Banking & Finance

Union Bank posts Rs 2,503-crore loss in Q4 on provisions

The value of slippages during the March quarter stood at Rs 2,490 crore, down from Rs 5,112 crore in the quarter ended December.

Union Bank’s operating profit rose 53% year-on-year (y-o-y) to Rs 2,653 crore.

Icra downgrades Yes Bank’s upper tier II bonds to default grade

The Reserve Bank of India (RBI) has held that Yes Bank should not make the scheduled repayment as it is currently in breach of the 9% capital to risk assets ratio (CRAR) requirement.

The rating downgrade on Yes Bank Basel II upper tier II bonds factors in the specific features of the instrument wherein the debt servicing is linked to the bank meeting the regulatory norms on capitalisation.

Bank of Baroda reports Q4 net profit of Rs 506 crore despite Covid provisioning

Sanjiv Chadha, MD & CEO, Bank of Baroda, said, “For all customers who has loan outstanding up to Rs 10 lakhs would continue to avail ‘opt out’ scheme on moratorium.”

“The bank has availed standstill for special mention accounts-2 (SMA-2) accounts worth Rs 4,000 crore, and provided 20% on that front, ” Chadha said.

Indian Bank’s Q4 loss widens to Rs 218 crore on higher provisioning

The bank said moratorium was granted to eligible borrowers in respect of EMIs and recovery of interest was deferred.

Indian Bank in a statement said that the provisions and contingencies for Q4 FY20 were at Rs 1921 crore as compared to Rs 1435 crore in Q4 FY 19.

Supreme Court refuses to set aside Calcutta HC order against Bank of Baroda

IOCL had argued that BoB, instead of releasing the payment upon its invocation of the unconditional bank guarantee, had informed Simplex about it.

RBI grossly underestimated ATM revamp costs, unpublished report shows

The report of the committee to review the ATM interchange fee structure, submitted on October 22, 2019, recommended that banks be allowed to charge customers for ATM withdrawals of over Rs 5,000.

Bank of Baroda posts Q4 net profit of Rs 506 crore

Bank of Baroda on Tuesday reported a standalone net profit of Rs 506.59 crore for the March 2020 quarter. The bank had posted a net profit of Rs 991.37 crore in the January-March quarter of the preced

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PNB expects to complete technology integration of OBC, United Bank of India by March

The losses were mainly due to provision against bad loans, he said, without giving numbers as they have not been made public.

On the outlook for the current fiscal, Rao said PNB will earn moderate profit in the current fiscal, aided by treasury income and core banking activities.

Bank deposits surge, but not because common man saved more; check whose money it is

While the bank deposits are on a rise, the growth of credit off-take from the banks has almost halved.

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RBI leaves Yes Bank bondholders high and dry; asks lender to do this before making interest payments

Private-sector lender Yes Bank will not make interest payments to upper Tier-II bondholders on June 29 as the RBI has not granted it permission in light of its poor capital adequacy ratio.

Yes Bank is looking to raise capital to bolster its capital base.

Profitability may get impacted during H1 due to lack of economic activities: Uco Bank

The bank was earlier aiming to back in the black and consequently come out of the PCA framework by the fourth quarter of the last fiscal.

The state-run bank had posted a net loss of Rs 960.17 crore for the third quarter last fiscal.

ICICI Bank raises Rs 840 crore from sale of 1.5% stake in insurance subsidiary

The bank’s shares ended at Rs 367.80 on the BSE on Monday, 1.07% higher than their previous close, while those of ICICI Prudential Life ended at Rs 406.80, up 3.85%.

As per Basel III norms, ICICI Bank on a standalone basis had a common equity tier-1 (CET-1) ratio of 13.39%, Tier-1 capital adequacy ratio of 14.72% and total capital adequacy ratio of 16.11%.

RBI bars Yes Bank from paying interest on tier-2 bonds

Interest payments on Yes Bank's 10.25 per cent unsecured non-convertible upper tier-II bonds issued in 2012 is due on June 29 and the city-based lender had sought the RBI nod to honour the same.

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India cannot become fully digital if all transactions remain free of cost: G Padmanabhan, former RBI executive director

G Padmanabhan, former executive director of the Reserve Bank of India, said that for digital transactions to really zoom in this country, there is a need to provide convenience for customers.

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SBI, PNB rating outlook cut; Fitch’s axe falls on 9 PSU, private banks after India’s rating outlook cut

Fitch has cut the credit rating outlook on India’s nine PSU and private banks including SBI, PNB and ICICI Bank from “stable” to “negative” after the recent cut in India’s sovereign credit

DBS Bank logs Rs 111 cr profit in FY20 from India operations

Troubles on the asset quality front in the past had led the bank to report losses from the India operations a few years ago. It had then announced a strategy to stay away from high risk loans.

Likely job cuts, salary reductions to have relatively low impact on SBI: Chairman

SBI has traditionally been the banker of choice to the Government of India (GOI) and is an accredited banker to major Central Government Ministries and Departments, the annual report said.

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Punjab National Bank plans to hit capital market in Q4

The bank is sufficiently capitalised with the capital adequacy ratio of 14.14 per cent at the end of March 2020, PNB Managing Director S S Mallikarjuna Rao said.

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PNB expects to post a moderate profit in FY21, thanks to IBC

The bank is planning a review meeting next month after the merger with Oriental Bank of Commerce and United Bank of India.

Work-from-anywhere: SBI’s new mantra amid Covid-19

The report emphasised that rapid adoption of digital technology in response to the COVID-19 also augurs well from point of view of the banks as it may accelerate the adoption of digital offerings by t

PNB narrows Q4 loss to Rs 697 crore as bad loans ease

During 2019-20, the government infused Rs 16,091 crore capital in the bank. As a result, the government holding in the bank rose to 83.19 per cent at the end of March 2020 as against 75.41 per cent at

PNB, Punjab National Bank

RBI reins in housing finance companies…at last! Will help real estate clean up process

If the collapse of IL&FS was the trigger for the crisis in the NBFC sector, the subsequent collapse, followed by allegations of fraud, at Dewan Housing and Finance Ltd (DHFL), was a pointer to the nee

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LIC Housing Finance Q4 profit plunges 39%

There was a deterioration in asset quality, with the gross stage 3 ratio rising to 2.83% in Q4FY20 from 1.58% in Q4FY19. The company stepped up provisioning for bad loans, which rose 71% y-o-y to Rs 2

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Hyundai ties up with HDFC Bank for retail financing

Under the ambit of this partnership, Hyundai India will offer its customers customised car financing solutions from HDFC Bank directly on the ‘Click to Buy’ online car buying platform.

Through this partnership, customer can opt for loans and get the requisite funding to complete life goals of buying their favourite Hyundai car.

PMC Bank: RBI doubles withdrawal limit to Rs 1 lakh

The central bank on November 5 had enhanced the withdrawal limit for PMC Bank depositors to Rs 50,000 from the previous cap of Rs 40,000.

Cooperative banks’ ordinance news

Axis Bank’s Pralay Mondal to join CSB Bank

Mondal has recently tendered his resignation from his current position as executive director & head of retail banking in Axis Bank.

Revenue hunt: Centre fast-tracks LIC listing plan

Although it is expected the listing of LIC might help unlock the insurer’s true potential and ensure its greater accountability, it is now bleeding from a string of bad corporate investments.

Gross bad loans in the corporate portfolio of LIC jumped almost five times in eight years through FY19 to as high as 6.15%.
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