Banking
HDFC Bank set to get a boost from a wider branch network
HDFC Bank, India's most valued lender, has seen a decline in its stock value in the past three months, raising concerns about its impact in the banking sector. The bank's performance has been relatively subdued compared to public-sector lenders, and uncertainties surrounding its merger with its home-financing parent have weighed on the stock. However, HDFC Bank has been focusing on expanding its branch network in areas with limited competition from private banks, allowing it to compete with public-sector banks for deposits. This strategy is expected to benefit the bank in the coming years and drive earnings growth.
Steps to reverse accidental UPI transactions
Contact the customer service department of your bank or UPI service provider right away. Provide all pertinent information, such as the transaction reference number, the date, and the amount. The reversing process cannot be started until this information is obtained.
Indian Bank rolls out digital initiatives to enhance customer experience
Indian Bank has announced a range of digital initiatives to serve its customers, including offering loans up to Rs 25 crore to micro, small, and medium enterprises. The bank has also redesigned its banking processes and launched a 'home loan takeover' scheme, as well as partnering with India Post to offer National Savings Certificates.
RBI cancels licence of Lucknow Urban Co-operative Bank
As per the data submitted by the bank, 99.53 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC, the RBI said. Giving reasons behind the cancellation of the licence, the central bank said Lucknow Urban Co-operative Bank does not have adequate capital and earning prospects.
Banks plan rating model for startups' risk profiling
Banks in India are considering the implementation of a separate rating framework for startups in order to assess their risk profile and provide financing. The move is in response to the government's push for banks to play a larger role in funding startups. A common rating framework would streamline the approval process and ensure timely disbursements.
Depositors' trust is with banks, not fintech companies: Mastercard India chief
Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said that what the fintech companies are challenging is the legacy system in an innovative way.
Efforts on to make NPS available at all bank branches, post offices: PFRDA Chairman
The Pension Fund Regulatory and Development Authority (PFRDA) in India is working on expanding the availability of the National Pension System (NPS) to all bank branches and post offices. Chairman Deepak Mohanty stated that efforts are being made to increase the penetration of pension schemes by making NPS products easily accessible to the public, including those in villages and small towns.
HDFC Bank will be evaluated against global peers, says Jefferies report
"With a market cap of $140 billion, HDFC Bank is now the seventh largest global large-cap bank. In our view, this can add a second dimension to investors' selection processes, whereby HDFC may now be stacked up against banks in global portfolios, not just for emerging market portfolios, and compared with Indian banks," Jefferies analysts Prakhar Sharma and Vinayak Agarwal said in a note.
Bank of Maharashtra fails to attract buyers for loans to Asian Hotels (North)
Bank of Maharashtra did not receive any firm bids for its loans to Asian Hotels (North) at an auction. The reserve price was set at Rs 330 crore, but no asset reconstruction companies submitted firm bids. Asian Hotels (North) had faced financial difficulties due to the impact of Covid-19 and had entered into a one-time restructuring. Lenders agreed to a restructuring proposal involving a moratorium on payments, and the company challenged the declaration of its account as a non-performing loan in court.
Banking & financial companies go all out to retain staff
The likes of Axis Bank, Motilal Oswal Financial Services and IIFL Finance are rolling out measures such as employee stock ownership plans (ESOPs) across the ranks, including the frontline workforce, internal career switch opportunities with promotions and salary increase, quarterly incentives, learning and upskilling opportunities, and festival bonuses, with an aim to create more career growth and earning opportunities at a time when poaching has become rampant.
Must Watch
Cosmos Co-operative Bank concludes 18 mergers
Cosmos bank will have a balance sheet size of around Rs 32,000 crore post the merger with the recent amalgamation adding Rs 200 crore to its balance sheet strength. The latest merger is Cosmos Co-operative bank’s tally of merged banks with itself is 18. With this merger Cosmos Bank now has 50 branches in Mumbai while it has 170 branches in 7 states across India.
RBI cancels licence of Nashik Zilla Girna Sahakari Bank
The Reserve Bank of India (RBI) has cancelled the banking licence of Nashik Zilla Girna Sahakari Bank Limited due to inadequate capital and earning prospects. The bank is now prohibited from conducting any banking activities, including accepting and repaying deposits. The Maharashtra Cooperative Department has been requested to wind up the bank and appoint a liquidator. Depositors will be entitled to receive up to Rs 5 lakh in deposit insurance from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Relief for Kotak Mahindra Bank; SC upholds immunity from penalty, prosecution for non-disclosure of lease rental income
Setting aside the Karnataka High Court order that remanded the matter back to the commission to decide on the immunity from penalty and prosecution in the Kotak Mahindra Bank’s case (formerly ING Vysya Bank), a Bench comprising justices BV Nagarathna and Ujjal Bhuyan said that frequent interference by courts in disputes before such commissions could erode the confidence of the assesses who decide to approach settlement commissions.
Poonawalla Fincorp gets RBI nod to issue credit cards with IndusInd Bank
Poonawalla Fincorp received RBI's approval to issue co-branded credit cards with IndusInd Bank, the company said in a press release on Tuesday. The partnership will enable the company to usher in a new age of flexible and versatile retail credit, said the company in a statement.
RBI cancels licence of Mumbai-based 'The Kapol Co-operative Bank'
Consequent to the cancellation of the licence, the cooperative bank has been prohibited from conducting the business of 'banking' which includes, among other things, acceptance of deposits and repayment of deposits with immediate effect, the Reserve Bank said in a statement.
Review of digital banking units' progress soon
The government wants lenders to use DBUs to push its latest schemes, including PM Vishwakarma, where it offers collateral-free loans at concessional rates to artisans and craftsmen. "The Reserve Bank of India has also asked banks to submit feedback on DBUs. We will be working together with all stakeholders to further push the use of DBUs in digital financial inclusion," said an official aware of the developments, adding that there are almost 100 DBUs functioning all across the country.
BANKING STOCKS
NSEBSE
| Company Name | Latest | Change | %Change | Volume |
|---|---|---|---|---|
| HDFC Bank Ltd. | 1526.3 | 2.6 | 0.17 | 16026891 |
| ICICI Bank Ltd. | 951.9 | 9.3 | 0.98 | 10447334 |
| State Bank of India | 598.55 | 8.6 | 1.45 | 12189735 |
| Kotak Mahindra Bank Ltd. | 1735.7 | 2.5 | 0.14 | 3571729 |
| Axis Bank Ltd. | 1036.7 | 5.8 | 0.56 | 9528626 |
