The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
The panel, headed by Congress MP Saptagiri Sankar Ulaka, had called Patkar to hear her views on the implementation and effectiveness of the land acquisition law enacted by Parliament when the Congress-led UPA government was in power in 2013.
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
The RBI on Wednesday slashed key interest rate by 25 basis points, for the second time in a row, to support a shuttering economy hit by reciprocal tariffs imposed by the US. Following the rate cut, the key policy rate eased to 6 per cent providing relief to home, auto and corporate loan borrowers.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
Filling of Rs 100 and Rs 200 notes result in faster depletion and more frequent cash replenishment. This will cost banks and managed service providers more.
Re-entry into the list could have far-reaching consequences for Pakistan, including diminished foreign investment, increased borrowing costs, and tighter scrutiny from global financial institutions.
'India has the potential to grow at more than 7%, with the monetary policy providing a supportive hand.'
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
In line with its decision to maintain borrowing within its "load bearing" capacity, Karnataka has decided against going in for more loans from the World Bank and other agencies, Chief Minister S M Krishna said on Wednesday.
The story of the Bombay Stock Exchange and the people who shaped its growth: From wars and bomb blasts to speculators, reformers and wealth creators.
The decision comes following the appeal by the Delta Airlines, Inc and the Airline Pilots Association of a lower court decision in July 2012 that determined that the Exim Bank improperly approved financing for purchases of certain Boeing aircraft by Air India.
'Growth, liquidity and deposit mobilisation are likely to be discussed during the interaction.'
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
A mother and daughter in Punjab are accused of defrauding men by promising marriage and emigration to Canada. The mother allegedly used her daughter's photos and videos to lure victims, collecting large sums of money with false promises of a wedding and relocation.
The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
'There are tall personalities who have utilised Mumbai and Maharashtra for their career growth, but they never thought it is their responsibility to learn Marathi.'
Prime Minister Narendra Modi on Friday sounded the poll bugle in Bihar, where assembly elections are due this year, calling for 'an NDA government, once again', which would protect the state from the 'evil intentions' of the Rashtriya Janata Dal-Congress combine.
As the policy rate has seen a steady increase since May 2022, the percentage of loans offered at interest rates below 8 per cent have declined sharply, dropping from 53 per cent in March 2022 to 18 per cent by June 2023, according to a report by the Reserve Bank of India (RBI). The share of bank loans with interest rates of 10 per cent or higher rose from 22 per cent to 34 per cent during this period, reflecting the impact of a 250 basis point (bps) hike in the policy repo rate by the RBI's Monetary Policy Committee. In response to the rise in repo rate, 32 domestic banks have made corresponding upward revisions to their repo-linked external benchmark-based lending rates (EBLRs), aligning them with the magnitude of the rate hike.
The repo rate cut by 25 basis points by the monetary policy committee (MPC) of RBI announced Friday will give a long-awaited relief on interest rates and also be supportive of economic growth, according to experts. Repo rate is the interest rate at which the RBI lends money to commercial banks.
The US Export-Import Bank said on Tuesday that it will provide $75 million in loan guarantees for exports of US technology, equipment and services to build Indian Oil Corp's Rs 5104 crore (Rs 51.04 billion) integrated petrochemical complex at Panipat
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
rediffGURU Dr Ganesh Natarajan tells you how to upskill and upgrade yourself in order to future-proof your career.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
Concerned over the rise in mis-selling of products by banks and non-banking financial companies (NBFCs), the Reserve Bank of India (RBI) is examining whether to come up with norms to curb such practices. Observing that pushing financial products, such as insurance, indiscriminately to unaware consumers may be detrimental to their well-being, RBI Deputy Governor M Rajeshwar Rao said, "We are examining whether it necessitates framing of guidelines to address mis-selling of financial products and services by REs (regulated entities)."
Banking credit in the economy grew by 11.1 per cent year-on-year (Y-o-Y) in the fortnight ended March 7, while deposits grew at 10.2 per cent during the same period, which is a gap of around 90 basis points (bps), according to the latest data from the Reserve Bank of India (RBI).
Concerned over the practice of banks and Non-Banking Financial Companies (NBFCs) using penal interest as a revenue enhancement tool, the Reserve Bank on Friday came out with modified norms, under which lenders would be able to levy only "reasonable" penal charges in case of default in repayment of loans. The banks and other lending institutions will not be allowed to levy penal interest with effect from January 1, 2024, the RBI said in its notification on 'Fair Lending Practice-Penal Charges in Loan Accounts'. "Penalty, if charged, for non-compliance of material terms and conditions of loan contract by the borrower shall be treated as 'penal charges' and shall not be levied in the form of 'penal interest' that is added to the rate of interest charged on the advances," RBI said in a notification.
'This helps the consumers secure more favourable terms from CIs.'
Bad loans in the peer-to-peer (P2P) lending industry more than doubled in financial year 2024 (FY24) to Rs 1,163 crore from Rs 472.1 crore in FY23, said a financial services company on Monday. Non-performing assets (NPAs), as such loans are officially called, were a modest Rs 14.7 crore at the end of FY19 when P2P lending was in its nascent stage, according to Capitalmind Financial Services that accessed data from the Reserve Bank of India (RBI) through a right to information application.
The Congress shared a video clip from a recent podcast Mallya did with social media influencer Raj Shamani in which he claimed he had informed Jaitley before leaving India in 2016.
India has decided to submit a dossier at the upcoming Financial Action Task Force (FATF) meeting, calling for Pakistan to be placed back on the grey list of the global money laundering and terrorist financing watchdog.
Overseas fundraising by Indian firms is experiencing a robust revival in 2024, following a lacklustre 2023. This resurgence is primarily driven by strong demand for high-yield bonds from international investors amid improving liquidity conditions and reduced hedging costs. Indian companies raised ~32,619 crore through overseas bonds in the first half of 2024, surpassing the total amount raised via such instruments in the entire 2023, which stood at ~31,218 crore, according to PRIME Database. In comparison, ~45,237 crore was raised in 2022 and ~1.05 trillion was secured in 2021.
The gap between credit and deposit growth in the banking system is expected to decline sharply to 80 basis points (bps) in the next financial year from an average of 386 bps over the FY22-Q3FY25 period, according to rating agency India Ratings. This would be against the backdrop of sharp moderation in the incremental loan deposit ratio (LDR) of the Indian banking system to 85 per cent in February 2025 from 117-118 per cent in the same month of 2024.
Only borrow an amount that can be repaid comfortably. The ratio of total EMI to take-home salary should not exceed 40 per cent.
Concerned over household savings moving towards alternative investment avenues, RBI Governor Shaktikanta Das on Thursday asked banks to mobilise deposits through innovative products and services by leveraging their vast branch network. "Banks are taking greater recourse to short-term non-retail deposits and other instruments of liability to meet the incremental credit demand. "This, as I emphasised elsewhere, may potentially expose the banking system to structural liquidity issues," he said.
The Reserve Bank of India's (RBI) Monetary Policy Committee's (MPC) decision to cut the repo rate by 50 basis points (bps) to 5.5% was contrary to the expectations of many economists. Firstly, most of the economists expected the MPC to cut the repo rate by 25 bps citing the weakening of inflation, prospects of economic growth, geopolitical uncertainty and comfortable system liquidity.
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