Page 15 - Indian Banks
Indian banks pursue unpaid loans by Singapore's GVK in British court
A trial involving six Indian banks pursuing unpaid loans amounting to an estimated USD 2 billion, including interest accrued, from GVK Coal Developers (Singapore) Pte Ltd and associated companies opened in the High Court here on Tuesday. Judge Dame Clare Moulder presided over the hearing at the Commercial Court division to hear the case brought by Bank of Baroda (acting by its Ras Al Khaimah branch), Bank of India (London branch), Canara Bank (London branch), ICICI Bank Ltd (acting by its Bahrain, Dubai and Off-Shore Banking branches), Indian Overseas Bank (Corporate Branch, India) and Axis Bank Ltd. The case dates back to 2011 and 2014, when loan facilities were made available to the company, which the banks say are long overdue other than USD 83 million from the proceeds of the sale of a Bengaluru airport and certain amounts not in dispute. According to court documents, the banks have been pursuing the case at the High Court in London since 2020. GVK's legal representatives had .
 "Indian banks pursue unpaid loans by Singapore's GVK in British court")
Here's how the Indian banks are making $64 billion from a freebie
Since April, customers dipping into their mobile-phone wallets to settle bills of more than Rs 2,000 ($24) have to bear a maximum
 "Here's how the Indian banks are making $64 billion from a freebie")
IndusInd Bank launches digital banking app, aims 10 mn customers in 3 years
The app boasts a transparent rewards programme, wherein users can select their favourite brands from leading e-commerce platforms
Yes Bank appoints Manish Jain as country head of Wholesale Banking
Jain succeeds Ravi Thota, who resigned in August, citing personal and professional reasons
 "Yes Bank appoints Manish Jain as country head of Wholesale Banking")
Got new debit/credit card? Here's what to do before 1st online transaction
Most banks now toggle off the control limit of a card at the time of issuance. To make online or offline transactions, the users must first enable the controls. Know how here
 "Got new debit/credit card? Here's what to do before 1st online transaction")
Bank credit grows 15.07% YoY in early Sept; deposits expands by 12.8%
RBI released the Scheduled Banks' Statement of Position in India as of September 8, 2023
 "Bank credit grows 15.07% YoY in early Sept; deposits expands by 12.8%")
Headwinds ahead for NBFCs; analysts differ significantly in recommendations
But analysts differ significantly with respect to individual large players
 "Headwinds ahead for NBFCs; analysts differ significantly in recommendations")
Credit card users in India may no longer be able to overpay their dues
The banks have put guards in their applications to prevent customers from overpaying their credit card dues
 "Credit card users in India may no longer be able to overpay their dues")
Banks receive GST notices for use of brand name by branches, subsidiaries
Tax authorities believe that the brand name is a free service given to related parties and thus subject to GST
 "Banks receive GST notices for use of brand name by branches, subsidiaries")
Healthy loan book growth likely to drive profitability of banks in FY24
Analysts at the agency maintained a positive outlook on the banking sector amid expectation that credit growth in the banking sector in the financial year 2023-24
Banking investments
New norms will impart stability
 "Banking investments")
Reserve Bank of India makes banks' investment norms more stringent
Over 5% sale from held-to-maturity category will need prior approval
 "Reserve Bank of India makes banks' investment norms more stringent")
Citi India FY23 profit jumps threefold Rs 13,614 crore on retail arm sale
Citi's total assets stood at Rs 2,17,302 crore as at March 31, 2023. Citi concluded the deal with Axis Bank in March this year
 "Citi India FY23 profit jumps threefold Rs 13,614 crore on retail arm sale")
Deposit growth picked up pace, credit offtake moderated in August
The data for both credit and deposit excludes the impact of the merger of HDFC with HDFC Bank in July 2023
 "Deposit growth picked up pace, credit offtake moderated in August")
Banks have no option but to partner with fintech, says K V Kamath
'India will be a $25 trillion economy in 25 years, digital India will drive 20-25% of this growth'
 "Banks have no option but to partner with fintech, says K V Kamath")
CD issuances rise in August; market expects incremental CRR extension
Market participants expect that banks might keep raising funds through CDs on the speculation that the Reserve Bank of India (RBI) might extend the Incremental Credit Reserve Ratio (I-CRR)
 "CD issuances rise in August; market expects incremental CRR extension")
Axis Bank launches 'Infinity Savings Account' with zero transaction fees
The bank offers two subscription-based flexible plans: Monthly and Annual
 "Axis Bank launches 'Infinity Savings Account' with zero transaction fees")
Banks to remain closed for 16 days in September; check full list here
Bank holiday September 2023: With 12 official holidays in various states and four weekends, the banks will remain closed for sixteen days. Here's the complete list
 "Banks to remain closed for 16 days in September; check full list here")
A step-by-step approach to CBDC
Why would anybody shift from UPI to CBDC? What are its advantages over UPI?
 "A step-by-step approach to CBDC")
Commercial banks' deposit growth nearly at 7-year high, shows RBI data
Deposit growth hit 14.12% on 6 Jan, 2017, months after demonetisation of Rs 1000 currency note and the then Rs 500 note which was announced on 8 November 2016