The commercial banks have begun issuing passbooks and account statements to the customers every month without charging any fees, following the diktat from the Reserve Bank of India.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
The home loan top-up, a kind of secured multipurpose personal loan, is on the regulator's radar, points out Tamal Bandyopadhyay.
The top performing microfinance institutions the world over are achieving high growth and profitability.
Higher net interest income and lower provisioning have helped banks to post record net profit growth in the last five quarters.
The move comes almost a decade after lenders were seen encouraging customers to use alternate channels such as automated teller machines, phone banking and internet banking instead of branches in an attempt to cut costs. ICICI has started an initiative 'Just step in' aimed at establishing direct connection with the customers. A customer walking into an ICICI branches is now being greeted by placards and badges which says 'just ask'.
The bank's net interest income, or revenue from borrowers minus interest paid to depositors, rose 15.2 per cent from the previous year to 417.8 billion yuan, according to the company's annual report filed to the Shanghai Stock Exchange.
Telecom operators have started the process of scrubbing telemarketing messages but will allow their transmission to mobile subscribers till regulator Trai takes a final call, according to industry body COAI. The Telecom Regulatory Authority of India (Trai) on March 12 gave three days' time to entities like banks, e-commerce firms and others for complying with telemarketing rules, failing which they were to be barred from sending out commercial communication to customers. The business organisations, however, have sought more time from the telecom regulator to implement the process. In the meantime, Trai has allowed telecom operators to start the process of scrubbing and prepare a database of messages that do not comply with norms.
Consumer activist Jehangir B Gai explains a RBI circular that says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part.
Top commercial banks offer 8.5-9 per cent interest rates a year on fixed deposits with maturity of 2-3 years.
It said banks' asset quality will deteriorate across the corporate, small and medium enterprises and retail segments, leading to pressure on profitability and capital.
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
Ratnakar Bank to absorb RBS' employees involved in three businesses
Mining conglomerate Vedanta Limited has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. "I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. "We have crossed that threshold as well. Most of the lenders have approved it," a senior Vedanta executive said in a recent bondholder conference call.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
Indian pharma companies are focussing on flagship products or mother brands under which they launch various new combinations to ensure robust revenue growth as well as therapy leadership. An analysis by market research firm Pharmarack showed how such flagship brands have posted strong growth CAGR in the last five years, with some even doubling sales. Sheetal Sapale, vice-president, commercial at Pharmarack, said, "Mother brands are analogous to an aggressive player who has put in a lot of effort during the prime years of life but now continues to silently nurture the brand family to collectively cross newer benchmarks of success."
The bank's governor, Sultan Nasser al-Suweidi, said he did not see "any reason for concern because UAE banks have increased their capitals, (and) as commercial banks have proven their ability to face the consequences of the world financial crisis."
Record liquidity infusion by the central bank in the banking system during the financial year 2020-21 amid sluggish economic activity resulted in banks investing more in safe government papers than in extending loans, data from Reserve Bank of India (RBI) showed. This trend has not been seen in nearly two decades, barring 2016 - the year of demonetisation.
In 21 banks, including SBI, the government owns majority stake.
Telecom regulator TRAI on Tuesday suspended the newly-implemented norms for commercial text messages for one week, following major disruptions in SMS and OTP deliveries for banking, payment, and other transactions.
'With tuition fees for international students rising, education loans have become critical for bridging the gap between savings, scholarship, and full cost.'
To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.
The implementation of this toll collection system, which will eventually eradicate toll booths, necessitates the fitting of an on-board unit (OBU) in every vehicle that can track a vehicle's location in real time.
Returns of liquid funds are meant only for the short term and don't help investors create wealth over the long term, as equity funds do.
Markets ended over 1% lower, snapping a five-day winning streak, amid a sell-off in bank shares after the central bank late Tuesday imposed fresh restrictions on commercial banks' access to cash.
A media report in the run up to the board meet had mentioned the names of Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg as the ones who had made the cut. Jagdishan and Bharucha are internal candidates, while Garg is working with American banking major Citigroup.
Let's take a look at 12 biggest banks in the world, according to recent figures released by The Banker.
The Reserve Bank of India on Friday allowed commercial banks to raise capital funds through issue of foreign currency debt instruments. Foreign institutional investors can invest in these instruments.
The central bank's decision to raise the repo rate is a signal to commercial banks either to increase their deposit base or improve credit quality appraisal, RBI Deputy Governor Rakesh Mohan said on Tuesday.
The Reserve Bank on Tuesday allowed banks to open ATMs outside their branches without permission from the central bank.
The Reserve Bank has found gaps in banks' corporate governance despite issuing guidelines on the matter, Governor Shaktikanta Das said on Monday. Addressing directors of bank boards, Das said such gaps, which have been mitigated, could have caused "some degree of volatility". He also hit out strongly against "smart accounting" to conceal stress and bloat financial performance.
As much as Rs 26,697 crore was lying in dormant accounts of banks, including cooperative banks, as on December 31, 2020, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. This money is lying in nearly 9 crore accounts which have not been operated for 10 years. As per information received from the Reserve Bank of India (RBI), as on December 31, 2020, the total number of such accounts in Scheduled Commercial Banks (SCBs) was 8,13,34,849 and the amount of deposits in such accounts was Rs 24,356 crore, Sitharaman said in a reply.
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