State-owned Punjab National Bank (PNB) on Tuesday reported a 63 per cent decline in standalone net profit to Rs 411 crore for the September quarter on account of higher provisioning for bad loans. The bank had posted a net profit of Rs 1,105 crore in the year-ago period. Total income in the second quarter of the current fiscal increased to Rs 23,001.26 crore as against Rs 21,262.32 in the July-September period a year ago, PNB said in a regulatory filing. The lender's interest income also rose to Rs 20,154 crore from Rs 17,980 crore in the same quarter a year ago. The gross Non Performing Assets (NPAs) declined to 10.48 per cent of the gross advances from 13.36 per cent earlier. In absolute terms, the gross NPAs or bad loans stood at Rs 87,034.79 crore at the end of the second quarter of FY23, compared to Rs 1,00,290.85 crore a year earlier. The net NPA too declined to 3.80 per cent as against 5.49 per cent. However, provisions for bad loans increased to Rs 3,555.98 crore in the
Use case to be settlement of secondary market transactions in g-secs; RBI says digital rupee is expected to make inter-bank market more efficient, as settlement will reduce transaction costs
Between FY16 and FY21, the government infused Rs 3.3 trillion into PSBs helping the banks in improving their balance sheets and the capital-to-risk-weighted assets ratio (CRAR)
The units will start will disbursing small ticket retail, MSME loans
The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 DBUs to the nation
Non-banking finance company Sundaram Finance Ltd has revised the interest rates on term deposits for tenures of one to three years with immediate effect, the company said on Sunday. Accordingly, the interest rates for deposits of up to 12 months has been increased to 6.65 per cent, for 24 months it has been hiked to 7 per cent, the company said in a statement. For tenures of up to 36 months, the interest rates have been increased to 7.30 per cent. Senior citizens would get an additional interest of 0.35 per cent for one year at 7 per cent, 7.35 per cent for tenures up to two years and 7.65 per cent for tenures up to three years. The company said its deposit balance stood at Rs 4,219 crore.
With an aim to promote financial inclusion, Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation.
Starting today (October 3), the banks in some cities will remain closed for the entire week because of festivals
The expansion comes as India's dealmaking is bucking a global downturn driven by concerns over heightened inflation and a potential recession
PSBs will also launch digital-only goods, services in the upcoming year with minimal data entry requirements, automated checks, and underwriting for consumers
Rao says he doesn't foresee much flight of CASA money into term deposits as deposit rates are hiked
Liquidity in India's banking system is likely to remain in deficit in the second half of this financial year as credit growth picks up and the circulation of currency notes rises, analysts said
India's banking system liquidity has slipped into deficit for the first time in nearly 40 months, according to the Reserve Bank of India
Meeting discusses that it's endeavour of regulators to ensure incidents like the NSE colocation scam don't repeat and there are better ways to deal with the fallout
The rating agency also affirmed the short-term issuer credit rating 'A-3' and maintained stable outlook for the rating
Deputy Governor says guidelines issued on August 10 aim to curb exploitation of regulatory arbitrage
As part of the financial inclusion drive, public sector banks will open about 300 brick-and-mortar branches in the unbanked areas of various states by December 2022. These new branches will cover all remaining unbanked villages with a population of more than 3,000, according to sources. A Maximum number of 95 branches will be opened in Rajasthan followed by 54 in Madhya Pradesh. The public sector banks will open 38 branches in Gujarat, 33 in Maharashtra, 32 in Jharkhand and 31 in Uttar Pradesh. The progress with regard to the opening of branches in the rural areas was reviewed in the recent meeting of heads of public sector banks with the Financial Services Secretary last month. Banks have been asked to open branches at allocated locations by the respective State Level Bankers' Committee (SLBC) by December 2022, the sources said. Bank of Baroda will open 76 branches, while State Bank of India will establish 60 branches. Financial Inclusion is a national priority of the governmen
New framework could be on lines of earlier 'Statement of Intent' used to fix annual targets, will monitor performance on parameters such as return on assets, NPA, financial inclusion initiatives
Banks change lending policy to keep up with monetary policy committee's raising repo rate
The Reserve Bank of India regularly updates rules for improving the safety and convenience of the bank customers. These are the Bank locker rules that everyone should know.