BUSINESS
Karnataka Bank plans to enter unsecured lending, offer credit on UPI: CEO
On the digital front, Srikrishnan H, the bank's MD & CEO, said the company is exploring how it can integrate its technology platforms with the ecosystems already in place, like CBDC and ONDC.
BUSINESS
Brokerages slash Axis Bank's target price, forecast lower earnings
The bank saw its asset quality weaken, and its unsecured business continued to grow faster than the overall retail book.
BUSINESS
Axis Bank Q1 results: April-June net profit rises to Rs 6,035 crore, beats estimates
Axis Bank Q1 FY25 Results: The bank's asset quality worsened sequentially with gross non-performing assets up 11 basis points (bps) at 1.54 percent and net non-performing assets 3 bps up at 0.34 percent.
BUSINESS
Federal Bank chief expects clarity on co-branded credit card curbs in next two quarters
Shyam Srinivasan, MD and CEO of the bank, in the post-results call, highlighted that they were expecting clarity on the curbs by the end of Q1FY25.
BUSINESS
Jana SFB chief rules out plans of reverse merger with promoter Jana Holdings
The bank, said Ajay Kanwal, MD and CEO, had crafted a plan for a reverse merger earlier but now the bank has no plans for a reverse merger. In the first reporting quarter of this fiscal, the bank reported a 89 percent jump to Rs 171 crore.
BUSINESS
Expansion of Kisan Credit Card issuance would boost tech usage in agriculture, say experts
Though the initiative for issuance of kisan credit card (KCC) has brought in some cheer among industry players, the segment under agri-credit has been under some stress lately.
BUSINESS
Credit to MSMEs is expected to improve through SIDBI branch expansion, say experts
For this year, Union Finance Minister Nirmala Sitharaman said SIDBI will open 24 branches, which will cover168 clusters of the total 242 clusters, she added.
BUSINESS
Tribunals, tech support to make IBC smarter and faster in resolution: Experts on Budget proposal
Tech platform under IBC may enhance effectiveness and quick handling of cases,On February 25, 2015, in the Union Budget 2015-16, the then Finance Minister Arun Jaitley announced the formation of a comprehensive bankruptcy code of global standards. Further, Jaitley introduced the Insolvency and Bankruptcy Code, 2015, in the sixteenth Lok Sabha. say experts.
BUSINESS
Banking boost for North East a signal for big lenders to step in, experts say
Union Finance Minister Nirmala Sitharaman announced the opening of over 100 branches of India Post Payments Bank in the region.
BUSINESS
Government will prepare vision and strategy documents for financial sector, says FM Sitharaman
In her address, FM Sitharaman said that financial sector vision and strategy documents will be prepared.
BUSINESS
Government to establish additional tribunals, integrated technology system for IBC, says FM Sitharaman
The IBC has dissolved more than 1000 companies, resulting in direct recovery of Rs 3.3 lakh crore, FM Sitharaman added.
BUSINESS
Finance Minister announces new SIDBI branches to expand reach to MSMEs
The government will look at growing 24 branches in this year, Sitharaman said.
BUSINESS
Issuance of Jan Samarth based Kisan Credit Cards to be enabled to five states, says FM
Additionally, the government will also facilitate the implementation of the Digital Public Infrastructure (DPI) for the agriculture sector.
BUSINESS
Government to open 100+ branches of India Post Payments Bank in North-East to expand banking services, says FM
FM Sitharaman added that in this year, a provision of Rs 2.66 lakh crore for rural development including rural infrastructure is made.
BUSINESS
Microfinance industry seeks special funding, tax relief on affordable housing from Budget 2024
The branch network of NBFC-MFIs expanded significantly with the total number of branches increasing from 17,041 in March 2023 to 20,348 in March 2024, marking a 19.4 percent growth.
BUSINESS
Bankers eye tax assistance on interest income and funding for small lenders from budget 2024
The sector is not expecting any fund infusion from the budget, experts said.
BUSINESS
Bank credit growth to agriculture, industries, housing jump in FY24, Economy Survey shows
Bank credit disbursal to the services sector remained resilient despite a slowdown in credit growth to non-banking financial companies (NBFC), the survey showed.
BUSINESS
Kotak Mahindra Bank appoints Grant Thornton as external auditor post RBI action
This comes after the central bank had in April 2024 said it found deficiencies and non-compliances in the bank’s IT inventory management, data security and other issues, for 2022 and 2023.
BUSINESS
GIFT City IFSC emerging as dominant gateway for global capital inflows: Economic Survey
As of March 2024, the total asset size of IFSC Banking Units (IBUs) crossed $60 billion, and the cumulative value of transactions undertaken by IBUs crossed $795 billion
BUSINESS
Indian banks see RoA, RoE reach decadal highs in FY24: Economic Survey
According to the survey, the net interest margin (NIM) of SCBs remained robust at 3.6 per cent in March 2024.
BUSINESS
Rs 2,000 note recall, HDFC merger, incremental CRR led monetary, credit evolution: Economic Survey 2024
According to the Reserve Bank of India 97.87 percent of Rs 2000 notes have returned to the banking system.
BUSINESS
Economic Survey 2024: More debt recovery and improving borrowers drag banks’ GNPA to 12-year low of 2.8%
The survey showed that enhanced disclosures, robust code of conduct, and transparent governance structures have also improved banking performance.
BUSINESS
RBL Bank Q1 results: Net profit rises 29% to Rs 372 crore, asset quality remains healthy
The lender’s gross non-performing assets (GNPA) stood at 2.69 percent in Q1FY25 versus 3.22 percent last year.
BUSINESS
South Indian Bank to submit report to RBI in two weeks to reboot co-branded credit card business, says MD
P Seshdari, the bank's MD and CEO, said the lender was expecting to address the issues tabled by the regulator by about July 16, but there's been a slight delay and it is currently working on closing the same.
