BANKING

Punjab & Sind Bank plans to launch an instant loan scheme for MSMEs up to Rs 25 lakh, following the success of their digital home and vehicle loan schemes. The automated, rule-based approval system aims to expedite the process and reduce manual intervention, ensuring loans can be sanctioned quickly, even on holidays.

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BANKING

IDBI Bank posted an 18% credit growth at Rs 2.06 lakh crore in the December quarter, with total deposits rising by 9% to Rs 2.82 lakh crore. Additionally, Bandhan Bank reported a 15% credit growth to Rs 1.33 lakh crore and a 20% increase in total deposits to Rs 1.40 lakh crore.

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BANKING

Ujjivan Small Finance Bank reported a rise in advances to Rs 30466 crore, despite its microfinance business shrinking. The bank's gross non-performing assets ratio increased to 2.7%. The portfolio at risk also rose, aligning with stress in the microfinance sector. The bank is reducing its microfinance weightage and increasing secured loans. Deposits grew to Rs 34496 crore.

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BANKING

Bandhan Bank's advances grew by 15% year-on-year to Rs 1.33 lakh crore by the end of December, while the overall collection efficiency dropped to 97.6%. Deposits increased by 20% year-on-year to Rs 141 lakh crore, but there was a 1.1% decline over the last three months due to reduced CASA and bulk deposits.

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BANKING

Reliance Industries has secured $3 billion in a loan deal from 11 banks. The five-year loan includes $450 million in yen and will be used to refinance loans due in 2025. Major banks involved include Bank of America, DBS Bank, and HSBC. More banks may participate in the syndication later this quarter.

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BANKING

Financial services secretary M Nagaraju launched a revamped 'Baanknet' portal aimed at streamlining property e-auctions from all public sector banks. This platform consolidates e-auction properties information from PSBs, providing a one-stop destination with automated payment gateways and KYC tools, making it simpler for buyers and investors.

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BANKING

The Reserve Bank of India has approved the merger of the National Co-operative Bank Ltd., Bangalore with Cosmos Co-operative Bank Limited, to take effect from January 6, 2025. Following this, branches of NCBL will operate as Cosmos branches. Previously, RBI imposed an Rs 8.30 lakh penalty on Cosmos for violating certain regulations.

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