Indian Banks Association

Bank unions defer 2-day nationwide strike after govt, IBA assurance

Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association. The decision to defer strike was taken before the Chief Labour Commissioner who had called all parties for a conciliation meeting here. Representatives of Indian Banks' Association (IBA) and the finance ministry assured to deliberate on demands raised by unions. The UFBU had also demanded immediate withdrawal of the recent directives of the Department of Financial Services (DFS) on performance review and performance-linked incentives (PLI), which threaten job security and create division amongst employees. "IBA proposed to further discuss issues like recruitment and PLI and other issues. Th

Banks must adapt to technology quickly, ensure resilience: DFS Secy

Financial Services Secretary M Nagaraju on Friday said banks must adopt rapid technological changes, modernise core systems, and prioritise compliance and risk measures to ensure resilience amid global challenges. In a virtual keynote address at the IBA's 20th Annual Banking Technology Conference, Expo & Citations - 2025 conference on Future Ready Banking for Viksit Bharat, he emphasised that technological advances like DPI and Unified Lending Interface are empowering financial inclusion. "Banks must adapt to rapid changes, modernise core systems, and prioritise compliance and risk measures to ensure resilience amid global challenges," he said. Scaling up globally competitive banks, closing credit gaps, and expanding insurance and pension coverage are critical to realising the vision of Viksit Bharat by 2047, he said. The financial services secretary also highlighted India's evolving financial landscape, driven by innovations like JAM, UPI, and ONDC. Emphasising AI/ML's role, he .

Indian Banks' Association to choose New CEO, Atul Kumar Goel tops the race

To appoint new CEO, a three-member search committee was formed including CS Setty, chairman of State Bank of India (SBI); MV Rao, CEO of Central Bank of India; and N Kamakodi, CEO of City Union Bank

Bank officers' union threatens to call on two-day nationwide strike

Bank officers' union AIBOC on Thursday threatened to go on a nationwide strike on February 24-25 to press for their various demands, including a 5-day work week and adequate recruitment in all cadres. Besides, the union has demanded immediate withdrawal of the recent directives of the Department of Financial Services (DFS) on performance review and PLI, which threaten job security and create division amongst employees. It further pitched to fill the post of workmen/officer directors in public sector banks and resolution of pending residual issues with IBA. In a statement, All India Bank Officers' Confederation (AIBOC) said it has been proposed by the executive committee to go for a two-day nationwide strike, tentatively scheduled for February 24-25, 2025. If required, more stringent actions may follow. Agitation programmes will start soon after the notice of the strike is served this month. The union alleged that micro-management of PSBs on policy matters by the DFS undermining th

Sharp rise in gold loan defaults worries banks and NBFCs, increase by 30%

Commercial banks reported a 62 per cent increase in gold loan NPAs, which rose to Rs 2,445 crore in June 2024 from Rs 1,513 crore in March 2024

Banks post sixth year of profit growth in FY24, bad loans decline further

At the same time, banks resorted to borrowings at higher interest rates and increased deposit rates to bridge the credit-deposit growth gap in FY24

Banks to hire young graduates as apprentices in a month; pay Rs 5k stipend

Banks are mulling to hire graduates under 25 years of age as apprentices in a month, a top industry official said on Friday. Lenders will be paying a stipend of Rs 5,000 a month to such candidates who will get trained on a specialized skill set during the stint, industry lobby grouping Indian Banks Association's chief executive Sunil Mehta told PTI. The move follows a budget announcement by Finance Minister Nirmala Sitharaman, under which the government is targeting to provide internships at top-500 companies for up to 1 crore youth over the next five years. Explaining the banks' role in implementing the scheme, Mehta said, "There are a lot of areas where we don't need any skilled manpower for example marketing, recoveries. We can give them training in those areas and they can create employment for themselves." The candidates applying for apprentice should be a graduate between 21-25 years of age, should not be a taxpayer and must not possess a degree from top institutions like IIT

IBA likely to seek easing of proposed norms for retail deposits: Report

The RBI had sought feedback on the proposal until Aug 31, after which it would finalise them for implementation from April 2025

IBA to take up overseas banks' local data storage issue with RBI

"RBI had advised all system providers to ensure that the entire data relating to payment systems operated by them is stored in a system only in India," said a source familiar with the development

Continuous clearing of cheques to speed up payments, enhance efficiency

The cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours

Archaic laws need to be reviewed keeping in mind recent changes: DFS Secy

Joshi explained the intention behind the Budget proposals for the financial sector

Indian bankers to get higher salary hikes than Singapore, Hong Kong

Salaries in India could rise by 10% in 2024, analyst Sarah Jane Mahmud wrote in a note Friday, citing survey data from consulting firm Aon

Banks form special panel to address corruption cases, guard executives

The committee will include representatives from three state-run banks and be led by former CBI Special Director DC Jain

Banks urge return to call option valuation for perpetual bonds: Report

They added that the recommendation was currently under review with the NFRA, a regulator that oversees auditing, which will submit its views to a panel of top regulators

Bank locker agreement renewal deadline on Dec 31: What you need to do

The Reserve Bank of India (RBI) has asked banks to sign an updated agreement with bank locker holders citing developments in banking and technology, consumer grievances, and feedback

Capital Small Finance Bank Q1 total business grows 15.58% to Rs 12,584 cr

Capital Small Finance Bank Limited on Monday said its total business grew by 15.58 per cent to Rs 12,584 crore for the quarter ended June 2023. The Jalandhar-headquartered bank's total business was Rs 10,888 crore during the first quarter of the last financial year, according to a statement. The bank said its deposits grew by 14.64 per cent to Rs 7,064 crore and advances went up by 16.81 per cent to Rs 5,519 crore. The net worth of the bank increased by 28.81 per cent to Rs 69 crore during the first quarter of the current fiscal. Sarvjit Singh Samra, managing director and chief executive officer of Capital Small Finance Bank said, "We are proud to report robust profits, which underscore the resilience of our business model and the effectiveness of our strategic initiatives. "As we continue to navigate an ever-evolving financial landscape, we remain focused on sustaining this positive momentum and creating long-term value for our stakeholders.

Indian Banks' Association constitutes sectoral committee in GIFT City

The Indian Banks' Association (IBA) has constituted a sectoral committee for member banks operating within the Gujarat International Finance Tec-City (GIFT City), the association said on Tuesday. The inaugural meeting of the committee took place in GIFT City on Tuesday. IBA has constituted the Sectoral Committee to address the unique regulatory landscape and challenges faced by banks operating within GIFT City. The committee will act as a bridge between the banking industry and regulators, ensuring that concerns and perspectives are effectively communicated and addressed, a release said. GIFT City currently accommodates 26 banks. Earlier, banks individually took up issues faced by them with the International Financial Services Centre Authority (IFSCA). The establishment of the Sectoral Committee is a pivotal step towards streamlining concerns common to all banks within GIFT City. Sunil Mehta, Chief Executive of IBA, said, the regulatory framework for banks within GIFT City differs

FinMin asks IBA to finalise wage revision of bankers of PSU banks by Dec 1

The government has asked the Indian Banks' Association (IBA) to initiate the process of negotiations for the 12th Bi-partite settlement in a time-bound manner and to finalise it by December 1, 2023, said a senior official. The wage revision for employees and officers of the public sector banks is due from November 1, 2022. The early wage revision would help improve working conditions and incentivise the banking sector employees, the official said. Further, the official said, the finance ministry has asked IBA to ensure that all future wage negotiations should be finalised before the beginning of the subsequent period so that the wage revision could be implemented from the due date itself. As a part of the settlement, the IBA is expected to engage in dialogues with the employees' Unions/ Associations and work out to arrive at a mutually agreeable wage settlement. The government has stressed the importance of fairness and equity in the revision, ensuring that the compensation struct

Restore transaction fee on RuPay cards: Banks request finance ministry

MDR is a fee charged to a merchant for the payment processing of debit and credit card transactions. It is also referred to as the transaction discount rate (TDR)

Russian firms investing rupee surplus in Indian govt debt: IBA chief

IBA chief Sunil Mehta is the first senior official to confirm that Russian funds in Indian banks were being invested into government securities as it gives them the advantage of easy liquidity