Banking System

RBI to set up portal to search across multiple banks for unclaimed deposits

The Reserve Bank on Thursday announced to set up a centralised portal to access details of unclaimed deposits by depositors or their beneficiaries across various banks. About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to RBI by public sector banks (PSBs) in respect of deposits which were not operated for 10 years or more. In order to improve and widen the access of depositors or beneficiaries, it has been decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits, RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for current financial year 2023-24. State Bank of India (SBI) tops the chart of unclaimed deposits worth Rs 8,086 crore followed by Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore.

Banking on a systems upgrade: What more could we expect going ahead

The cautionary tale from the Block Inc debacle is that increasing digitisation of retail financial services in India has raised the threat levels of frauds

Banks can't withhold loan on flimsy ground

The District Commission concluded that raising a doubt about the validity of the NOC at such a belated stage could not be permitted

India's economic, banking systems strong even amid global turmoil: PM Modi

"Amidst a global crisis, today India's economic system is strong, the banking system is strong. This is the power of our institutions," Modi said

Indian banking system is stable, resilient: RBI governor Shaktikanta Das

Highlighting the developments in the United States banking system over the past weeks, wherein few banks have gone belly up, RBI Governor Shaktikanta Das said

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Biden says US banking system is safe after Silicon Valley Bank collapse

President Joe Biden on Monday told US residents that the nation's financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval. American can have confidence that the banking system is safe, he said from the Roosevelt Room before a trip to the West Coast. Your deposits will be there when you need them. US regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed. The president, speaking from the Roosevelt Room shortly before U.S. markets opened, said he'd seek to hold those responsible and pressed for better oversight and regulation of larger banks. And he promised no losses would be bor

The accidents have started

The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places

SVB collapse: Large domestic deposits cushion Indian banks, say analysts

Mark-to-market impact on Indian banks seen limited thanks to HTM provisioning

Liquidity likely to veer towards neutral after three years of surplus

Future scenario hinges on forex market, govt spending, credit growth

RBI resumes repo ops after 5 months as LTRO maturities lined up

LTROs/TLTROs worth Rs 75,000 cr to mature by April-end

Indian financial markets remain well-regulated: FM Nirmala Sitharaman

FM says banking system at comfortable level as bad loans hit new lows

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

Brokerages pick banks, infra and telecom for 2023 play; IT, metals may drag

The banking sector was a standout performer in 2022 with the Nifty PSU Bank rallying almost 70 per cent

Post-LVB integration, DBS aiming to treble growth in 5 years: MD & CEO

Surojit Shome, MD and CEO of DBS Bank India, said having crossed the Rs one trillion business (deposit and loans) mark in September, the bank is looking to grow 3x in five years

Urban Co-op Bank profiles improve on bad loan dip, better profitability

However, growth in deposits and advances took a knock as liabilities shrank on the back of high base in 2020-21, shows RBI Report on Trend and Progress of Banking in India

Banks' balance sheet grows in double digits after 7 years: RBI report

Gross NPA slips to 5%; regulator flags slippages from recast accounts

How to lock smartly into bank FDs as rates peak over next 2-3 quarters

Consider laddering to ensure liquidity and to avoid reinvestment risk

All entities providing banking service subject to same rules: RBI Dy Guv

Non-bank entities cannot be allowed to undermine the banking system, he says at Business Standard BFSI Insight Summit

RBI sold $922 million in foreign exchange market in October: Bulletin

Forward purchase book shrinks $10 bln as RBI spreads out interventions