Page 2 - Banking
RBI directs banks to urgently reduce inoperative or frozen accounts
This includes enabling seamless Know Your Customer (KYC) updates through mobile or internet banking, non-home branches, video customer identification processes, and more
 "RBI directs banks to urgently reduce inoperative or frozen accounts")
'Har Ghar Lakhpati': State Bank of India's new mantra for deposit accretion
Country's largest lender ups the ante for resources with two new schemes set to launch this month
 "'Har Ghar Lakhpati': State Bank of India's new mantra for deposit accretion")
SBI launches nation-wide drive for activation of inoperative accounts
A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years
 "SBI launches nation-wide drive for activation of inoperative accounts")
Banks' credit to industry grows by 8% in Oct against 4.8% last yr: RBI data
Among major industries, credit to 'chemicals and chemical products', 'petroleum, coal products and nuclear fuels', and 'all engineering' recorded a higher growth in October 2024
RBI devolves 70% new green bonds at 6.78%-6.84%, cutoff below 10-year note
The RBI sold around 15 billion rupees ($177.53 million) worth of 10-year green bonds to investors at a 6.79% coupon but devolved nearly 35 billion rupees worth of the note, the first such devolvement
 "RBI devolves 70% new green bonds at 6.78%-6.84%, cutoff below 10-year note")
SBI's business may hit Rs 100 trillion in FY26, says Chairman CS Setty
Sets three-year horizon for achieving net profit of Rs 1 trn per annum
 "SBI's business may hit Rs 100 trillion in FY26, says Chairman CS Setty")
Bank-backed private life insurers' scrips tumble on banca limit reports
HDFC Life and SBI Life deny knowledge of regulator discussions
 "Bank-backed private life insurers' scrips tumble on banca limit reports")
Indian banks reviewing exposure to Adani Group after US indictment
SBI has the largest exposure to the Adani Group among Indian banks, with sanctioned loans of Rs 33,800 crore ($4 billion)
 "Indian banks reviewing exposure to Adani Group after US indictment")
Loan book of Axis Bank's GIFT City unit doubles to $4 billion in 5 years
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
 "Loan book of Axis Bank's GIFT City unit doubles to $4 billion in 5 years")
Cooperative banks expected to be digitised by March 2025: Nabard chairman
The Reserve Bank of India (RBI) has mandated all cooperative banks to adopt the Core Banking Solution (CBS) marking a significant step towards modernisation
 "Cooperative banks expected to be digitised by March 2025: Nabard chairman")
FinMin issues advisory to banks to promote transparency in transfer policy
Department of Financial Services asked lenders to incorporate advices suitably in their respective 'Transfer Policy' with the approval of their boards
 "FinMin issues advisory to banks to promote transparency in transfer policy")
PSBs to launch new products in 3-4 months to ramp up credit growth
Nagaraju also said the Banking Amendment Bill tabled in Parliament during the monsoon session will likely be moved in the ongoing winter session
 "PSBs to launch new products in 3-4 months to ramp up credit growth")
Public sector banks prepare to open AT-1, Tier-2 bond floodgates
They target raising Rs 54,800 cr in FY25
 "Public sector banks prepare to open AT-1, Tier-2 bond floodgates")
Adani US Indictment: Banks' risk management units begin stock-taking
May escalate matter for board-level discussion
 "Adani US Indictment: Banks' risk management units begin stock-taking")
Delegates of 18 nations join RBI conference for Global South central banks
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
 "Delegates of 18 nations join RBI conference for Global South central banks")
HSBC stops processing all Russia, Belarus payments for retail customers
A message sent from the bank to its personal banking customers and seen by Reuters said the lender has 'made the decision to stop processing payments' from the two countries
 "HSBC stops processing all Russia, Belarus payments for retail customers")
Revised PLI scheme undermines autonomy of boards of PSBs, says AIBOC
The Department of Financial Services (DFS) directive undermines this well-established framework, violating the sanctity of collective bargaining and the essence of bilateral settlements
 "Revised PLI scheme undermines autonomy of boards of PSBs, says AIBOC")
UPI 123 Pay: RBI extends transaction limits- Here are key changes
UPI 123Pay facilitates digital payments on feature phones, enabling users to access UPI services without an internet connection. It supports four payment methods
 "UPI 123 Pay: RBI extends transaction limits- Here are key changes")
Centre revises PLI scheme for directors, senior executives of PSBs
As per the circular, PLI for EDs and MDs of nationalised banks and DMDs, MDs and chairman of SBI could be up to 100 per cent of annual basic pay
Finance ministry directs major PSBs to fast-track re-KYC verification
Out of 53.9 crore Pradhan Mantri Jan-Dhan Yojana accounts, 11.2 crore are inoperative and 10.5 crore accounts are pending for re-KYC
 "Finance ministry directs major PSBs to fast-track re-KYC verification")
