Page 3 - Banking Sector

State Bank of India opens third specialised Startup branch in Gurugram

State Bank of India (SBI) on Thursday inaugurated its third specialised branch for startups at Gurugram to provide all banking services required by them under one roof. Gurugram houses the third highest number of unicorns in the nation after Bengaluru and Mumbai, SBI said in a statement. Speaking on the occasion, SBI Chairman Dinesh Khara said the primary aim of this branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity till their IPOs and FPOs. Apart from regular banking services to startups, the branch will also act as a one stop shop in providing investment banking, treasury/forex, advisory and other ancillary financial services through the bank's subsidiaries, it said. Besides startups, the bank also intends to cater to the requirements of private equity (PE), venture capital (VC) and Alternative Investment Funds (AIFs). Leveraging its locational advantage, the startup branch in Gurugram has entered into

Indian Overseas Bank Dec quarter profit rises 22% to Rs 555 crore

State-owned Indian Overseas Bank (IOB) on Thursday reported a 22 per cent growth in its profit at Rs 555 crore in the quarter ended December 2022 due to an increase in interest income and improved asset quality. The Chennai-based bank had posted a net profit of Rs 454 crore in the same quarter a year ago. The bank's total income increased to Rs 6,006 crore in the latest December quarter from Rs 5,317 crore in the year-ago period, IOB said in a regulatory filing. Interest income of the bank increased to Rs 5,056 crore as against Rs 4,198 crore in the third quarter of the previous fiscal. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 8.19 per cent, as compared to 10.4 per cent at the end of third quarter of previous fiscal. At the same time, net NPAs too eased to 2.43 per cent, as against 2.63 per cent in the same period a year ago. As a result, provisions for bad loans declined to Rs 711 crore as against Rs 937 cr

SBI likely to sell Rs 10,000 crore of AT-1 bonds around February 20

The bonds, which are likely to receive a rating of AA+, may go up for bidding on February 20 with issuance scheduled for the next day

Sell-off in bank stks amid Adani fiasco provides good entry point: Analysts

Analysts believe the sell-off in bank stocks is overdone since exposure of Indian banks to Adani group remains contained

Top 10 borrowers owe Rs 12,71,604 cr to Scheduled Commercial Banks: CRILC

Also, as per the RBI guidelines, banks are required to have a clear policy regarding the Debt-Equity Ratio for project financing to ensure that promoters bring in equity funds proportionate to

Indian banks' NIM to contract in FY24 as deposit costs rises: Fitch

Lenders should be able to offset impact by gradually passing on policy rate hikes to corporate loans: Agency

Banking sector remains resilient amid Adani Group's stock rout, says RBI

SBI's Rs 27,000-crore loans to Adani backed by assets, cash flow, says chairman

RBI says 'banking sector remains resilient, stable' amid Adani stocks rout

Amid concerns over banks' exposure to the embattled Adani Group, the Reserve Bank on Friday said India's banking sector is resilient and stable, and the central bank maintains constant vigil on the lenders. Responding to media reports expressing concern about the exposure of Indian banks to a "business conglomerate", the Reserve Bank said in a statement that it is constantly monitoring the banking sector. However, the RBI did not name the Adani Group. As per the current assessment, the RBI said, "the banking sector remains resilient and stable. Various parameters relating to capital adequacy, asset quality, liquidity, provision coverage and profitability are healthy." "As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability. The RBI has a Central Repository of Information on Large Credits (CRILC) database system where the banks report their exposure of Rs 5 crore and above which is

Markets 'overpricing' banks' risk from Adani exposure: Societe Generale

India's banking sector has been one of the hardest hit by the collateral damage from the sharp correction in the Adani group stocks over the past week post the Hindenburg report: SocGen

IDBI manager held for swindling money from customers' accounts in B'luru

Karnataka police have arrested a relationship manager of IDBI bank in Bengaluru in connection with transferring Rs 4.92 crore illegally to various accounts, police said on Monday

Investment bank Goldman Sachs to partially retreat from consumer banking

Goldman Sachs no longer wants to be the bank for everyone. The storied investment bank spent eight years attempting to expand its business beyond corporations and the wealthy. But in recent months, Goldman has signalled a partial retreat from those efforts by scrapping plans for a checking account broadly available to the public and mothballing its personal loan business. A popular savings account and a credit card business survive for now. Last week, the bank disclosed that it had accumulated USD 3 billion in losses in its consumer banking franchise since 2020, mostly money set aside to cover potential loan losses in its Marcus personal loan business. Bank regulators are reportedly looking into whether the consumer business had proper safeguards in place as it grew larger. The retreat in consumer banking comes as Goldman tries to refocus on its roots: advising corporations on deals, investing, and trading, and servicing the well-to-do. The firm's revenue from investment banking, .

SBM Bank says engaging with RBI to address 'supervisory concerns'

The RBI, on Monday, ordered SBM Bank to stop all transactions under the liberalised remittance scheme (LRS) until further notice, citing "material supervisory concerns" but no further detail

Federal Bank Q3 net profit up 54% at Rs 803.61 cr, asset quality improves

Net interest income increases 27.14% year-on-year to Rs 1,956.53 crore in, says private sector lender

A matter of tenure and retirement of PSB chiefs

MDs and EDs of nationalised banks can have a term of up to 10 years but there is no relaxation in their retirement age. Private bank bosses can be in the saddle till they are 70

IT may turn the corner, banks' outperformance to continue: ABSL AMC CEO

India is likely to see broader economic growth going forward, equity should be the preferred asset class, the Aditya Birla Sun Life Asset Management Company CEO says

Ind-Ra upgrades issuer rating for Bank of India, cites capital position

State-owned lender has since FY21 reported consistent profitability, says agency

Cabinet clears Rs 2,600 cr scheme to promote RuPay debit card: Officials

The Cabinet on Wednesday approved a Rs 2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions. Under the scheme, banks would be provided financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current financial year. It would help in building a robust digital payment ecosystem. The scheme would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments. "Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person-to-Merchant)," said an official tweet.

Axis Bank complies with IRDAI order; to buy more 7% stake in Max Fin

Axis Bank on Tuesday said it has entered into a revised agreement with Max Financial Services to acquire an additional 7 per cent stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October last year. Axis Bank and its subsidiaries -- Axis Securities and Axis Capital -- had in 2021 entered into definitive agreements with Max Financial Services Ltd for acquiring 20 per cent stake in its subsidiary Max Life Insurance Co Ltd. Following this, Axis Entities had collectively acquired 12.99 per cent of the equity share capital of Max Life. In a regulatory filing on Tuesday, Axis Bank said Axis Entities have entered into revised agreements with Max Financial on January 9, 2023. As per the revised agreement, "...the valuation for the right to acquire the balance 7 per cent equity stake of Max Life would be at fair market value using discounte

ICICI-Videocon case: Bombay HC grants CBI 3 days to reply on Dhoot's plea

The Bombay High Court on Tuesday granted the Central Bureau of Investigation 3 days time till Friday to file its reply in a plea filed by Videocon Group Chairman Venugopal N. Dhoot

Bank customers scramble to renew agreement as new locker rules kick in

People have also complained about the divergence in the value of the stamp paper required for agreement renewal