BUSINESS
Lenders fear delay in recovery as SC offers loan defaulters a legal window
Borrowers have the right to be heard before banks classify their accounts as fraud, the Supreme Court ruled on March 27.
BUSINESS
Fed may hike rate again but RBI will pause after a 25 bps April hike, say economists
The US Federal Reserve, on March 22, hiked key interest rates by 25 bps, taking it between 4.75 percent and 5 percent. Experts believe the Reserve Bank of India is likely to hike the repo rate by 25 bps in April.
BUSINESS
Major banks warn customers against engaging with fake social media handles
The official Twitter handles of HDFC Bank, ICICI Bank and Kotak Mahindra Bank have alerted customers to not share personal details with fake social media handles purporting to represent them.
BUSINESS
Wilful defaulters owe major banks Rs 88,435 crore, up from Rs 75,294 crore in a year
The list includes private and public sector lenders, like HDFC Bank, Bank of Baroda and Punjab National Bank. In December 2022, RBI data showed that, as on March 31, 2022, the top 50 wilful defaulters owe Rs 92,570 crore to banks. Gitanjali Gems, with loans of Rs 7,848 crore, tops the list of defaulters.
BUSINESS
Five major banks may see change of guard at the top this year
The tenures of top posts of the State Bank of India, HDFC, Kotak Mahindra Bank, Bank of Baroda and ICICI Bank is set to end in 2023
BUSINESS
Exclusive Interview | SVB crisis not a systemic risk in the US, unlikely to impact India, says former RBI Deputy Governor Shyamala Gopinath
Gopinath said the RBI’s rate decisions will be based on the MPC’s assessment of the domestic macroeconomic situation and the SVB episode is unlikely to play a role
BUSINESS
HDFC Bank cautions customers about fake customer care handles
The bank, on Twitter, said that certain unscrupulous individuals are posing as HDFC Bank officials and responding to customer queries in an attempt to gain access to personal or financial information
BUSINESS
MC Exclusive: Utkarsh Small Finance Bank is evaluating its IPO due to market conditions, says CEO
Utkarsh Small Finance bank got SEBI approval for the share sale in October 2022
BUSINESS
SVB crisis | No major impact on Indian banking system, say experts
Indian banks at present are well secured in terms of lending ratios, say bankers
BUSINESS
Mounting pressure: To meet targets, some PSBs call employees to work on holidays, weekends
This is at a time when bank employees’ unions have been asking for a five-day week to ease the pressure on staff
BUSINESS
HDFC Bank customers complain of glitch in internet banking services
The lender faced similar technical glitches on February 28 when customers were unable to use mobile and internet banking platforms
BUSINESS
MC Explains: What is yield inversion on bonds, and what does it mean for the economy?
The yield on short-term bonds briefly rose over long-term bonds, for the first time in eight years. The one-year note last traded above the 10-year bond in May 2015. Experts say it doesn’t signal an immediate slowdown
BUSINESS
Short-term yields may rise, signalling growth slowdown, say experts
After US Fed Chair Jerome Powell indicated an aggressive rate hike scenario on March 7, yield inversion was witnessed on one-year and 10-year government bonds
BUSINESS
Women’s Day 2023: Indian banks add more women employees, but top posts stay afar
Currently, among big banks, only public-sector lender Union Bank of India has a woman chief executive officer, Manimekhalai. Some other lenders, like Kotak Mahindra Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, have women at directorial and management positions
BUSINESS
El Nino could lead to rise in agri-loan NPAs, say experts
Since 1994, India has encountered seven instances of El Nino, which have led to lower agricultural production and higher NPAs.
BUSINESS
Catch ’em young: More banks target millennials with digital services
Recently, banks like Kotak Mahindra Bank, Federal Bank and Bank of Baroda, have boosted their investments in products and services targeting young customers
BUSINESS
Retained Citibank's 3,200 consumer banking employees: Axis Bank MD & CEO
Axis Bank had earlier said that it would welcome all the 3,600 employees of Citibank's consumer banking
BUSINESS
MC Explains| Axis Bank completes acquisition of Citibank's consumer business. Here’s what it means for customers, employees
Axis Bank’s acquisition of Citibank’s consumer business is likely to lead to changes in the Indian bank’s retail portfolio
BUSINESS
Who will take Uday Kotak’s job?
Kotak Mahindra Bank has a solid batting line-up, any of whom could step up to the crease. But two are rumoured to be the favourites. Watch this space.
BUSINESS
Tight regulations, rising cost of funds can pose challenges to NBFCs, say experts
Experts highlighted that NBFCs that are taking on banks with aggressive interest rate hikes to lure customers will see a rise in the cost of funds
BUSINESS
Interview | Equitas SFB in touch with RBI for a universal banking licence, says CEO PN Vasudevan
The small finance bank is targeting to reduce its gross non-performing asset numbers to pre-pandemic levels and reduce the interest rate gap with major banks
BUSINESS
MC Explains: How new RBI rules for foreign donations via NEFT, RTGS will impact banks and donors
The central bank has introduced changes such as sharing donor details and modification of the existing NEFT and RTGS systems of banks for Foreign Contribution (Regulation) Act (FCRA) related transactions.
BUSINESS
Big private banks ramp up personal loans, posing challenges to smaller rivals
Data suggests that private banks are growing personal loans at a significant pace in order to grab a bigger share of the lucrative market.
BUSINESS
Telangana HC order on MFI regulation a boon for sector, say experts
The Telangana High Court ruled that the state cannot regulate microfinance institutions registered with the Reserve Bank of India.
