Page 3 - Indian Banks Association

Indian Banks' Association meeting on Friday to elect its new chairman

The Indian Banks' Association (IBA), an industry body consisting of all the banks including foreign lenders with branches in India, will meet on Friday to elect its new chairman. As per convention, sources said, the senior most managing director of a public sector bank is elected as chairman for a period of one year. Currently, Punjab National Bank (PNB) Managing Director A K Goel is the chairman of the lobby group. Usually, the chairman does not get a second term. Considering the ensuing wage revision talks and other crucial issues in the banking industry, it is being keenly watched who will take over the mantle from Goel. Formed in 1946 with 22 members, IBA now has 237 members and associates, according to its website.

Banks ensure their systems speak to each other for customer service: FM

Finance minister Nirmala Sitharaman on Friday urged banks to ensure that their systems speak to each other so that they are able to serve customers in a better way. The minister, while delivering the keynote address at the 75th annual meeting of the Indian Banks Association (IBA), said many a time customers are forced to transact with multiple lenders due to which it is important that the systems of one bank talks to that of other. She termed such a mechanism as an artificial wall erected by lenders to protect their turf. The finance minister also underlined the need for ensuring that banking personnel converse in the local language so that their customers are served better. Banks need to ensure that their systems speak to each other so that the common man banking with multiple lenders is not inconvenienced. Also, another key element of serving the customer better and more effectively is conversing in the local language, Sitharaman said. She also said it is essential that banks inv

IBA seeks probe into possible cartelisation by chip-based card suppliers

The Indian Banks' Association (IBA) has sought a probe by the Competition Commission into possible cartelisation among vendors providing chip-based debit and credit cards to banks. IBA has received complaints of jacking up of card prices by various vendors, citing shortage of chips, and the hike in the prices is in a similar range, raising fears of cartellisation, sources said. Following the complaints, IBA has written a letter to the Competition Commission of India (CCI) seeking a probe into the issue and has also intimated the finance ministry about the matter. According to a senior bank official, last year, 4-5 large card vendors approached lenders saying that shortage of chip has led to an increase in the prices. So, all banks agreed for a rise in the prices of cards from Rs 35 to about Rs 42 per unit, the official added. Three months ago, these vendors again approached the banks, saying the prices have further increased. However, only large private bank agreed for another Rs

Tamilnad Mercantile Bank IPO subscribed 2.9x on strong retail interest

Response muted when compared to previous two IPOs; Lender to issue 15.84 million fresh shares via offering

Top Headlines: FPIs cut stake in BSE firms, pharma eyes $400 bn turnover

The Centre's recent move to impose GST on services rendered by the markets regulator, Securities and Exchange Board of India (Sebi), has rattled FPIs

Centre asks IBA to ready EASE-like plan for regional rural banks

The banks' lobby group has been asked to assist with the preparation of the viability plan for RRBs

IBA seeks bids from advisory firms for designing PSBs development programme

Industry body IBA has invited bids from advisory firms and institutes to design and deliver a leadership development programme for public sector banks (PSBs)

City Union Bank, Shriram Gen Insurance tie up for distribution of products

Shriram will offer personal insurance products such as motor, personal accident, home and travel along with commercial ones such as property, marine and engineering to bank's customers

Bank unions defer June 27 strike as IBA agrees to initiate talks

As per the agreement with IBA, the negotiation talks on various pending issues would begin on July 1

Privatisation process of two PSBs at advanced stage, says DFS Secy Malhotra

While NITI Aayog has suggested names of two banks for privatisation, Centre is yet to make a provision for the divestment of govt stake sale below 51%

NARCL: Procedural delays led to non-transfer of Rs 50k-cr NPAs by Mar 31

Non-performing assets worth Rs 50,000 crore could not be transferred to the National Asset Reconstruction Company Ltd by March 31 due to "procedural delays", a senior bank official said on Wednesday

Covid-19 pandemic: Omicron spread may disrupt growth momentum, says IBA

Impact may not be severe as first, second waves

SBI ex-chief Pratip Chaudhuri arrested, sent to 14-day judicial custody

Case related to bad loan, sale of NPA at low value

UCO Bank chief A K Goel is new IBA chairman, succeeds Union Bank MD

Banks Board Bureau had, in September, proposed Goel's for the forthcoming position of MD-CEO at Punjab National Bank. Centre to take final call on the appointment

Indian Banks' Association to steer 'EASE reforms' in public sector banks

EASE agenda is aimed at institutionalising clean and smart banking

IBA seeks licence to set up Rs 6,000-cr bad bank, RBI nod soon: Report

The Indian Banks' Association (IBA) has moved an application to the Reserve Bank of India (RBI) seeking licence to set up a Rs 6,000-crore National Asset Reconstruction Company Ltd (NARCL) or bad bank, according to sources. NARCL was incorporated last month in Mumbai following the registration with Registrar of Companies (RoC). According to sources, the company after mobilising an initial capital of Rs 100 crore and fulfilling other legal formalities has approached the RBI seeking licence to undertake asset reconstruction business. The RBI in 2017, raised the capital requirement to Rs 100 crore from the earlier level of Rs 2 crore, keeping in mind the higher amount of cash required to buy bad loans. RBI has its process and procedure for granting licence for such business, sources said, adding, it could take next few weeks to obtain licence from the regulator. RBI's approval could come either in September or October, sources added. Legal consultant AZB & Partners has been engaged

Stop penalty on early withdrawal of SCSS in case of death: IBA to banks

Banks asked to capture closure reason in CBS

IBA to soon move application to RBI for setting up Rs 6,000-cr bad bank

Having secured licence from the Registrar of Companies, the Indian Banks' Association (IBA) will soon move an application to the Reserve Bank of India (RBI) to set up a Rs 6,000-crore National Asset Reconstruction Company Ltd (NARCL) or bad bank, according to sources. With registration of the company, the process for putting an initial capital of Rs 100 crore is on as per the guidelines, the sources said adding that the next step will be audit and then move application to the RBI seeking licence for the asset reconstruction company. The RBI in 2017 raised capital requirement to Rs 100 crore from the earlier level of Rs 2 crore keeping in mind higher amount of cash required to buy bad loans. Legal consultant AZB & Partners has been engaged for seeking various regulatory approvals and fulfilling other legal formalities. The initial capital would come from eight banks who have committed, and the NARCL would expand the capital base to Rs 6,000 crore subsequently after the RBI's nod, ..

India sets up bad bank to reduce debt burden, free up lenders

National Asset Reconstruction Company Ltd's paid-up capital is Rs 74.6 crore

NARCL headhunting for core team begins ahead of launch in July

Invites quotes from Aon to help it in the hiring process