BUSINESS
At least eight Indian banks set to see new chiefs in 2024
In a majority of cases, the names have been finalised, while some are still awaiting a decision. While the top level positions are being filled, there appears to be a shortage of staff in a number of banks.
BUSINESS
Bank of Baroda looks for buyer to sell off its 100% stake in New Zealand arm
In FY22, the bank closed its operations in Hong Kong and South Africa, while it closed down one of its branches in the UAE so far in FY2023
BUSINESS
Top 20 IBC cases must be reviewed monthly by PSBs, said DFS Secretary
Joshi also said that the Union Finance Minister will review of NARCL soon.
BUSINESS
All you need to know about card-on-file tokenisation
RBI said this will provide cardholders with an additional choice to tokenise their cards for multiple merchant sites through a single process. Before this, a card-on-file token could only be created through the merchant’s application or webpage
BUSINESS
UCO Bank expects full recovery of Rs 820 crore in the IMPS fraud case
The Bank is recording a daily average recovery of Rs 1 crore from different accounts.
BUSINESS
Only 12,500 claims in 10 years under PMJDY accident insurance cover
Out of 12,539 claims, a total of 8,199 were paid between April 1, 2014 and December 7, 2023, finance minister Nirmala Sitharaman has said. The number of beneficiaries is 34.71 crore
BUSINESS
UCO Bank yet to recover over Rs 100 crore in the IMPS case, says government
The minister added that UCO Bank lodged an FIR with CBI on November 15, 2023, regarding a transfer/deposit of Rs 820 crore to a different account from UCO Bank
BUSINESS
RBI imposed Rs 40.39-crore worth of penalties on banks, NBFCs, others in FY23
The highest number of penalties, 176, amounting to Rs 14.04 crore, were slapped on cooperative banks
BUSINESS
MC Explains: Are four PSBs merging?
Bankers said a report on social media that the government planned to merge four public sector banks was interpreted wrongly.
BUSINESS
RBI move to increase risk weight on consumer loans won’t impact microfinance: Muthoot Microfin CEO
The public issue of Muthoot Microfin Limited opens for subscription today. The Rs 960-crore IPO is a combination of 2.61 crore fresh shares aggregating to Rs 760 crore and an offer-for-sale of 0.69 crore shares aggregating to Rs 200 crore
BUSINESS
Fed policy impact: Taking cues, RBI may look to cut interest rates in mid-FY25, say experts
The Fed’s policymakers also signalled that they expect to make three quarter-point cuts to their benchmark interest rate next year.
BUSINESS
Exclusive: Abhyudaya Cooperative Bank former chairman moves court against board supersession
While Ghandat is hopeful of getting relief, legal experts indicated that the courts are not inclined to interfere with the banking regulator’s decisions.
BUSINESS
Lending rates unlikely to change as banks go into wait and watch mode
In its latest policy review, the MPC decided to keep the repo rate unchanged at 6.50 percent. There has been no change in the rate since February 2023.
BUSINESS
IBA signs MOU with bank employee unions on wage revision & allowance increase of 17 percent
Last time, in November 2020, IBA and bank employee unions had signed a bipartite settlement agreeing a 15 percent increase in pay for bank employees.
BUSINESS
Financial changes in last few years in India is phenomenal, says FICO CEO
According to Lansing, the FICO has 1,300 employees based out of India.
BUSINESS
Many companies abused BNPL: Upasana Taku, MobiKwik co-founder
Taku explained that while the purpose of buy now, pay later was to help expand the purchasing power of consumers by giving a small period of credit, some companies even gave cash loans in the name of BNPL.
BUSINESS
MPC likely to hold rates again as inflation worries persist, say economists, bankers
After the April monetary policy, the RBI has kept the repo rate unchanged at 6.5 percent, after raising rates by 250 bps since May 2022.
BUSINESS
MC Interview: Kotak Mahindra Bank bullish on SME vertical as next growth engine, says wholesale banking head Paritosh Kashyap
The bank is putting a huge emphasis on cybersecurity and ensuring that there are multiple levels of checks, Kashyap told Moneycontrol.
BUSINESS
No deterioration in credit quality of unsecured portfolio: Paritosh Kashyap, Kotak Bank Wholesale Head
Kotak Mahindra Bank’s unsecured portfolio stood at Rs 38,311 crore in the FY 23-24 July-September quarter, compared with Rs 25,580 crore a year earlier — a growth of 49.76 percent. .
BUSINESS
RBI may opt for interest rate pause for the fifth consecutive time, say experts
The central bank has raised the repo rate by 250 basis points (bps) since May 2022. This will be the fifth consecutive policy where it will opt for a pause.
BUSINESS
Govt advises banks to appoint nodal officers to tackle cyber risks
The government wants KYC norms to be standardised and streamlined for merchants.
BUSINESS
Top cyber law expert, Pavan Duggal, pitches for dedicated cybersecurity laws
Duggal said as fraudsters get more innovative, so must banks realise that cybersecurity is not lip service or a tick-mark exercise.
BUSINESS
Budget 2024-25: 10 years of Modi Budgets: IBC a winner, bank privatisation still a work in progress
Budget 2024-25: The introduction of IBC was a key reform introduced in the last 10 years. But privatisation of banks remains an unfulfilled promise.
BUSINESS
Exclusive: Abhyudaya Cooperative Bank likely to appeal against RBI decision, seek legal options
On November 24, the RBI superseded the Mumbai-based Abhyudaya Cooperative Bank's Board citing material concerns related to poor corporate governance standards, the regulator said in a statement.
