BUSINESS
MC Explains: Will companies take up RBI’s suggestion on stress testing?
Stress testing refers to evaluating the resilience and stability of financial institutions, portfolios, or systems under adverse economic scenarios
BUSINESS
UCO Bank invites application for Chief Risk Officer on contractual basis
On successful completion of a three-year term, the tenure may be further extended for two two years, per notification
BUSINESS
CreditAccess Grameen to target affordable housing through co-lending model: CFO Balakrishna Kamath
The microfinance lender’s net profit nearly doubled to Rs 347 crore in Q2FY24, registering an on-year growth of 98.1%, driven by higher loan sales.
BUSINESS
Banks, NBFCs may raise rates after RBI’s action on consumer loans, experts say
A jump in risk weight means lenders have to set aside higher capital against these loans. It will impact the capital adequacy ratio of banks as well as profitability.
BUSINESS
UCO Bank seeks CBI help in Rs 820 crore money transfer mess
Following a technical glitch, the bank erroneously credited the accounts of many of its customers, but it has worked overtime and recovered 79 percent. It is now engaged with all stakeholders to recover the remaining amount.
BUSINESS
Muthoot Finance’s non-gold book will go up to 20% in five years: MD George Alexander Muthoot
Non-gold loans account for 13 percent of the NBFC's book now. Non-gold loan businesses in subsidiaries continue to do well, with disbursements during the first half of the year increasing by 76% in the microfinance business and by 164% in the housing finance business, Muthoot said.
BUSINESS
Capital Small Finance Bank awaiting SEBI nod for IPO, says MD & CEO Sarvjit Singh Samra
The IPO will have a fresh of shares worth Rs 450 crore and offer for sale of 24.12 lakh shares. On November 9, 2023, Capital Small Finance Bank reported Profit After tax of Rs 54.39 crore, up 32.37 percent Y-o-Y.
BUSINESS
MC Interview: Utkarsh SFB to enter secured credit card space soon, says MD & CEO Govind Singh
The small finance bank expects to increase its current account and savings account base to around 22 percent by March 2024.
BUSINESS
MC Interview | Indian Bank expects Rs 8,000 crore loan recovery this year: MD Jain
The lender said it has the Reserve Bank’s approval to set up an operational subsidiary.
BUSINESS
Banks in Diwali mood: PSBs distribute up to Rs 2,500 to each employees to buy sweets
Diwali 2023 will be celebrated on Sunday, November 12.
BUSINESS
Interview | UCO Bank expects to recover NPAs worth Rs 800 crore in Q3FY24: CEO Ashwani Kumar
Kumar added that with the current deposit rate, people are shifting their savings account balances to fixed deposits, as the interest rate is higher.
BUSINESS
Former BoB executive Akhil Handa says he wasn't terminated
Termination narrative is an attempt to deflect the operational lapses at branch level, according to Handa
BUSINESS
BoB World App fiasco: Bank has taken corrective action, says CEO Debadatta Chand
The bank said Kadgatoor Sheetal Venkatesmurt will take charge along with her existing responsibilities as the head of digital channels and operations
BUSINESS
Want to enter MF business with an aggregator: Fino Payments Bank MD & CEO Rishi Gupta
Gupta added that his guidance is for Fino Payments Bank to grow at a 20 percent margin. He added that the bank was expecting to have 1.05 crore customers by March 2024
BUSINESS
UCO Bank receives RBI approval to join Central Bank Digital Currency initiative
Earlier, on August 1, 2023 while talking to Moneycontrol MD & CEO of the bank said that they will join the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) pilot project by September 2023.
BUSINESS
UCO bank withdraws decision to distribute sweets to 10 top NPA borrowers on Diwali
In the latest circular, which the bank advised that the instructions contained in the earlier communication stand withdrawn.
BUSINESS
MC Exclusive: SBI receives over Rs 80,000 crore worth of Rs 2,000 notes, shows RTI
SBI said that of the total amount, Rs 14,079 crore were received as exchange and Rs 66,807 crore through deposits. This accounts for 96 percent of the total Rs 2,000 in circulation since May this year.
BUSINESS
Akhil Handa quits Bank of Baroda as digital lending head
Bank in its filing said that Kadgatoor Sheetal Venkatesmurt will handle this charge in addition to her role as head of digital channels and operations.
BUSINESS
MC Investigation| Outside RBI’s Delhi office, middlemen seek Rs 400 cut to exchange Rs 2000 note
The Rs 2000 note had been introduced in 2016 in an effort to rapidly remonetise the economy after Prime Minister Narendra Modi announced that the high-denomination Rs 500 and Rs 1000 notes were being withdrawn as part of the fight against black money.
BUSINESS
RBI’s wholesale pilot of CBDC losing steam after one year, data shows
According to data compiled by Moneycontrol on the wholesale pilot of CBDC, in November, transactions worth Rs 7,140 crore were settled using digital currency, with the number of trades registered being 759.
BUSINESS
Exclusive| PNB rechecking mobile app system, after BoB controversy: MD & CEO Goel
PNB has put in the condition that a single mobile number cannot be put in more than five accounts, said MD and CEO Atul Kumar Goel. On the Nirav Modi case, he said the bank has so far recovered Rs 100 crore.
BUSINESS
Punjab National Bank plans 2,000 vacancies for 2024-25, says CEO Atul Kumar Goel
For the year 2023-24, PNB has come up with a vacancy of 500 for management trainee (MT)/ Probationary Officer (PO).
BUSINESS
BoB World app episode: Some public sector banks initiate digital app checks, say sources
The Reserve Bank of India, on October 10, directed Bank of Baroda to stop onboarding new customers through BoB World, the lender’s digital banking app, citing "certain material supervisory concerns.".
BUSINESS
Interview | KVB working on unsecured loan products, to focus on existing clients, says MD & CEO B Ramesh Babu
Growth in unsecured loans has picked up across the banking system, even drawing the attention of regulators
