Page 2 - Indian Bank

Select PSU banks gain up to 4%; Canara, Indian Bank near 52-week highs

At 01:49 PM, the Nifty PSU Bank index, the top gainer among sectoral indices, was up 1 per cent, as compared to a 0.50 per cent decline in the Nifty 50

BFSI Wrap: RBI may ease foreign bank stake limits, SBI's record fundraising, credit-deposit growth & more

RBI Governor Sanjay Malhotra said the central bank may allow foreign banks to own up to 26% in Indian banks. Currently, while foreign investors can hold up to 74%,

Indian Bank hands over sanction letters worth ₹1,011 cr to over 3,000 women

Public sector Indian Bank has handed over sanction letters worth Rs 1,011 crore to over 3,000 women, extending financial support to Self Help Groups across Tamil Nadu. Ministry of Finance, Department of Financial Services, Secretary M Nagaraju presented the cheques to the beneficiaries at a Mega Self Help Group Credit Outreach Programme held at Tamukkam Convention Centre, here. In his brief address, Nagaraju emphasised that access to capital for livelihood activities is crucial. "Such initiatives not only reduce the dependence on sources of informal credits but also help inclusion into the formal financial ecosystem," he observed. "More than 3,000 women from various self-help groups across Tamil Nadu were part of the event. Sanction letters to the tune of Rs 1,011 crore were handed over during the mega SHG credit outreach programme," the Chennai-based bank said in a press release on Sunday. Indian Bank Managing Director and CEO Binod Kumar, Executive Directors Ashutosh Choudhury, S

Indian Bank cuts lending rate for one year maturity by 5 bps to 9%

State-owned Indian Bank on Wednesday said it has reduced Marginal Cost of Funds Based Lending Rate (MCLR) for one year maturity by 5 basis points to 9 per cent. The new rate will be effective from July 3, Indian Bank said in a statement. The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced. Reinforcing its commitment to affordable credit, the bank has announced a reduction of 5 basis points in its one-year Marginal Cost of Funds Based Lending Rate (MCLR), bringing it down to 9 per cent, it said. This reduction will directly benefit borrowers with a lower interest rate on loans, it said. Besides, the Chennai-based bank has announced the complete waiver of minimum balance charges across all Savings Bank accounts, effective July 7, 2025. This move is aimed at fostering financial inclusion and making banking more accessible and affordable for all sections of society, it said. This decision is set to benefit a vast spec

Focus areas will be retail penetration, MSMEs: Indian Bank's Binod Kumar

Binod Kumar lines up the strategy to focus more on retail and micro, small, and medium enterprises, plans to improve technology via an investment of Rs 1,300 crore, and outlines the growth roadmap

Earn up to 7.65% with Indian Bank's IND SECURE FD: Offer ends in Sept

Indian Bank revises IND SECURE FD rates, now offering up to 7.65 per cent p.a. for 444 days, available till September 30

Dividend, stock split: Asian Paints, Indian Bank & 3 others to go ex-date

Dividend stocks: Asian Paints has declared a final dividend of ₹20.55 per share, Indian Bank ₹16.25, Johnson Controls-Hitachi Air Conditioning India ₹15, and Tata Investment Corporation ₹27 per share

This PSU bank stock hit all-time high today; up 19% this year, what next?

Technical chart suggests that the bias for Indian Bank stock is likely to remain bullish as long as the stock holds above ₹627 levels; on the upside it seems on course to hit ₹666 levels.

Indian Bank launches new savings accounts for NRIs with global access

The Bank's new offerings aimed at a seamless combination of traditional trust and modern conveniences, reinforcing its position as a trusted banking partner for NRIs around the globe

Indian Bank launches 2 new fixed deposit schemes, ends two other plans

IND SECURE and IND GREEN offer rates of up to more than 7% for general customers

Indian Bank Q4 profit rises 32% to ₹2,956 crore on improved core income

State-owned Indian Bank on Saturday reported a 32 per cent jump in net profit to Rs 2,956 crore for the March quarter of 2024-25, helped by a decline in bad loans and a rise in core income. The Chennai-based lender had earned a net profit of Rs 2,247 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 18,599 crore from Rs 16,887 crore a year ago, Indian Bank said in a regulatory filing. Interest income grew to Rs 15,856 crore from Rs 14,624 crore in the fourth quarter of the previous financial year. Net Interest Income (NII) in the quarter also improved to Rs 6,389 crore from Rs 6,015 crore in the same period a year ago. On the asset quality front, the bank's gross Non-Performing Assets (NPAs) moderated to 3.09 per cent of gross advances as compared to 3.95 per cent by the end of March 2024. Similarly, Net NPAs came down to 0.19 per cent of the net advances over 0.43 per cent at the end of 2024. Provision Coverage Ratio of the bank rose to 98

RBI imposes penalty on Indian Bank, Mahindra & Mahindra Financial Services

The Reserve Bank of India (RBI) on Friday said it has imposed penalties on Indian Bank and Mahindra & Mahindra Financial Services for certain deficiencies in regulatory compliance. A penalty of Rs 1.61 crore has been imposed on Indian Bank for contravention of certain provisions of Banking Regulation Act and non-compliance with some directions on 'Interest Rate on Advances', 'Kisan Credit Card (KCC) Scheme' and 'Lending to Micro, Small and Medium Enterprises (MSME) Sector'. In another release, the RBI slapped a fine of Rs 71.30 lakh on Mahindra & Mahindra Financial Services Limited for non-compliance with certain provisions of the 'Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016' and Know Your Customer Directions. In both cases, the central bank said penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or ...

Indian Bank lowers home loan rate to 7.90%, vehicle loan to 8.25%

Public sector Indian Bank has slashed the interest rates on home and vehicle loans to 7.90 per cent and 8.25 per cent, respectively, the bank said on Friday. The decision by the city-headquartered bank to cut rates comes in the backdrop of the Reserve Bank of India's Monetary Policy Committee reducing the short-term lending rate by 25 basis points to 6 per cent on April 9. A similar reduction was made in February. In a press release on Friday, Indian Bank said, "In light of the recent policy move by the Monetary Policy Committee of the Reserve Bank of India, Indian Bank has lowered its home loan interest rates from the existing 8.15 per cent per annum to 7.90 per cent per annum and vehicle loan interest rates from the existing 8.50 per cent to 8.25 per cent per annum." This reduction aims to provide relief to borrowers by lowering EMIs and promoting affordable access to credit. "In addition to the reduced interest rates, Indian Bank is also offering benefits such as discounted ...

NCLAT allows banks to proceed against ex-IL&FS directors not on new board

The National Company Law Appellate Tribunal (NCLAT) has allowed state-owned Canara Bank and Indian Bank to pursue proceedings against former IL&FS directors, who are not part of the new board, to declare them as wilful defaulter. However, the appellate tribunal said those directors who are part of the new board of Infrastructure Leasing & Financial Services (IL&FS) and its various subsidiaries after October 1, 2018, would remain protected. "We are of the view that this protection shall extend to Professional Directors who have been reappointed in IL&FS and its subsidiaries who are the part of the present board. With respect to IL&FS and IL&FS Group...we grant leave to the bank to make an application for proceeding against them," said a two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. The government had appointed a new board of IL&FS on October 1, 2018, after a Rs 90,000 crore debt surfaced, which had then sent ...

Indian Bank extends fall into 2nd day, hits 2-month low; down 10% in 4 days

The current trend of higher recoveries than slippages is expected to continue through FY25, while the bank's ability to control slippage and maintain asset quality will remain a key monitorable

Banks to NBFCs, customer complaints rise as redressal system slows down

Complaints about mobile or e-banking form majority of those received by the RBI ombudsman against banks

Customer centricity will be our focus area: Indian Bank MD Binod Kumar

My expectation is there will be some moderation in credit growth while deposit growth may improve, said Indian Bank MD Binod Kumar

Indian Bank announces Q3 FY25 results: Net profit rises 32% to Rs 2,910 cr

Asset quality and 'efficiency parameters' help business growth, says Chennai-based lender

Indian Bank Q3FY25 results: Net profit surges 35% to hit Rs 2,852 cr

State-owned Indian Bank on Wednesday reported a 35 per cent increase in net profit at Rs 2,852 crore for the third quarter ended December 2024, helped by core income. The Chennai-based bank had earned a net profit of Rs 2,119 crore in the same quarter a year ago. Its total income increased to Rs 17,912 crore from Rs 16,099 crore a year ago, Indian Bank said in a regulatory filing. The interest income also rose to Rs 15,759 crore during the quarter under review compared to Rs 14,198 crore in the year-ago period. The company's net interest income increased by 10 per cent to Rs 16,415 crore from Rs 15,815 crore in December 2023. Its operating profit grew to Rs 4,749 crore against Rs 4,097 crore in the third quarter of the previous fiscal. On the asset quality front, the bank's gross non-performing assets ratio moderated to 3.26 per cent compared to 4.47 per cent a year ago. Similarly, net NPAs, or bad loans, came down to 0.21 per cent from 0.53 per cent at the end of the third quar

Indian Bank LBO Result 2024: Scores out at official website, check details

Indian Bank has announced the LBO Result 2024 scorecard. Candidates appeared for Local Bank Officers online exam can download the scorecard via official website of Indian Bank at indianbank.in