Banking Sector

Credit Card spends fall sharply in November after festive October high

Decline due to moderation in consumer spending; issuances come down

Banks lobby RBI to approve new benchmark for overnight indexed swaps

The move is intended to improve price discovery in the interest-rate swap market

99% of Tripura villages now have banking access within 5 km: CM Saha

CM Saha stated that Tripura has achieved complete financial inclusion, with every village in the state now having access to a banking touchpoint or outlet, in line with the National Strategy

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Govt appoints Ram Mohan Rao Amara as SBI MD for a period of three years

Rao was holding the post of deputy managing director and chief risk officer of the country's largest bank until his appointment as managing director

The 24 hours of rate cuts that end year of global central-bank easing

By Friday, 22 central banks accounting for two-fifths of the global economy will have set borrowing cost

SBI seeks counter bids to sell Rs 52k cr of consortium's loans in JAL

NARCL's anchor bid has triggered a Swiss challenge auction

IndusInd Bank share drops 3%, hits 52-week low as UBS slashes target price

The fall in the IndusInd Bank share price came after Zurich, Switzerland-based brokerage UBS slashed its target price to Rs 1,150 per share, according to reports

Irdai may limit insurance companies' overdependence on parent banks

Irdai also plans to encourage diversification across multiple distribution channels to ensure balanced growth across the industry

HDFC Bank discloses Sebi warning letter over regulatory non-compliance

Experts say an administrative warning is a less severe action than a fine. However, it serves as a formal notice of non-compliance

The nomadic life of a PSU banker

Here's a peek into the life of a public sector banker who did well professionally, but paid a price for it

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

A total of 54.03 crore accounts have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY), of which 11.30 crore accounts are inoperative, Parliament was informed on Tuesday. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said the inoperative banks have a balance of Rs 14,750 crore as of November 20, 2024. 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. As per Reserve Bank of India (RBI) guidelines, a saving as well as a current account should be treated as inoperative/ dormant, if there are no customer induced transactions in the account for over a period of two years. Banks continuously make concerted efforts to monitor the percentage of operative accounts and the progress is being regularly monitored by the government, Chaudhary said. Further, banks have been advised to take necessary steps urgently to bring down the

HSBC India launches premium credit card Prive for private banking clients

The bank has unveiled its first premium credit card, HSBC Prive, designed with privileges exclusively curated for its private banking clients

Goldman Sachs quits climate coalition for banks, biggest one to exit group

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

HSBC appoints Lisa McGeough to lead US biz as CEO Elhedery shuffles leaders

The appointment comes as part of a sweeping overhaul by new CEO Georges Elhedery, who has made a raft of leadership changes and split the lender's geographic footprint into East and West

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

Bank of India plans additional Rs 5,000 cr infrastructure bond issue

To conduct brand recall survey for image enhancement, explores idea to appoint brand ambassador

Want to grow loans cautiously: Yes Bank MD & CEO Prashant Kumar

Prashant Kumar discussed the bank's deposit strategy, loan growth trajectory, the status of stake sale, and other key developments

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

The Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their 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, which was fixed almost six decades ago. The Bill piloted by Finance Minister Nirmala Sitharaman was approved by a voice vote. Replying to the debate on the Bill, Sitharaman said depositors will have the option of successive or simultaneous nomination facility, while locker holders will have only successive nomination. She also said that since 2014, the Government and the RBI have been extremely cautious, so that banks remain stable. "The intention is to keep our banks safe, stable, healthy, and after 10 years you are seeing the outcome," Sitharaman said. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in coopera

Amid regulatory overhaul, Axis Bank awaits RBI nod on Axis Finance's future

Options under consideration include absorbing non-banking financial company (NBFC) into bank, pursuing a public listing, or reducing its shareholding in NBFC below a specified threshold