Page 40 - Banking Sector
Mphasis to set up nearshore centre near London, expects to invest GBP 25 mn
Bengaluru-headquartered IT solutions provider Mphasis said on Tuesday it is expanding its footprint in the UK with a special focus on digital transformation initiatives in banking & insurance, by establishing a nearshore centre, outside of London. Mphasis expects to create close to 1000 UK jobs to begin with; invest over GBP 25 million upfront towards establishing the centre, and provide upskill and training in both digital transformation as well as domain expertise in the UK banking & insurance segments. UK Prime Minister Boris Johnson was quoted as saying in a company statement: "Trade and investment between the UK and India is creating good jobs and sustaining livelihoods in both of our countries. Im very pleased thatMphasishas decided to join the legions of Indian companies investing in the UK, boosting our tech sector, and driving economic growth." "I am excited to elevate our presence in the UK to support future growth, improve operating agility, flexibility
 "Mphasis to set up nearshore centre near London, expects to invest GBP 25 mn")
Reserve Bank to strengthen risk-based supervision of banks, NBFCs
The Reserve Bank has decided to review and strengthen the Risk Based Supervision (RBS) of the banking sector with a view to enable financial sector players to address the emerging challenges
 "Reserve Bank to strengthen risk-based supervision of banks, NBFCs")
Will try to keep interest rate benign for as long as possible: SBI chief
State Bank of India (SBI) will try to keep the interest rates benign as long as possible with a view to supporting the economic growth, its chairman Dinesh Kumar Khara has said
 "Will try to keep interest rate benign for as long as possible: SBI chief")
State Bank of India reduces home loan interest rates to 6.7%
Women borrowers to get a special concession of 5 bps
 "State Bank of India reduces home loan interest rates to 6.7%")
YES Bank posts net loss of Rs 3,788 crore in Q4 as provisions rise
The bank's net interest income declined 61.5% to Rs 987 cr in Q4
 "YES Bank posts net loss of Rs 3,788 crore in Q4 as provisions rise")
Bank of Maharashtra net profit jumps to Rs 165 cr in March quarter
This was mainly due to a decline in gross NPAs
 "Bank of Maharashtra net profit jumps to Rs 165 cr in March quarter")
Most bank CEOs have to hang up boots before 70 under latest RBI guidelines
RBI's CEO tenure cap: Banks have to expedite succession planning after RBI's new rules on CEOs term
 "Most bank CEOs have to hang up boots before 70 under latest RBI guidelines")
Restructuring Deutsche Bank shows strongest quarter in seven years
The bank's long-running restructuring showed in lower costs
 "Restructuring Deutsche Bank shows strongest quarter in seven years")
Axis Bank beats Street estimates, posts net profit of Rs 2,677 crore in Q4
In the same period of last financial year, the bank had reported a net loss of Rs 1,388 crore
 "Axis Bank beats Street estimates, posts net profit of Rs 2,677 crore in Q4")
UBS, Nomura push global banks' Archegos losses beyond $10 billion
UBS shares fell 3.0% in morning trade.
 "UBS, Nomura push global banks' Archegos losses beyond $10 billion")
Markets maintain momentum for second straight day; bank stocks rally
NTPC, Kotak Bank, Nestle India, M&M, Dr Reddy's and Axis Bank were the other laggards, shedding up to 0.54 per cent.
 "Markets maintain momentum for second straight day; bank stocks rally")
Tamilnad Mercantile Bank plans IPO of up to Rs 1,200 crore this fiscal
The Tamilnad Mercantile Bank will turn 100 this year
 "Tamilnad Mercantile Bank plans IPO of up to Rs 1,200 crore this fiscal")
State Bank of India board to consider raising $2 billion through bonds
SBI is the country's largest lender
HSBC Q1 profit rises 79% as Covid vaccine rollout sparks cautious optimism
Bank releases $400 million of provisions on improved outlook; lender unlikely to repeat level of writebacks through 2021, says CFO
 "HSBC Q1 profit rises 79% as Covid vaccine rollout sparks cautious optimism")
Banking stocks fuel indices' steep jump amid retreat in US bond yields
Asian rally too helps Indian markets' biggest surge in 2 weeks
 "Banking stocks fuel indices' steep jump amid retreat in US bond yields")
RBI fixes private bank MD, CEO tenures at 15 years; compliance by Oct 1
The rules apply to private banks, small finance banks, and wholly owned subsidiaries of foreign banks.
 "RBI fixes private bank MD, CEO tenures at 15 years; compliance by Oct 1")
SBI Card fourth quarter net doubles to Rs 175 cr; FY'21 profit drops 21 pc
SBI Cards and Payment Services on Monday reported a 110 per cent rise in quarterly net profit
 "SBI Card fourth quarter net doubles to Rs 175 cr; FY'21 profit drops 21 pc")
How falling prices may impact the quality of gold loans for banks
Since June 2020, gold-loans surged even as lending to other segments was affected by asset-quality concerns
 "How falling prices may impact the quality of gold loans for banks")
In the digital cross-hair: CTOs will have to be all-rounder for banks
Banks will have to do far more to meld technology with their business, with CTOs playing a pivotal role
 "In the digital cross-hair: CTOs will have to be all-rounder for banks")
Payments banks' search for right business model
Sandwiched between commercial banks and pure-play payments service providers, payments banks do not enjoy a level playing field
