RBI asks commercial banks to display loan rates on their websites

Latest move aimed at providing transparency for borrowers The Reserve Bank of India (RBI) has asked commercial banks to display loan interest rates on their websites, a move aimed at enhancing transparency for borrowers. "Banks should display on their website the interest rate range of contracted loans for the past quarter for different categories of advances granted to individual borrowers along with mean interest rates for such loans," the RBI said. Lenders normally add up a spread over and above their base rates -below which they cannot...

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RBS to move jobs to India

Britain’s largest state-owned bank Royal Bank of Scotland (RBS) is to cut some 160 jobs in the UK and offshore around 60 of them to India.RBS has been cutting back its retail operations and the latest job cuts are also part of wider cost-cutting measures.According to Unite the Union, which represents the bank’s staff, around 60 back-office roles are to be moved to India.“We will do everything we can to support staff, including seeking redeployment opportunities wherever possible and ensuring that compulsory redundancies are kept to a minimum,”...

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SBI, Ezetap launch `Chota ATMs’ in Kerala

State Bank of India and Ezetap, the mobile point-of-sale service provider, has announced the availability of Chota ATM in Kerala.Chota ATM enables kirana store owners, taxi drivers, small businessmen, traders who are dealing with customers to turn their mobile device into both a cash withdrawal point as well as a credit/debit card payment terminal.Kerala is an important tourist destination and a number of small and medium businesses catering to this sector can benefit from the mPOS technology for accepting payments or to offer cash, C.V Venkatesh,...

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Vijaya Bank opens 13 lakh accounts under Jan Dhan scheme

Vijaya Bank has opened 13 lakh accounts under the PMJDY (Pradhan Mantri Jan Dhan Yojna), according to Kishore Sansi, Managing Director and Chief Executive Officer of the bank.Addressing presspersons in Mangaluru on Thursday evening, Sansi said the bank had surpassed its targets. It had identified the households to be covered much before the timeline set by the Finance Ministry. Rupay cards were issued to 72 per cent of customers, he said.On the number of zero-balance accounts, he said 54 per cent of the accounts opened under PMJDY came under...

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YES Bank to hire 1,500-2,000 people to push retail business; eyes MF foray

Private sector lender YES Bank is planning to hire between 1,500 and 2,000 people in the next one year in sync with its retail expansion plans and also plans to enter the mutual fund business.Reports suggest that YES Bank is in talks with three AMC businesses, including a bid to acquire Deutsche Mutual Fund’s India business. The bank’s board has cleared a proposal to secure an asset management licence from the Securities and Exchange Board of India. It would require approvals from the Reserve Bank of India.The deal is estimated to be between...

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Yes Bank leads race for Deutsche's Indian fund arm

Indian lender Yes Bank is the main suitor in the race for Deutsche Asset Management (India) Pvt. Ltd's mutual fund business in India, two sources who are directly involved in the process said, although talks are still at an early stage.The deal, which the sources estimate at nearly Rs. 200 crore ($32.5 million), is coming at a time of optimism in Indian markets after a surprise interest rate cut and hopes of reform ahead of the government's maiden budget next month.Deutsche Asset Management (India) Private Ltd. is a Mumbai-based investment...

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Vijaya Bank cuts term deposit rates

Vijaya Bank has cut its term deposit interest rates for different maturity periods. The reduction ranges from 0.1 per cent to 0.25 per cent and will come into effect from Friday (January 23), the bank said in a statement. The Vijaya Bank scrip ended flat at the BSE on Thursday. Source : Thehindubusinesslin...

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ING Vysya Q3 net drops 13% on higher provisioning

ING Vysya Bank reported a 13 per cent drop in net profits in the December quarter on higher provisioning. The Bengaluru-headquartered private sector bank recorded a net profit of Rs 145.7 crore as against Rs 167.3 crore in the corresponding year-ago quarter.The net interest income (the difference between interest earned and expended) grew 18.1 per cent during the quarter to Rs 491.6 crore. The net interest margin was stable at 3.37 per cent. Other income decreased by 4.2 per cent to Rs 205.6 crore from Rs 214.6 crore. Other income in the December...

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Some imporant facts about banks

बैंकों के बारे में कुछ महत्वपूर्ण जानकारी- 1. इन्टरनेट बैंकिंग सेवा शुरू करने वाला प्रथम बैंक – ICICI 2 ATM सेवा शुरू करने वाला प्रथम बैंक – HSBC 3. क्रेडिट कार्ड जारी करने वाला प्रथम बैंक – सेंट्रल बैंक ऑफ इन्डिया 4. भारत में खुलने वाला पहला विदेशी बैंक – Comptoire d’Escompte de Paris of France (सन् 1860 में खुला) 5. वर्तमान में कार्यरत भारत का सबसे पुराना बैंक – इलाहाबाद बैंक (Allahabad Bank) 6. बचत खाता (Savings Bank a/c) खोलने वाला भारत का प्रथम बैंक – प्रेसीडेंसी बैंक (Presidency Bank) द्वारा पहली बार सन् 1830 में बचत खाता खोला गया 7. चेक सिस्टम जारी करने वाला भारत का पहला बैंक – बंगाल बैंक (Bengal Bank) द्वारा पहली बार सन् 1784 में चेक सिस्टम जारी किया गया 8. विदेश...

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Jan Dhan Yojna makes it to Guinness World Records, 11.5 cr Jan Dhan accounts opened

As many as 11.5 crore bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana, exceeding the enhanced target of 10 crore and covering 99.74 per cent of households, Finance Minister Arun Jaitley said today."Most of India today is included in the banking system," he said, adding that more than Rs 9,000 crore has been deposited in the Jan Dhan accounts.Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year. It was launched in August with a target to open bank accounts...

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Axis Bank to raise up to Rs. 15,000 cr via bonds

Axis Bank on Tuesday announced that its Board has approved to issue bonds or debentures to the tune of Rs. 15,000 crore.The third largest private bank informed the BSE on the outcome of its board meeting that, "The Board of Directors of the Bank at its meeting held on January 16, 2015, has approved issuance of Long Term Bonds / Non-convertible debentures up to Rs. 15,000 crore on a private placement basis.""The approval of shareholders of the Bank in terms of the provisions of Companies Act 2013 is proposed to be obtained by way of Postal Ballot,"...

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Kotak Bank net profit jumps 37% to Rs. 465 cr

Kotak Mahindra Bank’s net profit for the three-month ended December 31, 2014 jumped 37 per cent to Rs. 465 crore driven by robust other income and lower provisions during the quarter.The net profit stood at Rs. 340 crore in the year-ago quarter.Net interest income or the difference between interest earned and interest expended grew 16 per cent to Rs. 1,059 crore in Q3FY15 from Rs. 913 crore in the same quarter in FY14. Other income soared 65 per cent to 494 crore from Rs. 300 crore.During the quarter, on account of write-back of Rs. 56 crore,...

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RBL Bank launches digital wallet for e-commerce

Old private sector lender RBL Bank (earlier known as Ratnakar Bank) has tied up with payments company TranServ to introduce bank-sponsored digital wallet called Shmart for online retailers in India.“Developed specifically to address the unique needs of online retailers in India, the digital payment product suite -- Shmart has been deployed by over 150 merchants,” RBL Bank said in a statement.Online merchants can offer their customers faster checkout, instant refunds, secure storage of bank cards, vouchers and coupons, and an RBL Bank sponsored...

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RBI issues additional guidelines on Base Rate for banks

The RBI on Monday said the spread (or the mark up over the base rate) charged to an existing borrower by banks should not be increased except on account of deterioration in the credit risk profile of the customer or change in the tenor premium.What this means is that if the credit rating of an existing borrowing unit deteriorates then at the time of the annual renewal of loan limit , the spread charged over the base rate will be increased. Otherwise the interest rate remains unchanged.In its additional guidelines on ‘Interest Rates on Advances’,...

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Axis Bank reappoints Shikha Sharma as MD, CEO

Axis Bank board reappointed Shikha Sharma as the bank's managing director and chief executive officer (MD and CEO) for a three-year period.The board reappointed Sharma as MD and CEO for a third three-year term starting in June this year, the country's third largest private bank said in a filing to the stock exchanges.Sharma had joined the bank in 2009 and is set to complete a second three year term in May.“The reappointment is subject to approval of the Reserve Bank of India and the shareholders of the bank,” Axis Bank said in a notice to the...

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Karur Vysya Bank wins award

The Best Tech Savvy Bank – Runner Up award in MSME Banking Excellence Awards 2014 has gone to Karur Vysya Bank.The Chamber of Indian Micro Small and Medium Enterprises has constituted this award.Jarard Thomas, Deputy General Manager, New Delhi Division, received the award on behalf of the bank from the Minister for Micro, Small and Medium Enterprises Kalraj Mishra Source : Thehindubusinessline ...

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HDFC Bank among world's 50 most valued banks in 2014

HDFC Bank is the lone Indian entity among the world's 50 most valued lenders in 2014 with a market capitalisation of close to $41 billion.Ranked at the 45th position, the private sector bank is ahead of global majors Credit Suisse, DBS Group, and Standard Chartered with a market capitalisation of $40.58 billion.In the top 50 list compiled by Relbanks, SBI has been ranked at 51th with market capitalisation of $36.40 while ICICI Bank with $33.42 billion is 55th.With more than 70 million customers and over 9,000 locations and a market cap of $284.39...

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Bank employees to strike work from Jan 21

Public sector bank employees have decided to go on a 4-day strike from January 21 to protest against the “rigid and callous attitude” of Central Government in resolving the long pending wage revision issue, a senior union leader said here today.Earlier, it was decided to hold 1 day strike on January 7, which was deferred on the request of IBA to find out an amicable solution, All India Bank Officers’ Confederation (AIBOC) State Secretary Deepak Kumar Sharma said.The decision is in response to the strike call given by United Forum of Bank Unions,...

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Kotak Mahindra Bank brings banking on social media platforms

In an attempt to connect to the net-savvy and socially connected customers, the private sector lender Kotak Mahindra Bank on Monday announced the launch of Jifi Saver, a savings bank account which can be managed via social media platforms like Twitter and Facebook.To tap the growing e-commerce industry in the country and increasing users of social media platforms, Kotak Mahindra Bank will provide basic services like inquiry for balance, last few transactions, chequebook demand among a total 21 services under the name "Hashtag Banking (#banking)"....

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RBI cautions against foreign 'investment tourists'

The Reserve Bank of India official today cautioned against foreign "investment tourists" in debt markets, highlighting concerns about short-term flows.The comments from G. Padmanabhan, executive director at the RBI, came amid expectations that India will allow Euroclear settlements for government debt only for long-term investors.He added that RBI will increase foreign investment limits in govt debt in "calibrated and gradual manner"."The financial stability implication of 'investment tourists' exiting at a whiff of trouble has always to be...

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ICICI Bank launches money transfer service on Twitter

ICICI Bank, India's largest private bank, has launched its banking services on Twitter enabling customers to transfer money through the micro-blogging Web site.Savings account customers can register their Twitter account with a onetime password and link their account number.Customers can send up to Rs. 5,000 per transaction with a limit of Rs. 10,000 per day. The online NEFT charges will be applied.Both the recipient and sender need to have a Twitter account.This facility also enables customers to view their account balance, view the recent...

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Why private banks lag on the Jan-Dhan front

While private sector banks have shown impressive performance on a host of parameters, such as net profit growth and better asset quality, their performance with regard to the Pradhan Mantri Jan-Dhan Yojana (PMJDY) has been far from impressive.According to data up to January 12, 2015, private banks have opened a mere 3.14 per cent of the total accounts opened under the scheme.This translates to 35.08 lakh accounts out of a total of 11.16 crore accounts opened. Of these, two private sector banks — HDFC Bank and ICICI Bank — have opened about...

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