Earlier, banks used to consider only operating profit as the yardstick. However, for the financial year 2023-24, each Bank can decide any of the following parameters for granting the PLI .
Month: July 2024
News brief| Finmin asks private sector banks to step up efforts on financial inclusion
In a meeting with bank chiefs, the DFS secretary reviewed private sector banks’ performance and participation in furthering the cause of financial inclusion.
PNB Introduces Safety Ring Mechanism to Enhance Security for Internet and Mobile Banking Users
Safety Ring is an optional feature that allows customers to set a daily transaction limit with respect to term deposits (TD) on online closure or availing overdraft facility on TD’s up to the set limit amount.
For Malaysia’s Islamic Banks Funding Fix May Be A Five-Year Wait, Report Says
Profitability of Islamic banks could stay lower than the sector in 2024 as well. Elevated deposit rates are exacerbated by intense competition for pricing household loans and financing in Malaysia’s saturated banking sector.
RBI cancels permits of Polytex India and Star Finserv citing rule violations
In the case of Polytex, the RBI said it has violated the violated RBI guidelines on code of conduct in outsourcing of financial services by outsourcing its core decision-making functions related to client sourcing, Know Your Customer (KYC) verification, credit appraisal, loan disbursal, loan recovery, follow up with borrowers and attending and resolving complaints from borrowers, the RBI said.
Mashreq appoints Tushar Vikram as Country Head and CEO of India
Mashreq, one of the leading financial institutions in the MENA region, has appointed Tushar Vikram as its new Country Head and CEO of India, starting June 2024. In his new role, Tushar…
Goldman sachs report says India likely to stick to fiscal consolidation in Budget 2024-2025
Goldman Sachs on 8 July said the general government is likely to stick to the announced fiscal deficit target of 5.1% of GDP for FY25 (or even slightly lower) and announce further…
India’s private sector banks lead market cap gains on stronger metrics, says S&P Global Market Intelligence
India’s private sector banks led gains in market capitalization in the three months to June 30 amid improvement in their financial metrics and positive sentiment in the Indian stock market, according to…
Rainfall picks up; sowing status better than last year, says Emkay economist Madhavi Arora
Retail food prices stay higher due to persistent heatwave conditions
Hindenburg shared Adani report with client two months before publishing it: Sebi
Sebi charged Hindenburg of making ‘unfair’ profits from ‘collusion’ to use ‘non-public’ and ‘misleading’ information and induce ‘panic selling’ in Adani Group stocks.