government to consider banks, insurance companies and pension funds to trade in these (non-cash, non-agricultural) markets," Pandey said, while speaking at the event organised by MCX. By December 2025 end, Sebi will include commodity-specific brokers in a common reporting mechanism for compliance reports. Pandey also said that the commodity markets have to play an important role in ensuring rare metals security for the country.

PSBs outperform private peers again, but sector challenges remain

The banking sector's good run continues, but there are challenges, both on asset and liabilities turf

Banks may turn to domestic bond market in H2FY26 for Tier-II bonds

After a lackluster first half in FY2026, banks are likely to turn to fresh Tier-II bonds to strengthen their capital base and to replace earlier issuances raised at a higher coupon rate

Banks, NBFCs may tap overseas market as dollar bond spreads narrow

Following India's rating upgrade, in investment grade space, spreads have compressed by 10 - 15 bps while in high yield space spreads have compressed by 25 - 30 bps

ED attaches fresh ₹186 crore assets in bank fraud case against DHFL

Fresh assets worth about Rs 186 crore have been attached under the anti-money laundering law in an alleged bank loan fraud case against the Dewan Housing Finance Corporation Ltd (DHFL) and its promoters, the ED said on Tuesday. The assets provisionally attached under the Prevention of Money Laundering Act (PMLA) include 154 flats and movable assets in the form of receivables pertaining to 20 flats in Mumbai, the federal probe agency said in a statement. The total value of the attached properties is Rs 185.84 crore. An order was issued under the PMLA by the Mumbai zonal office of the agency on September 5, it said. The Enforcement Directorate (ED) case stems from a CBI FIR against DHFL, its promoters Kapil Wadhawan and Dheeraj Wadhawan, and others for allegedly cheating a consortium of 17 banks led by the Union Bank of India. The accused were involved in "siphoning off" and "misappropriation" of bank loan funds by "falsifying" the books of the DHFL and linked default of the bank ...

Banks betting on festive season, GST cut to boost credit growth in H2FY26

Banks are launching attractive loan offers, with credit growth expected to rise during the festive season and after GST cuts. Retail lending is set for significant growth in H2 FY25

CCI approves SMBC's 20% stake purchase in Yes Bank for $1.6 billion

SMBC in May had inked a deal to take a 20% stake in Yes Bank for $1.6 billion, making it the largest cross-border merger and acquisition deal in India's financial sector

SBI to raise up to $1 bn via 5-yr dollar bonds after India's rating upgrade

MUMBAI (Reuters) -State Bank of India plans to raise funds through the issuance of dollar-denominated bonds with a maturity of five years, three merchant bankers said on Tuesday, days after S&P Global Ratings upgraded India's sovereign credit rating for the first time in 18 years in August.

RBI imposes penalty of ₹44.70 lakh on Bandhan Bank over regulatory lapses

The Reserve Bank of India has imposed a penalty of Rs 44.7 lakh on Bandhan Bank for deficiencies in certain statutory and regulatory compliance. In a statement on Friday, the RBI said that a statutory inspection for supervisory evaluation of the bank was conducted with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the said RBI directions. RBI said the bank paid remuneration in the form of commission to certain employees. Also, Bandhan Bank had carried out manual intervention through the back-end in respect of data of certain accounts and had not captured the audit trails/ logs of access with specific user details in the system. RBI, however, said the penalty is based on deficiencies in statutory and regulatory compliance and

Banks aid exporters amid US tariffs, S&P Global lifts India's rating, IDBI Bank privatisation & more

With the US imposing 50% tariffs from Aug 27, Indian banks are stepping in to support exporters, especially MSMEs, through cheaper loans, flexible repayment, export insurance.