Page 2 - Banking Sector

Credit Suisse more relevant to Indian banking sector than SVB: Jefferies

Credit Suisse owns more than 200 billion rupees ($2.4 billion) of assets in India, making it the 12th largest offshore lender, according to Jefferies

After SVB, Signature Bank latest casualty of turmoil in banking sector

Signature Bank, a New York state-chartered commercial bank that's FDIC-insured, had total assets of about $110.36 billion and total deposits of roughly $88.59 billion as of Dec. 31

Bailout or not?

Ad hoc steps to stop banking contagion may have implications

SBV with Massachusetts branches seized by FDIC as depositors pull cash

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank. The bank had USD 209 billion in assets and USD 175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the USD 250,000 insurance limit at the moment. Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as a whole, with major banks holding sufficient capital to avoid a similar situation. The financial health of Silicon Valley Bank was increasingly in question this week after the bank announced plans to raise up to USD 1.75 billion in order to strengthen its capital position amid concerns about higher interest rates and the economy.

SVB Financial Group tells employees to work from home until further notice

Essential and branch employees are excluded from the request to work from home

CEAI urges RBI to stop routing foreign currency deals via US banking system

"This needs an urgent correction, lest we continue to lose every single day. If it is part of some Trade Agreement, it needs an urgent relook. Let this be addressed on top priority," he said

Bharti AXA-Unity Bank in bancassurance tie-up to tap 1.5 mn customers

Through this alliance, Bharti AXA Life's entire suite of life insurance plans, including protection, savings, investment, and retirement products, will be offered to the customers across 17 states

Credit Suisse Group AG 'seriously breached' rules in Greensill case

The Swiss bank was ordered to take remedial measures by Finma, which include a periodic executive board level-review of the most important business relationships for counterparty risks

We need to have a level-playing field with banks: Manappuram Finance CEO

It makes sense to go for bank gold loans if customers are borrowing larger ticket sizes, like Rs 10 or Rs 15 lakh, and for a longer period

Axis Bank-Citibank deal likely to be completed by March 1

This means by March 1, all the customers, employees and assets of the Citi will be transferred to Axis

BS Banker of the Year Award: High-powered Jury meets today to pick winner

The banking sector was resilient in 2021-22 with improving profitability, and adequate capital

SBI rolls out BHIM SBIPay for S'pore-India transfer after UPI-PayNow linkage

Other than SBI, Indian Bank, ICICI Bank and Indian Overseas Bank have been roped in for inward and outward remittances while Axis Bank and DBS India will facilitate inward remittances only

Kotak Mahindra Bank takes corporate digital banking portal 'Kotak fyn' live

Portal will offer services across all products, including trade & services, account services, payments, and collections and make banking seamless for clients

Banks request RBI to extend reporting time frame for loan related fraud

The framework mandates that banks report fraud to the RBI CRILC within a week of the joint lenders' forum (JLF) declaring an account fraudulent

PNB hikes FD interest rates by up to 30 basis points; check latest rates

Additionally, for FDs maturing between two and three years, the interest rates have been increased by 25 bps to 7% from 6.75%

Kerala co-bank scam: Complainant appears before ED, alleges Rs 300-cr fraud

MV Suresh, the first of severa persons to have filed complaints alleging fraud at the CPI(M)-controlled Karuvannur cooperative bank in Thrissur district, appeared before the ED on Monday

Banks' net interest income soars by a record 25.5 pc in Q3: Analysis

Net interest income of banks grew by a record 25.5 per cent to Rs 1.78 lakh crore in the December 2022 quarter on-year, driven by a healthy credit off-take and higher yield on advances, according to an analysis. The quarter saw banks booking higher yields on advances as the system-wide core profitability metric net interest margin (NIM) rose by 17 basis points (bps) to 3.28 per cent. This was possible as banks repriced existing loans higher at a faster rate and also increased the new loan pricing, but kept deposit rates almost unchanged, according to an analysis by Care Ratings' senior director Sanjay Agarwal. But the rise in NIM was led by private sector banks, thanks to their operational efficiencies, at 4.03 per cent, up 15 bps on-year. State-owned banks registered NIM at 2.85 per cent, up 17 bps on-year. Net interest income or NII is the main revenue head for banks and is the difference between interest earned on advances and the interest paid to depositors/funds raised from ...

BoM tops list of public sector lenders in loan growth, asset quality

Bank of Maharashtra (BoM) has emerged as the top performer among state-owned lenders in terms of loan growth percentage during the third quarter of 2022-23, an analysis of the latest financial results of public sector banks showed. The Pune-based lender recorded a 21.67 per cent increase in gross advances on a year-on-year basis, according to the latest quarterly numbers of the public sector bank (PSB). The bank has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures. BoM was followed by the Union Bank of India with 19.80 per cent growth. Country's largest lender State Bank of India (SBI) stood at fourth spot with 16.91 per cent rise in advances growth. However, SBI's total loans were about 17 times higher at Rs 26,47,205 crore as compared to Rs 1,56,962 crore of BoM in absolute terms. In terms of Retail-Agriculture-MSME (RAM) loans, BoM has recorded the highest growth of 19.18 per cent, followed by Punjab &

RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances

With the Home Ministry mandating SBI to report all details of overseas donors, including purpose of remittances on daily basis, the Reserve Bank of India (RBI) on Thursday made necessary changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions. Under the FCRA, foreign contributions must be received only in the "FCRA account" of State Bank of India (SBI), New Delhi Main Branch (NDMB). The contributions to the FCRA account are received directly from foreign banks through SWIFT and from Indian intermediary banks through NEFT and RTGS systems. In a circular, the RBI said in terms of extant requirements of the Ministry of Home Affairs (MHA), the donor details such as name, address, country of origin, amount, currency, and purpose of remittance are required to be captured in such transactions and SBI is required to report the same to MHA on daily basis. "...necessary changes have been introduced in NEFT and RTGS systems," RBI said, adding the

Digital lenders increasing spending on data security tech: Report

Threat to data privacy and cybercrimes are among risks for digital lending: Survey