Page 4 - Indian Banks

FM asks banks to stay alert, says financial system remains robust

Finance Minister asks banks to ensure uninterrupted banking, cyber vigilance and ATM cash flow amid India-Pakistan tensions; insurers told to speed up claim settlements

J&K Bank aims to cross ₹5,000 cr profit mark by 2030: MD & CEO Chatterjee

Jammu and Kashmir Bank, which crossed the Rs 2,000-crore profit mark in fiscal year 2024-25, aims to cross the Rs 5,000 crore profit milestone by 2030, its Managing Director and CEO Amitava Chatterjee has said. Chatterjee emphasized on the need for the bank to focus more on supporting the agriculture sector, while expanding its footprints in the rest of the country as part of its diversification plan. "The vision or aspiration of the bank is to cross Rs 5,000 crore profit by 2030. So that will be our way forward. Yes, we have increased the net profit by Rs 300-400 crore in the last fiscal. Obviously we would like to increase it by Rs 500 crore next year, but the ultimate vision is to cross Rs 5,000 crore by 2030," Chatterjee told PTI. He said the bank has been raising the bar each passing year by posting record profits for the past three financial years. For the full 2024-25 fiscal, the bank reported nearly an 18 per cent rise in net profit to Rs 2,082.46 crore, compared to Rs ...

IndusInd Bank's risk management, leadership under scanner: Moody's

Yes Bank's profitability remains lower vis-a-vis private peers

Indian banks outperform global peers in digital transition, daily services

Indian banks have introduced features like real-time and future-dated payments, app-based banking through messengers, and virtual card issuance for online transactions, outpacing global peers

Banks reduce savings account interest rates to protect profitability

Recently, HDFC Bank, ICICI Bank, Axis Bank and Federal Bank announced nearly 25 basis points revision in their savings account interest rates

Warburg Pincus, ADIA units to invest $877 million in IDFC FIRST Bank

The entities will invest the funds for a combined 15 per cent stake in the mid-sized private lender which has 971 branches

UPI outages: NPCI, banks working on durable solution to plug gaps

The current challenge stems from the extremely high frequency of transaction status API calls

Financial Intelligence Unit imposes ₹37 lakh penalty on Union Bank of India

The Financial Intelligence Unit (FIU) has slapped a Rs 37 lakh penalty on Union Bank of India for discrepancies in reporting suspicious transactions for 2011-2014. In a regulatory filing on Wednesday, Union Bank said it "has taken necessary preventive measures to avoid recurrences of such non-compliances". Financial Intelligence Unit-India (FIU-IND) in its order dated April 15 imposed a penalty of Rs 37 lakh for "discrepancies observed in a matter for the year 2011 to 2014 in reporting of suspicious transaction". Shares of Union Bank were trading at Rs 124.70, up 1.88 per cent over previous close on BSE.

Aviation ministry seeks FinMin help to boost aircraft leasing at GIFT City

It has also raised concern over slow progress in developing aircraft leasing in India

IPL betting boom strains Indian banks as UPI handles trillions in flows

The frenzy of real-time IPL betting is testing the limits of India's UPI network, as banks struggle to manage surging digital transactions and prevent payment failures

Banks to remain closed today for Mahavir Jayanti; check holidays' list

The RBI announces bank holidays through its official channels, such as its website and bank notifications. The bank holidays are classified under three categories

Indian banks recovered over Rs 14k cr, twice he owed, claims Vijay Mallya

Fugitive liquor baron Vijay Mallya has claimed that Indian banks have got access to his properties worth Rs 14,131.6 crore, more than twice the amount that he owed to public sector banks. Mallya cited purported reference to the details of restoration done by the Enforcement Directorate against wilful defaulters in the Finance Ministry's annual report 2024-25 to say that banks have already recovered Rs 14,131.8 crore against Rs 6,203 crore awarded by the Debt Recovery Tribunal. "Finally, against aT judgment debt of Rs 6,203 crore, admitted recovery of Rs 14,131.8 crore, which will be evidence in my UK bankruptcy annulment application. Wonder what banks will say in an English Court," Mallya said in a post on X. Sharing details of fugitive economic offenders, including Mallya and 10 others, the report said a total of 44 extradition requests have been sent to various countries in respect of 36 individuals. As per the annual report of the ministry, a complete amount of attached properti

RBI may infuse up to Rs 4 trillion to shield economy from global risks

SBM India estimates that up to Rs 2 trillion could be injected in the first half, adding to an unprecedented $80 billion already pumped in since January

Union Bank of India Q4 loan growth at 8.6%, total advances at Rs 9.82 trn

State-owned Union Bank of India on Friday said it has posted a credit growth of 8.6 per cent to Rs 9.82 lakh crore during March 2025 quarter. Total advances were Rs 9.04 lakh crore at the end of March 2024, Union Bank of India said in a regulatory filing. The lender reported a 7.22 per cent rise in total deposits to Rs 13.09 lakh crore as against Rs 12.21 lakh crore at the end of the fourth quarter of the previous financial year. Total business of the bank rose 7.8 per cent to Rs 22.92 lakh crore as compared to Rs 21.26 lakh crore at March-end 2024. Meanwhile, J&K Bank reported a 10.3 per cent improvement in advances to Rs 1.06 lakh crore at the end of fourth quarter of FY25 as against Rs 96,981 crore in the same period a year ago. The Srinagar-based lender's deposits rose 10.2 per cent to Rs 1.48 lakh crore during the quarter from Rs 1.34 lakh crore in the year-ago period, J&K Bank said in a separate regulatory filing. Ujjivan Small Finance Bank clocked a 7.9 per cent rise in

RBI tells banks to continue joint account for surviving spouse's pension

Spouse entitled for family pension must be survivor

IndusInd Bank taps Grant Thornton for fraud checks in accounting case

The accounting discrepancy contravened Reserve Bank of India rules, though the central bank has said IndusInd is well-capitalised

Public sector banks' dividend rises 33% to Rs 27,830 crore in FY24

Dividend payout by public sector banks (PSBs) have risen by 33 per cent to Rs 27,830 crore in FY24, indicating significant improvement in financial health of these lenders. PSBs declared a dividend of Rs 27,830 crore to shareholders in 2023-24 as against Rs 20,964 crore in the previous fiscal, registering an increase of 32.7 per cent, according to the government data. Of Rs 27,830 crore total dividend, nearly 65 per cent or Rs 18,013 crore was paid to the government towards their shareholding in FY24. During 2022-23, the government received Rs 13,804 crore as dividend from the public sector banks including State Bank of India (SBI). It is to be noted that 12 public sector banks recorded the highest ever aggregate net profit of Rs 1.41 lakh crore in 2023-24 against the net profit of Rs 1.05 lakh crore in 2022-23, and earned Rs 1.29 lakh crore in the nine months of the current financial year. Out of the total profit of Rs 1,41,203 crore earned during FY24, market leader SBI alone ..

New India Bank case: Depositors ask RBI for measures to revive bank

An organisation representing depositors of the New India Co-Operative Bank, hit by alleged embezzlement of Rs 122 crore, have submitted a petition to the Reserve Bank of India, seeking immediate measures to revive the bank for ending their financial hardships. In the petition, the organisation said it suspects that "deeper financial irregularities like undisclosed non-performing assets (NPAs) or additional frauds could be contributing to the crisis". On February 15, the Economic Offences Wing (EOW) of the Mumbai police arrested Hitesh Mehta, General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly misappropriating Rs 122 crore from the bank. Two days prior to that, the RBI had imposed several restrictions on the bank, including on withdrawal of funds by depositors, citing supervisory concerns emanating from the developments in the bank, and to protect the interest of its depositors. A day later, it superseded the cooperative bank's board for a year and .

Banks' Apr-Dec performance robust, impaired loan ratio near trough: Fitch

Fitch Ratings on Monday said Indian banks have performed robustly in the first nine months of the current financial year with the sector's impaired loan ratio close to the trough. In its commentary, Fitch said improvements in key performance metrics of Indian banks in the past few years will provide strong support for their Viability Ratings (VRs). The global rating agency also said that Indian banks' risk appetites have been more calibrated since 2018, with efforts to diversify loans and improve the quality of corporate exposures contributing to lower bad loan formation. Lower legacy bad loans drove improvement in banks' gross impaired loan ratios and earnings, Fitch said. However, these risk enhancements have yet to be fully tested, and banks have tended to vary risk appetite through cycles, such as growth in unsecured personal loans in recent years until regulatory measures discouraged this behaviour, Fitch noted. "Indian banks performed robustly in the first nine months of the

Tighter lending norms stymie Indian banks' loan growth for 7th month

Including the merger impact, loans grew 11.4% last month, compared with 20.3% in the year-ago period