Bank unions concerned over slow progress of wage talks

The United Forum of Bank Unions (UBFU) has expressed concern over the slow progress of negotiations underway to settle the 10th bipartite wage revision accord.In a letter to the Chief Executive of Indian Banks’ Association (IBA), which represents the management, the UBFU recalled the minutes of the discussions signed on February 23 between the two parties in this regard. Terms agreed The understanding was that the wage negotiations will be concluded within 90 days, which falls on May 22.An important issue on which consensus was reached was...

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LIC's FY15 policy sales income hits a 10-year low

Life Insurance Corporation of India posted its worst performance in a decade on income from policy sales in 2014-15, as new regulations threw out many of its products.The coming year could be equally tough with well-capitalised private rivals taking on the state-run behemoth.LIC's premium collection from sale of new policies fell 13.62% to Rs 78,302 crore in the fiscal year ended on March 31, 2105, compared with Rs 90,644 crore the previous year."Last year (2013-14) was an extraordinary year," said an LIC executive who didn't wish to be named."Many...

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Exim Bank net rises marginally to Rs. 726 cr

The Exim Bank today reported a marginal increase in net profit at Rs. 726 crore for FY 2014—2015, up from Rs. 710 crore in the previous fiscal.“Around 35 per cent of our portfolio is Government— directed lending where I cannot change the profit margins.Secondly, the interest rate is moving down, so we have also been pressurised on the interest rate margins which we can charge to our customers.“Lastly, our provisioning for NPAs is around 80 per cent which is much higher,” Chairman and Managing Director Yaduvendra Mathur said while explaining...

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Vijaya Bank ties up with SBI Life

Vijaya Bank has tied up with SBI Life Insurance to launch the social security scheme — Pradhan Mantri Jeevan Jyoti Bima Yojana.The memorandum of understanding was signed by Kishore Sansi, Managing Director and CEO of Vijaya Bank and Arijit Basu, Managing Director & CEO of SBI Life Insurance, in the presence of Executive Directors of Vijaya Bank KR Shenoy and BS Rama Rao, a press release said. Source : Thehindubusinesslin...

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SBI joins hands with National Insurance

Country’s largest lender State Bank of India today entered into a tie-up with the National Insurance Company (NICL) to offer non-life cover to its savings account holders under the Pradhan Mantri Suraksha Bima Yojana (PMSBY).The bank will offer personal accidental death and disability cover of Rs. 2 lakh under the scheme, it said in a release.The customer will have to pay an annual premium of only Rs. 12. All the savings account holders in the age group 18 to 70 years will be eligible for the cover. Source : Thehindubusinesslin...

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Karur Vysya Bank Q4 net jumps 15.2%

Private sector Karur Vysya Bank today registered 15.2 per cent jump in net profit at Rs. 137.83 crore for the fourth quarter ended March 31, 2015.The Tamil Nadu-based bank had registered net profit of Rs. 119.59 crore in the January-March quarter of previous fiscal, 2013-14.For 2014-15, the net profit of the bank grew by 8 per cent to Rs. 464.28 crore, from Rs. 429.60 crore in the previous fiscal.Total income for the January-March 2015 quarter went up to Rs. 1,507.61 crore, from Rs. 1,468.45 crore registered during same period of the previous...

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Robosoft develops ICICI Bank app for Apple Watch

The Udupi-based Robosoft Technologies, a mobility solutions partner, has developed a proprietary banking solution for the Apple Watch. Robosoft partnered with ICICI Bank to integrate with this solution thereby creating one of India’s premiere banking apps for the Apple Watch.Quoting Rohith Bhat, Chief Executive Officer and Managing Director of Robosoft Technologies Pvt Ltd, a press release said: “Soon after the Apple Watch was announced, we saw the tremendous potential the device has to offer for various new kinds of use-cases. We set out to...

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PNB first bank to roll out Sukanya Samriddhi Scheme

The Punjab National Bank has started opening Sukanya Samriddhi Scheme accounts, the first bank to do so after the scheme was formally launched in January this year. According to a statement from the bank, the scheme is available at 1,604 PNB branches across India.Almost seven weeks ago, on 11 March, the RBI had sent a circular to the heads of 28 commercial banks spelling out the operational guidelines of the Sukanya scheme. But except for PNB, no other bank has rolled out the scheme till now.Meanwhile, the Sukanya scheme has emerged as the...

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HDFC net profit increases 8% to Rs. 1,862 cr in Q4; to pay Rs. 13/share final

HDFC Ltd posted an 8 per cent rise in net profit for the fourth and last quarter ended March 2015 at Rs. 1,862 crore as against a profit of Rs. 1,723 crore in the year ago quarter.Profit including the deferred tax liability on special reserve grew 15% at Rs. 1,982 crore.The National Housing Bank has advised housing finance companies to create a deferred tax liability on the amount transferred to special reserve as a matter of prudence.Individual loan disbursements grew by 16 per cent during the year. After adding back loans worth Rs. 8,249...

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Axis Bank profit climbs 18% to Rs. 2,180 cr in Q4

Axis Bank, the country’s third largest private bank, reported an 18% rise in net profit for the fourth quarter ended March 31, 2015, at Rs. 2,180 crore.The profit was at Rs. 1,842 crore a year ago.Net interest income (difference between interest earned and expended) increased 20% to Rs. 3,799 crore as compared with Rs. 3,165.75 crore in the March quarter last year.Other income rose 21% to Rs. 2,687 crore as against Rs. 2,213 crore in Q4FY14.Gross non-performing assets (NPAs) as a percentage of total loans increased to 1.34% as on March end,...

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Federal Bank Q4 net up 6% at Rs. 280.53 cr

Federal Bank has posted its highest ever operating profit and net profit, the latter breaching the Rs.1,000 crore landmark for the first time. The net profit grew by 20 per cent YoY from Rs.838.89 crore in FY14 to Rs.1,005.75 crore in FY15.The bank also registered a 6 per cent growth in the net profit in Q4 at Rs.280.53 crore against Rs.264.69 crore achieved in Q3. The operating profit during the whole year registered 9.96 per cent growth at Rs.1,627.79 crore against Rs.1,480.39 crore.The total deposits stood at Rs.70,824.99 crore, an increase...

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IRDA launches motor insurance awareness campaign

The Insurance Regulatory and Development Authority of India (IRDAI) has launched an awareness campaign on motor third-party insurance jointly with Cyberabad Police.Speaking at the launch of the campaign here on Wednesday, R Raghavan, Chief Executive Officer, Insurance Information Bureau (IIB), an arm of the insurance regulator, said 55 per cent of the vehicles plying on the roads in the country did not have the mandatory motor third-party insurance.In number terms, this would translate into seven crore vehicles! ``India ranks among the top...

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Dewan Housing Q4 net up 15% at Rs. 162 cr, to pay Rs. 2 final

Dewan Housing Finance Ltd reported a 15 per cent increase in net profit at Rs. 162 crore in the fourth quarter ended March 31, 2015, as against Rs. 141 crore in the year-ago period.For the FY2015, the housing finance company clocked a 17 per cent rise in net profit at Rs. 621 crore (Rs 529 crore in FY2014).The board of directors has recommended final dividend to be paid out of the current year profits at Rs. 2 per equity share of Rs. 10 each to equity shareholders.Housing loans sanctioned during the reporting year were up 27 per cent at Rs....

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KYC norms breach: RBI imposes fine on three banks

Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce have been imposed with a monetary penalty of Rs. 15 crore each by the Reserve Bank of India (RBI) for violation of Know Your Customer (KYC)/ Anti Money Laundering (AML) norms.“Failure on the part of these banks to take timely remedial measures had aggravated the seriousness of the contraventions and its impact,” RBI said in a release.The RBI also cautioned eight other banks -- Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner &...

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