Page 40 - Banks

Banks asked to push stuck home projects worth more than Rs 3 trillion

In 2019, the Centre had set up the SWAMIH fund to facilitate the completion of stalled housing projects

HDFC Bank-HDFC's combined loan book up 13.1%; deposits up 16.2% in Q1

Sequentially, merged entity's advances rose by 0.7% to Rs 22.30 trillion as of March 31

FM Sitharaman's meet with PSBs on July 6 to focus on performance review

Sitharaman on Saturday at an event said the performance of PSBs had improved on account of various initiatives taken by the Modi government since 2014

Federal Bank Q1 advances up 21%; deposits grow 21.4% to reach Rs 2.22 trn

Retail credit book grows by 20.2% YoY, says private bank in stock exchange statement

Banking beyond weather reports: Why lenders need a green business strategy

Indian lenders have yet to train their employees to assess credit risks arising from climate change

Banks' retail book quality needs to be monitored

All the same, the asset quality trajectory and collection efficiency bear watching

Bank of Baroda to divest 49% in credit card arm BOB Financial Solutions

State-owned Bank of Baroda (BoB) plans to sell up to 49 per cent stake in credit card business arm BOB Financial Solutions Ltd. Currently, it is 100 per cent owned by BoB. The bank has floated a Request for Proposal for roping in a strategic investor, and the process is expected to complete in one year, a senior bank official said. BOB intends to offload up to 49 per cent in a combination of primary and secondary capital from one or multiple investors to create more value in BOB Financial Solutions and take it to the next level of growth, the official said. BOB Financial doubled the acquisition of new credit cards in FY23 by issuing close to 1.2 million credit cards compared to 0.5 million a year ago. "Retail spends too more than doubled compared to FY 2022, clocking approximately Rs 17,300 crore (compared to Rs 7,000 crore in FY 2022)," BoB said in its annual report. At the same time, the net profit of the NBFC also more than doubled to Rs 24.62 crore against Rs 10.07 crore in t

Indian Bank rolls out digital services under 'Project WAVE' initiative

Public sector lender Indian Bank has unveiled new services under its digital transformation initiative -- Project WAVE -- the bank said on Sunday. Accordingly, the city-headquartered bank in collaboration with National E-Governance Services Ltd, has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes. This move will also reduce the turn-around time of the bank guarantee issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes, a bank statement said. Besides, the facility would replace the need for physical stamp paper and physical signatures of customers by replacing them with digital stamping and e-signing making the entire process digital. Indian Bank has launched a facility to avail pre-approved business loans, an end-to-end digital journey, for eligible individuals and proprietor firms to cater to their respective businesses. "The newly launched digital vehicle loan product enables ...

SBI appoints Kameshwar Rao Kodavanti as CFO with effect from July 1

State Bank of India on Saturday announced appointment of Kameshwar Rao Kodavanti, who has been with the bank since 1991, as its Chief Financial Officer (CFO). Kodavanti replaces Charanjit Surinder Singh Attra who has resigned from the post. "Kameshwar Rao Kodavanti has been appointed as CFO of State Bank of India with effect from July 1, 2023," the country's largest lender said in a filing to stock exchanges. He has been working with State Bank of India since August 1991 and has experience in fields of banking, forex, finance, and accounting. He is a qualified chartered accountant.

PSBs profit tripled to Rs 1.04 trn in 9 yrs; need to continue momentum: FM

Finance Minister Nirmala Sitharaman on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel economy. The net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY23 from Rs 36,270 crore in FY2014. Inaugurating the corporate office of Punjab and Sind Bank here, the minister said that banks need to "build on laurels" by following the best corporate governance principles. "Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management and continue to focus on having robust asset-liability and risk management," she said, stressing that the Indian economy has moved away from the 'twin balance sheet problem' to 'twin balance sheet advantage'. The finance minister said that there was a time when the Indian

SBI's chief financial officer Charanjit Surinder Singh Attra resigns

State Bank of India (SBI) on Monday said its Chief Financial Officer Charanjit Surinder Singh Attra has put in his papers. "... we submit that Charanjit Surinder Singh Attra, Chief Financial Officer, has resigned from the services of the bank, the resignation is accepted by the appropriate authority with effect from close of the business hours on 30th June 2023," the bank said in a filing to stock exchanges. In another filing, the country's largest lender informed about appointment of four director on the bank's central board for a period of three years. Two of the directors, Ketan Shivji Vikamsey and Mrugank Madhukar Paranjape, have been re-elected. The other two directors who have appointed are Rajesh Kumar Dubey and Dharmendra Singh Shekhawat. Shares of SBI shares rose 5 per cent to close at Rs 572.80 apiece on BSE.

Banks to make trading gains as bond yields soften 19 bps in April-June qtr

Bond yields inch up by 6 basis points on Friday as US yields rise

MSS certificate can be operationalised at PSBs, select private banks: Govt

The Mahila Samman Savings Certificate (MSSC) scheme offers a fixed interest rate of 7.5 per cent to women

Par panel calls banks, Google, Apple, Paytm to discuss rising cyber crime

The Parliamentary Standing Committee on Finance has called representatives of several banks such as the Punjab National Bank as well as global and national tech majors, including Google, Apple and Paytm, next week to discuss issues related to cyber security and rising cases of cyber crimes. The committee, headed by BJP's Jayant Sinha, has called the representatives of the Punjab National Bank (PNB), Bank of India, Yes Bank and Indian Computer Emergency Response Team (CERT-In) on July 4 to take oral evidence on "cyber security and rising incidence of cyber/white collar crimes". On the same day, it has separately called representatives of tech majors One97 Communications (Paytm), Flipkart, Google and Apple on the same issue. Cyber crimes have become an increasing threat with savvy online operators resorting to various tricks to defraud people of their money. The issue of cyber security and rising incidence of cyber crimes was at the centre of deliberations at a meeting of the panel h

Banks to begin reporting on new data warehouse CIMS: RBI Governor Das

Reserve Bank Governor Shaktikanta Das on Friday said commercial banks will first begin reporting on the central bank's latest next-generation data warehouse, the Centralised Information Management System' (CIMS), followed by urban cooperative banks and non-banking financial companies. Das was addressing the 17th statistics day conference at the RBI headquarters, which also marks the birth anniversary of Prof Prasanta Chandra Mahalanobis--the best-known mind in the field. Launching the new system he said the latest CIMS, which is the central bank's next-generation data warehouse, is starting with reporting by commercial banks which will be gradually extended to urban cooperative banks (UCBs) and non-banking financial companies (NBFCs). Das also said incidentally, with the CIMS going live, the first weekly statistical supplement, which is the RBIs weekly data release on its own operations and on developments in banking and financial markets, was compiled and processed in the CIMS for

Homegrown bank giant bigger than Morgan Stanley to arise from India merger

The tieup of HDFC Bank & Housing Development Finance Corp creates a lender that ranks 4th in equity m-cap, behind JPMorgan Chase, Industrial and Commercial Bank of China and Bank of America Corp

Top headlines: Adani cos under Sebi lens, TCS on foreign remittances

Business Standard brings you the top headlines at this hour

Banks seek clarification from govt before TCS on credit cards kicks in

Banks are particularly concerned about use of several cards and bank accounts to make a simple remittance

National consumer commission imposes Rs 15 lakh fine on HSBC for negligence

The National Consumer Disputes Redressal Commission has imposed a fine of Rs 15 lakh on the Hongkong and Shanghai Banking Corporation Ltd (HSBC) for negligence and deficiency in service. The top consumer commission was hearing a plea filed by complainants claiming their joint savings bank account was illegally frozen resulting in ATM withdrawal transactions being declined and dishonour of cheques. Presiding Member Inder Jit Singh said, Opposite Party (HSBC) shall pay a compensation of Rs 15 lakh to complainants for the mental agony, harassment and adverse impact on the reputation of complainants on account of dishonour of cheques despite the account having sufficient balance on account of acts of negligence and deficiency in service on the part of the OP. The commission also directed HSBC to pay litigation costs of Rs one lakh. It noted that the bank had frozen the joint on the grounds of non-renewal of the Know Your Customer (KYC) details of either of the complainants and/or ...

RBI finalises norms for banks to hold capital for operational risks

Apex bank will communicate date of implementation separately