Page 3 - Indian Banking System

RBI direct banks to switch to '.bank.in' domain by Oct to boost security

The Reserve Bank on Tuesday directed banks to start migration of their existing domains to the '.bank.in' domain and complete the process by October 31 this year, aimed at combating increasing instances of fraud in digital payments. In the wake of fraud in digital payments, the Reserve Bank of India (RBI) has decided to introduce the 'bank.in' exclusive internet domain for Indian banks. The initiative aims to reduce cybersecurity threats and malicious activities like phishing; and, streamline secure financial services, thereby enhancing trust in digital banking and payment services. "It has now been decided to operationalise the '.bank.in' domain for banks through the Institute for Development and Research in Banking Technology (IDRBT), which has been authorised by National Internet Exchange of India (NIXI), under the aegis of the Ministry of Electronics and Information Technology (MeitY), to serve as the exclusive registrar for this domain," it said in a statement. Banks may conta

FinMin to implement 'one state, one RRB' soon to improve efficiency

The finance ministry will soon implement the 'One State-One RRB' plan to achieve operational efficiency and cost rationalisation and consolidation of 43 regional rural banks (RRBs) to 28. Most of the work related to the issue of consolidation have been completed and the fourth round would happen soon, according to sources. As per the roadmap prepared by the finance ministry, 15 RRBs operating in various states would be merged. Among states that will see consolidation of RRBs include Andhra Pradesh, which has the maximum number of RRBs (4), Uttar Pradesh and West Bengal (3 each), and Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan (2 each). In the case of Telangana, sources said, the issue related with bifurcation of assets and liabilities of Andhra Pradesh Grameena Vikas Bank (APGVB) between APGVB and Telangana Grameena Bank have concluded. As a precursor to consolidation, the capital infusion was done in these RRBs. The financial yea

Women hold 39.2% of bank accounts in India, 42.2% in rural areas: Mospi

Women own 39.2 per cent of bank accounts in the country and the proportion is even higher at 42.2 per cent in rural areas, according to a government report. The Statistics and Programme Implementation Ministry (MoSPI) released the 26th edition of its publication titled Women and Men in India 2024: Selected Indicators and Data on Sunday. The publication offers a comprehensive overview of the gender landscape in India, presenting selected indicators and data across key areas like population, education, health, economic participation, and decision-making, all sourced from various Ministries/ Departments/Organizations. A MOSPI statement said that the report highlights that women own 39.2 per cent of all bank accounts and contribute to 39.7 per cent of total deposits. Their participation is the highest in rural areas, where they make up 42.2 per cent of account holders. It stated that there is a rise in DEMAT accounts over the years, indicating growing participation in the stock market

BJP's loan write-offs hurting banking sector, economy, claims Rahul Gandhi

Leader of Opposition Rahul Gandhi highlighted the impact on junior banking employees, stating that they bear the consequences through workplace stress and toxic conditions

Indian banks' loan growth slows for 8th straight month in Feb: RBI data

The data showed that banks' credit increased by 12 per cent year-on-year last month, slower than the 16.6 per cent rise a year earlier

IndusInd Bank appoints independent firm to probe accounting discrepancies

The independent firm, which the bank did not name, will identify the root cause of the discrepancies, assess the correctness of the accounting treatment of the derivative contracts

Credit-deposit growth gap likely to dip sharply in FY26: India Ratings

Rating agency says this would be in wake of sharp moderation in incremental LDR in February

Bank unions to hold nationwide strike on March 24, 25 after talks fail

The United Forum of Bank Unions (UFBU) on Thursday said its two-day nationwide strike on March 24 and 25 will be observed as scheduled since discussions with the Indian Banks' Association (IBA) over key demands failed to yield any positive outcome. In a meeting with the IBA, all UFBU constituents raised issues, including recruitment in all cadres and a five-day workweek. Still, the key issues remained unresolved, National Confederation of Bank Employees (NCBE) General Secretary L Chandrasekhar said. The UFBU, an umbrella body of nine bank employees' associations, earlier announced the strike to press for these demands which included filling up the workmen and officer director posts in public sector banks. The unions have also sought the withdrawal of recent directives from the Department of Financial Services (DFS) regarding performance reviews and performance-linked incentives, alleging that such measures threaten job security and create employees. The UFBU has further opposed wha

Kotak Mahindra Bank Q3 results: Consolidated net up 10% at Rs 4,701 crore

Net interest income grew by 10 per cent Y-o-Y to Rs 7,196 crore, while fees and services for Q3FY25 also grew 10 per cent to 2,362 crore

Flat benchmark yields to weigh on banks' treasury gains in Q3FY25

While a softening of yields was observed on expectations of a rate cut, yields climbed again, tracking the rise in US Treasury yields

Bank of Baroda to UCO Bank: Loan growth of banks picks up pace in Q3

Meanwhile, Yes Bank reported a marginal contraction in deposits during the October-December period (Q3FY25) over the previous quarter

Banking credit growth to remain subdued around 10% for FY26: ICRA

Credit growth may ease to 9.7-10.3 per cent in FY26, weighed down by the persisting high CD ratio and implementation of the proposed changes in the liquidity coverage ratio (LCR) framework, ICRA said in a report. ICRA has revised its credit growth estimate downwards to 10.5-11 per cent for FY25 from its earlier estimate of 11.6-12.5 per cent. In its recent report, ICRA highlighted that with the banks focusing on reducing their credit-to-deposit (CD) ratio and reducing their exposures to unsecured retail and non-banking financial companies (NBFCs), the overall credit growth has moderated in the past few months, it said. Consequently, credit and deposit growth has almost aligned with each other and ICRA expects the trend to continue, the rating agency said in the report. The persisting high interest rates and the slowdown in credit growth, especially towards high-yielding advances will impact the margins of the banking sector, it said. The capital ratios of several banks remain ...

Bank loan growth slows for fifth month in Nov amid stricter lending rules

Banks' credit increased by 11.8 per cent year-on-year last month, slower than the 16.5 per cent rise in November 2023

Despite CRR cut, liquidity deficit in banking system crosses Rs 2 trillion

This reduction in the CRR released primary liquidity of approximately Rs 1.16 trillion into the banking system

IndusInd Bank share drops 3%, hits 52-week low as UBS slashes target price

The fall in the IndusInd Bank share price came after Zurich, Switzerland-based brokerage UBS slashed its target price to Rs 1,150 per share, according to reports

Govt to revamp infrastructure lender IFCI by shutting its lending ops

The government plans to infuse Rs 500 crore into IFCI this year

Indian banks' microfin loan stress to persist after new regulation: Bankers

Last month, in its latest move, the RBI asked lenders to stop issuing new microfinance loans to borrowers unless they have cleared previous loans, three of the bankers said

Finmin starts phase 4 of RRB consolidation, number to fall from 43 to 28

In a bid to achieve operational efficiency and cost rationalisation, the Finance Ministry has initiated the fourth round of consolidation for Regional Rural Banks (RRBs) and the number of such banks is likely to come down to 28 from 43 at present. As per the roadmap prepared by the Finance Ministry, 15 RRBs operating in various states would be merged. Among states that will see consolidation of RRBs include Andhra Pradesh, which has the maximum number of RRBs (4), Uttar Pradesh and West Bengal (3 each), and Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan (2 each). In the case of Telangana, the amalgamation of RRBs will be subject to bifurcation of assets and liabilities of Andhra Pradesh Grameena Vikas Bank (APGVB) between APGVB and Telangana Grameena Bank. "Given the rural expansion of RRBs and agro-climatic or geographical ethos and in order to retain the USP of RRBs viz the closeness to communities, it is the felt need to embark on .

Banks, FIMMDA discuss MIBOR replacement with collateralised rate framework

Banks bat for collateralised benchmark with a balanced 50-50 weighting between TREPS and CHROMs

IBPS Clerk 2024: Prelims scorecard now available at ibps.in; details inside

The Institute of Banking Personnel Selection has declared the IBPS Clerk Prelims Score Card 2024 today, October 4, 2024 on the official website of IBPS at ibps.in