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Indian Banking Sector
New India Cooperative Bank's Prabhadevi branch in Mumbai had a capacity to keep Rs 10 crore at a time, but the cash in hand book showed there was Rs 122.028 crore in the safe on the day of RBI inspection, police officials said on Tuesday, citing probe into a fraud case. Mumbai Police's Economic Offences Wing (EOW) is probing a Rs 122-crore embezzlement at New India Cooperative Bank and has arrested three persons, including two former top executives of the lender, so far. The RBI inspection team visited the corporate office branch of the bank at Prabhadevi on February 11, where they found Rs 122 crore cash was missing from the safe, an official said. The balance sheet at the corporate office branch was showing Rs 133.41 crore at the bank's safe at Prabhadevi and Goregaon branches, and Rs 122.028 was the figure on the balance sheet of Prabhadevi branch on that day, he said. During the probe, the EOW found the capacity of the safe at the corporate office to store cash was only Rs 10 .
Banks that have a greater proportion of green loans experience long-term improvements in financial stability, according to research by the Indian Institute of Management (IIM), Lucknow. The study published in the prestigious Finance Research Letters journal found that expansion of non-carbon intensive lending can improve the core of loan portfolios of Indian banks. The findings underscore the strategic importance of sustainable lending in the Indian banking system. A green loan is a form of financing that enables borrowers to use the proceeds to exclusively fund projects that make a substantial contribution to an environmental objective. According to Vikas Srivastava, ONGC Chair Professor, IIM Lucknow, despite global initiatives to create uniform frameworks for green lending, there are significant gaps in providing incentives, particularly in developing economies such as India. "Most Indian banks are heavily dependent on lending to carbon-intensive industries as there is no clear
NaBFID Managing Director and Chief Executive Officer Rajkiran Rai G has said it is planning to raise Rs 30,000 crore during the ongoing quarter for funding infrastructure projects in the country. "We were expected to touch Rs 1 lakh crore of (loan) sanction this year (FY25)... we are very close to that, and we will be crossing that target this year," he told PTI in an interview. On the disbursement side, he said, "We are expected to disburse about Rs 60,000 crore this financial year. That target seems a bit challenging because of documentation and other processing." In the infrastructure segment, there is always a gap between sanction and disbursement. National Bank for Financing Infrastructure and Development (NaBFID) raised about Rs 5,000 crore via a 15-year paper. "We are continuously raising money, but it will be linked to disbursements. We may raise up to Rs 30,000 crore this quarter, depending on the requirement," he said. NaBFID, set up in 2021, is a specialised developmen
In order to check cyber security threats, the Reserve Bank on Friday decided that Indian banks will have exclusive internet domain name 'bank.in' and non-bank financial entities 'fin.in'. Unveiling the last bi-monthly monetary policy of this fiscal year, RBI Governor Sanjay Malhotra said registrations for 'bank.in' will commence from April 2025, and going forward 'fin.in' will be introduced. The decision is aimed at enhancing trust in the financial sector, he said adding the increased instances of fraud in digital payments are a significant concern. "To combat the same, the Reserve Bank of India (RBI) is introducing the 'bank.in' exclusive Internet Domain for Indian banks," he said. The initiative aims to reduce cyber security threats and malicious activities like phishing, and streamline secure financial services, thereby enhancing trust in digital banking and payment services. The Institute for Development and Research in Banking Technology (IDRBT) will act as the exclusive ...
Financial Services Secretary M Nagaraju on Friday said banks must adopt rapid technological changes, modernise core systems, and prioritise compliance and risk measures to ensure resilience amid global challenges. In a virtual keynote address at the IBA's 20th Annual Banking Technology Conference, Expo & Citations - 2025 conference on Future Ready Banking for Viksit Bharat, he emphasised that technological advances like DPI and Unified Lending Interface are empowering financial inclusion. "Banks must adapt to rapid changes, modernise core systems, and prioritise compliance and risk measures to ensure resilience amid global challenges," he said. Scaling up globally competitive banks, closing credit gaps, and expanding insurance and pension coverage are critical to realising the vision of Viksit Bharat by 2047, he said. The financial services secretary also highlighted India's evolving financial landscape, driven by innovations like JAM, UPI, and ONDC. Emphasising AI/ML's role, he .