Bank

Indian Bank posts net loss of Rs 190 cr in Q4 FY19

TOPICS Quarterly Results quarterly or semiannual financial statement Indian Bank State-owned Indian Bank reported a net loss of Rs 189.77 crore in the fourth quarter of the financial year ended March 2019, as high level of bad loans required substantial amount to be kept as provisioning parking. The bank had registered a net profit of Rs 131.98 crore during the similar January-March ... Read More »

SC Directs RBI To Disclose Information On Bank Inspection Report Under RTI

The Supreme Court Friday directed the Reserve Bank of India (RBI) to disclose information pertaining to its annual inspection report of banks under the Right to Information (RTI) Act unless they are exempted under law. A bench headed by Justice L Nageswara Rao also directed the federal bank to review its policy to disclose information relating to banks under RTI, ... Read More »

Banks close FY19 with 13.24% credit growth, deposits up 10.03%

Banks closed fiscal 2019 with robust disbursals that rose in double-digits for the second year in row, after the sub-5 percent in FY17, which was the lowest in five decades. According to the Reserve Bank data released Thursday, bank credit rose 13.24 percent to Rs 97.67 lakh crore for the fortnight to March 29, while deposits grew by 10.03 percent to Rs ... Read More »

Bank deposits face competition from company NCDs

Banks are facing fresh challenges in mobilising deposits as their non-bank rivals are attracting savers with higher returns on bonds. Aggregate deposits of banks have shrunk by Rs 4410 crore in the fortnight ending March 15, and with about half-a-dozen NBFCs looking to mop up about Rs 3000 crore in non-convertible debentures (NCD), banks have their task cut out to ... Read More »

Banks working on legal pact for ‘good’ loans

MUMBAI: Banks, led by state-run lenders, are working on a legal agreement for “good” loans, a senior banker in know of the development said, much like the inter creditor agreement they already have in place for dealing with bad loans by large borrowers. Most banks have made changes to their credit processes after bad debts piled up, with many either cutting down ... Read More »

Bank branches dealing with government business to remain open this Sunday: RBI

MUMBAI: The Reserve Bank of India (RBI) on Tuesday directed banks to keep open their branches dealing with government business on the last day of the financial year (March 31), which happens to be Sunday. “The Government of India has advised that all Pay and Account Offices will remain open on March 31, 2019 (Sunday) to facilitate government receipt and payment ... Read More »

Zero Balance Savings Account: Facilities Offered By Key Lenders, India Post Payments Bank

Customers get a number of facilities such as debit and ATM cards and internet banking with BSBD account. A BSBD or basic savings bank deposit account is a type of zero balance savings account and does not require customers to maintain any particular minimum balance. Government-owned State Bank of India (SBI) and private sector lender HDFC Bank offer the facility of opening a ... Read More »

Punjab & Sind Bank hikes MCLR by 0.05% on six-month tenor

New Delhi: Punjab & Sind BankNSE -0.33 %(PSB) has hiked its marginal cost of funds based lending rate (MCLR) by 0.05 per cent for six-month tenor and lowered interest on three-year tenor by 0.05 per cent. “Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for different tenors,” PSB said in a regulatory filing. The bank said these rates ... Read More »

RBI slaps Rs 1 cr fine on Yes Bank for non-compliance in Swift operations

Private sector lender Yes BankNSE -0.06 %Tuesday said the Reserve Bank of India has slapped a fine of Rs 1 crore on the bank for non-compliance of directions on SwiftNSE 4.92 % messaging software. “The Reserve Bank of India (RBI)… has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions observed during assessment ... Read More »

Now, a policy to protect bank locker

MUMBAI: IFFCO Tokio General Insurance Company today announced the launch of Bank Locker Protector Policy to protect the contents of a bank locker such as jewellery and other valuables. The policy offers a cover against various risks including fire, earthquake, burglary, holdup, infidelity by a bank staff or any act of terrorism. Apart from jewellery and valuables, one can also insure important documents kept in a locker as an ... Read More »