Banking

Looking back at 2024

The overarching theme of this year has been the RBI's new approach to vigilance

Supreme Court removes 30% interest cap on late credit card bill payments

RBI stated that while it has directed banks not to charge excessive rates of interest, it does not directly regulate the rates charged by banks

Banca cap may impact banks' net profit by 1-2%, says IIFL Securities

It could shave off 15-30% of banks' fee income that they earn by selling insurance

Forex reserves drop $2 bn to $652.86 bn, a nearly six-month low: RBI data

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves

Business activity between India, UK flourishes in 2024, shows HSBC data

In the nine months to October 2024, the value of payments made by HSBC UK business clients to India reportedly rose by 32 per cent and the bank received 36 per cent more new business client referrals

Banking liquidity deficit hits highest in 6 months on advance tax payments

Indian companies' advance tax payments, which come due in the last month of each quarter, are adding to the liquidity strain

RBL Bank re-appoints R Subramaniakumar as MD & CEO for a period of 3 years

R Subramaniakumar was initially appointed for a period of three years as MD and CEO of the bank in June 2022

PSBs were UPA's ATM for cronies: FM Sitharaman hits out at Rahul Gandhi

Banking sector, especially Public Sector Banks (PSBs), have seen a remarkable turnaround under the leadership of Prime Minister Narendra Modi, she said

Need active participation of pension, mutual funds in corp bond market: SBI

State Bank of India chairman C S Setty on Wednesday called for active participation by mutual funds and pension funds in the corporate bond market.

113 mn inoperative Jan Dhan accounts hold Rs 14,750 cr as of Nov 20: Govt

The percentage of inoperative PMJDY accounts for public sector banks (PSBs) declined from 39.62 per cent in March 2017 to 20.91 per cent in November 2024

Gross NPAs of public sector banks at Rs 3.16 trn, 3.1% of outstanding loans

Gross NPAs as percentage of outstanding loan was 3.09 per cent in public sector banks and 1.86 per cent in private sector banks

Princeton-educated, consensus builder Sanjay Malhotra appointed new RBI Guv

He takes over as the 26th Governor of the central bank at a time when the RBI is under pressure to cut interest rates to support growth

Sanjay Malhotra to be next RBI governor, to succeed Shaktikanta Das

Sanjay Malhotra, a 1990 batch IAS officer from the Rajasthan cadre, will take over from Shaktikanta Das, whose term comes to an end on December 10

SBI looks to sell Rs 2,732 cr of bad loans in ARSS Infrastructure Projects

Bank has invited expressions of interest from entities interested in submitting counter bids for the asset on full cash basis

RBI asks banks to collaborate with MuleHunter.AI to find mule accounts

"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

Net growth in deposits higher than advances by Rs 5.68 trn between 2020-24

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

Bill to push banking reforms, strengthen governance gets Lok Sabha nod

Proposes up to 4 successive nominations by bank a/c holders

LS passes banking laws amendment Bill allowing 4 nominees in bank accounts

Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh

PSBs safe, stable, performed exceptionally well in recent years: Sitharaman

Replying to a debate on the Banking Laws (Amendment) Bill, 2024, the minister said that all the Public Sector Banks have turned profitable

Govt not considering PSU bank mergers: MoS Finance Pankaj Chaudhary

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)