Bank

These Banks Pay Up To 9.55% Interest On Fixed Deposits Below Rupees 1 Crore

tate Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years. Small finance banks (SFBs) are niche banks which aim to extend financial services to under-banked customers. Since these banks are new, they offer higher interest rates than mainstream banks because they want to attract more customers. They also offer ... Read More »

Bank of India posts ₹1,156 crore loss in Q2 on surging NPAs

Bank of India (BoI) on Monday reported losses of ₹1,156.25 crore for the September quarter as bad loans continued to mount and provisions soared. The bank was expecting to recover ₹1,800 crore from the NCLT (National Company Law Tribunal) accounts this quarter, but the resolution process was delayed. The bank had reported profit of ₹179.07 crore in the year-ago period. ... Read More »

Why bank stocks are rallying despite dismal Q1 results

The large losses in the March quarter were seen as the final sweep towards a clean balance sheet. Graphic: Mint Banking stocks have been on the rise in the past one month with those of public sector banks gaining the most. Indeed, in some cases, investors have been more gung-ho about a recovery in banks than the bank managements. Look ... Read More »

Bank of Baroda to sell Essar Steel debt to Hong Kong’s SC Lowy

Bank of Baroda had reported gross NPAs of ₹ 56,480 crore as on 31 March 2018 compared to ₹ 42,719 crore a year ago. Photo: Pradeep Gaur/Mint Mumbai: State-owned Bank of Baroda is in the process of selling its domestic loan exposure in Essar Steel Ltd worth ₹ 1,200 crore to Hong Kong-based loan and bond trading firm SC Lowy, two ... Read More »

Home Ministry flags Chinese bank eyeing second branch in India

ICBC and Bank of China had applied for a branch licence with the RBI last year. (Photo: Reuters) At a time when the Centre has cleared the decks for the maiden Bank of China branch in India, the Ministry of Home Affairs is learnt to have raised objections to a proposal by the Industrial and Commercial Bank of China (ICBC) ... Read More »

‘Bad bank’ can help improve NPA resolution

Separating bad assets from good ones and maximum recovery at the lowest cost are the tenets on which the ‘bank’ must be built The limited success of the current NPA resolution framework and its mechanisms calls for new forms of institutions which will be effective in dealing with the current NPA crisis. The need for a new institution is warranted ... Read More »

Good Stress Test Grades Don’t Impress Bank Investors

That “A” in gym doesn’t make up for the “D” in math. Photographer: Steven Gottlieb/Corbis/Getty Images Bank investors seem more stressed out than they have been in a while. Shares of the big banks are down an average of 9.3 percent this year, compared with a gain of nearly 1 percent for the S&P 500 Index. The results last week of ... Read More »

ICICI Bank used term loans, LCs to help borrowers avoid loan defaults: Report

Moneycontrol News  ICICI Bank Ltd  issued hundreds of letters of credit (LCs) to debt-ridden borrowers to help them avoid loan default, a whistleblower complaint claims according to a Mint report. Loan evergreening, or the practice of extending loans to companies to help repay previous loans, is fairly common in India. This allows the companies more time to repay the bad loans. Regulators disapprove of ... Read More »

Indian Bank’s board withdraws dividend announcement

RBI cites rules relating to full provisioning of losses. The board of directors of Indian Bank has decided to withdraw its May 10 resolution recommending declaration of dividend at ₹ 6 per equity share (60%). In a filing with the BSE, the bank said the decision was taken at a board meeting held on June 28. The move comes after ... Read More »

Different SBI Savings Bank Accounts Explained: Interest Rates, Minimum Balance And Other Details

SBI small savings account: A person holding this account is allowed a maximum balance of Rs. 50,000 State Bank of India (SBI) offers several special types of savings bank accounts. These include the savings plus bank account, basic savings bank account, small savings accountand savings account for minors. While all these bank accounts offer an interest rate of 3.5 per cent for balance up to Rs. 1 crore, just ... Read More »