Page 8 - Banks

India needs 4-5 more SBI sized big banks, says FM Sitharaman

There is an urgent need to scale up banking to meet the growing needs of the industry, she said

DICGC asks 21 stressed cooperative banks to prepare list of account holders

DICGC has also asked the banks to circulate consent form to account holders for accessing funds up to Rs 5 lakh as per the amended law within 90 days.

DICGC to pay upto Rs 5 lakh to depositors of 21 insured co-op banks

The banks include include Punjab & Maharashtra Co-Op Bank (PBC Bank) and City Co-operative Bank

Challenge for banks as outsiders Amazon, IKEA crack the finance code

Analysts say the risk for traditional lenders is that they will get pushed further away from the front end of the finance chain

Explained: How banks can lose $60 billion to cybercash highways

The Model 3 alternative may pose the biggest risk to the conventional money transfer business

NBFC loans report strong 37.6% growth, banks still on single-digit

Non-bank firms' sanctions are, however, still half of pre-pandemic level

European banks still booking profits in tax havens, says report

Profits booked by banks in tax havens work out at around 238,000 per employee, compared with 65,000 euros in non-tax havens, the report said

Reliance's cheap JioPhone can unleash a credit revolution across the globe

A small band of policy influencers may unlock the next big prize for banks: the billions who operate outside the formal finance sector.

Banks to operate full time in Bengal from Thursday: Mamata Banerjee

Banking hours were revised several times in the wake of rising Covid-19 cases in Bengal during the course of the second wave

How Google's push into Indian retail banking challenges traditional lenders

Google Pay wants to push time-deposit products of small Indian banks, breaching banks' historic moat with tech innovation.

Carol Furtado to be Ujjivan SFB's interim CEO after surprise exit of Chugh

Furtado will be leading the charge of handling the day-to-day operations of the bank

Govt approves raising family pension of bank staff under NPS

The families of deceased bank employees will receive up to 30 per cent of the last drawn salary of the employee under the National Pension Scheme (NPS)

Banks have been asked to create state-wise plans for north-east: FM

A push to credit growth from such outreach efforts will also help the momentum set by the stimulus packages, which have been extended by the government since the onset of the pandemic.

Punjab & Sind Bank sets off accumulated losses of Rs 3,577 crore

Punjab & Sind Bank (PSB) on Monday said it has set off accumulated losses of over Rs 3,577 crore against the share premium account of the bank. The bank had obtained approval of shareholders in its AGM in July to set off the accumulated losses from the share premium account. The bank, "subsequent to the approval of the Reserve Bank of India, has appropriated accumulated losses of Rs 3,577.55 crore from share premium account of the bank today", it said in a regulatory filing. Share premium account balance is a reserve that can only be used for defined purposes. It reflects the difference between the face value and subscription price of shares. The New Delhi-headquartered lender has not proposed any dividend for 2020-21. Its accumulated loss stands against the securities premium amount of Rs 4,835.11 crore in its balance sheet. The bank in June said that setting-off of the accumulated losses will present a true and fair view of the financial position of the bank. It will not affect

RBI gives Ind Bank Housing time till Dec to complete revival process

The Reserve Bank has asked Ind Bank Housing Ltd to complete its revival process by the end of December and submit a board-approved plan

Banks are auctioning 2,362 properties in next 30 days. Grab one for a song

But get a thorough title check done and ensure there are no outstanding dues

Banks show interest in funding stalled projects of Amrapali group: NBCC

State-owned NBCC Ltd on Tuesday said that banks have shown interest in providing funds to complete the stalled projects of defunct Amrapali group. On July 23, 2019, the Supreme Court ordered cancellation of the registration of Amrapali Group under real estate law RERA. The court had directed NBCC to complete the stalled projects of the group. In a statement, NBCC said that the monitoring committee appointed by the Supreme Court convened a meeting on Monday with nationalised and private banks to discuss the financing for Amrapali Projects. NBCC's Executive Director was present in the meeting. "Post MoU signing of Ld Court Receiver with SBICAP Ventures Ltd for funding 6 Amrapali Projects at Noida and Greater Noida last week, other reputed banks have shown interest in funding the stalled Amrapali Projects," NBCC said in a statement. More than 42,000 homebuyers, who have been waiting for possession of their dream homes, will be benefited by this progressive initiative, it ...

Conversion of Vodafone Idea debt into equity an option: Banks to DoT

Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by SBI have suggested to DoT

RBI extends deadline for shifting of current accounts till Oct 31

Banks in the interim had frozen thousands of accounts on the credit side

DICGC to authenticate deposit claims of failed bank in 30 days

Once a stressed bank is put on moratorium, DICGC will be liable to pay depositors an insured amount of Rs 5 lakh