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Reserve Bank Governor Shaktikanta Das on Saturday exuded confidence that India will continue to be the fastest growing major economy with a likely growth rate of 7 per cent in 2022-23 on the back of strong macroeconomic fundamentals and financial sector stability. Das said the entire world has withstood multiple shocks. "I call it triple shocks of COVID-19 pandemic, then the war in Ukraine, and now the financial market turmoil."
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"Ours is one of the lowest and most competitive home loan interest rates in the industry now and in addition to the 25 bps discount on the interest rate, we are also waiving off the processing charges completely," HT Solanki, general manager --mortgages & retail assets at the bank, said.
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Indian shares rose over 1% on Friday, boosted by information technology companies and banks as cooling US inflation fuelled hopes that aggressive Federal Reserve rate stance might begin to ease.
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The move, backed by the government, is aimed at equipping banks with timely information to prevent any fraud including fund diversion well in time.
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Small saving deposits at Rs 9.9 lakh crore in Feb’22 are only a small fraction of total SCB deposits which stand at Rs 170.2 lakh crore. But the ratio of small savings deposits to commercial bank deposits have risen to 5.8 percent from 4.4 percent over the past five years, shows a research by Bank of Baroda.
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The Bombay High Court on Thursday said the termination of Chanda Kochhar from the post of CEO of ICICI Bank was prima facie "valid" and dismissed her interim application seeking post-retirement benefits. A single bench of Justice R I Chagla also directed Kochhar to not deal with the bank's 6.90 lakh shares she had acquired in 2018. It asked Kochhar to file an affidavit within six months disclosing dealings made, if any, with respect to the shares.
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After multiple twists and turns in a protracted legal case, Modi on Wednesday lost his appeal against extradition to India as the High Court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to face charges of fraud and money laundering.
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The Safe Lock Gold Loan facility has been introduced to ensure that customers receive the additional benefit of affordable and convenient choice to secure their physical gold while obtaining a minimum loan amount. The annual charges for utilizing this facility is Rs 300, making it a cost-effective solution for customers.
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The public sector bank saw a 33.2 per cent rise in its net profit at Rs 501 crore for the second quarter ending September 30. The earnings numbers were released last Sunday.
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The Reserve Bank of India (RBI) and Clearing Corporation of India (CCIL), which settles large volumes of trades on bonds, derivatives and foreign exchange, are trying to resolve a standoff with Bank of Japan (BoJ) and Financial Services Agency, Japan (JFSA) which are keen on having inspection rights over CCIL.
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According to a market research study published by Facts and Factors, the global insurance business process outsourcing market is expected to grow at a CAGR of 8.80% and is anticipated to surpass $9826.42 million by 2028.
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He said the net NPA was close to double digits at 9.75 per cent at the end of March 2020, while gross NPAs stood at 19.70 per cent. Aggressive recovery and resolution strategy pursued by IIFCL helped it bring down NPAs significantly in a short span of time, he noted.
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Liquidity crunch is primarily because the Reserve Bank has been sucking out funds from the system as it fights to tame inflation which has been much above its band of 4 per cent for the past 10 months of the year. This has prompted the RBI to frontload its inflation fight by increasing the policy rates by 190 basis points to pre-pandemic levels since the war on Ukraine began.
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As per Reserve Bank data, currency with the public has jumped to a new high of Rs 30.88 lakh crore an October 21, indicating that cash usage is still substantial even six years after the demonetisation move.
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Government nominees on bank boards, mostly senior officials from the finance ministry, will periodically review and suggest course correction if needed, the official said, adding that the Indian Banks' Association has also identified representatives who will oversee bank-specific roadmap.
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The right to form association/union is a fundamental right enshrined under Article 19 (1) (C) of the Constitution of India, and any attempt to disavow and thwart the fundamental rights of members of ASCBO will not be condoned by AIBOC, the memorandum said.
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Net worth was eroded due to high non-performing assets but aggressive recovery and resolution drive has made the company profitable for the past few years. Last financial year, the company posted a profit of USD 19 million.
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The company which started off as a loan comparing platform in 2008 is now majorly into co-branded credit card space, issuing two such cards in association with Yes Bank and RBL Bank.
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"Like in the banking system, we have microfinance institutions, regional banks, and small finance banks. So, we have all categories of banks then there are non-banking financial companies. In the insurance sector also, we should have different size players to come into the market so that they can operate in smaller geographies," IRDAI Chairman Debasish Panda told PTI in an interview.
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State Bank of India (SBI) has reported a net profit of Rs 13,264 crore for the quarter ended September 2022—an increase of 74% over the Rs 7,627 crore in the corresponding quarter last year. This is the highest-ever quarterly net profit reported by the country’s largest bank.
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