Page 41 - Banks

Top Headlines: Welfare schemes in poll-bound states, Q1FY24 results, more

Business Standard brings you the top headlines at this hour

Financial services secy asks banks to achieve financial inclusion targets

Financial services secretary Vivek Joshi has urged public sector banks to achieve the targets allocated to them under various schemes for financial inclusion for the current financial year at the earliest. During a review meeting with the top management of state-owned banks and Nabard chairman, Joshi exhorted the banks to expeditiously clear the sanction and disbursement pendency of applications under PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme. He further urged banks to devise the strategy and step up efforts to increase the digital onboarding of street vendors and scale up their digital payments, the finance ministry said in a statement on Thursday. PM SVANidhi scheme envisages empowerment of street vendors through hassle free access to affordable credit and their digital onboarding for their economic development. During the meeting, he reviewed the progress under various social security (Jan Suraksha) schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradh

IDFC First Bank looks to raise Rs 2,000 crore in second half of FY24

IDFC First Bank has board approval to raise 40 billion rupees. It has already raised close to half that amount through a preferential allotment to IDFC Ltd

Wage talks between bank employees unions and banks to start on July 28

"IBA was positive to our demand and agreed to work out an amicable resolution of this issue at the earliest", AIBEA claimed

RBI buys $7.37 billion in spot foreign exchange market in May: Bulletin

The Indian rupee depreciated by over 1% against the dollar in May

UBS Group AG is 'sole successor' to Credit Suisse's CDS, panel rules

Credit-default swaps tied to the debt of the two banks have been converging in recent months as investors bet on this outcome

Karur Vysya Bank Q1 results: Net profit rises 57% to Rs 359 crore

Private sector lender Karur Vysya Bank on Monday reported 57 per cent rise in net profit at Rs 359 crore for June quarter due to decline in bad loans and increase in interest income. The Tamil Nadu-based lender had posted a net profit of Rs 235 crore in the year-ago period. Total income during the quarter under review increased to Rs 2,216 crore from Rs 1,673 crore in FY23, Karur Vysya Bank said in a regulatory filing. Interest earned by the bank grew to Rs 1,883 crore over Rs 1,474 crore in June quarter a year ago. The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 1.99 per cent of gross advances by the end of June 2023, from 5.28 per cent as of June 2022. Similarly, net NPAs or bad loans eased to 0.59 per cent as against 1.93 per cent a year ago. However, Capital Adequacy Ratio of the bank declined 17.67 per cent from 18.98 per cent in the same quarter of FY23.

Central Bank Q1 profit surges 78% to Rs 418 cr due to decline in bad loans

State-owned Central Bank of India on Monday reported a 78 per cent rise in net profit at Rs 418 crore for the June quarter due to decline in bad loans and increase in interest income. The Mumbai-based lender had posted a net profit of Rs 235 crore in the year-ago period. Total income during the quarter under review increased to Rs 8,184 crore from Rs 6,357 crore in FY23, Central Bank of India said in a regulatory filing. Interest earned by the bank grew to Rs 7,225 crore over Rs 5,527 crore in the June quarter a year ago. Net Interest Income of the bank increased by 48 per cent to Rs 3,176 crore in Q1 FY24, it said. The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 4.95 per cent of gross advances by the end of June 2023, from 14.90 per cent as of June 2022. Similarly, net NPAs or bad loans eased to 1.75 per cent as against 3.93 per cent a year ago. Net Interest Margin (NIM) of the bank improved to 3.62 per cent, registering a growth of

HDFC Bank Q1FY24 results: Net profit jumps 30% to Rs 11,952 crore

The bank's gross non-performing assets (GNPAs) rose slightly to 1.17 per cent in Q1FY24 as compared to 1.12 per cent in Q4FY23

Pay public sector bankers well, and give them a break on Saturdays

If we want public sector banks to compete with their private peers, they should get competitive compensation, linked to performance

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