The finance ministry today sought application from eligible candidates for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra retired on completion of his three-year term on July 31, 2017.
India’s third-largest bank by assets ICICI Bank reported a plunge of 27.45% on a yearly basis in the consolidated net profit to Rs 1,894.15 crore for the quarter ended 31 December 2017 on Wednesday due to higher provisioning as the bad loans of the private sector lender increased.
Ahead of the Union Budget on Thursday, while the government seems to be reposing a lot of faith in the Insolvency and Bankruptcy Code to tackle the issue of non-performing assets the Economic Survey 2017-18 shows a low success rate of recovering only one-third of loans.
Cholamandalam Investment and Finance Company, the financial services arm of the Murugappa group, has reported a 53% growth in its net profit for the quarter ended December 31, 2017, to Rs 249.20 crore compared to Rs 162.52 crore in the same quarter last fiscal.
State Bank of India (SBI), the country’s largest lender, on Tuesday raised interest rates on deposits of over Rs 1 crore by 40-125 basis points (bps). This is the second time the bank has raised rates on bulk deposits in as many months.
To deepen the credit culture among the farming community of the country, its largest lender State Bank of India will provide credit cards to the farmers through its subsidiary SBI Cards and Payments Services, its chairman Rajnish Kumar said today.
With banks’ credit outpacing deposits in the last few months, pushing up the credit-deposit ratio, lenders are likely raising deposit rates in the near-term, says a report.
State Bank of India (SBI) raised interest rates on bulk deposits by 50-140 basis points effective Monday.One basis point is one-hundredth of a percentage point. “Have aligned bulk deposit rates with retail deposit rates. Hike will not impact cost of funds in a significant manner effective today,” PK Gupta, MD, SBI told CNBC TV18.
Banks are expecting a write-back in provisions for some of the large 11 accounts referred to the National Company Law Tribunal (NCLT), State Bank of India deputy MD (corporate accounts group) Sunil Srivastava.
Chennai-headquartered Equitas Small Finance Bank (ESFBL) on Monday announced the launch of its digital wealth management service.
Mortgage lender Housing Development Finance Corporation (HDFC) on Monday reported a 233% year-on-year (y-o-y) jump in its standalone net profit for the December quarter at Rs 5,670.21 crore, driven largely by a one-time gain of Rs 3,675.31 crore from the sale of its stake in HDFC Standard Life Insurance Company.
Yes Bank on Monday priced its five-year dollar bonds at 130 basis points over the five-year US Treasury yield, sources aware of the deal confirmed to FE.
Private sector Axis Bank today launched the fourth edition of ‘Evolve’, an annual multi-city knowledge series for Bank’s SME customers here.
Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today.
HDFC Ltd reported over a three-fold rise in the standalone net profit to Rs 5,670.21 crore for the quarter ended 31 December 2017, following the one-time gain from the sale of equity shares in its subsidiary HDFC Standard Life Insurance Company.
HDFC Bank customers can get their queries answered using Google Assistant. Yes, all you need to say is “Ok Google, talk to HDFC Bank”, and you’ll be connected to the bank’s AI Chatbox ‘Eva’.
A district consumer forum has held the SBI guilty of deficiency in service for debiting money from a bank account despite a failed ATM withdrawal and awarded a compensation of Rs 3,000 to the account holder.
Honest borrowers will find it easier to get loans from public sector banks (PSBs) following the reforms being undertaken, Financial Services Secretary Rajiv Kumar has said, asserting that there would be a premium on integrity.
Exim Bank of India is likely to price its 10-year dollar bonds at close to 125 basis points over the 10-year US Treasury yield, according to information provided by sources.
India’s Rs 9.5 lakh crore bad loans monster has shrunken to Rs 9.45 lakh crore in the quarter to September last year, the first pullback since a drive to clean up record levels of bad debt began in 2015 and signalling that tighter rules and a new bankruptcy code may be starting to show results.
Public sector banks (PSBs) have kick-started the review of their overseas operations by identifying 41 units for “rationalisation” as part of the larger reform process, a top official said today.
The eleven weak banks are currently under the RBI’s Prompt Corrective Action (PCA). This plan kicks in when banks breach regulatory norms on issues such as minimum capital, amount of non-performing assets and return on assets.
The frontloading of recapitlisation of public sector banks (PSBs) — bonds worth Rs 80,000 crore of the total Rs 1.35 lakh crore planned will be issued this fiscal — has come with a set of inviolable dos and dont’s, constituting significant reforms in the banking sector.
While public sector bank chiefs welcomed the government’s capital allocation and the proposed measures suggested by the finance ministry, analysts pointed out that the steps outlined in Wednesday’s announcement may fall short of addressing some of the structural issues in the banking sector.
Canara Bank’s net profit fell by 61% to Rs 126 crore for the December quarter of FY18, on the back of higher provisions for NPA and mark to market loss that the bank incurred due to surge in yields.
Announcing the banking sector reforms, Finance Minister Arun Jaitley said stringent norms for disbursal of high value loans have been framed, with strict surveillance on big loan defaulters and mandatory reporting of loans of over Rs 250 crore.
Banking sector may require up to Rs 89,000 crore of capital towards incremental provisioning for advances while transiting to the new accounting system Ind-AS, says a report.