‘Payments bank, a historic opportunity for India Post’

“Trust me ladies and gentlemen, India Post will soon be a force to reckon with. Until now we (India Post) were seen as a slumbering giant. Not anymore. We have woken up. This time we are not going to give it up, as payments bank presents a historic opportunity for India Post.”So said MS Ramanujan, Member (Banking & HRD), Department of Posts, at the 3rd Financial Inclusion symposium organised by dun & bradstreet, exuding confidence about India Post regaining its spot under the sun.“It’s very exciting for us as the payments industry is...

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SBI Mutual Fund’s AUM likely to cross Rs 1 trillion-mark soon

Assets under management (AUM) of SBI Mutual Fund has crossed Rs.98,000 crore and is soon likely to cross Rs.1 trillion-mark, its managing director said today.“At SBI MF, we have recently crossed the AUM of Rs.98,000 crore and we are all set to cross the mark of Rs. 1 trillion in near future,” SBI MF Managing Director and CEO Dinesh Khara told PTI here.He was speaking on the sidelines of an event organised by Indian Chamber of Commerce.In its bid to increase the subscriber base, the company is currently conducting a host of activities which...

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Federal Bank's missed call banking service

Federal Bank has launched another digital service called Missed Call Banking, a simple way to get account balance on mobile.The service enables customers to get their account balance by giving a missed call to a dedicated mobile number. To avail the facility, customers have to do a onetime registration by sending an SMS (ACTBAL14 Digit account number) to 9895088888 from their mobile number registered with the bank.Upon successful registration, the customer will receive an instant confirmation message. Thereafter, a simple missed call to 8431900900...

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Expansion pace eased on investor feedback: DCB bank MD

After facing investor flak, private sector lender DCB bank decides to change gears on the pace of its branch expansion to open 150 branches in 24 months from 12 months as decided earlier.Shares of the bank fell 30 per cent since October 13, when the bank announced its results in which it laid out its plans to double its branch network in the next one year. Fearing its profit would shrink on such a plan, the market gave its negative feedback which affected the stock price.In a statement to the exchanges, DCB bank said, “In view of the feedback...

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Lakshmi Vilas Bank Q2 net profit jumps 42% as bad loans fall

Lakshmi Vilas Bank has reported a 42 per cent rise in net profit for the September quarter at Rs. 45 crore as against a profit of Rs. 31.50 crore in the year ago quarter.Net interest income grew to Rs. 160 crore, up by 19 per cent from Rs. 134 crore in the same quarter a year ago. Other income rose marginally to Rs. 64 crore as against Rs. 63 crore in the June to September period in FY14.The asset quality of the bank improved with gross non-performing assets (NPA) substantially down to 1.89 per cent from 3.72 per cent as on September 30, last...

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Karur Vysya Bank net surges 57% to Rs. 142 cr in Q2

Karur Vysya Bank today posted a 57.14 per cent jump in net profit at Rs. 142.22 crore for the second quarter ended September 30.The bank had recorded a net profit of Rs. 90.50 crore in the corresponding quarter last fiscal, Karur Vysya Bank said in a regulatory filing.The total income of the lender also increased to Rs. 1,570.27 crore during the quarter from Rs. 1,494.86 crore over the corresponding period of 2014—15 fiscal.During the quarter, the gross non—performing assets (NPAs) rose to 1.96 per cent from 1.36 per cent at the end of second...

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HDFC Bank suspends official involved in Bank of Baroda scam

Amid the alleged involvement of HDFC Bank official Kamal Kalra in the Rs. 6,000-crore illegal remittances, the private sector bank has suspended Kalra pending the investigation.The scam involves Rs. 6,000 crore illegal remittances that have suspected to be flown out from Bank of Baroda's Ashok Vihar branch in New Delhi to Hong Kong and Dubai.In a statement, HDFC Bank said, “The bank has a zero-tolerance policy for any misconduct on the part of its staff and any deviation from its clearly defined processes is viewed very seriously. Swift action...

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Bank of Baroda chairman meets Jaitley

The Finance Ministry on Wednesday took stock of the alleged Rs. 6100 crore remittance scam in public sector Bank of Baroda.Newly appointed chairman of BoB Ravi Venkateshan also met Finance Minister Arun Jaitley."It was a courtesy meeting with the Finance Minister. Investigations are onit would be inappropriate to say anything” he said after the meeting.However sources said the case is likely to be probed by the Serious Fraud Investigations Officethe amount of fund alleged to be involved could be lesser than estimated.Checks would be made over...

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Jan Dhan deposits cross Rs 25,000 cr

In a big boost to the government’s financial inclusion agenda, deposits in bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have exceeded Rs.25,000 crore.“As on October 7, the deposits collected stood at Rs.25,146.97 crore,” said the Finance Ministry in a statement, adding that zero-balance accounts are now less than 40 per cent of the total accounts. The ministry said State Bank of India, United Bank of India and Oriental Bank of Commerce are the major contributors to PMJDY. Source : Thehindubusinesslin...

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DCB Bank Q2 net dips 10%

Private sector lender DCB Bank reported a 10 per cent decline in net profit to Rs.37 crore in the second quarter ended September 2015 mainly due to higher provisioning and tax expenses.Provisioning towards bad loans and other contingencies rose 58 per cent to Rs.22 crore as against Rs.14 crore a year ago.Tax expenses rose nearly four-fold to Rs.20 crore from Rs.5 crore in the corresponding quarter last fiscal.Net interest income, the difference between interest earned and interest expended, grew 27 per cent to Rs.150 crore ( Rs.118 crore a...

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