Banking

HDFC-HDFC Bank merger: Better late than never

There won't be instant gratification for investors but the move will catapult the bank into the big league

Japanese lender MUFG Bank to set up a branch in GIFT City, sixth in India

In March 2022, Japanese lender MUFG announced the setting up of an investment fund totaling $300 million for start-ups in India

Credit card spend jumps 48% to top Rs 1 trillion in March, shows data

The jump has been driven by the pickup in consumption as the pandemic recedes

Indian Overseas Bank hikes repo based lending rate to 7.25% from May 10

Several banks have revised their lending rates based on repo and marginal cost of funds

Bank frauds may have started to dip now, but wait a bit before you cheer

The incidence of bank fraud is trending downward, but the broad picture hides many blind spots

Private bank profits rise, thanks to higher NII and low provisions

Witness robust loan growth and higher operating expenses in March quarter

What is a neobank?

Bengaluru-based startup Open has recently become India's 100th unicorn. It's a neobank. But, what exactly is a neobank and how is one different from a traditional bank? Let's find out.

Bank of England hikes rates to 13-yr high, warns of rising recession risk

The pound fell by more than a cent against the US dollar to hit its lowest level since mid-2020

IDFC First Bank net profit at Rs 342 crore surges 168% in March quarter

Bank says the economic impact of the coronavirus is diminishing to help its asset quality, lending

Non-food bank credit grew 9.7% in March, personal loans rose 12.4%: RBI

Loans to agriculture and allied activities continued to perform well, registering a growth of 9.9 per cent in the reporting month

SBI Card's net rises three-fold to Rs 581 cr, income up 22% to Rs 3,016 cr

The pure-play credit card issuer had reported a net profit of Rs 175.42 crore in the same quarter of the previous fiscal year

IDBI Bank board approves appointment of two govt nominee directors

IDBI Bank on Friday said its board has approved the appointment of two government nominee directors with effect from April 28. The government nominee directors are Manoj Sahay, Joint Secretary and Financial Advisor, and Sushil Kumar Singh, Director, Department of Financial Services, Ministry of Finance, according to a regulatory filing. Sahay and Singh are not related to any other director of key managerial personnel on the board of the bank, the lender said. Sahay, a 1994 batch IA&AS officer, presently handles six departments -- revenue, expenditure, economic affairs, financial services, DIPAM and public enterprises. Earlier, he was on deputation as director (Administration & Finance) at National Highways and Infrastructure Development Corporation Ltd. under Ministry of Road Transport and Highways. Singh is an officer of 2006 batch of Indian Defence Accounts Service. Presently, he is looking after the financial inclusion division and monitoring the implementation of ...

Russian central bank lowers key rate to 14%, warns of more cuts

The central bank met after it unexpectedly cut the key rate to 17% earlier in April

Reserve Bank of India may curb first-loss default guarantees

Only regulated entities, rated arrangements can pass muster

BoI plans Rs 2,500 cr equity capital raise to comply with shareholding norm

The lender said it has decided to seek permission of its shareholders in the ensuing annual general meeting (AGM)/extra-ordinary general meeting (EGM) called for this purpose

Six groups set up to improve PSB functioning to submit report by December

Participating in the meeting, Financial Services Secretary Sanjay Malhotra recently asked the banks to explore strategies for long-term profitability and adopt a more customer-centric approach.

Bank liable for break-in and theft from locker

The National Commission observed that when a locker is broken into, it constitutes a breach of the promised assurance of safety, and is hence, a deficiency in service

After Visa and Mastercard, China's Unionpay suspends operations in Russia

As per media reports, the payment processor is reportedly worried about being the target of sanctions from the U.S. and other countries if it works with sanctioned Russian banks

Finance ministry, state-run banks discuss 3-year strategic roadmap

Will review progress made by PSBs on various schemes today

RBI directs UCBs to eliminate honorary positions within one year

The Reserve Bank on Thursday asked Urban Cooperative Banks (UCBs) not to create create any honorary position or title such Chairman Emeritus and Group Chairman at the board level