Banking Sector

Syndicate Bank terminates service of SK Jain as CMD

SK JainNew Delhi: Syndicate Bank's has terminated the service of its suspended CMD S K Jain who has been accused in a bribery case.

Jain and a co-accoused were yesterday remanded in CBI custody till today by a special court after the agency said they were required to be confronted with alleged middleman Purushottam Totlani.

S K Jain, CMD of Prakash Industries Limited Ved Prakash Agarwal, Bhushan Steel Ltd Vice Chairman and Managing Director Neeraj Singal, middle-man Vineet Godha and other accused were arrested by CBI in connection with the case.

SBI's new fixed deposit rates effective from today

State Bank of IndiaNew Delhi: Anticipating a lower credit offtake than what was expected, State Bank of India (SBI) has revised its fixed deposit rates Thursday onwards.

The bank in a statement said it has decided to cut the deposit rates by 25 basis points (0.25 percent) to 8.75 percent on deposits of 1-3 year duration.

On the other hand, the bank revised upwards the interest rates by 0.25 percent on deposits for 180-210 days.

According to SBI, the rate adjustment will continue to ensure that the savers are compensated adequately as the inflation rate is also going down.

The interest rates on other deposit durations remain unchanged.--PTI

Bank of Maharashtra celebrates 80th foundation day

Bank of MaharashtraNew Delhi, Sept 17 : The Bank of Maharashtra celebrated its 80th foundation day here on Wednesday by organizing a meet with customers, with similar functions being held all over the country.

The executive director of Bank of Maharashtra, RK Gupta, greeted all the customers of the bank on the occasion. He said that the organisation had now crossed the business level of Rs two lakh crores.

On the occasion, the bank also presented a cheque for Rs 51,000 to the non-profit non-governmental organisation (NGO) Tamana , which works for mentally retarded, multiply challenged and autistic children. (ANI)

Jan Dhan Yojana "great opportunity" for "stressed" banking sector: Uday Kotak

Uday KotakNew Delhi, Sept 16 : Hailing Prime Minister Narendra Modi 's visionary 'Jan Dhan Yojana', Uday Kotak, Executive Vice-Chairman and Managing Director of Kotak Mahindra Bank Limited, said today that the financial inclusion scheme offered great opportunity for a "stressed" Indian banking sector.

Banks' commission for DBT scheme to be doubled

Raghuram RajanMumbai : Finance Ministry is in the process of finalising the commission to banks at 2 percent of the quantum of funds they transfer to individual beneficiaries under the government's direct benefit transfer (DBT) scheme.

"The issue of commission is in the final stages and the order will be issued for paying 2 percent commission to banks shortly," Anurag Jain, joint secretary (financial inclusion and chief vigilance officer) in Finance Ministry said at a Ficci-organised banking summit through video conferencing this evening.

The present rate of commission is 1 percent.

RBI Governor calls PM Jan Dhan Yojana biggest financial development

Raghuram RajanMumbai, Sept 15 : Reserve Bank of India ( RBI) Governor Raghuram Rajan said here on Monday that Prime Minister Narendra Modi's Pradhan Mantri Jan Dhan Yojana ( PMJDY) is the biggest development in terms of financial inclusion.

"When we talk of financial inclusion, the biggest development has been Prime Minister's Jan Dhan Yojana, financial access has to be a national priority. Jan Dhan Yojana is a good scheme, the target should be universal reach, not speed and numbers," said Rajan.

Axis Bank once again features in Forbes Asia's FAB 50 list

Axis BankMumbai, Sep 4, - Axis Bank which is India's third largest private bank has been featured in Forbes Asia's FAB 50 list of 2014. This is the fourth time that Axis Bank has been featured and is amongst the only two banks in this renowned list.

The FAB 50 comprises of the best of Asia-Pacific's biggest publicly traded companies, chosen from a pool of 1,300 companies in the region that have at least USD 3 billion in market cap or annual revenue.

These companies are further screened on the basis of a long series of performance measures. Axis Bank is amongst a dozen Indian corporate firms featured in this list.

RBI asks banks to set timeline to process loans

RBI asks banks to set timeline to process loansMumbai: To expedite credit decision, the Reserve Bank Monday asked banks to set a timeline for disposal of loan proposals but did not ascribe a particular time frame for the same.

"Banks should clearly delineate the procedure for disposal of loan proposals, with appropriate timelines, and institute a suitable monitoring mechanism for reviewing applications pending beyond the specified period," RBI said in a notification.

Indian Bank to revise interest rates from tomorrow

Indian-BankChennai: Public sector Indian Bank will revise its interest rates on the foreign currency non-resident (banking) term deposits from tomorrow.

"For FCNR (B) deposits, in USD, the revised interest rate has been revised to 2.34 percent (from 2.36) for deposits of one year and above but less than two years", the Chennai-based bank said in a statement.

For deposits of two years and above but less than three years, interest rates have been revised to 2.71 percent from the existing 2.76 percent.

SBI cuts interest on home loan by up to 0.15%, makes rate structure uniform

SBI cuts interest on home loan by up to 0.15%, makes rate structure uniformNew Delhi - Country's largest bank SBI on Tuesday slashed home loan rate by up to 0.15 percent on housing loan and removed the slab for advances, a development which will have bearing on mortgage rate of other lenders.

Home loan of any amount would now be available at 10.15 percent while for women borrower the rate of interest would be 10.10 per cent, SBI said in a corrected press statement.

The base rate or the minimum lending rate below which the bank cannot lend is 10 percent.

PNB launches housing loans at 10.25%

Punjab National BankNew Delhi - To increase business in the festival season, Punjab National Bank (PNB) Tuesday said housing loan of up to Rs 2 crore will attract 10.25 percent interest rate and also announced full waiver of processing fee and documentation charges on housing, car and two-wheeler loans.

Under the festival season bonanza offer for retail loans, housing loans of over Rs two crore will attract interest of 10.50 percent.

The festival bonanza, launched today, would contribute to the growth of GDP and with the onset of festival season, PNB said in a statement.

FinMin orders forensic audit of UCO Bank

FinMin orders forensic audit of UCO BankNew Delhi - The government has ordered limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out any irregularities in sanction of loans.

"We have ordered a limited forensic audit after complaints were filed with regards to some accounts. Those accounts have turned non-performing," official sources said.

This is the fourth public sector bank where forensic audit is being conducted after alleged cash-for-loan scam came to light with the arrest of Syndicate Bank Chairman and Managing Director S K Jain earlier this month.

Income tax dues can be paid at RBI offices, 29 banks

Income tax dues can be paid at RBI offices, 29 banksMumbai - Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.

"Pay IT dues in advance at RBI or at authorised bank branches... These will obviate the inconvenience involved in standing in long queues at the Reserve Bank offices," RBI said in a notification Tuesday.

It said the assessees can use alternate channels like select branches of banks or the facility of online payment of taxes offered by these banks.

RBI sees no big impact of weak monsoon on growth, farm output

RBI sees no big impact of weak monsoon on growth, farm outputMumbai : The impact of weak monsoon so far this year on India's farm production and economy is likely to be limited, the central bank said today, as rainfall levels have improved considerably over the past one month.

In its annual report for 2013-14 released Thursday, the RBI said even if the rainfall is normal in rest of the monsoon season (June to September), some deficiency will stay but it will not have a debilitating impact on the economy.

Canara Bank expects Rs 500 cr capital from govt this fiscal

Canara-BankKolkata: State-owned Canara Bank on Thursday said it is expecting a capital infusion of Rs 500 crore from the government this fiscal.

"We are expecting a capital infusion of Rs 500 crore from the government this fiscal," Canara Bank CMD R K Dubey said.

The bank is already Basel-III compliant, he said, adding that it would require additional capital to support its lending activity.

For this purpose, the bank was awaiting the finance ministry's nod for a QIP (qualified institutional placement) of Rs 3,000 crore which it plans to raise.

RBI asks bankers to be innovative on home loans

RBIMumbai : Reserve Bank Deputy Governor R Gandhi Wednesday asked lenders to be more financially innovative in designing home loan products and suggested creation of a periodic deposit-linked facility.

"There is a need with respect to financial innovation, with respect to loan products. One such product would be savings-induced home loans or a home loan deposit," Gandhi told a gathering of realty players here.

Standard Chartered agrees to pay $300m penalty to NY regulator

standard-charteredLondon, Aug 20 : Following failure to improve money laundering controls, Standard Chartered has reportedly agreed to pay 300 million dollars (180m pound) in penalty to New York's top banking regulator.

According to the BBC, the British bank has also been banned from accepting new dollar clearing accounts without the state's approval.

The New York State Department's Benjamin M Lawsky said that if a bank fails to live up to its commitments, there should be consequences.

ICICI offers EMI scheme on debit card purchase

ICICIMumbai: Private sector lender ICICI Bank on Tuesday launched an equated monthly instalment (EMI) scheme on debit card purchases, making it the first of its kind facility.

All debit card holders, however, are not eligible for this facility. Only those with fixed deposits with the bank can avail of this scheme. EMIs have been fixed at three, six, nine and 12 months, the bank said in an official statement issued here today.

Under EMI facility, the bank will charge an interest rate of 13 per cent on debit card purchases that will be linked to the amount in fixed deposits.

Other banks offer EMI facility to their credit card holders on purchases.

HDFC Bank opens branch in Dubai

HDFC-BankNew Delhi: Expanding its global footprint, HDFC Bank has opened a branch in Dubai to provide wealth management services to large Indian diaspora in the Gulf city.

This is the bank's third overseas branch after Bahrain and Hong Kong, the bank said in a statement.

In the United Arab Emirates, the second largest private lender has representative offices in Dubai and Abu Dhabi, and plans to continue running both of them, it said.

"The new branch at Dubai International Finance Centre (DIFC) will offer advisory services to NRIs regarding treasury products, trade finance, loans and other related services," it said.

China's bad bank loans climbs to $112.84 billion

China-bad-bankBeijing: The non-performing loans for commercial banks in China climbed to USD 112.84 billion in the last four months, registering a increase of 1.08 percent, and sparking concerns a slow economy could weigh on banks.

By the end of June, non-performing loans in the banking sector stood at 694.4 billion yuan (USD 112.84 billion), a jump of 48.3 billion yuan from the previous quarter, according to a report released by China Banking Regulatory Commission.

The regulator said the banks' credit risks were slightly up but the quality of their credit assets remained generally stable.

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