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banking and financial services

Attention account holders! RBI cancels licence of THIS bank — this is how depositors can withdraw their hard-earned money

Attention account holders! RBI cancels licence of THIS bank — this is how depositors can withdraw their hard-earned money

Fri, Nov 11, 2022

Babaji Date Mahila Sahakari Bank's licence stands cancelled with immediate effect from the close of business on Friday (November 11, 2022)

Moratorium on Yes Bank credit negative, affects timely repayment of bank depositors: Moody's

Moratorium on Yes Bank credit negative, affects timely repayment of bank depositors: Moody's

Fri, Mar 06, 2020

RBI has imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect

Yes Bank account holder? ALERT! Cash withdrawal amount capped at just Rs 50,000; ban on loans imposed

Yes Bank account holder? ALERT! Cash withdrawal amount capped at just Rs 50,000; ban on loans imposed

Fri, Mar 06, 2020

Yes bank account holders will not be able to withdraw more Rs 50,000 from their deposits, this amount is to be stretched over a month.

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SBI-Yes Bank stake buy: Board gives 'in-principle' approval for investment in troubled private bank

SBI-Yes Bank stake buy: Board gives 'in-principle' approval for investment in troubled private bank

Fri, Mar 06, 2020

The SBI boards has given largest lender an approval to invest in the capital-starved Yes Bank

Rana Kapoor replacement for chairman post finalised, says Yes Bank; name to be sent to RBI for approval

Rana Kapoor replacement for chairman post finalised, says Yes Bank; name to be sent to RBI for approval

Thu, Dec 13, 2018

Yes Bank Thursday said it has finalised a candidate for the position of chairman and would be seeking approval from the Reserve Bank of India.

Yes Bank's MD Rana Kapoor in talks with Madhu Kapur for truce

Yes Bank's MD Rana Kapoor in talks with Madhu Kapur for truce

Wed, Nov 21, 2018

The confirmation on the speculation comes three months ahead of the January 31, 2019 deadline by which Kapoor is supposed to leave office as per an order of RBI curtailing his tenure. "...Efforts are underway for mutual resolution with Madhu Kapur and family, the Co-promoter of the Bank. This is intended to ensure better support and coordination by the two promoter groups with the Board of Directors of the Bank," the bank said in a late evening statement.

Chanda Kochhar controversy roils ICICI Bank AGM

Chanda Kochhar controversy roils ICICI Bank AGM

Thu, Sep 13, 2018

Chanda Kochhar has been away from office following an enquiry initiated under the retired Supreme Court judge BN Srikrishna late May, but continues to hold onto her position as the managing director & chief executive, was absent at the AGM.

Money Alert! Cibil data can be "gamed"; check view on income tax returns too

Money Alert! Cibil data can be "gamed"; check view on income tax returns too

Wed, Sep 12, 2018

The warning by one of the largest private sector lenders comes even as banks, including ICICI Bank itself, and new-age fintechs are increasingly using credit scores issued by companies like Cibil and other online tools to assess creditworthiness of a borrower for quicker turnaround of credit proposals.

Banks closure: Finance Ministry dismisses rumours, says banking activity will continue

Banks closure: Finance Ministry dismisses rumours, says banking activity will continue

Fri, Aug 31, 2018

A Finance Ministry statement said, "It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September. Banks will only observe holidays on Sunday, September 2, and second Saturday, September 8."

SBI account holder? You may lose your money, if you do these 5 things

SBI account holder? You may lose your money, if you do these 5 things

Wed, Aug 29, 2018

SBI said that it would never seek sensitive information from its account holders like user ID, PIN, password, CVV, OTP, VPA (UPI) etc from you. If anyone asks you about these details, never tell them, otherwise, you will be at loss. This applies even if someone cites the bank's name.

Berkshire-Paytm deal: Vijay Shekhar Sharma credits one of board members for the pact

Berkshire-Paytm deal: Vijay Shekhar Sharma credits one of board members for the pact

Tue, Aug 28, 2018

Berkshire-Paytm deal: Sharma termed it as the most incredible part of this investment deal. On being asked about why did Berkshire choose Paytm, he told the business channel that he cannot comment on how Berkshire chose his company as he was familiar with Berkshire's selection criteria.

Dena Bank has shifted its focus on recovery of loans: Ramesh Singh, ED, Dena Bank

Dena Bank has shifted its focus on recovery of loans: Ramesh Singh, ED, Dena Bank

Fri, Aug 24, 2018

Ramesh S Singh, Executive Director, Dena Bank, in an exclusive interview with Zee Business, said, "in absence of the provision of issuing fresh loans, the bank has shifted its focus on recovery".

Why Deepak Parekh made massive claim about mutual funds AUM

Why Deepak Parekh made massive claim about mutual funds AUM

Fri, Aug 24, 2018

Besides, structural reforms like a formalisation of the Indian economy, financialisation of savings, financial inclusion endeavours, rising share of EPFO funds being allocated to equities, will all play out in strengthening the flows to the mutual fund industry.

Yes Bank, Axis Bank, others under-reported NPAs, says report

Yes Bank, Axis Bank, others under-reported NPAs, says report

Thu, Aug 16, 2018

The apex bank is examining as to whether banks have followed prudential norms in respect of their stressed assets, a senior public sector bank official told PTI.

Banks, FIs sign pact to fast track resolution of bad loans under consortium lending

Banks, FIs sign pact to fast track resolution of bad loans under consortium lending

Mon, Jul 23, 2018

Under the pact, which is part of project 'Sashakt', each resolution plan will be submitted by the lead lender to an Overseeing Committee. "The lead lender that is the lender with the highest exposure shall be authorized to formulate the resolution plan, which shall be presented to the lenders for their approval," an official statement said.

LIC board approves proposal to acquire 51 pct stake in IDBI Bank

LIC board approves proposal to acquire 51 pct stake in IDBI Bank

Mon, Jul 16, 2018

According to the Economic affairs secretary, using this route rather than LIC directly buying the government’s stake in IDBI Bank will ensure that the latter receives the capital. He reportedly said that an open offer may not be required as the public shareholding in IDBI Bank is merely 5 percent, adding “LIC will go through the process and make the open offer if necessary, but it is not very material.”

Allahabad Bank mulls reducing stakes in JV, associate cos to trim bad assets

Allahabad Bank mulls reducing stakes in JV, associate cos to trim bad assets

Thu, Jul 12, 2018

Public sector Allahabad Bank today said it is mulling to off-load non-core assets like shareholding in various joint ventures and sell immovable properties to shore up its capital base. In compliance with government directives under PSBs Reform Agenda, the bank has initiated various steps to leve

Syndicate Bank, OBC, Bank of India raise rates by up to 0.15%

Syndicate Bank, OBC, Bank of India raise rates by up to 0.15%

Fri, Jun 08, 2018

The MCLR of six-month tenor will bear interest rate of 8.45 per cent, up 0.10 per cent from current rate of 8.35 per cent. BoI said the enhanced rates would come into effect from June 10, 2018. Oriental Bank of Commerce (OBC) has raised its lending rates for select tenors by up to 0.15 per cent to be effective from June 11.

Is Videocon row forcing Chanda Kochhar led ICICI Bank to do what it knows best?

Is Videocon row forcing Chanda Kochhar led ICICI Bank to do what it knows best?

Wed, May 09, 2018

Interestingly Chanda Kochhar, managing director and chief executive officer, ICICI Bank, has given a two-year horizon till 2020 for implementing the de-risking strategy. During this period, the bank will preserve its retail deposit franchise and digital banking initiatives, change its loan mix while growing its balance-sheet.

Indian corporate banking industry re-imagining way it operates; BCG-SWIFT report shows way forward

Indian corporate banking industry re-imagining way it operates; BCG-SWIFT report shows way forward

Tue, May 08, 2018

Saurabh Tripathi, Senior Partner and Director at BCG and the co-author of the report, says, “Corporate banks will have to re-design their products and processes by putting the customer at centre of the design. Digitization in corporate banking industry has been largely ignored over the years whereas the customers now expect far more digital readiness from the banks."

Videocon loan row: ICICI Board has made its stand clear, says Chanda Kochhar

Videocon loan row: ICICI Board has made its stand clear, says Chanda Kochhar

Tue, May 08, 2018

Chanda Kochhar said the meeting on Tuesday will be a routine one to discuss the budget for the year. On being asked on her name being dragged into the controversy and her personal clarification on the issue, Kochhar reiterated that the Board has made its stand clear and that she has nothing more to add to the issue. “The Board meeting tomorrow is the regular meeting for finalising our budget for the next financial year,” Kochhar said.

This is why Rs 13,500cr PNB fraud case went undetected

This is why Rs 13,500cr PNB fraud case went undetected

Tue, May 01, 2018

PNB fraud case: The report, submitted to the Ministry of Corporate Affairs (MCA), focuses on how to deal with frauds and irregularities of a serious nature that have big financial implications. The ICAI, which works under the administrative control of the MCA, had constituted a high powered group in February to look into the PNB scam. Further action on the report will be taken by the government soon. “We are studying the report and will take action wherever it is necessary,” a highly placed source in the government told DNA Money.

PNB fraud case crackdown: Gitanjali Group's vice president detained by CBI

PNB fraud case crackdown: Gitanjali Group's vice president detained by CBI

Tue, Mar 06, 2018

PNB fraud: The Rs 12,636-crore fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. It is alleged that Choksi and Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims.

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