Moody’s Outlook On Indian Banks Remains Stable As Recovering Economy Paints A Positive Picture Ahead

Expecting the banking sector’s financial fundamentals to improve ahead, Moody’s in its research note said, declines in loan-loss provisions and increases in net interest margins will boost banks’ profitability. Capitalization, funding, and liquidity will be stable and support loan growth. In Moody’s opinion, banks operating environment will be stable as the economy gradually recovers from … 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

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

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

Rakesh Jhunjhunwala picks 1.59% in Canara Bank

This is for all the investors who love following the share picks of the veterans. As per the shareholding pattern filed on August 24 by Canara Bank, the Big Bull picked up a 1.59% stake in the bank that is currently valued at Rs 402 crore. The current market price for ready reference is Rs … Read more

SBI, Axis Bank, ICICI Bank, others buy stakes in fintech firm IBBIC

Six banks – State Bank of India, Axis Bank, Indian Bank, Yes Bank, IDBI Bank, and ICICI Bank – on Tuesday said they have bought equity stakes in financial technology platform IBBIC. SBI, Axis Bank, Indian Bank, Yes Bank and IDBI Bank picked up 5.55 per cent stake each, representing 50,000 shares in IBBIC, for … Read more

Reduction in NPAs for PSBs due to write-offs at Rs 1,31,894 crore in FY21: RTI

MUMBAI: Reduction in non-performing assets (NPAs) due to write-offs for public sector banks (PSBs) stood at Rs 1,31,894 crore during fiscal 2020-21, according to an RTI response. The RTI query was filed by Nagpur-based Sanjay Thul seeking information on non-performing assets (NPAs) of state-run banks and bad loans write-off by PSBs in the last ten … Read more