Private banks News

The Ministry of MSME recently launched a sub-scheme “MSME Trade Enablement and Marketing Initiative” (MSME-TEAM Initiative), which aims at assisting five lakh MSMEs to onboard the ONDC platform. 

For the period under review, ICICI Bank had provided Rs 1,292.44 crore up from Rs 1,143.82 crore the previous corresponding period. ICICI Bank’s gross non-performing assets as on June 30 stood at Rs 31,822.39 crore as compared to Rs 33,163.15 crore as on June 30 last year. 

Post-merger, HDFC Bank will become the fourth most valued lender in the world, and narrow the gap by asset size with state-owned SBI to be the second largest Indian bank. The total business of the merged entity stood at Rs 41 lakh crore at the end of March 2023. With the merger, the networth of the entity would be over Rs 4.14 lakh crore.

Private lender Axis bank has increased the interest rate on Fixed Deposit (FDs) below 2 crore by 25 bps. The new rates will be effective from September 9. The bank has raised the interest rates on different tenor FDs.

According to current norms, a promoter of a private bank needs to pare holdings to 20 per cent within 10 years. The report also says there is no need to fix any cap on the promoters' holding in the initial five years. The promoters if desires, can choose to bring down holding to even below 26 per cent, any time after the lock-in period of five years.

All banks are closed on Republic Day (January 26), Independence Day (August 15), Gandhi Jayanti (October 2), and Christmas Day, according to the RBI list (December 25). Banks are also closed on holidays like Diwali, Christmas, Eid, Guru Nanak Jayanthi, and Good Friday.

Union Finance Minister Arun Jaitley on Saturday said that poor performance by private investors and banks still remains a challenge for the Indian economy.

The Reserve Bank of India (RBI) has asked all agency banks -- all public sector banks and some private banks -- to remain open on all days between March 25 and April 1.

In the first major organised protest against the government`s "anti-people banking reforms", 10 lakh bank employees and officials staged a strike on Tuesday, bringing banking operations across the country to a halt.

China's banking regulator on Tuesday gave approval to five new private banks aimed to boost financial support for smaller firms, bringing the total number of private lenders in the world's second largest economy to 16.

Government has set parameters for public sector banks for receiving capital support and only those lenders which fulfil the criteria post third quarter results would be eligible for funds.

Notwithstanding rising bad loan problems in the system, sale of stressed assets to asset reconstruction companies (ARCs) in 2015-16 was only a trickle of the NPA mount at 2 per cent of the total of nearly Rs 5.8 trillion, which is down a whopping 20 percent from previous year, says a report.

An advisory body of EPFO has rejected a proposal to engage private banks -- ICICI, Axis and HDFC Bank -- for collection of PF contribution from employers.

HDFC Bank's Aditya Puri saw the maximum jump in remuneration among private bank chiefs in 2015-16, with a 31 per cent growth at Rs 9.73 crore.

A section of public sector banks' employees went on a strike across the country to protest violation of bilateral settlement agreement by associate banks of SBI.

Banking operations were hit partially on Friday as a section of public sector banks' employees went on a strike across the country.

All India Bank Employees' Association (AIBEA) has called for a one-day nation-wide strike on Friday (January 8) to protest against the "unfair" policies adopted by SBI with respect to its five associate banks.

As a New Year begins, it's not a clean slate for the banks with balance sheets full of red ink due to huge bad loans worth about USD 60 billion and a serious clean-up job is a must in 2016 with the RBI having set a deadline.  

State Bank of India chief Arundhati Bhattacharya Monday said state-run lenders' risk-taking during the crisis years is helping private sector lenders report healthy asset growth by "cannibalising" the completed projects.