Banks

According to senior public sector bank executives, all the mobile phone numbers are white-labelled for call centres, and compliances are in place as far as large commercial banks are concerned

Hong-Kong-based Matos has served in several of HSBC's largest regions, including Europe and Latin America, and was among the internal candidates vying to take over as CEO of HSBC

The RBI on Friday asked banks to collaborate with its initiative MuleHunter.AI to weed out mule accounts which are used to commit financial fraud. A mule account is a bank account used by criminals to launder illicit funds, often set up by unsuspecting individuals lured by promises of easy money or coerced into participation. The transfer of funds through these highly interconnected accounts makes it difficult to trace and recover the funds. "Use of money mule accounts is a common method adopted by fraudsters to channel proceeds of frauds," Reserve Bank of India (RBI) Governor Shaktikanta Das said. Unveiling the December 2024 monetary policy, he said the RBI is currently running a hackathon on the theme 'Zero Financial Frauds' which includes a specific problem statement on mule accounts, to encourage development of innovative solutions to contain the use of mule accounts. Another initiative in this direction is the AI/ ML-based model called MuleHunter.AI, piloted by Reserve Bank ..

Goldman Sachs gave no explicit reason for its departure, but focused on its strategy for the future and a growing push by regulators to make sustainability efforts mandatory

Roll out accessible, flexible loans with revolving credit lines, overdraft facilities as wedding business gets bigger, grander

Current regulatory norms permit only credit and debit transactions to render an account operational.

Deposit growth of Indian banks had been lagging behind credit growth since the fortnight ending March 25, 2022

The Competition Commission of India (CCI) on Tuesday cleared MUFG Bank's and American conglomerate Koch Group's proposed acquisition of shareholding in logistics aggregator Shiprocket. "The proposed combination envisages acquisition of certain shareholding of Shiprocket Pvt Ltd by MUFG Bank Ltd," the CCI said in a release. MUFG Bank is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), being the ultimate parent company. It is engaged in banking services in India. In another release, fair trade regulator CCI said the proposed combination envisages acquisition of certain shareholding in Shiprocket Pvt Ltd by KDT Venture Holdings, LLC. KDT Venture Holdings LLC is an early-stage venture capital firm. It is a wholly owned subsidiary company of Koch, Inc. Koch is one of the largest private companies in the US after multinational food corporation Cargill Inc. Shiprocket operates a logistics platform whereby it provides logistics services to other businesses, ...

The government is not considering merger of public sector banks, Minister of State for Finance Pankaj Chaudhary said on Tuesday. In a written reply to a question in the Rajya Sabha, he said several steps have been taken by the government to strengthen the financial condition of public sector banks (PSBs). Chaudhary said the reforms undertaken by the government in the banking sector have created systemic improvements and instituted checks and controls to minimise the risk of recurrence of excessive stress. To a question on whether the merger of public sector banks is being considered, Chaudhary replied: "No sir". Chaudhary further said PSU banks have shown improvement in their capital adequacy ratio and gross non-performing assets position post-merger. "The merger has helped in improved synergies, economies of scale, better technology integration and the same has resulted in uniform improvement across all key financial parameters," Chaudhary added. In the biggest consolidation exe

This includes enabling seamless Know Your Customer (KYC) updates through mobile or internet banking, non-home branches, video customer identification processes, and more

HDFC Life and SBI Life deny knowledge of regulator discussions

Private lender Axis Bank on Wednesday said the asset book of its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar has doubled to USD 4 billion from USD 2 billion in 2019. The bank unveiled a spacious IBU office at GIFT City here that spans nearly 8,000 square feet and is nearly three times bigger than the previous facility located here. "In terms of size, today our asset book here is a little over USD 4 billion, which is among the largest in GIFT City. Similarly, on the liability side, we have a USD 1 billion deposit, which once again makes us among the highest in terms of deposits as well...from USD 2 billion in 2019, we have doubled our asset book," its Deputy Managing Director Rajiv Anand told mediapersons. "The office is an expression of our ambition aligned with the ambition for GIFT City to serve our customers. We continue to show very solid growth on multiple fronts," said Axis Bank's President and Head of Wholesale Banking Products

So far, lenders have raised Rs 74,256 cr

Additional 3 months' instalment along with annual payments to be paid

Loan write-offs by banks in FY24 are the lowest in the last five years

Delegates from 18 countries, including central bank governors, deputy governors and other central bank officials from the Global South, attended a two-day high-level policy conference that concluded on Friday. High-Level Policy Conference of Central Banks from the Global South was organised here as part of the commemoration of the Reserve Bank of India's 90th year since its establishment. In his keynote address, RBI Governor Shaktikanta Das highlighted that maintaining overall stability, which includes sustained growth, price stability, and financial stability, is a daunting challenge for the countries of the Global South amidst global spillovers, external sector imbalances, limited fiscal space, elevated debt levels and continuing financial market volatility. Central banks need to work towards more robust, realistic and nimble policy frameworks that use monetary, prudential, fiscal and structural policies synergistically to achieve better societal outcomes, he added. RBI Deputy ..

Says need to curb unethical practices such as mis-selling of products