Page 59 - Banks

PM Modi to launch 75 digital banking units across 75 districts today

With an objective to boost financial inclusion, Prime Minister Narendra Modi will launch 75 Digital Banking Units (DBUs) today via video conferencing.Union Finance Minister Nirmala Sitharaman in her budget speech for 2022-23 had announced the setting up of 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of the country.The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country and cover all states and union territories.Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour.According to Prime Minister's Office (PMO), DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and ...

PM Modi to inaugurate 75 digital banking units including 2 in J-K on Sunday

Prime Minister Narendra Modi will dedicate two digital banking units of Jammu and Kashmir Bank to the nation on Sunday via video conferencing, officials said. To deepen financial inclusion, the prime minister on Sunday will inaugurate 75 digital banking units (DBUs) of different banks across the country of which two are of Jammu and Kashmir Bank, they said. Modi will also address the nation on the occasion. Of the two, one is the SSI branch at Lal Chowk in Srinagar and the other is the Channi Rama branch in Jammu. As part of the Union budget 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India's Independence. The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in the endeavour. DBUs will provide a variety of ..

Federal Bank posts highest-ever quarterly profit; up 53% over last year

NII up 19.1% to Rs 1,762 crore, other income rises 24% to Rs 610 crore

RBI norms on unhedged Fx exposure unlikely to impact banks much

In June, the RBI had said that of the outstanding ECBs of $180 billion, 44 per cent was unhedged

RBI asks banks to set aside capital, provisions for unhedged FX exposure

Move comes amid sharp depreciation in rupee; says losses incurred by entities with such exposure could affect health of banking system

RBI tightens disclosure norms on divergence in NPAs, provisions

Also makes them applicable to UCBs

RBI cancels licence of The Seva Vikas Co-op Bank amid inadequate capital

The Reserve Bank of India on Monday said it has cancelled the licence of Pune-based The Seva Vikas Co-operative Bank Ltd as the lender does not have adequate capital and earning prospects. The bank ceases to carry on banking business, with effect from the close of business on October 10, the RBI said in a statement. As per the data submitted by the bank, it said about 99 per cent of the depositors are entitled to receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). As on September 14, DICGC paid Rs 152.36 crore of the total insured deposits. "The bank does not have adequate capital and earning prospects," the RBI said. It also noted that the bank with its present financial position would be unable to pay its present depositors in full. The Seva Vikas Co-operative Bank is prohibited from conducting the business of banking which includes, among other things, acceptance of deposits and repayment of deposits with immediate effect,

South Indian Bank enters World Book of Records for '101 Oonjals'

South Indian Bank bagged a world record for staging and swinging the highest 101The South Indian Bank on Sunday organized an event 'Onnichirikkam Oonjaladam' and was accoladed with the World Book of Records award for 'staging and swinging 101 Oonjals'.The event 'Onnichirikkam Oonjaladam' saw people gathered in large numbers to celebrate unity and prosperity during the ongoing festival season. Swings were made using wood and rope in the traditional way.South Indian Bank had yesterday for the first time organized a first-of-its-kind category event 'Staging and Swinging 101 Oonjals' simultaneously at a single venue in Kochi.The World Book of Records team presented the Award to South Indian Bank officials.While speaking to ANI, Murali Ramakrishnan- MD and CEO of the South Indian Bank said, "Because of the present generation of technology, etc, I think people forget the authentic happiness which you are all getting when we all playing swing in our younger days. So South Indian Bank being a

Analysts see Q2 net profit growth of banks at 23% YoY, NII at 10%

The latest RBI data showed that as on September 23, bank credit grew at a nine-year high of 16.4 per cent on-year. Deposit growth lagged at 9.2 per cent

Morgan Stanley-led banks face $500 million loss on Twitter debt to Musk

When banks led by Morgan Stanley agreed in April to help finance Elon Musk's purchase of Twitter Inc., they were eager to aid an important client, the richest person in the world

Debit card issuances pick up in FY23 after 7-month slowdown a year earlier

Banks issue 17 mn cards in first five months of current fiscal, up 30% from 13 mn cards in year-ago period; Customers prefer debit cards for small value transactions, says report

Banks divert gold supply from India to China, Turkey, says report

Leading gold suppliers to India - which include ICBC Standard Bank, JPMorgan and Standard Chartered - usually import more gold ahead of festivals and store it in vaults.

YES Bank's Q2 loan book grows 11.6% YoY; deposit base cross Rs 2-trn mark

The share of low-cost money, CASA , in deposits was 31.3% as of September 30, 2022

SC agrees to consider banks' pleas against disclosure of info on customers

The Supreme Court on Friday agreed to consider the petitions by several banks, including private banks, challenging the Reserve Bank of India (RBI)'s direction to disclose under the Right to Information Act certain confidential and sensitive information pertaining to their affairs, employees and customers. A bench headed by Justice BR Gavai rejected the preliminary objections raised by one Girish Mittal who as an intervener sought the dismissal of the petitions on the ground that the issues concerning such disclosures have already been put to rest by earlier decisions of the top court. The court, without expressing any final opinion said that prima facie, the aspect of balancing the right to information and the right to privacy was not considered at that stage. Noting that the RBI directions in question were passed in view of these earlier decisions, the bench --also comprising Justices CT Ravikumar, observed that in such a scenario, the only remedy available to the banks was under

Banks increase interest rates on bulk deposits as liquidity tightens

Loan, deposit growth gap at 10-year high

Industry prepared for potential disruptions as tokenisation nears

industry insiders say, the success rate of token-based transactions is higher, but inadequate testing of certain use-cases may result in some transactions not going through

Rupee trade: Two Russian banks get RBI nod for special vostro account

Trade between India and Russia started growing after the latter invaded Ukraine in late February

High NPAs in education loan segment turn banks cautious, says PSB official

High defaults of about 8 per cent in the education loan portfolio have made banks cautious and go slow on the sanction of such credit. Non-performing assets (NPAs) in the education loan category including public sector banks' (PSBs) were 7.82 per cent at the end of June quarter of the current financial year. Outstanding education loans were about Rs 80,000 crore at June-end. Cautious approach is adopted at the end of branches while sanctioning education loans due to high NPAs, a senior public sector bank official said. As a result some genuine cases are overlooked and there are delays, the official said. Recently, the finance ministry had called a meeting of PSBs to take stock of the education loan portfolio and cut down on delay. The ministry exhorted banks to spread awareness about the Central Sector Interest Subsidy Scheme among field formations. The sharp increase in non-performing assets (NPA) in education loans extended by commercial banks in India in recent years is a matte

Revlon lenders to seek rehearing after Citigroup's $500 mn victory

Some of the Revlon Inc. creditors who were accidentally sent more than $900 million by Citigroup Inc. asked a federal appeals court for a rehearing, after it ruled that they had to give the money back

Rupee Cooperative Bank set to explore merger proposal, SFB conversion

On August 8, the RBI had ordered cancellation of the banking licence of the ailing UCB from September 22. The high court will take up the matter on October 17