Page 5 - Indian Bank

Indian Bank inks pact with FPL Tech to launch co-branded credit card

Public sector Indian Bank has partnered with FPL Technologies, to launch the Indian Bank One Co-branded Credit Card, the bank said on Friday. Leveraging the Visa and RuPay platforms, the cards would be issued by Indian Bank and managed by FPL Technologies. The partnership brings in Indian Bank, FPL Technologies, NPCI, and VISA, signaling a synergy of expertise, innovation, and commitment toward providing customers with unparalleled services in the credit card domain. "The launch of the Indian Bank One Co-branded credit card exemplifies our commitment to offering cutting-edge digital solutions to our customers. As one of the oldest public sector banks, we are excited to offer our users a new-age digital experience and extend our credit card offerings to a wider audience," Indian Bank MD and CEO Shanti Lal Jain said in a statement. "This collaboration will allow us to stay at the forefront of the industry offering our customers the latest advancements in credit solutions reinforcing

Indian Bank to float operations support subsidiary, aims to optimise cost

Two large public sector banks - State Bank of India and Bank of Baroda -- have already formed such units for servicing customers in rural and semi-urban areas

Technical snag hits UCO Bank's IMPS; impact yet to be ascertained

As a precautionary measure the bank has made the IMPS channel offline

Nifty PSU Bank index soars 3% on strong Q2 earnings by PNB, Canara Bank

For the quarter ended September 2023, PNB reported a solid 327 327 per cent YoY surge in net profit, while Canara Bank's net profit grew 42.8 per cent.

Banking liquidity moves to surplus due to govt spending, RBI concerned

The banks parked Rs 1,512 crore with the RBI on Tuesday, according to the data released by RBI

Indian Bank partners with Tata Motors arms to offer supply-chain financing

Public sector Indian Bank on Friday said it has partnered with subsidiaries of Tata Motors Ltd to offer inventory financing solutions through its digital supply-chain finance platform. As part of the collaboration with Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, the Indian Bank would offer -- inventory financing solutions -- to the authorised dealers for the electric and passenger vehicles division. Indian Bank Executive Director Ashutosh Choudhury said, "We are delighted to partner with Tata Motors, a leader in the automotive sector. Indian Bank with 5,819 branches and trusted by over 10 crore customers is well positioned to provide solutions to Tata Motors Ltd in its rapid growth journey." Indian Bank Supply-Chain finance would provide easy access to working capital finance to the dealers of Tata Motors Ltd at favorable terms for driving their business growth, he said. "We are extremely elated to associate with Indian Bank for this financing ...

Search for unclaimed deposits in 30 banks available on UDGAM: RBI

In August, the RBI launched the portal to assist the public in searching for their unclaimed deposits across banks in one location

RBI imposes monetary penalty on SBI, Punjab & Sind Bank and Indian Bank

Punjab & Sind Bank has to pay a fine of Rs 1 crore for failing to comply with regulations

RBI imposes penalty on 3 state-owned banks including SBI, Indian Bank

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Is Nifty PSU Bank nearing an interim peak? Keep an eye on this pivot point

In a past instance, the Nifty PSU Bank corrected over 23 per cent in the following two months after the index entered overbought zone on the monthly scale.

Maruti partners with Indian Bank to provide financing solutions to dealers

Maruti Suzuki India Ltd on Thursday said it has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements, the company said in a statement. "This alliance with Indian Bank will strengthen relationships with dealer partners and ensure a seamless car buying experience for customers," Maruti Suzuki India Senior Executive Officer, Marketing & Sales, Shashank Srivastava, said. "The goal all along has been to work closely with Indian Bank in developing personalised offers and end-to-end working capital solutions for our dealer partners across the country," he said. Indian Bank Executive Director Ashutosh Choudhury said the bank's supply-chain finance will provide easy access to working capital finance to Maruti Suzuki dealers, at favourable terms ...

Indian Bank collaborates with IBM to deploy new front-end banking apps

Public sector Indian Bank has collaborated with Nasdaq-listed IBM to deploy future ready infrastructure to enhance scalability and agility. The city-headquartered bank wanted to consolidate its front branch servers for better manageability and availability at Data Centres and Disaster Recovery centres under their 'Project Paradise' initiative. Project Paradise initiative of Indian Bank refers to -- Performance Augmentation by Resource Aggregation in Distributed Environment. IBM has collaborated with Indian Bank, to accelerate its modernisation path with flexible and secure infrastructure for deploying new front-end banking applications, while addressing the business growth of the Core Banking Solution workloads of the bank, a bank statement here said. Commenting on the partnership with IBM, Indian Bank chief general manager IT and Partnership, Deepak Sarda said, "We are thrilled to work with IBM to transform our core banking environment. With the proposed private cloud solution, we

Committee of Directors gives nod to raise equity capital: Indian Bank

Public sector Indian Bank on Wednesday said the Committee of Directors accorded approval for raising equity capital of the bank aggregating to Rs 4,000 crore. The Chennai-headquartered bank said the capital raising would be done through Qualified Institutions Placement in one or more tranches subject to necessary approvals. "..we have to inform you that the Committee of Directors for capital raising in its meeting held on August 30 accorded approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium), through Qualified Institutions Placement in one or more tranches subject to all statutory and regulatory approvals," Indian Bank said in a BSE filing. Indian Bank reported a 41 per cent rise in net profit at Rs 1,709 crore in the April-June 2023 quarter due to decline in bad loans. The bank had posted a net profit at Rs 1,213 crore in the year-ago period. Total income in the first quarter of the current financial year rose to Rs 14,759 crore

Indian Bank opens specialised startup cells in 10 cities across the country

Public sector Indian Bank on Wednesday said it has set up 10 startup cells across different centres in the country to serve its specialised banking requirements. Accordingly, the startup cells have been set up in Ahmedabad, Bengaluru, Coimbatore, Chennai, New Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur and Mumbai. Under the initiative, the Chennai-based public sector bank said a bouquet of tailor-made banking products and services were designed for the startups keeping in mind their unique and specialised banking requirements. It includes offering payment gateways, corporate credit cards and credit facilities apart from the existing products of the bank, a press release said. "The launch of the startup cells is a major milestone in Indian Bank's journey to support the growth of the startup ecosystem in India," Indian Bank MD and CEO S L Jain said after inauguration of the centre in Chennai. After the opening, Jain also virtually inaugurated nine startup cells in the different citi

Indian Bank soars 10% on heavy volumes; hits 5-year high in subdued market

The stock hit a 5-year high of Rs 381.40 and has zoomed 35% in two months and is inching towards its record high level of Rs 428 touched in November 2017

Indian Bank hits over 4-year high; gains 4% in weak market post Q1 results

The stock of the public sector bank hit its highest level since August 2018

Indian Bank Q1FY24 result: Net profit at Rs 1,708 cr YoY; income up 25.5%

On a quarter-on-quarter basis, the total income was up 3.65%. It was Rs 14238.29 crore in Q4FY23

Axis Bank Q1FY24 results: Net profit up 40.5% YoY, gross NPAs down to 1.96%

Axis Bank's balance sheet grew 13% YOY and stood at Rs 1.3 trillion as on June 30

Our recovery is more than slippages: Indian Bank MD & CEO Shanti Lal Jain

'The bank is adequately capitalised. But in case of need, we have taken enabling provisions from the board and shareholders'

Indian Bank Q4 net profit up 48% to Rs 1,520 crore as NII rises 29%

Board recommends dividend of Rs 8.60 per equity share, clears plan to raise equity capital