A senior official told ET that the government has asked public sector banks (PSBs) to focus on written-off loans and try to recover at least ₹2 lakh crore in this financial year.
Uday Kotak, the CEO of Kotak Mahindra Bank, clarified his earlier statement regarding the US dollar as the "biggest financial terrorist in the world" on Twitter. He said he meant that the US dollar's reserve currency status gives it disproportionate power that can regulate global trade, putting other countries in a position of dependency when transacting. Kotak urged India to build strong independent institutions & frameworks as prerequisites to make the Rupee a reserve currencyUday Kotak, the CEO of Kotak Mahindra Bank, clarified his earlier statement regarding the US dollar as the "biggest financial terrorist in the world" on Twitter. He said he meant that the US dollar's reserve currency status gives it disproportionate power that can regulate global trade, putting other countries in a position of dependency when transacting. Kotak urged India to build strong independent institutions & frameworks as prerequisites to make the Rupee a reserve currency
India's Insurance Regulatory and Development Authority (Irdai) has called on insurers to devise social media guidelines that prevent employees from disseminating unverified and confidential information about their employer via the platforms. The regulator said any information received by staff in any form should be cleared by the organisation's compliance team and corporate communication team before being posted on social media.India's Insurance Regulatory and Development Authority (Irdai) has called on insurers to devise social media guidelines that prevent employees from disseminating unverified and confidential information about their employer via the platforms. The regulator said any information received by staff in any form should be cleared by the organisation's compliance team and corporate communication team before being posted on social media.
Since the announcement of Uday Kotak as a non-executive director on the board, some concerns were raised about whether this will get the regulatory nod because, in its April 2021 circular, the RBI also makes it clear that there should be a three-year cool-off period before an MD and CEO is reappointed.
The rise in net profit was buoyed by improvement in asset quality and business expansion. Net interest income rose 39% at Rs 251 crore.
The Northeast Banking Conclave was organized by Ministry of Development for the North Eastern Region, North Eastern Development Finance Corporation (NEDFi) and State Bank of India with Confederation of Indian Industry in New Delhi on Friday.The Northeast Banking Conclave was organized by Ministry of Development for the North Eastern Region, North Eastern Development Finance Corporation (NEDFi) and State Bank of India with Confederation of Indian Industry in New Delhi on Friday.
The central government has appointed Debadatta Chand as the Managing Director & Chief Executive Officer of the Bank of Baroda for a period of three years, as per a Finance Ministry notification. Meanwhile, Rajneesh Karnatak will take the reins of the Bank of India.The central government has appointed Debadatta Chand as the Managing Director & Chief Executive Officer of the Bank of Baroda for a period of three years, as per a Finance Ministry notification. Meanwhile, Rajneesh Karnatak will take the reins of the Bank of India.
India's government on Friday appointed Siddhartha Mohanty as the chairman of state-run Life Insurance Corp of India until June next year, and chief executive for at least a year after that. Mohanty, who is one of the four managing directors at LIC, was already named as chairman in March for three months.India's government on Friday appointed Siddhartha Mohanty as the chairman of state-run Life Insurance Corp of India until June next year, and chief executive for at least a year after that. Mohanty, who is one of the four managing directors at LIC, was already named as chairman in March for three months.
Across most of Asia, muted big-ticket consumer expenditure — such as on housing — and restrained capital expenditure by firms have led to only a mild post-pandemic recovery in credit, which makes India’s double-digit loan growth a notable exception, according to economists at Australia & New Zealand Banking Group Ltd.Across most of Asia, muted big-ticket consumer expenditure — such as on housing — and restrained capital expenditure by firms have led to only a mild post-pandemic recovery in credit, which makes India’s double-digit loan growth a notable exception, according to economists at Australia & New Zealand Banking Group Ltd.
Although Reliance Capital's (RCap) lenders succeeded in concluding the second auction with an improved offer, they will have to cross several hurdles before completing the sale of the Anil Ambani financial services company as part of the insolvency process.Although Reliance Capital's (RCap) lenders succeeded in concluding the second auction with an improved offer, they will have to cross several hurdles before completing the sale of the Anil Ambani financial services company as part of the insolvency process.
"We hereby inform that based on the recommendation of the Board of Directors of the Bank, the Reserve Bank of India...has given its approval for the re-appointment of Dr N Kamakodi as the Managing Director and CEO of the bank for a further period of three years with effect from May 1, 2023," the bank said in a BSE filing on Wednesday.
PVSLN Murty, Chairman and Managing Director, NEDFi stated that North East Bankers' Conclave is the first of a kind leadership event specifically organized to brainstorm the challenges of banking sectors of North East and come up with actionable strategies to address the same at various level starting from policy planning up to grass root level implementation.PVSLN Murty, Chairman and Managing Director, NEDFi stated that North East Bankers' Conclave is the first of a kind leadership event specifically organized to brainstorm the challenges of banking sectors of North East and come up with actionable strategies to address the same at various level starting from policy planning up to grass root level implementation.
Bajaj Allianz Life has declared a bonus of Rs 1,201 crore for the financial year 2022-23, marking the 22nd consecutive year of bonus payment to eligible and participating policyholders. This bonus includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore. Out of its 3.5 million policyholders, 11.43 lakh participating policyholders will benefit from the announcement.Bajaj Allianz Life has declared a bonus of Rs 1,201 crore for the financial year 2022-23, marking the 22nd consecutive year of bonus payment to eligible and participating policyholders. This bonus includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore. Out of its 3.5 million policyholders, 11.43 lakh participating policyholders will benefit from the announcement.
Touted by Warren Buffet as ‘by far the best book ever written on investing’, The Intelligent Investor by Benjamin Graham shares investing gems that can help investors chalk an optimal investment journey.
Uday Kotak, the man behind India's third-largest private bank, Kotak Mahindra Bank, will step down as CEO and MD at the end of this year due to RBI tenure cap. Kotak Mahindra Bank is actively looking for his replacement to fill his shoes, which seems difficult as he is an institution by himself. Kotak started his journey with a small bill-discounting business, which later became one of India's largest banks. He made banking look cool and positioned it more as an FMCG one.Uday Kotak, the man behind India's third-largest private bank, Kotak Mahindra Bank, will step down as CEO and MD at the end of this year due to RBI tenure cap. Kotak Mahindra Bank is actively looking for his replacement to fill his shoes, which seems difficult as he is an institution by himself. Kotak started his journey with a small bill-discounting business, which later became one of India's largest banks. He made banking look cool and positioned it more as an FMCG one.
Days after the US saw its second and third largest banking failures, where the authorities had to step in to rescue the banks and depositors' money, Swiss banking giant Credit Suisse got into an excruciating financial crisis. Banks face interest rate risk when the country's policy rates increase rapidly in a short span of time. This spelled trouble for the banks. However, find out why India's banking system has considerably less chances to face such incidents.Days after the US saw its second and third largest banking failures, where the authorities had to step in to rescue the banks and depositors' money, Swiss banking giant Credit Suisse got into an excruciating financial crisis. Banks face interest rate risk when the country's policy rates increase rapidly in a short span of time. This spelled trouble for the banks. However, find out why India's banking system has considerably less chances to face such incidents.
Tax authorities estimate that 16 insurance companies in all owe the government about 50 billion rupees ($610 million) in unpaid taxes, interest and penalties since July 2017, when India implemented goods and services tax (GST), two sources said. India's Directorate General of Goods and Services Tax Intelligence (DGGI) is in the process of sending show-cause notices to other insurance companies as well, said two sources, including a government official.
The US company is weighing opening its own office in the country in order to free itself from the restrictions of its deal with Kotak Mahindra Capital Co., the people said, asking not to be identified as the information is not public. Evercore partnered with Kotak in 2011, constraining it from working with anyone else to provide M&A advisory services on cross-border transactions between clients in India and the US, the UK and Mexico.The US company is weighing opening its own office in the country in order to free itself from the restrictions of its deal with Kotak Mahindra Capital Co., the people said, asking not to be identified as the information is not public. Evercore partnered with Kotak in 2011, constraining it from working with anyone else to provide M&A advisory services on cross-border transactions between clients in India and the US, the UK and Mexico.
"As soon as we went in, we started looking at contracts and quickly realised where the problems were. We ran an assessment with an external partner to assess the capability because we also wanted to make sure that if somebody was good, we could retain them. We had acquired 3,800 people. We needed to assure the good people that they had a future and that they would not be treated differently," said DBS Bank India CEO Surojit Shome."As soon as we went in, we started looking at contracts and quickly realised where the problems were. We ran an assessment with an external partner to assess the capability because we also wanted to make sure that if somebody was good, we could retain them. We had acquired 3,800 people. We needed to assure the good people that they had a future and that they would not be treated differently," said DBS Bank India CEO Surojit Shome.
According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction.According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction.
In the pandemic-hit FY22, its loan book stood at Rs 6,300 crore from which it had earned Rs 79 crore of net income, chief executive Sadaf Sayeed told PTI. He attributed the massive loan book expansion to the low base in the pandemic hit year, and bases his optimism to maintain the momentum on the rising need for liquidity among its customers, even though the interest rates have risen.In the pandemic-hit FY22, its loan book stood at Rs 6,300 crore from which it had earned Rs 79 crore of net income, chief executive Sadaf Sayeed told PTI. He attributed the massive loan book expansion to the low base in the pandemic hit year, and bases his optimism to maintain the momentum on the rising need for liquidity among its customers, even though the interest rates have risen.
In its 4-point statement, ICICI Bank categorically denies the data breach incident. Researchers tell ETCISO that although the leaked KYC data appears legitimate, it cannot be attributed to a lapse by the banking major.In its 4-point statement, ICICI Bank categorically denies the data breach incident. Researchers tell ETCISO that although the leaked KYC data appears legitimate, it cannot be attributed to a lapse by the banking major.
The billionaire banker's transition from CEO was necessitated after central bank guidelines capped tenures for Indian business heads.
India's central bank has allowed either of HDFC or HDFC Bank to increase their ownership to more than 50% in HDFC Life and HDFC ERGO before their merger. The regulator has also asked HDFC Bank to comply with liquidity and reserves requirements without exception from the merger date. HDFC Bank's CFO said there are no guidelines on whether the stake increase has to be through funds infusion or share purchases from the market. HDFC Bank has been ramping up its investment book, which expanded 13.4% on-year to INR5.17tn ($68.84bn) as of 31 March 2022.India's central bank has allowed either of HDFC or HDFC Bank to increase their ownership to more than 50% in HDFC Life and HDFC ERGO before their merger. The regulator has also asked HDFC Bank to comply with liquidity and reserves requirements without exception from the merger date. HDFC Bank's CFO said there are no guidelines on whether the stake increase has to be through funds infusion or share purchases from the market. HDFC Bank has been ramping up its investment book, which expanded 13.4% on-year to INR5.17tn ($68.84bn) as of 31 March 2022.
Indian banks are expected to avoid investing large amounts in the central bank's 14-day variable rate reverse repo as cash in circulation and increased credit demand eat away at liquidity levels. Traders have also said that few banks have ample cash, leaving many susceptible to funding shortfalls. Subscription to the Reserve Bank of India's variable rate reverse repo on Friday was less than half the previous week, indicating the trend of reduced demand will continue.Indian banks are expected to avoid investing large amounts in the central bank's 14-day variable rate reverse repo as cash in circulation and increased credit demand eat away at liquidity levels. Traders have also said that few banks have ample cash, leaving many susceptible to funding shortfalls. Subscription to the Reserve Bank of India's variable rate reverse repo on Friday was less than half the previous week, indicating the trend of reduced demand will continue.
India's largest lender, the State Bank of India (SBI), has reportedly contacted international banks to explore options for a possible bond issue, with initial estimates pointing towards $500m. The bank is expected to formally involve investment banks in the project within a week, with the issue's size dependent on the response from investors. The regulatory framework allowing companies to issue securities to investors in the US and other markets without registering with the SEC is expected to help to bring down costs.India's largest lender, the State Bank of India (SBI), has reportedly contacted international banks to explore options for a possible bond issue, with initial estimates pointing towards $500m. The bank is expected to formally involve investment banks in the project within a week, with the issue's size dependent on the response from investors. The regulatory framework allowing companies to issue securities to investors in the US and other markets without registering with the SEC is expected to help to bring down costs.
