RBL Bank aims to increase its net interest margin (NIM) to 5.2% by March 2024 as it increases the share of higher-yielding assets in its loan book, while maintaining a share of unsecured loans such as credit cards and microfinance of more than 20% each year until March 2026. The bank intends to increase secured retail assets such as mortgages and loans against property to achieve a higher yield, and aims to reduce its wholesale lending from 44% to 30% of its loan book by end-FY26.
Financial Services Secretary Vivek Joshi on Saturday asked banks to collaborate and create policies for mobilizing capital towards green finance. Speaking at a seminar on 'Climate Finance and Risk', Joshi highlighted the fact that the financial sector is well positioned to incite a behavioural change in corporates and contribute towards building a sustainable society.
The Reserve Bank of India conducted a statutory inspection of the company concerning its financial position as of March 2021, and an examination of the risk assessment report, inspection report, supervisory letter, and all related correspondence pertaining to the same, had revealed non-compliance with the aforesaid directions to the extent it did not classify certain gold loan accounts with over-dues of more than 90 days as non-performing assets.
State Bank of India (SBI) on Friday paid a dividend of Rs 5,740 crore for the financial year 2022-23 to Finance Minister Nirmala Sitharaman. The dividend cheque was presented by SBI chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi.
Deposits in commercial banks in India increased by INR 3.26 lakh crore to INR 187 lakh crore in the first two weeks after the Reserve Bank of India announced the withdrawal of INR 2,000 notes, according to the latest data. Term deposits rose INR 2.65 lakh crore while demand deposits increased by INR 760,968 crore, resulting in an annual deposit growth rate of 11.8%, compared to 9.3% last year.
Vishwanathan has been appointed for a period of three years, Axis Bank said in a press release.
Vasudevan's current term as MD & CEO expires on July 22, 2023.​​​​ He had announced his intention to step down in May this year to devote his time towards social welfare through his public charitable trust.
As India explores defence exports to Africa based on the growing interests for Indian defence equipment in the continent, future LoCs could cover defence, according to Bangari.
Kotak Mahindra Bank has said that it has attracted INR54bn ($790m) in deposits as a result of the Reserve Bank of India's withdrawal of INR2,000-denomination notes. Many of the funds have come into current accounts held by the bank’s business customers. Kotak’s president for retail liabilities and branch banking, Virat Diwanji, warned that the increase in deposits was a temporary phenomenon, as the businesses would eventually deploy the same money for other purposes such as paying vendors.