Page 14 - Banking Sector

Working to implement common KYC for financial transactions: FM Sitharaman

Says developed nations haven't done their bit on climate change

RBI asks urban cooperative banks to appoint compliance chiefs by April 2023

RBI said this directive should be placed in the immediate next meeting of the Board of Directors for information

Surplus liquidity slumps to Rs 3K cr on tax outflows, shows RBI data

The RBI's average daily absorption of excess liquidity was at Rs 3.8 trillion during June-July against Rs 5.5 trillion in May and Rs 7.4 trillion a month ago

RBI introduces compliance function for UCBs in Tier-3 and 4 categories

The compliance function would ensure strict observance of all statutory and regulatory requirements. UCBs with deposits of more than Rs 1,000 crore fall under Tier-3 & 4 categories

Jawahar Goel quits as Dish TV director, will step down at Sept 26 AGM

Yes Bank, which holds 25% in Dish TV, has been pushing for a board revamp, including removal of Goel, Narang and others

Post-IPO, Tamilnad Mercantile Bank to up focus on RAM, go on phygital mode

TMB's IPO was subscribed 2.86 times on the last day of subscription

State Bank of India may sell Rs 4,000 crore tier-2 bond next week

Canara Bank raised Rs 2,000 crore worth of AT1 bonds at a rate of 7.99 per cent, taking its total issuance of such bonds so far in the year to Rs 4,000 crore

How to check your bank balance using Aadhaar card: A step-by-step guide

Aadhaar is a 12-digit unique identity number provided by the UIDAI to the residents of India after a certain verification process

Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT

Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget

Loan waiver not a benefit, banks exempt from 10% TDS on OTS: CBDT clarifies

The Central Board of Direct Tax has clarified in a circular that the banks are not required to deduct 10% TDS on one-time settlement (OTS) or loan waivers.

Rupee doesn't need defending, it can take care of itself: CEA Nageswaran

Nageswaran said while international agencies were showing India's trend growth at 6%, the country could easily grow at 7% per annum for the rest of the current decade and beyond

BS Number Wise: The increasing dominance of bank-owned mutual funds

Related entities acting as distributors account for a higher share of assets in such fund houses

American Express India appoints Sanjay Khanna as chief executive officer

In his new role, Sanjay Khanna will be leading several business development initiatives for American Express, while steering collaboration across its diverse businesses in India

HDFC Bank issues e-BG, AEBC appoints Sanjay Khanna as CEO, and more

This is a transformational change, and the Bank will migrate to eBG to benefit all its customers, the bank said

Dhanlaxmi's governance turmoil: A saga of management-shareholder conflicts

The differences between the two are being complicated by an unsolicited bid from a little-known Delhi-based business group

Aim to strike balance between secured, unsecured loans: Ujjivan SFB CEO

'The retail deposit mobilisation is our focus right now. We'd like to grow the retail base - all our branches are working towards it'

BoI net profit down at Rs 2,221cr for FY22 on divergence in provisioning

State-owned Bank of India (BoI) on Friday reported divergence in its asset classification for FY22, resulting in lowering of net profit for the year to Rs 2,221 crore. The lender had reported a net profit of Rs 3,404.70 crore for 2021-22. According to a regulatory filing, there was divergence of Rs 105 crore in bank's gross non-performing assets (NPAs) with the bank reporting it to be at Rs 45,605.40 crore. However, as per Reserve Bank of India (RBI) assessment, it came at a higher value of Rs 45,710.40 crore. On the flip side, in case of the net NPAs the bad loans fell by Rs 87 crore as the RBI assessed it at a lower Rs 9,764.93 crore as against Rs 9,851.93 crore reported by the bank. The divergence in provisioning came in at Rs 1,819 crore. Bank of India said the adjusted net profit of the bank before considering the impact of tax on divergence in provisioning for FY22 was at Rs 1,585.70 crore. However, the net profit was further boosted to Rs 2,221.33 crore for the year ended

Bank credit growth hits near nine-year high of 15.5%, shows RBI data

Achieving 20% growth going forward remains a challenge; deposits for week ended August 26 up 9.5%

Amid rising credit demand, SBI  looks for a revamp to increase deposits

The State Bank of India is planning to revamp its current and savings accounts, salary accounts, and transaction banking businesses

Banks jump on the ONDC bandwagon to draw synergy from the network

Nine banks have picked up stake in the Open Network for Digital Commerce (ONDC) network