Banks

CRISIL analysis: Three things that could curb bank credit growth this year

The RBI's increase in risk weights on bank lending to non-banking financial companies (NBFCs) and on unsecured loans has pruned credit growth in these segments

RBI's Financial Stability Report flags rising NPAs, global economic risks

Indian banking sector stable, but global debt and economic volatility loom large

Will banks remain closed on January 1, 2025 New Year? All you need to know

Banks across the country are expected to remain closed on January 1 due to the New Year celebration. However, online banking services will remain active

These bank accounts will close down from Jan 1. Check if yours is affected

Starting from January 1, banks will be closing three types of accounts. Customers should check if their accounts are affected and take necessary steps to prevent their account from being closed

Market outlook 2025: IT, chemicals, banks among top sectors to invest

Experts suggest investors should expect moderate returns as the market adjusts to global macroeconomic challenges

Karur Vysya bank expands footprint with 4 new branches in Tamil Nadu

Private sector Karur Vysya Bank has inaugurated four new branches in Tamil Nadu, under its plan to strengthen presence, taking the overall branch network to 862, the bank said on Sunday. The Tamil Nadu headquartered bank had inaugurated 24 new branches in the current financial year. The four new branches were inaugurated in Madurai, Tiruppur, Krishnagiri and Chennai, a press release said here. The new branches would cater to provide all basic banking transactions and also to specific needs of customers and would also offer the entire spectrum of banking and financial services. Karur Vysya Bank as on September 30, 2024 reported a total business of Rs 1,76,138 crore and a net profit of Rs 932 crore. The net non-performing asset of the bank as on September 30, 2024 stood at 0.28 per cent, the release added.

SBI adds to record samurai loan boom with $197 million debt facility

Mitsubishi UFJ Financial Group Inc. is the lead bank of the deal, which will be raised in the Gujarat International Finance Tec-City

Banks compliant with Trai's new regulations on message traceability

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

Australian lender ANZ names former HSBC wealth chief Nuno Matos as new CEO

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

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

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 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

Banks, matchmakers lend shoulder to self-funded wedding palanquin

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

Allow use of non-financial transactions to decide a/c status: SBI to RBI

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

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

Japan's MUFG Bank, Koch Group gets CCI nod to buy stakes in Shiprocket

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, ...

Govt not considering PSU bank mergers: MoS Finance Pankaj Chaudhary

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

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

Bank-backed private life insurers' scrips tumble on banca limit reports

HDFC Life and SBI Life deny knowledge of regulator discussions

Loan book of Axis Bank's GIFT City unit doubles to $4 billion in 5 years

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

Banks eye Rs 1 trillion through infrastructure bond issuances in FY25

So far, lenders have raised Rs 74,256 cr