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Bandhan Bank Q4 net falls 80% on provisions for MFI loan write-offs
The Kolkata-based bank had posted Rs 517.28 crore net profit in the fourth quarter of FY20. The lender’s total provision and contingencies in Q4FY21 rose 92.7 per cent y-o-y to Rs 1,594.30 crore from Rs 827.36 crore in the same quarter previous fiscal.
Mini Ipe, BC Patnaik named new managing directors of LIC
The Banks Board Bureau (BBB) — the head-hunting agency for chairmen, CEOs and MDs of public sector banks and insurance companies — has chosen Mini Ipe and BC Patnaik as Managing Directors of Life Insurance Corporation (LIC), which will have two vacancies of MD in the next five months.
RBI sets up advisory group to assist regulatory review authority
The RBI has set up the second Regulatory Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, with a view to streamline regulations and reduce the compliance burden of regulated entities.
SBI internet banking, YONO, UPI services to be hit later today: Everything you need to know
SBI account holders will not be able to use internet banking, YONO, YONO Lite and UPI services from 10:15 pm on Friday up to 1:45 am on Saturday, the lender said in a tweet Thursday evening.
Updating KYC: No punitive action till December, says RBI
The RBI move on KYC follows a spurt in complaints from customers about banks unilaterally suspending and freezing accounts for delay in KYC updation. There were also complaints that banks were freezing accounts without informing the customers.
IDBI Bank strategic divestment receives Cabinet approval
The government owns 45.48 per cent in IDBI Bank, while LIC holds 49.24 per cent. LIC is currently the promoter of IDBI Bank while the government is co-promoter.
Bond yield falls under 6% on RBI plan to buy additional G-Secs
The RBI’s decision to buy Rs 35,000 crore worth of bonds in May would help the market in absorbing a portion of the Rs 1.16 lakh crore of market borrowings by government during the month.
As claims rise, insurers go slow on covering Covid-recovered
Most insurers are iffy about on-boarding customers who have just recovered from Covid, said an insurance sector official. “As a result, insurers have put a cooling off period of 3-6 months after Covid detection,” he said.
HDFC Bank announces rejig, with 3 focus areas
Among the changes announced by the bank are current group head for corporate banking Rahul Shukla being entrusted with the commercial banking (MSME) and rural vertical.
Credit growth declines to 4.9%; loans to medium industries jump
As per the latest Reserve Bank of India (RBI) data, credit growth to agriculture and allied activities accelerated to 12.3 per cent in March 2021 from 4.2 per cent a year ago.
Kotak Mahindra Bank shares fall as RBI caps founder-CEOs’ term
That gives the world’s wealthiest banker Uday Kotak less than three years to find a successor
RBI issues guidelines for appointment of statutory auditors of banks, NBFCs
The guidelines provide necessary instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, etc. while ensuring the independence of auditors, the Reserve Bank said.
SBI customers will now have to enter OTP to access their account online
SBI customers who are logging into their account online will require to enter an OTP after the successful entry of username and password.
ICICI Bank Q4 standalone profit surges 261%
At Rs 4,403 crore, rising from Rs 1,221.4 crore in March quarter of 2019-20.
RBI approves appointment of Atanu Chakraborty as part-time chairman of HDFC Bank
HDFC Bank said a meeting of the board of directors of the bank will be convened in due course inter-alia to consider the appointment of Atanu Chakraborty as the part-time chairman and additional independent director of the bank.
RBI allows commercial banks to pay up to 50% of pre-Covid dividends
HDFC Bank had last week decided not to pay any dividend on the basis of the previous year’s RBI directive.
British-based fintech firm Revolut to hire 300 staff for India support hub
The company also appointed Paroma Chatterjee, a former executive at Lendingkart and Via.com among other companies, as its chief executive in India, Revolut said.
SBI cautions its customers about fake loan offers
In its statement, SBI said, "It has come to our notice that certain unknown persons are attempting to defraud the general public by offering loans from non-existing entities in the name and style of SBI Loan Finance Ltd. or any such entities."
IPO boom prompts ICICI Bank to hire more investment bankers
The Mumbai-based firm plans to add five mid-to-senior level hires in each of the two units, which currently have 130 bankers in total
HDFC Bank Q4 net up 18.17%; no dividend for FY21
However, on a sequential basis, the standalone net profit declined 6.5 per cent compared with Rs 8,758 crore in the December quarter (Q3FY21).
RTGS service will be unavailable for 14 hours on Sunday: Here’s what you need to know
The Reserve Bank of India (RBI) has said that RTGS service will not be available from 00:00 hours to 14:00 hours on Sunday, April 18, 2021. However, NEFT service will continue to be operational as usual during this period for transferring funds.
Seven realistic money tips to cover lost ground in the new financial year
You may not want to miss the saving goals in the new financial year. Many missed their saving targets in FY2020 because they faced a liquidity crunch due to the Covid-19 crisis.
NCLAT: IBC to hold precedence over other laws like PMLA
Hearing an appeal moved by the ED against an order of the Mumbai Bench of the National Company Law Tribunal (NCLT), the NCLAT held that even if the probe agency had already attached a property under PMLA, it must vacate its claim over the assets once insolvency process starts against the same company.
Interest rates fall, but deposits shine on; grow 11.4% in FY21
Despite over a 100-basis point decline in interest rates, bank deposits surged by 11.4 per cent during the financial year ended March 2021, as against 7.9 per cent in the previous year.
Equity mutual funds see net inflows for 1st time in 8 months
Investments through SIP went up to Rs 9,182 crore in March compared to Rs 7,528 crore in February 2021.
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Pune: Covid patient found hanging inside hospital storeroom, death by suicide suspected
Pune: Doctor, medical staff assaulted by two men whose father died of Covid-19, say police
Punjab sees 191 Covid-related deaths in a day, adds 8531 new cases
Mumbai: Vaccination drive may halt again over insufficient stock
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Pune: 35-yr-old man held for murder of sex worker, police say dispute over money