Sector: Banks & FIs
ICICI Bank scraps bell curve assessment: Hikes standardised, no more targets based on individual performance
ICICI Bank has scrapped the bell curve assessment for employees which rewards individual outperformers, as part of a human resource (HR) policy overhaul. This means employee targets based on individual performances have been done away with for the first time in its history. Salary hikes and bonuses will now be linked directly to the bank’s … Read more
“To save banks, we have to protect depositors”: PM Modi
Prime Minister Narendra Modi was speaking at the ‘Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 lakh’ Prime Minister Narendra Modi on Sunday said that the move to increase deposit insurance cover to ₹5 lakhs from ₹1 lakh, will fully insure ₹76 lakh crore of savings. “Such a comprehensive insurance cover is … Read more
LIC gets RBI approval to increase stake in IndusInd Bank
LIC had sought the approval as per the regulatory requirement – The RBI norms mandate that every person or an entity who intends to make an acquisition in Private Banks of more than 5% stake, prior approval is needed from the Central Bank. Key points to note – LIC currently owns 4.95% in IndusInd. Approval … Read more
LIC gets RBI approval to increase stake in Kotak Mahindra Bank
LIC had sought the approval as per the regulatory requirement – The RBI norms mandate that every person or an entity who intends to make an acquisition in Private Banks of more than 5% stake, prior approval is needed from the Central Bank. Key points to note – LIC currently owns 4.96% in Kotak Mahindra … Read more
After RBI relaxation, Hindujas look to increase stake in IndusInd Bank
Hindujas, the promoters of Indusind Bank are planning to increase their stake in IndusInd bank after the recent change in RBI regulations, whereby it allowed promotes to own 26% in the bank (as against 15% earlier). Key points to note – Hindujas currently own 16.54% of IndusInd. At current valuations, Hindujas would need about Rs … Read more
Niti Aayog floats idea of full-stack digital banks
Government think-tank Niti Aayog on Wednesday proposed setting up of full-stack ‘digital banks‘, which would principally rely on the internet and other proximate channels to offer their services and not physical branches, to mitigate the financial deepening challenges being faced in the country. The Aayog, in a discussion paper titled ‘Digital Banks: A Proposal for … Read more
Spandana makes key hires from Bharat Financial
After the Promoter MD of Spandana Sphoorty Finance (SSF) stepped down due to the ongoing spat with Kedaara, the Company has announced two key hires from Bharat Financial (100% subsidiary of Indusind Bank), pioneer of the Indian micro finance sector. Shalabh Saxena as MD and CEO Ashish Damani as CFO It’s worth nothing here that … Read more
Co-op societies are not banks, RBI cautions
The Reserve Bank of India (RBI) has cautioned members of the public not to deal with co-operative societies undertaking banking business by adding ‘bank’ to their names. “The Banking Regulation Act, 1949 was amended by the Banking Regulation (Amendment) Act, 2020, which came into force on September 29, 2020. Accordingly, co-operative societies cannot use the … Read more