Bank

Paytm bank eyes ‘more’ digital wallets

Digital push: The bank will build the most dominant KYC-compliant wallet and payments bank, says Ms. Satti   | Photo Credit: AP To comply with new RBI norms, it will invest $500 mn in KYC infrastructure Paytm Payments Bank expects the new stricter Know Your Customer (KYC) norms, set by the Reserve Bank of India (RBI) for digital wallets, to boost ... Read More »

Bajaj Holdings Q2 Consolidated Profit Rises 19% To Rs. 834 Crore

New Delhi: Bajaj Holdings and Investment Ltd (BHIL) Tuesday reported a 19 per cent rise in its consolidated profit after tax (PAT) at Rs. 834 crore for the September quarter of the current fiscal. The company’s PAT in the corresponding July-September period of 2016-17 was Rs. 698 crore. “Due to all round performance of BHIL (standalone) and underlying companies, BHIL’s ... Read More »

RBI Says Linking Aadhaar Number To Bank Accounts Mandatory

Mumbai: The Reserve Bank of India (RBI) on Saturday dismissed media reports that it was not necessary to link national identity card numbers, known as Aadhaar numbers, to bank accounts. It said in a statement the requirement remained in force under anti-money laundering rules. “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is ... Read More »

Banking Sector Stares At Additional Rs. 40,000 Crore NPAs

New Delhi: The banking sector fears accretion of more than Rs. 40,000 crore of bad loans to its books following recent classification of eight consortium accounts of Axis Bank as non-performing assets by the RBI. The Reserve Bank has directed certain reclassifications in the private sector lender’s asset classification and provisioning as on March 2017, subsequent to the annual Risk ... Read More »

Moody’s affirms State Bank’s ratings

MUMBAI, OCT 16:   Moody’s has affirmed the ratings on State Bank of India’s local and foreign currency deposits of Baa3/P—3 apart from affirming the Baa3 rating on its senior unsecured debt issued through its London branch and the Baa3 rating on its medium term note programme. While retaining the ratings today, the global ratings agency noted that since the merger ... Read More »

Bank of Baroda is said to be probed in South Africa over Guptas

Bank of Baroda, which is the only lender in South Africa still offering services to companies linked to the Guptas, is seeking a court order that will allow it to close the accounts. Photo: Mint Johannesburg: India’s Bank of Baroda is being investigated by South Africa’s central bank over money held for companies controlled by the politically connected Gupta family, according ... Read More »

AU Small Finance Bank to partner Aditya Birla Health Insurance

AU SMALL FINANCE BANK:   Au Small Finance Bank will sell health insurance products of Aditya Birla Health Insurance as part of a corporate agency tie-up agreement. “The bank (Au Small Finance Bank) has entered into agreement with Aditya Birla Health Insurance Company Ltd (ABHICL) to act as a corporate agent for health insurance business,” the bank said in a regulatory ... Read More »

Current account and a coffee? It’s the bank with a barista

A bank with a barista: the newly refurbished Lloyds branch in Market Street, Manchester. Photograph: Jon Super/UNP It looks like a US tech giant’s office, complete with its own coffee shop, chic “breakout pods”, the latest biometric technology and an events programme. But it’s actually a new Lloyds Bank branch in Manchester. Welcome to the new world of the bank ... Read More »

Govt to unveil bank consolidation plan soon: Arun Jaitley

Finance minister Arun Jaitley said early days of goods and services tax (GST) going smoother than expected. Photo: Mint Mumbai: Finance minister Arun Jaitley said on Friday that the government is working on a strategy for the consolidation of the banking industry to create bigger and stronger banks. “The consolidation of banks will have to move parallel to the objective of ... Read More »

Bank of Japan holds policy steady

Japan’s central bank opted to hold interest rates steady on Thursday as a new board member dissented in favour of further monetary easing. The Bank of Japan said overnight interest rates will remain steady at 0.1 per cent, that 10-year bond yields will be capped at around zero percent and central bank will continue to buy assets at around ¥80tn ... Read More »