Page 2 - Indian Banking Sector

India's financial system looks stronger than in the past: RBI dy guv Rao

Indian financial system looks stronger than in the past and the country's economy is an outlier even as strong headwinds globally, Reserve Bank of India Deputy Governor M Rajeshwar Rao said. Delivering the J P Morgan India Leadership Series Lecture here, the RBI official also highlighted that India has achieved the highest climate change performance index (CCPI) score among G20 members in 2024, which reflects the country's unwavering commitment to this cause. "This also shows that by aligning economic policies with climate action, we can spur green investments, enhance energy efficiency, and foster sustainable development across the sectors," he said in the lecture on 'Climate Change -- The Emerging Challenge'. Rao said the global financial system is facing strong headwinds from various quarters, including high levels of public debt, stretched asset valuations, economic and financial fragmentation, geopolitical tensions, and risks arising from increasing cyber threats. "Amidst thes

Jana SFB Q1 result: Net profit rises 89% to Rs 171 cr, NII up at Rs 610 cr

Jana Small Finance Bank on Monday reported an 89 per cent jump in its post-tax net profit to Rs 171 crore for the April-June quarter. The lender had reported a profit after tax of Rs 90 crore in the year-ago period. The core net interest income grew to Rs 610 crore from Rs 462 crore in the year-ago period on the back of a 25 per cent growth in advances and a 0.4 per cent expansion in the net interest margin to 8 per cent. The non-interest income was flat at Rs 189 crore for the reporting quarter. Amid the sluggish deposit growth in the system, the bank seems to have ducked the trend with a 41 per cent growth in the number. Its gross non-performing assets ratio increased to 2.62 per cent in June against 2.11 per cent at the end of the preceding March quarter, which was attributed to seasonal and event-driven factors by its managing director and chief executive Ajay Kanwal. The overall capital adequacy as of June 30 stood at 19.3 per cent against 18.7 per cent in the year-ago ...

RBL Bank Q1 results: Net profit grows 29% to Rs 372 crore, NII up 19.5%

The bank's total revenue rose by 19 per cent Y-o-Y to Rs. 2,505 crore

HDFC Bank to up loan book slower than deposits, focus on reducing CD ratio

HDFC Bank will be growing its advances slower than the deposits, and focus on getting the credit-deposit ratio to the pre-merger levels, according to a top bank official. In the annual report of the country's largest private sector lender, its managing director and chief executive Sashi Jagdishan suggested that profitability will also be a core aspect of its strategy. Jagdishan said the bank which merged its home loan-focused parent HDFC Ltd with itself last July is passing through a phase of "adjustment" where it will be focusing on adequate liquidity buffers, and repaying HDFC's borrowings on maturity and also before that. "During this time of adjustment, the Bank would grow its advances a little slower than the deposit growth," he said in the message to shareholders. The bank will endeavour to bring down the credit-to-deposit ratio to the pre-merger levels, Jagdishan said, adding that it will continue to focus on granular deposit mobilisation on the back of the distribution ...

Swiss challenge auction: Union Bank gets sole counter bid for Jaypee Health

Bank called for a Swiss auction for 5 accounts after receiving binding bids from a list of 25 accounts for sale

Federal Bank Q1 results; Advances up 20%, total deposits grow 19.6%

Retail credit book grows 25%, according to internal classification of the bank

Commercial banks mobilise Rs 1.45 trn via certificates of deposits in June

Certificate of Deposit issuances in June at Rs 1.45 trillion, up 76% month-on-month

Tata Group retains top spot as India's most valuable brand at $28.6 billion

India's most valuable brands 2024: Tata Group nears $30 billion mark, Taj remains India's strongest brand, while HDFC's merger boosts brand to third position

Banks struggle with ATM shortage as 'Make in India' policy disrupt supply

The initial cause of low number of ATMS across India is linked to the "Make in India" guidelines introduced in FY20, which required vendors to establish operations in India, leading to a delay

Indian Overseas Bank sets up dedicated branch to serve budding startups

Public sector Indian Overseas Bank has set up an exclusive branch to serve startups and budding entrepreneurs in the city. The branch inaugurated by top officials on Thursday would offer a suite of financial products and services. Indian Overseas Bank has planned to open five more startup branches nationwide. Marking the inaugural of the Startup Exclusive Branch, the city-headquartered bank launched 'IOB Startup Current Account' and credit scheme 'IOB Pragati' for financing startups. "Start-ups are the cornerstone of innovation and job creation in our economy. By establishing this dedicated branch, IOB aims to remove financial obstacles and empower entrepreneurs to bring their visions to fruition," the bank's Managing Director and CEO Ajay Kumar Srivastava said. "The launch of this startup branch is a significant milestone in our journey to support the growth of the startup ecosystem," he said. The startup exclusive branch has entered into a memorandum of understanding with severa

Number of frauds in banking sector on the rise, but amount declines

89.2 per cent of the frauds reported in 2023-24 by value occurred in previous financial years

Narayanan Vaghul: A generous leader and true colossus of Indian banking

His life and career exemplify that decency, simplicity, and forward-thinking can lead to success at the highest levels

N Vaghul: Institution Builder and ex-ICICI Bank chairman passes away at 88

88-year-old Narayanan Vaghul, credited for building ICICI bank, is currently on ventilator support

Indian Overseas Bank clocks Q4 consolidated PAT of Rs 810.42 cr

Public sector Indian Overseas Bank on Thursday reported a consolidated net profit of Rs 810.42 crore. The city-headquartered bank had recorded a consolidated profit of Rs 655.63 crore during the corresponding quarter of last year. For the year ending March 31, 2024 the consolidated net profit grew to Rs 2,665.66 crore from Rs 2,103.99 crore a year ago. The consolidated total income during the quarter under review went up to Rs 9,112.67 crore from Rs 6,630.57 crore in the same quarter last year. For the year ending March 31, 2024 the consolidated total income soared to Rs 29,730.97 crore as compared to Rs 23,523.42 crore in the same period last financial year.

Indian Bank aims to make over Rs 1 trillion digital transactions: MD & CEO

Public sector Indian Bank has set a target to cross Rs 1 lakh crore business transactions through digital channels, a top official said on Tuesday. The city-headquartered bank had made Rs 81,000 crore transactions through digital medium last financial year, Managing Director and CEO Shanti Lal Jain said here. "As far as digital transactions are concerned, it grew by 4 per cent to 89 per cent overall in FY23-24. Last financial year (FY23) the digital transactions made was 85 per cent." he told reporters. Indian Bank on Monday reported a 55 per cent jump in its net profit to Rs 2,247 crore for the January-March 2024 quarter as compared to a net profit of Rs 1,447 crore made last year. Responding to a query, Jain said, "we will try to cross Rs 1 lakh crore. We have reached Rs 81,000 crore and we will try to cross at least Rs 1 lakh crore (of business through digital transactions). Our internal targets are very high." On whether the customers visiting branches would reduce with increa

ICICI Bank denies report of MD & CEO Sandeep Bakhshi wanting to quit

'Figment of imagination; completely baseless and misleading,' says ICICI Bank about report that Sandeep Bakhshi wants to leave

Poonawalla Fincorp Q4 results: Net profit rises 67% to Rs 332 crore

FY24 PAT up 146 per cent year-on-year to Rs 1,683 crore; AUM crosses Rs 25,000 crore

YES Bank Q4FY24 results: Net Profit more than doubles to Rs 452 cr

YES Bank Q4FY24 results: Bank's non-interest income surge, offsetting NIM decline; witness slippages in unsecured book

ICICI Bank Q4 result: PAT up 18.5% at Rs 11,672 cr, NII at Rs 19,093 cr

The bank's standalone net profit rose to a record Rs 10,707.5 crore in the January-March quarter, from Rs 9,122 crore in the same period a year earlier

Fresh NPAs of private, public banks to pick up in FY25, says ICRA

Experts said that the expectation of an increase in fresh slippage rate in FY25 is built on the premise of seasoning of recently originated credit portfolios