Page 13 - Indian Banking System
Axis Bank hikes MCLR by 35 bps across tenors with effect from May 18
Recently, country's largest lender, State Bank of India (SBI), also increased its MCLR by 10 bps. SBI has hiked its MCLR by 20 bps in two months
 "Axis Bank hikes MCLR by 35 bps across tenors with effect from May 18")
Canara Bank to invest Rs 1,000 cr for building digital banking backbone
Canara Bank is planning to come up with its super-app next month which is yet to be named.
 "Canara Bank to invest Rs 1,000 cr for building digital banking backbone")
Bajaj Finance raises interest rates on fixed deposits by up to 10 bps
The revised interest rates by Bajaj Finance will be applicable to fresh deposits as well as renewals of maturing deposits
 "Bajaj Finance raises interest rates on fixed deposits by up to 10 bps")
Central Bank of India yet to take decision on closing 600 branches
The number of branches stood at 4,528 at the end of December 2021
 "Central Bank of India yet to take decision on closing 600 branches")
DCB Bank March quarter net profit jumps by 44.87% to Rs 113 crore
Private sector lender DCB Bank on Saturday posted a 44.87 per cent rise in its net profit at Rs 113 crore for the quarter ended March 2022
 "DCB Bank March quarter net profit jumps by 44.87% to Rs 113 crore")
Kotak Mahindra Bank's consolidated net rises 50% to Rs 3,892 cr in Q4FY22
The lender's net interest income increased 18% YoY to Rs 4,521 crore, aided by a loan growth of 21%
 "Kotak Mahindra Bank's consolidated net rises 50% to Rs 3,892 cr in Q4FY22")
Suryoday SFB partners Kyndryl to drive digital, IT transformation
Collaboration will enable Suryoday Bank to provide enhanced security, availability, and manageability for core IT and banking applications
 "Suryoday SFB partners Kyndryl to drive digital, IT transformation")
Loans to be costlier as banks hike rates; SBI, Axis revise MCLR upwards
Kotak Mahindra Bank, increased its one-year MCLR by 5 bps to 7.4 per cent, from April 16
 "Loans to be costlier as banks hike rates; SBI, Axis revise MCLR upwards")
Moody's maintains 'stable' outlook for Indian banks on recovering economy
It said that the global economic fallout from the Russia-Ukraine military conflict will create some risks
 "Moody's maintains 'stable' outlook for Indian banks on recovering economy")
The deadweight of banking fraud in India: What's the weak link?
Fraud doubled in value to Rs 1.85 trillion in FY20, which is nearly equal to the recapitalisation amount injected into state-run banks during the year
 "The deadweight of banking fraud in India: What's the weak link?")
Bank credit grows by 7.9% to Rs 116.27 trn; deposits by 8.6%: RBI data
Bank credit grew by 7.9'% to Rs 116.27 trillion and deposits rose by 8.6% to Rs 162.17trillion in the fortnight ended February 25, RBI data showed
 "Bank credit grows by 7.9% to Rs 116.27 trn; deposits by 8.6%: RBI data")
Bank of Maharashtra emerges leader among PSBs in deposit mobilisation in Q3
Bank of Maharashtra (BoM) has become top performer among public sector banks (PSBs) in terms of growth in deposit mobilisation in the third quarter ended in December 2021, according to an analysis. The Pune-headquartered lender recorded a 15.21 per cent increase in total deposits at Rs 1,86,614 crore in the October-December period of 2021-22, according to the data published by the bank. An analysis of data disclosed by various lenders for the third quarter showed that BoM was followed by Punjab & Sind Bank which posted a 10.87 per cent growth in total advances with aggregate loans at Rs 1,00,351 crore. When it came to savings deposit mobilisation, BoM recorded an 18.33 per cent growth at Rs 80,815 crore. It was followed by Bank of Baroda that reported a 12.36 per cent rise at Rs 3,22,909 crore and State Bank of India. SBI posted an increase of 10.30 per cent. However, in absolute terms, SBI's savings deposit base was 18 times higher at Rs 14,73,506 crore as against BoM's Rs 80,815
 "Bank of Maharashtra emerges leader among PSBs in deposit mobilisation in Q3")
RBL Bank does not anticipate big short-term capital needs: Rajeev Ahuja
He told reporters the bank does not anticipate major capital needs in the short term, countering fears of problems in management
 "RBL Bank does not anticipate big short-term capital needs: Rajeev Ahuja")
RBL CEO Ahuja goes on leave after RBI appoints additional director to bank
Ahuja's leave coincides with RBI appointing one of its chief general managers, Yogesh Dayal, as an additional director in the bank for a period of two years
 "RBL CEO Ahuja goes on leave after RBI appoints additional director to bank")
Banks need additional $70 bn to back $5- trn GDP: SBI's Dinesh Khara
Banks would continue to play a critical role in meeting the needs of corporations
 "Banks need additional $70 bn to back $5- trn GDP: SBI's Dinesh Khara")
Low interest rate: Incentive and subsidy
Some of the benefit due to a low interest rate policy is not an incentive; it is a subsidy
Dhanlaxmi Bank Part-Time Chairman G Subramonia Iyer submits his resignation
His resignation is to be effective from December 31, 2021
 "Dhanlaxmi Bank Part-Time Chairman G Subramonia Iyer submits his resignation")
Privatisation of PSBs: Two-day bank strike from December 16
In the budget speech of 2021, Union Finance Minister Nirmala Sitharaman had said that two public sector banks will be privatised during the current fiscal
 "Privatisation of PSBs: Two-day bank strike from December 16")
 "BS BFSI INSIGHT SUMMIT | Indian Banking: Past Imperfect, Present Tense but Future Bright")
 "BS BFSI INSIGHT SUMMIT | Bank Privatisation: Undoing 1969")
