The bank said its advances rose 14% year-on-year to a tad over Rs 1 lakh crore at the end of the December quarter while its deposits jumped 21% year-on-year to Rs 1.2 lakh crore. The loans and advances as on December 31, 2022 are before considering write-offs, the bank said in a regulatory filing to stock exchanges.
To be sure, deposit and lending rates in real terms are much lower than pre-pandemic levels, according to the Reserve Bank of India’s (RBI) monetary policy committee member Rajiv Ranjan.
Talking about new initiatives, Punjab & Sind Bank MD Swarup Kumar Saha said the bank has recently partnered with SBI Card to launch co-brand credit cards for its customers. Available in three variants -- PSB SBI Card ELITE, PSB SBI Card PRIME and PSB SimplySAVE SBI Card -- will have access to a wide suite of exclusive privileges.
JC Flowers, Carlyle Group, Canada-based Fairfax group and Japanese Bank Sumitomo Mitsui are understood to have evinced interest in IDBI Bank during roadshows held by the government for the stake sale. There has been no official confirmation of those that have submitted EoIs.
The 60.72% stake in IDBI Bank is being sold by the government and Life Insurance Corporation (LIC), for which they had invited bids for in October. The last date for which was set for December 16 and later extended to January 7.
The government, which owns 45.48% of IDBI Bank, is looking to divest a 30.48% stake in the lender, alongside state-owned Life Insurance Corp of India (LIC), which will sell a 30.24% stake from its holding of 49.24% in the bank.
The average Indian millennial is likely to experience some ups and downs in their income and financial security in 2023. Read to know more
Mutual fund investments are subject to market risks, which means that your money could go down as well as up in value. Before investing, be sure to read all the scheme related documents carefully.
Investment banking in India decreased in fees by 16% in 2022, making it the lowest annual tally since 2018. Fees collected by investment bankers in 2022 from activities tied to equity markets was 989 million, which was less than the 12 billion fees collected in 2021 and 11 billion fees collected in 2020.