South Indian Bank on Sunday bagged the world record for organising a first-of-its-kind category event of staging and swinging 101 'oonjals' simultaneously at a single venue. South Indian Bank MD and CEO Murali Ramakarishnan along with its group business head Thomas Joseph K received the World Book of Records certification.
Everyday, hundreds of Indians get affected due to replying to a fake message or email, which turn out to be bank frauds. Here are some tips to identify a fake message from the bank.
"The bank does not have adequate capital and earning prospects," the RBI said. It also stated that the bank's current financial situation would prevent it from paying its current depositors in full. The Seva Vikas Co-operative Bank is prohibited from conducting banking business, which includes, among other things, accepting deposits and repaying deposits, with immediate impact, according to the RBI.
The financial bids for the sale will be invited by March and the process is expected to conclude by September 2023. Union government along with Life Insurance Corporation (LIC) invited preliminary bids for selling 60.72% stake in IDBI Bank last week. The deadline for putting in Expression of Interest (EoI) is December 16.
Banks will have to treat such credit facilities unrated and assign applicable risk weights, the Reserve Bank of India said. To put it simply, if a borrower avails credit facilities from three banks -- A, B and C and the external rating firm does not make such disclosure, none of the banks can reckon the said rating, and therefore has to follow higher risk weights norms -- 100% or 150% as applicable.
A strong credit growth in the second quarter shows that the economy is on the mend and consumers are not holding back amid higher inflation and tightening interest rates. India's largest private lender HDFC Bank's loan book showed a remarkable growth of 23% in the July-September quarter, a good 700 basis points or 7% above the systemic growth.
The RBI guidelines have barred corporates from being even a minority shareholder in consortium wanting to bid for 60 per cent stake in IDBI Bank's strategic sale process. The current RBI norms bar industrial houses from becoming bank promoters, an official said. As per the RBI guidelines, industrial houses can hold a maximum of 10 per cent stake in private sector banks, but they cannot be a promoter.
The lending universe continues to remain skewed with the top 10 states including Tamil Nadu and Uttar Pradesh accounting for 80 percent of microfinance portfolio this year, according to a report by credit bureau CRIF high Mark. Data compiled by the credit bureau indicates that the asset quality in the sector is improving.
