Page 28 - Indian Banks

Govt extends tenure of Canara, Bank of India EDs by 2 years

The government has extended the tenure of two executive directors of Canara Bank and Bank of India for two years, the state-run lenders said on Monday. Canara Bank in a regulatory filing said that the central government has extended the term of office of A Manimekhalai, Executive Director, for a period of two years beyond her currently notified terms that expires on 10 February 2022, or until further orders, whichever is earlier. Bank of India in a separate filing said that the term of office of P R Rajagopal, Executive Director, has been extended for a period of two years, beyond his currently notified term or until further orders, whichever is earlier. His current term was to expire on February 28, 2022, the bank said. The banks said the government informed them about the extension given to these executive directors through notifications on August 26, 2021. The government last week extended the term of executive directors of various public sector banks. It also extended the terms

IDFC First Bank aims retail loan book growth of 25% on long-term basis

IDFC First Bank reported a net profit of Rs 452 crore in 2020-21. There was a net loss of Rs 2,864 crore in FY20.

Work with states to push 'one district, one product' agenda: FM to banks

Finance Minister Nirmala Sitharaman on Wednesday said she has requested banks to work with all state governments to push the one district, one product' agenda

Banks to have nationwide credit outreach programme this year: FM

Finance Minister Nirmala Sitharaman on Wednesday said that public sector banks (PSB) will adopt a nationwide credit outreach programme this year.

HDFC Bank aims to issue 300,000 credit cards per month from next quarter

HDFC Bank is looking at winning back the market share by number of cards in the next one year, a senior official said on Monday. The largest private sector lender by assets was allowed to issue new credit cards by the RBI last week, over eight months after being banned from doing so due to concerns over repeated technological outages. Parag Rao, its group head for payments and consumer finance, digital banking and IT told reporters that the bank has set some milestones for itself as it seeks to re-enter the market. The first is to achieve monthly new credit card sales to 3 lakh, the number right before the ban in November 2020, Rao said, adding that the same will be achieved in three months. Two quarters after that, it aims to take the monthly new card sales to 5 lakh a month, Rao said, adding that in three to four quarters from now, it plans to regain the market share by number of cards. Rao added that during the ban, the bank lost its market share by number of cards but was able

RBI issues revised instructions for banks on locker management

As per the revised guidelines, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers

FM to meet CEOs of PSBs on August 25 to review financial performance

Sitharaman is scheduled to meet heads of public sector banks on August 25 to review financial performance of the lenders and progress made by them to support the economy battered by COVID-19 pandemic

Asset quality risks on rise, but Indian banks can absorb loss: Moody's

Coronavirus outbreaks triggering strict containment steps will impede economic recovery and erode borrowers' debt repayment capacity, increasing their asset risks, says agency

Banks' asset risks rise, but credit strength to stay intact: Moody's

Asset risks for banks will rise in most parts of ASEAN and India as the region battles new waves of Covid infections amid low vaccination rates, according to a report by Moody's Investors Service

Indian bankers in talks as court rulings threaten over $6 billion in loans

Any failure to recoup money adds to stress in banking sector, which is dealing with increased level of bad loans and reduced profits because of the impact of the pandemic

Retail loans, long a safe bet for many banks, show uptick in defaults

HDFC Bank, ICICI Bank and Axis say bulk of the loans marked substandard in April-June was in retail category, but expect turnaround as lockdowns end.

RBI cancels licence of Madgaum Urban Co-operative Bank Ltd, Margao

The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits

UK court declares Vijay Mallya bankrupt for Indian banks to realise debt

The Indian banks, represented by the law firm TLT LLP and barrister Marcia Shekerdemian, had argued for the bankruptcy order to be granted in favour of the Indian banks

Fairfax-backed CSB Bank Q1 net profit jumps 14% to Rs 61 crore

Sequentially, too, the Kerala-based bank reported improved numbers, posting a rise of 42 per cent.

Hope fades for PSBs

Govt cannot keep infusing capital perpetually

HDFC Bank writes off Rs 3,100-crore NPAs in the April-June quarter

Offloads Rs 1,800 crore of bad loans

External benchmark system improves monetary transmission: RBI Article

Private sector banks have exhibited increased pass-through to lending and deposit rates compared to public sector banks.

Liquidity in the banking system rises as govt steps up spending

Net daily liquidity absorbed from banks on July 9 was Rs 4.6 trillion, data released on Monday showed

HDFC Bank's loss is ICICI Bank's gain on credit cards: Check details here

Between December and May, HDFC Bank's credit card kitty saw a drop of 528,447 cards while that of ICICI Bank increased 1.16 million, the highest by any lender during the period

Banker's Trust: Has crony capitalism hijacked bad loan resolution?

If bankers move fast and preserve the enterprise value of defaulting companies, recovery rate will improve even as the new insolvency law, much like the GST, remains a work in progress