CAG writes to Finmin, seeks performance audit details of PSU banks recapitalisation

Posted on 2021-01-03T11:53:10+05:30 - banking

CAG is doing performance audit on recapitalisation of PSBs after 2016-17 and it has written a letter to the Department of Financial Services, Ministry of Finance, seeking various information, including rationale for distribution of capital among different PSBs, sources said.

Bank credit grows at 5.4% in September quarter: RBI

Posted on 2021-01-01T19:01:12+05:30 - banking

Personal loans, which accounted for one-fourth of bank credit, continued to maintain double-digit growth during the September quarter.

CCPA seeks RBI intervention on banks delaying refund in case of failed transactions

Posted on 2021-01-01T12:21:19+05:30 - banking

In a letter to RBI Deputy Governor M K Jain, the Central Consumer Protection Authority (CCPA) Chief Commissioner Nidhi Khare stated that 2,850 complaints pertaining to "transactions failed/cancelled but money not refunded" forming 20 per cent of grievances registered in the banking sector have been received through the government-run National Consumer Helpline (NCH).

PNB extends festival offer till March

Posted on 2020-12-31T22:13:35+05:30 - banking

The promotional scheme has been rechristened now as 'PNB NEW YEAR BONANZA-2021', the bank said in a statement.

Post Office Savings Bank likely to be interconnected with other banks by April

Posted on 2020-12-31T19:29:23+05:30 - banking

The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi told.

RuPay, RBL Bank to launch PoS with PayNearby

Posted on 2020-12-31T15:58:40+05:30 - banking

Merchants will now be able to accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on his NFC-enabled mobile phones.

Bank credit grows 6 per cent, deposits by 11.3 per cent during December 5-18

Posted on 2020-12-31T14:06:44+05:30 - banking

In the fortnight ended December 4 this year, bank credit grew 5.73 per cent to Rs 105.04 lakh crore and deposits by 11.34 per cent to Rs 145.92 lakh crore. In October, non-food credit grew 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year.

RBI seeks to end unauthorised fintech lendings

Posted on 2020-12-30T23:39:56+05:30 - banking

Asks non-bank lenders for details of their exposure to such firmsFor the second time in three months, the RBI has issued last week a note of caution to the public against the use of “unauthorised” lending apps.

Deposits of public sector banks surge amid pandemic stress

Posted on 2020-12-30T18:54:29+05:30 - banking

Term deposits – contributing almost 60% of total deposits – moderated, reflecting the easing of interest rates and the lure of returns on competing asset classes. Term deposit growth of private banks decelerated sharply even as it quadrupled in public sector banks, Reserve Bank of India said.

Yes Bank elevates Niranjan Banodkar as CFO, Adlakha as HR head

Posted on 2020-12-30T17:40:47+05:30 - banking

In an exchange filing, Yes Bank said these appointments were approved by the board, on the recommendation of the nomination and remuneration committee and also of the audit committee.

IFSCA permits banking units to transfer assets through participation pacts

Posted on 2020-12-30T13:06:36+05:30 - banking

The dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement. The first IFSC in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.

Banks need Rs one lakh crore for NPAs, growth, says Reserve Bank of India

Posted on 2020-12-30T10:13:36+05:30 - banking

According to the RBI, gross non-performing assets (NPAs) declined from 9.1% as of March 2019 to 8.2% at end-March 2020 and further down to 7.5% in end-September 2020.