The RBI is set to auction the new 10-year benchmark government bond on Friday, according to a notification. The bond will replace the 6.79% yielding central government securities maturing in 2027 as the benchmark 10-year paper.
Putting branch rationalisation plan on fast track, Punjab National Bank (PNB) has placed 300 branches under watch and asked them to either shape up within a year or face closure or merger.
IndusInd Bank today said it has raised $500 million (about Rs 3,193.75 crore) term loan from overseas lending bodies to expand its business.
Presence of foreign bank ATMs in India have declined by 18 per cent over the last three years as some of them shut ATMs, while one bank closed operations here, according to official data.
Asserting that interest rates have bottomed out, Punjab National Bank Managing Director Sunil Mehta said treasury income of banks would see some pressure in the fourth quarter due to change in methods of calculating depreciation as well as additional Rs 50,000 crore borrowing by the government.
It will keep hearing shrill calls for rate cuts as it did in 2017, it will have to be vigilant for containing inflation and be blamed by naysayers for not doing enough to boost growth and it will have to remain in cleansing mode for ridding the banking sector of bad loans — 2018 may be another 2017 for RBI.
The finance ministry has asked public sector banks (PSBs) to explore options for selling and swapping of loan assets with other lenders with a view to strengthen their balance sheets.
State-run Allahabad Bank on Saturday signed an MoU with the government owned National E-Governance Services Ltd (NeSL) for a the tie-up that could help in minimising the resolution period in NCLT referred cases.
Public sector Punjab National Bank today announced raising interest rates by up to 1.25 per cent on domestic term deposits of up to Rs 10 crore for different tenures, effective January 1, 2018.
Central Bank of India today said its board will meet on January 3, 2018 to consider a proposal of raising additional equity capital of Rs 323 crore from the government.
State-run Dena Bank today said it has received capital infusion of Rs 243 crore from the government.
Giving a huge relief to the providers of digital wallets and prepaid instruments, the Reserve Bank of India (RBI) has granted them two more months (till February) to complete ‘know your customer’ (KYC) compliance of existing users. Earlier, the RBI had asked all the prepaid instruments including Paytm to complete minimum KYC of users by December 31, 2017.
State-run Bank of India today said it has received capital infusion of Rs 2,257 crore from the government.
The overall deposits in banks grew 11% year-on-year (y-o-y) in FY17, driven largely by current account and savings deposits after demonetisation.
There are differing views of Artificial Intelligence (AI), with Elon Musk asserting that “AI is the biggest risk we face as a civilisation” on one end, and Bill Gates stating that such threats are not quite true, on the other extreme of the spectrum.
Banks are unlikely to cut deposit rates despite the recent cut in interest rates on small savings schemes by the government, ratings agency Icra said on Friday.
Finance Minister Arun Jaitley chaired a meeting with financial sector regulators during which they gave proposals for the Union Budget to be presented on February 1.
Bihar’s Deputy Chief Minister Sushil Kumar Modi said that rural banks have to disburse a loan of Rs 22,920 crore among the farmers of the state in the current financial year.
The city-based Karnataka Bank has achieved a milestone of Rs one lakh crore business in its activtities since its inception 93 years ago, Managing Director and CEO of the Bank, M S Mahabaleshwara said here today.
Lead by a tepid 1 percentage point growth in industrial credit, non-food credit as a whole of banks rose by 8.8 per cent in November, which is almost double from the 4.8 percentage point growth clocked in the year-ago month, according to the RBI data released today.
Over 25,800 fraud cases involving about Rs 179 crore related to credit/debit cards and Internet Banking were reported in 2017 (up to December 21), Parliament was informed today.
Public sector lender Canara Bank today said it will not sell its stake in asset management division firm Robeco Asset Management Company due to huge growth opportunities in the sector.
The government on Friday said it has no plans to waive corporate loan and banks are advised to resolve stressed accounts speedily or start insolvency proceedings case by case.
Around 25 per cent of existing jobs in BFSI space are expected to face existential threat by 2022, as the sector is witnessing rising adoption of automation to increase efficiency, says a report.
The retail credit growth for non-banking financial companies is likely to be moderate at 16-18 per cent in the current fiscal, helped by some asset classes, such as SME credit, says a report.
The Reserve Bank of India is expected to go in for a policy rate cut of 25 bps in April next year to signal lower lending rates, which are key to the economic recovery, says a report.
Employee unions of public sector banks have deferred their tomorrow’s strike, various state-run lenders said today.