The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
A week after the Reserve Bank of India (RBI) raised key policy rates and asked banks to restrain loan growth as deposit mobilisation remains slow, three state-owned banks responded on Monday by increasing their benchmark lending rates and deposit rates.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Many from this small lender have made it to other bank boards over the past 5 years
A feature of this year's BRICS summit was economic cooperation.
A day after large banks such as Punjab National Bank and IDBI Bank increased base rates, state-run lenders Indian Overseas Bank and Indian Bank followed.
In New York market, the US dollar cut its rise after a round of mixed US data yesterday, but held narrowly higher against key rivals.
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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
Many of India's sleepy state banks don't have the management capacity they need to tackle bad debts and deals at the same time, says Una Galani.
Managing expectations is a challenge for policymakers.
'The two sides should support rather than undermine each other, strengthen cooperation rather than guard against each other, and enhance mutual trust rather than be suspicious of each other'
New York's main contract, West Texas Intermediate for February delivery, was up 22 cents at USD 98.64 in mid-morning trade while Brent North Sea crude for February rose 17 cents to $ 110.97.
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The 10-year yield was last at 9.27 per cent, up 4 basis points on the day, tracking the rupee recovery.
India's banking sector, dominated by more than two-dozen state-run lenders, has been hobbled by its highest bad-loan ratio.
While the CEO of a public sector bank earns an average of Rs 18 lakh per annum, his counterpart in the private sector earns an average of Rs 3.5 crore.
India will grow at around 7.4 per cent in 2022-23 and continue at the same pace in the next year as well, Union Finance Minister Nirmala Sitharaman said on Friday. Sitharaman said there are risks on the external front and this is not the right time to throw caution to the wind, and also assured exporters of all the necessary support from the government as they face the headwinds. Speaking at the FE Best Bank Awards event here, Sitharaman said global agencies like IMF and the World Bank have taken cognisance of the strengths of the Indian economy by saying that it will be among the fastest growing ones in the next two years.
The lenders, led by State Bank of India (SBI), are due to inform the Supreme Court of their decision on the offer at a hearing on Thursday.
RBI released guidelines on compensation of CEOs of foreign and private banks.
State-run Central Bank of India on Thursday said Reserve Bank of India's credit policy initiative has increased pressure on interest rates.
A proposal discussed by the RBI brass with key finance ministry functionaries in Delhi last week has favoured merger of large public sector banks with small state-run entities and private players, sources close to the development told Business Standard. It has also identified the potential partners for a merger based on the RBI's inspection report for the last two-three years, they added.
The rupee was largely rangebound for most of the trading day in the absence of any major cues ahead of the Reserve Bank of India's rate-setting meeting next week.
SBI announced a 0.40 per cent cut in lending rate to 9.30 per cent, which is the most competitive in the market at present.
In the past one year, the share of state-run banks in auto finance has increased significantly, and in some cases nearly doubled, on the back of competitive rates offered by banks such as State Bank of India.
SBI tops the list of league table banks for fees earned on loan syndication in the Asia Pacific region.
The Street had factored in the NDA win, owing to which the appreciation in the rupee is expected to be limited
Loan defaults and restructuring to limit profits.
Nultiple regulators are probing the nexus of scamsters with diamonds after a state-run bank got defrauded of $1.8 billion by designer jeweller Nirav Modi.
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The benchmark has gained 2 per cent this week on continued hopes the incoming Narendra Modi government would unveil substantial economic reforms.
The rupee fell on Monday on fears of foreign outflows after stronger-than-expected US jobs growth data cemented expectations of an early end to US stimulus measures.
If the new governor can think out of the box even as he signals that he can bat for the RBI cadre and respect its institutional memory, that will go a long way in getting out of the current impasse.
The Dominica high court has stayed the removal of Choksi from its soil and put a gag order on the developments till the matter is heard in an open court on June 2.
India will need to travel back in time and seek inspiration from football greats Tulsidas Balaram and Chuni Goswami to deftly dribble around and sidestep the West-imposed price cap on exports of Russian seaborne crude oil. India depends on imported oil to meet 86 per cent of its needs, of which nearly a quarter now comes from Russia. The copious flows are roughly 10 per cent cheaper than competing suppliers helping India save billions of dollars in fuel costs.
The cumulative loss of 20 state-run lenders stood at Rs 14,000 crore during Q4
Turkey's state-run Halkbank can only resume processing Indian oil payments to Iran once Western sanctions are officially lifted following an interim deal in Geneva last month, a senior Halkbank official said on Wednesday
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
The Reserve Bank of india is likely to tell state-run United Bank of India (UBI), which has seen erosion of capital due to bad loans and higher provisioning to implement prompt corrective action.
The broader Nifty ended on top of 9,800 again.
Traders said the rupee was also supported by speculation that May wholesale inflation due this week may show continued easing.
The biggest private sector lender, are swarming the market with discounts and special offers
The banks offer FCNR deposits in six currencies -- US dollar, euro, pound sterling, Canadian dollar, Australian dollar and Japanese yen. In the FCNR deposit category, SBI has raised rates by 12-21 basis points on US dollar deposits across various maturities. The new rate for the one and less than two years category is 3.12 per cent (2.98 per cent). Five-year FCNR (B) deposits carry a higher rate across various maturities at 3.66 per cent as against 3.45 per cent earlier.
