Citi India profit rises 12% in FY17

Citi India on Tuesday reported a 12.2% rise in FY17 profit after tax (PAT) to Rs 3,626 crore. The bank said its pre-tax profit grew 7% to Rs 6,185 crore in the same period. Its net interest margin — a key measure of profitability — stood at 5.4% in FY17, up 30 basis points (bps) from the previous year. The bank reported no change in its net non-performing asset (NPA) ratio at 0.5% of its net advances in FY17 and its capital adequacy ratio improved 180 bps to 17.6%. For Citi India in aggregate, total assets, including credit extended to Indian...

Read more »

Axis Bank launches super bikes loans; to fund 95% of costs

As the higher engine displacement 'super bikes' catch fancy of the Indian consumer, Axis Bank on Wednesday introduced a special loan product, offering to fund up to 95 per cent of the costs.The loans, which are for motorcycles with an engine displacement of over 500 cubic centimetres (cc), will come at a price tag of 10-11 per cent per annum.The third largest private sector lender's executive director Rajiv Anand said many Indians are aspirational of owning iconic brands like Harley Davidson and Triumph which made the bank launch the offer.In...

Read more »

PSB mergers should be between equals: SBI Chief Arundhati Bhattacharya

State Bank of India chairman Arundhati Bhattacharya said the merger of public sector banks should be between equals and added that things will start getting better on asset quality by the second half of the year. In an exclusive interview to ET, Bhattacharya said union of state-run banks is feasible but the lenders should be given time to ensure the mergers work.There can’t be a one-size-fits-all approach, and the temptation to merge the weaker ones with the stronger ones should be resisted as it leads to the stronger one losing strength, she...

Read more »

ATMs to turn costly under GST, small banks to be hit

Deploying automatic teller machines (ATMs) is set to get more expensive as ATMs have been put under the highest tax slab of 28% under the new Goods and Services Tax regime.With the machines becoming more expensive, smaller banks and newly-licensed small finance banks could slow down deployment of teller machines, causing further problems for the industry. Industry insiders say point-of-sale devices and other digital payments hardware were put under the 18% slab –– a slab in which ATMs should have been included.Confederation for ATM Industry...

Read more »

BBB recommends 15 names for appointment of EDs in PSU banks

Banks Board Bureau (BBB) has recommended to the government names of 15 general managers of various public sector banks for appointment as executive directors.Sources said the recommendations were made by BBB Chairman Vinod Rai and other members of the bureau.The list would be sent to the Department of Financial Services to get Appointments Committee of Cabinet (ACC) clearance, sources said. The ACC is headed by Prime Minister Narendra Modi.The interview for appointment to the post of EDs was held on June 30.Besides former CAG Rai as chairman,...

Read more »

PNB to block all Maestro debit cards from July 31

Punjab National Bank (PNB) Maestro debit cards holders will face a card blockage if they fail to replace it with a more secure EMV chip based card by the end of this month.The bank will not charge anything for the replacement and it will be provided free of cost."If you are having Maestro debit card, get it replaced free of cost with a new EMV chip based debit card from any PNB branch. All Maestro cards issued by PNB will be blocked or hotlisted on July 31, 2017 for security based reasons," the bank said in a communication to its customers.The...

Read more »

New chiefs of 2 PSU banks take charge

Union Bank of India said Rajkiran Rai G has assumed charge as Managing Director & CEO.Prior to his elevation as MD & CEO of Union Bank of India, Rai was Executive Director of Oriental Bank of Commerce. He started his career in 1986 as an Agricultural Finance Officer in Central Bank of India.Rai has been appointed by the government to head Union Bank of India for a period of three years from the date of his taking over charge of the post or until further orders, whichever is earlier, according to a finance ministry notification.New chief...

Read more »

SBI to offer GST-ready solutions starting today

The largest lender State Bank of India (SBI) on Saturday announced its Goods and Services Tax (GST) ready solutions, including the introduction of online payment through internet banking and debit card. Starting today, the SBI account holders can deposit GST of upto Rs. 10,000, in cash, cheque or draft form at any of the SBI branches across the country. Ending more than 11 years of hectic argument among the Centre and the states, the GST will implement from July 1 to completely transform the indirect taxation landscape in the country involving...

Read more »

Frauds going up in number, banks need to tighten cyber security norms: RBI

The Reserve Bank of India flagged the rapid proliferation of frauds in the banking space over the last five years marking out a 19% increase in the number of fraudulent incidents and 72% increase in the value of the amount lost in the attacks. Around 86% of the frauds reported in 2016-17 was in the space of various credit accounts, said RBI.The number of frauds went up to 5064 from 4235 and the value shot up to Rs 16770 crore from Rs 9750 crore over the last five years, said the central bank in the Financial Stability Report of 2017, released...

Read more »