Page 12 - Banks

South Indian Bank enters World Book of Records for '101 Oonjals'

South Indian Bank bagged a world record for staging and swinging the highest 101The South Indian Bank on Sunday organized an event 'Onnichirikkam Oonjaladam' and was accoladed with the World Book of Records award for 'staging and swinging 101 Oonjals'.The event 'Onnichirikkam Oonjaladam' saw people gathered in large numbers to celebrate unity and prosperity during the ongoing festival season. Swings were made using wood and rope in the traditional way.South Indian Bank had yesterday for the first time organized a first-of-its-kind category event 'Staging and Swinging 101 Oonjals' simultaneously at a single venue in Kochi.The World Book of Records team presented the Award to South Indian Bank officials.While speaking to ANI, Murali Ramakrishnan- MD and CEO of the South Indian Bank said, "Because of the present generation of technology, etc, I think people forget the authentic happiness which you are all getting when we all playing swing in our younger days. So South Indian Bank being a

Analysts see Q2 net profit growth of banks at 23% YoY, NII at 10%

The latest RBI data showed that as on September 23, bank credit grew at a nine-year high of 16.4 per cent on-year. Deposit growth lagged at 9.2 per cent

Morgan Stanley-led banks face $500 million loss on Twitter debt to Musk

When banks led by Morgan Stanley agreed in April to help finance Elon Musk's purchase of Twitter Inc., they were eager to aid an important client, the richest person in the world

Debit card issuances pick up in FY23 after 7-month slowdown a year earlier

Banks issue 17 mn cards in first five months of current fiscal, up 30% from 13 mn cards in year-ago period; Customers prefer debit cards for small value transactions, says report

Banks divert gold supply from India to China, Turkey, says report

Leading gold suppliers to India - which include ICBC Standard Bank, JPMorgan and Standard Chartered - usually import more gold ahead of festivals and store it in vaults.

YES Bank's Q2 loan book grows 11.6% YoY; deposit base cross Rs 2-trn mark

The share of low-cost money, CASA , in deposits was 31.3% as of September 30, 2022

SC agrees to consider banks' pleas against disclosure of info on customers

The Supreme Court on Friday agreed to consider the petitions by several banks, including private banks, challenging the Reserve Bank of India (RBI)'s direction to disclose under the Right to Information Act certain confidential and sensitive information pertaining to their affairs, employees and customers. A bench headed by Justice BR Gavai rejected the preliminary objections raised by one Girish Mittal who as an intervener sought the dismissal of the petitions on the ground that the issues concerning such disclosures have already been put to rest by earlier decisions of the top court. The court, without expressing any final opinion said that prima facie, the aspect of balancing the right to information and the right to privacy was not considered at that stage. Noting that the RBI directions in question were passed in view of these earlier decisions, the bench --also comprising Justices CT Ravikumar, observed that in such a scenario, the only remedy available to the banks was under

Banks increase interest rates on bulk deposits as liquidity tightens

Loan, deposit growth gap at 10-year high

Industry prepared for potential disruptions as tokenisation nears

industry insiders say, the success rate of token-based transactions is higher, but inadequate testing of certain use-cases may result in some transactions not going through

Rupee trade: Two Russian banks get RBI nod for special vostro account

Trade between India and Russia started growing after the latter invaded Ukraine in late February

High NPAs in education loan segment turn banks cautious, says PSB official

High defaults of about 8 per cent in the education loan portfolio have made banks cautious and go slow on the sanction of such credit. Non-performing assets (NPAs) in the education loan category including public sector banks' (PSBs) were 7.82 per cent at the end of June quarter of the current financial year. Outstanding education loans were about Rs 80,000 crore at June-end. Cautious approach is adopted at the end of branches while sanctioning education loans due to high NPAs, a senior public sector bank official said. As a result some genuine cases are overlooked and there are delays, the official said. Recently, the finance ministry had called a meeting of PSBs to take stock of the education loan portfolio and cut down on delay. The ministry exhorted banks to spread awareness about the Central Sector Interest Subsidy Scheme among field formations. The sharp increase in non-performing assets (NPA) in education loans extended by commercial banks in India in recent years is a matte

Revlon lenders to seek rehearing after Citigroup's $500 mn victory

Some of the Revlon Inc. creditors who were accidentally sent more than $900 million by Citigroup Inc. asked a federal appeals court for a rehearing, after it ruled that they had to give the money back

Rupee Cooperative Bank set to explore merger proposal, SFB conversion

On August 8, the RBI had ordered cancellation of the banking licence of the ailing UCB from September 22. The high court will take up the matter on October 17

Banks plan to ramp up penetration via ATMs, branches: CMS Info Systems CEO

'At sector level, large banks, both public-sector as well as private, need to increase their reach'

McLeod Russel India lenders likely to discuss Carbon Resources proposal

The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore

Transferring 18 NPAs to bad bank by October-end a tall order: Bankers

There is no way that lenders can bypass established regulatory norms including the step of inviting counter bids under Swiss challenge method, they said

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

Be ready to meet the credit demand: FM Nirmala Sitharaman to banks

The finance minister said Indian banks have to plan for the Amrit Kaal. And for that, they have to become digitally savvy, especially the public sector ones

Banks ensure their systems speak to each other for customer service: FM

Finance minister Nirmala Sitharaman on Friday urged banks to ensure that their systems speak to each other so that they are able to serve customers in a better way. The minister, while delivering the keynote address at the 75th annual meeting of the Indian Banks Association (IBA), said many a time customers are forced to transact with multiple lenders due to which it is important that the systems of one bank talks to that of other. She termed such a mechanism as an artificial wall erected by lenders to protect their turf. The finance minister also underlined the need for ensuring that banking personnel converse in the local language so that their customers are served better. Banks need to ensure that their systems speak to each other so that the common man banking with multiple lenders is not inconvenienced. Also, another key element of serving the customer better and more effectively is conversing in the local language, Sitharaman said. She also said it is essential that banks inv

State Bank of India ready to open rupee trade account with Russian banks

A vostro account is opened by a domestic bank with a foreign correspondent bank to act as an agent for the domestic bank