Page 3 - Indian Bank

Is Nifty PSU Bank nearing an interim peak? Keep an eye on this pivot point

In a past instance, the Nifty PSU Bank corrected over 23 per cent in the following two months after the index entered overbought zone on the monthly scale.

Maruti partners with Indian Bank to provide financing solutions to dealers

Maruti Suzuki India Ltd on Thursday said it has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements, the company said in a statement. "This alliance with Indian Bank will strengthen relationships with dealer partners and ensure a seamless car buying experience for customers," Maruti Suzuki India Senior Executive Officer, Marketing & Sales, Shashank Srivastava, said. "The goal all along has been to work closely with Indian Bank in developing personalised offers and end-to-end working capital solutions for our dealer partners across the country," he said. Indian Bank Executive Director Ashutosh Choudhury said the bank's supply-chain finance will provide easy access to working capital finance to Maruti Suzuki dealers, at favourable terms ...

Indian Bank collaborates with IBM to deploy new front-end banking apps

Public sector Indian Bank has collaborated with Nasdaq-listed IBM to deploy future ready infrastructure to enhance scalability and agility. The city-headquartered bank wanted to consolidate its front branch servers for better manageability and availability at Data Centres and Disaster Recovery centres under their 'Project Paradise' initiative. Project Paradise initiative of Indian Bank refers to -- Performance Augmentation by Resource Aggregation in Distributed Environment. IBM has collaborated with Indian Bank, to accelerate its modernisation path with flexible and secure infrastructure for deploying new front-end banking applications, while addressing the business growth of the Core Banking Solution workloads of the bank, a bank statement here said. Commenting on the partnership with IBM, Indian Bank chief general manager IT and Partnership, Deepak Sarda said, "We are thrilled to work with IBM to transform our core banking environment. With the proposed private cloud solution, we

Committee of Directors gives nod to raise equity capital: Indian Bank

Public sector Indian Bank on Wednesday said the Committee of Directors accorded approval for raising equity capital of the bank aggregating to Rs 4,000 crore. The Chennai-headquartered bank said the capital raising would be done through Qualified Institutions Placement in one or more tranches subject to necessary approvals. "..we have to inform you that the Committee of Directors for capital raising in its meeting held on August 30 accorded approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium), through Qualified Institutions Placement in one or more tranches subject to all statutory and regulatory approvals," Indian Bank said in a BSE filing. Indian Bank reported a 41 per cent rise in net profit at Rs 1,709 crore in the April-June 2023 quarter due to decline in bad loans. The bank had posted a net profit at Rs 1,213 crore in the year-ago period. Total income in the first quarter of the current financial year rose to Rs 14,759 crore

Indian Bank opens specialised startup cells in 10 cities across the country

Public sector Indian Bank on Wednesday said it has set up 10 startup cells across different centres in the country to serve its specialised banking requirements. Accordingly, the startup cells have been set up in Ahmedabad, Bengaluru, Coimbatore, Chennai, New Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur and Mumbai. Under the initiative, the Chennai-based public sector bank said a bouquet of tailor-made banking products and services were designed for the startups keeping in mind their unique and specialised banking requirements. It includes offering payment gateways, corporate credit cards and credit facilities apart from the existing products of the bank, a press release said. "The launch of the startup cells is a major milestone in Indian Bank's journey to support the growth of the startup ecosystem in India," Indian Bank MD and CEO S L Jain said after inauguration of the centre in Chennai. After the opening, Jain also virtually inaugurated nine startup cells in the different citi

Indian Bank soars 10% on heavy volumes; hits 5-year high in subdued market

The stock hit a 5-year high of Rs 381.40 and has zoomed 35% in two months and is inching towards its record high level of Rs 428 touched in November 2017

Indian Bank hits over 4-year high; gains 4% in weak market post Q1 results

The stock of the public sector bank hit its highest level since August 2018

Indian Bank Q1FY24 result: Net profit at Rs 1,708 cr YoY; income up 25.5%

On a quarter-on-quarter basis, the total income was up 3.65%. It was Rs 14238.29 crore in Q4FY23

Axis Bank Q1FY24 results: Net profit up 40.5% YoY, gross NPAs down to 1.96%

Axis Bank's balance sheet grew 13% YOY and stood at Rs 1.3 trillion as on June 30

Our recovery is more than slippages: Indian Bank MD & CEO Shanti Lal Jain

'The bank is adequately capitalised. But in case of need, we have taken enabling provisions from the board and shareholders'

Indian Bank Q4 net profit up 48% to Rs 1,520 crore as NII rises 29%

Board recommends dividend of Rs 8.60 per equity share, clears plan to raise equity capital

Poor biz models may have triggered crisis in US banks: RBI Governor Das

Governor Shaktikanta Das on Thursday said the Reserve Bank is having a closer look at domestic lenders' business models as it feels that poor strategies can trigger a crisis. The Governor of the Indian central bank also said that the recent developments in the US, which has seen the implosion of lenders like Silicon Valley Bank and a rush to limit the contagion of stress across the system, may be because of poor business models. He added that Indian banks have been able to stay resilient and have not been impacted adversely by the "recent sparks of financial instability seen in some advanced economies" courtesy the work done in this aspect by RBI and the banks themselves. "The recent developments in the US raise a question whether the business model of individual banks that have faced challenges whether the business models were right," Das said. "The RBI has started looking at the business models of banks more closely deficiencies (in it) can spark a crisis," Das said, speaking at

PSBs extend gains on hopes of firm Q4; Nifty PSB index zooms 13% in 1 month

Among the individual stocks, Indian Bank and Uco Bank were up 3 per cent, Bank of Baroda, Indian Overseas Bank, Central Bank of India, Canara Bank and State Bank of India were up 2 per cent on the NSE

Public sector Indian Bank signs MoU with Tamil Nadu e-Governance agency

Public sector Indian Bank has signed a memorandum of understanding with the Tamil Nadu e-Governance Agency, the city-headquartered bank said on Tuesday. The agreement is to integrate the Indian Bank Payment Aggregator platform with the e-Governance Applications of various departments in Tamil Nadu. "With this MoU, all government departments can avail plug and play platform for any payment related needs. The Indian Bank Payment Aggregator platform services shall offer timely and cost effective solutions to departments besides providing citizens and businesses with a seamless payment experience," Indian Bank said in a statement. Minister for Information Technology and Digital Services T Mano Thangaraj exchanged documents with the bank's executive director Mahesh Kumar Bajaj at an event here on Tuesday. "This MoU will enable easy access, transparency and quick delivery in services and cater to one of the top priorities of the TN government." Bajaj said. "Our payment aggregator servic

Russia's Gazprombank deepens ties with Indian banks for bilateral trade

Trade between India and Russia has surged since the West imposed sanctions against Russia for its invasion last year of Ukraine, which has altered flows of oil and other goods

RBI imposes penalty on Mahindra & Mahindra Financial Services, Indian Bank

The Reserve Bank has imposed a penalty of Rs 6.77 crore on Mahindra & Mahindra Financial Services Ltd, Mumbai, for non-compliance with norms related to disclosure of interest rates to borrowers at the time of sanction of loans, a release said on Thursday. In another release, the RBI said a Rs 55 lakh penalty has been imposed on Indian Bank for contravention of certain Know Your Customer (KYC)) norms. A penalty of Rs 10.50 lakh on Muthoot Money Limited, Ernakulam for non-compliance with certain provisions of the Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016', has also been imposed. The RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with customers. The RBI said the statutory inspection of Mahindra & Mahindra Financial Services was conducted with reference to its financial position as on March 31, 2019, and March 31, 2020. RBI said it

Indian banks to gain $36 bn in deposits as mutual funds get taxed

The move comes as a respite for the financiers as the widening gap between credit off-take and deposits has sparked risks of asset-liability mismatches and pushed up funding costs

FSIB recommends Ashwani Kumar for the post of managing director of UCO Bank

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Thursday recommended the name of Indian Bank executive director Ashwani Kumar for the post of managing director of UCO Bank. Prior to joining Indian Bank, Kumar was serving as chief general manager of Mumbai Zone of Punjab National Bank (PNB). The Financial Services Institutions Bureau (FSIB) interviewed 11 candidates from various public sector banks (PSBs) for the forthcoming positions of MD & CEO in PSBs, the Bureau said in a statement. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Ashwani Kumar for the position of MD & CEO in UCO Bank vice Soma Sankara Prasad who is completing his tenure on May 31, 2023," it said. The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former secretary, Department of ...

Credit rated Indian banks can move over to IFRS 9: S&P Global Ratings

Credit rated banks in India are well placed to transition to the expected credit loss approach under the International Financial Reporting Standard 9 (IFRS 9) which is more forward looking, said S&P Global Ratings.

We continue to be selective on corporate loans: Indian Bank MD & CEO

Our margins in the first quarter was 3.1 per cent, while it was 3.2 per cent in Q2 and 3.7 per cent in Q3, says Shanti Lal Jain