ICICI Bank reported good results for the October-December 2023 quarter (Q3), with 24 per cent year-on-year (Y-o-Y) growth in profit after tax (PAT). Net interest margin (NIM) dropped 10 bps quarter-on-quarter (Q-o-Q) to 4.43 per cent. Credit growth was at 19 per cent Y-o-Y (4 per cent Q-o-Q), while deposit growth was at 19 per cent Y-o-Y (3 per cent Q-o-Q).
More than 50 per cent of SIP accounts come from semi-urban and rural areas.
Foreign portfolio investors (FPIs) withdrew Rs 14,790 crore ($1.8 billion) from financial stocks in the first half of August, driven by global risk aversion sparked by US recession fears. Additional factors contributing to the decline in banking stocks included subdued earnings growth in the June quarter, concerns about slowing deposit growth, and stricter liquidity norms imposed by the Reserve Bank of India.
UCO Bank has reduced interest rates on term deposits for higher maturity periods by 25 basis points effective from December 1.
Seventeen persons, including four hailing from Taiwan, were arrested by Ahmedabad Cyber Crime Branch for allegedly operating a nationwide 'digital arrest' racket, a Gujarat police official said on Monday.
While freeing interest rates on savings bank accounts, the RBI has said that banks will have to offer a uniform interest rate on deposits of up to Rs 100,000.
Based on the current momentum, the funds likely to be raised through the RBI's relaxed window would be $3.5 billion-$4 billion.
The country's largest lender SBI on Saturday reported a 9.13 per cent rise in consolidated net profit to Rs 16,099.58 crore for the September quarter, weighed down by money it had to set aside for employees' impending wage and pension revisions. On a standalone basis, the State Bank of India (SBI) had a 8.03 per cent increase in the profit after tax for the reporting quarter at Rs 14,330 crore. However, the same was down 15.13 per cent compared to Rs 16,884 crore in the June quarter.
'Pro-incumbency worked big time for the ruling party.' 'It has never happened in the past of pro-incumbency working so much for the ruling party.'
Between March 2022 and September 2023, HDFC Bank added 56,310 employees.
The Reserve Bank of India on Friday announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said in a statement. In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
With the merger between HDFC Bank and HDFC Ltd complete, analysts said the next key monitorable for the Street would be successful resolution of merger-related hiccups, including employee-related churn and roll out of complete banking services across branches. At the bourses, they expect the stock to perform in-line with the benchmark indices in the near-term. "There's usually an initial period of consolidation after a merger as the entities work towards integration.
As much as 88 per cent of the Rs 2,000 currency notes have either been deposited or exchanged at banks, and only Rs 42,000 crore worth of such notes are with public as on July 31, the Reserve Bank of India (RBI) said on Tuesday. The last date to exchange/deposit Rs 2,000 denomination notes is September 30. In value terms, Rs 2,000 notes in circulation has come down to Rs 42,000 crore as on July from Rs 3.56 lakh crore on the day of announcement of withdrawal on May 19.
Officials said they have put freeze orders on bank accounts containing Rs 30 crore and shares worth Rs 13.86 crore of the group.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
'The BJP has killed public anger. They have killed people's self-respect.'
Look at those offering 100-300 bps more and have good rating; it will improve your portfolio's returns.
Banks submitted bids amounting to Rs 4.75 trillion, around 2.5 times of the notified amount of Rs 1.75 trillion, at the Variable Rate Reverse Repo (VRR) auction conducted by the Reserve Bank of India (RBI) on December 22, a day after the liquidity deficit in the banking system widened to Rs 2.5 trillion. In the most recent VRR auction held by the RBI on December 15, bids totaling 2.7 times the notified amount were received. Banks secured Rs 1 trillion at a weighted average rate of 6.63 per cent.
The Securities and Exchange Board of India is expected to shortly release a circular asking mutual fund houses not to park more than 15 per cent of their corpus as bank deposits at any point of time.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
The ministry of finance on Tuesday clarified that public sector banks (PSBs) have intimated they are not going to raise bank charges in the near future in view of the COVID-19 pandemic. The ministry's statement comes after several media reports citing steep increase in service charges by certain PSBs surfaced. No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit (BSBD) accounts, including 41.13 crore Jan Dhan accounts opened by the poor segments of the society, as per the statement.
For non-callable deposits above Rs 1 crore, the interest rate is only five basis points more than the regular FD.
Public sector banks (PSBs) posted 16.1 per cent year-on-year (Y-o-Y) growth in net profit at Rs 39,974 crore during the June 2024 quarter. While net interest income (NII) showed subdued growth of 7.1 per cent, provisions and contingencies declined by 10.5 per cent Y-o-Y. This aided the bottom line to show steady growth.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Banks have as much as Rs 3,652 crore (Rs 36.52 billion) of unclaimed deposits lying with them, with the State Bank of India (SBI) alone accounting for about 15 per cent of the amount, the government informed Parliament on Friday.
The study on 'Growth Trend of Small Savings Schemes' revealed that collections under different small saving schemes run by state and Central governments registered a 21 per cent drop in 2006-07.
"I have made no cash deposit in my account since November 8. I see no reason to offer any special explanation for the same [for making the deposit now]. I normally like and wait for the queues to end.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
While affirming the bank financial strength rating and a stable outlook on all ratings, Moody's said in its rating action note that the long-term bank deposit and senior unsecured debt ratings for ICICI Bank UK are being changed from Baa1 to Baa2, which is similar to the Indian parent's senior debt rating.
The decisions come within 24 hours of the home loan package offered by public sector banks. Chennai-based Indian Bank reduced interest rates of domestic term deposits of Rs 1-5 crore (Rs 10-50 million) by 150-25 basis points across various maturities.
The recent run on the US-based Silicon Valley Bank (SVB) and the subsequent seizure of its assets by the regulators may have sparked a global wave of risk aversion, particularly for start-ups. However, the Indian banking sector is unlikely to be a victim of any contagion effects, said analysts. he bank, which played a big role in financing start-ups and technology players, faced stress after incurring huge losses on its holdings of US bonds, following the most-aggressive monetary tightening cycle by the Federal Reserve in around four decades.
Banks enjoyed an expansion in Net Interest Margins (or NIMs) as well as in credit demand through the 2022-23 financial year (FY23). The credit expansion was because economic growth continued to recover from the Covid-19 years, and indeed, second half GDP growth surprised on the upside. The NIM expansion was because banks raised lending rates immediately (in many cases automatically due to floaters) as the Reserve Bank of India (RBI) hiked policy rates, and only started raising deposit rates late into the fiscal.
Norms governing investments by provident funds bar these from depositing funds in a commercial bank in case the NPAs of that bank exceed two per cent of net advances.
According to police officers, Shinde was wanted in connection with multiple FIRs of fraud totalling around Rs 300 crore.
You must remain invested in bank deposits, unless you are considering the idea of earning higher returns by moving to gilt or liquid funds, says Adhil Shetty, CEO, BankBazaar.com.
India is expected to be the top recipient of remittances in 2023 as inflows increase 12.4 per cent to $125 billion, said a World Bank report on Tuesday. Mexico will come next by receiving $67 billion and China will follow it at $50 billion. The key drivers for remittance growth in 2023 are a tight labour market in the United States, high employment growth in Europe reflecting extensive leveraging of worker retention programs, and a dampening of inflation in high-income countries. India's growth in remittances is expected to halve to 12.4 per cent in 2023 from a historic peak of 24.4 per cent in 2022.
Bank deposits grew by 17 per cent in the year to February 11, indicating an improved liquidity scenario for banks on the back of increased deposit rates. Loan off-take also remained robust, growing by 24 per cent on-year.
The Reserve Bank of India has asked banks to put in place appropriate systems to check fraudulent withdrawals of Non-Resident Indian deposits.
'As these segments are growing at 25 per cent for the last three years, credit quality has been extremely good.'
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