Finance Minister Nirmala Sitharaman on Thursday said the country needs big and world-class banks, and discussions are on with the Reserve Bank and lenders in this regard.
Finance Minister Nirmala Sitharaman on Tuesday allayed apprehension that privatisation of state-owned banks would hurt financial inclusion and national interest. She said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India (RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released on Monday.
'Entering India is exciting, but it's also challenging. You have to be prepared for long-term investment.'
Observing an "unholy nexus" between the banks and developers to dupe homebuyers, the Supreme Court on Tuesday directed the CBI to register seven preliminary enquiries against builders in NCR, including Supertech Limited.
US-based Citigroup is likely to allocate more global roles to India than to any other centre it operates in due to the country's strong talent pool, said Jane Fraser, chief executive officer of Citigroup, on Wednesday in an interaction with CNBC-TV18. Fraser also expressed confidence that India will remain the world's fastest-growing economy.
Corporation Bank on Thursday announced that it has joined Cashnet, the country's largest shared ATM network.
'Within India, people want high-quality, personalised banking services, and the demand for such services has exploded.'
For housing loans up to Rs 30 lakh, the floating interest rates for various tenures range from 8.75 per cent to 10.25 per cent. For Rs 30 lakh to Rs 50 lakh, the floating interest rates range from 9.50 per cent to 10.75 per cent and for Rs 50 lakh and above, the floating rates range from 10 per cent to 11 per cent. The revised fixed interest rates are 11 per cent and 11.50 per cent depending upon the loan amount.
The total business of the bank has crossed Rs 1 lakh crore (Rs 1 trillion) during the first quarter of the current fiscal. The business mix of the bank stood at Rs 1,19,505 crore as on June 30, 2009. As far as branch expansion is concerned, the bank plans to add about 100 branches in the financial year, he said, adding, in the first quarter about 25 new branches have been opened.
Corporation Bank has posted a 35 per cent increase in net profit to Rs 415.99 crore (Rs 4.159 billion) for the fiscal year 2002-03 when compared with Rs 308.1 crore (Rs 3.081 billion) in the fiscal year 2001-02.
Corporation Bank has posted a 21.16 per cent rise in its consolidated net profit at Rs 530.83 crore (Rs 5.31 billion) for the financial year ended March 31, 2004 as against Rs 438.11 crore (Rs 4.38 billion) in the previous financial year.
Corporation Bank has posted a 25 per cent drop in its net profit at Rs 113.28 crore (Rs 1.13 billion) for the third quarter ended December 31, 2003 against Rs 151.81 crore (Rs 1.52 billion) in the same period of 2002-03.
Tamal Bandyopadhyay discusses his latest book Bandhan: The Making of a Bank at Bandhan headquarters in Kolkata.
Kotak Mahindra Bank on Saturday reported a 25 per cent growth in its March quarter net profit at Rs 5,302 crore, limited by a drop in the core income due to narrow interest margins. On a standalone basis, the city-headquartered lender's Q4 net profit grew 18 per cent to Rs 4,133 crore. The FY24 consolidated net profit grew 22 per cent to Rs 18,213 crore.
Corporation Bank has posted a net profit of Rs 1518.10 million for the quarter ended December 31, 2002 as compared to Rs 914.50 million in the quarter ended December 31, 2001.
Corporation Bank has posted a net profit of Rs 1518.10 million for the quarter ended December 31, 2002 as compared to Rs 914.50 million in the quarter ended December 31, 2001.
'You cannot have only one product or one market or one customer segment.'
Ashok Vaswani, a banker with more than three-and-half decades experience in building and scaling up businesses across consumer and corporate banking and payments, will be the next managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank. Last week, the Reserve Bank of India (RBI) had given its approval to Vaswani's appointment. Vaswani is currently President of Pagaya Technologies, a US-Israeli artificial intelligence (AI) fintech firm, which he joined in June 2022.
'MNCs now recognise India's capacity for innovation and its pivotal role in substantive contributions to global product development.'
Various corporate houses and banks including TVS Motors, India Cements, Hyundai Motor India Limited and State Bank of India on Tuesday contributed a total of Rs 22 crore.
Kaizad Bharucha, executive director of HDFC Bank, emerged the highest earning banker for 2021-22 (FY22). This was revealed in a remuneration assessment of the country's top bankers, according to annual reports. Bharucha, who oversees wholesale banking at HDFC Bank, received Rs 10.64 crore remuneration in FY22, mainly due to Rs 4.46 crore as performance bonus. Although earned between 2017-18 and 2020-21 (FY21), the bonus payout was partly paid in FY22.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
After raising interest rate by a cumulative 250 basis points in 11 months, the Reserve Bank of India (RBI) on Thursday unexpectedly kept benchmark rate unchanged as global banking woes added uncertainty to the economic outlook. Five out of six members of MPC voted to remain focused on the withdrawal of accommodation to ensure inflation aligns with target while focusing on growth, RBI Governor Shaktikanta Das said on Thursday. The Monetary Policy Committee of the central bank decided to take a pause after a rate hike seen in previous six consecutive policies.
Banks are gaining market share at the expense of non-bank lenders such as housing finance companies, retail lenders, and those giving gold loans. There has been a steady decline in the market share of non-banking financial companies (NBFCs) in the credit market as banks have stepped up lending. NBFCs' share declined to a five-year low of 19.8 per cent in the first half of FY23, down from 20.3 per cent in H1FY22, and an all-time high of 23.1 per cent in H1FY19.
The biggest jump in earnings and decline in P/E multiples has occurred with top companies in metals and mining, corporate banking, and the oil and gas sectors.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
The Reserve Bank of India (RBI) has given its approval to two Russian banks for opening special vostro account for rupee trade. Sberbank, JSC VTB - the largest and second largest bank of Russia - are the first foreign lenders to receive this approval after the central bank announced the norms on INR trade in July. Both lenders have branch presence in India. Earlier this month, state-run UCO Bank received the RBI's approval to open a special Vostro account with Gazprombank of Russia. While the Kolkata-based lender is in the process of opening the account, the bank has received requests from various foreign lenders for opening such an account.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
'Marginal rates will definitely affect the consumer's decision in entering a new transaction, but in reality, they don't affect much because banks/financial institutions have come up with step-up EMIs: 50% of home loans which exceed 15 years in India are prepaid, within 7-8 years.' 'This doesn't happen anywhere in the world.'
Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. Besides, Bank of India (BOI), the lead banker of a consortium of banks that lent money to Future Retail Ltd (FRL), also suggested the insolvency tribunal appoint Vijay Kumar V Iyer as the interim professional of the company. Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the "process of taking legal advice".
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
In what is amongst the first focused fund in the space, India Media Entertainment Fund (IMEF) is raising Rs 500 crore, which will provide both equity as well as instruments like non-convertible debentures (NCD) to companies in the content, distribution platform and services areas. The private equity fund has appointed a high-profile advisory body which includes ad guru Prahlad Kakkar, managing director of Red Chillies Entertainment and cricket team KKR Sports, actress and entrepreneur Raadhika Sarathkumar, who has starred in Malayalam, Hindi and Kannada films and runs Radaan Mediaworks. It also includes Ramnath Pradeep, former chairman and managing director of Corporation Bank, and Rajesh Gupta, senior partner of law firm SNG Partners.
'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'
Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
'If an investor is ready to stay put for the next five years, one can consider investing in mid- and small-cap funds, but through SIPs.'
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