State-run Punjab National Bank (PNB) charged Rs 633 crores in financial year 2023-2024 from customers as penalty for non-maintenance of minimum balance in savings accounts, according to data submitted by the Government…
The K-factor in Indian banking
Kotak’s claim that its group subsidiary KMIL or KIOF the fund managed by KMIL was unaware of Hindenburg association with one of its prominent investors, who made a fortune shorting Adani’s share last year, doesn’t pass the smell test.
Manoj Mittal takes charge as Chairman and Managing Director of SIDBI
Manoj Mittal takes charge as Chairman and Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI), following his appointment by the Government of India. Shri Manoj Mittal has over…
Exclusive| Modi Government puts PSB privatisation plan in the backburner
On 10 July, BizNewsweek exclusively reported that the Union Finance minister Nirmala Sitharaman is unlikely to take up bank privatisation in the Budget 2024-25, according to highly placed sources in the government.
RBI issues Prompt Corrective Action Framework for Primary Urban Co-operative Banks
The Reserve Bank of India (RBI) on July 26 issued Prompt Corrective Action (PCA) framework for Primary (Urban) Co-operative Banks. The Reserve Bank had issued a Supervisory Action Framework (SAF) as an…
Bank employee unions to take up PSB privatisation, hiring issues at AIBEA Chennai convention on 11-12 August
The third national youth convention of All India Bank Employees Association (AIBEA) will be held in Chennai on 11 and 12 of August, said the organization in a press statement. C Srikumar,…
Explained: What does RBI’s new LCR norms mean for banks?
On Thursday, the Reserve Bank of India (RBI) released draft norms for banks concerning the Liquidity Coverage Ratio (LCR). The new guidelines require banks to maintain a higher stock of liquid securities…
Mahindra Finance gets IRDA license to operate as corporate agent, to augment fee income, says Chairman
Non-banking finance company, Mahindra Finance has received a certificate of registration from insurance regulatory authority to act as a corporate agent to offer products in life, health and motor insurance, said Chairman…
RBI may soon issue norms on stress testing of climate-related financial risks, says deputy governor
The Reserve Bank of India (RBI), in the near future, plans to release norms on stress testing of climate-related financial risks, said a deputy governor on July 19. RBI has taken proactive…
Yet another coopertaive bank bites the dust
As per the data submitted by the bank, about 99.80% of the depositors are entitled to receive full amount of their deposits from DICGC.