Page 54 - Banks

Bank frauds from card, net-based transactions rise, shows RBI report

In terms of the number of frauds, the modus operandi seems to have shifted to card or internet-based transactions

Top Headlines: Banks' balance sheet grows, daily vax rates in India double

Business Standard brings you the top headlines at this hour

Banks' balance sheet grows in double digits after 7 years: RBI report

Gross NPA slips to 5%; regulator flags slippages from recast accounts

SBI Funds Management appoints Shamsher Singh as new MD, CEO of company

SBI Funds Management Ltd on Thursday said it has appointed Shamsher Singh as managing director and chief executive officer of the company. Singh, who was deputy managing director at State Bank of India (SBI), has taken over the charge from Vinay M Tonse following his repatriation to the public sector lender, the asset management company said in a statement. Singh has more than 32 years of rich experience working with SBI in various verticals, including investment banking, treasury, corporate banking and branch banking. He had joined SBI as probationary officer in June 1990 and moved up the ranks to become deputy MD by successfully managing leadership roles across domains besides serving international stints in the US, Bahrain and UAE. "Its a huge responsibility to manage the growth dynamics of the No. 1 mutual fund house in the country... As a market leader our aim is to ensure that more domestic investors consider mutual funds when planning for their financial goals while we reach

NBFCs are not dying to become banks: Industry leaders at BS BFSI Summit

NBFC have certain disadvantages compared to banks on the liability side and they don't have access to demand deposits like commercial banks but this is not a big impediment to growth of the industry

Banks look at possibility of rupee trade with Bangladesh, African nations

Banks are looking at the possibility of initiating rupee trade with Bangladesh and African countries like Egypt as part of exercise to make rupee an international currency, sources said. The overseas trade in rupee would safeguard the external sector from fluctuation in the forex market. India imported goods worth USD 3,520.83 million from Egypt, of USD 1,004.24 million from Algeria and USD 2,725.08 million from Angola in the last financial year. As far as Bangladesh is concerned, the import in the last year from the neighbouring country stood at USD 1,977.93 million, according to the data provided by the commerce ministry. Currently rupee trade arrangements are with Russia, Mauritius and Sri Lanka through Special Rupee Vostro Account (SRVA). Indian banks have already opened SRVA with banks of these three nations, operationalising the rupee trade arrangement. Recently, SBI Mauritius Ltd and People's Bank of Sri Lanka opened an SRVA with State Bank of India (SBI). In addition, Ban

Digital lenders seek cap on default loss guarantee models from RBI

They suggested that the central bank could look at a reasonable cap to the FLDG models, given RBI's concerns of around build-up of systemic risk and 100% risk transfer rather than banning it outright

NBFC-MFIs overtake commercial banks in micro loan market share in Q2

One reason for this shift in trend could be that banks faced challenges in managing this asset class, especially after the outbreak of the Covid-19 pandemic and the resultant lockdowns

NeoGrowth raises Rs 300 cr from Dutch lender FMO, existing investors

Small businesses-focused fintech player NeoGrowth has raised Rs 300 crore from Dutch entrepreneurial development bank FMO along with existing investors. Of the fresh equity capital, Rs 160 crore has been pumped in by the Dutch lender, NeoGrowth said in a statement on Thursday. The money will be used for on-lending and entering new markets, it added. NeoGrowth is also backed by Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion FundQuona Capital, IIFL Seed Ventures Fund, WestBridge, and Leapfrog Investments. It has Rs 1,600 crore of assets under management and is connected with over 1.5 lakh MSMEs. So far, it has disbursed over USD 1 billion in loans, said MD & CEO Arun Nayyar. Peter Maila, co-chief investment officer at FMO, said NeoGrowth has been a debt client of FMO since 2017 and this is the first equity investment by FMO into the company. The equity allocation was not disclosed by the companies. NeoGrowth offers loans to first-time entrepreneurs, women ...

In 2 weeks, bank tier-2 bond sales soar past AT-1 issues for whole year

Analysts cite credit growth surge, better risk profile of tier-2 bonds behind the rush

Reserve Bank of India removes informal NDF restrictions on banks: Report

India's central bank has lifted informal restrictions placed on banks for trading in the non-deliverable forward market (NDF)

Digital lending apps: RBI received 13,000 complaints against banks, NBFCs

The grievances, filed under RBI's integrated ombudsman scheme of 2021 between April 2021 and Nov 2022, also cite harassment by recovery agents

Not all banks may opt to sell products of 27 insurers, say experts

Insurers are happy with the opening up of the distribution network as they need not shell out huge sums as a sign-in bonus to banks as corporate agents

Banks need to scale up investments in technology, says RBI's MK Jain

Financial institutions must build capacities in analytics and HR, says central bank deputy governor

Bank of Canada hikes policy interest rate by 50 basis points to 4.25%

The Bank of Canada has increased its benchmark interest rate by 50 basis points to 4.25 per cent

Mix of PSBs aided in boosting customer services, creating strong banks: MoS

The amalgamation of public sector banks has helped in improving customer services and creating strong banks, Minister of State for Commerce and Industry Som Parkash said on Wednesday. In a written reply to a question in the Lok Sabha, the minister said the objective of amalgamation of the banks was to facilitate consolidation among PSBs to create "strong and competitive banks" capable of achieving economies of scale and realisation of synergy benefits with wider product and service offering to customers. "As a result of this effort, customers of amalgamated banks received access to increased number of branches and ATMs from which they can now avail banking services. Customers have also received access to a larger bouquet of products and services," he said. The amalgamation also enhanced their lending capacity for loans of a larger size and has also enabled banks to open/reorganise, controlling offices and processing centres, equipping them for better customer serving, Parkash ...

Punjab & Sind Bank aims at CASA ratio of 35% by March: MD Swarup Saha

Punjab & Sind Bank managing director Swarup Kumar Saha has said that the lender is targeting a Current Account Savings Account (CASA) ratio of 35 per cent by the end of the ongoing fiscal and the bank has undertaken various efforts to achieve the goal. CASA ratio, the low cost deposit base, of the state-owned bank stood at 33.36 per cent (Rs 35,102 crore) at the end of September, 2022. Higher CASA ratio pushes profitability of banks as banks can earn higher spreads. "We are looking at CASA ratio of 35 per cent...second half is good for our bank, which is north based, as a lot of savings from agriculture income is routed to these accounts post harvest," he told PTI in an interview. Besides, he said, the bank is focussing on mobilising salary accounts and salary deposit to augment low cost deposit base. As part of this endeavour, he said, the bank has recently tied up with Chandigarh Municipal Corporation to open salary accounts of their 10,000 employees. Similarly, he said, the ...

After the runaway rally, analysts say shift from PSBs to private peers

Private sector banks' outlook is brighter on a relative basis, and the players will outperform benchmark indices from a 6-12 months' perspective, analysts say

Interchange of Rs 17 at ATMs is not viable: Navroze Dastur of NCR Corp

In a Q&A, the country managing director of the world's largest ATM maker, says he sees a lot of banks come to firms such as his to run their ATM network for them in the future

RBI revises norms for classifying UCBs as financially sound & well managed

The boards of the banks have to examine the compliance with the FWSM criteria and pass necessary resolutions and inform RBI immediately