Page 6 - Banks

Banks request RBI to include more long-term bonds in H1 FY24 borrowing

Banks expressed reservations about floating rate bonds in next year's borrowing

Indian Banks Association considers 5-day work week for bank employees

If the proposal gets IBA's nod, it will be sent to the finance ministry and subsequently to the Reserve Bank of India's (RBI) for approval

Green finance: Taxonomy, a clear legal definition keenly awaited

Even as the central bank is drawing up taxonomy for this emerging business, the degree of awareness at bank board level could be the weakest link yet

Indian Bank ties up with Toyota Kirloskar Motor to offer vehicle financing

Public sector Indian Bank has inked a pact with automaker Toyota Kirloskar Motor to offer vehicle financial options to its customers, the bank said on Tuesday. The tie-up would offer various initiatives including 90 per cent on-road funding with no processing fee, foreclosure and party payment charges to prospective customers. The development will now enable bank's customers, especially in the rural and semi-urban markets to buy their vehicles from Toyota Kirloskar Motor, the city-headquartered Indian Bank said in a statement here. "This is yet another step by Indian Bank to enhance banking experience of our customers. As a bank, with pan-India presence, especially in rural and semi-urban areas. This association will further boost our auto-financing segment," Indian Bank executive director Imran Amin Siddiqui said. "Digitization of loan procedures has significantly reduced the turn around time for retail loan. We are keen to provide our customers comfort and convenience, by alignin

Bank credit grows at 16.1% to Rs 134.17 trillion in Feb 10 fortnight

About a month ago (January 13 fortnight), credit growth stood at 16.5 per cent YoY

RBI imposes Rs 5k withdrawal cap on Shankarrao Mohite Patil Sahakari Bank

The Reserve Bank of India on Friday put several restrictions on Shankarrao Mohite Patil Sahakari Bank, Akluj in Maharashtra, including a Rs 5,000 cap on withdrawal per customer, in wake of its deteriorating financial position. The restrictions or Direction under Section 35 A of the Banking Regulation Act, 1949 effective close of the banking business hour on Friday. With restrictions imposed, the bank, without prior approval of RBI, cannot grant loans, make any investment, incur any liability, and transfer or otherwise dispose of any of its properties. "In particular, a sum not exceeding Rs 5,000 of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn...," the Reserve Bank of India (RBI) said in a statement. The restrictions, RBI said, will remain in force for six months from the close of business on February 24, 2023 and are subject to review. The issue of the Directions should not per se be construed as

Banks can see rise in bad loans from retail, small businesses: SBI official

While loans to this segment have been growing fast, defaults have thus far been few

Banks, bondholders to recover less from insolvencies under new proposal

Secured creditors, typically banks and bondholders, would continue to have first claim on proceeds of an insolvency resolution plan, but only up to the liquidation value of the corporate debtor

Why is India concerned about lending programme of IMF, WB for poor nations?

Eleven nations have signed a note where they have argued against the Bank taking on the responsibility to lend more, thereby raising interest costs for the borrowers

Global Investors Summit done, Uttar Pradesh turns to banks for credit line

The state has exhorted banks and financial institutions to support the investment roadmap by providing loans to the GIS projects

Banks, financial institutions should safeguard banking security, says RBI

In view of the cybersecurity risk posed to the banking sector, Reserve Bank of India Executive Director Rohit Jain on Monday asked banks and financial institutions to adequately resource the banking security structure. He also underlined the need to be prepared for the potential impact of the emergence of cloud computing and Internet of Things (IoT) in banking. The senior RBI official was delivering a keynote address during a panel discussion on cybersecurity in the run-up to the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting and Finance and Central Bank Deputies (FCBD) here in Bengaluru from February 22 to 25. Security by design needs to be embedded as part of banking processes, and security controls should be conceived and implemented, he said. "Keeping in view the emerging environment and the risks involved, the information security function should be adequately resourced in terms of number of staff, level of expertise, the usage of tools and techniques,

FinMin to meet heads of banks on Feb 22; to review progress ECLGS for MSMEs

Extension of ECLGS and LGSCAS beyond March 31 as well as challenges related to these would be deliberated

Liquidity likely to veer towards neutral after three years of surplus

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

Banks may recover close to Rs 15,000 crore from Srei group resolution

Lenders may get nearly 45% of the admitted claim of Rs 32,750 crore from NARCL

Adani Group hires banks to hold meetings with fixed-income investor

Adani Group companies said in a stock exchange filing that it faces no material refinancing risk and there is no near-term liquidity requirement

Several banks open special vostro accounts for overseas trade in rupee

Several banks, including HDFC Bank and UCO Bank, have opened special vostro accounts to facilitate overseas trade in the rupee and many countries have expressed interest to have this arrangement for the local currency trade, a top government official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that the commerce ministry is in regular touch with banks, the Department of Financial Services and exporters on the issue. "As of now there are 20 banks which have opened a special rupee vostro account," he told reporters here. All major banks have shared a list of nodal officers to sort out exporters' issues pertaining to these accounts, he added. "This is a new initiative, there are teething troubles relating to the exchange rate mechanism, the repatriation of money. So, it has not fully taken off...But we are constantly in touch with the banks, the RBI and our exporters to ensure that it picks up," Sarangi said. He said that some exporters in Jai

Indian Overseas Bank launches electronic bank guarantee scheme

Public sector Indian Overseas Bank has launched the facility of issuance of e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd, the bank said on Wednesday. The e-BG is an instrument issued by the city-headquartered bank in which the bank undertakes to guarantee a specific amount against the non-fulfillment of some action/performance of the applicant. The main features of the e-BG are completely paperless mode with digital stamping and digital signature. Real time issuance of e-BG would make it available for the beneficiary instantly leading to time saving which in turn would fast track all the business purpose for which it is issued, the bank said. "Our bank is one of the pioneer in launching the Bank Guarantee through digital mode. As on date only few banks have the facility of issuance of e-BG," Indian Overseas Bank said in a statement here. Following the path to achieve vision mission statement 2021-2026 to provide best banking ...

Sensex extends losses for second day; IT and bank stocks top drags

Equity benchmark Sensex declined around 251 points on Monday, pressured by heavy selling in IT and bank stocks amid a mixed trend overseas. A weak rupee further weighed on sentiment, traders said. Sliding for the second straight session, the 30-share BSE Sensex ended 250.86 points or 0.41 per cent lower at 60,431.84. During the session, the index touched a high of 60,740.95 and a low of 60,245.05. On similar lines, the broader NSE Nifty dropped 85.60 points or 0.48 per cent to finish at 17,770.90. SBI was the biggest loser in the Sensex pack, tumbling 2.83 per cent, followed by Infosys, TCS, Bajaj Finance, Tech Mahindra, Wipro and Axis Bank. In contrast, Titan, L&T, NTPC, Power Grid, Sun Pharma, ITC and HDFC twins were among the prominent winners, rising as much as 1.97 per cent. In the broader market, the BSE midcap and smallcap indices dropped up to 1.25 per cent. Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul closed in the red, while Shanghai settled higher. Equity

YES Bank approaches Supreme Court against Bombay HC decision on AT-1 bonds

On January 20, the Bombay High Court had quashed YES Bank's decision to write off AT-1 bonds in March 2020

ICC guidance papers throw light on LoCs

Banks should review their forms and practices based on the recommendations in these papers