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Public sector banks likely to remove minimum balance fines

Economic Times

Economic Times · 1m ago

Public sector banks likely to remove minimum balance fines

Public sector banks in India are considering the removal of minimum balance fines in savings accounts. This shift follows discussions with the finance ministry due to a decrease in the share of current and savings accounts in total deposits. Notably, banks like Canara Bank and Punjab National Bank have already eliminated these penalties. The move aims to adapt to changes in banks’ liability profiles and the increasing role of digital banking, seeking alternative ways to recover account maintenance costs.

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Banks' NPA to worsen but sector stress testing shows sector remains well placed, says RBI

Economic Times

Economic Times · 1m ago

Banks' NPA to worsen but sector stress testing shows sector remains well placed, says RBI

The Reserve Bank of India's Financial Stability Report highlights that gross non-performing assets (NPAs) in banks are expected to rise slightly, yet the sector remains robust with strong capital buffers and low non-performing loans. India's banking system, supported by healthy corporate balance sheets and economic growth, is well-prepared despite global uncertainties. Stress tests indicate that even under adverse conditions, banks will maintain capital adequacy above the regulatory minimum, showcasing resilience against potential macroeconomic shocks and liquidity challenges.

Home Loan Rates Drop After RBI Cut — Big Relief for Existing Borrowers!

StartupTalky

StartupTalky · 2m ago

Home Loan Rates Drop After RBI Cut — Big Relief for Existing Borrowers!

In response to the RBI's 50 basis-point repo rate cut, major public sector banks, including Bank of Baroda and Punjab National Bank, have reduced their lending rates, providing relief to existing borrowers of floating-rate loans. However, new borrowers might not benefit as significantly due to banks adjusting their spreads. As banks aim to maintain profitability, the fixed deposit returns are likely to decrease, balancing credit availability and economic growth against competition within the Indian banking sector.

Is there really a structural change in bank deposit growth?

Money Control

Money Control · 11m ago

Is there really a structural change in bank deposit growth?

Finance Minister Nirmala Sitharaman has urged public sector banks to increase their deposits through special drives. This comes as the Reserve Bank of India (RBI) has repeatedly highlighted the growing gap between bank deposits and bank credit. The RBI governor noted that retail customers are finding alternative investment avenues more attractive. Sitharaman's call to action is aimed at bridging this gap and ensuring a balance between deposits and credit in the banking sector.

X plans purchase of last $1.2 billion buyout debt held by banks

Economic Times

Economic Times · 4m ago

X plans purchase of last $1.2 billion buyout debt held by banks

Elon Musk's X is considering purchasing around $1.2 billion of second-lien debt related to the social network's buyout, which Wall Street banks have held. This repurchase could be partly financed by a recent equity raise but isn't final yet. The transaction would enable banks, led by Morgan Stanley, to remove risky loans associated with Musk's $44 billion acquisition of Twitter in 2022 from their balance sheets. X's financial improvements and AI ventures aided this decision.

The five state banks that won a 2-year extension from Sebi might need more time

Livemint

Livemint · 1y ago

The five state banks that won a 2-year extension from Sebi might need more time

Five state-owned banks in India risk missing the extended deadline to meet the minimum public shareholding requirement set by the Securities and Exchange Board of India. The banks, including UCO Bank, Central Bank of India, Punjab and Sind Bank, Bank of Maharashtra, and Indian Overseas Bank, have been given an additional two years to increase their public shareholding to 75%. However, it is anticipated that they will require at least three more years to reach the mandated level. Qualified institutional placements are being considered to reduce the government's stake in these banks gradually.

Public sector banks surge to 43% market share in home loans, overtaking private lenders

Economic Times

Economic Times · 29d ago

Public sector banks surge to 43% market share in home loans, overtaking private lenders

Public sector banks in India have surpassed private lenders in the home-loan segment, capturing a 43% market share by FY25, up from 34% in FY22. This shift is credited to competitive rates and government efforts to enhance home ownership. The data highlights a significant decline in private banks' market share, which fell to 29.8% from 42.6% during the same period. Public sector banks have now become major players in mortgage financing.

Amazon Web Services to provide cloud computing services to public sector banks

Economic Times

Economic Times · 10m ago

Amazon Web Services to provide cloud computing services to public sector banks

Amazon Web Services (AWS) India has been chosen to provide cloud computing services to the Public Sector Bank Alliance (PSBA) in India. PSBA is a collaboration of 12 public sector banks and serves as a nodal body for their technology-enabled banking services. AWS will offer its comprehensive cloud services through PSBA's Community Cloud Services, simplifying the procurement process for public sector banks. AWS has also been adopted by the National Health Authority (NHA) and Government e-Marketplace (GeM) in India for scaling digital operations. These partnerships showcase India's commitment to becoming a digital nation.

Banks' asset quality to improve further over next 12 months: RBI report

VCCircle

VCCircle · 1y ago

Banks' asset quality to improve further over next 12 months: RBI report

According to a report released by the Reserve Bank of India (RBI), the asset quality of Indian banks is expected to further improve over the next 12 months. The report shows that the gross non-performing asset (GNPA) ratio of banks decreased to 3.2% as of September 2023. Under the baseline scenario, the GNPA ratio is predicted to improve to 3.1% by September 2024. The report also highlights the stability and resilience of India's financial sector, with banks being well-capitalized and able to meet minimum capital requirements even under severe stress scenarios.

Zetwerk To Invest INR 500 Cr To Expand Renewables Manufacturing Capacity

Inc42 · 10m ago

Zetwerk To Invest INR 500 Cr To Expand Renewables Manufacturing Capacity

- Zetwerk plans to expand in the offshore wind segment in the US and Europe through a new investment. - The investment will be funded through a mix of debt and equity from Zetwerk's balance sheet. - The company sees the solar sector in India and the US as a long-term opportunity, in line with India's target to reach 500 gigawatts of solar energy generation capacity by 2030. - Zetwerk has initiated discussions with investment banker JP Morgan and other banks to explore the possibility of a public listing within the next two years.

Curbing cyber fraud: RB(A)I wants more banks to join hunt for mule accounts

Economic Times

Economic Times · 8m ago

Curbing cyber fraud: RB(A)I wants more banks to join hunt for mule accounts

The Reserve Bank Innovation Hub (RBIH) in India is discussing collaboration with ten public and private banks to promote the adoption of its AI-powered tool, Mulehunter.Ai, which detects instances of financial fraud linked to mule accounts. Two large public sector banks have already implemented the platform. Mule accounts are bank accounts used to receive and transfer illegally obtained funds. The Mulehunter.Ai platform has been trademarked and developed based on insights from multiple banks, identifying nineteen patterns of misuse. The RBIH aims to accelerate technology adoption in the banking sector and improve fraud detection accuracy while reducing the time taken for verification.

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