Page 13 - Banks

Bank of Baroda raises interest rates on deposits below Rs 2 cr by 0.20%

Bank of Baroda has raised the interest rates on retail term deposits of below Rs 2 crore by up to 0.20 per cent. The new rates have come to effect from September 13, 2022. The one-year tenor domestic and NRO (Non-Resident Ordinary) term deposit will offer an interest of 5.50 per cent, up from 5.30 per cent earlier, the bank said on Wednesday. Deposits for above 400 days to 3 years will earn an interest of 5.50 per cent, up from 5.45 per cent. For above 3 years to 10 years, the new rate is 5.65 per cent, up by 0.15 per cent. For senior citizens, there will be a higher rate of interest for one-year deposits at 6 per cent from 5.80 per cent earlier. Likewise for other tenors applicable on resident senior citizens, the new rates will range in 6-6.65 per cent as against 5.95-6.50 per cent. Among others, the bank has also raised the interest on 'Baroda Tax Savings Term Deposit' for 5 to 10 years tenor to 5.65 per cent, up by 0.15 per cent. For senior citizens, the deposits will earn up

Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT

Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget

BS Number Wise: The increasing dominance of bank-owned mutual funds

Related entities acting as distributors account for a higher share of assets in such fund houses

Buoyed by demand, banks want more long-term gilts, but RBI may not yield

Apart from long-term bonds, the market participants also requested the central bank to reduce issuance of floating-rate bonds and cap sizes of weekly primary auctions to Rs 30,000 crore

Banks, FMCG: Time to bet on domestic economy-related sectors, say experts

Banks, Auto, FMCG, Hospitals, Domestic Industrials, and Discretionary may continue to outperform the 'Export + Cyclical'-oriented themes

Govt, RBI propose action plan for facilitating special rupee accounts

According to the action plan, once banks receive applications from corresponding banks, they have to undertake internal scrutiny and send it to the RBI for approval

'Think of the worst': RBI Governor Das nudges banks to raise capital

Inflation has peaked, expect CPI at 5% in April-June, he says

YES Bank hikes interest rate on NRE, FCNR fixed deposits as norms are eased

RBI has taken several steps such as exempting banks from maintaining CRR and SLR on incremental NRE and FCNR (B) deposits, in order to attract dollars and protect the rupee

Day after Q1 GDP data, a spate of forecast cuts by banks, institutions

Moody's cut its forecast to 7.7%, from 8.8%, citing dampening economic momentum in the coming quarters on rising interest rates, uneven monsoon, and slowing global growth

ICICI Bank, Bandhan Bank, Karnataka Bank increase MCLR across tenors

Loan rates going up after central bank's rate-setting committee hiked benchmark policy rate by 50 basis points

China's biggest banks hit by margin squeeze amid bad loan pressure

China's $52 trillion banking industry is facing an increasingly difficult year, with its largest lenders cutting loan rates while bad debt is piling up amid a property crisis

Most Indian banks offer worst customer experiences on mobile apps: Report

Most Indian banks are falling behind customers' changing needs on their mobile apps, doing too little to help customers understand their spending and debts, a new report has revealed

Here's a full list of bank and school holidays in Sept 2022; Check details

Banks and schools might be closed for the first three days of September. Why bank holidays are called bank holidays? Read this detailed article to know the number of holidays in the month of September

Banking sector at enormous risk of asset-liability mismatch: Pronab Sen

India's banking sector is faced with the predicament of a "massive asset-liability mismatch" that could explode anytime, adding that there is a need to reassess laws governing the industry, renowned economist Pronab Sen said. Sen said "that explosion" has not yet happened as most of the banks are in the public sector. Explaining the situation, he said the Indian banks had adopted the British model, and the laws don't allow lenders to borrow from the capital market, which essentially makes deposits the only source of funds. "Today, the average tenure of bank lending is about nine years, and deposits' tenure is close to two-and-a-half years. So, you have nine years on the asset side, and 2.5 years on the liability side... which means there is a massive asset-liability mismatch which can explode anytime," the former chairman of the statistical commission said here while delivering a lecture at the 7th anniversary celebrations of Bandhan Bank on Monday night. "It hasn't happened becaus

New ODI regulations: Govt allows investment in financial services abroad

Holding less than 10% in an overseas entity not considered 'control'

Banks must ensure credit schemes reach eligible citizens: FM Sitharaman

'Difficult situation' caused by unintended people getting benefits of credit programmes now over, she says

Global banks slice and dice $80 bn in M&A debt that no one wants

In the case of the private-equity buyout of Citrix Systems, they're cutting the debt into smaller pieces to attract a wider pool of investors

The case for pricing UPI transactions and what's at stake for banks

Banks pay a switching fee running into hundreds of crores every year for UPI, but have to offer the service for free

Trade settlement: Govt says banks free to not deal with sanctioned entities

There are over 200 banks in Russia, and sanctions have not been imposed on all of them

HDFC Bank's new campaign 'Vigil Aunty' to help tackle cyber frauds

'Vigil Aunty' will create awareness via various social media platforms