Punjab Sports Board honors 36 athletes with cash prizes
The Pakistan Sports Board (PSB) recently held a ceremony to honor and reward national heroes who have made the country proud through their outstanding performances in international competitions. Advisor to the Prime Minister on Inter-Provincial Coordination, Rana Sanaullah Khan, attended the event, along with Federal Secretary Mohiuddin Wani and Director General PSB Muhammad Yasir Pirzada. A total of Rs. 8.2 million in cash awards was distributed among 36 athletes who excelled in various global events.
Some notable recipients of the awards include Haider Ali, the Paralympic champion, who received a cash award of PKR 5 million for his bronze medal win at the 2024 Paralympic Games in Paris. Javelin thrower Arshad Nadeem received Rs. 2 million for winning the gold medal at the Asian Championship, while his coach Salman Iqbal Butt received Rs. 600,000. Other athletes who received awards include Muhammad Asif for winning a gold medal in snooker, Ahsan Ramzan for securing a bronze medal in the U-21 Asian Championship, and Muhammad Naseem Akhtar for his bronze medal in the same event.
In addition to the cash awards, the PSB also allocated funds to various national sports federations as part of the federation grants phase. A total of Rs. 63.9 million was awarded to 22 national sports federations under annual and special grant categories. The Athletics Federation of Pakistan received Rs. 10 million, while the Pakistan Bodybuilding Federation received Rs. 2.5 million. Other federations that received grants include the Pakistan Badminton Federation, Pakistan Handball Federation, Pakistan Judo Federation, and Pakistan Karate Federation.
The total disbursed amount by the Pakistan Sports Board was Rs. 72.1 million, consisting of Rs. 8.2 million in cash awards and Rs. 63.9 million in federation grants. This reflects the government’s commitment to supporting national sports, rewarding athletes, and strengthening the country’s sports infrastructure through consistent financial assistance. The awards and grants are expected to promote sports development and encourage athletes to perform at their best in international competitions, ultimately bringing pride and recognition to Pakistan.
Madras High Court upholds SBI’s decision to reject job applicant due to low CIBIL score, citing it as a legitimate grounds for denial – India News
The Madras High Court has rejected a petition filed by a candidate whose appointment as a Circle Based Officer (CBO) at the State Bank of India (SBI) was cancelled due to an adverse history in his CIBIL report. The candidate had argued that he had fulfilled all eligibility requirements and had cleared all previous loans, but the court upheld the bank’s decision, stating that the banking sector requires a high standard of financial discipline from its employees. The court observed that a person who has shown poor financial discipline cannot be relied upon to handle public money responsibly.
The candidate had applied for the post of CBO and had cleared the exam, interview, medical test, and document verification, including the CIBIL check. However, his appointment was cancelled after the bank discovered that his CIBIL report indicated a negative credit history, including defaults in loan and credit card repayments. The candidate claimed that he had cleared all previous loans and had no outstanding dues or adverse credit remarks as of the date of the job notification.
The candidate also alleged that the bank’s selection process was discriminatory, as some other candidates who had defaulted on their loans at the time of notification were still appointed. However, the court dismissed this allegation, stating that appointments were made strictly for those who met all eligibility requirements. The court also noted that the petitioner’s case involved multiple defaults, which set it apart from other candidates.
The court examined the credit records of the candidate and found that he had multiple defaults, including nine irregular credit facilities and more than ten credit enquiries. The court also observed that the candidate had himself admitted to having defaulted on loan repayments. The court held that the bank’s decision to cancel the appointment was prudent, as it was necessary to maintain financial discipline in the banking sector.
The court’s judgment highlights the importance of maintaining a clean credit record for those who work in the banking sector, particularly those who handle public money. The court’s decision also suggests that banks have the right to set eligibility criteria for their employees, including requirements for a clean credit record. The case also underscores the need for transparency and fairness in the selection process, and the importance of ensuring that all candidates are treated equally and without discrimination. Overall, the court’s decision upholds the principle that those who work in the banking sector must maintain high standards of financial discipline and integrity.
Breaking Financial Updates: Today’s Latest News on Finance in Bangladesh
Standard Chartered Bangladesh recently hosted its Global Research Briefing, which provided an update on the outlook for Bangladesh’s economy. The event featured insights from the bank’s Global Research team, presenting a cautiously optimistic picture of the country’s macroeconomic conditions. According to the data, Bangladesh’s economy is showing early signs of improvement after a period of turbulence, with inflation likely having peaked, foreign exchange reserves stabilizing, and exports starting to pick up.
The bank’s research estimates that Bangladesh’s GDP growth will be around 5.0% for the fiscal year 2026. Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh, noted that while short-term indicators suggest a potential turning point, the bank’s confidence is rooted in the strength of long-term fundamentals. He emphasized that achieving sustained growth will depend on coordinated policy measures, ongoing external support, and structural reforms to revitalize growth drivers amidst persistent global geopolitical uncertainties.
The research also highlighted key structural challenges that require sustained attention, including moderate private sector credit growth and elevated non-performing assets. While external debt repayments remain manageable, caution is needed, particularly as revenue growth shows signs of slowing. Fiscal consolidation and policy reforms, particularly in revenue mobilization and subsidy rationalization, will be essential for unlocking long-term growth.
The event was attended by Lutfey Siddiqi, the chief advisor’s envoy for international affairs, who thanked Standard Chartered for convening the event. He emphasized the importance of embedding sound risk management practices to manage foreign exchange and interest rate uncertainties. The government remains committed to reform efforts aimed at improving the ease of doing business and attracting foreign direct investment. Moving forward, it is essential to draw on collective expertise and align policy support to navigate global market complexities and drive sustainable, inclusive growth for Bangladesh.
Overall, the briefing presented a positive outlook for Bangladesh’s economy, with a focus on the need for sustained policy efforts and structural reforms to unlock long-term growth. The bank’s research and insights provide a valuable perspective on the country’s economic prospects, and the event served as a platform for discussion and collaboration among stakeholders to drive sustainable and inclusive growth for Bangladesh.
Unlock a world of endless possibilities, one swipe at a time, with the Times Black ICICI Bank Credit Card, brought to you by The Economic Times
The Times Black ICICI Bank Credit Card has launched a new advertisement film that showcases the luxurious experience it offers to its users. The film narrates the origin of the extraordinary, highlighting the exclusive benefits and rewards that come with the card. The ad film is a surreal and visually stunning representation of the world that unfolds with every swipe of the Times Black ICICI Bank Credit Card.
The film marks a new era in luxury credit cards, offering users a unique and elite experience. According to reports by The Economic Times, ET BrandEquity, and afaqs!, the ad film is a notable launch in the banking and financial sector. The Times of India also covered the launch, providing an exclusive look at the new ad film.
The Times Black ICICI Bank Credit Card is designed to provide cardholders with an unparalleled level of luxury and exclusivity. The card offers a range of benefits, including exclusive rewards, travel privileges, and lifestyle perks. With the new ad film, the brand aims to showcase the extraordinary experiences that cardholders can enjoy with the Times Black ICICI Bank Credit Card.
The ad film is a testament to the brand’s commitment to providing exceptional service and exclusive benefits to its users. As reported by TRIPURA STAR NEWS, the film is a stunning representation of the world that unfolds with every swipe of the card. The surreal and dreamlike quality of the film is designed to evoke a sense of wonder and excitement, highlighting the extraordinary experiences that await cardholders.
Overall, the launch of the new ad film marks a significant milestone for the Times Black ICICI Bank Credit Card. The film is a visually stunning representation of the luxurious experience offered by the card, and it is sure to resonate with audiences. With its exclusive benefits and rewards, the Times Black ICICI Bank Credit Card is poised to set a new standard in the luxury credit card market. Whether you’re looking for exclusive travel privileges, lifestyle perks, or simply a unique and elite experience, the Times Black ICICI Bank Credit Card is the perfect choice.
Federal regulators to stop monitoring banks’ reputational risk – Reuters
In a significant shift in regulatory approach, the Federal Reserve has announced that it will no longer consider “reputational risk” as a factor in its oversight of banks. This change in policy marks a departure from the Fed’s previous practice of taking into account the potential damage to a bank’s reputation when evaluating its activities.
Reputational risk refers to the potential harm to a bank’s brand and public image that can result from its involvement in certain activities or business practices. In the past, the Fed had considered reputational risk as a factor in its assessment of a bank’s overall risk profile, alongside more traditional measures such as credit risk and operational risk.
However, the Fed has now determined that reputational risk is not a relevant consideration in its supervisory framework. Instead, the regulator will focus on more objective measures of risk, such as the bank’s capital adequacy, liquidity, and compliance with regulatory requirements.
The change in policy is seen as a response to criticism that the Fed’s previous approach had been too subjective and had unfairly penalized banks for engaging in certain activities that were not necessarily risky from a financial perspective. Some banks had argued that the Fed’s consideration of reputational risk had created uncertainty and had limited their ability to engage in certain business activities.
The Fed’s decision is also seen as a reflection of its increasing focus on more quantitative measures of risk. The regulator has been working to develop more sophisticated models and metrics for assessing bank risk, and has been placing greater emphasis on data-driven approaches to supervision.
While the change in policy may provide some relief to banks, it is unlikely to have a significant impact on the overall regulatory landscape. The Fed will continue to enforce strict regulatory standards and will remain vigilant in its oversight of banks. The shift away from reputational risk is simply a refinement of the Fed’s approach, rather than a fundamental change in its regulatory philosophy.
Overall, the Fed’s decision to no longer police reputational risk in banks reflects a more nuanced and data-driven approach to regulation. By focusing on objective measures of risk, the regulator aims to create a more level playing field for banks and to promote a more stable and resilient financial system.
RBI’s Rate Cuts Make Home Buying More Affordable, Reveals Latest Report | Real Estate Updates
The affordability of homebuyers in India has improved significantly in the first half of 2025, thanks to the Reserve Bank of India’s (RBI) decision to slash the repo rate by 100 basis points. According to a report by Knight Frank India, the house purchase affordability index has shown a marked improvement, with most cities becoming more affordable for homebuyers. The report highlights that Ahmedabad is the most affordable housing market among the top eight cities, with a ratio of 18%, followed by Pune and Kolkata.
Mumbai, which has traditionally been one of the least affordable cities, has seen a significant improvement in its affordability index, with the ratio decreasing from 50% in 2024 to 48% in the first half of 2025. This is the first time that Mumbai’s affordability index has fallen below the 50% mark, which is considered the outer limit of affordability. The improvement in affordability can be attributed to the reduction in home loan rates, making it easier for homebuyers to purchase properties.
However, the National Capital Region (NCR) has seen a marginal decline in affordability, with households now needing to pay 28% of their income to acquire an average property, up from 27% in 2023. This is due to the steep increase in residential prices, which has overshadowed the impact of the interest rate cuts.
The Knight Frank Affordability Index is based on the Equated Monthly Instalment (EMI) to income ratio for an average household. The report suggests that as incomes grow and the economy gains strength, financial confidence among end-users improves, motivating them to invest in home ownership. With the RBI’s healthy GDP growth estimate for FY 2026 and a favourable interest rate scenario, affordability levels are expected to support homebuyer demand in 2025.
Overall, the report notes that affordability levels are now at their best since the pandemic and are significantly better than the levels seen at the end of 2024. The improvement in affordability is expected to boost the real estate sector, with homebuyers likely to take advantage of the favourable interest rate scenario and invest in properties.
Bank of Baroda marks the International Day of Yoga with enthusiasm and dedication
The Bank of Baroda recently celebrated the International Day of Yoga across all its offices as part of its employee health and wellness framework. The bank has demonstrated its commitment to the well-being of its employees by launching daily live online yoga and meditation sessions in November 2024. These sessions aim to encourage employees and their families to allocate 30 minutes each day to their physical and mental health.
To commemorate the International Day of Yoga, the bank organized in-person yoga sessions for employees at various locations. The sessions were led virtually by a certified yoga instructor, allowing employees to participate and practice yoga together. The bank also took the opportunity to recognize and reward staff members who have consistently attended the online yoga sessions since they were launched in November 2024.
In addition to these initiatives, the Bank of Baroda announced the launch of the “Rise with Yoga” campaign, which aims to motivate employees to experience the benefits of regularly practicing yoga. This campaign is part of the bank’s preparations for its 118th Foundation Day, which falls on July 20th. The campaign is designed to promote a culture of wellness and self-care among employees, and to encourage them to make yoga a regular part of their daily routine.
The bank’s efforts to promote employee well-being are a testament to its commitment to the health and happiness of its staff. By providing access to yoga and meditation sessions, the bank is helping its employees to manage stress, improve their physical health, and enhance their mental well-being. The “Rise with Yoga” campaign is a significant initiative that is expected to have a positive impact on the overall well-being of Bank of Baroda employees. Overall, the bank’s celebration of the International Day of Yoga and its launch of the “Rise with Yoga” campaign demonstrate its dedication to the health and wellness of its employees.
Khuram Shahzad takes on role as Official Spokesperson for Pakistan Sports Board (PSB)
The Pakistan Sports Board (PSB) has appointed Khuram Shahzad as its new Spokesman, effective immediately. Shahzad, who is currently serving as the Publication Officer, will take on additional responsibilities in his new role. As Spokesman, he will be responsible for managing all official communication with the media, issuing press releases, and handling public relations matters. He will also represent the PSB in relevant forums, subject to the approval of the competent authority.
The appointment was announced by the Director General of the PSB through a letter, in which all concerned wings and sections of the PSB were advised to provide full support and cooperation to Shahzad in the execution of his duties as Spokesman. This is expected to ensure a smooth transition and enable Shahzad to effectively carry out his responsibilities.
Shahzad brings a wealth of experience to his new role, with over two decades of experience in journalism and public relations. He has been associated with the Associated Press of Pakistan (APP) since 2007 and has also worked with the media teams of various federal ministers. His background and expertise make him an ideal candidate for the position of Spokesman.
As the younger brother of senior journalist late Javed Shahzad, Khuram Shahzad has a strong foundation in the field of journalism. His experience and skills will be valuable assets to the PSB as it seeks to promote and develop sports in Pakistan. The appointment of Shahzad as Spokesman is expected to enhance the PSB’s communication and public relations efforts, and to provide a more effective interface with the media and the public.
Overall, the appointment of Khuram Shahzad as Spokesman of the Pakistan Sports Board is a significant development that is expected to have a positive impact on the organization’s communication and public relations efforts. With his extensive experience and expertise, Shahzad is well-equipped to manage the PSB’s media and public relations, and to promote the organization’s goals and objectives.
SBI considers relocating some operations from Kolkata to Mumbai | Kolkata News
The State Bank of India (SBI) has not denied the possibility of shifting a part of its Global Market Unit (GMU) from Kolkata to Mumbai. This came in response to a query by a civil society forum, Bank Bachao Desh Bachao Manch (BBDBM), to the President of India. The forum had written to the President expressing concerns that SBI plans to relocate its Centralised Global Back Office (CGBO), along with its forex treasury, derivatives, and structured products divisions, from Kolkata to Mumbai. The CGBO operates across global financial hubs, including Sydney, Bahrain, Hong Kong, London, and New York.
SBI responded by stating that the opening, shifting, and rationalization of branch offices is a continuous process undertaken in the normal course of business. However, the bank’s response did not provide any specific justification for the potential relocation of the GMU from Kolkata. The BBDBM expressed disappointment at the generic response from SBI, stating that it did not address the core issues raised in their original complaint.
The GMU, formerly known as the Foreign Department, Kolkata, has been operating successfully in the city since its inception in 2015. The forum pointed out that this is not the first attempt to strip Kolkata of its pivotal role in SBI’s forex operations, citing a similar move that was thwarted two decades ago through collective resistance from employees and officers.
The potential relocation of the GMU from Kolkata to Mumbai has sparked concerns that it would be a significant loss for the city. BBDBM spokesperson Ashok Mukherjee stated that any such move should be stopped, highlighting the importance of the GMU to the city’s economy. The forum’s concerns have sparked a debate about the potential impact of the relocation on the city and the bank’s operations. The SBI’s decision to consider relocating the GMU has raised questions about the bank’s commitment to maintaining a significant presence in Kolkata, a city that has historically played a crucial role in the bank’s forex operations.
Federal Reserve Drops Reputation Risk Assessment, Dealing a Significant Boost to Cryptocurrency Regulation – Bitcoin.com News
The Federal Reserve has made a significant decision that is being hailed as a major win for the cryptocurrency industry. In a recent update to its supervisory policies, the Fed has scrapped the concept of “reputation risk” as a consideration for banks and other financial institutions when dealing with crypto-related activities. This move is expected to have a positive impact on the adoption and growth of cryptocurrencies in the US.
Reputation risk refers to the potential damage to a financial institution’s reputation that may result from its involvement in certain activities, such as cryptocurrency trading or lending. By considering reputation risk, the Fed had effectively discouraged banks and other financial institutions from engaging with crypto-related activities, citing concerns about the perceived risks and uncertainties associated with the industry.
However, with the Fed’s latest decision, financial institutions will no longer be held back by concerns about reputation risk when exploring crypto-related opportunities. This is expected to pave the way for more banks and financial institutions to provide services to cryptocurrency businesses, such as custody, lending, and payment processing.
The decision is seen as a major victory for the cryptocurrency industry, which has long argued that the Fed’s consideration of reputation risk was an unfair and arbitrary barrier to entry. Industry leaders have welcomed the move, saying that it will help to increase access to financial services for cryptocurrency businesses and provide more opportunities for innovation and growth.
The Fed’s decision is also seen as a recognition of the growing legitimacy and mainstream acceptance of cryptocurrencies. As the use of cryptocurrencies becomes more widespread and regulated, the Fed’s move is expected to provide a further boost to the industry’s credibility and attractiveness to investors.
In addition to the benefits for the cryptocurrency industry, the Fed’s decision is also expected to have positive implications for the broader financial system. By allowing financial institutions to engage more freely with crypto-related activities, the Fed is helping to promote greater innovation, competition, and access to financial services.
Overall, the Fed’s decision to scrap reputation risk from its supervisory policies is a significant win for the cryptocurrency industry and a major step forward for the adoption and growth of cryptocurrencies in the US. As the industry continues to evolve and mature, it is likely that we will see further regulatory developments that support the growth and development of cryptocurrencies.
Amaravati allots land to six additional institutions
The Cabinet Sub-Committee on Land Allotments in Vijayawada has made significant decisions to accelerate institutional development in Amaravati, the capital city of Andhra Pradesh. On Monday, the committee allotted land to six new institutions, revised the allotments of four previously approved institutions, and cancelled the allotments of two institutions. Minister for Municipal Administration P Narayana announced the decisions to the media, stating that the lack of clarity and direction under the previous government’s ‘three capitals’ proposal had led to confusion and uncertainty, causing several organizations to withdraw from investing in Amaravati.
The committee allotted land to the following institutions: the Central Bureau of Investigation (CBI), Geological Survey of India, State Forensic Science Laboratory, and Andhra Pradesh Cooperative Bank Ltd. Additionally, new land allotments were made to six institutions, including the Income Tax Department, Andhra Pradesh Grameen Bank, Central Bank of India, Intelligence Bureau, Bureau of Immigration, and the BJP office.
The minister reported that a total of 884 acres of land has been allotted to 74 institutions so far. He expressed hope that the organizations that have been allotted land will commence construction activities as soon as possible. Currently, over 10,000 workers are engaged in construction activities in Amaravati, and this number is expected to increase to 20,000 once the monsoon season recedes.
The decisions made by the Cabinet Sub-Committee are aimed at revitalizing the development of Amaravati, which had been stalled due to the uncertainty surrounding the ‘three capitals’ proposal. With the new land allotments and revised allocations, the government is sending a positive signal to investors and organizations, indicating that Amaravati is open for business and development. The minister’s announcement is expected to boost confidence among investors and pave the way for accelerated growth and development in the capital city.
Full calendar of 13 observed bank holidays
The Reserve Bank of India (RBI) has announced a list of 13 bank holidays for the month of July 2025. It is essential to be aware of these holidays to avoid any inconvenience when visiting the bank. The bank holidays in July 2025 include various regional and cultural celebrations, such as Kharchi Puja, Guru Hargobind Ji’s Birthday, Behdeinkhlam, and Drukpa Tsechhu, among others.
In addition to these regional holidays, the usual weekly holidays, including Sundays and the second and fourth Saturdays, are also observed. To minimize disruptions, it is crucial to plan banking activities in advance, taking into account the scheduled bank holidays.
Fortunately, online banking facilities remain available 24/7, allowing customers to manage their finances, make electronic payments, check account balances, transfer money, and pay bills from the comfort of their own homes. This convenient option eliminates the need to visit the bank physically, reducing the likelihood of inconvenience caused by bank holidays.
To stay informed, customers can visit the RBI website to access the list of bank holidays and plan their banking activities accordingly. By doing so, individuals can avoid unnecessary trips to the bank and ensure that their financial transactions are completed smoothly.
In conclusion, being aware of the July 2025 bank holidays and utilizing online banking facilities can help individuals plan their banking work efficiently and avoid any potential inconvenience. With the RBI’s list of bank holidays and the convenience of online banking, customers can stay on top of their finances and manage their banking needs with ease. By taking a few simple steps, individuals can ensure a hassle-free banking experience throughout the month of July 2025.
PSB Releases Statement Clarifying Election Process for Vacant Position at Chess Federation
The Pakistan Sports Board (PSB) recently provided clarification on the election process for a vacant seat in the Chess Federation of Pakistan. In 2022, the PSB oversaw the elections for the Chess Federation, which resulted in the selection of Hanif Qureshi as President and Umar Khan as Secretary General. Following the election, Umar Khan, the newly elected Secretary General, requested that the PSB hold an election to fill the vacant position of Vice President.
In response to this request, the PSB’s Election Commission issued a schedule for the election of the Vice President. The PSB emphasized that any internal conflicts or disagreements within the Chess Federation are considered internal matters and do not affect the electoral process. The election is being conducted in accordance with the relevant regulations and policies, including the PSB Constitution (2022), the National Sports Policy (2005), the Sports Election Regulations (2024), and the Constitution of the Chess Federation of Pakistan.
The PSB’s clarification suggests that the election process for the vacant Vice President seat is being carried out in a fair and transparent manner, with the governing body adhering to its established rules and regulations. The fact that the PSB is overseeing the election process ensures that the outcome will be legitimate and recognized by the relevant authorities.
It is worth noting that the PSB’s role in conducting the election is limited to ensuring that the process is fair and in accordance with the regulations. The internal dynamics and factionalism within the Chess Federation are not the responsibility of the PSB, and the governing body will not interfere in the internal affairs of the federation.
Overall, the PSB’s clarification provides reassurance that the election process for the vacant Vice President seat in the Chess Federation of Pakistan is being conducted in a transparent and fair manner, with the governing body following established regulations and policies. The outcome of the election will be recognized by the PSB, and the newly elected Vice President will be able to take office in accordance with the Constitution of the Chess Federation of Pakistan.
Court grants permission to unfreeze assets of Nirav Modi and his sister
A special court in New Delhi has granted permission to release properties worth Rs 66.33 crore belonging to fugitive businessman Nirav Modi and his sister Purvi Modi. The assets, which include jewellery, luxury watches, and real estate, were previously attached by the Enforcement Directorate (ED) in connection with the multi-crore Punjab National Bank (PNB) fraud case. The decision was made in response to an application filed by PNB, which is leading a consortium of lenders that claims to have suffered a cumulative loss of over Rs 8,526 crore due to the alleged fraud.
The ED had attached the properties under the Prevention of Money Laundering Act (PMLA) as part of its ongoing investigation into money laundering linked to the Rs 13,500-crore PNB scam. The released assets include jewellery, coins, and luxury watches worth Rs 40.83 crore found at Modi’s residence in Mumbai, as well as a flat in Purvi Modi’s name valued at Rs 19.50 crore. The court noted that the total worth of assets attached by the ED is approximately Rs 2,324.97 crore, which is significantly less than the overall financial damage claimed by the banks.
Special Judge A.V. Gujarathi passed the order on June 17, allowing PNB’s plea to sell or auction the attached assets to recover a part of its dues. However, the court directed the bank to submit an undertaking stating that the sale proceeds could be recovered in the future if required. The ED also stated that it had no objection to the release of the properties, provided specific conditions were met. The release of these assets is a significant development in the ongoing investigation into the PNB fraud case, and it is expected to help the banks recover a part of their losses. The case is still ongoing, and the court’s decision is subject to further scrutiny and potential appeals.
Standard Chartered Bank seeks collaborations to offer sustainable financing options to small and medium-sized enterprises
Standard Chartered Bank is seeking partners to introduce green lending to small businesses in India, following a similar pilot project in Singapore. The bank’s global head of SME banking, Xie Wen, stated that the lender has green deposits and structured products, and is considering launching green financing products. However, this requires a partner to help track the usage of such green loans and their carbon footprint. Wen emphasized that tracking the purpose of each loan and the carbon footprint is crucial for environmental, social, and governance (ESG) considerations.
The bank has already started exploring potential partners in India to provide data on the carbon footprint of small businesses, which is not readily available. Green lending refers to financial products that support eco-friendly projects, while transition finance refers to financial services that help borrowers align their business and operations with international climate change objectives.
Globally, Standard Chartered Bank has total green assets of $17.39 billion, primarily in themes such as clean transportation, energy efficiency, and renewable energy. In India, the bank is focusing on growing its SME business, with around 27,000 SME customers currently. Wen stated that India is among the top three markets for small businesses, along with Hong Kong and Singapore.
The bank is also committed to increasing ESG awareness among smaller clients in India. To achieve this, it has introduced a simplified questionnaire for onboarding SME clients, which aims to educate them about ESG requirements. The Indian government has also introduced the MSME Green Investment Financing for Transformation (MSE-GIFT) scheme to provide discounted finance to small businesses adopting green technologies.
The importance of green lending and ESG considerations cannot be overstated, given the significant contribution of small businesses to India’s economy. With 59.3 million registered MSMEs providing employment to over 250 million people, the sector accounts for a substantial portion of the country’s exports. As the bank continues to explore green lending opportunities in India, it is likely to play a critical role in supporting the country’s transition to a more sustainable and environmentally-friendly economy.
A massive blaze engulfs SBI’s Lathikata branch, destroying computers and crucial documents in the devastating inferno
A devastating fire broke out at the State Bank of India (SBI) Lathikata branch, located near Rourkela city in Odisha, on Wednesday evening. The fire started around 7 pm and quickly spread throughout the bank, engulfing several rooms. The inferno destroyed various computers, important documents, and furniture, causing significant damage to the bank’s property. Fortunately, no casualties were reported during the incident.
The fire was first noticed by locals who saw smoke emerging from the bank in the evening. They immediately raised an alarm, alerting the authorities to the emergency situation. The Fire Brigade responded promptly, dispatching two fire engines to the scene. The firefighters worked tirelessly to bring the blaze under control, eventually managing to douse the flames after a grueling two-hour effort.
Preliminary investigations suggest that the fire may have been caused by an electrical short-circuit. However, the exact cause of the fire will be determined after a thorough investigation. The bank’s manager has announced that an assessment of the damage to the strong room and the currency notes stored within will be conducted on the following day.
The strong room, which is designed to be a secure and fire-resistant area, is believed to have suffered damage in the fire. The bank’s officials will carefully evaluate the extent of the damage and take necessary steps to restore the affected areas. The incident has raised concerns about the safety and security of the bank’s infrastructure and the need for regular maintenance and inspections to prevent such incidents in the future.
The SBI Lathikata branch will likely remain closed until the damage is fully assessed and repairs are carried out. The bank’s customers may face temporary disruptions to their services, but the bank’s management is expected to make arrangements to minimize the inconvenience. An investigation into the cause of the fire will be conducted, and measures will be taken to prevent similar incidents from occurring in the future.
Among PSU banks, Bank of Maharashtra, IOB, and Punjab & Sind are currently offering the most attractive fixed deposit rates.
For conservative investors seeking secure and attractive returns on fixed deposits (FDs), several public sector banks in India have recently revised their interest rates, making it an ideal time to invest. The Bank of Maharashtra is currently offering the highest interest rate among public sector banks, with 7.15% on 366-day deposits. Other notable banks with competitive interest rates include the Indian Overseas Bank, Punjab and Sind Bank, Bank of India, and Central Bank of India.
The Indian Overseas Bank offers 7.10% on 444-day FDs, while the Punjab and Sind Bank provides 7.05% interest on 444-day FDs. The Bank of India has introduced a special 999-day Green FD at 7%, and the Central Bank of India offers 7% on deposits ranging from two to three years. These rates are significantly higher than what was previously offered, making them an attractive option for risk-averse investors.
The recent revision in interest rates by public sector banks can be attributed to the Reserve Bank of India’s (RBI) decision to cut the repo rate. This has created a favorable environment for investors to lock in higher interest rates for the medium to long term. Fixed deposits remain a trusted investment tool due to their capital safety and guaranteed returns, making them an excellent option for those seeking a low-risk investment.
With interest rates ranging from 6.25% to 7.15%, investors can choose from a variety of tenure options, including one year, three years, and five years. The Central Bank of India also offers special FDs with tenures of 1111 days, 2222 days, and 3333 days, all of which offer a 7% interest rate. Overall, the revised interest rates offered by public sector banks provide an excellent opportunity for investors to earn attractive returns on their investments while minimizing risk.
Among public sector banks, Bank of Maharashtra, IOB, and Punjab & Sind are currently offering the most competitive fixed deposit rates.
For conservative investors seeking high returns on fixed deposits (FDs) from government banks, now is an excellent time to invest. Several public sector banks have recently revised their interest rates, offering attractive returns. The Bank of Maharashtra currently leads the pack, offering a 7.15% interest rate on 366-day deposits. For other tenures, the bank offers 6.25% for one year, 6.3% for three years, and 6.25% for five years.
Other public sector banks are also offering competitive interest rates. The Indian Overseas Bank offers 7.10% on 444-day FDs, while the Punjab and Sind Bank provides 7.05% interest on 444-day FDs. The Bank of India has introduced a special 999-day Green FD at 7%, with regular FD rates including 6.50% for one year, 6.25% for two years, and 6% for five years.
The Central Bank of India also offers 7% interest on deposits ranging from two to three years, as well as on special FDs of 1111 days, 2222 days, and 3333 days. For other terms, the bank provides 6.7% for one year, 6.75% for three years, and 6.50% for five years. Fixed deposits remain a trusted investment tool due to their capital safety and guaranteed returns.
The recent revision in interest rates by public sector banks is a result of the Reserve Bank of India’s (RBI) repo rate cut. This has created an ideal opportunity for risk-averse investors to lock in higher interest rates for the medium to long term. With the current interest rates, investors can secure attractive returns while minimizing their risk. It is essential for investors to compare the interest rates offered by different banks and choose the one that best suits their investment goals and tenure. By doing so, they can maximize their returns and make the most of their investment.
The Odisha government has blacklisted HDFC, ICICI, and Axis Bank from managing state finances due to their subpar performance.
The Odisha government has taken a significant decision to remove three major private sector banks – HDFC Bank, ICICI Bank, and Axis Bank – from its list of empanelled banks. This move comes after the banks failed to meet the government’s expectations in terms of performance in flagship government schemes and general banking parameters over the last two financial years. The Finance department, led by principal secretary Saswata Mishra, has issued a directive to all state government departments, public sector undertakings, and other entities to close all accounts with these three banks and transfer the balances to other empanelled banks.
The decision was taken after a review of the banks’ performance, which was found to be unsatisfactory. The government has warned that any non-compliance with the directive will be taken seriously. The banks that have been removed from the list will no longer be able to provide banking services to the state government and its entities. However, the government has clarified that existing fixed or term deposits with these banks do not need to be closed immediately, but they will have to be transferred to other empanelled banks when they mature.
The Odisha government has a list of empanelled banks that are authorized to provide banking services to the government and its entities. The list is reviewed regularly to ensure that the banks are performing well and meeting the government’s expectations. The removal of HDFC Bank, ICICI Bank, and Axis Bank from the list is a significant development, as these banks are among the largest private sector banks in the country. The decision is expected to have a significant impact on the banking sector in Odisha and may lead to other state governments reviewing their relationships with these banks.
The government has asked all administrative departments to ensure that the directive is widely circulated among all state government-supported entities under their control. The departments have been instructed to take immediate action to close all accounts with the three banks and transfer the balances to other empanelled banks. The decision is expected to lead to a shift in the banking landscape in Odisha, with other banks likely to benefit from the removal of HDFC Bank, ICICI Bank, and Axis Bank from the list of empanelled banks.
PSB releases statement to clarify polling process for empty position in Chess Federation
The Pakistan Sports Board (PSB) has released a statement regarding the election process for a vacant seat in the Chess Federation of Pakistan. The statement aims to clarify the current situation and provide context to the election. In 2022, the PSB observed the elections of the Chess Federation, which resulted in the election of Hanif Qureshi as President and Umar Khan as Secretary General.
Following the election, Umar Khan, the Secretary General, submitted a requisition to the PSB to hold an election to fill the vacant position of Vice President. In response, the Election Commission of the PSB issued a schedule for the election of the Vice President seat. The PSB has emphasized that any internal conflicts or differences within the Chess Federation are considered internal matters and will not affect the electoral process.
The election is being conducted in accordance with the relevant regulations and constitutions, including the PSB Constitution (2022), the National Sports Policy (2005), the Sports Election Regulations (2024), and the Constitution of the Chess Federation of Pakistan. The PSB is ensuring that the election process is fair and transparent, and that it is conducted in accordance with the established rules and regulations.
It is worth noting that the PSB is taking a neutral stance in the election, and is not taking sides in any internal factionalism or differences within the Chess Federation. The Board’s primary concern is to ensure that the election is conducted in a fair and transparent manner, and that the vacancy is filled in accordance with the relevant regulations.
Overall, the PSB’s statement aims to provide clarity on the election process and to reassure stakeholders that the election will be conducted in a fair and transparent manner. The Board is committed to upholding the principles of good governance and fairness in the election process, and to ensuring that the Chess Federation of Pakistan is able to function effectively and efficiently.
IndusInd Bank Recognized for Exceptional Achievement in Digital Payments by the Ministry of Finance’s Department of Financial Services, as Reported by Covaipost
IndusInd Bank has been honored for its outstanding performance in digital payments by the Department of Financial Services, Ministry of Finance. The bank received this recognition for its significant contribution to the growth of digital payments in the country. The award is a testament to the bank’s commitment to promoting digital banking and financial inclusion.
The Department of Financial Services, Ministry of Finance, presented the award to IndusInd Bank at a ceremony held in New Delhi. The bank was recognized for its achievements in various categories, including the number of digital transactions, growth in digital payments, and innovation in digital banking. IndusInd Bank’s efforts to promote digital payments have resulted in a significant increase in digital transactions, with a substantial growth in UPI transactions, mobile banking, and internet banking.
The bank’s digital banking platform offers a range of services, including fund transfers, bill payments, and account management, making it convenient for customers to manage their finances online. IndusInd Bank has also introduced various digital products and services, such as mobile wallets, UPI, and Bharat QR, to cater to the evolving needs of its customers.
The recognition is a result of the bank’s relentless efforts to promote digital banking and financial inclusion. IndusInd Bank has been at the forefront of promoting digital payments, and its initiatives have contributed significantly to the growth of digital transactions in the country. The bank’s commitment to digital banking has resulted in a significant reduction in cash transactions, promoting a less-cash economy.
The award is also a recognition of the bank’s efforts to enhance customer experience through digital channels. IndusInd Bank has invested heavily in technology to provide a seamless and secure digital banking experience to its customers. The bank’s digital platform is user-friendly, and its mobile app has received rave reviews from customers.
In a statement, the bank’s management expressed gratitude to the Department of Financial Services, Ministry of Finance, for the recognition. The bank reiterated its commitment to promoting digital banking and financial inclusion, and its efforts to provide innovative digital products and services to its customers. The recognition is a motivation for the bank to continue its efforts to promote digital payments and contribute to the growth of the digital economy. Overall, the award is a testament to IndusInd Bank’s leadership in digital banking and its commitment to providing innovative and secure digital banking services to its customers.
Man Arrested After Bizarre Attempt to Finance His Own Wedding by Robbing Two ATMs
A youth from Indore, Madhya Pradesh, named Bharat alias Bablu, attempted to rob two ATM machines in one night to fund his upcoming wedding. However, his plan was foiled when a security alarm alerted the police during his second attempt. The incident occurred in the early hours of Saturday, when Bharat first tried to break open the ATM of the Central Bank of India in the Raoji Bazar area. Despite his repeated efforts, he failed to breach the machine and moved on to the Bank of Maharashtra ATM in the Palsikar area.
At the second ATM, Bharat managed to damage the display and control panel, but the security alarm was triggered, notifying the bank manager, who immediately informed the police. A police team arrived at the scene around 1 am and caught Bharat red-handed while he was still trying to break into the machine. During interrogation, Bharat confessed that his motive was to cover his wedding expenses, which he was desperate to fund. He admitted to attempting the theft without a backup plan, hoping to get lucky.
However, this was not Bharat’s first brush with the law. He is a habitual offender with nine previous cases of theft, robbery, and other crimes registered against him. The police have registered a new case in connection with the ATM break-in attempts and are further questioning him to determine if he is linked to other recent incidents. Bharat’s actions demonstrate the desperate measures people may take when driven by financial need, but also highlight the importance of the security measures in place to prevent such crimes.
The incident serves as a reminder that the consequences of such actions can be severe, and the police are working to ensure that individuals like Bharat are held accountable for their actions. The case is currently under investigation, and the police are exploring all possible links to other crimes in the area. With Bharat’s history of crime, it is likely that he will face significant penalties for his actions. The incident has also raised questions about the effectiveness of security measures in place to prevent such crimes and the need for increased vigilance to prevent future incidents.
Lilavati Trust Files Rs 1,000 Crore Defamation Suit Against HDFC Bank’s Chief Executive
The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has filed a Rs 1,000 crore civil defamation lawsuit against HDFC Bank Managing Director and CEO, Sashidhar Jagdishan, accusing him of making false and defamatory statements against the Trust and its Permanent Trustee, Prashant Mehta. The Trust has also filed a criminal defamation complaint against Jagdishan, the bank’s spokesperson, and its corporate communication head. The court has issued a notice to Jagdishan, and the Trust claims that these actions mark an important step in holding the HDFC Bank CEO accountable for what it describes as a targeted smear campaign.
The dispute began with a sudden Rs 65 crore loan claim by HDFC Bank, which the Trust claims is a “figment of imagination” and an attempt to divert attention from Jagdishan’s alleged misconduct. The Trust points out that the matter remained dormant from 2005-2019 and only resurfaced after Jagdishan’s personal engagement with Chetan Mehta. The Trust has raised questions about the varying figures cited by HDFC Bank in different legal documents, including Rs 4.9 crore, Rs 450 crore, and Rs 65.22 crore, and has denied any link with Splendour Gems, which it says has been falsely associated with the Trust by the bank’s CEO.
The Trust has also accused Jagdishan of accepting free medical treatment, facilitating a bribe, and accepting Rs 48 crore in deposits without approval from founder trustees. The Trust claims that Jagdishan has not addressed or notified regulators about the criminal defamation case against him and has attempted to label valid judicial orders and FIRs as frivolous.
In a related development, Chetan Mehta, who the Trust says supports Jagdishan, was convicted of criminal defamation in Dubai and fined AED 10,000. The Trust has stated that it will continue to fight through all legal means to expose what it sees as a misuse of power and to safeguard the values of transparency, accountability, and justice. The Trust’s Permanent Trustee, Prashant Mehta, has said that the institution remains committed to pursuing every legal channel to expose the misuse of institutional power and to ensure that no institution, however powerful, is above the law. The case is seen as a significant test of the Indian judiciary’s ability to hold powerful institutions and individuals accountable for their actions.
Bank employee in Karnataka arrested for taking loan against stolen gold worth 3.6kg
A staff member of Karnataka Bank has been arrested for allegedly stealing 3.6 kilograms of gold from the bank’s vault and using it as collateral to take out a loan. The incident occurred at the bank’s Jayanagar branch in Bengaluru. The accused, identified as Deepak, was a chief manager at the bank.
According to the police, Deepak had been working at the bank for several years and was aware of the security protocols in place. He allegedly stole the gold from the vault over a period of time, using his knowledge of the bank’s internal procedures to avoid detection.
Once he had stolen the gold, Deepak allegedly used it as collateral to take out a loan from another bank. The police have not disclosed the amount of the loan, but it is believed to be substantial.
The theft was discovered when a routine audit was conducted at the bank. The auditors found that a significant amount of gold was missing from the vault, and an investigation was launched. The police were called in, and after reviewing the CCTV footage and conducting inquiries, they identified Deepak as the prime suspect.
Deepak was arrested and charged with theft and cheating. The police have recovered 2.5 kilograms of the stolen gold, and efforts are underway to recover the remaining 1.1 kilograms. The bank has also launched an internal investigation into the incident and has suspended Deepak from his duties.
The incident has raised concerns about the security measures in place at the bank. The police have said that the theft was an “inside job” and that Deepak had taken advantage of his position to carry out the crime. The bank has assured customers that their deposits are safe and that it is taking steps to strengthen its security protocols.
The incident is a significant blow to the bank’s reputation, and it is likely to face scrutiny from regulatory authorities. The bank has promised to cooperate fully with the investigation and to take action against anyone found to be involved in the theft. The case is a reminder of the importance of strong internal controls and vigilant security measures to prevent such incidents from occurring.
DCB Commercial Bank Seeks Qualified Candidate for Director of Risk and Compliance Position
Job Opportunity: Director, Risk & Compliance at DCB Commercial Bank
DCB Commercial Bank is seeking a highly qualified and experienced individual to fill the position of Director, Risk & Compliance. The successful candidate will be responsible for overseeing the bank’s risk management and compliance functions, ensuring that the organization operates in a safe and sound manner, and complies with all relevant laws and regulations.
Key Responsibilities
The Director, Risk & Compliance will be responsible for developing and implementing risk management strategies, identifying and mitigating potential risks, and ensuring that the bank’s compliance framework is effective and up-to-date. The ideal candidate will have a deep understanding of risk management and compliance principles, as well as excellent leadership and communication skills.
Application Requirements
To apply for this position, candidates must submit a detailed CV, including photocopies of academic certificates and contact details of three referees. The application must be sent via email to [email address] with the reference number DCB/RC/DRC-06/2025 quoted in the subject line. The deadline for applications is July 4, 2025.
About DCB Commercial Bank
DCB Commercial Bank is a reputable financial institution committed to providing excellent banking services to its customers. The bank is dedicated to maintaining the highest standards of risk management and compliance, and is seeking a skilled and experienced professional to lead its risk and compliance functions.
How to Apply
To apply for the Director, Risk & Compliance position, please follow these steps:
- Prepare a detailed CV, including photocopies of academic certificates.
- Provide names and contact details of three referees.
- Quote the reference number DCB/RC/DRC-06/2025 in the email subject.
- Send the application via email to [email address] by July 4, 2025.
This is a great opportunity for a seasoned risk and compliance professional to join a reputable bank and contribute to its success. If you have the required skills and experience, do not hesitate to apply for this exciting role.
ICICI made a bid to take over HDFC, according to chairman Deepak Parekh
In a recent interview, former HDFC chairman Deepak Parekh revealed that Chanda Kochhar, the then ICICI Bank chief, had once proposed a merger between ICICI Bank and HDFC. This proposal was made before HDFC’s eventual reverse merger with its banking subsidiary, HDFC Bank, which was completed in July 2023. Parekh recalled that Kochhar had said, “ICICI started HDFC, why don’t you come back home?” However, Parekh declined the offer, stating that it would not be fair or proper to merge the two institutions.
Parekh attributed the eventual merger with HDFC Bank to regulatory pressure from the Reserve Bank of India (RBI). The RBI had classified non-banking financial companies (NBFCs) like HDFC as systemically important, and Parekh believed that the merger was necessary to comply with regulatory requirements. He noted that the RBI supported the merger and helped facilitate the process, but did not provide any concessions or relief.
Despite the challenges, Parekh believes that the merger was ultimately beneficial for the institution and the country. He stated that large banks are essential for India’s economic growth and that Indian banks must grow through acquisitions to become stronger in the future. Parekh also expressed his optimism about the potential for Indian banks to become larger and more competitive, citing the example of Chinese banks.
On broader economic concerns, Parekh identified persistent uncertainty in supply chains, trade policy, and export conditions as top CEO concerns. He also criticized the mis-selling of insurance products by banks, driven by high upfront commissions, and described insurance as the “least understood product”. Overall, Parekh’s comments provide insight into the complexities of India’s financial sector and the challenges faced by its leaders. His reflections on the merger and the state of the economy offer a unique perspective on the opportunities and challenges facing Indian businesses and policymakers.
PSB conducts elections for three federations
The Pakistan Sports Board (PSB) recently supervised elections for three sports federations: the Pakistan Bodybuilding Federation, Pakistan Tenpin Bowling Federation, and Alpine Club of Pakistan. The elections took place at the PSB Coaching Centre in Peshawar on Friday. According to official notifications, Muhammad Tariq Hassan was elected as the President of the Pakistan Bodybuilding Federation, while Sohail Anwar was elected as the Secretary General.
The newly elected team for the Pakistan Bodybuilding Federation also includes several vice presidents, including Muhammad Irshad, Khanzeb, and a panel of eight other vice presidents. Armugham Muqeem was elected as the Finance Secretary, and Muhammad Fayyaz was elected as the Associate Secretary. The elections were conducted in accordance with the Pakistan Sports Board Constitution (2022), the Revised National Sports Policy (2005), and the Sports Election Regulations (2024).
The Chief Election Commissioner, Waseem Majid Malik, along with members Babur Suhail and Zohaib Hassan Gondal, oversaw the elections to ensure a peaceful and transparent process. The elections for the Pakistan Tenpin Bowling Federation were unopposed, with Ijaz ur Rehman being elected as President and Kamran Khalid as Secretary General.
The elections were a significant step towards promoting sports development in Pakistan. The Pakistan Sports Board plays a crucial role in regulating and promoting sports in the country, and the election of new leaders for these federations is expected to bring fresh ideas and energy to the sports scene. The peaceful and transparent nature of the elections is also a positive sign, indicating that the sports community in Pakistan is committed to fair play and good governance.
Overall, the elections mark an important milestone for sports in Pakistan, and the newly elected leaders will play a key role in shaping the future of bodybuilding, tenpin bowling, and other sports in the country. With the support of the Pakistan Sports Board, these federations can work towards promoting sports development, identifying and nurturing talent, and competing at the international level.
DBS Foundation now accepts submissions for its prestigious 2025 Grant Award programme
The DBS Foundation (DBSF) has announced its 2025 grant program, which aims to empower innovative social enterprises and small to medium-sized enterprises (SMEs) in Asia to drive inclusive growth and improve access to essential needs. The grant program will provide funding of up to ₹1.6 crore (SGD 250,000) to selected enterprises, as well as access to a comprehensive ecosystem of support, including capacity-building programs, mentorship, and preferential access to banking solutions.
The DBSF Grant has two strategic focus areas: providing essential needs such as food, education, and healthcare, and fostering inclusion through financial and digital inclusion. Since its inception, the grant program has supported over 160 enterprises with more than ₹143 crore (SGD 21.5 million) in funding, enabling them to scale their businesses and amplify their impact. In India, 23 grantees have received a total of ₹15.77 crore (SGD 2.38 million) in funding.
The grant program is open to businesses registered and operating in any of DBS’ six core markets: Singapore, India, Hong Kong, China, Taiwan, and Indonesia. Eligible applicants must demonstrate at least two years of proven impact, a focused plan for using the grant to scale both business and impact over the next two years, and a strong leadership team dedicated to long-term sustainability.
The funding will support enterprises in areas such as market expansion, product innovation, research and development, and infrastructure enhancement. Previous recipients of the DBSF Grant in India include Phool, Haqdarshak, and S4S Technologies, which have used the funding to scale their impact and improve access to essential needs.
Claire Wong, Lead (Business for Impact) at DBS Foundation, stated that the grant program aims to support enterprises that are bridging critical gaps in essential needs and advancing digital and financial inclusion. The program is now open for applications until June 30, 2025, and interested businesses can apply through the DBS Foundation website.
Overall, the DBSF Grant program aims to empower innovative enterprises to drive inclusive growth and improve access to essential needs across Asia, with a focus on supporting businesses that are committed to creating lasting impact. With its comprehensive ecosystem of support and funding of up to ₹1.6 crore, the program has the potential to make a significant difference in the lives of vulnerable communities and contribute to the achievement of the United Nations’ Sustainable Development Goals.
ESAF Small Finance Bank’s stock surges as board approves sale of Rs 735 crore non-performing assets to asset reconstruction company (ARC)
ESAF Small Finance Bank has taken a significant step to strengthen its asset quality and improve operational efficiency by selling a loan pool that includes non-performing assets (NPAs) and technically written-off loans. The loan pool has a total value of Rs 735.18 crore, comprising Rs 362.43 crore in NPAs and Rs 372.75 crore in technically written-off loans. The bank has already made a provision of 90.15% against this pool, which is expected to limit the impact on its profitability.
The bank’s board has authorized its Asset Sale Committee of Executives to oversee the transaction and complete all necessary formalities. This move is part of the bank’s efforts to improve its asset quality and reduce the burden of non-performing loans. By selling off these loans, the bank aims to free up resources and focus on its core business of providing financial services to its customers.
ESAF Small Finance Bank, which commenced its banking operations in March 2017, has a significant presence across the country with 787 banking outlets, 1106 customer service centers, and 693 ATMs spread across 26 states and 2 union territories. Despite its extensive network, the bank reported a standalone net loss of Rs 183.19 crore in the fourth quarter of FY25, compared to a net profit of Rs 43.35 crore in the corresponding quarter of the previous year. The bank’s total income also declined by 9.99% year-on-year to Rs 1,036.78 crore in Q4 FY25.
The sale of the loan pool is expected to help the bank improve its financial performance and reduce its losses. With a provision of 90.15% already made against the loan pool, the bank is well-equipped to manage the potential impact of the sale on its profitability. The move is also expected to improve the bank’s asset quality and operational efficiency, enabling it to focus on its core business and improve its overall performance.
According to RBI data, sales of privately-held non-financial companies listed on the stock exchange increased by 7.1% in the fourth quarter of the fiscal year 2025.
According to the Reserve Bank of India (RBI), sales of listed private non-financial companies grew by 7.1% in the fourth quarter of 2024-25, compared to 8% growth in the previous quarter and 6.9% in the same quarter of the previous year. This growth was driven by the performance of non-IT services companies, which saw a 10% increase in sales, led by the telecommunications and transport & storage sectors.
In contrast, sales growth in the manufacturing sector moderated to 6.6% in the fourth quarter, down from 7.7% in the previous quarter. While major industries such as electrical machinery, chemicals, food products, and pharmaceuticals saw double-digit sales growth, the weak performance of the petroleum industry pulled down the sector’s overall sales growth.
IT companies saw an improvement in sales growth, with an 8.6% increase in the fourth quarter, up from 6.8% in the previous quarter and 3.1% in the same quarter of the previous year. Non-IT services companies continued to perform well, with a 10% increase in sales.
The costs of raw materials for manufacturing companies rose by 8.3%, in line with sales growth, but the raw material to sales ratio remained stable. Staff costs increased by 10% for manufacturing companies, 6.4% for IT companies, and 9.5% for non-IT services companies. The staff cost to sales ratio remained stable for all sectors.
The operating profit of manufacturing and non-IT services companies rose by 8.1% and 18.4%, respectively, while IT companies saw a modest 2.4% increase. The operating profit margin improved for manufacturing and non-IT services companies, but declined for IT companies. Overall, the data suggests that while the manufacturing sector saw moderate growth, non-IT services companies and IT companies performed well, driven by the strong performance of telecommunications, transport & storage, and other sectors.
Standard Chartered Appoints Former DBS Executive to Lead Private Markets Division
Standard Chartered, a London-based bank, has made a significant hire to enhance its private markets capabilities in Asia. The bank has appointed Stacey Hsiao as the Head of Private Markets, Greater China, to lead the build-out of its private markets platform in the region. Based in Hong Kong, Hsiao will report to Nicholas Cheng, the Head of Private Markets Group.
Hsiao brings a wealth of experience to her new role, having previously led the development of DBS’s private markets platform in Hong Kong. Prior to her tenure at DBS, she spent over a decade in the asset management industry, working with prominent firms such as Morgan Stanley Investment Management, T. Rowe Price, and NinetyOne. During this time, she gained expertise in covering Asia institutions, distribution business, and product development.
The appointment of Hsiao is a strategic move by Standard Chartered to strengthen its presence in the private markets sector in Asia, particularly in Greater China. The bank aims to leverage Hsiao’s expertise and experience to expand its private markets capabilities and provide a more comprehensive range of services to its clients in the region.
As the Head of Private Markets, Greater China, Hsiao will be responsible for driving the growth and development of Standard Chartered’s private markets business in the region. Her role will involve building and maintaining relationships with key clients, identifying new business opportunities, and working closely with the bank’s teams to deliver innovative solutions to clients.
The hiring of Hsiao is a testament to Standard Chartered’s commitment to investing in its private markets capabilities and expanding its presence in Asia. With her expertise and experience, the bank is well-positioned to capitalize on the growing demand for private markets investment opportunities in the region. As the private markets sector continues to evolve, Standard Chartered is poised to play a significant role in shaping the industry’s future in Asia.
IOB expands its presence with the inauguration of a new branch in Vizianagaram
The Indian Overseas Bank (IOB) has expanded its presence in Vizianagaram by opening a new branch in the Ring Road area. The branch was inaugurated by Ravi Kumar Gupta, Senior Regional Manager (SRM) of Visakhapatnam Region, on Wednesday. Speaking at the event, Gupta highlighted the competitive interest rates offered by IOB, including 7.35% for housing loans and 7.85% for vehicle loans, without any processing fees.
IOB is also providing various types of loans, such as MSME, education, retail, agriculture, and jewel loans, at attractive interest rates. Additionally, the bank is offering a 7.10% per annum interest rate on retail term deposits for 444 days to individuals below 60 years of age. Gupta emphasized that IOB is committed to providing excellent services to its customers and is continuously expanding its network to reach more people.
The Visakhapatnam Region of IOB currently has 72 branches and one RBI Currency Chest at Visakhapatnam. Gupta announced that new branches will be opening soon in Palasa, ALASA, Narasannapeta in Srikakulam district, and S Kota in Vizianagaram district, all of which are expected to be operational before July 31, 2025. The event was attended by several dignitaries, including Chief Manager D Srinivasa Rao, Ring Road Branch Manager Suresh Kondrothu, Vizianagaram Branch Manager Saurav Vishal, and AIOBEU Assistant General Secretary D Uma Maheswara Rao.
The opening of the new branch in Vizianagaram is a significant development for the region, as it will provide access to IOB’s range of financial services and products to the local community. With its competitive interest rates and wide range of loan options, IOB is well-positioned to meet the financial needs of individuals and businesses in the area. The expansion of IOB’s network in the region is expected to have a positive impact on the local economy, promoting growth and development in the area.
Following RBI’s rate cut, major banks slash savings account interest rates, with SBI plunging to 2.5% and HDFC, ICICI reducing to 2.75%.
Major banks in India, including State Bank of India (SBI), HDFC Bank, and ICICI Bank, have reduced their interest rates on savings accounts following a 50 basis point repo rate cut by the Reserve Bank of India (RBI) in June 2025. The cumulative rate cut for this year now stands at 1%. As a result, savings account holders will see reduced returns on their deposits. SBI, the country’s largest lender, has revised its savings account interest rate to a uniform 2.5% per annum for all balances, effective June 15, 2025. This is a decrease from the previous rates of 2.7% for balances below Rs 10 crore and 3% for balances of Rs 10 crore and above.
HDFC Bank and ICICI Bank have also followed suit, revising their interest rates to a flat 2.75% per annum, effective June 10, 2025, and June 12, 2025, respectively. Other banks, such as Bank of Baroda, Federal Bank, IndusInd Bank, and RBL Bank, have also updated their rates in response to the RBI’s monetary policy move. The revised rates range from 2.5% to 6.75%, depending on the bank and the account balance.
The rate revisions come as banks adjust deposit returns to align with the easing interest rate cycle, which has also triggered a cut in fixed deposit (FD) rates across tenures. The uniform lower rate structure will impact depositors across balance slabs, resulting in reduced returns on their savings. The move is expected to affect millions of savings account holders across the country, who will see a decrease in their interest earnings.
The reduction in interest rates is a result of the RBI’s efforts to stimulate economic growth by reducing borrowing costs. However, it may not be good news for depositors, who will see their savings earn lower returns. The revised rates will be effective from mid-June 2025, and depositors can expect to see the changes reflected in their account statements soon. Overall, the reduction in interest rates on savings accounts is a sign of the changing economic landscape in India, where banks are adjusting to the new monetary policy reality.
What that translates to for your finances
The Federal Reserve has announced that it will leave interest rates unchanged, despite demands from President Donald Trump to lower the key borrowing rate benchmark. The decision comes as the economy is experiencing uncertainty, particularly with regard to tariffs and their impact on inflation. The federal funds rate, which sets the benchmark for what banks charge each other for overnight lending, has a domino effect on borrowing and savings rates for Americans.
The current interest rates on consumer loans, such as credit cards, auto loans, and home equity lines of credit, are elevated and are likely to remain high for now. The average credit card annual percentage rate is over 20%, while mortgage rates are near 7%. Auto loan rates are also high, with the average rate on a five-year new car loan at 7.3% and the average auto loan rate for used cars at 11%.
The Fed’s decision affects various aspects of personal finance, including:
- Credit cards: With a rate cut likely postponed, credit card interest rates are expected to remain high, making it difficult for borrowers to pay off debt.
- Auto loans: High auto loan rates, combined with rising car prices, are making it challenging for car buyers to find affordable deals.
- Mortgages: Mortgage rates are largely tied to Treasury yields and the economy, and are expected to remain relatively high in the near future.
- Student loans: Federal student loan rates are set once a year and are somewhat shielded from Fed moves, but borrowers are facing other headwinds, such as fewer federal loan forgiveness options.
- Savings: While the Fed has no direct influence on deposit rates, yields on CDs and high-yield savings accounts are still strong, with top-yielding online savings accounts paying over 4% on average.
Experts recommend that borrowers consider switching to zero-interest balance transfer credit cards or consolidating and paying off high-interest credit cards with lower-rate personal loans. Car buyers may need to adjust their purchasing decisions, while those shopping for a home should expect mortgage rates to remain relatively high. Savers, on the other hand, can take advantage of high-yield savings accounts to earn inflation-beating returns on their savings. Overall, the Fed’s decision to leave interest rates unchanged is expected to have a significant impact on personal finance, and individuals should be prepared to adapt to the changing economic landscape.
Standard Chartered Pakistan Introduces ‘Score Your Goals’ Initiative
Standard Chartered Bank Pakistan has launched a new campaign called “Score Your Goals” that offers clients a unique opportunity to watch Liverpool FC live at Anfield Stadium. The campaign is a result of the bank’s global partnership with Liverpool FC and aims to deliver a rewarding experience for its clients. The campaign runs until August 31, 2025, and invites clients to invest in selected wealth and insurance solutions, including mutual funds and government securities, across both conventional and Shariah-compliant options.
By investing in these solutions, clients can earn entries into a grand prize draw where five lucky winners will win a trip to watch Liverpool FC live at Anfield Stadium. The prize includes return airfare, hotel accommodation, and matchday access to the iconic stadium. Additionally, clients can also receive guaranteed Liverpool FC merchandise, such as official jerseys and scarves, based on the amount they invest.
To be eligible for the campaign, clients must invest a minimum of Rs. 10 million in qualifying wealth solution products. The number of prize draw entries and guaranteed gifts increases with the investment value, creating a tiered incentive structure that rewards deeper client engagement. Saadya Riaz, Head of Wealth and Retail Banking at Standard Chartered Bank Pakistan, stated that the campaign is a celebration of the bank’s global partnership with Liverpool FC and reflects its commitment to delivering unique and rewarding experiences for its clients.
The campaign aims to align financial planning with a passion for sport, bringing something special to clients in Pakistan. Clients can visit the bank’s website or speak to their relationship managers to learn more about the campaign’s eligibility and terms and conditions. With this campaign, Standard Chartered Bank Pakistan is offering its clients an exciting opportunity to combine their love of football with their financial planning, making it a unique and rewarding experience.
Kotak Mahindra Updates Fees for Credit Cardholders: A Detailed Guide
Kotak Mahindra Bank has revised its credit card transaction fees, which may result in higher costs for card users. The changes include an increase in the international transaction fee, EMI conversion processing fee, and balance transfer charges. The international transaction fee has been revised from 3.5% to 4%, while the EMI conversion processing fee is now INR 199 + GST. Balance transfers will be charged a processing fee of 1.5% or INR 199, whichever is higher.
The cash advance charges remain the same, but the bank is enforcing stricter interest charges from the first day. These revisions will come into effect from July 1, 2025, and apply to almost all Kotak Mahindra credit cards. The changes reflect a 5-20% increase in charges across categories, bringing Kotak in line with the fees increase announced by other major banks.
The affected transaction categories include domestic transactions, international transactions, EMI conversions, and other charges. Domestic transactions will have cash advance fees of 2.5% or INR 500, whichever is higher, while fuel surcharge of 1% remains applicable. International transactions will have a forex markup fee of 4%, and Dynamic Currency Conversion (DCC) is discouraged due to double charging risks.
To minimize charges, users can link their credit card to digital wallets, enable auto-debit, and limit international usage. They can also use EMI conversion for high-ticket purchases, convert accumulated reward points to vouchers, and be aware of hidden costs. It is essential for card users to stay informed about the updated terms and conditions and explore other credit cards that offer better alternative solutions if the revised charges do not align with their usage.
The comparison with other banks shows that Kotak Mahindra’s revised fees are more aggressive in some categories, such as forex markup fee, while being standard in others, like cash advance fee and card replacement fee. By being aware of the changes and taking smart financial decisions, users can minimize the impact of the revised fees and get the most value out of their credit card.
In conclusion, the revised transaction fees by Kotak Mahindra Bank may seem minor at first but can significantly impact the value card users get over time. Staying informed and making smart financial decisions can help users minimize charges and get the most out of their credit card. It is crucial for card users to regularly review their monthly statements, track their transaction patterns, and stay updated on official communications from the bank to avoid fee traps and related disputes.
The Indian Rupee is expected to fluctuate within a narrow range of 85.25 to 86.25 against the US Dollar in the short term, according to a report by Bank of Baroda.
The Indian rupee is expected to trade between 85.25 and 86.25 against the US dollar in the near term, according to a report by Bank of Baroda. The report notes that the rupee has depreciated by 0.6% in June 2025 so far, adding to a 1.3% decline in May 2025. The depreciation was largely driven by rising geopolitical tensions, particularly the conflict between Israel and Iran, which led to a sharp 0.6% fall in the rupee on June 13.
However, the report also notes that global currencies have gained in June 2025, mainly due to a weakening US dollar. The dollar index (DXY) dropped by 1.3%, driven by US economic data that showed price pressures in the economy remained under control. This has led investors to expect the US Federal Reserve to cut interest rates later this year, with the chances of a rate cut in September 2025 increasing to around 60%.
Despite the global uncertainty, the Indian rupee has remained relatively stable, in line with the trend seen in other global currencies. The report attributes this stability to the Reserve Bank of India’s strong foreign exchange reserves, which will help keep the rupee’s movement smooth and under control.
Looking ahead, the rupee may face some volatility due to global headwinds and the approaching end of the US tariff pause. However, the report expects the rupee to remain within the predicted range of 85.25-86.25 against the US dollar. The Bank of Baroda report warns that there are risks to the rupee’s stability, including a significant escalation in geopolitical tensions and possible changes in US tariffs. Nevertheless, the report suggests that the Indian rupee is likely to remain relatively stable in the near term, supported by the Reserve Bank of India’s strong foreign exchange reserves.
Andhra Pradesh High Court Rules that Banks’ Recovery Rights under RDB Act Take Precedence over State’s Claims under VAT Act, Citing Preference for Secured Creditors
The Andhra Pradesh High Court has ruled in favor of the Central Bank of India, upholding its right to recover secured debts by selling mortgaged assets under the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act). The court held that this right assumes priority over the claims of the State Government for recovery of dues under the Andhra Pradesh Value Added Tax Act, 2005 (AP VAT Act). The judgment was made in a case where the Central Bank of India had advanced loans to a firm, M/s Sri Rajarajeswari Raw and Boiled Rice Mill, against certain security documents and mortgage deeds.
When the firm failed to repay the loan, the bank initiated recovery proceedings before the Debts Recovery Tribunal, Hyderabad, under the RDB Act. A decree was passed in favor of the bank, and a recovery certificate was issued for the recovery of an amount of Rs.79,74,57,988.09. The Recovery Officer then issued an order of attachment, attaching the secured properties. However, some of the mortgaged properties were sought to be sold by an order issued under the AP VAT Act, with the Commercial Tax Officer levying a demand of Rs.15,02,102 for assessment year 2015-16 and Rs.13,91,168 for 2016-17.
The bank submitted that it had priority over all other debts and Government dues, revenues, taxes due to the Government in terms of Section 31-B of the RDB Act. The court relied on Section 34 of the RDB Act, which states that the provisions of the RDB Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force. The court also considered Section 26 of the AP VAT Act, which prescribes that any amount of tax, including deferred tax, penalty, interest, and any other sum payable by a VAT dealer or TOT dealer, shall be the first charge on the property of the VAT dealer or TOT dealer.
The core issue before the court was whether the bank’s secured interest under Section 31B of the RDB Act had priority over the tax claim made by the respondent under Section 26 of the AP VAT Act. The court relied on an earlier judgment of the Supreme Court in Central Bank of India v. State of Kerala, which held that in the presence of a specific provision providing for priority in favor of the secured creditors to realize the secured debts, the right of the bank to recover its dues would assume priority over recovery of arrears of Government due payable to the State under the AP VAT Act. The court allowed the petition, upholding the bank’s right to recover its secured debts by selling the mortgaged assets. The judgment has significant implications for the recovery of debts by banks and other financial institutions in India.
Axis Bank partners with boAt and Mastercard to enable convenient transactions on the recently introduced ‘Wave Fortune’ smartwatch
Axis Bank, one of India’s largest private sector banks, has partnered with boAt, India’s leading wearable brand, and Mastercard, a global technology leader in payments, to launch a cutting-edge smartwatch called “Wave Fortune”. The smartwatch is priced at ₹3,299 and allows users to make seamless and secure contactless payments using Near Field Communication (NFC) technology. Axis Bank cardholders can tokenize and store their debit and credit cards on the smartwatch using boAt’s official payment app, Crest Pay, and make payments of up to ₹5,000 without entering their card PIN.
The payment system, powered by Mastercard’s tokenization technology, allows users to securely store their cards within the smartwatch strap, enabling quick and effortless transactions. Axis Bank credit and debit cardholders on Mastercard and VISA networks will continue to enjoy the rewards and benefits of their linked card while making payments with the Wave Fortune smartwatch. The partnership aims to provide customers with a convenient and secure payment experience, integrating contactless payments into their daily lives.
According to Arnika Dixit, President & Head – Cards, Payments and Wealth Management at Axis Bank, the partnership is a significant step towards innovation-led digital banking solutions. Sameer Mehta, Co-founder and CEO of boAt, stated that the partnership brings secure and effortless payments to the wrist, making contactless transactions more accessible than ever. Gautam Aggarwal, Division President, South Asia at Mastercard, believes that wearable devices will play a key role in the evolution of gesture-based payments, offering quick and secure payment experiences.
The Wave Fortune smartwatch is designed to provide users with a next-level smartwatch experience, empowering them with convenience, security, and seamless transactions. With this partnership, Axis Bank, boAt, and Mastercard are revolutionizing wearable payments, making it easier and more secure for customers to make transactions on-the-go. The collaboration is expected to shape the future of commerce, with wearable devices playing a significant role in enabling frictionless and secure payment experiences.
A $10 increase in crude prices could inflate India’s current account deficit by $15 billion, posing a significant threat to the country’s economy, according to a report by UBI – ANI News
A recent report by the Union Bank of India (UBI) has highlighted the significant risk posed by the surge in crude prices to India’s current account deficit (CAD). According to the report, every $10 rise in oil prices widens the CAD by $15 billion. This is a cause for concern as India is heavily reliant on imports to meet its oil needs, and a rise in global crude prices can have a substantial impact on the country’s trade balance.
The report notes that India’s CAD, which is the difference between the country’s exports and imports, is highly sensitive to changes in global oil prices. With India importing over 80% of its oil requirements, a rise in crude prices can lead to a significant increase in the country’s import bill. This, in turn, can widen the CAD and put pressure on the Indian rupee.
The UBI report estimates that if crude prices rise by $10 per barrel, India’s CAD can widen by $15 billion. This is a significant increase, considering that India’s CAD was $15.8 billion in the first quarter of the current fiscal year. A widening CAD can have several negative consequences, including a depreciation of the rupee, higher inflation, and a decrease in investor confidence.
The report also notes that the surge in crude prices is driven by a combination of factors, including the Organization of the Petroleum Exporting Countries (OPEC) production cuts, geopolitical tensions, and a decline in global oil inventories. These factors are likely to keep oil prices elevated in the near term, posing a significant risk to India’s CAD.
To mitigate the impact of rising crude prices, the UBI report suggests that the government can consider several measures, including increasing fuel taxes, reducing fuel subsidies, and promoting the use of alternative energy sources. Additionally, the report recommends that the government can also consider diversifying its oil imports to reduce its dependence on any one country or region.
Overall, the UBI report highlights the significant risk posed by the surge in crude prices to India’s CAD and the need for the government to take proactive measures to mitigate its impact. With the country’s oil imports expected to continue growing in the coming years, it is essential for the government to develop a comprehensive strategy to manage the risks associated with rising crude prices and ensure that the country’s CAD remains sustainable.
Mumbai Court Rejects Plea to Clear Topworth Director’s Name in UCO Bank Scam Case
A special Central Bureau of Investigation (CBI) court in Mumbai has refused to discharge Abhay Lodha, the director of Topworth Steels and Power Pvt Ltd, from a cheating and criminal conspiracy case. The case involves allegations of causing losses worth ₹74 crore to UCO Bank. The First Information Report (FIR) was registered against M/s Akshata Mercantile Private Ltd (AMPL) and unknown UCO Bank officials after the company submitted four bills worth ₹74 crore under Letter of Credit (LC), which were diverted to Topworth Steels.
The CBI alleged that UCO Bank had discounted bills worth ₹74.82 crore, which were diverted by AMPL to the Topworth Group of Companies. One of the receiving companies refused to accept these bills, stating that the documents were not as per the LC, resulting in unpaid bills and a loss of ₹74.82 crore to UCO Bank. The prosecution claimed that the request letters were prepared at the behest of Lodha.
Lodha’s defense team argued that he was falsely implicated in the case, as he is neither the director nor engaged in the day-to-day affairs of AMPL. They also claimed that merely being the guarantor to the LC does not implicate him in the conspiracy and that there was no evidence to show that funds were being diverted.
However, the court observed that even if Lodha is not the director of AMPL, the investigating officer had collected material to show that AMPL was a company of the Topworth group, of which Lodha was the chairman. The court stated that Lodha has direct control over the business affairs of AMPL and that the investigation revealed that he was the prime accused, without whose indulgence the crime could not have been committed.
The court further said that the material placed on record shows that there was criminal intent behind certain acts of Lodha with regard to the bank. Therefore, the court refused to discharge Lodha from the case, allowing the trial to proceed. The order was passed on June 12, and the case will continue to be heard in the special CBI court.
Maruti Suzuki collaborates with ESAF Small Finance Bank to offer convenient financing options to retail customers
Maruti Suzuki India Limited (MSIL) has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank to collaborate on offering retail financing solutions for new and used cars, as well as commercial vehicles. The partnership aims to provide easy and flexible finance options, particularly for first-time buyers, and make vehicle ownership more accessible and convenient for a wider segment of customers.
The MoU was signed by senior executives from both companies, including Partho Banerjee, Senior Executive Officer, Marketing & Sales, and Vishal Sharma, Vice President, Maruti Suzuki Finance & Driving School, representing Maruti Suzuki India Limited, and K. Paul Thomas, MD & CEO, and other senior officials from ESAF Small Finance Bank.
According to Partho Banerjee, the partnership reinforces Maruti Suzuki’s commitment to providing accessible financing solutions, particularly for first-time car buyers. The company aims to enhance financing options and flexible repayment solutions, making it easier for Indian families to own a Maruti Suzuki vehicle.
K. Paul Thomas, MD & CEO of ESAF Small Finance Bank, stated that the partnership aligns with the bank’s mission to empower lives and communities through finance. The collaboration will help extend affordable and convenient mobility solutions to a wider customer base, particularly in underpenetrated regions, promoting inclusive development and sustainable progress.
The partnership will leverage the combined network of Maruti Suzuki and ESAF Small Finance Bank across Tier 2 and Tier 3 cities, making vehicle ownership more accessible and convenient for customers in these regions. With this strategic alliance, Maruti Suzuki and ESAF Small Finance Bank aim to increase vehicle sales and promote financial inclusion in India.
Overall, the partnership between Maruti Suzuki and ESAF Small Finance Bank is expected to have a positive impact on the Indian automotive industry, making vehicle ownership more accessible and affordable for a wider segment of customers. The collaboration will help to drive growth and promote financial inclusion in the country, particularly in underpenetrated regions.
NBFCs tap into excess liquidity to boost lending – Latest Banking and Finance Updates
The business environment is expected to improve for non-banking financial companies (NBFCs) due to two recent developments: the Reserve Bank of India’s (RBI) 50 basis point rate cut and the easing of risk weight norms on unsecured lending. The RBI’s rate cut, which is its third reduction since February 2025, is expected to improve liquidity and boost bank funding to the sector. The central bank also slashed the cash reserve ratio (CRR) by 100 basis points, injecting Rs 2.5-lakh crore of durable liquidity into the system.
The easing of risk weight norms on unsecured lending is also expected to encourage banks to step up lending to NBFCs. In November 2023, the RBI had raised the risk weight on bank exposures to NBFCs by 25 percentage points to 125%, tightening credit and slowing fund flows to the sector. However, in February 2025, the central bank reversed this decision, restoring the original risk weight of 100% effective April 1.
Industry experts expect the liquidity surge and the easing of risk weights to result in more funds being available for NBFCs, particularly for retail lending. Parag Sharma, MD and CFO of Shriram Finance, said that the excess liquidity will lead to more lending by banks, resulting in more funds for NBFCs. Ashish Mehrotra, MD & CEO of Northern Arc Capital, noted that the RBI’s recent commentary suggests a moderation in stress levels within unsecured lending, which should further catalyse bank participation in well-structured NBFC-originated pools.
The rollback of additional risk weights and the RBI’s softer stance on unsecured retail loans and credit card outstandings are expected to aid lending to well-managed NBFCs. Several banks have already cut lending rates in response to the RBI’s 50 bps repo rate cut, which is expected to result in lower interest costs for borrowings. The full impact of the rate cut is expected to be visible in the coming quarters.
Overall, the developments are expected to improve the business environment for NBFCs, with more funds available for lending and lower interest costs. The transmission of lower rates is expected to happen faster for mid-sized NBFCs due to higher capital market-linked borrowings. Northern Arc Capital’s MD & CEO expects the net interest margins (NIMs) to likely rise by 70-80 bps in the near term due to the structure of their asset-liability franchise.
Join us for the SCLT Backyard BBQ, proudly sponsored by Eliason Financial and First Federal Bank and Trust, and brought to you by Sheridan Media.
The Sheridan Community Land Trust (SCLT) is excited to host its annual Backyard BBQ, and Executive Director Brad Bauer and Director of Marketing and Development Chris Vrba recently appeared on Sheridan Media’s Public Pulse to invite the community to attend. Due to the overwhelming turnout last year, the SCLT has increased the amount of food available, with Bauer joking that they are running out of shelf space to store it all.
The event, which will take place at the Big Goose Natural Area, promises to be a fun-filled afternoon for families, with live music, free food and drink, and a variety of activities to keep everyone entertained. Vrba emphasized that the event is a great opportunity for residents to learn about the community resource that is the Big Goose Natural Area.
One of the highlights of the event is a matched raffle, where every $1 spent on raffle tickets will be matched with an additional $1, thanks to a generous donor. The raffle prizes are exciting, and include a seven-day stay in a Telluride/Mountain Village condo, a scenic discovery flight with Sheridan Pilots 307 Flight School, a children’s mountain bike from Sheridan Bicycle Co., a drawing by Joe Ostlind, and a painting by Charlie Walter.
The SCLT Backyard BBQ is free and open to the public, and is presented by Eliason Financial and First Federal Bank and Trust. The event is a great chance for the community to come together and learn about the important work of the SCLT, while also having a great time. The organization is asking attendees to RSVP in advance, and kindly requests that pets be left at home. With its beautiful setting, delicious food, and exciting activities, the SCLT Backyard BBQ is an event not to be missed. Mark your calendars and join the fun at the Big Goose Natural Area!
DBS Expands Presence in Hong Kong with New Wealth Banking Team and Client Hub
DBS, a leading bank in Asia, is expanding its presence in Hong Kong by adding wealth bankers and a new client center. The bank’s Hong Kong unit plans to hire 100 new bankers over the next three years, according to Ajay Mathur, head of DBS Hong Kong’s consumer banking group and wealth management. This move is in response to the increased investment activity among affluent clients in the city.
The new wealth center, set to open in 2026, will cater to the growing demand for wealth management services from clients with at least HK$1 million ($130,000) in investable assets. DBS has seen a surge in investment activity in Hong Kong, driven by the volatility in the market caused by trade wars and geopolitical tensions. Despite the uncertainty, the bank’s affluent clients have taken advantage of the situation, investing in currencies, bonds, and equities.
The expansion plan is a testament to DBS’s commitment to the Hong Kong market and its confidence in the city’s wealth management industry. The bank aims to capitalize on the growing demand for wealth management services from high-net-worth individuals, who are seeking expert advice and guidance on managing their assets.
The addition of 100 new bankers will enable DBS to provide more personalized services to its clients, including investment advice, portfolio management, and wealth planning. The new wealth center will serve as a hub for DBS’s wealth management business, offering a range of services and products tailored to the needs of affluent clients.
Overall, DBS’s expansion in Hong Kong is a strategic move to strengthen its position in the city’s wealth management market. With its increased presence, the bank is well-positioned to tap into the growing demand for wealth management services from high-net-worth individuals and to capitalize on the opportunities presented by the city’s vibrant financial market.
Arka Fincap appoints Abhik Sinha as its new Chief Human Resources Officer (CHRO)
Abhik Sinha has been appointed as the Chief Human Resources Officer (CHRO) of Arka Fincap, a Kirloskar Group Company. With a background in human resources, Sinha completed his MBA in HR from IBS, Hyderabad, and holds a BE in Computers from Nagpur University. He began his career in 2006 as a manager-HR at Indian Bank and later moved to HDFC Bank as a regional HR service manager, where he worked for three years, leading employee engagement, talent acquisition, and HR interventions.
Sinha’s career has been marked by progressive roles and responsibilities. He worked as Assistant Vice President-Talent Management, Employee Engagement, and New Initiatives at Tata Motor Finance from 2010 to 2015, where he led talent management, employee engagement, performance management, compensation, and leadership hiring. He was then appointed as Vice President and Head-Talent Acquisition, Talent Management, Rewards, and HR Operations at Srei, where he worked from 2015 to 2019.
In 2019, Sinha joined Equitas Small Finance Bank as Senior Vice President and Head-Business HR (Asset Finance) and was later elevated to SVP & Head-Business HR (Assets) Talent Acquisition (CoE) & HR Transformation. With over 15 years of experience in human resources, Sinha has developed expertise in talent management, employee engagement, and HR operations. As CHRO at Arka Fincap, he will be responsible for heading the human resources function and will play a key role in shaping the company’s HR strategy.
Sinha’s appointment as CHRO is a significant milestone in his career, and he is well-positioned to make a lasting impact at Arka Fincap. With his experience and expertise, he will be able to drive HR initiatives that align with the company’s business goals and support the growth and development of its employees. HRKatha has wished Abhik Sinha all the best in his new role, and it will be exciting to see the impact he makes at Arka Fincap.
Paisabazaar joins forces with HDFC Bank and Tata Capital to introduce a new loan offering against vehicles
Paisabazaar, a digital credit marketplace, has launched a new product called “Loan Against Car” to expand its secured lending portfolio. This product allows individuals to use their existing vehicle as collateral to access funds, with the option to borrow up to 200% of the car’s value. The loan tenure can range from 1 to 5 years, and the entire process will be fully digital. Paisabazaar has partnered with lenders such as HDFC Bank, Tata Capital, and others to offer this product.
The Loan Against Car product is designed to improve access to credit for consumers who may have limited borrowing options from traditional sources. It is a type of secured loan that allows individuals to unlock the value of their existing vehicle without having to sell it. The ownership of the car remains with the borrower, while the lender places a lien on the vehicle until the loan is repaid. This product is typically used to meet personal or business financial needs and offers quicker processing and lower interest rates compared to unsecured loans.
Paisabazaar’s CEO, Santosh Agarwal, stated that the launch of Loan Against Car is a natural step towards scaling and expanding the company’s secured portfolio. The company plans to work closely with partners and the industry to address consumer needs and build a more inclusive credit ecosystem. With over 65 partnerships with banks, NBFCs, and fintechs, Paisabazaar receives more than 20 lakh enquiries each month and continues to diversify its offerings across consumer segments.
The introduction of Loan Against Car aligns with Paisabazaar’s strategy to deepen its presence in secured loan segments, such as home loans and loans against property. The company aims to provide a more comprehensive range of financial products to its customers, making it a one-stop-shop for all their credit needs. By launching this new product, Paisabazaar is poised to further strengthen its position in the digital lending space and cater to the evolving needs of its customers.
SBI Axes Rs 1 Crore Air Accident Insurance for Select Customers from July Onwards
SBI Card has announced significant changes to its credit card policies, effective July 15, 2025, which will impact both premium and co-branded credit card users. One of the major changes is the discontinuation of complimentary air accident insurance on several cards. This means that cardholders will no longer receive automatic air accident insurance, a previously valuable feature for frequent flyers. The affected cards include SBI Card Elite, SBI Card Miles Elite, and Miles Prime, which will lose their Rs 1 crore coverage, as well as SBI Card Prime and Pulse, which will lose their Rs 50 lakh coverage.
In addition to the removal of air accident insurance, SBI Card will also update its minimum payment calculation formula. Starting July 15, the Minimum Amount Due (MAD) will be calculated as 100% of GST, EMI amounts, fees and charges, finance charges, and any over-limit amounts, plus 2% of the remaining outstanding balance. This change is likely to increase the minimum payable amount, especially for those with high EMIs or charges.
Another significant change is the revised order of payment settlement. From July 15, SBI will adjust payments in the following order: GST, EMIs, fees/charges, finance charges, balance transfers, retail purchases, and cash advances. This change will impact how interest is charged and how quickly cardholders can reduce their costliest debts.
Co-branded cards will also be affected by these changes. From August 11, 2025, cards with Rs 1 crore coverage, such as the UCO Bank SBI Card ELITE and Central Bank of India SBI Card ELITE, will lose their air accident insurance benefit. Cards with Rs 50 lakh coverage, including PRIME variants from South Indian Bank, Karnataka Bank, and Allahabad Bank, will also be affected.
Cardholders are advised to review their statements carefully and adjust their financial plans accordingly. The loss of insurance coverage and changes in payment processing could have significant implications for how much users pay and what protections they receive. It is essential for cardholders to understand these changes and plan their finances accordingly to avoid any unexpected charges or losses. Overall, these changes will require cardholders to be more mindful of their credit card usage and payment habits to minimize their costs and maximize their benefits.
Maruti Suzuki ties up with ESAF Small Finance Bank to offer financing options for vehicle purchases
Maruti Suzuki India Ltd has announced a partnership with ESAF Small Finance Bank to provide retail financing solutions for new and used cars, as well as commercial vehicles. The partnership aims to offer easy and flexible finance options, particularly for first-time buyers, through a Memorandum of Understanding (MoU) signed between the two companies. The collaboration will leverage the combined network of Maruti Suzuki and ESAF Small Finance Bank across Tier II and Tier III cities, making vehicle ownership more accessible and convenient for a wider segment of customers.
According to Partho Banerjee, Senior Executive Officer, Marketing & Sales at Maruti Suzuki India, the partnership will enhance financing options and flexible repayment solutions for customers. The company is committed to making vehicle ownership more affordable and convenient for its customers, and this partnership is a step in that direction.
K Paul Thomas, MD & CEO of ESAF Small Finance Bank, highlighted the importance of the partnership in promoting inclusive development and sustainable progress for all. The collaboration will help extend affordable and convenient mobility solutions to a wider customer base, particularly in under-penetrated regions. The bank’s extensive network and Maruti Suzuki’s wide range of vehicles will make it easier for customers to own a vehicle, regardless of their location or financial background.
The partnership is expected to benefit customers in several ways, including easy and flexible financing options, competitive interest rates, and flexible repayment terms. Additionally, the collaboration will also enable Maruti Suzuki to expand its customer base and increase sales, while ESAF Small Finance Bank will be able to provide its customers with a wider range of financial products and services. Overall, the partnership between Maruti Suzuki and ESAF Small Finance Bank is a significant development in the Indian automotive industry, and is expected to have a positive impact on the market.
RBI Conducts Successful Switch Auction, Accepts Bids Valuing Rs 9,296 Crore
The Reserve Bank of India (RBI) conducted a government switch auction on Monday, with a notified amount of ₹25,000 crore. However, the RBI only accepted ₹9,296 crore, which is significantly lower than the initial amount planned. This suggests that market participants were seeking higher yields than the RBI was willing to offer.
According to traders, the RBI’s comfort level with regards to yields was not aligned with the demands of market participants. As a result, the RBI had to limit its acceptance to ₹9,296 crore. The switch auction was initially planned to swap nine securities maturing in the financial year 2027 (FY27) with securities maturing beyond FY32.
In a switch auction, the RBI essentially swaps the outstanding amount in a security with a bond that matures at a later date. This process helps to manage the government’s debt and liquidity in the market. By swapping shorter-term securities with longer-term ones, the RBI aims to reduce the government’s liability in the short term and create more space for borrowing in the future.
The lower-than-expected acceptance by the RBI may indicate that market participants are seeking higher returns on their investments, possibly due to rising inflation expectations or concerns about the economy. This could lead to higher borrowing costs for the government in the future, as it may need to offer higher yields to attract investors.
The RBI’s decision to limit its acceptance in the switch auction may also have implications for the overall bond market. With the RBI not accepting the full notified amount, there may be a surplus of shorter-term securities in the market, which could put downward pressure on their prices and drive up yields. This, in turn, could make it more expensive for the government to borrow in the short term, which could have a ripple effect on the overall economy. Overall, the RBI’s cautious approach in the switch auction suggests that it is closely monitoring the bond market and yield curves, and is taking steps to manage the government’s debt and liquidity in a prudent manner.
Standard Chartered opts to continue flexible hybrid work model, defying trend of stricter remote work policies among competitors – Financial News London
Standard Chartered has opted to maintain its hybrid working policy, allowing employees to split their time between the office and remote work, despite some of its rivals tightening their policies. The bank’s decision reflects its commitment to providing flexibility and work-life balance to its staff.
Unlike some of its competitors, such as Goldman Sachs and JPMorgan, which have been recalling employees to the office full-time, Standard Chartered is taking a more relaxed approach. The bank’s CEO, Bill Winters, has stated that he wants to create an environment that supports the well-being and productivity of employees, and he believes that hybrid working is the key to achieving this.
Under Standard Chartered’s policy, most employees are expected to spend at least 50% of their working hours in the office, but they are free to choose which days they come in. This approach allows staff to balance their work and personal responsibilities, and it also enables them to collaborate and interact with colleagues in person.
The bank’s decision to stick with hybrid working is likely driven by the benefits it has seen since introducing the policy during the pandemic. Productivity has remained high, and employee satisfaction has increased. Additionally, the policy has helped Standard Chartered to attract and retain top talent, as many candidates are now looking for flexible working arrangements.
While some critics argue that hybrid working can lead to a lack of face-to-face interaction and collaboration, Standard Chartered believes that its policy strikes the right balance. The bank has implemented various measures to ensure that employees stay connected and engaged, such as regular team meetings and social events.
In contrast, some of Standard Chartered’s rivals have taken a more rigid approach to working policies. Goldman Sachs, for example, has told its employees to return to the office full-time, citing the importance of face-to-face interaction and collaboration. JPMorgan has also introduced a more stringent policy, requiring employees to work from the office at least four days a week.
Overall, Standard Chartered’s decision to maintain its hybrid working policy reflects its commitment to supporting the well-being and productivity of its employees. As the bank continues to navigate the changing landscape of work, it is likely that its flexible approach will remain a key factor in attracting and retaining top talent. By prioritizing employee satisfaction and flexibility, Standard Chartered is positioning itself for long-term success in a highly competitive industry.
RBI’s STRIPS facility: What does it mean for the bond market and insurance companies’ investment strategies?
The Reserve Bank of India (RBI) has introduced the Separate Trading of Registered Interest and Principal of Securities (STRIPS) facility in state government bonds, a move that is expected to be a game-changer for insurance companies. STRIPS allows bond traders to separate and sell the principal and coupon payments of a bond separately, enabling insurers to manage their cash flows more effectively and align their investment income with future payouts to policyholders.
This facility is particularly significant for insurance companies, which have long-term liabilities and require stable cash flows to meet their policy obligations. By using STRIPS, insurers can sell near-term asset inflows and match their asset and liability cash flows more closely. This can help reduce reinvestment risk, which refers to the possibility of investors not being able to deploy proceeds from bonds at a desirable rate of interest.
STRIPS in state bonds offer a yield advantage of 30-40 basis points over STRIPS in central government securities (G-sec), making them attractive to long-term investors such as insurers, pension funds, and passive debt funds. The RBI has specified that all fixed-coupon bonds issued by state governments with a residual maturity of up to 14 years and a minimum outstanding of Rs1,000 crore are eligible for STRIPS.
The introduction of STRIPS in state government bonds is expected to increase transaction volumes and provide insurers with more flexibility in managing their investments. According to data, the face value of STRIPS trades in G-secs has risen to ₹2.47 lakh crore in FY25 from ₹38,383 crore pre-Covid in FY20. Insurers have seen higher demand for long-term products offering guaranteed returns, and the introduction of STRIPS in state bonds will help them deploy inflows in these products more effectively.
Overall, the RBI’s decision to allow STRIPS in state government bonds is a significant development for insurance companies, enabling them to better manage their cash flows, reduce reinvestment risk, and increase their investment returns. This move is expected to have a positive impact on the insurance industry and contribute to the growth of the bond market in India.
Standard Chartered expects high-net-worth individuals to increase their investments in Hong Kong
Wealthy individuals are increasingly seeking out structured products and diversified investments in response to market uncertainty, according to Eliza Law, Managing Director and Head of Affluent Segment and Distribution at Standard Chartered Bank in Hong Kong. Law notes that the bank’s affluent clients are eager to enhance their investment knowledge and access unique products, leading to a surge in interest in investing. In the first quarter, the number of clients who moved up to the private-priority tier, which requires assets worth over $1 million, increased by 45% from the previous year.
This uptick in “up-tiering” contributed to the bank’s double-digit growth in the first quarter and is expected to be a key factor in helping the bank meet its goal of attracting $200 billion in global wealth-management business from newly affluent individuals over the next five years. Affluent clients are seeking out higher-return products, such as structured products linked to equities and interest rates, as a way to navigate current economic challenges and global trade tensions.
Standard Chartered offers a range of sophisticated products catering to professional investors within its private-priority segment, and the sales volume of these products has grown 2.4 times from 2023. Principal-protected structured products, in particular, have seen significant growth, as they offer a level of protection for investors while still providing potential for returns. Law attributes the bank’s success to its ability to provide tailored investment solutions that meet the evolving needs of its affluent clients.
The trend towards diversified investing and structured products reflects a shift away from traditional time deposits, as affluent individuals seek out more dynamic and potentially lucrative investment opportunities. With its strong track record and range of sophisticated products, Standard Chartered is well-positioned to capitalize on this trend and attract new wealth-management business from affluent individuals in Hong Kong and beyond. As the bank continues to expand its offerings and provide tailored investment solutions, it is likely to remain a key player in the region’s wealth-management sector.
Maruti Suzuki Partners with Equitas Bank to Offer Convenient Retail Car Financing Options
Maruti Suzuki, one of India’s leading automobile manufacturers, has partnered with Equitas Bank to offer retail car loans to its customers. This collaboration aims to provide easy and affordable financing options to individuals looking to purchase a Maruti Suzuki vehicle. With this partnership, customers can enjoy competitive interest rates, flexible repayment terms, and a streamlined loan application process.
Equitas Bank, a small finance bank, has a strong presence in the country, with a network of over 850 branches and a customer base of over 3.5 million. The bank’s expertise in providing financial services to the underserved and unbanked segments of the population aligns with Maruti Suzuki’s objective of making car ownership more accessible to a wider audience.
The partnership between Maruti Suzuki and Equitas Bank will enable customers to avail of loans at competitive interest rates, starting from 8.5% per annum. The loan tenure can range from 3 to 7 years, allowing customers to choose a repayment plan that suits their financial needs. Additionally, the loan application process has been simplified, with minimal documentation required, making it easier for customers to avail of the loan.
This collaboration is expected to benefit Maruti Suzuki customers, particularly in rural and semi-urban areas, where access to financing options is often limited. With Equitas Bank’s extensive network and expertise in providing financial services to these segments, Maruti Suzuki aims to increase its market penetration and reach a larger customer base.
The partnership is also expected to drive growth for Maruti Suzuki, as it will enable the company to tap into the growing demand for passenger vehicles in the country. The Indian automobile market is witnessing a surge in demand, driven by factors such as increasing disposable incomes, improving road infrastructure, and government initiatives to promote the sector.
In a statement, Maruti Suzuki said that the partnership with Equitas Bank is a significant step towards making car ownership more accessible and affordable for its customers. The company aims to provide a seamless and convenient experience for its customers, from the time they decide to purchase a vehicle to the time they drive it out of the showroom. With this partnership, Maruti Suzuki is poised to strengthen its position in the Indian automobile market and continue to be the leader in the passenger vehicle segment.
HDFC Brings Cheer to Millions of Home Loan Borrowers as Reduced Interest Rates Set to Benefit the Average Consumer
HDFC Bank has announced a 0.50% interest rate cut on home loans, effective from the next interest rate reset date, following the Reserve Bank of India’s (RBI) reduction of the repo rate on June 6, 2025. This rate cut will be automatically applied to all home loan customers, and they will not need to submit a separate application to avail of the benefit. The reduced interest rate will result in lower Equated Monthly Installments (EMIs) for customers, providing them with much-needed relief.
To check the reset date, customers can visit the HDFC Bank website, log in to their online account, or use the mobile app to view their loan details. If customers have any questions or concerns, they can contact HDFC Bank for assistance. This move is expected to benefit lakhs of people who have been waiting for home loan rates to decrease.
The RBI’s decision to reduce the repo rate has paved the way for banks to lower their loan interest rates, making loans more affordable for customers. Other banks may also follow suit and reduce their loan interest rates, making the overall loan market more competitive. HDFC Bank’s automatic interest rate cut will ensure that customers can enjoy the benefits of lower interest rates without having to take any additional steps.
The interest rate cut will come as a welcome relief to home loan customers who have been grappling with high interest rates. With the reduced interest rate, customers can expect to save on their EMI payments, which will help them manage their finances more effectively. HDFC Bank’s decision to pass on the benefits of the RBI’s repo rate cut to its customers is a positive move that will help stimulate the housing market and support the overall economy.
Starting August 2025, DBS WWMC will reduce its monthly cap for earning 4 mpd to S$1,000.
The DBS Woman’s World Mastercard (WWMC) has announced a significant reduction in its monthly spend cap for earning 4 miles per dollar (mpd) on online transactions, effective from August 1st, 2025. The cap will be reduced from S$1,500 to S$1,000 per calendar month, representing a 33% cut. This change marks the second significant reduction in the card’s benefits in just over a year, with the original S$2,000 monthly cap having been reduced to S$1,500 in March 2024.
The reduction in the monthly cap will limit the card’s value proposition for regular online spenders. Cardholders who currently maximize the S$1,500 cap will see their high-rate earning potential cut by a third. The new cap of S$1,000 will result in a maximum of 4,000 miles per month (48,000 miles annually) at the premium rate, before reverting to the standard 0.4 mpd earning rate for additional spending.
This change is particularly significant given the increasing number of daily transactions that take place online, such as ride-sharing, shopping, food delivery, and travel bookings. The DBS WWMC card’s benefit of not excluding travel-related spending from its bonus earning category is also less meaningful with the reduced monthly cap.
The devaluation of the DBS WWMC card is part of a broader trend in the Singapore credit card market, where banks have been reducing benefits and caps on premium earning rates. The card’s competitive advantage has been significantly eroded, and it now has a similar monthly bonus cap to competitors like the Citi Rewards Card, HSBC Revolution, and UOB Lady’s Card.
Cardholders may want to consider alternative cards that offer better value for online spending, such as the Citi Rewards, HSBC Revolution, or UOB Preferred Platinum Visa. For larger transactions or travel expenses, higher-cap alternatives like the UOB Lady’s Solitaire or UOB Visa Signature may be more suitable.
The DBS WWMC card’s one-year points expiry period and limited transfer partner list are also significant drawbacks. As the Singapore miles-earning credit card market continues to see benefits eroded, cardholders must remain adaptable and be prepared to pivot their strategies to maximize their rewards. The card’s reduced cap will take effect on August 1st, 2025, giving cardholders a few months to maximize the current S$1,500 monthly cap and reassess their spend strategies going forward.
SBI Hosts a Blood Donation Drive
The State Bank of India’s (SBI) Administrative Office and Regional Business Office in Tirupati organized a blood donation camp on Friday, as part of its annual “Bank Day” celebrations. The event was held at the Administrative Office premises and saw enthusiastic participation from bank employees. The initiative was undertaken to commemorate Bank Day, which is observed every year on July 1.
Regional Manager S Venkateswara Rao expressed his pride in the initiative, terming it a meaningful gesture of social responsibility that aligns with the spirit of Bank Day. He emphasized the importance of giving back to the community and highlighted the significance of blood donation in saving lives. The blood donation camp was a testament to the bank’s commitment to social welfare and its efforts to make a positive impact on the community.
The event was well-organized, and bank employees actively participated in the blood donation camp. The camp was supervised by medical professionals who ensured that all necessary precautions were taken to guarantee the safety of the donors. The donated blood will be used to help patients in need, particularly those undergoing surgery or receiving treatment for various medical conditions.
The SBI’s initiative is a shining example of corporate social responsibility, demonstrating the bank’s dedication to giving back to the community. By organizing a blood donation camp, the bank has not only helped to address the shortage of blood in hospitals but also raised awareness about the importance of blood donation. The event also served as an opportunity for bank employees to come together and engage in a noble cause, fostering a sense of camaraderie and social responsibility.
The success of the blood donation camp is a testament to the SBI’s commitment to social welfare and its efforts to make a positive impact on the community. The bank’s initiative has set an example for other organizations to follow, highlighting the importance of giving back to the community and promoting social responsibility. As the SBI continues to celebrate its annual Bank Day, the blood donation camp will remain a memorable event, demonstrating the bank’s dedication to social welfare and its commitment to making a difference in the lives of others.
IDBI Bank Weathers Near-Term Setbacks Despite Robust Long-Term Growth Indicators, According to MarketsMojo
IDBI Bank has reported a mixed bag of financial performance, with short-term losses overshadowed by strong long-term performance metrics. Despite facing challenges in the short term, the bank’s long-term growth prospects remain intact.
In the short term, IDBI Bank has reported a net loss of ₹3,458 crore for the quarter ended December 2022. This loss is attributed to a one-time provisioning of ₹4,178 crore towards the bank’s employee pension and gratuity liabilities. Excluding this exceptional item, the bank’s net profit would have been ₹666 crore, indicating a strong underlying performance.
The bank’s long-term performance metrics, however, paint a more encouraging picture. IDBI Bank’s net interest income (NII) has grown by 20% year-on-year to ₹2,434 crore, driven by a 17% increase in advances and a 24% increase in deposits. The bank’s net interest margin (NIM) has also expanded by 16 basis points to 3.95%, indicating improved asset quality and better pricing of loans.
IDBI Bank’s asset quality has shown significant improvement, with the gross non-performing assets (NPAs) ratio declining to 16.51% from 22.33% a year ago. The bank’s provision coverage ratio (PCR) has also increased to 89.33% from 83.69% in the same period, indicating a robust buffer against potential losses.
The bank’s capital position remains strong, with a capital adequacy ratio (CAR) of 13.31% and a common equity tier-1 (CET-1) ratio of 10.46%. IDBI Bank’s return on assets (ROA) has improved to 0.45% from 0.21% a year ago, while the return on equity (ROE) has expanded to 6.64% from 2.44% in the same period.
Overall, while IDBI Bank faces short-term losses due to one-time provisioning, its long-term performance metrics indicate a strong underlying growth trajectory. The bank’s improving asset quality, robust capital position, and expanding margins are likely to drive its growth in the future. As the bank continues to focus on improving its operational efficiency and asset quality, it is well-positioned to capitalize on the growth opportunities in the Indian banking sector.
Home Loan Comparison: Public or Private Banks – Who Offers the Best Deals After RBI’s 50 bps Repo Rate Cut?
The Reserve Bank of India’s (RBI) recent 50 basis points (bps) repo rate cut has led to a significant reduction in home loan interest rates. Both public and private banks have reduced their lending rates, making it an attractive time for homebuyers to avail of loans. The question on everyone’s mind is: which type of bank offers the cheapest home loans now?
Public sector banks, such as State Bank of India (SBI), Bank of Baroda, and Punjab National Bank, have reduced their home loan interest rates to 7.90-8.40% per annum. SBI, the largest lender in the country, is offering home loans at 7.90% per annum, while Bank of Baroda is offering loans at 8.00% per annum. These rates are applicable for loans up to ₹30 lakh.
Private sector banks, such as HDFC Bank, ICICI Bank, and Axis Bank, have also reduced their home loan interest rates. HDFC Bank is offering home loans at 8.00-8.30% per annum, while ICICI Bank is offering loans at 8.05-8.35% per annum. Axis Bank is offering home loans at 8.10-8.40% per annum. These rates are also applicable for loans up to ₹30 lakh.
After the RBI’s repo rate cut, some banks have also introduced special schemes to attract homebuyers. For example, SBI is offering a 0.10% concession on home loan interest rates for borrowers with a good credit score. Similarly, HDFC Bank is offering a 0.10% concession on home loan interest rates for borrowers who opt for a floating-rate loan.
In terms of the cheapest home loan option, public sector banks seem to be offering more competitive rates. SBI’s home loan rate of 7.90% per annum is the lowest among all banks, followed by Bank of Baroda’s rate of 8.00% per annum. However, private sector banks are offering more flexible repayment options and concessions on interest rates, which may make their loans more attractive to some borrowers.
Overall, the current home loan market is highly competitive, with both public and private sector banks offering attractive interest rates and schemes. Homebuyers should carefully evaluate their options and choose a loan that best suits their needs and financial situation. With the RBI’s repo rate cut, home loan interest rates are likely to remain low for some time, making it a good time to buy a home.
Ujjivan Small Finance Bank Introduces ‘Ujjivan Rewardz’ Program Exclusively for Residential Savings Account Customers
Ujjivan Small Finance Bank Limited has introduced a new program called “Ujjivan Rewardz” specifically designed for its resident savings account holders. The program is aimed at rewarding customers for their loyalty and encouraging them to continue banking with Ujjivan. Through this initiative, the bank seeks to strengthen its relationship with its customers and provide them with a unique banking experience.
Under the Ujjivan Rewardz program, resident savings account holders can earn reward points for various transactions and activities conducted through their accounts. These points can be redeemed for a range of benefits, including cashback, discounts, and exclusive offers on products and services from partner merchants. The rewards are designed to cater to diverse customer preferences, ensuring that everyone can benefit from the program.
The program is structured to reward customers for their daily banking activities, such as maintaining a minimum balance, using debit cards for transactions, paying bills online, and referring friends and family to open accounts with Ujjivan. For every transaction or activity, customers earn a certain number of reward points, which are accumulated in their Ujjivan Rewardz account. These points can be tracked and redeemed through the bank’s mobile banking app or website, making it convenient for customers to manage their rewards.
Ujjivan Small Finance Bank has partnered with several leading brands across categories such as retail, dining, entertainment, and lifestyle to offer exclusive discounts and cashback to its customers through the Ujjivan Rewardz program. This collaboration enhances the value proposition of the program, providing customers with a wide array of redemption options that suit their interests and preferences.
The launch of Ujjivan Rewardz is a strategic move by the bank to enhance customer engagement and retention. By offering tangible rewards and benefits, Ujjivan aims to foster a loyal customer base that appreciates the value added by the bank beyond traditional banking services. The program also reflects the bank’s commitment to innovation and customer satisfaction, aligning with its mission to provide accessible and affordable financial services to all segments of society.
Overall, the Ujjivan Rewardz program is an innovative initiative that not only rewards customers for their loyalty but also encourages them to adopt digital banking channels and maintain a healthy banking habit. As Ujjivan Small Finance Bank continues to expand its services and outreach, programs like Ujjivan Rewardz play a critical role in building strong, lasting relationships with its customers.
SBI Life Insurance eases claims process for families of AI 171 plane crash victims in Ahmedabad, simplifying documentation requirements
SBI Life has taken steps to simplify its claims process for the families of victims of the tragic AI 171 plane crash in Ahmedabad on June 12, 2025. The company understands the emotional strain that families face during such situations and has eased the claim process to provide faster financial assistance. To facilitate a smoother claims process, SBI Life will not require a death certificate from the claimant. Instead, the company will accept evidence of death from official government records, municipal records, or e-governance databases as proof of death.
The claims process has been simplified to require minimal documentation, including a claim form, policy document, and details of the nominee’s KYC and bank account. Families can also contact SBI Life’s 24×7 toll-free number at 1800 267 9090 for any claims-related queries. The company has appointed nodal officers for each district to assist with claims and has encouraged families to reach out to them or visit the nearest SBI Life branch for support.
SBI Life has expressed its deep sorrow over the loss of lives in the crash and has reiterated its commitment to standing by the families during this time of grief. The company’s priority is to provide a swift and simplified claim settlement experience, ensuring that families receive the financial assistance they need as quickly as possible. By simplifying the claims process and providing dedicated support, SBI Life aims to reduce the emotional burden on families and help them navigate this difficult time.
The company’s efforts to simplify the claims process demonstrate its commitment to customer care and its understanding of the emotional challenges faced by families in the aftermath of a tragedy. By providing a dedicated toll-free number, nodal officers, and support through its branches, SBI Life is ensuring that families have access to the help they need to navigate the claims process. The company’s actions are a testament to its commitment to supporting its customers and their families during times of need.
Bank of Baroda Loses ₹5.44 Lakh to Scammers in Fake Gold Loan Scheme at Wardhaman Nagar Branch
A case of fraud has been registered at the Lakadganj Police Station in Nagpur, India, after two men allegedly cheated the Bank of Baroda’s Wardhaman Nagar branch out of ₹5.44 lakh (approximately $7,300 USD) by securing a loan using fake gold ornaments. The incident occurred between October 20 and 22, 2021. According to the police, the primary accused, Sunil Sudhir Maske, conspired with Abhishek Prakash Bharne to commit the fraud. Maske applied for a gold loan at the bank and submitted eight gold bangles, which Bharne, posing as a jeweller, falsely certified as 24-carat pure gold on a letterhead of Rohini Jewellers.
The bank, believing the jewellery to be genuine, sanctioned a loan of ₹5.44 lakh to Maske. However, when the loan remained unpaid, the bank conducted a valuation check and discovered that the ornaments were not made of real gold. A formal valuation report confirmed the fraud, revealing that the gold bangles were fake. The bank’s branch manager, Prakash Durlabhji Malviya, filed a complaint with the police, leading to the registration of a case against the two accused under Sections 420 and 34 of the Indian Penal Code (IPC), which relate to cheating and conspiracy.
The police have registered a case against Maske and Bharne, and an investigation is underway. The incident highlights the importance of thorough verification and valuation of collateral before sanctioning loans, especially in cases where gold ornaments are used as security. The bank’s failure to detect the fake gold ornaments initially has resulted in a significant financial loss, and the incident serves as a warning to financial institutions to be vigilant and thorough in their loan disbursement processes. The case is currently being investigated by the Lakadganj police, and further action is expected to be taken against the accused.
Solana’s SOL Plummets 8% to $147, Defying Standard Chartered’s Bullish $275 Year-End Forecast
The price of Solana’s SOL token has dropped 7.87% to $147.07 in the past 24 hours, amid renewed volatility in the crypto market. The token fell sharply during late Thursday and early Friday trading, reaching a low of $142.13 before stabilizing above $147. Despite some accumulation near support, the overall structure remains fragile, with the token trading nearly 40% below its March highs.
This short-term weakness has drawn attention to a bullish price target set by Standard Chartered’s Global Research team. In a note published on May 27, the bank forecast that Solana would rise to $275 by the end of the year, with a long-term target of $500 by 2029. The report cited Solana’s speed and efficiency as core differentiators, but acknowledged that the market has heavily discounted its recent meme-coin-driven activity.
The gap between this bullish outlook and current market conditions has created a dilemma for long-term SOL investors. They must decide whether to treat recent drawdowns as temporary noise or as a fundamental rejection of the growth narrative. While Standard Chartered expects Solana to underperform ether in the near term, it positions the token as a high-beta bet on retail-driven ecosystems that could re-rate sharply if adoption expands beyond meme coins.
The current price action remains choppy, with buyers stepping in near $143 but meeting resistance near $150. Whether SOL can regain upside traction and validate the year-end forecast may depend on broader macro stabilization and renewed on-chain activity in the coming weeks. Technical analysis highlights include a tight consolidation range between $143.50 and $146.50, with higher lows suggesting possible bullish divergence. Volume peaked as buyers defended support, and resistance sits at $152, with a break above potentially shifting the short-term trend.
Overall, the price of SOL remains volatile, and investors are waiting to see if the token can regain its momentum and reach the predicted price targets. The next few weeks will be crucial in determining the direction of the token, and investors will be watching closely for any signs of stabilization and renewed adoption. If SOL can break above the resistance level and regain upside traction, it may be able to validate the bullish outlook and reach the predicted price targets. However, if the token continues to trade below its March highs, it may indicate a fundamental rejection of the growth narrative, and investors may need to re-evaluate their positions.
Equitas Small Finance Bank’s Board to Mull Raising Additional Funds – MSN
The Board of Equitas Small Finance Bank is set to consider raising additional capital to support its growth plans and meet regulatory requirements. The bank, which commenced operations in 2017, has been expanding its presence in the small finance banking space, focusing on serving the unbanked and underbanked populations in India.
As part of its efforts to strengthen its capital base, the bank’s Board will discuss and consider various options for raising capital, including a potential initial public offering (IPO), preferential allotment, or a rights issue. The decision to raise additional capital is driven by the bank’s accelerating growth trajectory, which has resulted in a significant increase in its loan book and deposits.
Equitas Small Finance Bank has been witnessing rapid growth in its operations, with its loan book increasing by over 50% year-on-year. The bank’s deposits have also been growing at a fast pace, driven by its expanding branch network and digital banking channels. To sustain this growth momentum, the bank requires additional capital to meet the regulatory capital requirements and to support its business expansion plans.
The bank’s management believes that raising additional capital will enable it to maintain its growth trajectory, while also ensuring that it meets the regulatory requirements. The bank is required to maintain a minimum capital adequacy ratio of 15%, as prescribed by the Reserve Bank of India (RBI). By raising additional capital, the bank will be able to maintain a buffer over the regulatory requirement, providing it with the necessary headroom to pursue its growth plans.
The proposed capital raise is also expected to support the bank’s plans to expand its presence in new geographies, enhance its digital banking capabilities, and introduce new products and services. The bank has been investing heavily in technology to improve its operational efficiency and to enhance customer experience. The additional capital raised will enable the bank to accelerate its digital transformation journey and to stay ahead of the competition.
Overall, the proposed capital raise by Equitas Small Finance Bank is a strategic move to support its growth plans and to ensure that it remains well-capitalized to meet the regulatory requirements. The bank’s management is confident that the additional capital will enable it to sustain its growth momentum and to achieve its long-term objectives.
In a significant move, the RBI has amended its rules, which will now result in substantial charges for bank customers under certain circumstances.
The Reserve Bank of India (RBI) has introduced new guidelines aimed at enhancing customer security and improving banking services. As per the RBI KYC (Amendment) Directions 2025, effective from January 1, 2026, banks and regulated institutions will be required to remind customers to update their Know Your Customer (KYC) information in a timely manner. This directive applies to all customers, including those with accounts linked to government schemes such as Jan Dhan Yojana, Direct Benefit Transfer (DBT), and Electronic Benefit Transfer (EBT).
Under the new rules, banks must send customers at least three reminders to update their KYC before the due date, including one physical letter sent via post. Additional reminders can be sent through SMS, email, or mobile app. If the KYC update is still pending after the due date, banks must send three more reminders, including another physical letter. Each notification must provide clear instructions, methods of assistance, and the consequences of not updating KYC.
To facilitate the KYC update process, banks’ Business Correspondents (BCs) will be authorized to assist customers in rural and remote areas. If a customer’s information remains the same or has only changed their address, they can self-declare the update, which will be digitally recorded by the BC in the bank’s system.
Notably, banks will not restrict transaction facilities for customers with pending KYC updates, provided they update their KYC by June 30, 2026, or within one year of the KYC due date. The RBI has introduced these measures to address the issue of delayed KYC updates, particularly in government-related schemes. By ensuring timely reminders and providing assistance, the RBI aims to improve the overall banking experience and security for customers. Banks will be required to maintain a record of all notifications, enabling auditing and ensuring compliance with the new regulations.
TMB strengthens its leadership with the appointment of a new additional director
The Tamilnadu Mercantile Bank Ltd has announced the appointment of K Ramachandran as an additional Non-Executive Independent Director and part-time Chairman of the bank. This appointment has been approved by the Board of Directors and is subject to approval from the Reserve Bank of India (RBI). Ramachandran will take on the role effective from the date of RBI approval, and his tenure will last for three years, until June 11, 2028.
K Ramachandran brings with him over 30 years of experience in the banking sector, having held key positions in prominent banks. Notably, he has served as the Executive Director at Indian Bank and Allahabad Bank. His expertise and leadership played a crucial role in the successful merger of Allahabad Bank and Indian Bank. This experience will undoubtedly be valuable in his new role at Tamilnadu Mercantile Bank, as he navigates the bank through the evolving banking landscape.
The appointment of Ramachandran as part-time Chairman is expected to bring stability and strategic guidance to the bank. His independent perspective, combined with his extensive banking knowledge, will enable him to provide effective oversight and direction to the bank’s management. As a seasoned banker, Ramachandran is well-equipped to address the challenges and opportunities facing the bank, and his leadership is anticipated to contribute to the bank’s growth and success.
The Tamilnadu Mercantile Bank Ltd, with its rich history and strong presence in the region, is poised for further growth and expansion under Ramachandran’s guidance. The bank’s Board of Directors has expressed confidence in Ramachandran’s ability to lead the bank forward, and his appointment is seen as a significant step towards achieving the bank’s strategic objectives. With his proven track record and expertise, K Ramachandran is well-positioned to make a positive impact at Tamilnadu Mercantile Bank and drive the bank’s continued success.
DG PSB tours PFF House, pledges support for countrywide football growth and development
The Director General of the Pakistan Sports Board (PSB), Muhammad Yasir Pirzada, visited the Pakistan Football Federation (PFF) Headquarters in Lahore to reaffirm the PSB’s commitment to revitalizing football in Pakistan. Pirzada was warmly received by senior PFF officials, including Ali Akram and Aziz Malik, and congratulated the federation on its recent elections, which were deemed historic and transparent. The new leadership of the PFF, under President Syed Mohsen Gilani, has a vision to uplift football in Pakistan, and Pirzada assured the PSB’s full support for this effort.
During the meeting, Pirzada emphasized the importance of developing sustainable infrastructure, promoting inclusive participation, and modernizing facilities to international standards. The proposed renovation and upgradation of the Punjab Stadium in Lahore was a key point of discussion, with Pirzada stressing the need to align the facility with international standards, similar to the recently upgraded Jinnah Stadium in Islamabad. This would enable the stadium to host national and international football events, promoting the sport and providing opportunities for Pakistani footballers to compete at the highest level.
The talks also focused on nationwide football development initiatives, with Pirzada expressing the PSB’s readiness to support the PFF’s strategic roadmap. This roadmap includes expanding grassroots infrastructure, promoting youth and women’s football, and establishing robust professional league systems. The collaborative dialogue between the PSB and PFF highlighted a mutual understanding to work together to revive football in Pakistan, a sport with immense potential and popularity across the country.
The visit marks a significant step towards enhanced cooperation between the PSB and PFF, and is expected to have a positive impact on the development of football in Pakistan. With the PSB’s support, the PFF can focus on implementing its strategic plan, which aims to promote football at all levels, from grassroots to professional. The ultimate goal is to create a thriving football ecosystem in Pakistan, which can produce talented players, competitive teams, and a strong football culture. By working together, the PSB and PFF can help to unlock the full potential of football in Pakistan and bring the sport to new heights.
SBI-RSETI Successfully Completes Women’s Tailoring Course, Reports Andaman Chronicle
The State Bank of India’s Rural Self Employment Training Institute (RSETI) in Sri Vijaya Puram recently completed a 31-day women’s tailor course, which took place from May 8 to June 13, 2025. The course had 16 women trainees who successfully completed the program. The valedictory ceremony was attended by several dignitaries, including Shri Santosh Sahu, Regional Manager, Shri P K Ummer Farooq, Chief Manager UTLBC, and Shri Ravi Sankar, Chief Manager, Lead Bank.
During the ceremony, Shri Santosh Sahu congratulated the trainees on completing the course and advised them to utilize the skills they learned to generate income. He also assured them that banks would provide the necessary loans to those who wanted to start their own ventures. Shri Ummer Farooq appreciated the trainees for taking the initiative to acquire new skills and encouraged them to work hard to become self-sufficient. Shri Ravi Sankar also praised the trainees for learning a skill that is in high demand, such as women’s tailoring.
The ceremony concluded with the distribution of certificates to the trainees by the dignitaries present. The Director of RSETI, C Raj, proposed a vote of thanks to mark the end of the function. The successful completion of the course is a significant achievement for the trainees, who can now use their newfound skills to start their own businesses or seek employment in the tailoring industry. The support and guidance provided by the RSETI and the dignitaries present will undoubtedly help the trainees to become economically independent and self-sufficient.
The RSETI’s initiative to provide training in women’s tailoring is a step in the right direction, as it enables women to acquire a marketable skill and become financially independent. The program’s focus on providing loans to trainees who want to start their own ventures is also commendable, as it will help them to overcome financial barriers and achieve their entrepreneurial goals. Overall, the 31-day women’s tailor course is a great example of how RSETI is working to empower women and promote economic development in the region.
Standard Chartered drives business expansion by harnessing the power of cutting-edge digital banking solutions
Standard Chartered Bank recently hosted an exclusive client engagement session at its Head Office in Accra, Ghana, where it reaffirmed its commitment to supporting business growth through innovative digital solutions. The event brought together top corporate clients and business leaders to showcase the bank’s cutting-edge transaction banking capabilities. The bank’s award-winning digital banking platform, Straight2Bank, was at the center of the engagement, highlighting its ability to make cash management, trade finance, and treasury services seamless, secure, and efficient.
The platform allows businesses to manage their operations anytime, anywhere, providing real-time insights and enabling smarter decision-making and faster execution. The Head of Transaction Banking at Standard Chartered, Reginald Aduakwa, noted that the bank’s digital platforms are designed to help clients scale, optimize, and gain real-time insights into their operations. He emphasized that the bank is delivering sophisticated digital tools that enable businesses to make informed decisions and execute quickly.
The event also highlighted Standard Chartered’s unique proposition, which combines a global footprint with deep local knowledge to support clients as they expand into new markets or strengthen their presence in existing ones. The bank offers tailored solutions that align with clients’ strategic priorities and business goals, from cash flow management to trade solutions. The Head of Ghana Corporates, Xorse Godzi, noted that the bank is committed to empowering growth and walking the journey with its clients.
The session provided participants with the opportunity to interact with product experts, explore case studies, and gain firsthand insights into how digital transformation is shaping the future of finance. Many left the session with renewed confidence in how technology can unlock greater value when applied through a trusted partner. With almost 130 years of continuous operation in Ghana, Standard Chartered continues to lead the charge in delivering innovative, tech-driven solutions that support the country’s economic development and the ambitions of its corporate sector.
The bank’s commitment to innovation and customer satisfaction is evident in its efforts to provide tailored solutions that meet the unique needs of its clients. By combining its global expertise with local knowledge, Standard Chartered is well-positioned to support businesses in Ghana and beyond. The event demonstrated the bank’s dedication to empowering growth and providing cutting-edge digital solutions that enable businesses to thrive in an increasingly digital world. Overall, the session was a testament to Standard Chartered’s commitment to supporting business growth and economic development in Ghana through innovative digital solutions.
Bank of Maharashtra slashes interest rates on retail loans by as much as 0.5 percentage points
The Bank of Maharashtra, a state-owned bank, has announced a reduction in interest rates on various retail loans, including home, car, education, and other loans that are linked to the Repo Linked Lending Rate (RLLR). This move is in line with the Reserve Bank of India’s (RBI) efforts to moderate interest rates. The new interest rates will be effective from June 10.
The reduction in interest rates is up to 50 basis points, which is a significant decrease. This means that borrowers who have taken loans from the Bank of Maharashtra will now have to pay lower interest rates on their loans. The reduction in interest rates is expected to make borrowing cheaper and more affordable for individuals and families.
The Bank of Maharashtra’s decision to reduce interest rates is a response to the RBI’s recent monetary policy decisions. The RBI has been taking steps to moderate interest rates and stimulate economic growth. By reducing interest rates, the Bank of Maharashtra is passing on the benefits of the RBI’s rate cuts to its customers.
The reduction in interest rates will apply to all retail loans that are linked to the RLLR. This includes home loans, car loans, education loans, and other personal loans. Borrowers who have existing loans with the Bank of Maharashtra will also benefit from the reduced interest rates.
The new interest rates will be effective from June 10, which means that borrowers will start paying lower interest rates from that date. The reduction in interest rates is expected to provide relief to borrowers who are struggling to pay high interest rates on their loans.
Overall, the Bank of Maharashtra’s decision to reduce interest rates on retail loans is a positive move that will benefit borrowers and stimulate economic growth. The reduction in interest rates is in line with the RBI’s efforts to moderate interest rates and make borrowing cheaper and more affordable. With the new interest rates effective from June 10, borrowers can expect to pay lower interest rates on their loans and enjoy cheaper credit.
‘Placeholders’ showcases companies operating from within HDFC retail spaces
The vacant storefronts at 165 and 167 Avenue C on the Lower East Side have been transformed into a unique art installation called “Placeholders.” The display is a tribute to the vibrant community of Housing Development Fund Corporation (HDFC) cooperatives in the area, which are collectively owned and operated by residents. HDFCs are a special type of affordable housing that has been a result of decades of grassroots organizing in the neighborhood.
The installation, created by local artist Delphine Le Goff, features items from local businesses located in HDFCs, showcasing the diversity and richness of the community. Some of the items on display include a camera from the Fourth Street Photo Gallery, the city’s oldest Black-owned photography studio, as well as a hand-painted mortar and pestle from the Puerto Rican restaurant Casa Adela. Additionally, handmade Mexican folk art from La Sirena is also part of the exhibit.
The “Placeholders” installation is a joint project between the Cooper Square Committee, Scott Kelly, and Delphine Le Goff, as part of the “Design Sprints: Building Creative Capacity” initiative. This initiative is a collaboration between the Van Alen Institute and the NYC Department of Small Business Services, aiming to promote creative and community-driven solutions for urban development.
The displays will be on view through June, with a closing reception scheduled for June 27. The Cooper Square Committee website provides more information about the project, as well as contact details for local artists, nonprofits, and entrepreneurs interested in finding commercial space in the neighborhood. The website also lists HDFC storefronts on the Lower East Side, highlighting the unique character of the community.
Overall, “Placeholders” is a celebration of the Lower East Side’s diverse and vibrant community, and a testament to the power of grassroots organizing and collective ownership. By showcasing the unique character of HDFC cooperatives, the installation aims to promote a deeper understanding and appreciation of this special type of affordable housing, and the community that it serves.
Prominent Senator Blocks Proposal to Stop Federal Reserve’s Interest Payments to Financial Institutions
A key US Senator has expressed opposition to a plan that would halt interest payments to banks from the Federal Reserve. The plan, which was proposed as part of a broader effort to reform the US financial system, aims to eliminate the practice of paying interest on excess reserves held by banks at the Fed.
Senator Pat Toomey, a Republican from Pennsylvania and a member of the Senate Banking Committee, has come out against the proposal. Toomey argued that halting interest payments to banks could have unintended consequences, such as reducing the attractiveness of holding reserves at the Fed and potentially destabilizing the financial system.
The practice of paying interest on excess reserves has been in place since 2008, when the Fed began paying interest on reserves as a way to encourage banks to hold more reserves and reduce lending during a time of economic crisis. Today, the Fed pays interest on excess reserves at a rate of 1.55%, which is slightly below the federal funds target rate.
Proponents of the plan to halt interest payments argue that it would reduce the profits of large banks and encourage them to lend more to consumers and businesses. However, Toomey and other opponents of the plan argue that it could have the opposite effect, as banks may be less likely to hold reserves at the Fed if they are not earning interest on them.
Toomey’s opposition to the plan is significant, as it could potentially block the proposal from moving forward. The plan is part of a broader effort to reform the US financial system, and it is unclear whether it will be included in any final legislation.
The Federal Reserve has also expressed concerns about the proposal, arguing that it could reduce the effectiveness of monetary policy and increase the risk of financial instability. The Fed has used interest on excess reserves as a tool to manage the money supply and implement monetary policy, and eliminating it could limit the Fed’s ability to respond to economic conditions.
Overall, the opposition from Senator Toomey and the Federal Reserve highlights the complexity and potential risks of the proposal to halt interest payments to banks. While the plan may be intended to reduce the profits of large banks and encourage lending, it could have unintended consequences that destabilize the financial system. As the proposal moves forward, lawmakers will need to carefully consider these risks and weigh the potential benefits against the potential costs.
ATFX Connect Boosts Prime Brokerage Capabilities through Strategic Partnership with Standard Chartered, as reported by LeapRate
ATFX Connect, the institutional division of ATFX Group, has announced a significant collaboration with Standard Chartered Bank, appointing the bank as its second foreign exchange prime broker. This strategic partnership is expected to substantially enhance ATFX Connect’s institutional services and expand its presence in the global market. The integration of Standard Chartered Bank’s prime brokerage services will broaden the range of clients who can access ATFX Connect’s liquidity infrastructure, providing a more robust and efficient trading environment for institutional market participants.
According to Wei Qiang Zhang, Managing Director at ATFX Connect, the company is committed to enhancing market access for its institutional clients as it expands its FX prime brokerage services. The partnership with Standard Chartered Bank complements ATFX Connect’s existing relationships and reinforces its transparent, direct market access agency model. By integrating Standard Chartered Bank’s services, ATFX Connect aims to deliver unparalleled trading solutions, ensuring clients have access to the highest standards of liquidity and support in their trading endeavors.
The collaboration is a significant step forward for ATFX Connect, as it seeks to establish itself as a leading provider of institutional FX services. The partnership with Standard Chartered Bank, a reputable and well-established financial institution, is expected to enhance ATFX Connect’s credibility and appeal to a wider range of institutional clients. With the addition of Standard Chartered Bank as its second FX prime broker, ATFX Connect is well-positioned to expand its reach and provide its clients with greater access to global markets.
Overall, the partnership between ATFX Connect and Standard Chartered Bank is a positive development for the company and its clients. It demonstrates ATFX Connect’s commitment to providing high-quality institutional FX services and its willingness to collaborate with other leading financial institutions to achieve its goals. As the company continues to expand its services and presence in the global market, it is likely to remain a major player in the FX industry.
The Growing Significance of Savings Accounts with Attractive Interest Rates
As we enter the second half of 2025, it’s essential to reassess our financial strategy, particularly our savings account. A well-chosen savings account can play a crucial role in our overall financial well-being, helping our money grow. Not all savings accounts are equal, with many traditional bank accounts offering minimal interest that barely offsets inflation. In contrast, AU Small Finance Bank offers interest rates of up to 6.75% p.a., ensuring that idle funds generate real value.
What sets AU Small Finance Bank apart is its monthly interest payout feature. Unlike most banks that credit interest quarterly, AU Small Finance Bank credits interest every month, providing quicker access to returns and enabling better cash flow management throughout the year. This feature offers several benefits, including improved liquidity, a compounding edge, and predictable income. Monthly interest payouts can be reinvested sooner, potentially generating higher returns over time, and can provide a steady stream of supplementary income, particularly beneficial for retirees, freelancers, or anyone seeking a predictable income.
AU Small Finance Bank’s savings account is more than just a place to park funds; it’s a feature-rich banking experience designed to support lifestyle and goals. The key benefits include high interest rates, monthly interest credit, instant digital account opening, and customized account options for individuals, families, senior citizens, and NRIs. The bank also offers easy account management through its app and net banking, as well as extended banking benefits to family members.
As part of a mid-year financial check, it’s essential to ask yourself if you’re earning the best possible interest on your savings, if you have the flexibility to manage your account on-the-go, and if you’re receiving added lifestyle or family benefits from your bank. If not, it may be time to upgrade to a better banking experience. AU Small Finance Bank empowers individuals to make more of their savings by offering high returns, digital ease, personalized solutions, and everyday rewards. By choosing a banking partner that gives you more – more interest, more access, and more control – you can move beyond basic banking and achieve your financial goals.
IDFC First Bank’s Financials Show Mixed Results as it Grapples with Valuation Revisions and Growing Lending Hurdles, Reports MarketsMojo
IDFC First Bank has reported a mixed performance in its recent financial results, amid challenges in lending and an adjustment in evaluation parameters. The bank’s net profit for the quarter increased by 38% year-on-year (YoY) to ₹293 crore, driven by a 13% YoY growth in net interest income (NII) to ₹2,461 crore. However, the bank’s operating profit declined by 10% YoY to ₹844 crore, due to a 24% YoY increase in operating expenses to ₹1,617 crore.
The bank’s asset quality has shown improvement, with the gross non-performing assets (GNPA) ratio declining to 1.49% from 1.55% in the previous quarter. The net non-performing assets (NNPA) ratio also improved, decreasing to 0.54% from 0.63% in the previous quarter. The bank’s provision coverage ratio (PCR) stood at 58.1%, indicating a decent buffer against potential losses.
Despite the improvement in asset quality, the bank’s lending growth has been sluggish. The bank’s advances grew by only 4% YoY to ₹1.23 lakh crore, with a decline in retail and rural loans. The bank’s deposit growth was also muted, increasing by 12% YoY to ₹1.55 lakh crore. The bank’s CASA (current account, savings account) ratio stood at 48.3%, indicating a high dependence on wholesale deposits.
The bank’s management has indicated that it is taking steps to improve lending growth, including increasing its focus on retail and rural loans. The bank is also working to improve its digital capabilities and expand its distribution network. However, the bank’s evaluation parameters have been adjusted, with a higher weightage given to factors such as asset quality, profitability, and risk management.
The mixed performance of IDFC First Bank reflects the challenges faced by the banking sector in India, including sluggish lending growth and increasing competition. The bank’s improvement in asset quality is a positive sign, but the decline in operating profit and sluggish lending growth are concerns. The bank’s management will need to work to improve its profitability and lending growth, while maintaining its asset quality and managing risks effectively.
Overall, IDFC First Bank’s performance is a reflection of the challenges faced by the banking sector in India, and the need for banks to adapt to changing market conditions and regulatory requirements. The bank’s ability to navigate these challenges and improve its performance will be crucial to its long-term success. With a strong focus on improving its digital capabilities, expanding its distribution network, and increasing its focus on retail and rural loans, IDFC First Bank is well-positioned to meet the challenges ahead and achieve its growth objectives.
Former SIB Chief T Prabhakar Rao Refuses to Disclose Identities of Those Affected by Alleged Political Snooping, Claims to Have Destroyed Evidence Stored on Hard Disks
In a significant development in the phone tapping case in Hyderabad, former Special Intelligence Branch (SIB) chief T Prabhakar Rao has admitted that a special operations team (SOT) within the SIB was involved in political surveillance during his tenure. Rao, who was interrogated for nine hours, claimed that senior police officials were aware of these activities and that he acted under their instructions. He did not name any political leader as being involved in the surveillance.
Rao revealed that the SOT was formed in 2018, and its primary task was to gather intelligence on political figures, which is outside the SIB’s original mandate of anti-Naxal operations. He produced a two-page recommendation letter from a senior officer, which supported his reappointment as SIB chief after his retirement in June 2020. Rao claimed that he continued to work as SIB chief at the insistence of top police officials.
During the interrogation, Rao also admitted that hard disks containing phone tapping data were destroyed in 2023, before the mandated retention period, and just ahead of the Congress coming to power. He was evasive when asked if the decision to destroy the data was made under instructions from higher-ups in the police department, but did not mention any involvement by the political leadership.
The phone tapping case, which was registered in March 2024, has raised serious concerns about privacy and the alleged misuse of state intelligence for political purposes. Rao had fled to the United States after the probe began but returned to India on June 8, following a Supreme Court order restoring his passport and granting him protection from arrest.
Rao’s responses during the interrogation were consistent with his earlier court submissions, and he remained evasive when asked to name individuals who were under surveillance. He stated that the SOT operated under the supervision of deputy superintendent of police G Praneeth Rao and that sensitive data was destroyed before its due date. The investigators are considering seeking written responses from Rao to clarify further points and plan to question Praneeth Rao again on June 13, while Rao will face another round of questioning on June 14.
IOB slashes lending rate linked to repo by 50 basis points, bringing it down to 8.35%
The Indian Overseas Bank (IOB) has announced a significant reduction in its Repo Linked Lending Rate (RLLR) following a meeting of its Asset Liability Management Committee (ALCO) on Wednesday. The RLLR has been cut by 50 basis points, from 8.85% to 8.35%. This change is set to take effect on June 12, 2025.
The decision to reduce the RLLR was made in response to the Reserve Bank of India’s (RBI) latest Monetary Policy Committee (MPC) meeting, in which the Repo Rate was also reduced by 50 basis points. The Repo Rate is the rate at which the RBI lends money to commercial banks, and a reduction in this rate typically leads to a decrease in lending rates for banks.
The reduction in RLLR by IOB is expected to have a positive impact on borrowers, as it will result in lower interest rates on loans. This could lead to an increase in borrowing and spending, which could in turn boost economic growth. The move is also likely to make IOB’s loans more competitive in the market, which could help the bank to attract more customers.
The reduction in RLLR is a significant development, as it indicates that IOB is committed to passing on the benefits of the RBI’s monetary policy decisions to its customers. The bank’s decision to reduce its lending rates is also in line with the RBI’s efforts to boost economic growth and increase lending in the country.
Overall, the reduction in RLLR by IOB is a positive development for borrowers and the economy as a whole. It is likely to lead to an increase in borrowing and spending, which could help to boost economic growth. The move is also a testament to IOB’s commitment to providing competitive and affordable loan products to its customers. With the new RLLR taking effect on June 12, 2025, borrowers can look forward to enjoying lower interest rates on their loans.
PNB MD Ashok Chandra expects pressure on Net Interest Margin (NIM) to subside starting from the third quarter
Ashok Chandra, the Managing Director and CEO of Punjab National Bank (PNB), believes that the pressure on the bank’s Net Interest Margin (NIM) will ease in the third quarter of the current financial year. This is due to the reduction in policy rates by the Reserve Bank of India (RBI), which is expected to lead to a decrease in the cost of funds. Chandra predicts that the NIM will hover around 2.8-2.9% in the current financial year, with a target of 2.93% for FY25.
The RBI’s recent repo rate cut of 50 basis points is expected to lead to a reduction in deposit rates, which will help to decrease the cost of funds for banks. PNB will review its deposit rates in the upcoming Asset-Liability Committee (ALCO) meeting to determine the impact of the repo rate cut on liquidity in the market. Additionally, the 100-bps cut in the Cash Reserve Ratio (CRR) by the RBI will provide PNB with approximately ₹15,000 crore, which can be used to expand lending.
PNB is also focusing on lending to the retail, agriculture, and MSME (RAM) sectors, with a growth target of increasing RAM lending from 53% of the loan book in FY25 to 58% in the current financial year. The bank has been taking measures to increase RAM lending through outreach programs, including a digital lending facility for MSMEs. In FY26, PNB’s lending to the RAM sector was around ₹6 lakh crore, accounting for approximately 56% of the loan book.
Chandra is optimistic about corporate credit offtake in the current financial year, citing the decline in lending rates. Last year, the bank sanctioned ₹1.35 lakh crore for corporates, with renewable energy, power, steel, and infrastructure sectors seeing higher traction. Overall, PNB is well-positioned to take advantage of the favorable market conditions and is expected to see an improvement in its financial performance in the coming quarters. With its focus on RAM lending and corporate credit, the bank is poised to achieve its growth targets and maintain its position as a leading player in the Indian banking sector.
Bank of Baroda emerges as highest bidder for Jet Airways’ BKC office in insolvency auction, reports The Economic Times
The Economic Times has reported that Bank of Baroda has emerged as the top bidder in the insolvency auction of Jet Airways’ BKC office in Mumbai. The auction was held as part of the ongoing insolvency proceedings against the grounded airline. The Bank of Baroda’s bid of approximately Rs 490 crores has been deemed the highest, surpassing those of other prominent bidders such as LIC and Yes Bank.
The BKC office, located in the heart of Mumbai’s financial district, is a prime commercial property that serves as the airline’s headquarters. The office space spans over 52,000 square feet and is situated in a highly sought-after location, making it a valuable asset for any company. The auction was conducted by the resolution professional, Ashish Chhawchharia, who is overseeing the insolvency proceedings against Jet Airways.
The sale of the BKC office is part of the efforts to recover debts owed by Jet Airways to its creditors. The airline, which was once one of India’s largest private carriers, ceased operations in April 2019 due to financial difficulties. The insolvency proceedings were initiated in June 2019, and since then, the resolution professional has been working to sell off the airline’s assets to repay debts.
Bank of Baroda, which is one of the largest public sector banks in India, has been actively participating in the insolvency proceedings of Jet Airways. The bank had an exposure of over Rs 1,000 crores to the airline and has been seeking to recover its dues through the sale of the airline’s assets. The acquisition of the BKC office is expected to help the bank recover a significant portion of its outstanding dues.
The sale of the BKC office is subject to approval from the National Company Law Tribunal (NCLT), which is overseeing the insolvency proceedings. Once the sale is approved, the Bank of Baroda is expected to take possession of the property, which could be used for its own operations or leased out to other companies. The transaction is expected to be completed within the next few weeks, pending regulatory approvals.
Vedanta Aluminium Partners with Central Bank of India to Offer Zero-Collateral Loans to Micro, Small, and Medium Enterprises (MSMEs)
Vedanta Aluminium, India’s leading aluminium producer, has partnered with the Central Bank of India to provide collateral-free loans to its customers, particularly Micro, Small and Medium Enterprises (MSMEs), through its subsidiary, BALCO. The partnership aims to support original equipment manufacturers (OEMs) by offering accessible financing with minimal paperwork and competitive interest rates. Over 60% of Vedanta Aluminium’s downstream clients are MSMEs, and this initiative is expected to simplify financing access and promote industry self-reliance.
The loan facility will be integrated into Vedanta Metal Bazaar, the company’s digital aluminium marketplace, which will enable rapid disbursals, digital documentation, and real-time invoice updates. Loan amounts will range from ₹10 lakh to ₹10 crore per customer, with competitive interest rates, a 90-day repayment window, and a 15-day grace period. This partnership reflects Vedanta’s efforts to strengthen the domestic aluminium supply chain and drive broader economic impact through jobs and industrial growth.
Vedanta Metal Bazaar is an e-commerce platform that lists over 750 product variations, including ingots, billets, wire rods, rolled products, and India’s first low-carbon aluminium brand, Restora. The platform features AI-based price discovery and is accessible through a dedicated website and mobile app, offering tailored solutions for a wide customer base. With over 100 customers already using financial services via the platform’s partner banks, the addition of Central Bank of India is expected to further enhance access to working capital nationwide.
Rajiv Kumar, CEO of Vedanta Aluminium, stated that this partnership improves capital access for MSMEs, who are vital to India’s manufacturing base. The company produced 2.42 million tonnes of aluminium in FY25, accounting for over half of India’s total output, and ranks second globally in the S&P Global Sustainability Assessment 2024 for the aluminium sector. Through this initiative and its broader product ecosystem, Vedanta Aluminium continues to drive industrial innovation and support India’s clean manufacturing ambitions. The partnership is expected to have a positive impact on the domestic aluminium industry and the economy as a whole.
TG Power Utilities partners with SBI to introduce a ₹1 crore accidental insurance policy for its employees
The government of Telangana has introduced a ₹1 crore accident insurance cover for its power utilities’ staff, benefiting 51,868 employees. The scheme is a result of a memorandum of understanding (MoU) between the power utilities and the State Bank of India (SBI). To avail of the insurance scheme, employees will need to open a bank account with SBI. The insurance cover will provide employees with a sense of security and confidence, allowing them to work more efficiently.
In the event of an accident, the insurance scheme will provide a claim of ₹1 crore to the dependents of the deceased employee. Additionally, if an employee suffers a permanent disability due to an accident, they will receive a claim of ₹80 lakh. The scheme also includes education and marriage loan facilities for employees who open an account with SBI.
The Deputy Chief Minister of Telangana, Mallu Bhatti Vikramarka, launched the scheme and praised the efforts of the power utilities’ employees in ensuring uninterrupted power supply despite a surge in peak demand. The scheme is a historic decision for the state, providing employees with a sense of security and assurance. The insurance cover will be extended to employees without any premium contribution from them, and their dependents will receive a claim of ₹10 lakh in the event of natural death.
Furthermore, four members of the employee’s family will also be covered under the scheme, with each member receiving an insurance cover of ₹5 lakh. This benefit can be availed even if the employee has a zero balance in their account. The introduction of this scheme is a significant step towards recognizing the hard work and dedication of the power utilities’ employees in Telangana.
The state government has also unveiled a new green energy policy to meet the increasing energy demand. The policy aims to add 20,000 MW of green energy capacity by 2030. The launch of the insurance scheme and the new green energy policy demonstrates the government’s commitment to the welfare of its employees and the development of the state’s energy sector.
Ten banks, including SBI and Bank of Baroda, witnessed a drop in non-performing assets (NPAs) in Q4, sparking revival hopes
The Q4 FY25 results season has come to a close, and an analysis by Trendlyne has revealed that 10 banks from the Nifty500 index have reported a decline in their non-performing assets (NPAs) for the quarter ending March 2025. These banks include some of the major players in the Indian banking sector, such as State Bank of India (SBI), Bank of Baroda, Canara Bank, and AU Small Finance Bank.
A decline in NPAs is a positive sign for banks, as it indicates a reduction in the amount of loans that are not being repaid. This can lead to a decrease in provisions for bad debts and an improvement in the overall asset quality of the bank. The reduction in NPAs can also free up capital for banks to lend more, which can help stimulate economic growth.
The improvement in NPAs is a result of the efforts made by banks to recover dues and reduce their exposure to stressed assets. The Indian government and the Reserve Bank of India (RBI) have also taken various measures to help banks tackle the NPA problem, such as the introduction of the Insolvency and Bankruptcy Code (IBC) and the setting up of the National Company Law Tribunal (NCLT).
The decline in NPAs is a significant development, as it indicates that the Indian banking sector is gradually recovering from the NPA crisis that had affected it in the past. The reduction in NPAs can also lead to an improvement in the profitability of banks, as they will have to make lower provisions for bad debts.
The 10 banks that reported a decline in NPAs are:
1. State Bank of India (SBI)
2. Bank of Baroda
3. Canara Bank
4. AU Small Finance Bank
The other 6 banks are also major players in the Indian banking sector. The decline in NPAs is a positive sign for the Indian banking sector, and it is expected that this trend will continue in the coming quarters. The improvement in NPAs is a result of the efforts made by banks to recover dues and reduce their exposure to stressed assets.
The reduction in NPAs can also lead to an improvement in the credit growth of banks, as they will have more capital to lend. This can help stimulate economic growth and lead to an improvement in the overall financial health of the country. Overall, the decline in NPAs is a significant development, and it is expected that the Indian banking sector will continue to recover from the NPA crisis in the coming quarters.
According to the CIO of Standard Chartered, investors currently have a significantly lower allocation to US assets than they should, indicating a substantial underweight position.
The US dollar has declined by 10% year-to-date, as measured by the US dollar index (DXY), due to uncertainty surrounding President Trump’s tariff announcements in April. This has led to a bearish consensus towards US assets, with many investors rethinking their US exposure. However, according to Standard Chartered Bank’s global chief investment officer Steve Brice, this consensus could lead to a short-term “melt up” in US assets as investors reposition. Brice believes that the market is “massively underweight” the dollar and US assets, and that a correction in positioning could lead to a surge in US assets.
For investors looking to hedge against a continued decline in the US dollar, Brice suggests investing in assets, including US assets, as a counterintuitive approach. He argues that dollar weakness is generally good for assets, including both equities and bonds, and that investing in these assets can be a great way to hedge against dollar weakness. This approach includes investing in US assets, as well as non-US assets, which have historically outperformed US assets in a weak dollar environment.
Meanwhile, wealth management clients are becoming more open-minded about diversifying away from their US exposure. According to Bank of Singapore’s global chief investment officer Jean Chia, diversification has finally started to resonate with the bank’s wealth management clients. Chia notes that many clients have been hesitant to diversify out of their US assets, which had been outperforming, but are now more willing to consider alternative currencies, such as the euro, yen, or Singapore dollar. This shift towards diversification is driven by the recognition that it is not a binary decision between the US dollar and their home currency, but rather a consideration of multiple currencies and asset classes.
Overall, the decline of the US dollar has led to a re-evaluation of US assets and a recognition of the importance of diversification. As investors look to navigate the current market environment, they are considering alternative approaches, such as investing in assets to hedge against dollar weakness, and diversifying their portfolios to include multiple currencies and asset classes.
Kyndryl chosen by ESAF Small Finance Bank to drive its IT modernization and digital banking initiatives
Kyndryl, a leading provider of IT services, has partnered with ESAF Small Finance Bank, a new age bank in India with over nine million customers and 787 branches, to transform and manage its mission-critical technology infrastructure. The partnership aims to support ESAF Bank’s digital initiative, “StratoNeXt,” which seeks to modernize the bank’s technology and promote financial inclusion and economic development.
Through this partnership, Kyndryl will leverage its technology advisory services, Kyndryl Consult, and its innovative design-led co-creation approach, Kyndryl Vital, to build a modern and regulatory-compliant infrastructure for ESAF Bank. This will involve updating and migrating enterprise applications to a new environment, enabling greater agility, high-availability, and sustained innovation.
The partnership is expected to enhance ESAF Bank’s service delivery capabilities, allowing it to deliver a secure, seamless, and customer-centric digital banking experience. Kyndryl will also implement a comprehensive cybersecurity framework to strengthen the bank’s cybersecurity posture, facilitating the introduction of innovative security-rich banking solutions with minimal disruption to operations.
Kyndryl’s President in India, Lingraju Sawkar, emphasized the company’s deep expertise in technology and experience in managing mission-critical banking and financial services systems in India. He stated that Kyndryl is uniquely positioned to support ESAF Bank’s vision of promoting financial inclusion and economic development.
As part of the partnership, Kyndryl plans to establish a dedicated support and delivery center in Kochi, which will provide services for ESAF Bank and other customers. This expansion is expected to harness Kerala’s skilled technology workforce, reinforcing and deploying Kyndryl’s advanced delivery capabilities for its customers in South India and generating local employment opportunities.
ESAF Bank’s Executive Director, George K John, stated that the partnership with Kyndryl significantly advances the bank’s vision of delivering personalized, accessible, and engaging customer experiences to uplift communities. He emphasized the bank’s commitment to inclusive and responsible banking, leveraging technology to seamlessly blend digital innovation with meaningful physical interactions. The partnership is expected to empower not only ESAF Bank’s customers but also the broader communities it serves.
HDFC Life celebrates a milestone 25 years by distributing a historic bonus of ₹4,102 crore to its policyholders
HDFC Life Insurance Company has announced a record-breaking bonus of ₹4,102 crore for its participating policyholders, marking the largest-ever bonus declaration in the company’s 25-year history. This bonus will benefit over 21.90 lakh policyholders, with ₹3,232 crore being disbursed in the current financial year as part of survival or maturity payouts. The remaining amount will accrue as policy benefits, payable in subsequent years.
The company’s annual bonus has approximately doubled every four years, reflecting consistent growth in its with-profits fund performance. Since its inception, HDFC Life has declared a cumulative bonus amount exceeding ₹22,500 crore across eligible participating policies. Eshwari Murugan, Appointed Actuary at HDFC Life, stated that this declaration is the company’s highest bonus yet and considers policy bonuses as a loyalty reward for long-term policyholders.
This announcement follows similar declarations from other insurers, including Axis Max Life Insurance, which declared a participating bonus of ₹2,135 crore for FY2024-25, benefiting over 21 lakh policyholders. Tata AIA Life Insurance also announced a bonus of ₹1,842 crore for FY24, benefiting 17.22 lakh policyholders, while Kotak Mahindra Life Insurance declared a bonus of ₹1,178 crore for FY25.
The bonus declaration by HDFC Life is a significant milestone, reflecting the company’s commitment to rewarding its policyholders for their loyalty and trust. The company’s consistent growth and performance have enabled it to declare increasingly larger bonuses over the years, demonstrating its ability to deliver value to its customers. With this declaration, HDFC Life reinforces its position as a leading life insurance provider in India, dedicated to providing long-term financial security and benefits to its policyholders.
Japfa Ltd Obtains $150 Million Sustainability-Linked Financing from DBS and Rabobank, Reinforcing Its Dedication to Sustainable Practices and Social Responsibility
Japfa Ltd, a leading industrialized agri-food company, has successfully closed a $150 million sustainability-linked loan (SLL) with DBS Bank and Rabobank as joint sustainability coordinators. This loan marks a significant milestone in Japfa’s commitment to sustainable business practices and further solidifies its track record in sustainability financing transactions. The SLL is tied to key performance indicators (KPIs) aligned with Japfa’s sustainability strategy, addressing key material topics such as water recycling, zero coal, and improving access to nutrition.
Japfa’s sustainability strategy focuses on reducing freshwater use and wastewater discharge through water recycling, phasing out the use of coal in favor of cleaner energy solutions, and addressing malnutrition and stunting among children through its flagship CSR program, “Japfa For Kids”. The company aims to create a multiplier effect by providing education on balanced diets and access to affordable and nutritious proteins, ultimately improving the nutritional status of malnourished children.
As a leading animal protein producer in emerging Asia, Japfa is committed to enabling food security in the region while advancing sustainability across the value chain. The company strives to minimize environmental impact, promote efficient and ethical use of resources, and reduce food waste. Japfa’s CEO, Tan Yong Nang, emphasized the company’s determination to address pressing global challenges, from enhancing resource efficiency to improving nutrition and transitioning to cleaner energy sources.
The loan demonstrates the growing importance of sustainability-linked financing in driving positive environmental and social change within the agriculture sector. DBS and Rabobank, Japfa’s partners in this deal, are committed to collaborating with the company on its sustainability transition journey. The banks praised Japfa’s commitment to sustainability and its efforts to provide affordable nutrition to Asia’s emerging markets in an environmentally responsible way.
The SLL is a significant step towards achieving Japfa’s ambitious ESG goals and reaffirms its determination to address global challenges. The company’s partners, DBS and Rabobank, are dedicated to supporting Japfa’s sustainability agenda and driving greater impact in markets and communities across the region. The loan sets a precedent for the importance of sustainability-linked financing in the agriculture sector and highlights Japfa’s leadership in promoting sustainable practices and responsible production and consumption.
Poverty in India expected to drop to 4.6% by 2024, down from 5.3% in 2023, according to a recent SBI report, as reported by ANI News.printStats
According to a recent report by the State Bank of India (SBI), India’s poverty rate is expected to decline further to 4.6% in 2024 from 5.3% in 2023. The report highlights the country’s progress in reducing poverty and improving living standards. The decline in poverty rates can be attributed to various factors, including government initiatives, economic growth, and social welfare programs.
The SBI report notes that the poverty rate in India has been steadily declining over the years, with a significant reduction from 45% in 1993-94 to 22.5% in 2011-12. The report further states that the poverty rate is expected to decline to 4.6% in 2024, indicating a significant improvement in the living standards of the population.
The report attributes the decline in poverty rates to various government initiatives, including the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has helped to increase financial inclusion and access to banking services for the poor. Other initiatives, such as the Pradhan Mantri Awas Yojana (PMAY) and the Deen Dayal Upadhyaya Antyodaya Yojana (DDUAY), have also contributed to the decline in poverty rates.
The report also highlights the role of economic growth in reducing poverty. The country’s GDP growth rate has been steadily increasing, which has led to an increase in employment opportunities and income levels. Additionally, the report notes that social welfare programs, such as the Public Distribution System (PDS) and the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), have also played a crucial role in reducing poverty.
The SBI report also notes that the decline in poverty rates has been more significant in rural areas, where poverty has declined from 35.7% in 2011-12 to 5.5% in 2023. The report attributes this decline to the government’s focus on rural development and the implementation of initiatives such as the PMAY and the DDUAY.
Overall, the SBI report highlights the significant progress made by India in reducing poverty and improving living standards. The decline in poverty rates is a testament to the effectiveness of government initiatives and economic growth. However, the report also notes that there is still a need to address issues such as income inequality and access to education and healthcare, which are critical to sustaining the decline in poverty rates.
Join us for the SCLT Backyard BBQ, proudly sponsored by Eliason Financial and First Federal Bank and Trust, and brought to you by Sheridan Media
The Sheridan Community Land Trust (SCLT) is hosting a free Backyard BBQ event, presented by Eliason Financial and First Federal Bank and Trust, to celebrate the organization’s mission of connecting people to land, history, and the places they love. The event is open to the public and will take place at the SCLT Big Goose Natural Area. Attendees are in for a treat, with live music from Tris Munsick, a delicious BBQ spread featuring Legerski’s meats and vegetarian options, as well as a variety of sides, desserts, and beverages.
The event will also offer a range of activities, including nature trails, local history exhibits, face painting, lawn games, and more. To add to the excitement, SCLT is hosting a matched raffle, where every dollar spent on raffle tickets will be matched, with proceeds supporting the organization’s efforts. The raffle prizes include a seven-day stay in a Telluride condo, a scenic flight with Sheridan Pilots 307 Flight School, a children’s mountain bike, and original artwork by local artists Joe Ostlind and Charlie Walter.
Following the success of their first Backyard BBQ, SCLT has made adjustments to ensure a smoother experience for guests, including improvements to the serving line. The organization invites the community to explore the beautiful Big Goose Natural Area and learn more about their mission. The event is a great opportunity to connect with others, enjoy the outdoors, and support a worthy cause. To attend, simply RSVP by clicking on the provided link. With its promise of good food, good company, and a chance to give back, the SCLT Backyard BBQ is an event not to be missed. So mark your calendars and join the fun, all while supporting the important work of the Sheridan Community Land Trust.
The UAE is Emerging as a Significant Contributor to Global Wealth
Standard Chartered’s wealth management unit has set ambitious goals to attract $200 billion in net new money and achieve a double-digit compound annual growth rate (CAGR) for income from its wealth solutions over the next five years. The bank has already made progress, attracting $13 billion in new money in the first quarter, with total assets under management (AUM) reaching $389 billion. The wealth business covers a range of clients, including mass retail, affluent, high net worth, and ultra-high net worth segments.
The UAE is expected to play a more prominent role in the bank’s strategy, with the Middle Eastern hub becoming an important contributor to the bank’s wealth management business. The bank is investing in relationship manager capacity in the Private Bank, Priority Private, and Priority banking segments in the UAE. The market overall accounts for $305 million out of $5.4 billion in total operating income and $185 million out of $2.3 billion in pre-tax profit for the first three months of 2025.
To achieve its growth goals, the bank is focusing on several areas, including encouraging clients to build a core foundational portfolio, increasing emphasis on alternatives, and exploring the possibility of adding digital assets to its offering. The bank has also launched Signature CIO Funds, which have reached $2.5 billion in AUM, and has partnered with Ardian to provide private banking clients with direct and co-investment private market opportunities.
Standard Chartered plans to invest $1.5 billion in its wealth business, with 50% of the budget allocated to hiring more relationship managers, investment advisors, and treasury specialists. The bank will also invest in digital and technology, including rolling out its myWealthAdvisor and myRM platforms, to enhance its wealth product platform across all asset classes.
However, the bank’s path to achieving its target will not be without hurdles, including geopolitical risks such as the escalating trade war triggered by US President Donald Trump. The bank’s global CEO has flagged the risk, increasing a non-linearity charge to reflect an increased probability of a “Global Trade and Geopolitical Trade Tensions” scenario. To mitigate this risk, the bank has been actively engaging clients with a focus on diversification and helping clients with their wealth lending portfolios. Overall, Standard Chartered’s wealth management unit is well-positioned to achieve its ambitious goals, with a strong focus on growth, technology, and talent.
Kotak Mahindra Announces Key Changes in its Senior Leadership Team
Kotak Mahindra Bank, a private sector lender, has announced changes in its senior management personnel. Mr. Paul Parambi, the current Group Chief Risk Officer (GCRO), will be retiring on June 30, 2025, and will cease to be a senior management personnel of the bank. However, he will continue to serve as Group President- Risk until his retirement.
To fill the vacancy, the bank’s Board of Directors has appointed Ms. Srishti Sethi as the new GCRO and a Senior Management Personnel (SMP) of the bank, effective from June 12, 2025, for a period of five years. Ms. Sethi brings over! 30 years of experience in enterprise and credit risk, banking and wealth management, corporate debt, collections, and operational excellence. She has held leadership roles at Hero Fincorp, IDFC First Bank, and GE Capital, and is known for her strategic perspective, deep domain expertise, and ability to lead transformation with precision and purpose.
Ms. Sethi is a graduate in Mathematical Statistics from Lady Shri Ram College and holds a PGDBM from IMS Ghaziabad. She is also a Certified Information Systems Auditor (CISA) and holds a CRISC certification. Her appointment is expected to bring new insights and expertise to the bank’s risk management function.
The change in leadership is a significant development for Kotak Mahindra Bank, and the appointment of Ms. Sethi is seen as a positive move to strengthen the bank’s risk management capabilities. The bank’s Board of Directors has expressed confidence in Ms. Sethi’s ability to lead the risk management function and contribute to the bank’s growth and success.
The announcement of Ms. Sethi’s appointment is part of the bank’s efforts to ensure a smooth transition and maintain continuity in its senior management team. The bank’s senior management personnel play a crucial role in shaping its strategy and direction, and the appointment of Ms. Sethi is expected to have a positive impact on the bank’s operations and performance. Overall, the change in leadership is a significant development for Kotak Mahindra Bank, and the appointment of Ms. Sethi is seen as a positive move to strengthen the bank’s risk management capabilities and drive its future growth and success.
Following RBI’s rate cut, Bank of Baroda and HDFC Bank have lowered their lending rates, with reductions of up to 50 basis points and 10 basis points, respectively.
The State-owned Bank of Baroda (BoB) has announced a reduction in its benchmark lending rate, linked to the repo rate, by 50 basis points. This move is in line with the Reserve Bank of India’s (RBI) recent rate cut. The bank’s Repo Linked Lending Rate (RLLR) now stands at 8.15%, effective from June 7. This reduction will benefit borrowers whose loans are linked to this benchmark.
Additionally, private sector HDFC Bank has also reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across all tenures, effective from June 7. The new MCLR rates range from 8.90% for overnight and one-month rates to 9.10% for two-year and three-year tenure lending rates.
The RBI’s rate cut was announced on Friday, where the monetary policy committee voted to lower the benchmark repurchase or repo rate by 50 basis points to 5.5%. The cash reserve ratio for banks was also reduced by 100 basis points to 3%, making available an additional ₹2.5 lakh crore to the banking system.
This is the third interest rate cut by the RBI in 2025, with a total reduction of 100 basis points. The previous cuts were made in February and April, with each reduction being 25 basis points. The RBI’s move is aimed at boosting the economy by making more money available for lending.
The reduction in lending rates by BoB and HDFC Bank is expected to benefit borrowers, particularly those with loans linked to the repo rate or MCLR. With the decrease in lending rates, borrowers can expect to pay lower interest rates on their loans, which can help reduce their debt burden. The move is also expected to increase credit demand and boost economic growth. Overall, the reduction in lending rates by banks is a positive development for the economy and borrowers alike.
RBI’s rate cut leads to drop in home loan rates, bringing greater relief to existing borrowers
Following the Reserve Bank of India’s (RBI) decision to cut the repo rate by 50 basis points, several major public sector banks have reduced their lending rates. The move aims to stimulate credit growth and support economic activity amid ongoing challenges. Bank of Baroda, Punjab National Bank, Bank of India, and UCO Bank have all reduced their repo-linked lending rates (RLLR) by 50 basis points, with effective dates ranging from June 6 to June 9, 2025. These reductions bring their RLLR rates down to between 8.15% and 8.35%.
In addition to the public sector banks, private sector lender HDFC Bank has also reduced its Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points across various tenures, effective June 7, 2025. This adjustment brings down the overnight and one-month MCLR rates to 8.9%. The RBI’s repo rate cut directly impacts floating-rate loans, which must be reset in line with the benchmark repo rate as per RBI regulations. Existing borrowers with floating-rate loans will automatically benefit from lower interest rates.
However, new borrowers may not receive the full benefit of the rate cut, as banks are expected to modify the spreads they charge over the repo rate to maintain profitability. For example, Bank of Baroda’s home loan rates for new borrowers now start at 8%, which is higher than the rates offered by some public sector banks prior to the RBI rate cut. Several public sector banks, including Bank of India, Bank of Maharashtra, and Union Bank of India, were offering home loans at rates as low as 7.85% for loans up to Rs 30 lakh.
The rate cuts are expected to make borrowing cheaper for consumers and businesses, which could help stimulate economic growth. However, to preserve profitability, lenders are also expected to reduce returns on fixed deposits (FDs), making them less attractive to savers in the near term. The RBI’s repo rate reduction and the subsequent adjustments by banks reflect ongoing efforts to balance credit availability, profitability, and competitive pressures in the Indian banking sector.
Overall, the rate cuts are a positive development for borrowers, but may have a negative impact on savers. The Indian banking sector is expected to continue to evolve in response to the RBI’s monetary policy decisions, with lenders adjusting their rates and products to maintain profitability and competitiveness. The ultimate goal of the rate cuts is to spur economic growth by making borrowing cheaper, which could have a positive impact on the broader economy.
UCO Bank Slashes Lending Rates: MCLR Reduced Across All Loan Tenures, Effective June 10, Making Borrowing More Affordable
UCO Bank, a major public sector bank in India, has announced a 0.10% reduction in its Marginal Cost of Funds-Based Lending Rate (MCLR) across all tenures, effective June 10, 2025. This move follows the Reserve Bank of India’s (RBI) decision to cut the repo rate by 50 basis points, bringing the total reduction to 75 basis points since the RBI’s previous three consecutive cuts. As a result, the repo rate has decreased from 6% to 5.50%. This reduction in MCLR by UCO Bank is expected to make various types of loans, such as home loans, car loans, and personal loans, more affordable for customers.
The MCLR rates for different periods have been reduced as follows: overnight MCLR has decreased from 8.25% to 8.15%, one-month MCLR has decreased from 8.45% to 8.35%, three-month MCLR has decreased from 8.60% to 8.50%, six-month MCLR has decreased from 8.90% to 8.80%, and one-year MCLR has decreased from 9.10% to 9.00%. The one-year MCLR is particularly significant, as most retail loans, including home loans, are linked to this rate.
MCLR, or Marginal Cost of Funds-Based Lending Rate, is the minimum rate below which a bank is not allowed to lend. It was introduced by the RBI on April 1, 2016, to bring transparency to lending rates and ensure that the benefits of policy rate changes are passed on to customers quickly. MCLR is based on a bank’s internal costs, including the cost of funds, cash reserve ratio, operating costs, and tenor premium. When the RBI cuts the repo rate, it becomes cheaper for banks to raise funds, allowing them to reduce their MCLR rates and pass on the benefits to customers.
The reduction in MCLR by UCO Bank is expected to have a ripple effect on the entire banking sector, with other public and private sector banks likely to follow suit and announce similar cuts in their MCLR rates. This, in turn, will make loans cheaper across the country and boost the economy. The continuous reduction in repo rate by the RBI is expected to have a positive impact on the economy, making borrowing more affordable for individuals and businesses. Overall, the reduction in MCLR by UCO Bank is a welcome move for customers, and it is expected to have a positive impact on the banking sector and the economy as a whole.
AU Small Finance Bank Joins Forces with IFC to Embed Climate Resilience into its Banking Operations
AU Small Finance Bank (AU SFB) has partnered with the International Finance Corporation (IFC) to integrate climate risk considerations into its core banking framework. The initiative aims to strengthen the bank’s resilience to climate-related financial risks and align with evolving regulatory expectations and global standards. The partnership will help AU SFB embed environmental considerations into its governance, strategic planning, risk management processes, and ESG disclosures.
The climate risk advisory program involves three key components: Physical Risk Assessment, Transition Risk Assessment, and Financed Emissions Calculation. The Physical Risk Assessment will evaluate the bank’s loan portfolio exposure to hazards like floods, droughts, and extreme weather, using IPCC climate scenarios and projections. The Transition Risk Assessment will analyze financial risks linked to policy, market, and technological changes as India moves toward a low-carbon economy. The Financed Emissions Calculation will measure financed emissions across corporate loans, SME finance, real estate, and sovereign bonds.
The initiative is supported by the Government of Japan and is being implemented in collaboration with climate risk solutions firm StepChange. AU SFB’s Founder, MD & CEO, Sanjay Agarwal, emphasized that the partnership marks a key step in the bank’s sustainability journey and reflects its commitment to responsible banking and creating sustainable value. The bank has already demonstrated progress in this area through initiatives like its Green Fixed Deposit product, which has raised ₹1,178 crore for investments in renewable energy and clean transportation.
The partnership with IFC will help AU SFB strengthen its climate resilience and ensure long-term financial inclusion. The bank has already achieved a low-risk ESG rating of 17.1 from Sustainalytics and an AA rating in the MSCI ESG assessment. By integrating climate risk considerations into its core banking framework, AU SFB is taking a proactive approach to managing climate-related risks and opportunities, and is well-positioned to support India’s transition to a low-carbon economy. Overall, the initiative is a significant step towards promoting sustainable banking practices and reducing the bank’s environmental footprint.
HDFC Bank dismisses Lilavati Trust allegations against CEO as a ‘malicious attempt to disrupt debt recovery efforts’
HDFC Bank has responded to allegations made by Lilavati Kirtilal Mehta Medical Trust, dismissing demands for the suspension and prosecution of its CEO, Sashidhar Jagdishan, as “malicious” and “preposterous”. The bank defended Jagdishan, stating that the allegations are an attempt to derail a two-decade loan recovery battle. According to the bank, the allegations are the latest tactic by Prashant Mehta, a trustee of Lilavati Trust, and his family to dodge repayment of substantial dues owed to the bank.
The bank accused Mehta and his relatives of repeatedly launching “vexatious legal actions” after failing to win relief from any judicial body, including the Supreme Court. HDFC Bank described the move as part of a “mala fide” campaign to intimidate its leadership and avoid financial accountability. The bank stated that it has secured comprehensive legal advice and remains committed to defending Jagdishan’s reputation.
HDFC Bank has been pursuing recovery actions against Mehta and his family members for over two decades, and the bank claims that they have consistently failed to repay substantial amounts owed. The bank’s statement emphasized that it takes immense pride in the integrity and leadership of its MD & CEO and is confident that the judicial process will recognize the “fraudulent intention and devious objectives” of the Trustee and officials of Lilavati Trust.
The bank’s response suggests that it believes the allegations are a desperate attempt to avoid payment and to intimidate the bank’s leadership. HDFC Bank is committed to pursuing legal remedies and options to defend Jagdishan’s reputation and to recover the outstanding loans. The bank’s statement also highlights its commitment to upholding the integrity and leadership of its CEO, who has been at the helm since 2020.
Overall, the dispute between HDFC Bank and Lilavati Kirtilal Mehta Medical Trust appears to be a long-standing and complex one, with both parties engaging in a series of legal actions and counter-claims. The bank’s response suggests that it is determined to defend its CEO and to recover the outstanding loans, and it remains to be seen how the matter will be resolved.
The Agri and All Trade Chamber applauds the RBI’s move to slash the repo rate and cash reserve ratio.
The Agri and All Trade Chamber has expressed its appreciation for the Reserve Bank of India’s (RBI) decision to reduce the repo rate from 6% to 5.5% and the cash reserve ratio (CRR) by 1%. According to S. Rethinavelu, the chamber’s president, this move is expected to significantly improve liquidity in the banking system, with the CRR cut alone releasing approximately ₹2.5 lakh crore into the economy.
The reduction in the repo rate will enable banks to borrow at cheaper rates from the RBI, which is likely to lead to reduced lending rates for various sectors, including home loans, vehicle loans, business borrowings, agriculture, and Micro, Small, and Medium Enterprises (MSMEs). This, in turn, will ease borrowing costs and inject much-needed liquidity into the system.
Rethinavelu believes that the rate cut will serve as a catalyst for growth and confidence, particularly in the agricultural sector where input costs have been fluctuating and credit demand is rising. The measures taken by the RBI will strengthen MSMEs’ ability to access loans and scale operations, creating more employment opportunities.
The monetary policy adjustment is expected to ease working capital pressures and encourage industrial players to invest in productivity, innovation, and green infrastructure, contributing to national growth and global competitiveness. The rate cut will also encourage technology adoption and plant modernization, supporting export-oriented industries by improving cost-efficiency.
The Agri and All Trade Chamber has urged banks to ensure that the benefits of the RBI’s decision are promptly passed on to businesses, farmers, and industrial enterprises, maximizing the impact of the progressive move. Overall, the chamber is optimistic that the RBI’s decision will have a positive impact on the economy, particularly in the agricultural and MSME sectors, and will contribute to the country’s growth and competitiveness. The move is seen as a timely measure to boost economic growth and confidence, and the chamber is hopeful that it will have a positive impact on the economy in the coming months.
Major lenders, including Bank of Baroda, UCO Bank, Punjab National Bank, and Bank of India, have slashed their lending rates.
UCO Bank has announced a reduction in its marginal cost of fund-based lending rate (MCLR) by 10 basis points across all tenures, following the Reserve Bank of India’s (RBI) decision to cut the repo rate. The reduced MCLR rates will come into effect from June 10. The MCLR is a crucial benchmark rate that determines the interest rates for loans such as home loans, personal loans, and some business loans.
As per the revised rates, the overnight MCLR has been decreased from 8.25% to 8.15%, while the one-month MCLR has been lowered from 8.45% to 8.35%. The three-month MCLR has seen a cut from 8.6% to 8.5%, and the six-month MCLR from 8.9% to 8.8%. The one-year MCLR has been reduced from 9.1% to 9%. These reductions in MCLR rates are expected to make loans linked to this benchmark cheaper for customers.
In addition to the MCLR revisions, UCO Bank has also reduced its treasury bill-linked rates. Effective from June 9, the rates for three months, six months, and 12 months have been lowered to a uniform 5.8%, down from the previous rates of 6% or 6.05%. These changes are aimed at providing relief to borrowers and stimulating economic growth.
The reduction in MCLR rates by UCO Bank is a positive development for customers who have taken loans linked to this benchmark. With the decreased interest rates, borrowers can expect to save on their loan repayments. The move is also expected to boost credit growth and support the overall economy. The RBI’s decision to cut the repo rate has prompted several banks to review their lending rates, and UCO Bank’s reduction in MCLR rates is a step in this direction. Overall, the revisions in MCLR rates and treasury bill-linked rates are likely to benefit borrowers and contribute to the country’s economic growth.
Refurbished IOB Branch Unveiled in Grand Inauguration Ceremony
The Indian Overseas Bank (IOB) has recently renovated its Padipeta branch, located near Tiruchanoor, and the new premises were inaugurated by the bank’s MD and CEO, Ajay Kumar Srivastava. The event took place on Friday and was attended by several dignitaries, including IOB Director B Chandra Reddy, Chief Regional Manager of the Tirupati Region Sanjay Kumar Jha, and Branch Manager V Rameshnath Reddy. The Padipeta branch has been serving the local community for over 11 years and is one of the 46 branches that make up the Tirupati region of IOB.
During the inauguration ceremony, Srivastava emphasized the bank’s commitment to providing customer-centric banking services and modernization. He encouraged customers to take full advantage of the bank’s wide range of services, which are designed to meet their specific needs. The renovated branch is equipped with state-of-the-art facilities, including an ATM and a cash deposit machine (CDM), which were also inaugurated by Srivastava.
The renovation of the Padipeta branch is part of IOB’s efforts to improve its infrastructure and provide better services to its customers. The bank has been working to modernize its operations and expand its reach in the region. With 46 branches in the Tirupati region, IOB is one of the leading banks in the area, and the renovated Padipeta branch is expected to play a key role in serving the local community.
The inauguration of the renovated branch was attended by customers and staff members, who were excited to see the new facilities and services on offer. The event marked an important milestone for IOB in the Tirupati region, and the bank’s management is hopeful that the renovated branch will help to increase customer satisfaction and loyalty. Overall, the renovation of the Padipeta branch is a positive development for the local community, and it reflects IOB’s commitment to providing high-quality banking services to its customers.
Punjab National Bank Introduces Exclusive Loan Scheme for Pensioners: Know the Eligibility Criteria, Interest Rates, and Flexible Repayment Options
Many people believe that older individuals are unable to obtain loans, but this is not necessarily the case. In fact, several banks, including Punjab National Bank (PNB), offer loan facilities to senior citizens, even after retirement. PNB’s Personal Loan Scheme for Pensioners allows pensioners to borrow up to Rs 10 lakh without any issues. The scheme is designed to provide financial assistance to pensioners, and the loan amount is determined based on the individual’s pension.
To be eligible for the loan, pensioners must be under the age of 70. They can borrow a minimum of Rs 25,000 and a maximum of Rs 10 lakh, or 18 times their pension amount. Defence pensioners can borrow up to 20 times their pension amount. For individuals between 70 and 75 years old, the loan amount is capped at Rs 7.5 lakh, or 18 times the pension amount. Defence pensioners in this age group can borrow up to Rs 7.5 lakh, or 20 times their pension amount.
For pensioners above 75 years old, the loan amount is limited to Rs 5 lakh, or an amount equivalent to 12 months’ pension from the bank. The repayment period for the loan varies depending on the age of the pensioner. Those under 70 years old must repay the loan in a maximum of 60 instalments, or within 5 years. Individuals above 75 years old must repay the loan in a maximum of 24 months.
PNB charges a documentation fee of Rs 500 plus GST for processing the loan. It is essential to note that these terms and conditions may be subject to change, and pensioners should visit the official PNB website for the most up-to-date information. Overall, PNB’s Personal Loan Scheme for Pensioners provides a valuable financial resource for senior citizens, allowing them to access funds for their needs without significant hassle.
Interest rate reduction phase likely at an end, with future decisions to be guided by economic data: Union Bank of India
The Reserve Bank of India’s (RBI) recent policy actions, as reported by Union Bank of India, suggest that the current interest rate cutting cycle has come to an end. The terminal repo rate is expected to settle at 5.50%, assuming a real interest rate of 150 basis points and an inflation forecast of 4% for the financial year 2025-26. This “stealth easing” by the RBI, which includes cutting policy rates and easing liquidity conditions, aims to support credit growth and aid the economy.
However, the report notes that the impact of these measures will take time to reflect in the real economy, and a recovery in credit demand may take 2-3 quarters or even longer. The global environment and uncertainties in investment sentiment and capital expenditure plans may also affect the timing of this recovery. The 100 basis point cut in the Cash Reserve Ratio (CRR), to be implemented in four tranches, is expected to play a key role in improving the transmission of monetary policy.
The CRR cut is expected to improve the money multiplier effect, reduce the cost of funds for banks, and support a rise in net interest margins (NIMs). According to RBI Governor Sanjay Malhotra, the CRR cut could boost banking system NIMs by around 7 basis points, helping banks absorb some of the pressure caused by the 50 basis point repo rate cut. This, in turn, will lead to faster repricing of loans linked to external benchmarks.
The report concludes that the frontloaded rate easing, combined with liquidity support measures, will aid growth, although their full effect will be visible only with a time lag. Future policy actions will be data-dependent, taking into account factors such as inflation trends, global geopolitical uncertainties, and the US Federal Reserve’s interest rate trajectory. The Monetary Policy Committee (MPC) will assess these factors before deciding on any further rate cuts. Overall, the RBI’s policy actions are expected to support the economy, but the timing and extent of the impact will depend on various factors.
How do DCB Bank’s latest financial results fare – a positive or negative outlook according to MarketsMojo?
DCB Bank’s latest quarterly results have been a mixed bag, leaving investors and analysts wondering if they are good or bad. The bank’s financial performance for the quarter ended December 2022 has shown both positive and negative trends.
On the positive side, DCB Bank’s net profit has increased by 27% year-on-year to ₹86 crore, driven by a 20% growth in net interest income (NII) to ₹343 crore. The bank’s non-interest income, including fees and commissions, has also risen by 22% to ₹123 crore. Additionally, the bank’s asset quality has improved, with gross non-performing assets (NPAs) declining to 4.29% of total advances, compared to 4.85% in the same quarter last year.
However, there are some concerns on the negative side. The bank’s operating expenses have increased by 25% year-on-year to ₹341 crore, which has put pressure on its operating profit. The bank’s provisioning for bad loans has also risen by 33% to ₹55 crore, indicating that the asset quality improvement may not be entirely sustainable. Furthermore, the bank’s return on assets (ROA) has declined to 1.23%, which is a concern given the increasing competition in the banking sector.
MarketsMojo, a financial analysis platform, has analyzed DCB Bank’s results and highlights some key concerns. The platform notes that the bank’s credit growth has slowed down to 13% year-on-year, which is lower than the industry average. Additionally, the bank’s liability franchise is weak, with a low current account and savings account (CASA) ratio of 24%. This makes the bank vulnerable to interest rate volatility and puts pressure on its net interest margin (NIM).
Overall, while DCB Bank’s latest results show some positive trends, such as improved asset quality and higher net profit, there are also concerns around increasing operating expenses, provisioning for bad loans, and slowing credit growth. The bank’s weak liability franchise and declining ROA are also areas of concern. Therefore, it is difficult to categorize the results as entirely good or bad, and investors should exercise caution while making investment decisions.
If SBI reduces interest rates by 25 basis points following the RBI’s repo rate cut, how will it impact the maturity amount for 1-10 year fixed deposits, and what do the current rates look like compared to the estimated new rates?
The Reserve Bank of India (RBI) made a surprise announcement on June 6, as Governor Sanjay Malhotra revealed the Monetary Policy Committee’s (MPC) decision to reduce the repo rate by 50 basis points (bps) to 5.5%. This move is expected to provide relief to loan borrowers across the country. Along with the rate cut, the MPC also changed its policy stance from “accommodative” to “neutral”, indicating a shift in the central bank’s approach to monetary policy.
The reduction in the repo rate will lead to a decrease in the cost of borrowing for commercial banks, which is expected to be passed on to consumers in the form of lower interest rates on loans. However, the RBI Governor emphasized the need for banks to speed up the transmission of these rate cuts to borrowers. Currently, it takes banks around 6-9 months to pass on the benefits of rate cuts to customers, which the Governor feels is too slow.
In addition to the repo rate cut, the RBI also announced a change in the cash reserve ratio (CRR) by 1 percentage point. The CRR is the proportion of deposits that commercial banks are required to hold with the RBI, rather than lending out to customers. By reducing the CRR, the RBI is aiming to increase the amount of liquidity in the banking system, which should also contribute to lower interest rates and increased borrowing.
The RBI’s decision to cut the repo rate and change its policy stance is seen as a positive move for the economy, as it is expected to boost borrowing and spending. With the reduction in interest rates, borrowers can expect to pay less on their loans, which should increase demand for credit and stimulate economic growth. The RBI’s emphasis on faster rate transmission also highlights the need for commercial banks to respond quickly to changes in monetary policy, in order to ensure that the benefits of rate cuts are passed on to customers in a timely manner. Overall, the RBI’s announcement is a welcome move for loan borrowers and is expected to have a positive impact on the economy.
The Federal Reserve Incurs Over $1 Trillion in Unrealized Losses as Aggressive Interest Rate Hikes Take a Toll on Bond Holdings
The Federal Reserve is facing a significant challenge with its balance sheet, reporting a whopping $1.06 trillion in unrealized losses. The New York Federal Reserve Bank, which handles the Fed’s bond transactions, disclosed the losses, attributing them to the central bank’s tight monetary stance. The Fed’s bonds are losing value due to the bank’s decision to maintain higher interest rates for an extended period to combat inflation.
The unrealized losses are a result of the Fed’s bond portfolio declining in value as interest rates rise. However, the Fed has assured that these losses will not affect its bottom line or cash transfers to the Treasury. According to the agency, unrealized gains or losses have no impact on net income or Federal Reserve remittances to the Treasury unless assets are sold and gains or losses are realized. This means that the losses will only become realized if the Fed decides to sell the bonds, which it has not done yet.
The New York Fed also noted that the unrealized losses were partially offset as the central bank allowed some bonds to mature without reinvesting. The Fed’s bond portfolio has been experiencing significant unrealized losses over the past two years, with $1.08 trillion in losses reported in 2022 and $948.4 billion in 2023. In contrast, the portfolio saw unrealized gains of $354 billion in 2020 and $127.9 billion in 2021.
The Fed’s tight monetary stance is expected to continue, which may lead to further unrealized losses on its balance sheet. However, the central bank has maintained that the losses will not affect its ability to conduct monetary policy. The Fed’s priority remains to bring inflation under control, and it is willing to maintain higher interest rates for an extended period to achieve this goal. As the Fed navigates this challenging economic environment, it will be closely watched by investors and economists to see how it manages its balance sheet and the impact on the broader economy.
Atharv Deokule appointed to quantitative team at Standard Chartered
Atharv Deokule has recently joined Standard Chartered as a front office equity quant analyst within the Modelling and Analytics Group (MAG). In this new role, Deokule will be based in London and will report directly to Marten Agren, the global head of MAG. This move marks a significant career development for Deokule, who brings experience and expertise in quantitative analysis to his new position.
Prior to joining Standard Chartered, Deokule worked at HSBC, where he began his career in 2019 as a quant analyst on the equity research team. During his time at HSBC, Deokule gained valuable experience and skills in quantitative analysis, which will likely serve him well in his new role at Standard Chartered. In 2022, Deokule relocated from Bengaluru to the London office, demonstrating his ability to adapt to new environments and take on new challenges.
Standard Chartered’s decision to hire Deokule reflects the bank’s ongoing efforts to strengthen its modelling and analytics capabilities. The bank has reported strong financial performance in recent months, with profits of $1.6 billion in the first quarter of the year, representing a 14% increase year-on-year. Capital markets revenues were particularly strong, rising by 66% to $96 million. This growth suggests that Standard Chartered is well-positioned for continued success, and Deokule’s expertise will likely contribute to the bank’s ongoing efforts to drive growth and innovation.
As a front office equity quant analyst, Deokule will play a key role in supporting the bank’s capital markets activities, using his analytical skills to inform investment decisions and drive business growth. His experience working in a fast-paced equity research environment will serve him well in this new role, where he will be working closely with traders, sales teams, and other stakeholders to provide actionable insights and recommendations. Overall, Deokule’s appointment reflects Standard Chartered’s commitment to attracting and retaining top talent, and his expertise will likely make a significant contribution to the bank’s continued success.
Bank of Baroda Observes World Environment Day 2025 with Community-Led Initiatives to Combat Plastic Pollution
As the world gears up to celebrate World Environment Day 2025, several organizations in India have taken the initiative to contribute to the cause of reducing plastic pollution. One such organization is Bank of Baroda, which has launched a tree plantation drive as part of its efforts to combat environmental degradation. The bank’s initiative aims to promote sustainability and raise awareness about the importance of preserving the environment.
Similarly, HDFC Mutual Fund has launched its #NurtureNature 5.0 campaign, which focuses on giving plastic waste a meaningful purpose. The campaign aims to encourage people to collect and recycle plastic waste, thereby reducing the amount of plastic that ends up in landfills and oceans. By providing a platform for people to contribute to the cause, HDFC Mutual Fund hopes to make a significant impact on reducing plastic pollution.
HDFC Bank Parivartan has also joined the movement by launching an awareness campaign against plastic pollution. The campaign, which comes ahead of World Environment Day 2025, aims to educate people about the harmful effects of plastic pollution and encourage them to adopt sustainable practices. By spreading awareness and promoting behavioral change, HDFC Bank Parivartan hopes to contribute to a cleaner and healthier environment.
In a grassroots-level initiative, local women Business Correspondents (BCs) have led a clean-up drive at the Prathamik Arogya Kendra in Saphale. The drive, which was organized ahead of World Environment Day 2025, brought together community members to collect and dispose of plastic waste in a responsible manner. By involving local communities in environmental conservation efforts, such initiatives can help create a significant impact on reducing plastic pollution.
These initiatives demonstrate the commitment of various organizations in India to reducing plastic pollution and promoting sustainability. By taking ground-level action and engaging with local communities, these organizations are setting an example for others to follow. As the world celebrates World Environment Day 2025, it is essential to recognize the efforts of such organizations and individuals who are working tirelessly to protect the environment. By coming together and taking collective action, we can create a significant impact on reducing plastic pollution and promoting a cleaner, healthier environment for future generations.
RADIO PAKISTAN: PSB Reveals Election Timetable for Three National Sports Federations
The Pakistan Sports Board (PSB) has announced the schedule for the elections of three sports federations, marking an important step towards promoting democracy and transparency in the country’s sports landscape. According to the announcement, the elections for the federations of Athletics, Cycling, and Rowing will be held simultaneously, with a clear timeline and process outlined to ensure a smooth and fair process.
The elections are expected to take place in the coming weeks, with the exact dates and venues to be confirmed by the PSB. The board has already issued notifications to the concerned federations, informing them of the election schedule and the necessary procedures to be followed. The elections will be held in accordance with the PSB’s constitution and the rules and regulations of the International Federation.
The announcement of the election schedule is a significant development, as it paves the way for the democratization of sports in Pakistan. The elections will provide an opportunity for the sports community to elect their representatives, who will be responsible for promoting and developing their respective sports. The elected representatives will also be responsible for ensuring that their sports are managed in a transparent and accountable manner.
The PSB has emphasized that the elections will be held in a free and fair manner, with all stakeholders having an equal opportunity to participate. The board has also assured that it will provide all necessary support and facilities to ensure the smooth conduct of the elections. The elections are expected to be contested by a large number of candidates, representing different regions and interests.
The holding of elections for the sports federations is a key component of the PSB’s efforts to promote sports development in Pakistan. The board has been working tirelessly to create a conducive environment for sports to thrive, and the elections are an important step towards achieving this goal. By providing a platform for the sports community to elect their representatives, the PSB is empowering the community to take ownership of their sports and work towards their development.
Overall, the announcement of the election schedule is a positive development for sports in Pakistan, and is expected to have a significant impact on the country’s sports landscape. With the elections set to take place in the coming weeks, all eyes will be on the PSB and the sports community as they work towards a brighter future for sports in Pakistan.
DBS and UOB secure $412 million financing deal for Indonesian data centre development
DBS and UOB have jointly provided a significant loan facility of IDR 6.7 trillion (approximately SGD 530 million or $412 million) to support the development of a new data centre campus in Batam, Indonesia. The project is a collaboration between Singapore-based data centre developer and operator DayOne and the Indonesia Investment Authority (INA), and marks the largest rupiah-denominated financing agreement ever secured for a data centre development. The loan will be used to develop and operate three data centres located in the Nongsa Digital Park (NDP) in Batam, which aims to be a “digital bridge” between Singapore and Indonesia.
The data centre campus is expected to have a combined IT load capacity of around 72MW upon completion by the end of 2025, accounting for approximately 5% of Indonesia’s projected data centre capacity of 1.41GW by 2029. This development comes amidst an ongoing digital transformation in Southeast Asia, with demand for data centre computing power expected to surge up to 6.5GW by 2030. The Singapore-Johor-Batam corridor, a major hub for data traffic in Southeast Asia, is projected to meet as much as half of this demand, with the corridor’s capacity estimated to reach up to 3.3GW by 2030.
The financing agreement is seen as a significant endorsement of DayOne’s commitment to Indonesia and the strategic importance of the DayOne NDP campus in strengthening the region’s digital backbone. The campus will be home to Indonesia’s most advanced AI-ready data centre, designed to support the next wave of digital transformation. The partners involved in the project, including DBS, UOB, DayOne, and INA, have expressed their commitment to supporting the growth and advancement of the data centre landscape in Indonesia, with the aim of driving digital transformation and economic growth in the region.
The deal is also seen as a strategic investment in the future of Southeast Asia’s digital economy, with the expansion of the region’s data centre capacity expected to accelerate the digital transformation of businesses within the region. The strengthened digital connectivity between Indonesia and Singapore is expected to better position both markets to capture growing regional demand for computing power. Overall, the development of the data centre campus in Batam is a significant milestone in the expansion of Southeast Asia’s digital infrastructure, and is expected to play a key role in driving the region’s digital growth and economic development.
June 6 Bank Holiday: Will Indian banks operate or remain shut tomorrow? Latest updates here
Banks in certain parts of India will be closed on June 6, 2025, due to the celebration of Eid ul-Adha, also known as Bakra Eid. This is according to the Reserve Bank of India’s (RBI) website. Eid ul-Adha is a significant religious festival in the Islamic calendar, commemorating the sacrifice of Prophet Ibrahim and his willingness to sacrifice his son as an act of obedience.
On June 6, banks in only two cities, Kochi and Thiruvananthapuram, will remain closed. However, on June 7, banks in several states will be closed, with only a few cities, including Ahmedabad, Gangtok, Itanagar, Kochi, and Thiruvananthapuram, having their banks remain open.
Eid ul-Adha, which falls on June 7, 2025, is a day of spiritual renewal, devotion, and submission to Allah. It is celebrated by Muslims worldwide and is a significant occasion for reflection and sacrifice.
During bank holidays, customers will not be able to conduct transactions related to cheques or promissory notes. However, they can still access their accounts through net banking, mobile applications, and ATMs, which will remain operational. The RBI has declared a total of five holidays in June, including June 6, 7, 11, 27, and 30. Additionally, bank holidays are observed every second and fourth Saturday of the month.
It is essential for customers to plan their banking activities accordingly, taking into account the holiday schedule to avoid any inconvenience. With the advancement of digital banking, customers can still manage their accounts and conduct transactions online, even on bank holidays. The RBI’s website provides a list of bank holidays, and customers can check the specific holidays observed in their region to plan their banking activities accordingly. Overall, while some banks may be closed on June 6 and 7, customers can still access their accounts and conduct transactions through digital channels.
May’s retail inflation expected to plummet to a 6-year low of 3%, driven by a decline in food prices, according to a report by UBI.
India’s retail inflation, measured by the Consumer Price Index (CPI), is expected to moderate to 3.0% in May, a six-year low. This decline is attributed to a decrease in prices of cereals, pulses, and other food items, despite a strengthening of other segments. The CPI inflation rate fell to 3.16% in April from 3.34% in March, according to data released by the Ministry of Statistics and Programme Implementation. Core inflation, which excludes volatile food and energy prices, slightly increased to 4.18% due to a low base from last year. However, weak demand and stable commodity prices are expected to keep core inflation under control.
The report from Union Bank of India (UBI) highlights that inflation, excluding vegetables, remained steady at 4.11%, while inflation excluding gold is expected to stay low at 3.4%. The decline in overall inflation is a result of decreased prices of vegetables, pulses, fruits, meat and fish, personal care and effects, and cereals and products. The current inflation rate is within the Reserve Bank of India’s (RBI) manageable range of 2-6%. The RBI has expressed confidence that inflation will remain under control in the financial year 2025-26, following its April monetary policy review meeting.
The moderation in inflation is a positive sign for the Indian economy, as it brings retail inflation closer to the RBI’s target of 4%. Food prices, which were a concern for policymakers, have declined, contributing to the overall decrease in inflation. The stable inflation rate is expected to continue, with the RBI’s upper tolerance level of 6% not having been breached since October 2024. The current economic indicators suggest that India’s inflation is under control, giving confidence to economists and analysts. Overall, the decline in retail inflation is a positive development, indicating a stable and manageable economic environment.
PSB Unveils Ambitious Plan to Revitalize Sports in the Region as South Asian Games Approach
The Pakistan Sports Board (PSB) has unveiled an ambitious strategy to revive Pakistan’s sporting legacy, with a focus on infrastructure development, elite athlete training, and comprehensive sports promotion programs. As the country prepares to host the South Asian Games in January 2026, the PSB has entered a critical phase in its nationwide campaign to rejuvenate sports at all levels. Director General of PSB, Yasir Pirzada, emphasized that the upcoming Games are a matter of national pride and represent a unique opportunity to re-establish Pakistan’s regional stature in sports.
To achieve this goal, the PSB is undertaking extensive renovation and upgradation projects at the Pakistan Sports Complex in Islamabad, transforming it into a state-of-the-art venue capable of hosting major international events. The facility will provide top-class amenities for athletes, aligning with international standards. Pirzada credited the government’s leadership for putting sports back on the national agenda, noting that specialized athlete training camps are being run to prepare Pakistan’s athletes for elite international competition.
The PSB’s long-term roadmap includes grassroots talent identification and development programs, revival of school and college-level sports competitions, and strategic public-private partnerships to boost investment in sports. The board also aims to enhance media collaboration to build a sports-positive culture. Pirzada interacted with a delegation from the Rawalpindi-Islamabad Sports Journalists Association (RISJA), exchanging ideas and underlining the importance of media engagement in supporting Pakistan’s sporting resurgence.
The PSB’s efforts are focused on delivering a world-class edition of the South Asian Games, with every aspect aligned with international standards. With the government’s support, the board is committed to rejuvenating sports at all levels, from infrastructure development to athlete welfare. The upcoming Games are a crucial milestone in this journey, and the PSB is working tirelessly to ensure that Pakistan makes a strong impression on the regional sports scene. By investing in sports infrastructure, athlete development, and promotion programs, the PSB aims to restore Pakistan’s sporting legacy and inspire a new generation of athletes to achieve excellence.
India’s 10-year bond yield is expected to decline even further if the RBI implements a rate cut of over 25 basis points, according to a report by Bank of Baroda, as reported by ANI News.
According to a report by Bank of Baroda, India’s 10-year bond yield may decline further if the Reserve Bank of India (RBI) decides to cut interest rates by more than 25 basis points (bps). The report suggests that a rate cut of more than 25 bps would lead to a decrease in bond yields, as investors would become more optimistic about the economy and the RBI’s stance on monetary policy.
The 10-year bond yield is a key indicator of the country’s long-term interest rates and is closely watched by investors and policymakers. A decrease in bond yields would make borrowing cheaper for the government and corporations, which could boost economic growth. The report notes that the RBI has been facing pressure to cut interest rates to stimulate economic growth, which has been slowing down in recent quarters.
The Bank of Baroda report highlights that the RBI’s rate-setting panel, the Monetary Policy Committee (MPC), is scheduled to meet in the coming days to decide on the interest rate. The report states that a rate cut of 25 bps is already priced in, but a cut of more than 25 bps would be a surprise and would lead to a further decline in bond yields.
The report also notes that the RBI has been using various tools to manage liquidity and support economic growth, including open market operations and reverse repo auctions. The report suggests that the RBI may continue to use these tools to manage liquidity and keep interest rates low, which would support the decline in bond yields.
In recent months, the Indian economy has been facing several challenges, including a slowdown in consumption and investment, and a decline in exports. The report notes that the RBI’s rate cuts and other measures have helped! to stabilize the economy, but more needs to be done to boost growth.
The report concludes that a rate cut of more than 25 bps by the RBI would be a positive surprise for bond markets and would lead to a decline in bond yields. This would make borrowing cheaper for the government and corporations, which could boost economic growth. However, the report also notes that the RBI’s decision would depend on various factors, including inflation, growth, and global economic trends.
Overall, the Bank of Baroda report suggests that the RBI’s interest rate decision would be a key driver of bond yields in the coming days, and a rate cut of more than 25 bps would lead to a decline in bond yields and boost economic growth. Investors and policymakers would closely watch the RBI’s decision, as it would have significant implications for the Indian economy and financial markets.
Compare Interest Rates: SBI vs PNB vs Canara Bank vs Bank of Baroda
Punjab National Bank (PNB), the second-largest public sector lender, has revised its fixed deposit (FD) interest rates for general citizens and senior citizens. The bank now offers FD interest rates ranging from 3.5% to 6.9% for general citizens. The highest return of 6.9% is available for a 390-day FD, which is a reduction from the earlier rate of 7%.
For term deposits with a tenure of over a year to 389 days, the bank has reduced the FD interest rate by 10 basis points (bps) to 6.70%. Similarly, the interest rate on term deposits with a tenure of 391 days to 505 days, as well as 507 days to two years, has been reduced to 6.7%.
However, the bank has increased the FD rate for certain tenures. For a 1204-day tenure, the rate has been increased by 25 bps to 6.4%. Additionally, for term deposits ranging from 1205 days to five years, the rate has been increased by 25 bps to 6.5%.
Senior citizens are eligible for higher interest rates, ranging from 4% to 7.4% for various tenures. Super senior citizens, who are 80 years old or above, can earn an interest rate of up to 7.7% on a term deposit of 390 days. This makes PNB’s FDs an attractive option for senior citizens looking to invest their savings and earn a higher return.
Overall, PNB’s revised FD interest rates offer competitive returns for general citizens and senior citizens. While the bank has reduced interest rates for some tenures, it has increased rates for others, providing opportunities for investors to earn higher returns on their deposits. As with any investment, it’s essential to review the terms and conditions, including the interest rates, tenures, and any applicable penalties, before making a decision.
Standard Chartered Pakistan and Emirates Form Alliance to Drive Mutual Growth
Standard Chartered Pakistan and Emirates have announced a strategic partnership, signing a Memorandum of Understanding (MoU) to offer exclusive benefits to Standard Chartered credit card holders. The collaboration provides customers with special fares on tickets purchased online through the Emirates website, as well as the option to split payments into convenient monthly installments of up to 12 months.
According to Rehan Shaikh, CEO and Head of Coverage at Standard Chartered Pakistan, the partnership leverages the bank’s global network and Emirates’ service excellence to offer unique travel benefits that cater to clients’ lifestyle and financial needs. This collaboration strengthens Standard Chartered’s market position and demonstrates its commitment to fostering strong partnerships that drive innovation and growth in the banking sector.
Emirates, which has been operating in Pakistan since 1985, aims to expand its customer base through this partnership with Standard Chartered. The airline’s VP for Pakistan, Mohammed Alhashmi, stated that the incentives offered to Standard Chartered customers will allow them to experience Emirates’ premium travel proposition while enjoying added value. The partnership highlights the special relationship between Emirates and Pakistan, and the airline’s efforts to provide exclusive benefits to its customers in the country.
The partnership is expected to benefit Standard Chartered credit card holders, who can now enjoy convenient and affordable travel options with Emirates. The option to split payments into monthly installments makes it easier for customers to book their flights and plan their travel without financial strain. Overall, the collaboration between Standard Chartered Pakistan and Emirates is a significant development in the banking and aviation sectors, offering customers a unique and rewarding experience. With this partnership, both organizations aim to drive growth, innovation, and customer satisfaction in their respective industries.
Two major state-run banks have updated their fixed deposit interest rates – find the revised rates inside
As of June 1, 2025, two state-owned banks, Punjab National Bank and Canara Bank, have updated their interest rates on fixed deposits. The changes apply to deposits less than ₹3 crore for general citizens, with senior citizens eligible for an additional 50 basis points.
Punjab National Bank’s new interest rates range from 3.50% to 6.90% per annum, depending on the tenure. The rates are as follows: 3.5% for 7-45 days, 4.5% for 46-90 days, 5.5% for 91-179 days, 6% for 180-270 days, 6.25% for 271-302 days, 6.15% for 303 days, and 6.25% for 304 days to less than one year. The one-year fixed deposit rate is 6.70%.
Canara Bank’s interest rates range from 4% to 7% per annum, with senior citizens also receiving an extra 50 basis points. The bank has reduced the interest rate on one-year tenure by 10 basis points to 6.75% and on 3-5 year tenures by 25 basis points to 6.75%. The bank offers the highest interest rate of 7% on a 444-day tenure. Other rates include 6.85% for 1-2 years, 6.9% for 2-3 years, 6.75% for 3-5 years, and 6.70% for 5-10 years.
These changes reflect the ongoing adjustments in the banking sector, with lenders responding to market conditions and monetary policy shifts. The revised interest rates may impact the attractiveness of fixed deposits as a savings option for individuals, and customers are advised to review the updated rates before making any investment decisions. Both banks aim to provide competitive rates while balancing their business needs, and the updated rates will be effective for all new deposits made on or after June 1, 2025.
Mangaluru: Blaze erupts at Union Bank’s Car Street branch due to electrical short circuit – reports Udayavani
A fire broke out at the Union Bank of India branch located on Car Street in Mangaluru due to a short circuit. The incident occurred in the early hours of the morning, and prompt action by the authorities helped prevent any major damage.
According to eyewitnesses, the fire started at around 4:30 am, and flames were seen emanating from the bank’s electrical room. The bank’s security personnel immediately alerted the fire department, and a team of firefighters rushed to the scene.
The fire department personnel quickly extinguished the fire, and no one was injured in the incident. However, the bank’s electrical equipment and some furniture were damaged in the fire.
Preliminary investigations suggest that a short circuit in the electrical system caused the fire. The bank’s management has ordered an internal inquiry into the incident to determine the exact cause of the fire.
The police have also registered a case and are investigating the incident. “We have registered a case of accidental fire and are investigating the cause of the short circuit,” said a police officer.
The bank’s operations were disrupted due to the fire, and customers were not allowed to enter the premises. However, the bank’s management has assured that the bank will resume normal operations as soon as possible.
The incident has raised concerns about the safety of the bank’s premises and the need for regular maintenance of electrical systems. “The bank’s management should ensure that regular maintenance is carried out to prevent such incidents in the future,” said a customer.
The authorities have advised the public to be cautious and to immediately report any electrical issues to the relevant authorities to prevent such incidents. The fire incident at the Union Bank branch on Car Street has highlighted the importance of electrical safety and the need for regular maintenance to prevent fires.
In conclusion, a fire broke out at the Union Bank of India branch on Car Street in Mangaluru due to a short circuit, but prompt action by the authorities helped prevent any major damage. The incident has raised concerns about electrical safety, and the bank’s management has assured that an internal inquiry will be conducted to determine the exact cause of the fire. The police have also registered a case and are investigating the incident.
SBI and Indian Bank Realign Top Leadership with Significant Appointments – View Full List of New Assignments
The State Bank of India (SBI) and Indian Bank have announced significant changes in their senior management, effective from early June 2025. At SBI, Deputy Managing Director (CCG-I) Gulshan Malik will retire on May 31, 2025, and will be succeeded by Ramesh Srinivas Rao, who will take over as Deputy Managing Director (CCG-I) on June 1, 2025. Additionally, Rajeev Kumar has been appointed as the new Deputy Managing Director (Internal Audit), effective from June 2, 2025.
Other key appointments at SBI include Kishore Kumar Poludasu as Deputy Managing Director (Human Resources) and Chief Development Officer (CDO), and Binod Kumar Mishra as Deputy Managing Director and Chief Operating Officer (COO). These changes aim to bring in fresh leadership and expertise to drive governance and operational efficiency at the bank.
Meanwhile, Indian Bank has also announced important changes at the board level. Ram Kumar Das, currently Chief General Manager (CGM), has been promoted and designated as Chief General Manager–COO of Indian Bank. He will also take over as Chief General Manager–Chief Compliance Officer (CCO) following the superannuation of Suresh Kumar S on May 31, 2025.
These appointments mark a strategic leadership transition for both SBI and Indian Bank, as they focus on enhancing governance, operational efficiency, and overall performance. The changes are expected to bring in new ideas, perspectives, and expertise, enabling the banks to stay competitive and responsive to the evolving needs of their customers and stakeholders.
The leadership reshuffle comes at a time when the banking sector in India is undergoing significant changes, driven by technological advancements, regulatory reforms, and shifting customer expectations. The new appointees will play a crucial role in navigating these changes and driving growth, innovation, and sustainability at their respective banks. Overall, the appointments are expected to have a positive impact on the banks’ operations, governance, and overall performance, ultimately benefiting their customers, employees, and stakeholders.
NCLAT Reverses NCLT Ruling on Forensic Audit for Golden Tobacco, Pushes CIRP Completion Deadline to 2025: ET LegalWorld
The National Company Law Appellate Tribunal (NCLAT) has overturned the National Company Law Tribunal’s (NCLT) orders regarding the forensic audit and change of resolution professional for Golden Tobacco, a debt-ridden cigarette manufacturer. The NCLAT has set aside the directions for a forensic audit by KPMG and the replacement of the resolution professional. The appellate tribunal has also extended the timeline for completing the Corporate Insolvency Resolution Process (CIRP) of Golden Tobacco until October 17, 2025.
The NCLAT was hearing a batch of petitions filed against an NCLT order passed on May 13, 2024, which had directed several actions, including the forensic audit and change of resolution professional. The appellate tribunal has directed the NCLT to decide on the claims of financial creditors, including Central Bank of India, Arrow Engineering, and others, and then reconstitute the Committee of Creditors (CoC).
The NCLAT has also dismissed a petition filed by Suraksha Realty and Sheth Developers, which sought to be recognized as secured financial creditors of Golden Tobacco. However, it has provided partial relief to Arrow Engineering, whose claim was restricted to Rs 40.75 crore. The appellate tribunal has also partly allowed the Central Bank of India’s plea, deleting an observation that the resolution professional had inflated its claim.
The NCLAT has directed the resolution professional to reconstitute the CoC and convene a meeting to consider resolution plans after the NCLT decides on the claims of financial creditors. The appellate tribunal has also extended the CIRP period, excluding the time from May 21, 2024, until the present date, during which the interim order had operated. The CIRP process is now expected to be completed by October 17, 2025.
Golden Tobacco, a Dalmia Group-owned company, owns popular cigarette brands such as Panama, Chancellor, Golden’s Gold Flake, and Taj Chhap. The company’s CIRP was initiated on June 7, 2022, by the NCLT after admitting a Section 7 application filed by Arrow Engineering. The NCLAT’s order provides a new timeline for the completion of the CIRP process, and the company’s fate will be decided after the NCLT’s decision on the claims of financial creditors.
Analysts Predict 25-Basis-Point Rate Cut by RBI’s MPC on June 6 as Inflation Shows Signs of Easing
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is set to meet later this week, and analysts expect the Central Bank to cut the repo rate by 25 basis points (bps) for the third consecutive time. This move is anticipated due to inflation remaining below the median target of 4%. The RBI has already cut the repo rate by 50 bps until April this year, and it is projected to cut it by another 50 bps in the current fiscal year (FY26).
According to a Crisil note, bank lending rates have started to ease, which should support domestic demand. The note also predicts that improving domestic consumption will support industrial activity, driven by healthy agricultural growth, easing inflation, and income tax relief. Madan Sabnavis, Chief Economist at Bank of Baroda, agrees that the MPC will likely cut the repo rate by 25 bps due to benign inflation conditions and comfortable liquidity.
The RBI’s commentary on growth and inflation will be closely watched, as there are expectations of revisions in their forecasts. The Central Bank will also detail its analysis on how the global environment will affect the Indian economy, particularly with the tariff reprieve provided by the US set to end in July. The RBI has stated that it will continue to manage liquidity in sync with its monetary policy stance to keep system liquidity adequate.
In its 2024-25 annual report, the RBI noted that a benign inflation outlook and moderate growth warrant a growth-supportive monetary policy while remaining watchful of global macroeconomic conditions. The MPC’s April meeting saw a unanimous decision to reduce the policy repo rate by 25 bps to 6.0%, and the stance was changed from neutral to accommodative. Overall, analysts expect the RBI to maintain a dovish stance and support economic growth through monetary policy easing.
VinFast reportedly seeks Indian bank financing as it gears up to launch its first electric vehicle manufacturing facility in the country
Vietnamese electric vehicle (EV) maker VinFast Auto Ltd. is in talks with India’s state-owned banks to secure a loan of up to $200 million. This loan is part of the company’s proposed $500 million investment in India, as it ramps up plans to establish itself in the country’s rapidly expanding EV market. The financing is expected to be denominated in Indian rupees or through the external commercial borrowing (ECB) route in foreign currency. Discussions are ongoing, but the final terms have not yet been agreed upon.
This marks VinFast’s first major financing push in India, indicating the company’s long-term commitment to investing in the local market. The loan will be used to support the establishment of VinFast’s EV manufacturing facility in Tamil Nadu, which is now scheduled to open on July 30. The facility will be crucial for local production and distribution of VinFast’s EVs in India.
VinFast’s expansion into India is part of its strategic pivot towards Asia, after making a deliberate geographical shift away from North America and Europe due to high logistics costs. The company is focusing on key Asian markets, including Vietnam, India, Indonesia, and the Philippines. VinFast’s founder and CEO, Pham Nhat Vuong, has committed close to $1 billion since 2023, and a further $2 billion through 2026, to support the company’s growth.
The company is also preparing to launch its debutante products in India, the VinFast VF6 and VF7, and will soon start taking reservations for these models. The smallest EV, the VF3, is set to be launched in 2026. VinFast’s global ambitions are largely bolstered by its cash reserves, with parent company Vingroup pledging loans of up to $1.4 billion to support growth.
Overall, VinFast’s entry into the Indian market is a significant development in the country’s EV sector, and the company’s commitment to investing in the local market is a positive sign for the industry’s growth. With its manufacturing facility set to open soon, VinFast is well-positioned to capitalize on India’s rapidly expanding EV market, and its strategic pivot towards Asia is likely to yield significant returns in the coming years.
Technical Glitches Hit J&K Bank’s Online Banking, Leaving Customers Frustrated and Seeking Resolution – Ziraat Times
Jammu and Kashmir Bank’s online banking services have been facing technical glitches, leaving customers frustrated and seeking answers. The bank’s customers have taken to social media to express their disappointment and anger over the frequent outages and difficulties in accessing their accounts online. Many have reported being unable to log in, transfer funds, or check their account balances, causing inconvenience and disruption to their financial transactions.
Customers have also complained about the bank’s customer care services, saying that they are not responsive or helpful in resolving their issues. Some have even reported being asked to visit the bank’s branches physically to resolve their problems, which defeats the purpose of online banking. The bank’s social media pages are filled with complaints and grievances from customers, who are demanding immediate attention and resolution to the issues.
The bank has acknowledged the problems and has issued statements apologizing for the inconvenience caused to customers. However, the frequency and duration of the outages have raised questions about the bank’s preparedness and infrastructure to handle online banking services. The bank has attributed the issues to “technical glitches” and has assured customers that it is working to resolve the problems as soon as possible.
The snags in J&K Bank’s online banking services have come at a time when digital banking has become increasingly important, especially during the COVID-19 pandemic. With social distancing norms in place, online banking has become the preferred mode of banking for many customers. The disruptions to J&K Bank’s online services have not only caused inconvenience to customers but have also raised concerns about the security and reliability of the bank’s online systems.
Customers are demanding that the bank take immediate action to address the issues and ensure that its online banking services are secure, reliable, and efficient. The bank needs to invest in upgrading its infrastructure and technology to meet the growing demand for digital banking services. It also needs to improve its customer care services to provide timely and effective support to customers. Until then, customers will continue to face difficulties and frustration with the bank’s online banking services. The bank’s reputation and customer trust are at stake, and it is imperative that it takes prompt action to resolve the issues and restore customer confidence.
India Witnesses Major Financial Overhaul from June 1: EPFO 3.0 Launch, Revised FD Rates, New Credit Card Norms, and Other Key Updates
Starting June 1, several significant financial changes are being implemented in India, aimed at enhancing transparency, efficiency, and consumer convenience. One of the notable changes is the launch of EPFO 3.0, a digitized platform by the Employees’ Provident Fund Organisation, which will streamline Provident Fund (PF) services. The new system promises quicker claim settlements, easier Know Your Customer (KYC) updates, and simplified PF withdrawals. Additionally, subscribers will have access to ATM-like EPF cards, allowing for faster and more direct access to their PF accounts.
Suryoday Small Finance Bank has also revised its fixed deposit (FD) interest rates, effective June 1. The bank will now offer interest rates ranging from 4% to 8.4% for deposits below ₹3 crore, with the highest rates applicable on tenures between 30 to 36 months. However, 5-year FDs will see a notable drop of 60 basis points, reducing the interest rate from 8.6% to 8%. This adjustment aligns with current market trends as banks recalibrate their offerings in response to shifting economic conditions.
Other changes include updates to credit card rules by Axis Bank, which will implement phased changes to its REWARDS Credit Card from June 20, 2025. The changes include revised reward point accrual structures, modifications to eligible merchant categories, and new validity terms for unused points. The Securities and Exchange Board of India (SEBI) has also amended cut-off timings for overnight mutual fund schemes, effective June 1, with new deadlines of 3 PM for offline transactions and 7 PM for online orders.
Furthermore, the deadline to update Aadhaar card details online for free is approaching, with individuals having until June 14, 2025, to make changes without incurring a fee. Post this date, updates will incur a fee of ₹25 for online updates and ₹50 for in-person updates at Aadhaar centres. The Unique Identification Authority of India (UIDAI) urges citizens to ensure their identity and address details are current to avoid future discrepancies. These changes aim to improve financial operations and enhance consumer convenience, and it is essential for individuals to be aware of these updates to manage their finances effectively.
Major Private Lenders, Including HDFC and ICICI, Set to Increase Credit Card Fees Starting July 1
Private banks in India, including HDFC Bank and ICICI Bank, have announced changes to their credit card transaction fees, effective July 1, 2025. HDFC Bank has introduced new charges on online skill-based gaming transactions, wallet loading, and utility transactions. For online gaming transactions exceeding Rs 10,000 per month, a 1% charge will apply, capped at Rs 4,999 per month. Similarly, wallet loading transactions above Rs 10,000 per month will incur a 1% charge, capped at Rs 4,999 per month. Utility transactions exceeding Rs 50,000 per month will also attract a 1% charge, capped at Rs 4,999 per month. Notably, insurance transactions will not be considered utility transactions and will not incur any charges.
In addition to these changes, HDFC Bank has revised the maximum charge per transaction for rent, fuel, and education categories to Rs 4,999. The existing 1% charge on rent transactions will continue, while fuel transactions exceeding Rs 15,000 per transaction will incur a 1% charge. Education transactions made through college or school websites or point-of-sale machines will not be charged.
ICICI Bank has also revised its charges for various services, including demand drafts, pay orders, ATM transactions, and debit card fees. The charges for depositing cash, cheques, and transferring demand drafts and pay orders have been revised to Rs 2 per Rs 1,000, subject to a minimum of Rs 50 and a maximum of Rs 15,000. The charges for ATM transactions have been increased to Rs 23 per financial transaction and Rs 8.5 per non-financial transaction, post three transactions. The annual fees for debit cards have been raised from Rs 200 to Rs 300, and the replacement card fees have been increased from Rs 200 to Rs 300.
These changes are likely to impact customers who frequently use their credit cards for online gaming, wallet loading, and utility transactions. Customers who exceed the specified transaction limits will incur additional charges, which could add up to significant amounts. It is essential for customers to review their transaction habits and adjust their spending accordingly to avoid incurring these charges. Additionally, customers should be aware of the revised charges for ATM transactions, debit card fees, and other services to avoid any unexpected expenses. Overall, these changes reflect the banks’ efforts to increase revenue and manage their costs, but may also lead to increased costs for customers.
Starting June 1, Canara Bank waives minimum balance rules for all savings account holders
Canara Bank, a major public sector lender, has announced a significant move to enhance financial inclusion and customer convenience. As of June 1, 2025, the bank will no longer impose penalties on customers for non-maintenance of minimum balance in their savings accounts. This new policy applies to all categories of savings bank accounts, including regular, salary, and NRI accounts. With this decision, Canara Bank becomes the first major public sector lender to implement a blanket waiver on minimum balance penalties, effectively offering true zero-balance savings accounts to all its customers.
Under the previous structure, account holders were required to maintain a minimum Average Monthly Balance (AMB) of Rs 2,000 in urban branches, Rs 1,000 in semi-urban branches, and Rs 500 in rural branches. Failure to meet these thresholds attracted penalty charges. However, the new policy eliminates these charges entirely, making banking more inclusive and accessible to a broad segment of customers, including students, salaried professionals, senior citizens, NRIs, and first-time account holders.
The bank’s decision is intended to make banking more convenient and customer-friendly. According to Canara Bank, the new policy will allow all savings bank account holders to enjoy true “no penalty on minimum balance” for all savings bank accounts, free from any average monthly balance-related penalties or fees. The bank has announced the new policy through social media, saying “Feel the freedom, bank the difference. Starting 1st June 2025, Canara Bank offers no penalty on non-maintenance of minimum balance.”
This move is expected to benefit a large number of customers who previously had to worry about maintaining a minimum balance in their accounts to avoid penalty charges. The bank’s decision is a significant step towards enhancing financial inclusion and customer convenience, and it is likely to be welcomed by its customers. With this new policy, Canara Bank is poised to become a more attractive option for those looking for a hassle-free banking experience.
Standard Chartered Launches Initiative to Empower Women in Tech in Egypt
Standard Chartered has launched a new accelerator program, Futuremakers Women in Tech, in partnership with AUC Venture Lab and Village Capital, to support women-led startups in Egypt’s tech sector. The program aims to promote economic inclusion and provide women entrepreneurs with the tools and resources they need to succeed. The initiative is part of the broader Futuremakers program, a global effort funded by the Standard Chartered Foundation.
The accelerator program will run for three years and provide participants with access to training, mentorship, and equity-free funding of up to $10,000. Selected startups will also be connected to international investor networks, providing them with opportunities for growth and expansion. The program will offer tailored business support, expert-led masterclasses, and mentorship opportunities, all designed to help women-led startups overcome the challenges they face in the tech industry.
The launch of Futuremakers Women in Tech marks Egypt’s entry into the global Women in Tech network, which has already supported over 4,000 women entrepreneurs across 17 countries. The program seeks to reinforce the role of female entrepreneurship in Egypt’s expanding tech-enabled economy, where women-led ventures are increasingly recognized as important contributors to innovation and inclusive economic development.
The AUC Venture Lab, a key partner in the program, has a proven track record of supporting entrepreneurs, having backed over 1,000 founders since its establishment in 2013. The launch event featured a panel discussion on women in the technology sector, highlighting insights from regional industry leaders and emphasizing the importance of supporting women in tech.
The Futuremakers Women in Tech program is a significant step towards promoting gender equality and economic inclusion in Egypt’s tech sector. By providing women-led startups with the support and resources they need to succeed, the program aims to unlock the full potential of women entrepreneurs and contribute to the growth and development of the Egyptian economy. With its focus on equity-free funding, mentorship, and training, the program is well-positioned to make a positive impact on the lives of women entrepreneurs in Egypt and beyond.
EMI Reprieve for Millions: RBI Cracks Down on Excessive Fees with New Regulations
The Reserve Bank of India (RBI) has introduced a revised framework for banks and non-banking financial companies (NBFCs) to follow when dealing with borrowers who fail to pay their Equated Monthly Installments (EMIs) on time. Under the new rules, lenders can no longer impose "penal interest" on borrowers who miss payments. Instead, they are allowed to charge a "penal charge" under strict conditions.
The key changes to the framework include:
- No penal interest: Lenders cannot levy additional interest as a penalty for EMI delays.
- Only penal charge allowed: A fixed penal charge can be imposed, but it must not be added to the principal loan amount.
- No interest on penal charges: Financial institutions cannot charge extra interest on the penal charge itself.
- Mandatory compliance: All banks and NBFCs are required to follow these new norms.
The RBI has introduced these changes to eliminate unnecessary and arbitrary charges levied by lenders, providing borrowers with better clarity and protection. The new framework aims to make the loan process more transparent and provide borrowers with more flexibility and cost savings.
Additionally, banks and NBFCs are no longer allowed to include hidden clauses in loan agreements that force customers to maintain the loan for a minimum period. This change is expected to ease the financial stress on borrowers, especially in cases of unavoidable delays in EMI payments.
The revised framework ensures greater transparency and fairness in the lending process, and borrowers can expect to benefit from these changes. However, it is always advisable to consult with a certified financial advisor or the respective bank before making any decisions related to loans or banking, as RBI regulations are subject to periodic updates.
RKFC edges out J&K Bank with a narrow 1-0 victory, as reported by Daily Excelsior
In a thrilling match, Real Kashmir Football Club (RKFC) emerged victorious, defeating J&K Bank by a narrow margin of 1-0. The match, which was highly anticipated, saw both teams displaying exceptional skills and determination on the field.
The winning goal for RKFC was scored by a skilled player, whose impressive strike proved to be the decisive factor in the game. Despite J&K Bank’s best efforts, they were unable to equalize, ultimately succumbing to the 1-0 defeat.
The match was intense, with both teams creating scoring opportunities, but it was RKFC’s superior strategy and teamwork that paid off in the end. The team’s coach and players were ecstatic with the win, which marks an important milestone in their season.
The victory is a testament to RKFC’s growing reputation as a force to be reckoned with in the football world. The team has been making waves in the sport, with their unique style and determination inspiring fans and attracting attention from across the country.
J&K Bank, on the other hand, will be looking to regroup and analyze their performance, identifying areas for improvement in order to bounce back stronger in their next match. Despite the loss, they demonstrated remarkable resilience and sportsmanship, and their fans remain proud of their team’s efforts.
The match was played in a packed stadium, with enthusiastic fans cheering on their favorite teams. The electric atmosphere and excitement were palpable, with the crowd’s energy fueling the players’ performances. The victory for RKFC has sent shockwaves of excitement among their fans, who are eager to see their team’s continued success in the season.
The win for RKFC is significant, as it boosts their morale andconfidence, propelling them forward in the league standings. As the season progresses, the team will face tougher challenges, but for now, they can bask in the glory of their hard-fought victory.
Overall, the match between RKFC and J&K Bank was an exhilarating encounter that showcased the best of Indian football. With talented players, passionate fans, and an electrifying atmosphere, the sport continues to captivate audiences, inspiring a new generation of players and enthusiasts alike.
145g of gold and diamonds go missing from a Bengaluru woman’s SBI locker, prompting police to book bank officials
A 54-year-old homemaker, Bindu C.D., has filed a complaint with the Sadashivanagar police in Bengaluru, alleging that 145 grams of gold and diamond valuables have gone missing from her bank locker at the State Bank of India (SBI) branch in Dollars Colony. The incident occurred in March this year, and despite repeated complaints and follow-ups, the bank officials have failed to provide a convincing explanation for the loss.
According to the complaint, Bindu had been using the locker facility at the SBI branch since December 2022, and had stored her valuables, including gold and diamond jewelry, in the locker. When she checked the locker in November 2024, the valuables were intact, but when she checked again on March 28, 2025, they were missing. She immediately raised a complaint with the bank officials, but they denied having any knowledge about the missing valuables and claimed that no one could access her locker.
Undeterred, Bindu approached the bank’s customer care and the chief vigilance officer, but her efforts were met with evasive responses. The officials suggested that she check for the valuables at her home, implying that she may have misplaced them. Frustrated with the bank’s response, Bindu decided to approach the police and filed a complaint with the Sadashivanagar police.
The police have registered a case under section 305(a) of the Bharatiya Nyaya Sanhita (BNS), which deals with theft in a dwelling house, means of transportation, or place of worship. The case has been registered against the bank officials, and the police will conduct further investigations into the matter. The incident has raised concerns about the safety and security of bank lockers, and the responsibility of banks to protect their customers’ valuables. The case is currently under investigation, and it remains to be seen how the bank and the police will respond to the allegations.
Canara Bank abolishes minimum balance rules for all savings account holders, offering greater flexibility – Latest Money Updates
In a significant move, Canara Bank, a major public sector bank, has waived the average monthly balance (AMB) requirement for all its savings bank accounts. This decision makes Canara Bank the first major public sector bank to eliminate AMB-related charges, allowing account holders to maintain zero balance without incurring penalties. The waiver is aimed at promoting financial inclusion and enhancing customer convenience.
As of June 1st, 2025, all savings account holders, including those with salary accounts and NRI SB accounts, will benefit from this initiative. Previously, customers were required to maintain a minimum average monthly balance based on their account type, and failing to do so would result in penalty charges. With the new policy, all Canara Bank savings account holders will enjoy a “no penalty on minimum balance” facility, free from any AMB-related penalties or fees.
This move is expected to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, NRIs, and first-time users of banking services. The bank’s decision will facilitate everyday banking without penalties, making it more convenient and accessible for account holders. By waiving the AMB requirement, Canara Bank is promoting financial inclusion and providing relief to its customers, who will no longer have to worry about maintaining a minimum balance in their accounts.
The waiver of AMB charges is a significant step towards customer-centric banking, and Canara Bank’s initiative is likely to set a precedent for other public sector banks to follow. The move is also expected to increase customer satisfaction and loyalty, as account holders will no longer have to pay penalties for not maintaining a minimum balance. Overall, Canara Bank’s decision to waive AMB charges is a welcome move that will benefit its customers and promote financial inclusion.
Real Kashmir FC edges out J&K Bank with narrow 1-0 triumph, reports Rising Kashmir
In a thrilling match, Real Kashmir FC’s reserve team defeated J&K Bank 1-0 in the Srinagar Premier Football League 2024-25 at the TRC Ground, Srinagar. The match was a closely contested encounter, with both teams showcasing impressive skills and tactics. Despite Real Kashmir FC enjoying majority possession, the first half ended goalless. The second half saw J&K Bank’s defense holding firm against repeated attacks from Real Kashmir FC, and the match seemed to be heading towards a draw.
However, in extra time, Huzaif from Real Kashmir FC scored the decisive goal, securing a crucial win for his team. The victory marked a rare loss for J&K Bank, which has an impressive record in Kashmir. With this win, Real Kashmir FC extended their winning streak in the league, having won both of their matches so far.
The win is a significant boost for Real Kashmir FC, which has been investing in grassroots football development in the region. The team’s owner, Arshid Shawl, has been actively nurturing local talent and strengthening the footballing ecosystem in Kashmir. Real Kashmir FC’s performance is a testament to the growing stature of football in the region, with the team finishing third in the prestigious I-League earlier.
The Srinagar Premier Division Football League, also known as the My Youth My Pride league, is being organized by the District Football Association Srinagar and features the top football clubs from Kashmir. The league aims to promote football in the region and provide a platform for local talent to showcase their skills. With Real Kashmir FC’s win, the team has sent a strong message about their intentions to dominate the league and make a mark in Indian football.
The victory has also generated excitement among football fans in Kashmir, who are eager to see their team perform well in the league. With the league still in its early stages, fans can expect more thrilling matches and intense competition between the top teams. Real Kashmir FC’s win has set the tone for the rest of the league, and it will be interesting to see how the team performs in their upcoming matches.
Widens Scope for Removal of Government Securities
The Reserve Bank of India (RBI) has expanded the eligibility criteria for STRIPS (Separate Trading of Registered Interest and Principal of Securities) to include all central government bonds and select state securities. This move aims to enhance liquidity and investor access in the government securities market. STRIPS allow the separation of interest and principal components of government securities, enabling them to be traded independently as zero-coupon instruments. This increases liquidity and provides additional instruments for fixed-income investors.
The key amendments to the STRIPS guidelines include the expansion of eligibility criteria to all fixed coupon securities issued by the Government of India, regardless of their maturity date. Additionally, fixed coupon securities issued by State Governments/Union Territories are now eligible for stripping if they have a residual maturity of up to 14 years and a minimum outstanding amount of Rs. 1,000 crore on the day of stripping. The operational system reference has also been updated to reflect the migration to a more modern and centralized platform for processing such transactions.
The implications of these amendments are significant, with increased liquidity and participation from a wider range of investors, including pension funds, insurance companies, and banks. The development of a long-term zero-coupon yield curve is also expected to be supported, enhancing pricing efficiency. Furthermore, state governments will gain better access to secondary market liquidity, potentially improving the attractiveness of State Development Loans (SDLs).
The expanded eligibility criteria for STRIPS is expected to modernize the operational framework and align it with current market dynamics. The RBI’s decision to include state securities in the STRIPS framework is a significant development, as it will provide state governments with better access to liquidity and potentially reduce their borrowing costs. Overall, the amendments to the STRIPS guidelines are expected to enhance the efficiency and liquidity of the government securities market, benefiting both investors and issuers.
The RBI’s move to expand the STRIPS eligibility criteria is also expected to support the development of a more diversified and efficient government securities market. By providing investors with a wider range of instruments to choose from, the RBI aims to increase participation and liquidity in the market. The inclusion of state securities in the STRIPS framework is also expected to promote financial inclusion and support the development of state governments’ borrowing programs. With the updated guidelines, the RBI is taking a significant step towards modernizing the government securities market and promoting greater efficiency and liquidity.
India is expected to retain its position as the world’s fastest-growing major economy in the fiscal year 2026, according to a recent report by SBI.
The Indian economy is expected to remain the fastest-growing major economy in the fiscal year 2026, driven by its sound macroeconomic fundamentals, robust financial sector, and commitment to sustainable growth. According to a report by the State Bank of India (SBI), the country’s domestic finances are sufficient to support the anticipated growth, and demand-induced pressure on prices is not expected in the upcoming fiscal year. The report’s author, Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, noted that the only downside to growth comes from external and geopolitical factors.
India’s economy grew by 7.4% in the fourth quarter of the fiscal year 2025, with a strong uptick in capital formation, which registered a 9.4% annual growth. The recovery in capital formation was driven by a revival in the core sector, as evident from high-frequency indicators. The overall growth in capital formation for the fiscal year 2025 stands at 7.1%. The annual growth rate for the fiscal year 2025 is estimated at 6.5%.
All sectors exhibited better growth numbers in the fourth quarter, with the industry growing by 6.5%, and the services sector growing by 7.3%. The construction sector saw a significant growth of 10.8%, while the manufacturing sector increased by 4.8%. Private consumption maintained its healthy run, registering a growth of 7.2% for the fiscal year 2025. Export demand was also healthy, with a growth of 6.3%, while imports contracted by 3.7% for the whole year.
The SBI report notes that this growth was front-loaded due to an export push amidst US tariffs uncertainty. The highest contraction in imports occurred in the fourth quarter, at 12.7%, which pulled the overall GDP growth to 7.2% in the quarter. Despite this, the report is optimistic about India’s economic prospects, citing its sound macroeconomic fundamentals and commitment to sustainable growth. With higher anticipated savings, the domestic finances are expected to be sufficient to finance the anticipated growth, and the economy is poised to remain the fastest-growing major economy in the fiscal year 2026.
India’s net financial savings expected to reach ₹22 lakh crore by FY25, according to SBI research
According to a recent economic research report by the State Bank of India (SBI), the net financial savings of the household sector in India is expected to reach ₹22 lakh crore, or 6.5% of the Gross National Disposable Income (GNDI), in the financial year 2024-25. This represents a significant increase from the previous fiscal year, where the net financial savings stood at 5.1% of GNDI. The growing capital pool is crucial for funding government and corporate deficits, as well as supporting macroeconomic stability.
The report highlights the importance of the Reserve Bank of India’s (RBI) efforts to contain the volatility of the Rupee, which has been a major factor in determining its surplus. During the fiscal year 2024-25, the RBI’s balance sheet expanded by 8.19%, which is less than the nominal GDP growth of 9.9%. As a result, the RBI has transferred a surplus of ₹2.69 lakh crore to the government, which is expected to enhance the fiscal space.
However, the report also notes that while the incidence of fraud cases has declined, the defraud amount has tripled to ₹36,014 crore. On the other hand, the volume of card and internet fraud has decreased significantly, from 29,802 in 2023-24 to 13,516 in 2024-25. This suggests that while the overall number of fraud cases may be decreasing, the amount of money being defrauded is increasing.
Overall, the report suggests that India’s financial system is at a crossroads, and is both resilient and transformative. The growing capital pool and increasing financial savings are positive signs, but the increasing defraud amount and volatility of the Rupee are areas of concern. The report highlights the importance of continued efforts to support macroeconomic stability and contain the volatility of the Rupee. With the RBI’s surplus transfer to the government, the fiscal space is expected to be enhanced, which could have a positive impact on the economy.
Bank of Baroda reduces its advertising expenditure by 20% to Rs 350 crore for the financial year 2025
Bank of Baroda, a public sector lender, has reduced its advertising and publicity expenses by 20.2% in the fiscal year 2025. The bank’s advertising expenditure decreased to Rs 350 crore in FY25 from Rs 439 crore in the previous year. This reduction is notable, given that the banking, financial services, and insurance (BFSI) sector in India has been increasing its advertising spend in recent years, particularly on digital platforms.
Despite the decrease in advertising spend, Bank of Baroda has continued to focus on digital marketing and branding. The bank executed over 30 digital campaigns in FY25, covering topics such as sports, financial literacy, fraud awareness, and cybersecurity. The bank’s annual report also highlighted a multi-channel advertising campaign that included television, radio, print, and cinema, with a cumulative reach of approximately 200 crore people.
The bank’s financial performance in FY25 was positive, with a 10% rise in net profit to Rs 19,581 crore, compared to Rs 17,789 crore in the previous year. The bank’s net interest income (NII) grew by 2.1% to Rs 45,659 crore, and non-interest income increased by 14.8% to Rs 16,647 crore. The bank’s operating profit also rose by 4.7% to Rs 32,435 crore.
Looking ahead to FY26, Bank of Baroda plans to continue enhancing its digital capabilities to expand its reach and engagement with customers. The bank’s focus on digital marketing and branding is expected to continue, despite the reduction in advertising spend in FY25. The BFSI sector’s advertising spend is expected to remain robust, with a TAM Adex report revealing a 74% increase in ad impressions in the first half of 2024 compared to the same period in 2022.
Overall, Bank of Baroda’s reduction in advertising spend is a notable achievement, given the increasing competition in the BFSI sector. The bank’s focus on digital marketing and branding, combined with its positive financial performance, positions it well for future growth and expansion. As the bank continues to enhance its digital capabilities, it is likely to remain a major player in the Indian banking sector.
Standard Chartered Predicts Solana Will Reach $500 by 2029, Undeterred by Near-Term Price Drop – Latest Crypto Updates on Bitcoin.com News
Standard Chartered, a multinational bank, has made a bold prediction about the future of Solana, a popular cryptocurrency. Despite a short-term dip in its value, the bank believes that Solana’s price could reach $500 by 2029. This forecast is based on the bank’s analysis of the cryptocurrency market and Solana’s potential for growth.
According to a report by Standard Chartered, Solana’s strong developer community, fast transaction processing times, and low fees make it an attractive option for users and investors. The bank also notes that Solana has a strong focus on decentralized finance (DeFi) applications, which could drive adoption and increase its value.
The prediction of $500 by 2029 represents a significant increase from Solana’s current price. At the time of writing, Solana’s price is around $30, which means that the bank is predicting a 16-fold increase in value over the next 7 years. While this may seem ambitious, Standard Chartered’s analysts believe that Solana has the potential to become a major player in the cryptocurrency market.
It’s worth noting that the short-term outlook for Solana is less certain. The cryptocurrency has experienced significant volatility in recent months, and its price has fallen sharply from its all-time high. However, Standard Chartered believes that this dip is temporary and that Solana’s long-term prospects remain strong.
The bank’s prediction is based on a number of factors, including the growing adoption of cryptocurrencies and the increasing demand for DeFi applications. Standard Chartered also notes that Solana has a number of advantages over other cryptocurrencies, including its fast transaction processing times and low fees.
Overall, Standard Chartered’s prediction of $500 for Solana by 2029 is a bullish one, and it reflects the bank’s optimism about the future of the cryptocurrency market. While there are risks and uncertainties associated with any investment, the bank’s analysis suggests that Solana has the potential to become a major player in the market and to deliver significant returns for investors. As with any investment, it’s essential to do your own research and to carefully consider your own risk tolerance before making any decisions.
Landmark Ruling: Supreme Court Overturns Disciplinary Action in A.M. Kulshrestha vs Union Bank of India, Emphasizing Charge Sheets Require CVC Guidance to be Valid
In a significant judgment, the Supreme Court of India has quashed the disciplinary action taken against an employee of the Union Bank of India, A.M. Kulshrestha, on the grounds that the charge sheet issued against him was arbitrary and violative of the principles of natural justice. The court held that the charge sheet was issued without the advice of the Central Vigilance Commission (CVC), which is mandatory in cases where disciplinary action is contemplated against a government servant.
The case involved A.M. Kulshrestha, a General Manager with the Union Bank of India, who was issued a charge sheet in 2014 alleging irregularities in the sanction and disbursement of loans. The charge sheet was issued by the bank’s disciplinary authority without obtaining the advice of the CVC, as required under the Central Civil Services (Classification, Control, and Appeal) Rules, 1965.
Kulshrestha challenged the charge sheet and the subsequent disciplinary action before the Central Administrative Tribunal (CAT), which upheld the bank’s decision. However, the Supreme Court, hearing Kulshrestha’s appeal, set aside the CAT’s order and quashed the disciplinary action.
The apex court held that the charge sheet issued without the CVC’s advice was arbitrary and violative of the principles of natural justice. The court observed that the CVC’s advice is mandatory in cases where disciplinary action is contemplated against a government servant, and its absence renders the charge sheet invalid.
The court clarified that the CVC’s role is not limited to advising on the nature of the penalty but also extends to advising on whether the charges are prima facie established and whether the evidence collected is sufficient to initiate disciplinary proceedings. The court noted that the CVC’s advice is essential to ensure that the disciplinary action is fair, transparent, and reasonable.
The judgment has significant implications for government servants and public sector employees, emphasizing the importance of following due process and adhering to established procedures in disciplinary matters. The court’s ruling underscores the need for adherence to the principles of natural justice and the importance of the CVC’s role in ensuring fairness and transparency in disciplinary proceedings. By quashing the disciplinary action against Kulshrestha, the Supreme Court has sent a clear message that arbitrary and unjust actions will not be tolerated, and that the rights of government servants will be protected.
IDBI JAM Interview Call Letter 2025 Released: Download Now
The IDBI JAM Interview Call Letter 2025 has been released on the official website, and candidates who cleared the online exam held on April 6 can now download their call letter using their login details. The interview is the next step in the selection process for the Junior Assistant Manager post, and it is scheduled to take place until June 6. The call letter contains important information such as the date, time, and venue of the interview, and candidates must carry a printed copy of the call letter along with valid ID proof to the interview center.
To download the call letter, candidates can visit the official website, go to the “Careers” section, and click on “Current Openings.” They can then find and select the IDBI Junior Assistant Manager Recruitment 2025 link and click on the Interview Call Letter link. Candidates will need to enter their Registration ID/Roll No., Password/Date of Birth, and captcha to access their call letter. A direct link to download the call letter is also provided for convenience.
It is essential for candidates to download and print the call letter well in advance to avoid any last-minute issues. The call letter is a mandatory document for the interview round, and candidates must carry it to the venue without fail. Candidates are advised to read the instructions mentioned in the call letter thoroughly and follow all the guidelines to avoid any issues on the interview day.
The IDBI JAM Interview Call Letter 2025 is a crucial document that contains all the necessary details about the interview. Candidates must check all the details mentioned in the call letter carefully, including the date, time, and venue of the interview. By following the simple steps to download the call letter, candidates can ensure that they are well-prepared for the interview and can avoid any last-minute hassles. With the interview scheduled to take place until June 6, candidates must make sure to download their call letter at the earliest and prepare accordingly.
Ity ny versiona fanaf Gefa Anatanan’ny lahatsoratra: Gauri Rushabh Shah nohiditra ho Tale fanampiny ao Utkarsh Small Finance Bank
Roa Gauri Rushabh Shah no voatendry ho Tale Fanampiny ao amin’ny Utkarsh Small Finance Bank. Izy io no hanome fanohanana ny banky mandritra ny dimy taona manomboka ny 01 Jona 2025 ka hatramin’ny 31 Mey 2030. Ramatoa Shah dia manana traikefa mihoatra ny 20 taona ao amin’ny sektora finance, fitantanana orinasa, fampivondronana, fanombanana, fandrindrana ny fifandimbiasana, lalàna orinasa ary paikady.
Nianatra tao amin’ny Deloitte, iray amin’ny Big 4 Audit Firms manerantany, Ramatoa Shah dia nipetraka ny ekipa fototra tamin’ny asany teo aloha. Niasa tao amin’ny CC Chokshi Advisors Private Limited, izy dia nanohana ny biraon’ny fianakaviana sy ny fandrindrana ny fifandimbiasana vahaolana ara-panoloran-tsaina sy ny orinasa. Izy no mpilalao hajaina be amin’ny fifampidinihana.
Ramatoa Shah dia niasa tao amin’ny filankevi-pitantanan’ny Fedfina Financial Services Limited, nanomboka tamin’ny 2015 ka hatramin’ny fiandohan’ny taona 2025. Izy no Filohan’ny Komitin’ny Fanadihadiana, Komitin’ny Fanendrena sy Karama ary Komitin’ny CSR. Izany rehetra izany dia vokatry ny tetikasa matihanina sy ny fahaizany manokana.
Ny Utkarsh Small Finance Bank dia banky iray tsy miankina eo amin’ny firenena India. Izy io dia mandoa fitantanana ny raharaha sy ny fidiram-bola any India. Ny banky io dia manana ny mpiasa maro ary nanana ny fiantsoana lehibe ao anatin’ny firenena.
Ny voatanidra an’i Ramatoa Shah ho Tale Fanampiny any amin’ny Utkarsh Small Finance Bank dia manana ny maha-zara ny traikefa sy ny fahaizany manokana. Izy no hanampy ny banky amin’ny fitantanana ny raharaha sy ny fidiram-bola any India. Izy io dia hanome ny fanohanana sy ny fandaminana ny tetikasa folo ho an’ny banky.
Comparison of 5-Year Fixed Deposit Returns: SBI or PNB – Which Public Sector Bank Offers Higher Returns on a Rs 10 Lakh Investment?
The article compares the 5-year fixed deposit (FD) returns of two public sector banks, State Bank of India (SBI) and Punjab National Bank (PNB), on an investment of Rs 10 lakh.
For a 5-year FD, SBI offers an interest rate of 5.50% per annum for the general public and 6.30% per annum for senior citizens. On the other hand, PNB offers 5.30% per annum for the general public and 5.80% per annum for senior citizens.
Assuming an investment of Rs 10 lakh for 5 years, the returns can be calculated as follows:
For SBI:
- For the general public: Rs 10 lakh 5.50% 5 years = Rs 2,75,000 (interest earned) + Rs 10 lakh ( principal) = Rs 12,75,000 (total amount after 5 years)
- For senior citizens: Rs 10 lakh 6.30% 5 years = Rs 3,15,000 (interest earned) + Rs 10 lakh (principal) = Rs 13,15,000 (total amount after 5 years)
- For PNB:
- For the general public: Rs 10 lakh 5.30% 5 years = Rs 2,65,000 (interest earned) + Rs 10 lakh (principal) = Rs 12,65,000 (total amount after 5 years)
- For senior citizens: Rs 10 lakh 5.80% 5 years = Rs 2,90,000 (interest earned) + Rs 10 lakh (principal) = Rs 12,90,000 (total amount after 5 years)
From the above calculations, SBI offers higher returns on a 5-year FD for both the general public and senior citizens, compared to PNB. The difference in returns between SBI and PNB for the general public is Rs 10,000 ( Rs 2,75,000 – Rs 2,65,000), and for senior citizens, it is Rs 25,000 ( Rs 3,15,000 – Rs 2,90,000).
Therefore, if an individual invests Rs 10 lakh in a 5-year FD, SBI provides better returns compared to PNB, with a higher total amount after 5 years for both the general public and senior citizens. However, it’s essential to note that interest rates are subject to change, and individuals should check the current rates before investing. Additionally, other factors such as liquidity, tax implications, and bank stability should also be considered before making a decision.
DBS and Partners Unveil Comprehensive ‘Decarbonisation Playbook’ Initiative
DBS Bank has partnered with EY, the Singapore Manufacturing Federation, and Nanyang Polytechnic to launch a guide aimed at helping businesses reduce their carbon footprint. The “Decarbonisation Playbook: A Practical Guide for Manufacturers to a Low-Carbon Future” is designed to support over 5,000 manufacturers in Singapore and 1,600 learners from Nanyang Polytechnic’s programs. The guide is supported by Enterprise Singapore and SkillsFuture Singapore.
According to data from the National Climate Change Secretariat, manufacturing in Singapore accounted for 49% of the city-state’s greenhouse gas emissions in 2022. A survey of over 70 manufacturers found that 80% were still in the early stages of their sustainability journey, and 65% lacked visibility over their carbon emissions. The playbook aims to address this need for sector-specific, actionable support.
The guide features the “DECARB” framework, a step-by-step model that helps companies discover emissions sources, evaluate opportunities, create business cases, implement solutions, refine internal skills, and build long-term decarbonisation roadmaps. The framework combines perspectives from manufacturing players with insights from ecosystem players familiar with decarbonisation, breaking down complex requirements and policies into tangible and industry-tested tools.
Chen Ze Ling, Group Head of Corporate and SME Banking at DBS, emphasized the importance of practical, real-world support in driving meaningful decarbonisation. Praveen Tekchandani, Singapore Leader and Partner at EY, noted that the playbook provides a unique combination of perspectives, integrating science-based strategies, sector-specific pathways, and readily applicable solutions.
The launch of the playbook demonstrates DBS’s commitment to sustainability and its efforts to support businesses in reducing their environmental impact. The partnership with EY, the Singapore Manufacturing Federation, and Nanyang Polytechnic brings together expertise from various sectors to provide a comprehensive guide for manufacturers. The playbook is expected to play a significant role in supporting Singapore’s transition to a low-carbon economy.
The collaboration between DBS and EY highlights the growing importance of environmental, social, and governance (ESG) considerations in the banking and finance sector. As investors and consumers increasingly prioritize sustainability, banks and financial institutions are under pressure to demonstrate their commitment to ESG principles. The launch of the Decarbonisation Playbook is a significant step towards supporting businesses in reducing their carbon footprint and promoting a more sustainable future.
AU Small Finance Bank Acquires Mumbai’s Bandra Vishwas Tower in Rs 371 Crore Deal
AU Small Finance Bank has acquired the Bandra Vishwas Tower in Mumbai for a whopping Rs 371 crore. This purchase marks a significant expansion of the bank’s presence in the country’s financial capital. The Bandra Vishwas Tower, located in the heart of Mumbai, is a prime commercial property that offers ample space for the bank to establish its operations.
The acquisition is part of AU Small Finance Bank’s strategy to strengthen its footprint in the financial services sector. The bank, which was founded in 1996, has been steadily growing its operations and expanding its reach across the country. With this purchase, the bank aims to enhance its visibility and accessibility in Mumbai, which is a key market for financial services.
The Bandra Vishwas Tower is a modern commercial building that offers state-of-the-art infrastructure and amenities. The property spans over 70,000 square feet and is equipped with advanced security systems, high-speed elevators, and ample parking space. The building is strategically located, with easy access to major transportation hubs and business districts.
The acquisition of the Bandra Vishwas Tower is expected to provide a significant boost to AU Small Finance Bank’s operations in Mumbai. The bank plans to use the property to establish a new branch, as well as to house its corporate offices and other support functions. The bank’s management believes that the new location will enable it to better serve its customers and expand its business in the region.
The purchase of the Bandra Vishwas Tower is also seen as a significant investment in the bank’s long-term growth strategy. The property is expected to appreciate in value over time, providing a potential source of revenue for the bank. Additionally, the acquisition is expected to enhance the bank’s brand visibility and reputation in the market, which could lead to increased business opportunities and customer acquisition.
Overall, the acquisition of the Bandra Vishwas Tower is a significant milestone for AU Small Finance Bank, marking a major expansion of its operations in Mumbai. The purchase is expected to provide a boost to the bank’s business and support its long-term growth strategy. With its strong presence in the financial services sector, AU Small Finance Bank is well-positioned to capitalize on the growing demand for banking and financial services in India.
Standard Chartered predicts gold prices will stabilize in the short term, with a potential surge to $3,100 before resuming its upward momentum, according to TradingView News.
Standard Chartered has adjusted its stance on gold, downgrading it from a top pick to a “core holding” as it anticipates a short-term consolidation in prices. Despite this year’s significant rally, the bank expects gold prices to experience a period of moderation over the next one to three months, potentially reaching $3,100 per ounce. This prediction is based on a pattern of behavior observed since 2022, where major buyers have consistently demonstrated price sensitivity, leading to intermittent periods of sideways movement in the market.
According to analysts, this near-term consolidation is a normal correction after a strong gain. However, Standard Chartered remains optimistic about gold’s long-term prospects, forecasting a potential price surge to $3,500 within the next 6 to 12 months. This bullish outlook is driven by the expectation of increased demand from central banks, which are likely to drive up prices.
The bank’s analysts pointed to the recurring pattern of price sensitivity among major buyers, which has resulted in periods of consolidation following significant gains. This pattern suggests that the current rally may be due for a pause, allowing prices to stabilize before potentially resuming their upward trajectory. Despite this short-term caution, Standard Chartered’s long-term projection of $3,500 per ounce reflects a strong conviction in gold’s potential for growth.
Overall, Standard Chartered’s adjusted stance on gold reflects a nuanced view of the market, balancing short-term caution with long-term optimism. While the bank expects a near-term consolidation, it remains confident in gold’s potential for significant gains over the next year, driven by reaccelerating central bank demand. As such, investors may want to consider gold as a core holding, with a view to potentially benefiting from its long-term growth prospects.
CIO Ravi Pichan of RBL Bank Shares Insights on Implementing a Customer-Centric Digital Transformation Approach, as Featured in ET CIO
The banking sector has undergone significant digital transformation, with a focus on enhancing customer experience, streamlining operations, and improving financial services. RBL Bank is at the forefront of this transformation, with a customer-first approach and digital enablement driving its initiatives. According to Ravi Pichan, Chief Information Officer and Head of Digital Banking at RBL Bank, digital is no longer an additional feature, but the mainstream way of doing business and engaging with customers.
The bank’s focus is on enhancing both direct and assisted channels through digital transformation, ensuring minimal friction and the best possible customer experience. This includes investing in a state-of-the-art data center, expanding its cloud footprint, and delivering modern solutions across retail assets. The bank has also integrated newer government-backed capabilities, such as the Account Aggregator framework, to reduce friction in processes and improve credit decisioning.
RBL Bank has seen significant outcomes from its digital initiatives, including improved customer service, elevated roles, and optimized processes. The bank is also launching a brand-new mobile banking application, which will consolidate all its services into a single app, providing customers with a seamless and integrated experience.
Some of the key initiatives undertaken by RBL Bank include:
1. Building a state-of-the-art data center to serve as the foundation for all its digital offerings.
2. Expanding its cloud footprint for hyper-scaling.
3. Delivering modern solutions across retail assets, including home loans, two-wheeler loans, and car loans.
4. Integrating newer government-backed capabilities, such as the Account Aggregator framework.
5. Launching a brand-new mobile banking application to consolidate all its services into a single app.
The bank’s goal is to minimize friction and provide the best possible customer experience, with a focus on resolving issues swiftly and effectively. While it is still early days, the initial trend is moving in the right direction, with improved customer service and optimized processes. The bank is also investing in technology, with a proposed ROI heading in the right direction.
Overall, RBL Bank’s digital transformation journey is focused on providing a seamless and integrated experience for its customers, with a focus on minimal friction and maximum convenience. The bank’s initiatives are driven by a customer-first approach, with a focus on delivering modern solutions and investing in technology to stay ahead of the curve.
Protesting farmers surround SBI’s regional office in a show of force
Tension erupted at the State Bank of India (SBI) regional office in Tiruchy, India, on Monday as hundreds of farmers attempted to surround the bank, protesting against the new regulations on jewel loans introduced by the Reserve Bank of India. The farmers, led by P Ayyakannu, State president of Desiya Thenninthiya Nadhigal Inaippu Sangam, gathered in front of the SBI regional office, demanding that the bank withdraw the new regulations. The new norms, which restrict jewel loans to only Rs 2 lakh, have been met with strong opposition from farmers who claim that it will severely impact their livelihoods.
The farmers, who had been protesting against the new norms for some time, were frustrated that the banks were continuing to implement the regulations despite their objections. They argued that the new rules, which require receipts for pledged jewels and restrict loans to 80% of the jewel’s value, would make it difficult for them to access credit. The protesters claimed that the new norms would disproportionately affect farmers, who rely heavily on jewel loans to fund their agricultural activities.
As the farmers attempted to besiege the bank, police intervened and stopped them, eventually arresting all the protesters. The situation turned tense, with the farmers raising slogans in support of their demands. The protests highlight the ongoing struggle between farmers and banks over the new jewel loan regulations, which have been a point of contention for some time. The farmers are demanding that the banks withdraw the new regulations and restore the old norms, which they claim were more favorable to them.
The issue has been a major concern for farmers in the region, who are already struggling to cope with the economic challenges posed by the COVID-19 pandemic. The new regulations have added to their woes, making it difficult for them to access credit and fund their agricultural activities. The protests are likely to continue until the farmers’ demands are met, and the issue is resolved. The government and the banking sector will need to find a solution to address the concerns of the farmers and ensure that they have access to credit and other financial services.
India’s industrial production growth may have decelerated to 1.2% year-over-year in April, according to a report by UBI.
The Union Bank of India (UBI) has released a report predicting a significant slowdown in India’s Index of Industrial Production (IIP) for April 2025. The IIP is expected to decline to 1.2% year-on-year, down from 3% in March, due to a broad-based slowdown in economic activity, particularly in the mining and manufacturing sectors. This is a significant drop from the 5.2% growth recorded in April 2024, indicating a slowdown in economic activity in the Indian economy.
The report attributes the anticipated slowdown to the spike in global trade uncertainty, particularly the reciprocal tariff hikes by the US, which is likely to affect exports. At least 30-35% of the weight in IIP is attributed to exports, which is expected to come under pressure until trade clarity is achieved. The Industrial Production data for April is scheduled to be released on May 28, providing insights into the country’s manufacturing momentum and economic activity.
The report cites several factors contributing to the anticipated slowdown, including mixed trends in high-frequency indicators, a decline in petroleum consumption, and a widening merchandise trade deficit. The construction sector has also witnessed a moderation in April, with steel consumption and cement production slowing down. The core sector, which has a significant contribution to the IIP, has slowed to an eight-month low of 0.5% year-on-year in April.
The report also anticipates a recovery in aggregate demand to remain weak, with overall consumer IIP expected to slip into the negative zone. Consumption demand is expected to be led by urban demand, while rural demand may have weakened further in April. However, capital goods IIP growth is expected to have improved in April due to favourable base effects. The report concludes that intermediate, infrastructure, and construction goods may have worsened in April compared to the previous month due to the fall in cement and steel production.
Overall, the report suggests that the Indian economy is experiencing a slowdown, driven by global trade uncertainty and a decline in exports. The anticipated decline in IIP for April 2025 is expected to be a significant drop from the previous year, indicating a slowdown in economic activity. The report’s predictions will be confirmed when the Industrial Production data for April is released on May 28.
Evolution of Co-Lending Models in India: A New Era of CollaborationThis version maintains the core idea of the original line, but phrases it in a way that emphasizes the idea of change and progression in the co-lending landscape in India.
The Reserve Bank of India (RBI) has issued draft directions to regulate co-lending arrangements (CLAs) between financial entities, aiming to increase credit penetration and financial inclusion. The draft Reserve Bank of India (Co-lending Arrangements) Directions, 2025, was released on April 9, 2025, and applies to regulated entities, excluding small finance banks, local area banks, and regional rural banks. The RBI had previously issued a circular in 2020 governing co-lending by banks and non-banking financial companies (NBFCs) to the priority sector.
The draft directions expand the scope of CLAs, allowing co-lending between banks, NBFCs, or a combination of both, and not limiting it to priority sectors. The directions lay down standards for permitted entities to follow when entering into CLAs, including calculations of interest rates and fees, operational arrangements, reporting requirements, and default loss guarantees. The directions only permit the co-origination model, where loans are given jointly to borrowers at origination, and remove the direct assignment model.
The draft directions provide guidance on key aspects of CLAs, such as borrower selection, funding ratio, revenue and risk sharing, and roles and responsibilities of co-lenders. Co-lenders must source funds independently and on a fee basis, rather than through profit-sharing. The directions also clarify the computation and charging of interest and fees from borrowers under CLAs. Co-lenders must issue a key fact statement disclosing details of the CLA and other necessary information.
The RBI has made it clear that any fee paid to co-lenders under the CLA for funding loans must be agreed upon upfront under a servicing arrangement, independent of interest rates charged to borrowers. The draft directions also allow co-lenders to obtain default loss guarantees from sourcing or funding entities to mitigate default consequences. Any subsequent transfers of loan exposures under CLAs must conform to the Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021, with the prior consent of the co-lender.
The RBI’s approach emphasizes transparency in co-lending, and the proposed changes under the draft directions are expected to lead to greater financial inclusion. The draft directions are a welcome reform, and the RBI’s efforts to regulate CLAs are aimed at increasing credit penetration and promoting financial inclusion for wider segments of society. The draft directions are a significant step towards achieving this goal and are likely to have a positive impact on the financial sector.
Breaking: Counterfeit currency discovered at Agra’s Canara Bank, traced back to RBI; investigation underway #AgraNews #Agraleaks
A shocking incident of counterfeit currency has been reported in Agra, Uttar Pradesh. Fake notes were detected at a branch of Canara Bank in the city, and what’s even more alarming is that these notes had reached the Reserve Bank of India (RBI) before being identified as counterfeit.
According to sources, the fake notes were deposited into the Canara Bank branch by an unidentified individual. The bank staff, however, failed to detect the counterfeit currency and went ahead with the usual procedure of sending the deposited amount to the RBI for verification.
It was only when the RBI scrutinized the notes that the discrepancy was discovered. Upon detecting the fake notes, the RBI immediately alerted the Canara Bank branch in Agra, following which an investigation was launched.
A case has been registered with the local police, and authorities are trying to track down the person who deposited the counterfeit currency. The police are also questioning bank employees to determine if there was any negligence or complicity involved.
This incident raises serious concerns about the security and vigilance measures in place at banks. If fake notes could reach the RBI undetected, it highlights the vulnerability of the banking system to counterfeit currency. The RBI has strict guidelines in place for detecting and reporting fake currency, but this incident shows that these protocols may not be foolproof.
The Canara Bank branch in question has assured that it is cooperating fully with the investigation and is taking measures to prevent such incidents in the future. The bank has also ordered an internal inquiry to identify any lapses in its processes and to fix accountability.
In the meantime, the Agra police are working to identify the source of the fake notes and the person who deposited them. The incident has once again highlighted the need for banks and financial institutions to be vigilant and to have robust systems in place to detect counterfeit currency.
The incident has left many in Agra and the banking community at large shocked, highlighting the need for increased security measures to safeguard the integrity of the financial system. As the investigation unfolds, it will be crucial to determine if there was any larger conspiracy or if this was an isolated incident. For now, the people of Agra and the banking community are left to ponder the implications of this shocking discovery.
Meet the trailblazing woman who transformed her life from a humble sweeper to a high-flying AGM at SBI, and discover her inspiring story…
Pratiksha Tondwalkar’s life is a truly inspiring story of courage, hard work, and empowerment. Born in 1964, she faced numerous challenges from a young age, including financial difficulties that forced her to drop out of school after Class 10 and get married at 17. Tragedy struck when her husband, Sadashiv Kadu, passed away in an accident at the age of 20, leaving her alone with a young son. Despite the immense hardship, Pratiksha refused to give up and continued to struggle to rebuild her life and support her child.
With limited education, Pratiksha’s job prospects were slim, and she ended up working as a sweeper at the State Bank of India (SBI), earning a meager Rs. 60-65 per month. However, she was determined to improve her life and took the bold step of continuing her education. She attended night classes and completed her 12th-class examinations, followed by a master’s degree in psychology. Her relentless efforts and dedication eventually led to her promotion to bank clerk.
In 1993, Pratiksha married Pramod Tondwalkar, who supported and encouraged her aspirations. With his motivation, she prepared for banking examinations and qualified as a trainee officer. Through her unwavering perseverance and hard work, Pratiksha climbed the ranks, overcoming numerous obstacles and challenges along the way. Her remarkable journey culminated in her appointment as Assistant General Manager (AGM) of SBI in 2022.
Pratiksha’s story is a testament to the power of determination, education, and resilience. Despite facing immense hardship and adversity, she refused to give up and continued to strive for a better life. Her journey serves as an inspiration to countless individuals, demonstrating that with hard work, dedication, and perseverance, anyone can overcome obstacles and achieve their goals. Pratiksha’s accomplishments are a shining example of the impact of education and empowerment, and her legacy will continue to inspire generations to come.
SC Bank Introduces Wealth Saver Account to Fuel Customer Wealth Accumulation
Standard Chartered Bank Korea has introduced a new demand deposit product called the SC Jeil Wealth Saver Account, which offers an annual interest rate of up to 2.8 percent. The account is designed to support both asset growth and liquidity, and the interest rate is linked to the customer’s overall banking relationship with the bank. The rate varies depending on the total balance held across products such as demand deposits, funds, and trusts, ranging from 1.0 to 2.8 percent. New account holders will receive the 2.8 percent rate for the first month, regardless of their balance.
The account has a tiered interest rate system, where higher rates are applied to the portion of the customer’s balance that exceeds their baseline funds from three months prior. To qualify for the higher rates, customers must meet minimum thresholds in account balance increases and diversified product holdings. The base interest rate is 0.1 percent, and customers can earn higher rates by meeting certain conditions.
To promote the new account, SC Bank Korea is running a special event until June 30. Customers who invest at least 20 million won ($14,620) in eligible financial products and maintain an average monthly balance of 50 million won or more in the new account can receive Shinsegae gift certificates worth up to 1 million won. Customers can register for the event through the bank’s mobile app.
According to a Standard Chartered Bank Korea official, the SC Jeil Wealth Saver Account is designed to help customers grow their assets steadily while maintaining liquidity, especially in today’s uncertain financial environment. The account is intended to provide customers with a flexible and rewarding way to manage their finances and achieve their long-term financial goals. With its competitive interest rates and tiered reward system, the SC Jeil Wealth Saver Account is an attractive option for customers looking to grow their wealth and maintain liquidity.
Can HDFC Bank, ICICI Bank, and Shriram Finance, the heavyweights of banking and NBFCs, steer the next market upswing?
The article from The Economic Times discusses the potential for leading banks and non-banking financial companies (NBFCs) in India, such as HDFC Bank, ICICI Bank, and Shriram Finance, to drive the next market rally. The Indian banking sector has been a significant contributor to the country’s economic growth, and these large players have consistently demonstrated their ability to adapt and thrive in various market conditions.
HDFC Bank, one of the largest private sector banks in India, has a strong track record of performance, with a robust balance sheet and a wide distribution network. ICICI Bank, another major player, has made significant strides in improving its asset quality and expanding its digital offerings. Shriram Finance, a leading NBFC, has a strong presence in the retail finance segment and has been expanding its reach through strategic partnerships.
The article suggests that these large banks and NBFCs are well-positioned to benefit from the government’s efforts to boost economic growth, including initiatives to increase credit flow to small and medium-sized enterprises (SMEs) and the rural sector. The government’s plans to invest heavily in infrastructure development are also expected to create new opportunities for these financial institutions.
The article cites data from a recent report by a brokerage firm, which suggests that the top five private sector banks, including HDFC Bank and ICICI Bank, are expected to drive the next rally in the banking sector. The report notes that these banks have strong balance sheets, stable asset quality, and improving profitability, making them attractive to investors.
The article also highlights the importance of digital transformation in the banking sector, with many of the leading players investing heavily in digital platforms and technologies to improve customer experience and reduce costs. This shift towards digital banking is expected to drive growth and increase efficiency in the sector.
Overall, the article concludes that the big boys of banking and NBFCs, such as HDFC Bank, ICICI Bank, and Shriram Finance, are well-positioned to lead the next rally in the Indian financial sector. Their strong track records, robust balance sheets, and strategic investments in digital transformation make them attractive to investors and position them for long-term growth and success. As the Indian economy continues to grow and evolve, these large financial institutions are likely to play a significant role in driving economic development and creating new opportunities for investors.
Maximize your retirement savings: Discover banks offering fixed deposit interest rates as high as 9.1% for senior citizens
As of May 21, 2025, senior citizens in India can earn interest rates of up to 9.1% on fixed deposits (FDs) for a five-year tenure, with a capital of up to Rs 3 crore. Several small finance banks are offering attractive interest rates, including Suryoday Small Finance Bank (up to 9.1%), Unity Small Finance Bank (up to 8.65%), and NorthEast Small Finance Bank (up to 8.5%). However, financial experts advise caution when investing in small finance banks, as they may carry higher risks compared to commercial banks.
All deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, but the business models of small finance banks differ from scheduled commercial banks, potentially exposing depositors to higher risks. Despite this, small finance banks can provide higher interest rates, making them an attractive option for senior citizens looking to maximize their returns.
It’s also important for senior citizens to be aware of Tax Deducted at Source (TDS) on their FDs. If the total interest earned in a financial year exceeds Rs 1 lakh, banks are required to deduct TDS. However, TDS is not an additional tax and can be refunded or adjusted when filing the Income Tax Return (ITR). To avoid unnecessary TDS deductions, eligible senior citizens can submit Form 15H to their banks, declaring that their total income is below the taxable limit.
For example, under the new tax regime for FY 2025-26, a senior citizen earning Rs 11 lakh annually may not have to pay any income tax due to the Section 87A tax rebate applicable for incomes up to Rs 12 lakh. However, banks will still deduct TDS if the interest income crosses the Rs 1 lakh threshold. By submitting Form 15H, senior citizens can avoid TDS deductions and ensure that their interest income is not unnecessarily taxed. Overall, senior citizens can earn attractive interest rates on FDs, but it’s essential to be aware of the potential risks and tax implications.
IIFL Finance receives green light from RBI to establish branches in Jammu & Kashmir
IIFL Finance, a non-banking financial company (NBFC), has received regulatory approvals to open branches and expand its credit services in the Union Territory of Jammu & Kashmir. This move aims to provide essential financial services to unbanked and underbanked areas in the region, where access to formal credit has been limited. The company’s founder and MD, Nirmal Jain, emphasized that this decision reflects their commitment to bringing financial access to unserved and underserved communities.
According to Jain, the approval to open branches comes at a critical time when people in the region are facing disruptions in their livelihoods. IIFL Finance plans to offer credit solutions tailored to local needs, supporting the revival of small businesses and households in the region. The company’s presence in Jammu & Kashmir will complement its existing Corporate Social Responsibility (CSR) activities in the state, which include programs in education, skill development, healthcare, and community empowerment.
IIFL Foundation, the company’s CSR arm, has been present in Kashmir for over a decade. The foundation has supported various initiatives, including providing incubator machines at the LD Hospital during the Kashmir floods. The company’s expansion into Jammu & Kashmir is a significant step towards fulfilling its mission of providing financial access to all. By offering credit solutions and supporting local communities, IIFL Finance aims to make a positive impact on the region’s economy and society.
The approval to open branches in Jammu & Kashmir is a timely step, considering the region’s history of limited access to formal credit. IIFL Finance’s expansion is expected to bridge this gap, providing much-needed financial services to individuals and businesses in the region. With its commitment to CSR activities and community development, the company is poised to make a significant difference in the lives of people in Jammu & Kashmir. Overall, IIFL Finance’s entry into the region is a positive development, with the potential to drive economic growth and improve the well-being of local communities.
India’s GDP growth expected to surge to 7.0% in Q4 FY25, according to a report by UBI
According to a report by the Union Bank of India (UBI), the Indian economy is expected to grow at a rate of 7.0% in the fourth quarter of the financial year 2025, up from 6.2% in the third quarter. This growth is driven by an improvement in Gross Value Added (GVA) growth, which is expected to increase to 6.7% in Q4 from 6.2% in Q3. The report notes that high-frequency indicators present a mixed trend, but the economic activity index suggests a slight upward bias.
The UBI report also notes that the revised estimate for full-year FY25 growth is likely to be lowered to 6.3% from 6.5% previously. The report cites various factors that are likely to support this growth recovery, including a possible revival in rural demand, continued government spending, and large-scale religious events like the Mahakumbh. The Mahakumbh, in particular, is expected to have a significant impact on the economy, with a nominal growth impact of Rs 2-3 lakh crore.
The Reserve Bank of India’s (RBI) GDP nowcast also projects Q4 FY25 growth at 6.6%, indicating a sequential improvement in economic momentum during the second half of FY25. The International Monetary Fund (IMF) has also projected India’s GDP at 6.2% in FY25 and 6.3% in fiscal 2026, driven by strong private consumption. However, the IMF notes that global growth is expected to slow to 2.8% in 2025.
Overall, the report suggests that the Indian economy is expected to experience a moderate growth recovery in the fourth quarter of FY25, driven by a combination of factors including government spending, rural demand, and large-scale events. However, the growth rate is expected to be lower than previously estimated, and the economy will need to navigate various challenges to achieve sustained growth in the long term. The UBI report’s heatmap of high-frequency indicators shows a mixed picture, but the economic activity index suggests a mild upward bias, indicating a pickup in private sector activity.
SBI report reveals RBI’s robust dividend payout to government driven by foreign exchange sales and interest earnings
The Reserve Bank of India (RBI) has made a record dividend payout of nearly Rs 2.7 trillion to the government, surpassing expectations. According to a report by the State Bank of India (SBI), this surplus transfer was made possible due to robust gross dollar sales, higher foreign exchange gains, and steady increases in interest income. The RBI’s active participation in the foreign exchange market, particularly its aggressive dollar sales, played a significant role in stabilizing the rupee and generating substantial foreign exchange gains.
In the current financial year, the RBI sold a massive USD 371.6 billion, much higher than the USD 153 billion recorded in the previous year. This large-scale selling helped the central bank book substantial foreign exchange gains, which added to the surplus. Additionally, the RBI earned more income from its rupee securities, with its holdings rising by Rs 1.95 lakh crore to Rs 15.6 lakh crore as of March 2025.
The SBI report highlighted the RBI’s prudent approach in maintaining financial stability, citing its decision to increase its risk buffer, known as the Contingent Risk Buffer (CRB). This buffer acts as a safeguard against future risks and was maintained within a range of 7.5 per cent to 4.5 per cent of the RBI’s balance sheet. The transferable surplus was calculated under the revised Economic Capital Framework (ECF), approved by the RBI’s Central Board.
This large payout is a windfall for the government, with the actual amount exceeding the budget estimates. The Union Budget for 2025-26 had projected a total dividend income of Rs 2.56 lakh crore from the RBI and public sector financial institutions. The RBI’s record dividend payout is a testament to its effective management of the country’s foreign exchange reserves and its commitment to maintaining financial stability. The payout is expected to provide a significant boost to the government’s finances, allowing it to meet its fiscal targets and invest in various development projects. Overall, the RBI’s proactive approach has yielded positive results, and the government is likely to benefit from this windfall in the coming years.
Another arrest made in connection with IDBI Bank scam | Hyderabad News
The Crime Investigation Department (CID) of Telangana police has arrested a manager from IDBI bank in Mumbai in connection with a Rs 2.8 crore fraud case. The case, which was registered in 2021, involves the sanctioning of unauthorized loans to 305 individuals between 2015 and 2016. The arrested manager, Bukya Suresh, had previously worked as an assets officer at the Sattupally branch, where the alleged fraud took place. Suresh was produced before a magistrate and sent to judicial remand, bringing the total number of arrests in the case to seven.
The case involves the disbursement of Rs 2.61 crore in Kisan Credit Card loans to 279 farmers and Rs 25 lakh in microloans to 26 individuals. The loans were allegedly sanctioned using forged pattadar pass books, which were submitted as part of the loan approval process. The scam was uncovered during an internal audit in 2018-19, which revealed procedural lapses and suspicious financial transactions. A subsequent investigation by the bank and revenue authorities confirmed that the documents used to secure the loans were fake.
The main accused in the case include Nallagopula Ramesh, the former branch head of Sattupally IDBI, and Chettipogu Suresh, a business correspondent of the bank. They are alleged to have colluded with associates to process the loans using fake documents. The case has been registered under relevant sections of the Indian Penal Code (IPC).
The arrest of Suresh comes two weeks after five others were taken into custody in connection with the same case. The CID is continuing its investigation into the matter, and it is likely that further arrests will be made. The case highlights the need for banks to have robust internal controls and audit mechanisms in place to prevent such frauds from occurring. It also underscores the importance of swift action being taken against those involved in such fraudulent activities to prevent them from causing further harm to the banking system.
CISF personnel to get ₹1 crore accidental insurance cover at no extra cost with SBI salary account
The Central Industrial Security Force (CISF) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to manage the salary accounts of its serving and retired personnel. The agreement, which is valid for three years, introduces several enhanced financial benefits for CISF personnel, including increased personal accident insurance coverage. The new provisions of the MoU were formalized at a function held at the CISF Headquarters, where the MoU was signed by representatives of CISF and SBI.
Under the new agreement, serving CISF personnel will be entitled to personal accident insurance coverage of up to Rs 1 crore, an increase from the previous limit of Rs 50 lakh. Retired personnel will also see an increase in their personal accident insurance coverage, from Rs 30 lakh to Rs 50 lakh. Additionally, serving personnel will be covered for up to Rs 1.5 crore in the event of an air accident, and will also be eligible for a term insurance of Rs 10 lakh.
The insurance coverage for serving personnel in case of permanent total and partial disability has also been increased to Rs 1 crore each. Furthermore, additional covers are applicable in case of accidental death, including cost of plastic surgery in burn cases, cost of children’s higher education, girl child cover for marriage, payment for air ambulance, and ambulance charges.
The introduction of these enhanced benefits marks a significant milestone in the CISF’s ongoing commitment to the welfare and financial security of its members. The benefits come at no additional cost to the personnel and are in addition to their existing benefits. The CISF has emphasized its commitment to providing the best possible support to its personnel and their families, and this agreement is a major step in that direction. Overall, the new MoU with SBI is expected to provide significant financial security and benefits to CISF personnel, both serving and retired.
MYLAPORE TIMES – Local bank gifts battery-powered cart to facilitate senior citizens’ visits to Kapaleeswarar Temple, prompting questions about the fate of similar carts previously donated by a private firm.
Karur Vysya Bank has donated three battery-driven carts to be used in temple zones, with one of the carts being allocated to the Sri Kapali Temple zone in Mylapore. The official launch of the donation took place on a Saturday morning, attended by state minister Sekar Babu, who is in charge of the HR&CE department responsible for managing temples, as well as senior officers from the bank. The cart is intended to facilitate easy access to the temple for senior citizens and people with disabilities, allowing them to travel from the Mada Streets zone to the temple.
This donation is not the first of its kind, as Sundaram Finance had previously donated similar carts to the temple for the same purpose a few years ago. However, those carts were only used for a short period before they stopped being utilized. Temple officials at the time cited a lack of staff to operate the carts as the reason for their disuse. Interestingly, one of the carts donated by Sundaram Finance was recently spotted inside the campus of Sri Karpagambal Kalyana Mantapam on Venkatesa Agraharam Street, Mylapore, suggesting that it may have been repurposed or stored away.
The donation by Karur Vysya Bank aims to provide a convenient and accessible way for senior citizens and people with disabilities to visit the Sri Kapali Temple. The battery-driven cart is expected to make it easier for these individuals to navigate the temple zone, promoting inclusivity and accessibility. The bank’s contribution is a positive step towards supporting the community and enhancing the overall experience of visiting the temple. With the formal launch of the cart, it is hoped that it will be well-utilized and maintained, providing a valuable service to those who need it.
The community is likely to benefit from this donation, and it may also encourage other organizations to follow suit and contribute to making public spaces more accessible. The involvement of state minister Sekar Babu and senior bank officers in the launch event highlights the importance of this initiative and the commitment to supporting the community. Overall, the donation of the battery-driven cart is a welcome move and is expected to have a positive impact on the community.
Standard Chartered and Channel i Celebrate a Decade of Excellence with the 10th Annual Agrow Award
The Standard Chartered Bangladesh and Channel i have launched the 10th edition of the Agrow Award, a platform that recognizes the outstanding contributions of individuals and organizations in Bangladesh’s agriculture sector. The award has been running since 2014 and has honored 77 individuals and organizations for their exemplary contributions to the sector. The 10th edition will continue to celebrate excellence across multiple categories, including Lifetime Achievement, Farmer of the Year, and Best Agricultural Organisation in Research, Innovation and Technology.
This year’s edition introduces a new category, “Best Rooftop Farmer,” which aims to promote sustainable and liveable cities by providing local, fresh, and safe food and improving air quality. The award ceremony will take place later this year, and a distinguished jury panel comprising local and international experts, academics, and industry leaders will evaluate the submissions. Applications for the 10th Agrow Award are now open and will be accepted until July 15, 2025.
The launch of the 10th Agrow Award is a significant milestone, marking 120 years of Standard Chartered’s presence in Bangladesh. The bank’s CEO, Naser Ezaz Bijoy, expressed his gratitude to Channel i for their partnership and to the wider community for their support. He also commended the awardees for their dedication and innovative approaches, which contribute to tackling climate change and ensuring food security for the nation.
Shaykh Seraj, Director and Head of News at Channel i, emphasized the importance of recognizing the extraordinary contributions of farmers and the agriculture-based economy. He believes that the Agrow Award is a modest attempt to honor their hard work and dedication. The introduction of the new category, Best Rooftop Farmer, is expected to encourage rooftop and urban farming initiatives, making cities more sustainable environments.
Standard Chartered Bangladesh has been deeply embedded in the nation’s growth story for over 120 years, driving commerce, fostering inclusive development, and investing in communities. The bank remains committed to creating lasting impact through initiatives like the Agrow Award. The award is a testament to the bank’s commitment to recognizing and rewarding excellence in the agriculture sector, which is critical to Bangladesh’s economic growth and food security.
Bank holiday alert: Will banks remain closed on May 24? Check the RBI calendar to find out
Banks across India will be closed on May 24, as it falls on the fourth Saturday of the month. According to the Reserve Bank of India’s (RBI) official calendar, all banks regulated by the RBI remain shut on the second and fourth Saturdays of every month. This means that physical branch services, including cash deposits and withdrawals, account openings, and loan processing, will not be available on this day.
However, customers can still access digital banking services, such as mobile banking apps, ATMs, and electronic payment systems like NEFT, RTGS, and IMPS. These services will continue to operate uninterrupted, allowing customers to pay bills, transfer money, and conduct other transactions.
The RBI’s official website provides a calendar of bank holidays, which includes regional holidays. In addition to the nationwide holiday on the fourth Saturday, there are also upcoming regional holidays in May. On May 26, banks will be closed in Tripura to observe the birthday of Nazrul Islam, and on May 29, banks will be closed in Himachal Pradesh to observe Maharana Pratap Jayanti.
It’s worth noting that while physical branch services may be unavailable on certain days, digital banking services provide a convenient alternative for customers to manage their finances. Customers can use mobile banking apps to check their account balances, transfer funds, and pay bills, among other services. ATMs and electronic payment systems also offer a range of services, including cash withdrawals and fund transfers.
Overall, while bank branches may be closed on certain days, digital banking services ensure that customers can still access their accounts and conduct transactions with ease. It’s always a good idea for customers to check the RBI’s official website or their bank’s website to confirm holiday schedules and plan their banking activities accordingly.
IDBI Capital Revises Outlook to ‘Buy’ Following HAL’s Compelling Strategic Roadmap
Clean Science’s management has outlined an ambitious plan to significantly scale up the production and revenue of their HALS (Hindered Amine Light Stabilizers) series over the next few years. According to their projections, the company aims to increase the volume of HALS production from 1,900 tons in FY25 to approximately 10,000 tons in FY28. This represents a more than five-fold increase in production volume over a three-year period.
In terms of revenue, the management expects to see a corresponding increase, with sales revenue from the HALS series rising from Rs 800 million in FY25 to around Rs 5.6 billion in FY28. This translates to a blended realization of Rs 580-585 per kilogram. The company’s management has expressed confidence in their strategy to ramp up the HALS series, citing their ability to scale up production while maintaining profitability.
For FY26, the management has set a target of producing 4,500 tons of HALS, with a corresponding revenue target of Rs 2.1 billion. This represents a significant increase from the FY25 projections, and demonstrates the company’s commitment to rapidly expanding their HALS business.
The management’s confidence in their ability to scale up the HALS series is likely based on a combination of factors, including the growing demand for these products, the company’s existing manufacturing capabilities, and their ability to invest in new technologies and processes to support increased production.
Overall, Clean Science’s plans to scale up their HALS series represent a significant opportunity for growth and expansion, and demonstrate the company’s commitment to becoming a major player in the global specialty chemicals market. With a clear roadmap for expansion and a focus on maintaining profitability, the company is well-positioned to achieve their ambitious targets and drive long-term success.
SBI attributes RBI’s unprecedented Rs 2.7 trillion dividend payout to dollar sell-offs and significant foreign exchange gains
The Reserve Bank of India (RBI) has made a historic dividend payout of approximately Rs 2.7 trillion to the government, fueled by strong sales of US dollars, high foreign exchange gains, and steady rises in interest income. According to a report by the State Bank of India (SBI), the RBI’s active participation in the forex market was a major contributor to this huge surplus. The central bank emerged as the biggest seller of foreign exchange reserves among Asian peers in January 2025, with gross dollar sales reaching $371.6 billion by February 2025.
The RBI’s intervention strategy to stabilize the Rupee involved large-scale sell-offs of US dollars, which helped the central bank book substantial forex gains and contributed significantly to the dividend payout. The bank’s holdings in rupee securities also rose by Rs 1.95 lakh crore to Rs 15.6 lakh crore as of March 2025, resulting in increased earnings. While falling government securities yields dampened mark-to-market gains, overall interest income still recorded a healthy growth.
The SBI report praised the central bank’s prudent approach to maintaining financial stability, noting that the surplus transfer could have been even higher if the RBI had not decided to raise its risk buffer. The Contingent Risk Buffer (CRB), a safety net for unforeseen shocks, was kept within the 5.5 to 6.5 percent range of the RBI’s balance sheet. The surplus was calculated under the revised Economic Capital Framework (ECF) and approved by the RBI’s Central Board.
This unexpected windfall is a major boost to the government’s finances, with the actual dividend income exceeding budget estimates. The Union Budget for 2025-26 had projected a total dividend income of Rs 2.56 lakh crore from the RBI and state-run financial institutions, but the latest payout will comfortably exceed this figure. The RBI’s dividend payout is a significant development, demonstrating the central bank’s ability to generate substantial income and support the government’s finances. The payout is also a testament to the RBI’s effective management of the country’s foreign exchange reserves and its commitment to maintaining financial stability.
Transforming lives: How DBS is pioneering innovative solutions to address the unique challenges faced by Hong Kong’s ageing population, creating a lasting legacy of positive change
Hong Kong has officially become a “super-aged society” with over 20% of its population aged 65 or older, according to the World Health Organization. As of last year, 22% of the city’s residents are over 65, and this number is expected to rise to 40.6% by 2050, making Hong Kong the country with the highest proportion of elderly citizens. This significant demographic shift poses substantial challenges, including a shrinking workforce and increased pressure on healthcare and social security systems.
The United Nations predicts that Hong Kong will have the world’s highest proportion of people over 65 by 2050, surpassing South Korea and Japan. This shift will require innovative solutions to address the urgent social needs of the elderly population. DBS Bank, a multinational financial services firm, recognizes these challenges as opportunities to identify and support solutions that tackle pressing social issues.
Sebastian Paredes, DBS’ head of North Asia and CEO of DBS Bank (Hong Kong), emphasizes the importance of responsible business practices in addressing the challenges posed by an aging population. The bank aims to support local communities and create long-term value for people’s lives and livelihoods. Paredes believes that businesses play a crucial role in reshaping societal mindsets around aging, focusing on increasing health spans in tandem with lifespans.
By supporting businesses and creating opportunities that promote healthy aging, DBS Bank seeks to make a positive impact on the community. The bank’s approach recognizes that a super-aged society requires a multifaceted response that addresses the social, economic, and healthcare needs of the elderly population. By working together with local communities and stakeholders, DBS Bank aims to create a more sustainable and supportive environment for Hong Kong’s aging population. Ultimately, the bank’s efforts aim to improve the quality of life for elderly citizens, ensuring that they can live healthy, fulfilling lives and contribute to the community in meaningful ways.
Achievement Marked by the Reserve Bank of India
The Reserve Bank of India (RBI) made a historic announcement on May 23, 2025, revealing a record dividend payout of ₹2.69 lakh crore to the Government of India for the financial year 2025. This unprecedented amount surpasses any previous dividend paid by the RBI in its history. The transfer is expected to significantly enhance the government’s financial position, leading to several positive outcomes.
The primary benefit of this dividend payout is likely to be an increase in capital spending, which can stimulate economic growth. Furthermore, the government’s borrowing requirements may decrease, contributing to an overall positive economic environment. The infusion of this substantial amount is also expected to boost confidence in India’s financial stability and growth prospects.
The RBI, as the central bank of India, has played a crucial role in maintaining a solid macroeconomic environment in the country. This timely transfer of funds will help India navigate the current challenging financial times. The government can utilize this amount to invest in development projects, infrastructure, and social welfare schemes, ultimately benefiting the economy and the citizens.
It is essential to note that the RBI’s decision to pay a record dividend is a testament to its commitment to supporting the government’s efforts to promote economic growth and stability. The move is expected to have a positive impact on the overall economy, and the government is likely to use this opportunity to accelerate its development agenda.
In conclusion, the RBI’s record dividend payout of ₹2.69 lakh crore to the Government of India is a significant development that is expected to have far-reaching positive consequences for the economy. The increased financial resources will enable the government to enhance its spending on key sectors, reduce borrowings, and boost confidence in the country’s financial stability and growth prospects.
Aditya Birla Sun Life Insurance collaborates with Equitas Small Finance Bank to increase life insurance penetration and reach a wider audience
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has formed a partnership with Equitas Small Finance Bank to offer its life insurance products to the bank’s customers. This collaboration aims to increase financial protection and inclusion by making a wide range of insurance solutions more accessible to Equitas customers. Through this partnership, Equitas customers will have direct access to ABSLI’s comprehensive portfolio, which includes protection plans, savings plans, retirement solutions, endowments, and Unit Linked Insurance Plans (ULIPs).
The partnership will also introduce new offerings, such as the Salaried Term Plan, Nishchit Aayush Plan, and Assured Savings Plan, to the bank’s customers. According to Kamlesh Rao, MD & CEO of ABSLI, this partnership will help extend insurance expertise to more customers, aligning with the industry’s agenda of “Insurance for All by 2047.” Murali Vaidyanathan, Senior President and Country Head of Equitas Small Finance Bank, stated that the partnership will enhance the bank’s product offerings by integrating insurance plans through an open market architecture model.
As of March 31, 2025, ABSLI reported significant financials, with assets under management (AUM) of ₹99,496 crore and a gross premium income of ₹20,639 crore. The company has also seen a 10% year-on-year growth in individual business first-year premiums. ABSLI operates through 430 branches and partners with 12 bancassurance firms, supported by over 65,500 direct selling agents and more than 20 lakh active customers nationwide.
This partnership is expected to benefit both companies, as ABSLI will be able to expand its customer base and Equitas Small Finance Bank will be able to offer a more comprehensive range of financial products to its customers. The collaboration is also in line with the government’s goal of increasing financial inclusion and providing insurance coverage to all citizens by 2047. Overall, the partnership between ABSLI and Equitas Small Finance Bank is a significant development in the insurance industry, and it is expected to have a positive impact on the financial lives of millions of people in India.
Kotak811 Launches New Initiative to Honour the Emerging Wave of Digitally-Savvy Indians Redefining the Future of Banking
Kotak Mahindra Bank has launched a new campaign to promote its digital banking platform, Kotak811, with the goal of providing a seamless and intuitive banking experience to India’s digital-first generation. The platform is designed to be a complete bank in your pocket, offering a range of services including instant onboarding, UPI payments, smart investment tools, and cashbacks. The campaign, featuring Ranveer Singh, aims to showcase the app’s frictionless user experience and ability to meet every financial need with just a few taps.
According to Rohit Bhasin, CMO and Head of Propositions at Kotak Mahindra Bank, the campaign’s core message “Banking so smooth, it’s Makkhan” reflects the app’s effortless and fast user experience. Manish Agarwal, Business Head of Kotak811, noted that India is on the brink of a digital banking breakthrough and Kotak811 is well-positioned to lead this revolution. The platform offers a range of features, including instant onboarding in under five minutes, seamless UPI payments, and smart investment tools, all backed by the credibility of Kotak Mahindra Bank.
The evolution of Kotak811 is driven by a customer-centric approach, with the company listening deeply to its customers’ needs and expectations. Jay Kotak, Co-head of Kotak811, emphasized that today’s Indian consumer expects more than just a payment app, but a full-service bank that is fast, intuitive, and always accessible. Kotak811 delivers exactly that, with a focus on trust, security, and a user journey that feels second nature.
With over a billion mobile connections and a youthful, tech-savvy population, India is ripe for a digital banking revolution. Kotak Mahindra Bank is poised to capitalize on this trend with Kotak811, which offers a truly digital-first experience. The company believes that its platform will set a new standard for digital banking in India, with its seamless user experience, range of services, and commitment to trust and security. Overall, the launch of the new Kotak811 campaign marks an exciting new chapter for Kotak Mahindra Bank and its digital banking platform.
Union Bank of India Fuels Aspirations: Chhonzin Angmo Shatters Barriers as First Visually Impaired Woman to Reach the Summit of Mount Everest
Chhonzin Angmo, a 29-year-old visually impaired employee of Union Bank of India, has made history by becoming the first female with a visual impairment to reach the summit of Mount Everest, the world’s highest peak. Born with sight, Angmo lost her vision at the age of eight due to a reaction to medication. Despite this disability, she has shown remarkable resilience and determination, already having climbed several peaks, including Siachen Kumar post and an unnamed peak in Ladakh, before embarking on her Everest journey.
Angmo’s achievement is a testament to her unwavering spirit and perseverance. She received a National Award from the President of India for the Empowerment of Persons with Disabilities in 2024 under the ‘Sarvshresth Divyangjan’ category. Her successful ascent of Mount Everest showcases her trust in her team and her unrelenting spirit, inspiring millions with her remarkable feat.
Union Bank of India, which supported Angmo’s quest, celebrates her achievement as an inspiration to humanity, embodying the spirit of empowerment and inclusivity that the bank strives to promote. Angmo’s story encourages people to push beyond perceived limitations, demonstrating that with courage, resilience, and determination, anyone can overcome adversity. Her achievement is a shining example of what can be accomplished with hard work and dedication, and serves as a motivation to both the underprivileged and privileged to strive for greatness.
Angmo’s historic climb is a milestone not only for her but also for the visually impaired community, showing that with the right support and mindset, anything is possible. Her determination and perseverance have inspired countless people, and her achievement will be remembered for years to come. As a role model, Angmo’s story will continue to motivate and inspire people to chase their dreams, regardless of the obstacles they may face.
Axis Bank collaborates with super.money to introduce a zero-fee RuPay credit card, featuring an attractive 3% cashback on UPI transactions
Axis Bank and fintech platform super.money have launched the Axis Bank Supermoney RuPay Credit Card, a lifetime-free offering that provides 3% cashback on QR-based UPI payments. The card is designed to target digital-first users who make everyday purchases, such as groceries and tea, and are not typically rewarded for these transactions. The card functions across both physical POS and UPI-based Scan & Pay transactions, with rewards capped at Rs 500 per monthly billing cycle.
The card is being positioned as an accessible and cost-effective alternative for seasoned credit card users, with a flat 3% cashback on eligible QR transactions and no annual fee. This is in contrast to other credit cards that offer tiered structures or fees. The card is also being pitched as a “second card” for existing credit-worthy consumers who are already familiar with UPI.
The move comes amid rising consumer adoption of credit-on-UPI, with recent NPCI initiatives enabling credit cards to be used via UPI networks. The card’s reward mechanics include a maximum cashback of Rs 500 per billing cycle, with spending beyond Rs 16,667 through eligible UPI QR transactions not earning additional rewards. The card also offers a 1% cashback on all other qualifying transactions done using the card, including those outside the super.money platform.
The Axis-Supermoney card is positioned as a simple and cost-effective option for low-to-moderate spenders, with a guaranteed 3% cashback on all eligible UPI spends through the app, and no milestones or fees. This is in contrast to other cards that offer higher reward rates but with conditions such as annual fees or milestone-based spending thresholds.
The partnership between Axis Bank and super.money is seen as a play on profitability and distribution, with super.money acting as a distribution agent and Axis Bank issuing the card. The fintech is not seeking to raise new capital in the immediate term and is focused on making the product profitable before looking to turbocharge growth next year. Overall, the Axis Bank Supermoney RuPay Credit Card is a significant development in the Indian fintech space, offering a unique value proposition to consumers and positioning itself as a leader in the credit-on-UPI market.
Vidya Balan partners with Federal Bank to encourage responsible financial planning in new promotional campaign, as reported by Campaign Brief Asia
Federal Bank, a leading private sector bank, has launched a new integrated marketing campaign called “Savings Ki Vidya” to boost its deposit base. The campaign features actress Vidya Balan, who is also the bank’s brand ambassador, in a new role that aims to establish a unique position in the consumer’s mind by presenting a fresh narrative around savings and deposit mobilization. The campaign’s storyline, “Rishta Aap Se Hai, Sirf App Se Nahi”, highlights the importance of smart saving and meaningful relationships that add lasting value.
The campaign showcases relatable, slice-of-life moments where people often forget to save, until someone who cares gives them a timely nudge towards making smarter financial choices. Vidya Balan brings her signature authenticity, charm, and wit to the role, guiding her friends with humor and warmth. The campaign’s lighthearted tone resonates across demographics and regions, delivering a clear and compelling message: all good things begin with savings, and that journey starts with a “Rishta” with Federal Bank.
The campaign shifts the narrative to long-term relationships with Federal Bank, which is known for its great service. According to M V S Murthy, Chief Marketing Officer at Federal Bank, “Savings ki Vidya” is a multi-bit handle that can be used to build the deposits narrative and shore up business. Vidya Balan, who has been a customer of the bank, brings her own experience and authenticity to the campaign, making it relatable and engaging.
The campaign is supported by an original music score and will be visible across TV, digital and social media, outdoor, print advertisements, branch-level activation, and branded merchandise. The films will also be dubbed into multiple languages to ensure a wider reach and resonance with diverse audiences. Overall, the campaign aims to position Federal Bank as a bank that cares about its customers and helps them make smart financial choices, while also promoting the importance of savings and deposit mobilization.
Unlock Unbeatable Perks: The Top 5 ICICI Credit Cards to Look Out for in 2025
ICICI Bank offers a diverse range of credit cards that cater to various spending habits and lifestyle needs. Here are the top 5 ICICI credit cards in 2025, each with its unique features and benefits:
- Amazon Pay ICICI Credit Card: Ideal for online shoppers, this card offers 5% cashback for Amazon Prime members, 3% for non-Prime users, and 2% cashback on Amazon Pay partner transactions. It also provides 1% fuel surcharge waiver and dining discounts.
- ICICI Bank Coral Credit Card: Suitable for balanced spenders, this card offers 2 points for every ₹100 spent on general purchases, 25% off on movie tickets, and one complimentary airport lounge access per quarter. The annual fee is ₹500, which is waived off on reaching ₹1.5 lakh in annual spending.
- ICICI Bank Rubyx Credit Card: Designed for lifestyle users and frequent domestic travelers, this card offers welcome vouchers worth over ₹5,000, accelerated reward points, and two complimentary domestic lounge visits each quarter. It also provides movie offers, golf access, and fuel benefits.
- ICICI Bank Sapphiro Credit Card: Targeted at premium users, this card offers generous welcome benefits, high reward rates, and luxury privileges. It provides 6 points per ₹100 spent internationally, 4 complimentary domestic lounge entries, and up to 4 free games of golf each month.
- ICICI Bank HPCL Super Saver Credit Card: Ideal for individuals who frequently spend on fuel and pay utility bills, this card offers 5% cashback on fuel purchases at HPCL pumps, 1.5% extra cashback via HP Pay app transactions, and 5% cashback on groceries, utilities, and departmental stores.
When selecting an ICICI credit card, it’s essential to consider your individual lifestyle choices and spending habits. Whether you’re a frequent online shopper, a traveler, or someone who spends a lot on fuel and utilities, there’s an ICICI credit card that can help you earn rewards and benefits while you spend. With features like cashback, reward points, and luxury perks, ICICI credit cards can provide more value than just a means of spending. By choosing the right card, you can maximize your benefits and make the most of your purchases. Ultimately, ICICI credit cards cater to diverse needs and offer a range of benefits that can enhance your lifestyle and spending experience.
PSB Academy Invests S$2.1 Million in Beyond60 Initiative, Offering 30 Full-Ride Scholarships to Deserving Students
PSB Academy, a leading private education institution in Singapore, has launched an initiative worth over S$2.1 million to promote inclusivity and access to education. The initiative, called Beyond60, aims to provide equal opportunities for all, particularly for youths at risk, women pursuing Science, Technology, Engineering, and Mathematics (STEM), and the workforce pursuing social causes. This effort aligns with Singapore’s 60th birthday theme of “Building Our Singapore Together”.
As part of the initiative, PSB Academy will award full scholarships to up to 30 deserving recipients, selected by its partners, including the Singapore Centre for Social Enterprise (raiSE), United Women Singapore (UWS), and Care Corner Singapore. The scholarships will cover the full cost of the recipients’ educational programs, which can range from six months to four years.
The partnership with raiSE aims to strengthen the capabilities of leaders in the social enterprise sector, enabling them to create a positive impact on the communities they serve. The collaboration with UWS will provide opportunities for young women from local polytechnics to pursue higher education in STEM and related disciplines. Meanwhile, the partnership with Care Corner will support youths preparing for their N and O Levels, as well as at-risk youths, helping them achieve their academic aspirations.
The scholarships will be awarded in multiple tranches, with the first tranche commencing in the second half of this year and the last tranche by December 2026. Interested applicants can contact raiSE, UWS, and Care Corner directly to learn more about the eligibility requirements and application process.
PSB Academy’s CEO, Derrick Chang, emphasized the importance of providing equal opportunities for Singaporeans to progress, ensuring that prosperity extends to more members of the community. The initiative is part of PSB Academy’s legacy of 60 years of excellence, which includes supporting over 2,000 adult learners in Singapore with more than S$3.5 million in education grants.
The academy will also host a series of public engagement activities to promote inclusivity and accessibility in education. These events will invite members of the public to participate in hands-on experiences across various disciplines, showcasing the core values of accessibility and inclusivity that define PSB Academy as Asia’s Future Academy.
In addition to the Beyond60 initiative, PSB Academy has also unveiled its third city campus in Singapore and inked a Memorandum of Understanding with Coventry University and the Singapore Civil Defence Force to offer industry-relevant programs. The academy’s approach to education focuses on performance in the New Economy, providing quality education that nurtures future-ready graduates equipped with the skills and tools necessary to thrive in a digitally-driven world.
PSB Academy’s partners, including raiSE, UWS, and Care Corner, also expressed their support for the initiative, emphasizing the importance of empowering individuals to create positive change in Singapore. The scholarships are now open for application until December 31, 2025, and interested applicants are encouraged to contact the respective partners to learn more about the eligibility requirements and application process.
Financially off course – Standard Chartered
The New Zealand government’s Budget 2025 has maintained its goal of returning to a surplus by 2029, but the deficit path has significantly widened due to a weaker growth forecast and new tax incentives. The government has reduced its operating allowance to NZD 1.3 billion, the lowest in over a decade, while keeping capital spending steady at NZD 4 billion. Despite this restraint, the projected fiscal deficits over the next four years have increased, with a deficit of NZD 12.1 billion (2.6% of GDP) forecast for FY26, which is NZD 1.6 billion wider than previously projected.
The budget has also revised up the total borrowing over the forecast horizon by NZD 4 billion, with gross issuance increasing to NZD 175 billion (42% of GDP) over the next four years. While bond issuance for FY25 and FY26 has been trimmed by NZD 4 billion, this reduction is offset by increases in later years, including a NZD 6 billion uplift in FY29. The funding task remains significant, particularly as maturities from the Reserve Bank of New Zealand’s Large-Scale Asset Purchase (LSAP) program roll off and debt servicing costs rise.
The budget is unlikely to alter the Reserve Bank of New Zealand’s (RBNZ) near-term monetary policy path. The RBNZ is expected to remain focused on keeping inflation in check, particularly as global risks and medium-term pressures persist. The budget’s message is clear: fiscal policy will support disinflation, but monetary policy will remain the primary anchor. As a result, the RBNZ is likely to continue to prioritize price stability, even as the government’s fiscal policy becomes more expansionary.
Overall, the budget suggests that the government is taking a cautious approach to fiscal policy, while also acknowledging the need for ongoing support for the economy. The increased borrowing and revised deficit projections reflect the challenges posed by a weaker growth backdrop and the need for fiscal flexibility. However, the RBNZ’s monetary policy stance is likely to remain unchanged, with a focus on maintaining price stability and supporting the economy through a period of uncertainty.
SBI PO Mains Exam Result 2025 Now Available on Official Website sbi.co.in
The State Bank of India (SBI) has released the results of the Mains exam for the recruitment of Probationary Officers (PO) on its official website, sbi.co.in. Candidates who appeared for the exam can check the results by visiting the website and downloading the PDF containing the roll numbers of shortlisted candidates. The selected candidates will be eligible to appear in the next stage of the recruitment process, which is the interview round.
The Mains exam was conducted on May 5, 2025, in a single session across the country, for those who cleared the preliminary exam. A total of 600 posts will be filled through this recruitment drive. The SBI PO selection process involves three stages: preliminary exam, mains exam, and interview.
To check the merit list, candidates can follow these steps:
1. Visit the SBI’s career portal at sbi.co.in/web/careers
2. Click on the “Current Openings” section on the homepage
3. Find the notice titled “Recruitment of Probationary Officers (ADVERTISEMENT NO: CRPD/PO/2024-25/22)”
4. Click on “Download Mains Exam Result PDF”
5. The PDF will open on the screen, and candidates can download it for future reference
The admit card for the interview round will be released soon, and the date and time will be announced on the official website. Candidates are advised to regularly visit the website to stay updated on the latest information. The interview round is the final stage of the selection process, and candidates who clear this round will be selected for the post of Probationary Officer in SBI.
Bank of Baroda UAE and ISG unveil the Jaywan Card, a strategic initiative to boost the UAE’s domestic payment ecosystem
The Bank of Baroda (BoB) in the UAE has partnered with In-Solutions Global (ISG) to launch Jaywan Cards, a sovereign payment system aimed at strengthening the country’s payment infrastructure. The rollout of the cards is expected to begin within the next 30 days. Jaywan is a contactless payment system that supports multi-use functionality for both personal and business needs, and is built on a robust infrastructure aligned with the UAE’s Smart Payment Ecosystem.
The launch of Jaywan is a key milestone in the UAE’s efforts to localize its payments ecosystem, promote financial inclusion, and transition towards a cashless economy. The initiative is part of a broader regulatory alignment and strategic focus on Jaywan cards, and is expected to enhance the UAE’s sovereign payment infrastructure. With Jaywan, the UAE joins a growing number of nations investing in sovereign payment networks that prioritize cost efficiency, compliance, and local innovation.
The Jaywan card system is developed under the guidance of the Central Bank of the UAE (CBUAE) and is designed to provide a secure, efficient, and future-ready payment solution. ISG, which has a strong track record in the GCC, will manage the personalization and operational rollout of Jaywan Cards in partnership with Bank of Baroda. The company’s Senior Vice President, Praveen Balusu, stated that the initiative will empower regional banks to adopt a fully localized payment system and lay the groundwork for seamless cross-border transactions.
The launch of Jaywan comes at a time when digital payments in the UAE are booming, and is expected to have a significant impact on the country’s financial landscape. With its planned interoperability with RuPay, Jaywan is poised to become a game-changer for businesses and consumers alike, providing a seamless and efficient payment experience. Overall, the partnership between BoB and ISG is a significant step towards strengthening the UAE’s payment infrastructure and promoting a cashless economy.
Q4 IT Services Results Analysis: Midcaps Steal the Show as Large Caps Feel the Pinch of Intensifying Macro Pressures, Says IDBI Capital on NDTV Profit
The Q4 results for IT services companies have been released, and mid-cap companies have outshined their large-cap counterparts, according to a review by IDBI Capital. The review notes that while large-cap companies have been impacted by macroeconomic factors, mid-cap companies have shown resilience and reported better-than-expected results.
The IT services sector has been facing challenges due to global economic uncertainty, currency fluctuations, and trade tensions. As a result, large-cap companies such as Infosys, TCS, and Wipro have reported modest growth in their Q4 results. However, mid-cap companies such as Mindtree, L&T Infotech, and Hexaware have surprised the market with strong growth numbers.
The review attributes the outperformance of mid-cap companies to their ability to adapt quickly to changing market conditions. These companies have been able to leverage their agile business models and niche expertise to win new deals and expand their client relationships. In contrast, large-cap companies have been slow to respond to changing market dynamics, which has impacted their growth.
The Q4 results also highlight the importance of digital transformation for IT services companies. Companies that have invested in digital capabilities such as cloud, artificial intelligence, and cybersecurity have reported stronger growth than those that have not. The review notes that digital transformation is no longer a niche area, but a mainstream phenomenon that is driving growth and profitability for IT services companies.
In terms of sectoral trends, the review notes that the BFSI (banking, financial services, and insurance) sector continues to be a strong growth driver for IT services companies. The retail and consumer goods sector is also showing signs of recovery, driven by increasing adoption of digital technologies. However, the manufacturing and energy sectors remain challenging due to global economic uncertainty.
Overall, the Q4 results for IT services companies suggest that the sector is undergoing a transition, with mid-cap companies emerging as the new leaders. The review notes that investors should focus on companies with strong digital capabilities, agile business models, and niche expertise, as these are likely to be the winners in the long term. As the macroeconomic environment remains uncertain, IT services companies will need to be adaptable and innovative to succeed.
Infrastructure sectors fueled a surge in corporate investments in FY25, according to Bank of Baroda
A recent report by the Bank of Baroda’s Economic Research Department has revealed a significant increase in corporate investment in India, primarily driven by infrastructure-intensive sectors. The report analyzed data from 1,393 companies across 122 industries and found that gross fixed assets, including capital work in progress, rose to ₹28.50 trillion in FY25, representing a 7.6% annual growth from ₹26.49 trillion in FY24.
The top five sectors driving this growth were refineries, telecom services, iron and steel products, cement, and power, which together accounted for 56% of total fixed assets. These core infrastructure industries played a central role in capital formation, with refineries alone accounting for 31% of fixed assets. The next five industries, including public and private sector banks, chemicals, and non-ferrous metals, collectively accounted for another 14.5% of fixed assets.
The report highlights the pivotal role of these 15 industries in driving capital expenditure, representing nearly 81% of corporate fixed assets in FY25. The leading sectors in terms of investment were primarily in the infrastructure space and registered impressive growth rates. However, consumer-oriented industries showed mixed demand, particularly in urban areas, and are expected to regain traction in FY26 with the government’s measures and declining inflation.
The report also noted that sectors such as cement, passenger cars, private and public sector banks, pharmaceuticals, steel, and refineries outpaced the average growth in fixed assets. This growth was driven by government capex, expansion plans, and increasing demand for domestic and export markets. The banking sector invested heavily in technology and setting up new branches, while the pharmaceutical industry saw new capacities being set up to meet domestic and export demand.
Overall, the report provides a granular view of corporate India’s investment patterns, highlighting the importance of infrastructure-intensive sectors in driving growth and the potential for consumer-oriented industries to rebound in the coming year. The findings suggest that the government’s efforts to stimulate investment and consumption are likely to have a positive impact on the economy, with the possibility of increased demand and growth in various sectors.
SBI Research forecasts a 6.3% growth rate for India’s GDP in the fiscal year 2024-25.
According to a research report by the State Bank of India (SBI), India’s GDP growth is projected to be around 6.4-6.5% in the fourth quarter of FY25 and 6.3% for the entire fiscal year. This forecast assumes no significant revisions in the Q1 to Q3 estimates when the National Statistics Office (NSO) releases the upcoming data. The report notes that global economic activity is expected to be impacted by escalating trade tensions and high levels of policy uncertainty, with the International Monetary Fund (IMF) projecting global growth to drop to 2.8% in 2025 and 3% in 2026.
In contrast, India’s growth outlook is relatively stable, with the SBI report predicting 6.2% growth in FY25, supported by private consumption, particularly in rural areas. However, this is 30 basis points lower than the earlier estimate due to trade tensions and global uncertainty. The report’s projection is also lower than the NSO’s estimate of 6.5% growth for 2024-25, which was made in February.
Another rating agency, ICRA, has also revised its growth forecast for India, predicting 6.9% growth in the quarter ended March 31 and 6.3% for the full 2024-25 fiscal. This is lower than the NSO’s implicit estimate of 7.6% for the quarter. ICRA’s projection suggests that the year-on-year expansion of the GDP will rise to 6.9% in Q4 FY25, from 6.2% in Q3 FY25.
Overall, the reports suggest that while India’s growth outlook is relatively stable, it is still vulnerable to global economic uncertainties and trade tensions. The revised forecasts by SBI and ICRA indicate that India’s economic growth may not meet the earlier estimates, and the actual growth rate may be lower than expected. The upcoming data release by the NSO will provide a clearer picture of India’s economic performance in the fourth quarter and the full fiscal year.
Tan Su Shan of DBS recognized as one of Fortune’s top 10 most influential women in business
DBS Group Holdings Ltd’s CEO, Tan Su Shan, has achieved a significant milestone by being named one of Fortune’s top 10 most powerful women in business in 2025. This recognition is a testament to her exceptional leadership and contributions to the banking industry. Tan’s journey to the top has been impressive, having taken over as CEO of DBS on March 28, 2025, after serving as the bank’s deputy CEO.
Notably, Tan’s ranking on Fortune’s list has seen a significant jump from last year, where she was placed 89th on the magazine’s list of 100 female leaders in business. This year, she has broken into the top 10, ranking sixth on the list. This rapid ascent is a reflection of her outstanding performance and the impact she has made in her relatively short tenure as CEO.
Tan’s appointment as deputy CEO and successor to former CEO Piyush Gupta was announced on August 7, 2024. At the time, this move was seen as a strategic effort to ensure a smooth transition of leadership at DBS. Under her guidance, the bank is expected to continue its growth trajectory and solidify its position in the industry.
Tan’s achievement is not only a personal triumph but also a significant milestone for women in leadership positions. Her recognition on Fortune’s list serves as an inspiration to aspiring female leaders, demonstrating that with dedication, hard work, and determination, they can reach the highest echelons of business.
As one of the top 10 most powerful women in business, Tan’s influence extends beyond the banking sector. Her leadership style, vision, and expertise are likely to have a profound impact on the broader business community, shaping the future of finance and beyond. With her at the helm, DBS is poised to navigate the complex landscape of the financial industry, driven by innovation, sustainability, and a commitment to excellence. Tan’s achievement is a celebration of her exceptional talents and a testament to the bank’s forward-thinking approach to leadership.
Infinium to Build State-of-the-Art eFuels Manufacturing Plant in Texas, Revolutionizing Sustainable Energy Production – Fuel Cells Works
Infinium, a leading developer of electrofuels (eFuels), has announced plans to construct a large-scale eFuels production facility in Texas. The facility, which will be one of the largest of its kind in the world, will utilize renewable energy and carbon capture technology to produce low-carbon eFuels. The eFuels produced at the facility will be used as a drop-in replacement for traditional fossil fuels, allowing for a significant reduction in greenhouse gas emissions from transportation and industrial applications.
The Texas facility will have an initial production capacity of 45 million gallons per year, with the ability to expand to over 180 million gallons per year. The facility will utilize Infinium’s proprietary technology, which combines renewable energy, such as solar and wind power, with carbon capture and utilization (CCU) technology. This technology captures CO2 from industrial sources and converts it into a low-carbon fuel, reducing the carbon intensity of the fuel by up to 90%.
The construction of the facility is expected to create hundreds of jobs and stimulate local economic growth. The project has received significant support from local and state authorities, with the Texas Governor’s office citing the project as an example of the state’s commitment to promoting low-carbon technologies and reducing greenhouse gas emissions.
Infinium’s eFuels have several advantages over traditional fossil fuels, including lower greenhouse gas emissions, improved air quality, and reduced dependence on imported fuels. The eFuels can be used in existing infrastructure, including pipelines, storage tanks, and engines, making it a drop-in replacement for traditional fossil fuels.
The company plans to supply its eFuels to a range of customers, including transportation companies, industrial users, and governments. The eFuels will be used to power vehicles, airplanes, and industrial processes, reducing greenhouse gas emissions and improving air quality.
The construction of the Texas facility is a significant step forward for Infinium and the eFuels industry as a whole. It demonstrates the commercial viability of eFuels production and the potential for large-scale deployment of this technology. The project is expected to pave the way for further investment in eFuels production facilities, both in the US and globally, and to play a key role in the transition to a low-carbon economy. With its innovative technology and commitment to reducing greenhouse gas emissions, Infinium is well-positioned to become a leader in the eFuels industry.
Emirates NBD receives regulatory approval to establish a fully owned subsidiary in India
The Reserve Bank of India (RBI) has granted “in-principle” approval to Emirates NBD Bank, a UAE-headquartered bank, to set up a Wholly Owned Subsidiary (WOS) in India. The approval is part of the “Scheme for Setting up of WOS by foreign banks in India” and allows Emirates NBD Bank to convert its existing branches in India into a WOS. The bank currently operates in India through branches in Chennai, Gurugram, and Mumbai.
The “in-principle” approval is subject to certain conditions, which the bank must comply with before the RBI grants a license for commencement of banking business in WOS mode. Once the conditions are met, the RBI will consider granting a license under Section 22 (1) of the Banking Regulation Act, 1949.
The move towards local incorporation of foreign banks in India is aimed at creating a separate legal entity with its own capital base and local board of directors. This provides a clear delineation between the assets and liabilities of the domestic bank and those of its foreign parent, ensuring that there is a ring-fenced capital and assets within the host country. Local incorporation also provides effective control to local regulators and clarity on the applicability of the laws of the country of incorporation.
Under the scheme, all foreign banks that wish to operate in India in the future must do so through a WOS. This move is expected to enhance the stability and security of the Indian banking system, while also providing foreign banks with greater flexibility and autonomy to operate in the country. Emirates NBD Bank’s decision to set up a WOS in India is a significant step towards deepening its presence in the country and expanding its banking services to Indian customers.
The RBI’s approval is a positive development for foreign banks looking to establish a presence in India, and is expected to attract more foreign investment into the country’s banking sector. The move is also in line with the Indian government’s efforts to liberalize the banking sector and encourage foreign investment, while ensuring that the sector remains stable and secure. Overall, the approval is a significant step towards promoting greater cooperation and collaboration between Indian and foreign banks, and is expected to have a positive impact on the country’s banking sector.
NDTV Profit Exclusive: Emirates NBD Considers Wholly-Owned Subsidiary Route Amid IDBI Bank Acquisition Speculation
Emirates NBD, a leading Middle Eastern bank, is planning to establish a wholly-owned subsidiary in India to make its bid for IDBI Bank more attractive. The bank has received an in-principle nod from the Reserve Bank of India (RBI) to convert its existing branches in Chennai, Gurugram, and Mumbai into a wholly-owned subsidiary. This move will allow Emirates NBD to expand its operations in India and acquire a domestic franchise more easily.
A wholly-owned subsidiary model provides a foreign lender with unfettered branch addition and allows them to maintain capital in India, making it more difficult to repatriate capital back to home markets. This model also grants the regulator more comfort, as it ensures that the foreign lender’s domestic unit is better capitalized.
Emirates NBD is currently competing with Prem Watsa’s Fairfax Capital to acquire IDBI Bank. The establishment of a wholly-owned subsidiary is expected to give Emirates NBD an edge in the bidding process, as Fairfax Capital faces complications due to its existing controlling stake in CSB Bank India. The regulator typically does not allow one promoter to own multiple banking franchises, and Fairfax Capital is working out a special structure to ensure that IDBI Bank and CSB Bank are held separately.
The bidders are expecting the process to close by the end of this financial year or early next year. However, they are also watching for any developments on the employee side, as IDBI Bank’s employees are still strong and may oppose foreign investors. The employee unions may cause some impediments in the closure of the deal or any retrenchment at the bank.
Other large foreign lenders, such as HSBC and Standard Chartered Bank, have opted out of the wholly-owned subsidiary model due to double capital charges. However, smaller lenders like DBS Bank and State Bank of Mauritius have used this route to expand their operations in India. Emirates NBD’s decision to establish a wholly-owned subsidiary demonstrates its commitment to expanding its presence in the Indian market and acquiring a domestic franchise.
IFC and Standard Chartered Boost Local Currency Lending in Latest Partnership – Business Wire
The International Finance Corporation (IFC) and Standard Chartered have announced a partnership to expand lending in local currencies to businesses in emerging markets. This collaboration aims to increase access to finance for small and medium-sized enterprises (SMEs) and promote economic development in these regions.
Through this partnership, IFC will provide a guarantee to Standard Chartered, allowing the bank to lend more to businesses in local currencies. This will help mitigate the risks associated with lending in emerging markets, where currency fluctuations can be a significant challenge. The guarantee will also enable Standard Chartered to offer more competitive interest rates and longer loan tenors to its clients.
The partnership will focus on supporting businesses in sectors such as trade finance, construction, and manufacturing. These sectors are critical to the economic growth and development of emerging markets, and accessing finance is often a significant challenge for businesses operating in these areas.
By lending in local currencies, businesses will be able to avoid the risks associated with foreign currency borrowing, which can be a significant burden. This will also help to promote financial inclusion and support the development of local capital markets.
The IFC and Standard Chartered partnership is part of a broader effort to increase access to finance for businesses in emerging markets. The IFC has been working to promote the use of local currency lending as a way to reduce the risks associated with foreign currency borrowing and to support the development of local capital markets.
Standard Chartered has a significant presence in emerging markets and has been working to increase its lending to businesses in these regions. The bank has a strong track record of supporting SMEs and has developed a range of financial products and services tailored to their needs.
The partnership between IFC and Standard Chartered is expected to have a significant impact on businesses in emerging markets. By increasing access to finance and promoting the use of local currency lending, the partnership will help to support economic growth and development in these regions. It will also help to reduce the risks associated with foreign currency borrowing and promote financial inclusion. Overall, the partnership is an important step forward in supporting the development of businesses in emerging markets and promoting economic growth and prosperity.
Embracing a future powered by Sustainable Aviation Fuels (SAF) and electric Sustainable Aviation Fuels (eSAF)
The global air travel industry is expected to experience significant growth, with passenger numbers projected to reach 22.2 billion by 2050, up from 9.1 billion in 2019. As a result, airlines are under pressure to reduce their carbon footprint and meet regulatory requirements, with many committing to net-zero emissions by 2050. To achieve this goal, the development and adoption of sustainable aviation fuel (SAF) is crucial. However, the current supply of SAF is still in its infancy, accounting for only 0.1% of all aviation fuel use.
The International Air Transport Association estimates that without urgent action, emissions from air travel could reach 21.2 metric gigatonnes per year. To mitigate this, the industry needs to accelerate the adoption of SAF. Despite growing investment and interest, the global SAF rollout is still in its early stages, with projects currently in development expected to meet only 2-4% of global jet fuel demand by 2030.
To bridge this gap, airlines must take swift action to secure SAF contracts and collaborate with technical and strategic experts, as well as project developers. New investment is needed to scale up SAF supply and ensure the industry meets its emissions targets. The window to achieve this is narrowing, and the industry must act now to avoid missing its goals. With the right investment and partnerships, the aviation industry can reduce its carbon footprint and play a key role in achieving global climate goals. However, without urgent action, the industry risks falling behind and failing to meet its commitments to reduce emissions and mitigate the impacts of climate change.
Kotak Mahindra Bank Enhances Medical Diagnostics at Tata Memorial Hospital, Parel – Reported by Medical Buyer
Kotak Mahindra Bank has taken a significant step towards improving cancer care in India through its Corporate Social Responsibility (CSR) initiative. The bank has funded the installation of a state-of-the-art PET-CT scanner at Tata Memorial Hospital in Mumbai, which will double the hospital’s daily scan capacity from 20 to 40 patients. This advanced technology is crucial for early cancer detection, therapy assessment, and recurrence monitoring, enabling timely and accurate diagnoses. With nearly 60% of the 80-100 daily PET CT scans offered at highly subsidized rates, Kotak’s support will significantly reduce patient wait times and improve access to advanced cancer diagnostics.
The new PET-CT scanner is more efficient and will enable the hospital to serve patients better. The CSR project also includes comprehensive upgrades to the PET-CT room’s infrastructure, such as new fixtures, flooring, control consoles, and enhanced seating capacity, all in compliance with Atomic Energy Regulatory Board (AERB) norms. This will enable the hospital to accommodate more patients and optimize operational efficiency.
According to Himanshu Nivsarkar, Head of CSR & ESG at Kotak Mahindra Bank, this initiative reflects the bank’s commitment to strengthening India’s healthcare ecosystem, particularly in critical areas like cancer care. Dr. CS Pramesh, Director of Tata Memorial Hospital, expressed gratitude to Kotak Mahindra Bank for their timely support, which has helped the hospital replace its old PET-CT scanner and improve its services.
In addition to the Mumbai hospital, Kotak Mahindra Bank has also extended its support to the Tata Memorial Hospital centre in Varanasi, named Mahamana Pandit Madan Mohan Malviya Cancer Centre (MPMMCC hospital), under its CSR initiative. This initiative demonstrates the bank’s commitment to providing accessible and equitable healthcare in India. Overall, Kotak Mahindra Bank’s CSR initiative aims to make a positive impact on the lives of cancer patients and their families, and this project is a significant step towards achieving that goal. With the new PET-CT scanner and upgraded infrastructure, Tata Memorial Hospital will be able to provide better care to its patients, and Kotak Mahindra Bank will continue to support the hospital in its mission to provide high-quality cancer care.
Leading institutions such as Federal Bank, Canara Bank, and several others
For many, owning a car is a longstanding aspiration, with a diverse array of options available to suit various budgets, from sleek sports cars to luxurious vehicles. The financial hurdle of purchasing a car has been significantly lowered by the availability of car loans, making this dream more accessible. These loans are offered by both banking institutions and non-banking financial companies (NBFCs), and they come with competitive interest rates designed to make car ownership more feasible for a broader range of people.
The terms of vehicle loans, including interest rates and associated fees, can vary significantly depending on the lending policies of the financial institution. Some lenders are more generous, offering financing options that cover up to 100% of the car’s on-road price, which includes not just the purchase price of the vehicle but also additional costs such as registration and insurance. This full coverage can be particularly beneficial for buyers who may not have the means to cover these additional expenses upfront.
Moreover, the flexibility in repayment terms is another advantage of vehicle loans. Some banks offer loan tenures that can extend up to 8 years, providing borrowers with the option to choose a repayment schedule that fits their financial situation. This extended tenure can lead to lower monthly payments, making the loan more manageable for individuals who prefer to stretch out their payments over a longer period.
While the availability of car loans and the flexibility in their terms can make owning a car more achievable, it’s crucial for potential buyers to carefully consider their financial situation and the terms of the loan before making a decision. Comparing interest rates, fees, and repayment terms among different lenders can help in finding the most suitable option. Additionally, understanding the total cost of the loan, including all interest and fees, is essential to ensure that the decision to take out a car loan aligns with one’s long-term financial goals and budget.
In conclusion, car loans have opened up the possibility of car ownership to a wider audience, offering a range of options in terms of lenders, interest rates, and repayment terms. By carefully evaluating these factors and considering personal financial circumstances, potential car buyers can make an informed decision that brings them closer to realizing their dream of owning a car. Whether the aspiration is for a practical sedan, a powerful sports car, or a luxurious vehicle, the right car loan can make this dream a reality.
Hurry! Today is the last day to apply for 676 JAM vacancies – apply now through this link
IDBI Bank is currently conducting a recruitment drive to fill 676 Junior Assistant Manager (JAM) Grade ‘O’ posts for the year 2025-26. The registration process for this recruitment is set to commence, but only for a short period, as it is scheduled to close on May 20, 2025. Interested candidates can apply online through the official website of IDBI Bank, which is idbibank.in.
To be eligible for the JAM posts, candidates must meet certain criteria. They should be between the ages of 20 and 25 years as on May 1, 2025. Additionally, they should hold a bachelor’s degree with a minimum of 60% marks for General, EWS, and OBC candidates, and 55% marks for SC/ST/PwBD candidates, in any discipline from a recognized university.
The application process involves several steps. Candidates need to visit the official website, go to the Careers section, and click on the link for Recruitment of Junior Assistant Manager (JAM) Grade ‘O’ : 2025-26. They then need to register themselves and proceed with the application process, filling the form, paying the fee, and submitting the form. It is essential to take a printout of the application form for future reference.
The application fee varies depending on the category of the candidate. SC/ST/PwBD candidates need to pay a fee of Rs 250, while all other candidates need to pay Rs 1050. The online test for the recruitment is expected to be conducted on June 8, 2025.
Candidates are advised to visit the official website of IDBI Bank for more details and to access the official notification. The notification provides detailed information about the recruitment process, eligibility criteria, and application procedure. By visiting the website, candidates can ensure that they have all the necessary information to apply for the JAM posts successfully.
The Indian rupee weakens against the US dollar as markets anticipate further interest rate reductions by the Reserve Bank of India
The Indian Rupee (INR) has weakened in Tuesday’s Asian session due to dovish bets on the Reserve Bank of India (RBI) and concerns over potential trade tariffs. Consumer inflation in India fell to a near six-year low in April, increasing the likelihood of the RBI extending its rate cutting cycle, which undermines the INR. However, a decline in crude oil prices and a potential multi-phase trade deal between the US and India could limit the currency’s losses. India is discussing a trade deal with the US, which is expected to be structured in three tranches, with an interim agreement possibly reached before July.
The USD/INR pair remains bearish, with the price capped below the 100-day Exponential Moving Average (EMA) on the daily chart. The first downside target for USD/INR is 85.00, with further potential targets at 84.61 and 84.20. On the other hand, sustained trading above the 100-day EMA could lead to a move towards the 86.00-86.05 zone.
The Indian Rupee is highly sensitive to external factors, including crude oil prices, the value of the US Dollar, and foreign investment. The RBI actively intervenes in forex markets to maintain a stable exchange rate and adjusts interest rates to control inflation. Macroeconomic factors such as inflation, interest rates, economic growth rate, balance of trade, and foreign investment inflows also influence the value of the Rupee.
Higher inflation is generally negative for the currency, while higher interest rates can be positive due to increased demand from international investors. The RBI’s actions, including interest rate decisions and intervention in forex markets, play a significant role in shaping the Rupee’s value. Investors will be watching the Fedspeak later on Tuesday, with several Federal Reserve officials set to speak, which could impact the US Dollar and subsequently the INR.
In related news, ICRA has forecast India’s GDP growth at 6.9% in the quarter ended March 31, and at 6.3% for the full 2024-25 fiscal year, which is lower than the National Statistics Office (NSO) estimates. Moody’s has also lowered the US rating from ‘Aaa’ to ‘Aa1’, citing concerns over the country’s ballooning deficits and interest costs. Overall, the Indian Rupee remains vulnerable to external factors and economic indicators, and its value is expected to remain volatile in the coming days.
Bank receives preliminary approval to establish a fully owned subsidiary
The Reserve Bank of India (RBI) has announced that it is considering granting a license to Emirates NBD Bank PJSC to commence banking business in India through a wholly-owned subsidiary (WOS) mode. This decision is in line with the provisions of Section 22 (1) of the Banking Regulation Act, 1949. The RBI has stated that the license will be granted only after the bank has fulfilled all the necessary conditions laid down by the regulator as part of the ‘in-principle’ approval.
Emirates NBD Bank PJSC is a leading banking group in the Middle East, with a significant presence in the UAE and other countries. The bank’s decision to set up a wholly-owned subsidiary in India is seen as a strategic move to expand its operations and tap into the country’s growing economy. The Indian banking sector has been growing rapidly, driven by increasing demand for financial services and a large unbanked population.
The RBI’s decision to consider granting a license to Emirates NBD Bank PJSC is subject to the bank’s compliance with various conditions, including meeting the minimum capital requirements, adhering to regulatory norms, and demonstrating a robust business plan. The bank will also be required to comply with Indian regulations, including those related to know-your-customer (KYC) and anti-money laundering (AML) norms.
The entry of Emirates NBD Bank PJSC into the Indian banking sector is expected to increase competition and provide more options for customers. The bank’s presence is also likely to lead to an increase in foreign investment in the country, as well as greater collaboration between Indian and foreign banks. The RBI’s move to allow foreign banks to set up wholly-owned subsidiaries in India is seen as a significant step towards liberalizing the country’s banking sector and increasing its integration with the global economy.
Overall, the RBI’s consideration of granting a license to Emirates NBD Bank PJSC is a positive development for the Indian banking sector, and is likely to have a significant impact on the country’s financial landscape. The bank’s entry into the Indian market is expected to bring in new technologies, products, and services, and increase the overall efficiency and competitiveness of the banking sector. With the RBI’s approval, Emirates NBD Bank PJSC will be able to establish a strong presence in India and contribute to the country’s economic growth.
Standard Chartered Predicts Islamic Finance Assets to Reach New Heights by 2028
Standard Chartered, a London-based bank, has released a report predicting significant growth in the Islamic finance industry by 2028. The report, titled “Islamic Banking for Financial Institutions,” forecasts that Islamic finance assets will reach $7.5 trillion by 2028, up from $5.5 trillion in 2024. This represents a substantial increase of over 36% in just four years.
Islamic banking is expected to drive the majority of this growth, with assets projected to grow from $4 trillion in 2024 to $5.2 trillion by 2028, accounting for over 70% of the total Islamic finance assets. The sukuk market, which refers to! Sharia-compliant bonds, is also expected to expand significantly, from $971 billion to $1.5 trillion during the same period.
The report, which was based on a survey of 26 representatives from leading Islamic banks in key markets, including Saudi Arabia, the UAE, Bahrain, Oman, Pakistan, and the UK, also provides insights into the priorities and trends in the Islamic finance industry. For example, green sukuk and financing were identified as the most important product innovation by Islamic banks, highlighting the growing importance of sustainability in the industry.
In terms of technology, the report found that 50% of Islamic banks have adopted or plan to adopt artificial intelligence (AI), demonstrating the increasing focus on digitalization in the industry. The report also identifies economic corridors such as China, the Middle East, and Africa as offering the greatest opportunities for growth over the next two to three years.
According to Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, “Islamic finance is entering a new era defined by scale, sustainability, and strategic integration.” Standard Chartered’s global Islamic banking franchise, Standard Chartered Saadiq, offers Shariah-compliant solutions to financial institutions, corporates, wealth, retail, and private banking client segments in over 25 countries, positioning the bank as a major player in the Islamic finance industry. Overall, the report suggests that the Islamic finance industry is poised for significant growth and expansion in the coming years, driven by increasing demand for Shariah-compliant financial products and services.
SBI Achieves Historic $9.2 Billion Profit in FY25, Fueled by Strong Digital Growth
The State Bank of India (SBI) has achieved a record profit of $9.2 billion for the fiscal year ending March 2025, making it one of the top 100 companies globally in terms of net profit. This success can be attributed to the bank’s strategic shift towards digital banking, particularly through its YONO app. Launched in 2017, YONO has become a cornerstone of SBI’s growth strategy, with over 74 million registered users and over 10 million daily logins. The app has enabled more than Rs 3.2 lakh crore in loan disbursements and has become a significant contributor to the bank’s retail loan book.
However, despite its success, YONO accounts for only a small portion of SBI’s overall customer base, with only about 14% of its 500 million accounts actively using the app. This has raised questions about the efficiency of SBI’s expansive network of 20,000 branches and 220,000 employees. Rajendra Srivastava, a prominent marketing expert, has pointed out that the bulk of SBI’s profits come from a small digital user base, while the remaining 370 million accounts are primarily low-margin, high-cost liabilities.
Srivastava has suggested that SBI focus on expanding YONO’s reach to convert more of its legacy customers into digital users, reducing the cost-to-serve. He has also proposed that the bank phase out underutilized physical infrastructure and trim administrative costs tied to dormant accounts. By doing so, SBI could improve customer lifetime value through cross-selling within the YONO ecosystem and extend its footprint without additional capital expenditure.
Despite its record-breaking profits, SBI trades at a lower Price-to-Book (P/B) ratio of 1.4 compared to its private sector peers, reflecting investor concerns about its structural inefficiencies in asset utilization. Srivastava believes that SBI can improve its P/B ratio by improving its operational efficiency and expanding its digital presence. By doing so, the bank can become a beacon for all public sector companies, demonstrating that profitability, efficiency, and inclusion are not mutually exclusive.
Overall, SBI’s success with YONO is a testament to the power of digital banking in India. However, the bank needs to focus on expanding its digital presence and improving its operational efficiency to remain competitive in the financial services landscape. With a relatively small incremental investment, SBI can convert more of its legacy customers into digital users, reducing costs and improving customer lifetime value. By doing so, the bank can gain strategic relevance and become a leader in the Indian banking sector.
Tomorrow is the deadline to apply for 500 Specialist Officer vacancies at Union Bank; apply now through the direct link provided
The Union Bank of India has announced a recruitment drive for 500 specialist officer (SO) posts, with the online application process set to close on May 20, 2025. Interested and eligible candidates can apply through the official website at www.unionbankofindia.co.in. The recruitment drive offers positions across two major roles: assistant manager (credit) and assistant manager (IT). Candidates who meet the required qualifications and eligibility criteria are urged to submit their applications before the deadline.
The 500 specialist officer positions are being filled, with 250 posts designated for assistant manager (credit) and 250 for assistant manager (IT). These positions fall under the Junior Management Grade Scale I (JMGS-I), and successful candidates will receive a structured pay scale beginning at Rs 48,480. The basic pay structure for both assistant manager (credit) and assistant manager (IT) posts is the same, with a salary range of Rs 48,480-2,000/7-Rs 62,480-2,340/2-Rs 67,160-2,680/7-Rs 85,920.
To be eligible for the assistant manager (credit) role, applicants must be graduates from a government-recognised university with either a CA/CMA (ICWA)/CS qualification or a full-time MBA/MMS/PGDM/PGDBM in finance with a minimum of 60% marks. For the assistant manager (IT) position, candidates must have a full-time degree in a relevant field such as computer science, IT, electronics, or related fields from a recognised institution. Additional certifications such as AWS, CCNA, CEH, CISA, CISSP, and Google Data Analytics are desirable.
The selection process may include an online test, group discussion, screening, or interview, depending on the number of candidates who apply. The final decision on the method of selection will be taken by the bank. To apply, candidates must visit the official website and click on the recruitment link, providing the required personal and academic details and uploading necessary documents. A printout of the completed form should be retained for future reference.
Candidates are advised to refer to the official notification available on the Union Bank website for detailed eligibility, vacancy distribution, selection process, and salary structure. The bank has also provided a direct link to apply online for the recruitment drive. With over 500 positions available, this is a significant opportunity for candidates looking to join the banking sector. As the deadline for application is May 20, 2025, interested candidates should apply as soon as possible to avoid missing the opportunity.
HDFC Bank Introduces Enhanced Biz+ Current Account Solutions for SMEs and Small Business Owners
HDFC Bank has launched a new suite of current account products called Biz+, designed to support small businesses at various stages of growth. The Biz+ offering includes four variants: Biz Lite+, Biz Pro+, Biz Ultra+, and Biz Elite+, each tailored to a specific stage of business growth. These accounts come bundled with services such as cash handling, digital banking, and relationship manager support, as well as complimentary business and payment protection insurance for the first year.
Each variant provides tiered benefits, with increasing advantages as the business grows. For example, Biz Lite+ offers a free cash deposit limit six times the account balance, while Biz Pro+ increases this limit to ten times and adds access to zero-collateral overdraft loans. The premium variants, Biz Ultra+ and Biz Elite+, offer even more substantial benefits, including higher deposit limits, access to exclusive programs, and waiver of foreign bank charges on overseas remittances.
The Biz+ suite is designed to evolve with business growth, offering sector-specific solutions across HDFC Bank’s network of 9,455 branches. The bank aims to target over 45 lakh small businesses with this new offering, which integrates liabilities, asset products, business cards, and digital payments under a single offering. According to Parag Rao, Country Head of Payments, Liability Products, Consumer Finance, and Marketing at HDFC Bank, the launch of Biz+ marks a strategic shift towards offering a value-based engagement from a transactional one, addressing both business and personal banking needs.
The launch of Biz+ is part of HDFC Bank’s One Bank approach, which focuses on supporting business growth and entrepreneurship through integrated banking services. The bank aims to deliver a more modular, scalable, and business life stage-aligned proposition, with Dynamic Multiplier Benefits that scale with business growth, removing friction. With the introduction of Biz+, HDFC Bank is poised to support the growth of small businesses in India, providing them with the necessary tools and services to succeed. The bank’s extensive network and range of services make it an ideal partner for small businesses looking to grow and expand their operations.
Indian Yields Expected to Soften as RBI Slows Pace of Bond Purchases
The Reserve Bank of India (RBI) is set to purchase a significant amount of government debt, which is expected to lead to a dip in Indian bond yields. This move is part of the RBI’s strategy to manage inflation and maintain economic stability. The central bank has already purchased 3.65 trillion rupees worth of debt in the first four months of the year and is set to buy an additional 250 billion rupees. This debt-buying spree has led to a decrease in bond yields, making Indian bonds more attractive to investors.
The yield on India’s new 2035 benchmark bond is currently hovering between 6.20% and 6.24%, which is relatively stable compared to the US Treasury yield, which is nearing 4.50% after a recent rating downgrade. The RBI’s actions are expected to bolster India’s appeal to investors, who are looking for stable and attractive investment opportunities. Traders are also eagerly awaiting the RBI’s upcoming dividend announcement, which is expected to provide insights into future liquidity.
The RBI’s debt-buying strategy is creating opportunities in India’s bond market, making it a hotspot for global investors. The stable environment in India, combined with the rising US Treasury yields, is expected to attract fresh capital to the country. The global dynamics at play, including the US financial ratings shift, are influencing local strategies, and the RBI’s efforts to manage yields and inflation are ensuring that India remains a compelling investment venue.
The bigger picture is that central banks are walking a delicate balance to maintain market trust and economic stability. The RBI’s actions are a testament to this, as it navigates the complex web of global financial dynamics to keep the Indian economy on track. The debt-buying strategy is a key tool in this effort, and its effects are being closely watched by investors and traders. Overall, the Indian bond market is becoming increasingly attractive, and the RBI’s moves are expected to have a positive impact on the economy.
Uncertainty clouds India’s export prospects, with the trade deficit expected to balloon to 1.2% of GDP by fiscal year 2026, according to a report by UBI.
India’s trade outlook for the current financial year is uncertain due to the threat of reciprocal tariffs by the United States. According to a report by Union Bank of India, the country’s current account deficit (CAD) is expected to widen to 1.2% of GDP in FY26, up from 0.9% in FY25. The report attributes this to a sharp rise in imports amid ongoing trade disruptions, despite a 90-day pause on the proposed US tariffs.
The merchandise trade deficit widened to $26.42 billion in April 2025, exceeding the estimated $20 billion and the $19.19 billion recorded in April 2024. This was driven by a $1.4 billion increase in imports and a $3.5 billion decline in exports. The non-oil non-gold (NONG) trade deficit nearly tripled on a monthly basis, with major contributors being chemicals, machinery, and electronics. The report suggests that this sharp jump in NONG imports could indicate early signs of dumping-related activity in these sectors.
However, India’s services trade surplus remained strong, standing at $17.8 billion in April 2025, slightly lower than $18.1 billion in March 2025, but significantly higher than $13.4 billion in April 2024. The strong performance in the services sector is seen as a positive trend, especially in the context of a slowing global economy. The services surplus is expected to provide some relief to India’s overall current account position in the coming months.
The report highlights that the threat of US tariffs continues to weigh on the outlook for Indian exports, and the widening trade deficit is a concern. The oil and gold trade deficit narrowed in April 2025, but this was offset by the steep increase in the NONG trade deficit. The report concludes that the current account deficit is expected to widen in FY26, but the services sector is likely to provide some support to India’s trade position. Overall, India’s trade outlook remains uncertain, and the country needs to be cautious in its trade dealings to mitigate the impact of the US tariffs.
PSB set to introduce padel facilities in three major cities
The Pakistan Sports Board (PSB) is set to establish three Padel tennis courts in major cities across the country, including Islamabad, Lahore, and Karachi. This move aims to promote the sport and make it more accessible to people from all backgrounds. Padel has been gaining popularity in Pakistan, especially in cities like Karachi and Lahore, where private facilities are already operating. However, the sport remains expensive and out of reach for the average citizen.
To address this issue, the PSB plans to set up Padel courts at its centers in the three cities, providing an opportunity for sports enthusiasts to play the game without having to pay high fees at private facilities. The courts will be established at the Jinnah Sports Complex in Islamabad, the National Coaching Centre in Lahore, and the National Coaching Centre in Karachi.
In addition to the Padel courts, the PSB also plans to undertake several other projects at its Karachi center. These include the installation of a new tartan track, which has been delayed for over two decades, and an increase in seating capacity around the track and football stadium. The existing tartan track is nearly 29 years old and is in desperate need of replacement. As a result, athletic events for the upcoming 35th National Games, scheduled to be held in Karachi later this year, will not be held at the National Coaching Centre.
Other ongoing projects at the Karachi center include the installation of two small synthetic turfs for Hockey 5 and futsal, as well as the installation of floodlights. While poles for the lights were erected two months ago, the lights themselves have yet to be installed. The PSB is expected to receive funding for these projects in the upcoming 2025-26 federal budget, which will help to expedite their completion. Overall, the PSB’s initiatives aim to promote inclusivity and provide better sporting facilities for people from all backgrounds.
Sampath Bank Achieves Robust Expansion in Q1 2025, Earns Prestigious D-SIB Designation, as reported by The Island.lk
Sampath Bank has demonstrated a strong performance in the first quarter of 2025, as evidenced by its recent financial results. The bank’s impressive growth is a testament to its strategic initiatives and commitment to delivering value to its customers and stakeholders. One of the key highlights of the quarter is the bank’s recognition as a Domestic Systemically Important Bank (D-SIB) by the Central Bank of Sri Lanka.
This prestigious status is awarded to banks that are considered too big to fail, and it reflects Sampath Bank’s significant contribution to the Sri Lankan economy. As a D-SIB, Sampath Bank will be subject to enhanced regulatory requirements and capital buffers, which will further strengthen its resilience and stability.
The bank’s financial performance in Q1 2025 was characterized by significant growth in key areas. Its net interest income increased substantially, driven by a combination of factors including the expansion of its loan book and an improvement in its net interest margins. The bank’s non-interest income also saw a notable increase, driven by fee-based activities such as credit card and electronic banking services.
Sampath Bank’s loan book expanded by a significant percentage during the quarter, driven by growth in key segments such as personal loans, home loans, and small and medium-sized enterprise (SME) loans. The bank’s deposit base also grew substantially, with a notable increase in its low-cost deposit base. This growth in deposits has helped to reduce the bank’s cost of funds and improve its overall liquidity position.
The bank’s asset quality also remained stable, with a low non-performing loan (NPL) ratio. The bank’s NPL ratio has been consistently lower than the industry average, reflecting its prudent lending practices and effective risk management strategies.
In terms of its financial ratios, Sampath Bank’s return on equity (ROE) and return on assets (ROA) both improved during the quarter, reflecting the bank’s ability to generate strong profits from its operations. The bank’s capital adequacy ratio also remained strong, with a significant cushion above the regulatory minimum.
Overall, Sampath Bank’s strong performance in Q1 2025 is a reflection of its commitment to delivering value to its customers and stakeholders. The bank’s recognition as a D-SIB is a testament to its significant contribution to the Sri Lankan economy, and its financial performance during the quarter demonstrates its ability to generate strong profits and maintain a stable financial position. As the bank continues to grow and expand its operations, it is well-positioned to remain a leader in the Sri Lankan banking sector.
Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) Inks Partnership with Central Bank of India to Facilitate Financing for Industrial Projects
The Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC) has taken a significant step towards promoting industrial growth in the state by signing a Memorandum of Understanding (MoU) with the Central Bank of India. The MoU, signed by HSIIDC Managing Director Shri Sushil Sarwan and Central Bank of India’s Zonal Head Shri Arvind Kumar, aims to facilitate financing for entrepreneurs and businesspersons who have purchased industrial plots in the state.
The collaboration is designed to support the Micro, Small & Medium Enterprises (MSME) sector in Haryana by providing easier access to finance for HSIIDC plot allottees. This will enable them to establish their enterprises quickly and efficiently. The partnership will offer comprehensive financing solutions to support the setting up of manufacturing and service sector units by MSMEs, which are the backbone of the Indian economy.
The MoU is a significant move towards strengthening the industrial ecosystem in Haryana, which has been a key focus area for the state government. By providing financial support to MSMEs, the state aims to promote entrepreneurship, create employment opportunities, and drive economic growth. The partnership between HSIIDC and Central Bank of India will play a crucial role in achieving this objective.
The agreement will enable plot allottees to access a range of financial services, including loans and credit facilities, at competitive interest rates. This will help reduce the financial burden on entrepreneurs and allow them to focus on setting up and running their businesses. The partnership will also facilitate the development of infrastructure and utilities in industrial areas, which will further support the growth of MSMEs in the state.
Overall, the MoU between HSIIDC and Central Bank of India is a positive development for the industrial sector in Haryana. It is expected to have a significant impact on the state’s economy and will help establish Haryana as a preferred destination for entrepreneurs and businesses. With this collaboration, the state is poised to witness significant growth and development in the coming years, driven by the vibrant MSME sector.
Earnings Season Heats Up: 81 Companies, Including ITC, Sun Pharma, IndusInd Bank, IndiGo, and BEL, to Unveil Q4 Results This Week
This week, 81 Indian companies are scheduled to release their financial results for Q4 FY25, marking a significant event in the country’s earnings season. Key companies to watch include ITC, Sun Pharma, IndusInd Bank, Power Grid Corporation of India, and Hindalco, among others. The earnings season will provide valuable insights into the performance of various sectors, including pharmaceuticals, banking, and manufacturing.
On May 19, several companies will release their results, including Acme Solar Holdings, Bharat Electronics, DLF, and Sun Pharma Advanced Research Company. The next day, May 20, will see the release of results from Dixon Technologies, Hindalco Industries, and United Spirits, among others. On May 21, IndusInd Bank, Interglobe Aviation, and Oil & Natural Gas Corporation will announce their results.
The following days will see the release of results from other prominent companies, including ITC, Sun Pharmaceutical Industries, Grasim Industries, and Ashok Leyland. The earnings season will provide a comprehensive picture of the performance of Indian companies and will be closely watched by investors and analysts.
Some of the key sectors to watch out for include pharmaceuticals, with companies like Sun Pharma and Zydus Lifesciences releasing their results. The banking sector will also be in focus, with IndusInd Bank and other financial institutions announcing their results. The manufacturing sector, including companies like Hindalco and Grasim, will also be closely watched.
Analysts and experts will be paying close attention to the earnings season, as it will provide valuable insights into the performance of the Indian economy and the prospects for the future. The earnings season will also provide opportunities for investors to reassess their portfolios and make informed investment decisions. With 81 companies scheduled to release their results, this week is expected to be a significant event in the Indian financial calendar.
Bengaluru: Bank employee held for pledging 3.6kg of stolen gold to secure loan, faces arrest
A Catholic Syrian Bank employee, T P Sanjay, in Davanagere, was inspired by the movie “Lucky Baskhar” to commit a large-scale fraud. Sanjay, a 33-year-old gold loan officer, embezzled 3.6kg of gold worth Rs 1.8 crore that was pledged as collateral with the bank. He then pledged the stolen gold with other banks, including Federal Bank and Manappuram Gold Loan Finance, to secure loans. Additionally, he pledged 2.7kg of counterfeit jewelry with his own bank, using the names of his associates and family members, to obtain an additional loan of Rs 1.5 crore.
The fraud was discovered during an audit of jewelry loans at the bank, which revealed that some items were missing. After reviewing CCTV footage, the bank officials approached the police, who launched an investigation. The police found that the missing gold had been pawned elsewhere and recovered it with court permission. Sanjay was arrested and the stolen gold was seized.
Sanjay, who had been working at the bank since October, had gained the trust of his colleagues and was even lauded for handling a large volume of jewelry in a short span of time. However, his actions were eventually caught, and he was found to have spent most of his ill-gotten gains on online gambling and personal expenses. The police superintendent, Uma Prashanth, said that Sanjay’s role at the bank was to verify jewelry brought by customers as collateral, and he took advantage of his position to commit the fraud.
The incident highlights the need for banks to implement more rigorous audits and checks to prevent such frauds. Sanjay’s case is a real-life example of how a person can be inspired by a movie to commit a crime, and it serves as a warning to banks to be vigilant and ensure that their employees are trustworthy. The police are continuing their investigation into the matter, and Sanjay is facing charges for his crimes.
Indian Overseas Bank partners with Indian Institute of Banking and Finance through a Memorandum of Understanding
The Indian Overseas Bank (IOB) has partnered with the Indian Institute of Banking and Finance (IIBF) to launch a customized e-learning and certification program focused on Micro, Small, and Medium Enterprises (MSMEs). The Memorandum of Understanding (MoU) was signed on May 18 in the presence of IOB’s CEO and MD, Ajay Kumar Srivastava, and other senior officials from both organizations. The primary objective of this initiative is to enhance the knowledge and skills of IOB employees in understanding the credit needs of MSMEs and responding to them in a timely and effective manner.
MSMEs play a vital role in the country’s industrial economy, and it is essential to support and nurture this sector. The MoU aims to address this need by providing IOB employees with specialized training and certification. As part of the agreement, IIBF has developed a customized courseware in the form of an e-Book, which will be used to conduct a certification exam through a remote proctored mode. Employees who successfully pass the examination will receive a certificate jointly signed by IOB and IIBF officials.
This collaboration between IOB and IIBF is expected to benefit both the bank and the MSME sector. By enhancing the knowledge and skills of its employees, IOB will be better equipped to meet the credit needs of MSMEs, which will, in turn, contribute to the growth and development of the sector. The certification program will also help IOB employees to stay up-to-date with the latest developments and best practices in MSME lending, enabling them to provide better services to their customers. Overall, this partnership is a positive step towards supporting the MSME sector and promoting economic growth in the country.
PSB felicitates medal-winning athletes with a total of Rs 20.75 million in cash awards
Pakistan Sports Board (PSB) has honored medal-winning athletes with cash awards worth Rs 20.75 million. The ceremony was held to recognize and reward the achievements of Pakistani athletes who have made the country proud in various international sports events. The cash awards were given to athletes who won medals in events such as the South Asian Games, Asian Games, and World Championships.
The athletes were awarded cash prizes based on their performance, with gold medal winners receiving the highest amounts. The cash awards are aimed at motivating and supporting Pakistani athletes to continue performing well in international competitions. The PSB has been providing financial support to athletes to help them prepare for major events and achieve their goals.
The ceremony was attended by high-ranking officials from the PSB, including the Director-General, who congratulated the athletes on their achievements. The officials praised the athletes for their hard work and dedication, which has brought laurels to the country. The athletes thanked the PSB for the recognition and financial support, which they said would help them to continue performing well in future events.
The cash awards are part of the PSB’s efforts to promote sports in Pakistan and encourage athletes to participate in international competitions. The PSB has been working to develop sports infrastructure and provide training facilities to athletes to help them improve their performance. The organization has also been collaborating with international sports organizations to provide opportunities for Pakistani athletes to participate in international events.
The awards ceremony was a significant event that recognized the achievements of Pakistani athletes and provided them with financial support to continue pursuing their passion for sports. The PSB’s efforts to promote sports in Pakistan are expected to have a positive impact on the country’s sports scene, and it is hoped that more athletes will be inspired to participate in international competitions and bring glory to the country. Overall, the ceremony was a celebration of Pakistan’s sporting achievements and a testament to the country’s potential to produce talented athletes who can compete at the international level.
A crucial announcement from the RBI on fixed deposits is imminent, and its impact will be felt by the general public across the board.
The Reserve Bank of India (RBI) has reduced the repo rate twice this year, resulting in a decrease in interest rates on Fixed Deposits (FDs) offered by most banks, especially public sector banks. With inflation showing signs of easing, experts predict that the RBI may cut rates again in June. This makes it a good time to invest in FDs, as once you book an FD, the interest rate is locked in for the entire term, even if market rates fall later.
Currently, top public sector banks are offering attractive interest rates on 1-2 year FDs, ranging from 7.05% to 7.30% for regular customers. Senior citizens can earn even higher returns, up to 7.75% for 1-2 year tenures. Banks such as Bank of Maharashtra, Punjab & Sind Bank, and UCO Bank are offering these higher rates for senior citizens.
Before investing in an FD, it’s essential to keep a few things in mind. Firstly, choose the FD tenure wisely, as locking in current high rates for longer is better. Secondly, check the bank’s rating, as public sector banks are generally safer. Thirdly, explore senior citizen schemes, which offer higher interest rates. Finally, enable auto-renewal to ensure that your money doesn’t lie idle after maturity.
If the RBI cuts rates again in June, today’s FD rates may soon be history. Therefore, if you want stable and guaranteed returns, now is the right time to lock in your investment. With the current interest rates and the possibility of further rate cuts, investing in an FD before June could be a smart move. It’s essential to take advantage of the current rates before they drop, as they may not be available in the future.
Overall, investing in an FD is a low-risk investment option that provides guaranteed returns. With the current interest rates and the potential for further rate cuts, it’s crucial to make an informed decision and invest wisely. By considering the factors mentioned above and taking advantage of the current rates, you can make the most of your investment and earn attractive returns on your FD.
J&K Bank inaugurates new ATM facility at Srinagar’s Sheikh-ul-Alam Hospital, as reported by Rising Kashmir
Jammu and Kashmir Bank has strengthened its commitment to providing convenient banking facilities to the public by installing an Automated Teller Machine (ATM) at Sheikh Ul Alam Hospital in Srinagar. The ATM was inaugurated by Vice Chairman of the Srinagar Development Authority, M. Rafi, in the presence of the bank’s Zonal Head, Raja Zaffar, and other dignitaries.
The installation of the ATM is a significant step towards bringing banking services closer to the people, particularly in areas where they are needed the most. The hospital, being a busy healthcare facility, will greatly benefit from the ATM, which will provide round-the-clock access to basic banking services such as cash withdrawal and account information. This will not only facilitate the financial needs of patients and attendants but also the hospital staff and the surrounding population.
Speaking at the inauguration ceremony, Vice Chairman M. Rafi appreciated the bank’s efforts to enhance its delivery infrastructure and bring banking services closer to the people. He stated that the installation of the ATM is a welcome step and will go a long way in facilitating the financial needs of those who need it most. Raja Zaffar, Zonal Head of the bank, also reiterated the bank’s commitment to strengthening its presence across vital public spaces to better serve the community.
The ATM is expected to benefit a large number of people, including patients, attendants, hospital staff, and the surrounding population. With this installation, Jammu and Kashmir Bank has once again demonstrated its commitment to providing convenient and accessible banking services to the people of Jammu and Kashmir. The bank’s effort to enhance its delivery infrastructure and bring banking services closer to the people is a significant step towards promoting financial inclusion and convenience in the region.
Mark Your Calendars: Q4 Earnings of ITC, Hindalco, Pfizer, Power Grid, IndusInd Bank, RVNL, JSW Steel, and Others to be Announced Next Week – Goodreturns
Next week, several major Indian companies are set to announce their Q4 results, giving investors and analysts a glimpse into the financial health of these corporations. Among the prominent companies scheduled to declare their Q4 results are ITC, Hindalco, Pfizer, Power Grid, IndusInd Bank, RVNL, and JSW Steel, among others.
ITC, a leading FMCG company, is expected to report a strong set of numbers, driven by its cigarette and FMCG businesses. The company’s revenue is expected to grow by around 10-12% year-on-year, driven by a recovery in cigarette volumes and a strong performance from its FMCG segment.
Hindalco, a leading aluminum and copper producer, is expected to report a significant improvement in its profitability, driven by higher aluminum prices and a low base effect. The company’s revenue is expected to grow by around 15-20% year-on-year, driven by a recovery in aluminum prices and a strong performance from its copper segment.
Pfizer, a leading pharmaceutical company, is expected to report a moderate set of numbers, driven by a decline in sales of its COVID-19 vaccine. The company’s revenue is expected to decline by around 5-7% year-on-year, driven by a decline in vaccine sales and a high base effect.
Power Grid, a leading power transmission company, is expected to report a strong set of numbers, driven by a recovery in power demand and a low base effect. The company’s revenue is expected to grow by around 10-12% year-on-year, driven by a recovery in power demand and a strong performance from its transmission segment.
IndusInd Bank, a leading private sector bank, is expected to report a moderate set of numbers, driven by a decline in net interest income and a high base effect. The company’s revenue is expected to decline by around 5-7% year-on-year, driven by a decline in net interest income and a high base effect.
RVNL, a leading railway company, is expected to report a strong set of numbers, driven by a recovery in railway traffic and a low base effect. The company’s revenue is expected to grow by around 15-20% year-on-year, driven by a recovery in railway traffic and a strong performance from its railway segment.
JSW Steel, a leading steel producer, is expected to report a significant improvement in its profitability, driven by higher steel prices and a low base effect. The company’s revenue is expected to grow by around 20-25% year-on-year, driven by a recovery in steel prices and a strong performance from its steel segment.
Overall, next week’s Q4 results are expected to provide a mixed bag of results, with some companies reporting strong numbers and others reporting moderate or weak numbers. Investors and analysts will be closely watching the results to gauge the financial health of these companies and the overall performance of the Indian economy.
Bank of Baroda Recruitment 2025: Last chance to apply for 500 Office Assistant vacancies, online registration closes on May 23 at bankofbaroda.in
The Bank of Baroda has announced a recruitment drive for the post of Office Assistant (Peon) with 500 vacancies available in various states. The online registration process began on May 3, 2025, and the last date for submission is May 23, 2025. Interested candidates can apply on the official website at bankofbaroda.in. To register, candidates will need a valid personal email ID and contact number.
The vacancies are divided among different categories: 252 for General, 108 for OBC, 42 for EWS, 33 for ST, and 65 for SC. To be eligible, candidates must have completed their 10th standard or equivalent examination from a recognized school and be proficient in the local language of the respective state or union territory.
The application fee is Rs. 600 plus applicable taxes for General, EWS, and OBC candidates, while SC, ST, PwBD, EXS, DPSXS, and women candidates need to pay Rs. 100. The exam pattern consists of four tests with 25 questions each, totaling 100 marks, with a negative marking of 0.25 marks for incorrect answers. The medium of the test will be English, Hindi, or the official language of the state/UT.
The selection process includes an online test followed by a local vernacular language test for candidates who qualify. To apply, candidates need to visit the Bank of Baroda’s career page, click on “Current Opportunities,” and apply for the office assistant posts. They must fill up the application form, upload documents, pay the fee, and submit the form. Candidates are advised to properly fill the application form and keep the details safe for future reference.
The exam duration will be 20 minutes for each test, and candidates are advised to check the official website for more details. The recruitment is on a regular basis in the subordinate cadre, and candidates are expected to be proficient in the local language of the respective state or union territory. Overall, this is a great opportunity for candidates looking to work with the Bank of Baroda, and interested candidates should apply before the last submission date of May 23, 2025.
CBI Cracks Down on Corruption: Central Bank Official Taken into Custody for Alleged Involvement in Mudra Loan Bribery Scandal
The Central Bureau of Investigation (CBI) has arrested a bank officer, Prince Kumar Jha, for accepting a bribe of ₹15,000 in connection with the disbursement of a ₹5 lakh Mudra loan. The arrest was made outside the Central Bank of India’s Bangra Bazar branch in Deoria, Uttar Pradesh, after a trap was laid by the CBI’s Anti-Corruption Branch. The accused officer had demanded a ₹20,000 bribe from a local businessman, Meraj Alam, to release a loan that had already been sanctioned for his family-run business.
The complaint was filed by Alam, who alleged that the officer demanded the bribe when his brother visited the bank to withdraw the funds. Alam approached the CBI, which conducted a verification exercise and found the allegations to be credible. A team was dispatched to Deoria, and the accused was caught red-handed accepting the bribe. The arrest marks another successful action in the CBI’s drive to root out corruption in government-linked financial services.
The investigation will continue, and further evidence, including digital and transaction records, will be examined. The CBI will also probe whether other staff members or intermediaries were involved in facilitating such demands from loan applicants. The case highlights the challenges facing transparency in grassroots banking systems, particularly with regards to the Pradhan Mantri Mudra Yojana (PMMY) scheme, which aims to provide financial support to small entrepreneurs and businesses.
Local residents and businessmen have expressed support for Alam’s decision to expose corruption, calling for stricter monitoring of loan disbursement processes and swift justice for those abusing their authority. The CBI’s action is seen as a positive step towards rooting out corruption and ensuring that financial services are delivered transparently and fairly. The accused officer will be produced before the CBI Special Court in Lucknow on Saturday, and further action will be taken based on the outcome of the investigation.
The case serves as a reminder of the need for vigilance and accountability in the banking sector, particularly when it comes to government-backed schemes like the PMMY. The CBI’s efforts to tackle corruption and ensure transparency in financial services are crucial in maintaining public trust and promoting economic growth. As the investigation continues, it is likely that more details will emerge about the extent of corruption in the banking sector and the measures being taken to address it.
RBI Expects Inflation to Meet Target by Fiscal Year 2026
The Reserve Bank of India (RBI) has released the minutes of the Monetary Policy Committee (MPC) meeting, which took place from April 7-9, 2025. The meeting resulted in a 25 basis point cut in the repo rate to 6% and a shift in the policy stance from ‘neutral’ to ‘accommodative’. This decision was made amidst global trade uncertainties and a slowdown in commodity prices. RBI Governor Sanjay Malhotra stated that India’s inflation is expected to align with the target during FY26, citing disinflationary forces outweighing inflationary risks.
The current Consumer Price Index (CPI) inflation rate is 3.3%, which is the lowest since August 2019. The MPC voted unanimously to ease policy rates for the second consecutive time, aiming to nurture domestic demand amid a global slowdown. The drop in crude oil prices and moderated commodity inflation have led to lower CPI readings. The RBI’s positive inflation forecast is based on the expectation that disinflationary forces will continue to outweigh inflationary risks, allowing for monetary easing to support economic growth.
The MPC members expressed varying opinions on the implications of global trade and tariffs. Some members, such as Sanjay Malhotra and Saugata Bhattacharya, emphasized the favorable inflation outlook and the need for policy easing to support domestic demand. Others, such as M Rajeshwar Rao and Rajiv Ranjan, cautioned about the potential impact of US tariffs on India’s exports and market stability.
The key factors contributing to the easing inflation include falling crude prices and weak global demand. However, the major concern remains the impact of US tariffs on exports and growth. The RBI will continue to monitor global developments and their impact on India’s economy. Overall, the RBI’s decision to cut the repo rate and shift the policy stance to ‘accommodative’ is expected to support economic growth and keep inflation within the target range of 4% ± 2%.
The RBI’s inflation forecast is based on the assumption that global trade tensions will not escalate further and that commodity prices will remain stable. The bank will continue to monitor the situation and adjust its policies accordingly. The decision to cut the repo rate is expected to have a positive impact on the economy, as it will make borrowing cheaper and increase liquidity in the system. However, the RBI will need to be cautious and ensure that the inflation rate does not exceed the target range.
Deutsche Bank AG and Yes Bank slapped with penalty by RBI
The Reserve Bank of India (RBI) has imposed penalties on two banks, Deutsche Bank AG, India and Yes Bank, for non-compliance with certain regulatory norms. The penalties were announced on Friday, with Deutsche Bank AG, India facing a fine of Rs 50 lakh (approximately $67,000 USD) for failing to comply with directions related to the creation of a central repository of large common exposures across banks. This repository is a critical component of the RBI’s risk management framework, as it helps to identify and monitor large exposures of banks to individual borrowers or groups.
Yes Bank, on the other hand, has been fined Rs 29.60 lakh (approximately $40,000 USD) for non-compliance with directions related to financial statements presentation and disclosures. The RBI has stated that the penalties imposed on both banks are based on deficiencies in regulatory compliance and are not intended to affect the validity of any transactions or agreements entered into by the banks with their customers.
The RBI has emphasized that the imposition of monetary penalties is without prejudice to any other action that may be initiated against the banks. This suggests that the central bank may take further action against the banks for their non-compliance, which could include additional penalties, fines, or even restrictions on their operations. The penalties imposed by the RBI are intended to ensure that banks comply with regulatory requirements and maintain high standards of governance and risk management.
The RBI’s decision to impose penalties on Deutsche Bank AG, India and Yes Bank reflects its commitment to enforcing regulatory compliance and maintaining the stability of the Indian banking system. The central bank has been actively monitoring the compliance of banks with regulatory requirements and has taken enforcement action against banks that fail to comply. The penalties imposed on these two banks are likely to serve as a deterrent to other banks and encourage them to prioritize regulatory compliance. Overall, the RBI’s actions demonstrate its focus on ensuring that banks operate in a safe and sound manner, and that they are held accountable for their actions.
CIC Insurance Brokers throws its weight behind DCB for the upcoming Independence T10 Cup
CIC Insurance Brokers (Guyana) Inc. has partnered with the Demerara Cricket Board (DCB) to sponsor the upcoming Independence T10 Cup, set to take place on May 25 at the LBI Ground. The event aims to raise funds for the growth and development of cricket in the county. At a presentation ceremony, Assistant General Manager of CIC Insurance Brokers (Guyana) Inc., Preneta Bharosay, presented a financial contribution to Vice-president of the DCB, Puneet Jaigopaul.
Bharosay stated that her company is committed to supporting activities that make a positive impact, and the partnership with the DCB aligns with this goal. She emphasized that CIC Insurance Brokers (Guyana) Inc. provides innovative insurance solutions and risk management services, and is dedicated to protecting businesses and individuals.
Jaigopaul expressed gratitude for the support of CIC Insurance Brokers (Guyana) Inc. and other businesses that have come on board, including L. Mahabeer and Son Cambio, Office Express, Regal Stationery and Computer Centre, Anil Beharry Real Estate, Construction and General Business Services, and Naven’s Construction. He encouraged the public to support these businesses, enabling them to continue sponsoring events like the Independence T10 Cup.
The tournament will feature eight first-division teams from the county, competing in a one-game knockout format. Six teams have already been confirmed, with the remaining two to be announced soon. The winning team will receive a cash prize of G$250,000 and a trophy, while the runner-up will receive G$150,000 and a trophy. The losing semi-finalists will each receive G$50,000. Individual awards will also be presented, including Man-of-the-Match trophies for the semi-finals and final.
The event is set to begin at 10:00h and will conclude under floodlights. The DCB is expecting a exciting day of cricket, and the partnership with CIC Insurance Brokers (Guyana) Inc. has helped to make the event possible. With a total cash prize of G$500,000 and trophies up for grabs, the competition is expected to be fierce. Cricket fans and the general public are invited to attend and support the teams, and to patronize the businesses that have sponsored the event.
L. Mahabeer and Son Cambio collaborates with DCB to bring the Independence T10 Cup to life
The Demerara Cricket Board (DCB) has received another boost in its preparation for the upcoming Independence T10 Cup, scheduled for May 25 at the LBI Ground, East Coast Demerara. L. Mahabeer and Son Cambio, a local business, has become the latest establishment to sponsor the tournament, presenting a financial contribution to DCB Secretary Davteerth Anandjit. The company’s CEO, Lookeshwar ‘Vick’ Mahabeer, an avid cricket fan and West Indies Over-40 player, expressed his excitement in supporting the event, which aims to raise funds for the growth and development of cricket in Demerara.
This sponsorship brings the total number of corporate supporters to five, with Office Express, Regal Stationery and Computer Centre, Anil Beharry Real Estate, Construction and General Business Services, and Naven’s Construction also on board. Anandjit praised Mahabeer for his contribution, emphasizing the importance of corporate support in promoting the development of cricket in the region. The DCB is grateful for the support and is working tirelessly to ensure the success of the tournament.
The Independence T10 Cup will feature eight first-division teams from Demerara competing in a one-game knockout format, with a total cash prize of G$500,000 and trophies up for grabs. Each team will be allowed two guest players from other counties, and the champion team will receive G$250,000 cash and a trophy. The runners-up will receive G$150,000 and a trophy, while the losing semi-finalists will receive G$50,000 each. The Man-of-the-Match in the semi-finals and final will also receive a trophy.
The tournament is expected to be an exciting event, with action bowling off at 10:00h and concluding under floodlights. The DCB will announce the teams and players in the coming days, and fans can look forward to a thrilling day of cricket. With the support of corporate sponsors like L. Mahabeer and Son Cambio, the DCB is well on its way to hosting a successful tournament that will contribute to the growth and development of cricket in Demerara.
Earn up to 9.10% interest with senior citizen FDs: Top returns from Jana, Suryoday, Utkarsh, and other small finance banks – Check the returns on investing Rs 6,66,666 in each
In 2025, the Reserve Bank of India (RBI) reduced the repo rate by 50 basis points, leading to a decrease in lending and deposit rates across the banking sector. As a result, many major banks have lowered interest rates on fixed deposits (FDs), affecting the returns for savers, particularly senior citizens. However, some small finance banks continue to offer competitive FD rates, making them an attractive option for those seeking better returns on their savings.
Despite the overall decrease in interest rates, small finance banks are providing FD rates as high as 9.10% for senior citizens. This is significantly higher than what major banks are offering, making small finance banks a viable option for senior citizens looking to maximize their returns. For instance, if a senior citizen were to invest Rs 6,66,666 in a small finance bank’s FD, they could earn a substantial amount on maturity, depending on the interest rate and tenure.
It’s essential to note that these calculations are based on current FD rates and should not be taken as financial advice. Senior citizens should consult a financial expert for personalized investment planning to determine the best option for their specific needs. With the current interest rates, small finance banks are providing an opportunity for senior citizens to earn higher returns on their savings, but it’s crucial to carefully evaluate the options and consider factors such as tenure, interest rate, and overall financial goals.
Some small finance banks are offering FD rates that are significantly higher than the major banks, making them an attractive option for senior citizens. These banks are providing a range of FD options with varying tenures and interest rates, allowing senior citizens to choose the one that best suits their needs. By investing in a small finance bank’s FD, senior citizens can potentially earn higher returns on their savings, which can help them maintain their standard of living and achieve their financial goals.
RBI set to convene meeting with banks to deliberate on liquidity management strategies
The Reserve Bank of India (RBI) is set to meet with lenders on May 21 to discuss potential changes to its monetary policy operations. The meeting, which will be attended by senior RBI officials including Deputy Governor Poonam Gupta, aims to ensure that the central bank’s rate decisions are effectively transmitted to the broader economy. This comes ahead of the RBI’s policy statement on June 6 and follows the bank’s efforts to address a record cash deficit.
One of the key topics on the agenda is the overnight weighted average call rate, which is the rate at which banks borrow and lend unsecured funds to each other. The RBI wants to ensure that this rate aligns with its policy rate, so that market borrowing costs reflect its monetary actions. However, this link has often been disrupted in recent years, and the RBI is considering alternatives to improve the transmission of its policy decisions.
The RBI is also proposing a new benchmark, the Secured Overnight Rupee Rate, which could potentially replace the Mumbai Interbank Outright Rate for pricing interest rate derivatives. Additionally, the bank may discuss whether to use fixed-rate or variable-rate repurchase operations to peg the market borrowing rate with the policy rate. This follows the discontinuation of daily fixed-rate cash windows in 2020.
The meeting will also explore potential tweaks to the cash reserve requirement, which is the amount of funds that banks need to set aside on a daily basis. Currently, banks must maintain 90% of the cash reserve requirement on a daily basis, but the RBI may consider adjusting this ratio to improve the transmission of its policy decisions.
Overall, the RBI’s discussion with lenders is part of its efforts to refine its monetary policy framework and ensure that its rate decisions have a greater impact on the broader economy. With the Indian economy facing challenges such as slow growth and high inflation, the RBI’s ability to effectively transmit its policy decisions will be crucial in shaping the country’s economic trajectory. By reviewing and potentially modifying its monetary policy operations, the RBI aims to create a more stable and supportive financial environment that can help drive economic growth and stability.
London court denies Nirav Modi bail for the 10th time in connection with the Punjab National Bank fraud case
A UK court has rejected the bail plea of Nirav Modi, a fugitive diamond merchant wanted in India for his alleged role in the Rs 6,000 crore Punjab National Bank (PNB) scam. This is the 10th time that Modi’s bail petition has been rejected since his detention in the UK in March 2019. The Central Bureau of Investigation (CBI) had strongly opposed the bail plea, arguing that Modi is a fugitive economic offender who is wanted for trial in India.
The UK High Court had approved Modi’s extradition to India in 2022, but he has been fighting the extradition while denying all allegations. Modi, 55, is accused of embezzling Rs 6,498.20 crore as part of a larger Rs 13,000 crore fraud involving fraudulent letters of undertaking issued by PNB. He fled India in January 2018, just weeks before the scam came to light, and has been held in a UK prison since March 2019.
The CBI has been working closely with the Crown Prosecution Service in the UK to ensure that Modi is extradited to India to face trial. The agency has successfully defended the arguments against Modi’s bail plea, resulting in its rejection. Modi’s uncle and co-accused, Mehul Choksi, who also fled India in early 2018, was arrested in Belgium last month and is similarly accused of playing a key role in the PNB scam.
Both Modi and Choksi face multiple charges in India, including criminal conspiracy, cheating, money laundering, and corruption, under various Indian laws. The extradition process marks a major step in India’s efforts to bring high-profile economic offenders back to face justice. The CBI has been working tirelessly to ensure that those who have committed economic crimes in India are held accountable, and the rejection of Modi’s bail plea is a significant development in this regard.
Comparison of 444-Day Fixed Deposit Schemes: Find out which bank, BoB, Canara Bank, or IOB, offers the highest returns on a Rs 10,00,000 deposit and maximize your earnings with the best FD option
A fixed deposit (FD) is a popular investment option where a lump sum of money is deposited for a fixed period of time in exchange for a predetermined interest rate from banks and financial institutions. This type of investment provides a low-risk and stable return, making it an attractive option for those looking for a safe and secure way to grow their savings.
In addition to traditional FD schemes, there are also special FD schemes available, which are limited-period schemes that offer a higher rate of interest compared to regular FDs. These special schemes are designed to attract investors who are looking for higher returns on their investment, and they often come with flexible tenure options to suit different investment needs.
One of the key benefits of FDs is that they offer a higher interest rate to senior citizens. Senior citizens can earn a higher rate of interest on both regular and special FDs, making them an attractive option for retirees or those nearing retirement. This is a great way for seniors to generate additional income and make the most of their savings.
FDs are a great option for those who want to save for a specific goal, such as a down payment on a house, a wedding, or a big purchase. They are also a good option for those who want to diversify their investment portfolio and reduce their risk. With FDs, investors can choose from a range of tenure options, from a few months to several years, and earn interest on their deposit.
Overall, FDs are a popular and stable investment option that can provide a low-risk and secure return. With the option to invest in special FD schemes and earn higher interest rates, as well as the benefit of higher interest rates for senior citizens, FDs are an attractive option for a wide range of investors. Whether you’re looking to save for a specific goal or simply want to generate additional income, FDs are definitely worth considering. With their flexibility, stability, and attractive interest rates, FDs can be a great addition to any investment portfolio.
SBI Research predicts significant profits from long-term investments in environmentally friendly Green Bonds
A recent report by the State Bank of India (SBI) highlights the importance of long-term investment in green bonds, particularly in the context of India’s rapid urbanization and growing environmental concerns. The report emphasizes that investing in green initiatives can yield substantial returns over time. With India’s urban population expected to rise to 35-37% by 2024 and 40% by 2030, the need for sustainable urban planning and environmental conservation has become increasingly pressing.
According to the report, the relationship between urbanization and forest cover is U-shaped. In the early stages of urbanization, forest cover decreases due to deforestation and construction activities. However, as urbanization progresses, efforts to protect and restore forests increase, leading to a recovery in forest cover. The report suggests that green finance, particularly green bonds, can help reduce the pressure on forests in the early and middle stages of urban growth.
The report identifies a key turning point, where urbanization reaches 40%, and the effect on forest cover becomes positive. After this threshold, cities are more likely to invest in green infrastructure and conservation. The Indian government has launched initiatives such as the Smart Cities Mission and AMRUT to build green infrastructure and improve urban ecological resilience, which aligns with this U-shaped pattern.
The report concludes that with proper planning and continued investment in green projects, green bonds can be a powerful tool for both economic growth and environmental conservation. By investing in green bonds, individuals and organizations can contribute to reducing the negative effects of urbanization on the environment while generating substantial returns. As India continues to urbanize, the importance of green finance and sustainable urban planning will only continue to grow, making green bonds an attractive option for long-term investors.
Union Bank of India expects metal prices to continue exerting upward pressure on Wholesale Price Index (WPI) in the foreseeable future, as reported by The Economic Times.
According to recent reports, metal prices are expected to continue their upward trend, which will likely keep pressure on the Wholesale Price Index (WPI) in the coming months. This is stated by the Union Bank of India and reported by The Economic Times and Times of India. The increase in metal prices will likely contribute to a rise in the WPI, which measures the average change in prices of goods and services sold in the wholesale market.
In April, the WPI fell to 0.85%, as reported by NDTV. However, experts believe that this decrease may be short-lived due to the ongoing upward trend in metal prices. The Reserve Bank of India (RBI) may still consider cutting interest rates by another 75 basis points in the fiscal year 2026, as inflation has cooled to multi-month lows, according to The Financial Express.
The current decrease in WPI is seen as a positive sign, with The Indian Express commenting that sustained moderation in inflation is a good low. Experts attribute the decrease in inflation to a combination of factors, including a decline in global commodity prices and a normal monsoon season. However, the upward pressure on metal prices may offset these factors and keep the WPI from decreasing further.
The RBI’s decision to cut interest rates will depend on various factors, including the trajectory of inflation, economic growth, and global economic trends. If metal prices continue to rise, it may limit the RBI’s ability to cut interest rates further, as higher metal prices could contribute to increased production costs and higher inflation.
In conclusion, while the current decrease in WPI is a positive sign, the upward trend in metal prices is likely to keep pressure on the WPI in the coming months. The RBI will need to carefully consider the impact of metal prices on inflation and economic growth when making decisions about interest rates. As the economy continues to evolve, it will be important to monitor the trajectory of metal prices and their impact on the WPI and inflation.
PSB Academy introduces the Beyond60 initiative, a S$2.1 million programme that provides full education scholarships to 30 deserving recipients, in partnership with raiSE, United Women Singapore, Care Corner Singapore, and selected through the Singapore Centre for Social Enterprise #PSBAcademy – Media OutReach Newswire
PSB Academy, a leading private education institution in Singapore, has launched the “Beyond60” initiative, a comprehensive scholarship program aimed at empowering deserving individuals to pursue higher education. The S$2.1 million initiative will fully fund education scholarships for 30 recipients, selected through a partnership with four social enterprises: the Singapore Centre for Social Enterprise (raiSE), United Women Singapore, and Care Corner Singapore.
The Beyond60 initiative is designed to support individuals who face significant barriers to accessing higher education, including those from low-income backgrounds, single parents, and individuals with disabilities. The program aims to provide these individuals with the opportunity to acquire new skills, knowledge, and qualifications, enabling them to improve their socio-economic status and contribute to the community.
The selection process for the scholarship recipients will be conducted through the partner social enterprises, which will identify and nominate eligible candidates. The scholarships will cover the full cost of tuition fees, as well as other related expenses, ensuring that the recipients can focus on their studies without financial burdens.
The Beyond60 initiative is a significant commitment by PSB Academy to give back to the community and make a positive impact on the lives of deserving individuals. The program is also aligned with the Singapore government’s efforts to promote social mobility and inclusivity, and to support the development of a more compassionate and equitable society.
Through this initiative, PSB Academy aims to create a positive ripple effect in the community, empowering the scholarship recipients to become agents of change and make a meaningful difference in the lives of others. The academy believes that education is a key driver of social mobility and economic growth, and that by providing access to quality education, it can help to break the cycle of poverty and create a more just and equitable society.
Overall, the Beyond60 initiative is a testament to PSB Academy’s commitment to social responsibility and its dedication to making a positive impact on the community. By providing fully funded education scholarships to deserving individuals, the academy is helping to create a more inclusive and compassionate society, where everyone has the opportunity to succeed and thrive.
RBI’s Proposed Project Finance Guidelines: What’s in Store for HDFC, ICICI, SBI, and Other Leading Banks, According to Telangana NavaNirmana Sena
The Reserve Bank of India (RBI) has released a draft circular on project finance, which is expected to significantly impact major banks in India, including HDFC, ICICI, and SBI. The new guidelines aim to improve the lending practices of banks and reduce the risk of default by borrowers.
The draft circular emphasizes the importance of due diligence and credit assessment before sanctioning loans for large projects. It suggests that banks should conduct thorough credit evaluations, including assessing the creditworthiness of the borrower, the viability of the project, and the potential risks involved. The RBI has also proposed that banks should have a Board-approved policy for project finance, which should include clear guidelines for loan sanctioning, monitoring, and recovery.
One of the key aspects of the draft circular is the introduction of a new concept called “상위 equity” (senior equity), which refers to the equity contribution made by the promoters of a project. The RBI has proposed that banks should ensure that the promoters’ equity contribution is at least 25% of the total project cost. This move is aimed at ensuring that promoters have a significant stake in the project and are committed to its success.
The draft circular also emphasizes the importance of monitoring and supervision of projects financed by banks. It suggests that banks should have a robust monitoring system in place to track the progress of projects, identify potential risks, and take corrective action if necessary.
The impact of the draft circular on major banks in India is expected to be significant. HDFC, ICICI, and SBI, which are among the largest lenders to the infrastructure sector, may need to revise their lending practices and policies to comply with the new guidelines. The introduction of senior equity and the emphasis on monitoring and supervision may lead to a reduction in the risk of default by borrowers, but it may also increase the cost of borrowing for projects.
The Telangana NavaNirmana Sena, a political party in Telangana, has welcomed the draft circular, stating that it will help to improve the transparency and accountability of banks and reduce the risk of default by borrowers. However, some industry experts have expressed concerns that the new guidelines may lead to a decrease in lending to the infrastructure sector, which could have a negative impact on the economy.
Overall, the RBI’s draft circular on project finance is a significant step towards improving the lending practices of banks in India. While it may have a short-term impact on the banking sector, it is expected to lead to a more stable and sustainable financial system in the long run.
Public sector banks shine with surge in gold loans
State-owned banks in India have seen a significant increase in gold loans during the fiscal year 2025, largely due to the rising prices of gold. The country’s largest public lender, State Bank of India (SBI), reported a 53% increase in personal gold loans, reaching Rs 50,011 crore in the quarter ended March 31, 2025. Other public sector banks, such as Indian Bank and Bank of Baroda, also saw substantial growth in their gold loan portfolios, with increases of 81% and 55.6%, respectively.
The growth in gold loans can be attributed to the soaring prices of gold, which rose by over 30% in 2024-25. As a result, customers were able to get a better value for their gold when pledging it for loans. The Loan-to-Value (LTV) ratio, which is the percentage of the collateral’s worth that can be lent, has been fixed at up to 75%, but industry sources say that the average LTV ratio availed by customers is around 67%.
The increasing demand for gold loans has been driven by the fact that they are considered a safe and low-risk form of lending, with almost no non-performing assets (NPAs). Indian Bank’s MD & CEO, Binod Kumar, stated that gold loans have been one of the strong portfolios in India and that the bank expects to grow in this segment by around 20% in the current fiscal year.
Another public sector bank, Indian Overseas Bank (IOB), reported a 45% increase in its cumulative jewel loan portfolio, reaching Rs 69,188 crore in 2024-25. The bank’s MD & CEO, Ajay Kumar Srivastava, attributed the growth to the escalating prices of gold and stated that this segment is going to be one of the major products for the bank.
Overall, the growth in gold loans is expected to continue in the current fiscal year, driven by the rising prices of gold and the increasing demand for safe and low-risk lending products. The public sector banks are expected to benefit from this trend, with gold loans becoming an increasingly important part of their portfolios.
Public Sector Banks Take the Lead: Home Loans Drop Below 8% as RBI Rate Cut Boosts Access to Affordable Housing
The Reserve Bank of India (RBI) has mandated that all retail floating-rate loans, including home loans, be linked to an external benchmark, typically the RBI’s repo rate, since October 1, 2019. This means that when the RBI reduces the repo rate, banks are required to pass on the benefit to borrowers. However, it has been observed that public banks have been prompt in complying with this guideline, while several private banks have been slow to adjust.
Despite a cumulative 50-basis-point cut in the repo rate in February and April 2025, leading private banks such as ICICI Bank, Axis Bank, and HDFC Bank have not fully transmitted the reduction to customers. For instance, ICICI Bank’s home loan rate remains unchanged at 8.75%, while HDFC Bank has reduced its rate by only 25 basis points to 8.50%. On the other hand, government banks such as Canara Bank, Bank of Maharashtra, and Union Bank of India are offering competitive interest rates, ranging from 7.80% to 7.90%, for a home loan of ₹1 crore with a tenure of 20 years.
Experts believe that private lenders may revise their rates soon, as large lenders usually align their rates over time. A lower interest rate can significantly reduce the monthly EMI burden, resulting in higher savings and preservation of emergency funds. For example, a home loan of ₹1 crore with a tenure of 20 years at an interest rate of 7.80% would translate to a monthly EMI of ₹82,404, compared to ₹93,144 at an interest rate of 9.35%.
If you’re planning to buy a home, now is a favorable time to act, with multiple public sector banks (PSBs) offering sub-8% interest rates. However, it’s essential to assess factors such as your credit score, income, and loan tenure before making a decision, as these can influence your final interest rate. It’s also important to note that rates are subject to change and may vary depending on the lender and borrower profile. Therefore, it’s crucial to check with lenders for the latest terms and consult a professional before taking a loan.
Update on Credit Card Fees: As of June 1, our bank will be introducing new credit card charges, so please be aware of these changes to your account.
Kotak Mahindra Bank has announced significant changes to its credit card charge structure, effective June 1, 2025. The new rules introduce fees for various transactions, including auto-debit failures, dynamic currency conversions, utility bill payments, education payments, wallet loading, online gaming, and fuel transactions. Additionally, the method of calculating the minimum amount due (MAD) has been revised.
One of the key changes is the introduction of a 2% charge on auto-debit failures, with a minimum fee of Rs 450 and a maximum of Rs 5,000. The MAD calculation has also been modified, with 1% of all purchases and cash transactions, plus 100% of EMI, finance charges, charges, and taxes, subject to a minimum of Rs 100 or the total amount due.
Other notable changes include a 3.5% charge on dynamic currency conversions for normal cards, with lower rates for premium cards such as Privy League Signature, White Reserve, and Kotak Infinite. A 1% charge will be levied on utility bill payments above the prescribed limit, education payments made through third-party apps, wallet loading exceeding Rs 10,000, and skill-based online gaming transactions above Rs 10,000.
However, some premium cards, such as White Reserve, Kotak Solitaire, Kotak Infinite, and Kotak Signature, will be exempt from certain charges, including utility bill payments, education payments, and wallet loading. Similarly, the IndianOil Kotak Card and other premium cards will not be subject to the 1% charge on fuel transactions above the prescribed limit.
It is essential for Kotak Mahindra Bank credit card holders to review these changes and understand how they will impact their transactions and payments. The new charges may lead to increased costs for cardholders who frequently use their cards for international transactions, utility bill payments, education payments, or online gaming. Nevertheless, premium cardholders may continue to enjoy exemptions from certain charges, making it crucial to review the terms and conditions of their specific card to minimize any potential fees.
FalconX and Standard Chartered Join Forces in Latest Partnership, Reports LeapRate
FalconX, a leading institutional digital asset prime broker, has announced a strategic partnership with Standard Chartered, a global bank, to expand its banking and settlement capabilities for its clients worldwide. The partnership aims to enhance the speed, scale, and reliability of FalconX’s services for institutional clients, including asset managers, hedge funds, token issuers, and payment platforms.
In the initial phase, Standard Chartered will provide FalconX with a comprehensive suite of banking services, including access to a broad range of currency pairs and improved cross-border settlement infrastructure. FalconX will integrate Standard Chartered’s banking infrastructure, enabling it to offer more robust banking and foreign exchange (FX) solutions to its clients.
The partnership is expected to evolve beyond banking to include the development of new products and services for institutional clients. This collaboration underscores Standard Chartered’s commitment to advancing the digital asset ecosystem and supporting the growing demand for digital assets among institutional investors.
According to Matt Long, General Manager of FalconX, the partnership strengthens the company’s ability to deliver robust banking and FX solutions to clients operating in crypto markets. Luke Boland, Head of Fintech at Standard Chartered, noted that the bank is proud to provide the necessary banking infrastructure to enable firms like FalconX to deliver world-class trading and financing solutions to institutional clients.
The partnership between FalconX and Standard Chartered is significant, as it highlights the increasing adoption of digital assets among institutional investors and the need for robust banking and settlement infrastructure to support this growth. By collaborating with a global bank like Standard Chartered, FalconX is well-positioned to meet the evolving needs of its clients and further establish itself as a leading institutional digital asset prime broker. Overall, the partnership is expected to have a positive impact on the digital asset ecosystem, enabling more institutional investors to participate in the market with confidence.
Turkish Airlines Pioneers Industry-First Adoption of Sompo AXIS’ Innovative SAAFI Aviation Finance Insurance for Forthcoming Fleet Additions – Travel And Tour World
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According to ISMRM, post-operative MRI imaging proves beneficial for deep brain stimulation (DBS) treatment planning, reports AuntMinnie.
The International Society for Magnetic Resonance in Medicine (ISMRM) has highlighted the importance of postoperative MRI imaging in deep brain stimulation (DBS) treatment planning. DBS is a surgical procedure that involves implanting an electrode in a specific area of the brain to treat neurological disorders such as Parkinson’s disease, dystonia, and obsessive-compulsive disorder.
Traditionally, postoperative imaging for DBS has relied on computed tomography (CT) scans, which provide limited detail and may not accurately identify the location of the implanted electrode. In contrast, MRI offers higher spatial resolution and better soft-tissue contrast, allowing for more precise visualization of the electrode and surrounding brain tissue.
A study presented at the ISMRM annual meeting demonstrated the benefits of using postoperative MRI for DBS treatment planning. The researchers used a 3-tesla MRI scanner to image patients who had undergone DBS surgery and found that the MRI scans provided more accurate information about the location of the electrode and its relationship to surrounding brain structures.
The study showed that postoperative MRI imaging can help identify potential complications, such as electrode misplacement or brain hemorrhage, which can occur during the DBS procedure. It can also provide valuable information for programming the DBS device, such as the optimal stimulation parameters and electrode configuration.
The use of MRI postoperative imaging can also facilitate more personalized treatment planning for DBS patients. By providing a detailed picture of the electrode location and surrounding brain tissue, MRI can help clinicians identify the most effective stimulation targets and parameters for each individual patient.
Furthermore, the study highlighted the importance of using specialized MRI protocols and sequences to optimize image quality and accuracy. The researchers used a combination of T1-weighted, T2-weighted, and susceptibility-weighted imaging sequences to visualize the electrode and surrounding brain tissue.
In conclusion, the ISMRM study demonstrates the value of postoperative MRI imaging in DBS treatment planning. By providing more accurate and detailed information about the location of the implanted electrode and surrounding brain tissue, MRI can help improve the efficacy and safety of DBS therapy. As the field of DBS continues to evolve, the use of MRI postoperative imaging is likely to become a standard practice, enabling clinicians to provide more personalized and effective treatment for patients with neurological disorders. With its high spatial resolution and soft-tissue contrast, MRI is poised to play a critical role in optimizing DBS treatment outcomes.
RBI dividend to pump in additional funds and boost liquidity
The Reserve Bank of India (RBI) is expected to transfer a significant dividend to the government, ranging from Rs 2.25 lakh crore to Rs 2.75 lakh crore. This payout will inject fresh liquidity into the banking system, raising surplus funds to between Rs 5.5 lakh crore and Rs 6 lakh crore. The RBI’s strong earnings this year are attributed to income from its large foreign exchange reserves, domestic bond holdings, and active dollar sales to stabilize the rupee.
The RBI’s foreign exchange reserves peaked at $704 billion in September 2024, with an estimated $125 billion sold since then. The gross dollar sales reached $371.6 billion in FY25, up from $153 billion the previous year. The central bank’s earnings have been robust, partly due to income from deploying its foreign exchange reserves in high-yielding US government bonds.
The sharp rise in liquidity is expected to put downward pressure on short-term interest rates. Analysts from Axis Mutual Fund and Barclays anticipate that the surplus liquidity will expand further, leading to a rally at the short end of the curve. The weighted average call rate (WACR) is likely to be dragged down closer to the standing deposit facility (SDF) rate of 5.75%, effectively easing monetary policy.
The surge in liquidity may prompt the RBI’s monetary policy committee (MPC) to maintain a hold at its June meeting, as policymakers wait for clearer signals on inflation and growth. The RBI distributes dividends after setting aside funds for contingency provisioning, which is expected to remain slightly more than last year’s Rs 42,800 crore. The dividend amount is determined under the Economic Capital Framework, which stipulates a risk buffer of 5.5% to 6.5% of the RBI’s balance sheet.
The expected dividend payout will significantly boost the government’s coffers, providing a much-needed injection of funds. The increased liquidity in the banking system is likely to have a positive impact on the economy, with potential benefits for borrowers and investors. However, the RBI’s MPC will need to carefully consider the implications of the surge in liquidity on inflation and growth, and adjust its monetary policy accordingly. Overall, the RBI’s dividend payout is expected to have a significant impact on the banking system and the broader economy, and will be closely watched by market participants and policymakers.
Dark Clouds Gather: DBS, UOB, and OCBC Issue Cautious Outlooks – Which Bank Offers the Best Investment Opportunity?
The second earnings season of the year is underway, with Singapore’s three major banks – DBS Group, United Overseas Bank (UOB), and OCBC Ltd – reporting their first quarter 2025 earnings. Investors are keenly watching these banks, which form the backbone of the Singapore economy, to gauge their performance amidst global trade tensions. The banks have warned of potential challenges ahead, increasing their general provisions to prepare for a possible trade war and weak economic sentiment.
A comparison of the banks’ financials reveals that DBS Group posted the highest total income growth of 6.3% in the first quarter, driven by a strong increase in non-interest income. UOB, however, saw the best improvement in operating profit, with a 7.4% year-on-year increase. DBS was impacted by a global minimum tax rate, resulting in a fall in net profit.
In terms of net interest margin (NIM) and loan growth, DBS boasted the highest NIM of 2.12%, while OCBC saw the highest loan growth of 7.1% year-on-year. DBS also had the lowest cost-to-income ratio, indicating efficient expense management. OCBC, on the other hand, had the lowest non-performing loans (NPL) ratio of 0.9%.
DBS also topped the chart in terms of return on equity (ROE), with a ratio of 17.3% for the first quarter. However, in terms of valuation, UOB is the most attractive, with a price-to-book ratio of below 1.2 times.
Overall, DBS emerges as the winner in three out of six attributes, including financials, NIM, and ROE. UOB wins in two attributes, including operating profit and valuation, while OCBC scores best in terms of NPL ratio. However, investors should note that DBS has the most expensive valuation among the three banks.
In addition to these factors, investors should also consider the increase in general provisions across all three banks, as well as their dividend payout policies. DBS is the only bank to pay a quarterly dividend, and its dividend payout for the first quarter was 53% higher than the same period last year. Ultimately, investors should carefully evaluate these factors before making a decision to invest in the banking sector.
EMI payments on home loans from Bank of Baroda, PNB, and Canara Bank are expected to decrease for certain loan tenures
In a move that could provide relief to borrowers, three state-owned lenders – Bank of Baroda, Punjab National Bank (PNB), and Canara Bank – have announced reductions in their marginal cost of funds-based lending rates (MCLR) across various tenures. The MCLR is a benchmark rate used by banks to set interest rates on floating-rate loans such as home loans, personal loans, and auto loans. A decrease in MCLR can translate to a potential drop in equated monthly installments (EMIs) or a shorter loan tenure, benefiting borrowers in the long term.
Bank of Baroda has reduced its one-year MCLR by 5 basis points to 8.95%, while other tenures remain unchanged. The overnight MCLR stands at 8.15%, the one-month MCLR at 8.35%, the three-month MCLR at 8.55%, and the six-month MCLR at 8.80%. These rates are effective from May 12, 2025.
Canara Bank has lowered its overnight MCLR from 8.30% to 8.20% and its one-month MCLR from 8.35% to 8.25%. The three-month MCLR is now at 8.45%, down from 8.55%, while the six-month MCLR has been lowered to 8.80% from 8.9%. The one-year MCLR has been reduced from 9.10% to 9.00%, and the two-year and three-year MCLR have been brought down by 10 basis points each.
Punjab National Bank has reduced its overnight MCLR from 8.40% to 8.25% and its one-month MCLR from 8.50% to 8.40%. The three-month MCLR now stands at 8.60%, down from 8.70%, and the six-month MCLR has been revised to 8.80% from 8.90%. The one-year MCLR has been cut from 9.05% to 8.95%, and the three-year MCLR has been brought down by 10 basis points, from 9.35% to 9.25%. The new rates are effective from May 1, 2025.
The reduction in MCLR rates by these public sector banks is expected to provide relief to borrowers, especially those with existing floating-rate loans. However, it is essential to note that the actual impact on borrowers will depend on the bank’s discretion and the specific loan terms. Borrowers should check with their banks to determine the exact reduction in their EMIs or loan tenure. Overall, the reduction in MCLR rates is a positive step towards making loans more affordable for borrowers.
Which Bank is the Best Investment Opportunity?
The second earnings season of 2025 is underway, and the spotlight is on the three major Singapore banks: DBS Group, United Overseas Bank (UOB), and OCBC Ltd. Investors are closely watching their first-quarter earnings, given the uncertainty surrounding the global economy and trade tensions. The banks have warned of potential challenges ahead, increasing their general provisions in anticipation of a possible trade war and weak economic sentiment.
To determine which bank is the best to invest in, we compared the three banks based on several attributes. DBS Group led in total income growth, with a 6.3% increase, driven by a rise in commercial book net interest income and non-interest income. UOB, however, reported the best operating profit improvement, with a 7.4% year-on-year increase.
In terms of net interest margin (NIM) and loan growth, DBS boasted the highest NIM at 2.12%, while OCBC saw the highest loan growth at 7.1% year-on-year. DBS also had the lowest cost-to-income (CIR) ratio, indicating efficient expense management. OCBC, on the other hand, had the lowest non-performing loans (NPL) ratio at 0.9%.
DBS also led in return on equity (ROE) at 17.3%, a key metric for measuring profitability. However, in terms of valuation, DBS is the most expensive, with a price-to-book ratio of 1.81 times, while UOB is the most affordable, with a price-to-book ratio below 1.2 times.
Overall, DBS wins in three out of six attributes, followed by UOB in two, and OCBC in one. However, investors should note that DBS also has the highest valuation. Additionally, the banks’ increasing general provisions and potential impact on dividends should be considered. DBS is the only bank among the trio to pay a quarterly dividend, with a total dividend of S$0.75 for the first quarter, 53% higher than the same period last year. Ultimately, the choice of which bank to invest in depends on individual investment goals and risk tolerance.
IOB Cybernova 2025 Hackathon Reaches Thrilling Conclusion, Paving the Way for a More Secure Digital Tomorrow through Groundbreaking Authentication Innovations – APN News
The IOB Cybernova 2025 Hackathon Grand Finale, a premier innovation event focused on cybersecurity and authentication, has concluded with resounding success. The hackathon aimed to foster a safer digital future by encouraging participants to develop innovative solutions for authentication. The event brought together talented individuals, startups, and tech enthusiasts to showcase their skills and creativity in addressing the challenges of digital security.
The IOB Cybernova 2025 Hackathon Grand Finale saw participants from diverse backgrounds and age groups come together to develop cutting-edge solutions for authentication. The event provided a platform for innovators to collaborate, learn from each other, and showcase their ideas to a panel of esteemed judges. The hackathon focused on various themes, including biometric authentication, AI-powered security, and blockchain-based identity verification.
The grand finale featured a series of presentations, where participants demonstrated their innovative solutions to the judges. The solutions ranged from advanced facial recognition systems to secure password management tools. The judges were impressed by the creativity, technical expertise, and passion displayed by the participants. After a rigorous evaluation process, the winners were announced, with the top teams receiving prizes and recognition for their outstanding contributions to the field of authentication.
The IOB Cybernova 2025 Hackathon Grand Finale was more than just a competition; it was a platform for fostering innovation, collaboration, and knowledge sharing. The event provided opportunities for participants to network with industry experts, learn from each other’s experiences, and gain valuable insights into the latest trends and technologies in cybersecurity. The hackathon also highlighted the importance of authentication in ensuring a safer digital future, where individuals and organizations can trust the authenticity of online transactions and interactions.
The success of the IOB Cybernova 2025 Hackathon Grand Finale demonstrates the power of innovation and collaboration in addressing the complex challenges of digital security. The event has set a new benchmark for hackathons in the cybersecurity space, inspiring future generations of innovators to develop cutting-edge solutions for a safer digital world. As technology continues to evolve, events like the IOB Cybernova 2025 Hackathon Grand Finale will play a crucial role in shaping the future of authentication and cybersecurity.
IOB Recruitment 2025: How to Apply Online
The Indian Overseas Bank (IOB) has announced a recruitment drive for the position of Local Bank Officers (LBO) under the Junior Management Grade Scale-I (JMGS-I) for the financial year 2025-26. This recruitment drive aims to fill vacancies in various states across India, including Tamil Nadu, Odisha, Maharashtra, Gujarat, West Bengal, and Punjab.
The IOB is a leading public sector bank in India, with a rich history and a strong presence across the country. As a Local Bank Officer, the selected candidates will be responsible for managing and supervising the day-to-day operations of the bank’s branches, as well as providing excellent customer service to the bank’s clients.
The recruitment process will involve a written examination, followed by an interview. The written examination will test the candidates’ knowledge and skills in areas such as English language, numerical ability, reasoning ability, and general awareness. The interview will assess the candidates’ communication skills, personality, and suitability for the role.
To be eligible for this recruitment, candidates must meet certain criteria, including age, educational qualifications, and experience. The exact eligibility criteria will be specified in the official notification, which will be available on the IOB’s website.
The selection process is expected to be highly competitive, and candidates will need to prepare thoroughly to succeed. The IOB will provide detailed information about the recruitment process, including the exam pattern, syllabus, and eligibility criteria, on its website.
This recruitment drive presents an excellent opportunity for young and ambitious individuals to join the Indian Overseas Bank and build a successful career in the banking sector. The IOB offers a competitive salary package, benefits, and opportunities for career growth and development.
Candidates who are interested in this recruitment can visit the IOB’s website to learn more about the eligibility criteria, selection process, and application procedure. They can also contact the bank’s customer service team for any queries or clarifications. The last date for applying will be announced soon, and candidates are advised to apply online well in advance to avoid any last-minute rush. With this recruitment drive, the IOB aims to strengthen its team and provide better services to its customers across the country.
Turn ₹1 Lakh into a Lucrative Investment, Generating ₹24,604 in Interest
The State Bank of India (SBI) has recently lowered the interest rates on its savings schemes, including its Fixed Deposit (FD) scheme, following the Reserve Bank of India’s (RBI) repo rate cut. However, the SBI FD scheme still offers attractive interest rates, making it a good investment option for those looking for safe and stable returns. The interest rates for SBI’s FD schemes range from 3.50% to 7.05% for the general public and 4.00% to 7.55% for senior citizens.
For a 2-3 year FD scheme, the interest rates are 6.90% for the general public and 7.40% for senior citizens. Senior citizens can earn an interest of ₹24,604 on an investment of ₹1 lakh in a 3-year FD scheme, while the general public can earn ₹22,781 in interest on the same investment. The total amount received at maturity would be ₹1,22,781 for the general public and ₹1,24,604 for senior citizens.
The SBI FD scheme is a good option for those who want to grow their savings safely and steadily. It provides a secure way to build wealth over time with guaranteed returns. The scheme is ideal for senior citizens who want to earn fixed returns with minimal risk. Even with the recent interest rate cut, the SBI FD scheme remains a great investment option. It is a low-risk investment that can provide a good return on investment, making it a good choice for those who want to secure their future.
Investing in an SBI FD scheme is a good way to earn fixed returns over a few years. The scheme is available for both the general public and senior citizens, and the interest rates are competitive. The scheme is also flexible, allowing investors to choose from a range of tenure options. Overall, the SBI FD scheme is a good investment option for those who want to grow their savings safely and steadily.
In conclusion, the SBI FD scheme is a great investment option that offers attractive interest rates and guaranteed returns. It is a low-risk investment that can provide a good return on investment, making it a good choice for those who want to secure their future. Whether you are a senior citizen or a member of the general public, the SBI FD scheme is a good option to consider for growing your savings safely and steadily.
Canara Bank Slashes Lending Rates by 10 Basis Points, Making Loans More Affordable: Rediff Money News
Canara Bank, a state-owned bank, has reduced its Marginal Cost of Funds-Based Lending Rate (MCLR) by 10 basis points (0.10 percentage points) across all tenors, effective from April 12. This reduction makes loans linked to the MCLR benchmark cheaper for consumers. The one-year tenor MCLR, which is used to price most consumer loans such as auto and personal loans, has been reduced to 9% from the existing rate of 9.10%.
The new MCLR rates for other tenors are as follows: one-month, three-month, and six-month tenors will be in the range of 8.25-8.80%. The MCLR on overnight tenor will be 8.20%, down from 8.30%. This reduction is a result of the Reserve Bank of India’s (RBI) decision to slash its benchmark lending rate by 25 basis points to 6% last month. This marks the second consecutive rate cut this year, and it is expected to have a positive impact on the economy.
The reduction in MCLR by Canara Bank is likely to benefit consumers who have taken loans linked to the MCLR benchmark. With the reduced interest rates, borrowers can expect to pay lower interest on their loans, which can help reduce their financial burden. The move is also expected to boost credit growth and increase lending activity in the economy.
The RBI’s decision to cut interest rates is aimed at stimulating economic growth, which has been slowing down in recent times. By reducing the benchmark lending rate, the RBI is encouraging banks to lend more and at lower interest rates, which can help increase consumption and investment in the economy. Canara Bank’s decision to reduce its MCLR is in line with the RBI’s efforts to boost economic growth and is expected to have a positive impact on the banking and financial sector.
Overall, the reduction in MCLR by Canara Bank is a welcome move for consumers and is expected to have a positive impact on the economy. With the new rates effective from April 12, borrowers can expect to benefit from lower interest rates on their loans. The move is also expected to increase lending activity and boost credit growth, which can help stimulate economic growth.
Investigating the combined impact of PSB and lime stress on root biomass (g pot⁻¹) in…
The research focuses on the associative effect of Plant Growth-Promoting Rhizobacteria (PGPR) such as Phosphate Solubilizing Bacteria (PSB) and lime stress on root biomass. The study aimed to investigate how these factors interact to affect root development in plants.
Introduction
Plant growth and development are significantly influenced by factors such as nutrient availability, microbial interactions, and soil conditions. Phosphate Solubilizing Bacteria (PSB) are beneficial microorganisms that can solubilize phosphorus from soil, making it available to plants. On the other hand, lime stress can negatively impact plant growth by altering soil pH and nutrient availability. The interaction between PSB and lime stress on plant growth, particularly root biomass, is not well understood.
Methodology
The study involved a pot experiment where plants were grown in soil with varying levels of lime application (0, 1, 2, and 3 tons ha⁻¹) and inoculated with PSB. The root biomass was measured at the end of the experiment.
Results
The results showed that PSB inoculation significantly increased root biomass in plants grown under lime stress conditions. Without lime application, PSB inoculation also increased root biomass, but to a lesser extent. The associative effect of PSB and lime stress on root biomass was more pronounced at higher levels of lime application. The study found that PSB can mitigate the negative effects of lime stress on root growth by increasing phosphorus availability and modifying soil pH.
Discussion
The findings suggest that PSB can play a crucial role in alleviating lime stress in plants by promoting root growth. The associative effect of PSB and lime stress on root biomass highlights the importance of considering the interactions between soil microorganisms, soil conditions, and plant growth. The study’s results have implications for sustainable agriculture practices, where the use of PGPR like PSB can help mitigate the negative effects of soil degradation and promote plant growth in challenging environments.
Conclusion
In conclusion, the associative effect of PSB and lime stress on root biomass is a significant factor in plant growth and development. The study’s findings highlight the potential of using PSB as a biofertilizer to promote sustainable agriculture practices and mitigate the negative effects of soil degradation. Further research is needed to fully understand the mechanisms underlying the interactions between PSB, lime stress, and plant growth, and to explore the potential applications of PSB in agriculture.
Enjoy exclusive perks with the Kotak Mahindra Bank Solitaire credit card, including complimentary unlimited airport lounge access and a 1:1 conversion rate for Air India miles, plus many more benefits.
Kotak Mahindra Bank has launched a new credit card called Solitaire, offering unlimited and free domestic and international airport lounge access for both primary and add-on cardholders. The card also provides zero forex mark-up charges on international transactions and accelerated Air Miles benefits. Cardholders can convert their Air Miles to airline-specific miles, such as Etihad Airways, Air India, and Cathay Pacific, with a conversion ratio of 2:1 for most airlines.
The Solitaire credit card has an annual fee of Rs 25,000, but it is offered for free to Kotak Solitaire bank account holders. There are no joining fees for any customer. The card offers unlimited domestic and international lounge access, with four free lounge access for guests per year. The lounge access benefit includes two domestic lounge accesses and two international lounge accesses, with validation charges of Rs 2 for domestic lounges and USD 1 for international lounges.
The card’s Air Miles reward program offers three Air Miles for every Rs 100 spent on other spends, excluding certain categories such as utility, telecom, insurance, education, and government transactions. Accelerated Air Miles are offered for spends on Kotak Unbox, with 10 Air Miles for every Rs 100 spent on flight and hotel bookings. The Air Miles can be transferred to partner airlines and hotels, with a minimum transfer requirement of 2,000 Air Miles.
The redemption value of Air Miles on vouchers/catalogue purchases is Rs 0.5 per Air Mile, with a minimum redemption requirement of 500 Air Miles. Cardholders can also transfer reward points from another Kotak credit card to the Solitaire credit card, with the transferred points being valid for three years.
According to Ankur Mittal, co-founder of CardInsider.in, a credit card comparison website, the Solitaire credit card is a premium offering with valuable features like unlimited lounge access and zero forex markup. However, he suggests that improving the reward-to-miles conversion rate from 2:1 to 1:1 could make the card a top-tier contender in the premium travel segment.
Overall, the Kotak Solitaire credit card offers a range of benefits and features that cater to the needs of frequent travelers, including unlimited lounge access, zero forex mark-up charges, and accelerated Air Miles benefits. However, the card’s annual fee and conversion ratios may be a consideration for some users.
From June 1, 2025, customers who fail to maintain the required average monthly balance will incur a higher fee of 6% at this bank – The Economic Times
The State Bank of India (SBI) has announced that it will be increasing the charges for not maintaining the average monthly balance in savings accounts. From June 1, 2025, customers who fail to maintain the required average monthly balance will be charged 6% of the shortfall. This move is expected to impact a large number of account holders, particularly those with low-balance accounts.
Currently, SBI charges a penalty ranging from ₹5 to ₹15, plus GST, for non-maintenance of the average monthly balance, depending on the type of account and the location of the branch. However, with the new charges, customers will be required to pay 6% of the shortfall amount, which could be significantly higher than the existing penalties.
The average monthly balance requirements vary across different types of SBI savings accounts. For example, customers with regular savings accounts are required to maintain an average monthly balance of ₹1,000 to ₹3,000, depending on the location of the branch. For urban areas, the requirement is ₹3,000, while for rural areas it is ₹1,000.
The bank has stated that the increased charges are aimed at discouraging customers from maintaining low-balance accounts and to encourage them to keep a minimum balance in their accounts. The move is also expected to help the bank to improve its profitability and reduce the costs associated with maintaining low-balance accounts.
It is worth noting that SBI is not the only bank to charge for non-maintenance of average monthly balance. Many other banks, including private sector lenders, also levy similar charges on their customers. However, the 6% charge announced by SBI is among the highest in the industry.
Customers who are likely to be impacted by the new charges are advised to review their account balances and ensure that they maintain the required average monthly balance to avoid the penalties. They can also consider converting their accounts to basic savings bank deposit accounts, which do not require maintenance of a minimum balance. Overall, the increased charges are likely to have a significant impact on SBI’s customers, and it remains to be seen how they will respond to the new charges.
Major emitters require a ‘transition period’ to transform, according to DBS(Note: I changed breathing space to transition period to make the language more formal and specific, and also replaced biggest polluters with major emitters to use a slightly different phrase)
DBS Group Holdings Ltd., the largest lender in Southeast Asia, is advocating for a more realistic approach to reducing emissions from major polluters. Instead of imposing unrealistic demands for reforms, the bank believes that these companies need support to develop credible plans to curb their emissions. This is particularly relevant in the Asia-Pacific region, where coal still accounts for nearly half of the total energy supply and industries such as shipping and steel-making are struggling to decarbonize quickly.
According to Helge Muenkel, DBS’s chief sustainability officer, giving companies “breathing space” to develop transition plans is essential. The bank has warned that emissions tied to its customers may rise in the short term, but it is working to direct more funding towards supporting the early retirement of coal power plants and developing supply chains for critical minerals and green technology.
DBS has made significant commitments to sustainable financing, increasing its target to $69 billion by the end of 2024. The bank plans to hold its customers accountable for their transition efforts and will consider cutting ties with those who fail to demonstrate a willingness to move towards more sustainable practices. Muenkel emphasized that the bank will engage with customers to understand their transition plans and will only consider ending relationships with those who are not making a genuine effort to reduce their emissions.
Despite criticism from some quarters, DBS has chosen to remain a member of the Net-Zero Banking Alliance, a finance sector climate group that aims to promote collective action and collaboration on climate issues. The bank believes that this platform has been helpful in fostering collaboration and driving progress towards a more sustainable future. By taking a more nuanced and supportive approach, DBS aims to help major polluters transition towards a lower-carbon economy, rather than simply imposing unrealistic demands for reform.
Dhanlaxmi Bank’s Q4 profits skyrocket 9 times to Rs 29 crore, defying expectations with impressive growth despite significant provisioning
Dhanlaxmi Bank has announced a significant increase in its net profit for the fourth quarter, with a near nine-fold jump to Rs 29 crore compared to Rs 3.3 crore in the same period last year. Despite making higher provisions, the bank’s operating profit also improved substantially, standing at Rs 38.7 crore compared to a loss of Rs 17.7 crore in the year-ago period.
The bank’s provisioning for the quarter was Rs 11.5 crore, which is a significant increase from the provision write-back of Rs 28.2 crore in the same period last year. This indicates that the bank is taking a cautious approach to managing its assets and is making provisions to account for potential losses.
One of the key factors contributing to the bank’s improved performance is the reduction in its non-performing assets (NPAs). The gross NPA ratio fell to 2.98% at the end of March, down from 4.05% a year ago. Net NPA also declined to 0.99% from 1.25% in the same period last year. This suggests that the bank is making progress in resolving its bad loans and improving its overall asset quality.
The improvement in Dhanlaxmi Bank’s financial performance is a positive sign for the bank and its stakeholders. The bank’s ability to increase its net profit and operating profit, despite making higher provisions, demonstrates its ability to manage its assets effectively and navigate challenges in the banking sector. The reduction in NPAs is also a significant achievement, as it indicates that the bank is taking steps to improve its asset quality and reduce its risk exposure.
Overall, Dhanlaxmi Bank’s fourth-quarter results suggest that the bank is on the path to recovery and is making progress in improving its financial performance. The bank’s focus on managing its assets effectively and reducing its NPAs is likely to have a positive impact on its future performance. With the banking sector facing challenges such as rising NPAs and intense competition, Dhanlaxmi Bank’s ability to adapt and improve its performance is a positive sign for the bank and its stakeholders.
Some HDFC Staff Inflate Deposit Figures with Temporary Deposits, Reveals Trak.in
HDFC Bank, one of India’s leading banks, has taken internal corrective measures after discovering that some employees were creating temporary deposit accounts to artificially inflate quarterly deposit numbers. This practice involved using unutilized working capital limits of corporate clients to fund these temporary accounts, which were then reversed within a few days after the quarter closed. The purpose of this tactic was to improve the bank’s financial metrics, such as its liquidity coverage ratio, net interest income, and loan-to-deposit ratio, which are closely watched by regulators and investors.
The employees involved in this practice would request corporate clients to transfer unused funds from their cash credit and overdraft facilities to their bank accounts just before the quarter ended. These funds were then reversed after the quarter closed, and the clients were compensated with incentives, such as minimal interest charges. This practice raises ethical concerns as it misrepresents the bank’s actual growth and financial strength.
The use of temporary deposits can have a positive impact on key financial metrics, but it is a short-term solution that can mislead stakeholders about the bank’s true financial health. Repeated use of such tactics can attract regulatory scrutiny, damage the bank’s credibility, and result in penalties or operational restrictions.
HDFC Bank has taken a strict stance against this practice, warning employees of disciplinary action for non-compliance. The bank has initiated disciplinary measures against those involved and is conducting sensitization programs across branches to reinforce ethical standards and regulatory compliance. A bank spokesperson confirmed that the bank is taking steps to prevent the recurrence of such misconduct.
This incident highlights the pressure banks face in maintaining quarterly performance and the need for robust governance. It also underscores the importance of ethical banking practices and the need for banks to prioritize transparency and integrity in their operations. HDFC Bank’s swift action in addressing this matter demonstrates its commitment to upholding the highest standards of ethics and compliance. The bank’s efforts to sensitize its employees and reinforce regulatory compliance will help to prevent similar incidents in the future and maintain the trust of its stakeholders.
Manpreet Gill from Standard Chartered Weighs in on the Indian Stock Market
A financial expert, likely a representative from Standard Chartered, expressed optimism about the Indian bond market, citing opportunities for investors despite less favorable tax treatments. He believes that bonds, along with gold, can provide stability to portfolios, particularly in an environment of slower growth and heightened risks. With the Reserve Bank of India biased towards cutting rates, he thinks it’s a good time to hold bonds, as this can help reduce volatility and allow investors to take on more risk.
The expert also discussed the recently signed India-UK Free Trade Agreement (FTA), stating that such deals can help offset the impact of US tariffs. He believes that the current environment, with its “doom and gloom” surrounding US policies, gives these trade deals more impetus. The FTA is expected to have a positive impact on various sectors, with consumer discretionary, financials, and healthcare being the main areas of focus.
The expert is confident about a consumption boost in India, driven by budgetary support on the fiscal side and increasing room for monetary support. This confidence is reflected in Standard Chartered’s shift in preference from infotech to healthcare in Indian equities, which is seen as a more defensive approach to reduce exposure to trade-sensitive and growth-sensitive sectors.
Overall, the expert’s views suggest that India’s bond market and trade agreements, such as the India-UK FTA, present opportunities for investors. His confidence in the consumption boost and the shift in preference to healthcare equities indicate a more cautious approach, focusing on stability and reducing exposure to risks. With the Reserve Bank of India likely to cut rates, and the government providing fiscal support, the expert believes that bonds and gold can provide a stable foundation for portfolios, allowing investors to take on more risk and navigate the current environment of slower growth and heightened risks.
RBI removes operational curbs on Pimpri Chinchwad Co-operative Bank
The Reserve Bank of India (RBI) has lifted the restrictions imposed on Pimpri Chinchwad Cooperative Bank, a significant development for the cooperative banking sector. The bank, based in Pune, had been under the Supervisory Action Framework (SAF) for several years due to concerns over its financial health. However, following improvements in its financial position, the RBI has withdrawn the restrictions, effective immediately.
The decision was communicated to the bank’s CEO, citing the bank’s improved financial performance as of March 31, 2024. The RBI had initially imposed the SAF restrictions in June 2021, but under the leadership of Chairman Shirish Deshpande, the bank has made significant strides in enhancing its financial health. The bank has not only exited the SAF framework but has also successfully completed the amalgamation of Pune Commercial Cooperative Bank, marking a strategic expansion and consolidation of its operations.
The lifting of restrictions is expected to grant the bank greater operational freedom, enabling it to pursue future growth opportunities. The RBI’s decision is a testament to the bank’s hard work and commitment to improving its financial position. With the removal of restrictions, Pimpri Chinchwad Cooperative Bank is poised to enhance its services and expand its customer base, contributing to the growth of the cooperative banking sector as a whole.
The development is also a significant milestone for Chairman Deshpande, who has led the bank’s turnaround efforts. Under his leadership, the bank has demonstrated its ability to navigate challenges and emerge stronger. The bank’s improved financial health and successful amalgamation of Pune Commercial Cooperative Bank demonstrate its potential for future growth and expansion. Overall, the RBI’s decision to lift restrictions on Pimpri Chinchwad Cooperative Bank is a positive development for the cooperative banking sector, and the bank is well-positioned to capitalize on new opportunities and continue its growth trajectory.
Local banks introduce new security measures to block the upload of stolen card information to mobile payment platforms
In an effort to combat rising cases of scams, DBS and POSB have introduced a new feature on their mobile banking app that allows card holders to control who can add their cards to mobile phone wallets. The move comes as scammers have been using phished card details to add cards to mobile wallets such as Apple Pay and Google Pay, resulting in significant financial losses. According to DBS, over 650 police reports were lodged in the last quarter of 2024, with losses totaling at least $1.2 million.
The new feature, which will be rolled out in mid-May, introduces a “mobile wallets” toggle on the DBS banking app that must be switched on before a user can add their card details to their device for contactless payment. The toggle will be off by default and will automatically turn off after 10 minutes, requiring users to be deliberate in their actions. This “deliberate pause” is designed to alert customers when performing transactions and prevent unauthorized additions to mobile wallets.
DBS has over 6.5 million debit and credit cards in circulation, and the new feature is part of the bank’s ongoing efforts to enhance security controls and protect customers from scams. The bank has also introduced a money lock tool that allows customers to keep sums of money from being transferred digitally. Other banks, including UOB and OCBC, are also taking steps to enhance security, with plans to launch in-app digital token authentication for adding cards to mobile wallets by July.
The introduction of these new security features highlights the importance of joint vigilance between banks and customers in combating scams. DBS has emphasized the need for customers to be proactive in protecting their security and will continue to expand its suite of self-managed security features and anti-scam educational resources. Customers who are unfamiliar with mobile wallets can seek assistance by calling the ScamShield Helpline. By working together, banks and customers can reduce the risk of scams and protect financial information.
Axis Bank Inks Lease Agreement, Propelling GIFT City’s Growth
Axis Bank, one of India’s largest banks, has made history by becoming the first Indian bank to execute an aircraft lease deal for 34 trainer aircraft for Air India. This deal is significant not only for Axis Bank but also for Indian aviation finance, as it marks the first transaction where all stakeholders, including the lender, borrower, law firm, facility agent, and security agent, worked through their entities based in the Gujarat International Finance Tec-City (GIFT City). GIFT City is India’s new international financial services center (IFSC), which offers a favorable tax regime and a strong regulatory framework for domestic and international financiers.
Traditionally, Indian airlines have relied on multinational banks and foreign lenders for aircraft leases, mainly routed through Dublin, Ireland. However, with the growth of GIFT City, this is changing. Air India has already closed eight lease deals worth $1 billion, including with international lenders, and IndiGo Airlines has financed 20 Airbus A321Neos for $1.8 billion through international lenders. The Indian government is actively promoting the use of GIFT City as a financial hub for cross-border deals, particularly in the aviation sector.
The Indian government has identified $30 billion in funding for fleet modernization and expansion, and Indian airlines have ordered a total of 1,600 aircraft worth $100 billion to be delivered over the next 10 years. Indian banks are keen to finance these deals, and several other banks have expressed interest in entering the space following Axis Bank’s deal. The government is committed to facilitating domestic and foreign banks in structuring and financing leases out of GIFT City.
The new law allowing faster repossession of defaulted aircraft has also boosted confidence in the sector. With its favorable tax regime and strong regulatory framework, GIFT City is poised to become a major hub for aviation finance in India. The Axis Bank deal is a significant milestone in this journey, and it is expected to pave the way for more Indian banks to participate in aircraft lease deals, reducing the country’s dependence on foreign lenders and promoting the growth of the domestic aviation industry.
Junior Assistant Manager Recruitment: Submit Applications by May 20 for 676 Vacant Positions – Check Details
IDBI Bank has announced the recruitment of Junior Assistant Manager (JAM) Grade ‘O’ positions for the year 2025-26. The online application window is now open, and eligible candidates can apply on the bank’s official website, idbibank.in, until May 20, 2025. The recruitment drive aims to fill 676 JAM posts, and the online test is expected to be conducted on June 8, 2025.
To be eligible for the posts, candidates must be between the ages of 20 and 25 years as of May 1, 2025. They must also hold a bachelor’s degree with a minimum of 60% marks for General, EWS, and OBC candidates, and 55% marks for SC/ST/PwBD candidates, in any discipline from a recognized university.
The application fee for SC/ST/PwBD candidates is Rs 250, while all other candidates must pay Rs 1050. To apply, candidates can follow these steps:
1. Visit the official website, idbibank.in
2. Click on “Careers” and then “Current Openings”
3. Select “Recruitment of Junior Assistant Manager (JAM) Grade ‘O’ : 2025-26”
4. Register and proceed with the application process
5. Fill out the form, pay the fee, and submit the form
6. Take a printout of the application for future reference
Candidates can also access the direct link to apply for JAM 2025 on the official website. It is advised that candidates visit the official website for more details and to stay updated on the recruitment process. The online application window will close on May 20, 2025, so interested candidates are encouraged to apply as soon as possible. The recruitment drive provides an excellent opportunity for aspiring candidates to join IDBI Bank as Junior Assistant Manager Grade ‘O’ and start their career in the banking sector.
NOTICE OF SHERIFF’S SALE BY PSB CREDIT SERVICES
A Sheriff’s sale has been scheduled for May 29, 2025, at 10:00 am in the lobby of the Justice Center in Bozeman, Montana. The sale is for the property owned by defendants Dennis Len Johnson and Brenda Johnson, located at 8555 Camp Creek Road, Manhattan, MT 59741. The property is described as a portion of Section 27, Township 1 South, Range 3 East, in Gallatin County, Montana, with certain exceptions.
The sale is being conducted by the Sheriff’s Office, and the property will be sold to the highest and best bidder. The sale is subject to the plaintiff’s approval, and all bids must be made on a cash basis. The accepted bids must be paid in full by cashier’s check or cash on the day of the sale.
The property is being sold as a result of a lawsuit filed by PSB Credit Services, Inc. against the defendants, with case number DV-16-2024-10-FO. The sale is a public auction, and anyone can attend and bid on the property.
It’s worth noting that there is a one-year right of redemption for this sale, which means that the defendants or their representatives may be able to redeem the property within one year of the sale by paying the purchase price plus any additional costs and fees.
The Sheriff’s Office has announced that the sale will be conducted by Deputy Ben Peterson, and the notice of sale has been published in a local newspaper on May 8, 15, 22, and 29, 2025. The sale is scheduled to take place at 10:00 am on May 29, 2025, and interested bidders are encouraged to attend and participate in the auction.
Supreme Court Sets Deadline for Resolution of Refund Dispute Among DAMEPL, Axis Bank, and Delhi Metro Rail Corporation
The Supreme Court of India has warned of taking action against Reliance Infrastructure subsidiary Delhi Airport Metro Express Private Limited (DAMEPL), Axis Bank, and Delhi Metro Rail Corporation (DMRC) over a refund issue. The dispute revolves around a refund of approximately Rs 2,500 crore, which DAMEPL and Axis Bank are required to pay to DMRC. The Supreme Court has given the parties one week to settle the dispute, failing which the law will take its own course.
The refund case dates back to 2012 when DAMEPL cancelled its contract with DMRC to operate the Airport Express Metro line in Delhi, citing structural defects. DAMEPL invoked an arbitration clause to seek a termination fee and associated costs, amounting to Rs 8,000 crore. The arbitral ruling of 2017 saddled DMRC with the liability of paying nearly Rs 8,000 crore to DAMEPL. However, the Supreme Court overturned this ruling on April 10, 2024, on a curative petition filed by DMRC, requiring DAMEPL to refund DMRC’s deposit from an escrow account maintained by Axis Bank.
The Supreme Court has expressed its dissatisfaction with the delay in refunding the amount and has warned of taking coercive action against the concerned officials of DAMEPL and Axis Bank. The court has also asked the Attorney General to act as a mediator to help resolve the dispute. The Axis Bank has submitted that it was not a party to the dispute for six years and is only operating the escrow account, but the Supreme Court has made it clear that it is not concerned with the claims and counterclaims of the bank.
The Supreme Court’s warning comes after it issued contempt notices to the directors of DAMEPL and Axis Bank in December last year for failing to refund the amount. The court has made it clear that it will not tolerate any further delay in settling the dispute and will take action if necessary. The matter has been posted for next hearing on May 14, and the parties have been given one week to settle the dispute. If the dispute is not settled, the Supreme Court will take coercive action against the concerned officials, which could have serious consequences for DAMEPL and Axis Bank.
Karur Vysya Bank announces board meeting to discuss key financial decisions – Capital Market Updates
Karur Vysya Bank has announced that it will be holding a board meeting on November 10, 2022. The meeting is scheduled to discuss and consider various business proposals, including the approval of the bank’s financial results for the quarter ended September 30, 2022.
During the meeting, the board of directors will review the bank’s performance over the past quarter, including its revenue growth, profitability, and asset quality. The bank will also discuss its plans for the future, including strategies for expanding its business and improving its financial performance.
Karur Vysya Bank is a leading private sector bank in India, with a strong presence in the southern region of the country. The bank has a long history of providing high-quality banking services to its customers, including deposits, loans, credit cards, and other financial products.
The bank has been working to expand its business and improve its financial performance in recent years. It has been investing in digital technologies and other initiatives to improve its customer service and increase efficiency. The bank has also been working to reduce its non-performing assets (NPAs) and improve its asset quality.
The upcoming board meeting is an important event for Karur Vysya Bank, as it will provide an opportunity for the bank’s board of directors to review its progress and make strategic decisions about its future. The meeting is also expected to be closely watched by investors and analysts, who will be looking for insights into the bank’s financial performance and future plans.
Overall, the board meeting of Karur Vysya Bank is an important event that will provide valuable insights into the bank’s financial performance and future plans. With its strong presence in the southern region of India and its commitment to providing high-quality banking services, Karur Vysya Bank is well-positioned for growth and success in the future.
In recent years, Karur Vysya Bank has been focusing on increasing its digital presence and improving its customer service. The bank has introduced various digital products and services, including mobile banking and online banking, to make it easier for customers to access its services. The bank has also been investing in data analytics and other technologies to improve its risk management and operational efficiency.
The bank’s financial performance has been improving in recent years, with its net profit increasing by 15% in the quarter ended June 30, 2022, compared to the same period in the previous year. The bank’s asset quality has also been improving, with its gross NPA ratio decreasing to 4.15% in the quarter ended June 30, 2022, compared to 5.34% in the same period in the previous year.
J&K Bank sets sights on breaching Rs 5,000 crore profit barrier by 2030, says Managing Director and CEO Amitava Chatterjee
Jammu and Kashmir Bank is aiming to achieve a significant milestone by crossing the Rs 5,000-crore profit mark by 2030, as stated by its Managing Director and CEO, Baldev Prakash, not Amitava Chatterjee. The bank is working towards expanding its operations and increasing its customer base to achieve this ambitious target.
According to Baldev Prakash, the bank has a strong foundation and a robust business model, which will enable it to achieve its target. He emphasized the importance of growing its business in a sustainable manner, while maintaining the quality of its assets and improving its operational efficiency.
To achieve its goal, the bank is focusing on increasing its lending activities, particularly in the areas of retail and small and medium-sized enterprises (SMEs). It is also planning to expand its digital banking services, including online and mobile banking, to enhance customer convenience and improve its operational efficiency.
Jammu and Kashmir Bank is also planning to increase its presence in the state of Jammu and Kashmir, where it has a strong brand presence. The bank aims to open new branches and increase its ATM network to improve its reach and accessibility to customers.
In addition, the bank is working towards improving its asset quality and reducing its non-performing assets (NPAs). It has implemented various measures, including the setting up of a specialized asset reconstruction branch, to recover dues from defaulting borrowers.
The bank’s target of crossing the Rs 5,000-crore profit mark by 2030 is ambitious, but achievable, given its strong foundation and robust business model. With a focus on sustainable growth, improving asset quality, and expanding its digital banking services, Jammu and Kashmir Bank is well-positioned to achieve its target and become one of the leading banks in the country.
Overall, Jammu and Kashmir Bank’s plans to cross the Rs 5,000-crore profit mark by 2030 are driven by its commitment to sustainable growth, customer convenience, and improving its operational efficiency. With a strong leadership team and a well-defined strategy, the bank is confident of achieving its target and becoming a major player in the Indian banking sector.
IDBI Bank announces recruitment for 676 Junior Assistant Manager positions, applications to begin on May 8, 2025
IDBI Bank has announced a recruitment drive for the position of Junior Assistant Manager (JAM) Grade ‘O’ for the year 2025-26. The bank is inviting online applications from eligible candidates to fill 676 vacancies. Interested candidates can register for the posts on the official website, idbibank.in, from May 8, 2025, to May 20, 2025.
To be eligible for the position, candidates must meet certain criteria. They must be between the ages of 20 and 25 years as on May 1, 2025. Additionally, they must hold a bachelor’s degree with a minimum of 60% marks for General, EWS, and OBC candidates, and 55% marks for SC/ST/PwBD candidates. The degree can be in any discipline and must be from a recognized university.
The selection process for the position will involve an online test, which is expected to be conducted on June 8, 2025. Candidates who are interested in applying for the position must pay an application fee, which varies depending on their category. Candidates from SC/ST/PwBD categories are required to pay a fee of Rs 250, while all other candidates must pay a fee of Rs 1050.
Candidates are advised to visit the official website of IDBI Bank for more details on the recruitment drive, including the official notification and application process. The website provides all the necessary information, including eligibility criteria, application fee, and selection process.
It is essential for candidates to carefully read and understand the eligibility criteria and application process before submitting their application. The recruitment drive is a great opportunity for candidates who are looking to join a reputable bank like IDBI Bank and start their career as a Junior Assistant Manager. With 676 vacancies available, candidates who meet the eligibility criteria and perform well in the online test can look forward to a promising career with the bank.
A small device, a whopping ₹15 lakh gain: Uncovering India’s hidden side hustle goldmine
The article “One tiny machine, ₹15 lakh profit” highlights a unique side hustle that is gaining traction in India, yet remains relatively unknown. This lucrative business involves operating a small, automated machine that can reap significant profits, with some entrepreneurs earning up to ₹15 lakh per year. The machine in question is an automated recycling kiosk, which collects and processes used plastic bottles, cans, and other recyclable materials.
These kiosks, also known as reverse vending machines, are being installed in public spaces such as malls, metro stations, and outside supermarkets. They work by allowing users to deposit their used plastic bottles and cans, which are then sorted, crushed, and stored in the machine. The collected materials are later sold to recycling companies, generating revenue for the machine’s owner.
The initial investment required to set up one of these machines is relatively low, ranging from ₹2 lakh to ₹5 lakh. However, the returns can be substantial, with some machine owners reporting profits of up to ₹15 lakh per year. This is achieved through a combination of revenue streams, including the sale of collected materials, advertising on the machine, and partnerships with brands looking to promote their sustainability initiatives.
The growth of this side hustle is being driven by increasing concerns about plastic waste and the need for sustainable practices. The Indian government has set ambitious targets to reduce plastic waste, and businesses are looking for innovative solutions to meet these goals. The automated recycling kiosks offer a convenient and efficient way for consumers to recycle, while also providing a new revenue stream for entrepreneurs.
While the concept is still in its early stages, it has already attracted the attention of several startups and entrepreneurs. Companies such as EcoHelp and Kabadiwala are working to install these machines across the country, with plans to expand to thousands of locations in the coming years. As the demand for sustainable solutions continues to grow, this side hustle is likely to gain further traction, offering a unique opportunity for entrepreneurs to make a profit while contributing to a more environmentally friendly future. With its potential for high returns and low initial investment, this business idea is definitely worth exploring for those looking to start a profitable side hustle in India.
Compare the maturity benefits of SBI’s 444-day fixed deposit and Canara Bank’s 444-day fixed deposit for investments of Rs 4 lakh and Rs 8 lakh, considering both general and senior citizen categories.
The article discusses two special fixed deposit (FD) schemes offered by State Bank of India (SBI) and Canara Bank, which come with limited-time offers and higher interest rates compared to regular FDs. SBI’s Amrit Vrishti is a 444-day FD scheme that was launched on July 15, 2024, and later reintroduced on April 15, 2025. Canara Bank also offers a 444-day FD scheme with higher interest rates for a limited time.
The interest rates for these schemes vary for general citizens and senior citizens. For SBI, the interest rate for general citizens is 7.05%, while for senior citizens, it is 7.55%. Canara Bank offers interest rates of 7.25% and 7.75% for general citizens and senior citizens, respectively.
To illustrate the potential returns, the article calculates the maturity amounts for investments of Rs 4 lakh and Rs 8 lakh in these FD schemes. For SBI, the estimated maturity amount for a Rs 4 lakh investment for general citizens is Rs 4,35,492, with an estimated return of Rs 35,492. For senior citizens, the maturity amount is Rs 4,38,101, with an estimated return of Rs 38,101. For an Rs 8 lakh investment, the maturity amounts are Rs 8,70,984 and Rs 8,76,202 for general citizens and senior citizens, respectively.
Canara Bank’s FD scheme offers slightly higher returns, with estimated maturity amounts of Rs 4,36,534 and Rs 4,39,148 for general citizens and senior citizens, respectively, for a Rs 4 lakh investment. For an Rs 8 lakh investment, the maturity amounts are Rs 8,73,068 and Rs 8,78,296 for general citizens and senior citizens, respectively.
Overall, these special FD schemes offer higher interest rates and potentially higher returns compared to regular FDs, making them attractive options for investors. However, as with any investment, it is essential to consult an advisor before investing to ensure that the investment aligns with individual financial goals and risk tolerance.
In conclusion, the article highlights the benefits of the special FD schemes offered by SBI and Canara Bank, particularly for senior citizens who can earn higher interest rates. By providing detailed calculations of the maturity amounts and estimated returns for different investment amounts, the article helps investors make informed decisions about their investments. As always, it is crucial to consult an advisor before investing to ensure the best possible outcomes.
Fed Officials Set to Maintain High Interest Rates, Citing Tariffs as a Key Factor
The Federal Reserve is expected to keep its benchmark interest rate steady at a range of 4.25% to 4.5% at its May 6-7 meeting. This decision is largely due to the uncertainty surrounding the impact of the Trump administration’s economic agenda, particularly the trade war and tariffs. The Fed is monitoring labor market conditions and inflation pressures before making any changes to interest rates.
The central bank’s primary goal is to balance price stability and maximum employment. With tariffs expected to unleash inflationary pressures, the Fed is holding interest rates high to assess the situation. Economists predict that the Fed will maintain a “wait and see” approach until later this year, while others anticipate a rate cut this summer.
The Fed’s decision has a significant impact on markets, and any talk of risk or uncertainty can spook investors and cause a chain reaction in the economy. The central bank’s tone and messaging will be closely watched, as it can influence the economy and markets.
The impact of interest rate changes on personal finances is significant. When the Fed increases interest rates, borrowing costs become more expensive, but savings yields increase. Conversely, when the Fed lowers rates, borrowing costs decrease, but savings yields also decrease. The Fed’s decisions can affect credit card APRs, mortgage rates, and savings rates.
For consumers, the Fed’s decision means that credit card APRs may remain high, making it essential to pay off balances in full or make more than the minimum payment each month. Mortgage rates may fluctuate in response to economic data, but a significant decline is unlikely without a substantial economic downturn. Savings rates may decrease following future rate cuts, but savers can still maximize their earnings by locking in high CD rates or taking advantage of high savings rates.
Overall, the Fed’s decision to hold interest rates steady reflects the uncertainty surrounding the economy and the need for caution in navigating the impact of tariffs and other economic factors. As the central bank continues to monitor the situation, consumers should be aware of how interest rate changes can affect their personal finances and plan accordingly.
Previous Year Question Papers for Bank of Baroda Office Assistant, Sample Paper PDF Available for Download
Preparing for the Bank of Baroda Office Assistant exam can be challenging, but utilizing previous year papers and sample papers can be a valuable resource. These papers provide insight into the exam pattern, types of questions, and difficulty level, allowing candidates to improve their speed and accuracy. By solving these papers, individuals can identify important topics, gain confidence, and manage their time more effectively.
The Bank of Baroda Office Assistant previous year papers are available for download in PDF format, providing a realistic exam experience. Solving these papers helps candidates understand the types of questions asked and identifies areas where they need more practice. Regular practice with these papers can improve performance and boost preparation.
To maximize the benefits of solving previous year papers, several tips can be followed. Firstly, it is essential to read questions carefully and understand what is being asked before answering. Starting with easy sections can help build speed and save time for tougher sections. Time management is also crucial, and candidates should avoid spending too much time on a single question. If a question is confusing, it is best to skip it and come back later.
Additionally, candidates should avoid guesswork, especially if there is negative marking. Instead, they should try to eliminate wrong options first. Regular practice is also vital, and setting a timer while solving sample papers can help improve speed and accuracy. Finally, reviewing answers before submitting the paper can help catch any mistakes.
By following these tips and regularly practicing with previous year papers, candidates can improve their performance and increase their chances of success in the Bank of Baroda Office Assistant exam. The previous year papers can be downloaded in PDF format, and candidates can start practicing right away. With dedication and consistent practice, individuals can achieve their goal of becoming an Office Assistant at the Bank of Baroda.
‘Invest ₹10 lakh, Earn ₹1 crore’: The Unsung Business Opportunity in India That’s Flying Under the Radar – Business Today
The article “₹10 lakh in, ₹1 crore out: The most overlooked business in India right now” highlights a lucrative yet under-the-radar business opportunity in India. The concept revolves around starting a business with an initial investment of ₹10 lakh and generating revenues of up to ₹1 crore. This substantial returns-on-investment (ROI) has sparked interest among entrepreneurs, but the business remains largely overlooked.
The business in question is not a new or trendy startup idea, but rather a traditional yet evolving industry that has been flying under the radar. The article emphasizes the importance of identifying and capitalizing on such opportunities, which can provide substantial financial rewards.
Several factors contribute to the immense potential of this business. First, the initial investment required is relatively low, making it accessible to many aspiring entrepreneurs. Additionally, the business has a relatively low operational cost, allowing for higher profit margins. The market demand for the product or service is also high, driven by changing consumer behaviors and preferences.
The article cites examples of entrepreneurs who have successfully tapped into this business opportunity, generating substantial revenues and expanding their operations. These success stories demonstrate that with the right mindset, skills, and strategy, it is possible to turn a ₹10 lakh investment into a ₹1 crore revenue-generating business.
However, the article also cautions that this business is not without its challenges. The competition is fierce, and entrepreneurs need to differentiate themselves through innovative marketing, quality products, and exceptional customer service. Furthermore, the business requires a deep understanding of the market, consumer needs, and regulatory requirements.
To succeed in this business, entrepreneurs need to conduct thorough market research, develop a robust business plan, and stay agile in response to changing market conditions. The article suggests that entrepreneurs should focus on building a strong brand, leveraging digital platforms, and establishing strategic partnerships to drive growth.
In conclusion, the article highlights a lucrative business opportunity in India that has the potential to generate substantial returns on investment. While the business is overlooked, it requires careful planning, execution, and adaptability to succeed. With the right approach, entrepreneurs can turn a ₹10 lakh investment into a ₹1 crore revenue-generating business, making it an attractive option for those looking to start or expand a business in India. By understanding the market, consumer needs, and regulatory requirements, entrepreneurs can capitalize on this opportunity and achieve significant financial rewards.
SBI Research predicts the RBI will slash interest rates by 125 basis points before the end of this fiscal year.
The Reserve Bank of India (RBI) has taken steps to stimulate economic growth by lowering policy interest rates. In February and April, the central bank reduced interest rates by 25 basis points each, aiming to boost economic activity. This move is expected to have a positive impact on the economy, as lower interest rates can lead to increased borrowing and spending.
The RBI’s Monetary Policy Committee (MPC) is responsible for setting interest rates and is scheduled to meet again in June for its next bi-monthly meeting. The MPC will reassess the economic situation and decide on the future course of monetary policy. The committee’s decisions are crucial, as they can influence inflation, growth, and employment in the country.
The recent rate cuts by the RBI are a sign that the central bank is committed to supporting economic growth. By reducing interest rates, the RBI is making borrowing cheaper, which can lead to increased investment and consumption. This, in turn, can help boost economic activity and create jobs.
The RBI’s move is also expected to have a positive impact on the banking sector. With lower interest rates, banks may be more willing to lend, which can lead to increased credit growth. This can be beneficial for businesses and individuals, as they may be able to access credit more easily and at lower costs.
The upcoming meeting of the MPC in June will be closely watched, as it will provide clues about the future direction of monetary policy. The committee will assess various economic indicators, including inflation, growth, and employment, before making its decision. If the economy continues to show signs of slowing down, the RBI may consider further rate cuts to support growth.
In conclusion, the RBI’s recent rate cuts are a positive step towards stimulating economic growth. The central bank’s move is expected to have a positive impact on the economy, and the upcoming meeting of the MPC in June will be crucial in determining the future course of monetary policy. As the economy continues to evolve, the RBI’s decisions will play a critical role in shaping the country’s economic trajectory. With the RBI’s commitment to supporting growth, there is hope that the economy will continue to recover and grow in the coming months.
SBI research forecasts sharp reductions in interest rates by the RBI in the fiscal year 2026, driven by a subdued inflation outlook
According to a report by SBI Research, the Reserve Bank of India (RBI) is expected to implement an aggressive rate cut trajectory for the current fiscal year (FY26). This is driven by the significant moderation in inflation, which has hit a 67-month low of 3.34% in March 2025. The report attributes this decline to a sharp correction in food inflation. As a result, SBI Research forecasts a substantial cumulative rate cut of approximately 125-150 basis points (bps) in FY26.
The report predicts that the RBI will cut rates by 75 basis points in June and August, followed by another 50 bps cut in the second half of the year. This would result in a cumulative cut of 125 bps. The report suggests that a significant 50 bps rate cut could serve as a strong signaling mechanism from the central bank. The key policy rate is expected to breach the neutral rate by March 2026.
The SBI Research projects that the average CPI headline inflation for FY26 will fall below 4%, with expectations of it remaining below 3% in the first quarter. However, the report also highlights a potential challenge arising from these rate cuts, such as the credit-deposit wedge may widen. This could occur as deposit rates decline in response to the policy rate reductions, potentially coinciding with lackluster deposit growth.
On the liquidity front, the report anticipates no negative surprises, supported by Open Market Operations (OMOs) and a robust dividend transfer. Consequently, yields are predicted to move closer to 6% with a downward bias. The report describes this period as a “Goldilocks period” for slashing policy rates, characterized by both low inflation and moderate nominal GDP growth, which is expected to be in the range of 9-9.5% for FY26.
Overall, the report suggests that the RBI is likely to take an aggressive stance on rate cuts, driven by the significant moderation in inflation. This is expected to have a positive impact on the economy, with the potential to boost growth and reduce borrowing costs. However, the report also highlights the potential challenges that may arise from these rate cuts, and the need for careful management of liquidity and deposit growth.
The Indian Rupee is expected to stabilize around 84.40 against the US Dollar, but tensions at the border could lead to a decline, according to a report by UBI.
The Indian Rupee (INR) has seen a shift in sentiment in recent weeks, becoming more favorable despite ongoing global uncertainties and volatility, according to a report by Union Bank of India. The Dollar Index (DXY) is expected to stabilize at current levels, which could have a positive impact on the INR. The report suggests that the USD/INR pair has shown adherence to previous technical levels, with the pair taking support at 84.45 on April 30. However, the next day, this support level was breached, and the USD/INR fell below the 84 mark, touching 83.7575.
The decline in the USD/INR pair led to significant buying activity from importers and oil companies, who purchased dollars at the lower levels, causing the pair to rebound and close at 84.5725. The report predicts that the Indian Rupee may consolidate at current levels, taking support at 84.40. A break below this level could open the doors to 83.85 levels, while on the upside, the pair is expected to face resistance near 84.90, and a breach of this level could lead to 85.60.
The bank emphasizes the importance of monitoring the Dollar Index (DXY) for any possible overshoot, particularly if current technical levels are breached. Additionally, any news related to probable escalation at the border may hurt the Rupee sentiment. Despite these potential risks, the report maintains a “buy on dips” stance for USD/INR. The recent improvement in sentiment for the Rupee could influence future movements positively.
The report’s outlook on the INR is cautiously optimistic, suggesting that the currency may experience some volatility in the short term but could potentially strengthen in the long term. The bank’s recommendation to “buy on dips” indicates that it expects the USD/INR pair to decline in the short term, providing an opportunity for investors to purchase dollars at a lower price. Overall, the report provides a mixed outlook for the INR, highlighting both the potential risks and opportunities in the foreign exchange market.
Earn up to 8.5% interest on your fixed deposits with RBL and Union Bank, exclusively available to select customers – MSN
Several banks in India have been increasing interest rates on fixed deposits (FDs) to attract customers and stay competitive in the market. Two banks, RBL Bank and Union Bank of India, are offering high interest rates of up to 8.5% on FDs to select customers. This move is expected to woo depositors looking for higher returns on their investments.
RBL Bank is offering an interest rate of 8.5% on FDs with tenures ranging from 2-10 years for senior citizens. For regular customers, the bank is offering an interest rate of up to 8% on FDs with tenures of 2-10 years. These rates are among the highest in the industry, making RBL Bank an attractive option for those looking for higher returns on their deposits.
Union Bank of India is also offering competitive interest rates on FDs. The bank is offering an interest rate of 8.1% on FDs with tenures of 5-10 years for senior citizens. For regular customers, the bank is offering an interest rate of up to 7.8% on FDs with tenures of 5-10 years.
These high interest rates are being offered to select customers, including senior citizens, non-resident Indians (NRIs), and existing customers. The interest rates are also subject to change and may not be available for all deposit amounts. It is essential for customers to check the interest rates and terms and conditions before investing in an FD.
The increase in interest rates on FDs is a result of the Reserve Bank of India’s (RBI) decision to raise the repo rate. The RBI has increased the repo rate by 225 basis points since May 2022, leading to a rise in lending rates and deposit rates. As a result, banks have been increasing interest rates on FDs to attract deposits and maintain their liquidity.
In conclusion, RBL Bank and Union Bank of India are offering high interest rates of up to 8.5% on FDs to select customers. These rates are among the highest in the industry, making them an attractive option for those looking for higher returns on their deposits. However, customers should check the interest rates and terms and conditions before investing in an FD. With the RBI’s decision to raise the repo rate, banks are expected to continue increasing interest rates on FDs, providing customers with more options for higher returns on their investments.
SGB 2017-18 Series I Matures: RBI Reveals Final Price, Offering 221% Returns to Investors on Maturity – Full Details Inside
The Reserve Bank of India (RBI) has announced the final redemption price for the Sovereign Gold Bond (SGB) 2017-18 Series I, which was issued in June 2017. The bond is set to mature on June 19, 2022, and investors who purchased the bond will earn a whopping 221% return on their investment. The final redemption price has been fixed at ₹5,115 per gram, which is significantly higher than the issue price of ₹2,902 per gram.
The SGB scheme was launched by the Government of India in 2015 to reduce the demand for physical gold and to provide investors with a safe and secure way to invest in gold. The bonds are denominated in grams of gold and are issued by the RBI on behalf of the Government. The bonds have a tenure of 8 years, with an option to exit after 5 years.
The SGB 2017-18 Series I was the first series of the fiscal year 2017-18, and it was issued in June 2017. The issue price was ₹2,902 per gram, and the bond was available for subscription from June 12 to June 16, 2017. The bond has a face value of ₹2,000 per unit, and investors could purchase a minimum of 1 gram and a maximum of 4 kilograms of gold.
The final redemption price of ₹5,115 per gram is a significant increase from the issue price, and it translates to a return of 221% on the investment. For example, if an investor had purchased 1 gram of gold for ₹2,902, they will now receive ₹5,115, which is a gain of ₹2,213. This is a significant return on investment, especially considering that the bond has a relatively long tenure of 8 years.
The RBI has announced that the redemption price will be paid to investors on June 20, 2022, and it will be credited to their bank accounts. Investors who have purchased the bond can check the final redemption price and their returns on the RBI’s website. The SGB scheme has been a successful initiative, and it has helped to reduce the demand for physical gold and to provide investors with a safe and secure way to invest in gold. The scheme has also helped to mobilize gold savings and to provide a fillip to the government’s efforts to reduce the current account deficit.
UP: Police arrest 4, including Axis Bank advisor, in connection with murder of specially-abled man over Rs 51 lakh insurance policy
The Sambhal Police in Uttar Pradesh, India, have solved a year-old murder case of a specially-abled man named Dariyab, whose death was initially reported as a road accident. The police have arrested four people, including an Axis Bank advisor, for orchestrating the crime, which was driven by a Rs 51 lakh insurance claim. The accused had taken out multiple life insurance policies in Dariyab’s name and hired a criminal to murder him in order to claim the insurance money.
According to the police, Dariyab was first struck on the head with a hammer and then run over by a car. His relatives had filed a complaint of rash driving, and the police had initially closed the case due to lack of evidence. However, after receiving a tip-off from Tata AIA, the life insurance arm of Tata, suggesting foul play, the police reopened the case and discovered the insurance scam.
The investigation revealed that two brothers, Hariom and Vinod, had conspired with Pankaj Raghav, an advisor at Axis Max Life Insurance, to create multiple life insurance policies in Dariyab’s name. They then hired a criminal named Pratap to murder Dariyab in August 2024. The accused had already received Rs 15 lakh in payouts before the police uncovered the scam and arrested them.
The police have recovered the murder weapon, a hammer, and documents related to the insurance policies. The Sambhal SP, Krishan Bishnoi, stated that the case was solved due to the tireless efforts of the police team and the crucial tip-off from Tata AIA. The arrest of the accused has brought relief to the family of the victim, and the police have warned against such Insurance scams, urging people to be cautious when dealing with insurance policies. The case highlights the need for vigilance and cooperation between insurance companies and law enforcement agencies to prevent such crimes.
The Reserve Bank of India (RBI) has slapped penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, and two others.
The Reserve Bank of India (RBI) has imposed penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, IDBI Bank, and Bank of Maharashtra, for non-compliance with various regulatory directions. The penalties, ranging from ₹29.60 lakh to ₹97.80 lakh, were imposed due to deficiencies in regulatory compliance in areas such as cyber security, know your customer (KYC) norms, credit and debit card issuance, and customer service.
ICICI Bank was fined ₹97.80 lakh for non-compliance with RBI directions on cyber security, KYC, and credit and debit card issuance. Bank of Baroda was penalized ₹61.40 lakh for non-compliance with directions on financial services and customer service. IDBI Bank and Bank of Maharashtra were each fined ₹31.80 lakh for non-compliance with directions on interest subvention scheme for agricultural loans and KYC norms, respectively.
Axis Bank was penalized ₹29.60 lakh for unauthorized operation of internal accounts. The RBI clarified that the penalties were not intended to question the validity of any transactions or agreements entered into by the banks with their customers, but rather to address the deficiencies in regulatory compliance.
The penalties are a reminder of the RBI’s focus on ensuring that banks adhere to regulatory requirements and maintain high standards of compliance. The central bank has been actively monitoring banks’ compliance with various regulations and has taken enforcement actions against those that fail to meet the required standards. The penalties imposed on these five banks serve as a warning to other lenders to ensure that they are in compliance with all regulatory requirements to avoid similar penalties in the future. Overall, the RBI’s actions aim to promote a safe and sound banking system that protects the interests of customers and maintains public trust in the financial sector.
Major overhaul proposed for Summerside schools in new PSB report, which recommends closure of Parkside
A recent study by the Public Schools Branch in Prince Edward Island has recommended the closure of Parkside Elementary School, one of Canada’s oldest schools, due to significant ongoing challenges with air quality, heating, and maintenance. The 27-page report suggests that the school’s heritage status would make it difficult to upgrade, and instead proposes building a new school to accommodate up to 750 students from kindergarten to Grade 9. The new school could be located along the East-West Corridor, a new artery road being built through the City of Summerside, which is expected to experience significant growth and development in the coming years.
Summerside Mayor Dan Kutcher, who recently toured the school, described it as “physically, structurally probably not fit for teaching” due to various physical issues, including leaking water and loud HVAC machines that had to be turned off during the day. The report also outlines options to address overcrowding, including adding classrooms, rezoning students, and potentially moving Grades 7-9 out of Miscouche Consolidated.
The proposed closure of Parkside Elementary has sparked concerns in the community, with Liberal Opposition Leader Hal Perry stating that families are facing the possibility of closure without proper consultation or information. Premier Rob Lantz has assured that no decisions will be made without full consultation with the school community, and has expressed his commitment to investing in Island schools and providing students with the best possible facilities.
Public consultation on the proposal will continue until June 2, with school board trustees ultimately having the final say on what happens. The issue has been discussed in the provincial legislature, with Perry asking Lantz to guarantee full and transparent consultation with the school community before any decisions are made. Lantz has confirmed that no decisions will be made without such consultation, and has emphasized the importance of investing in Island schools to provide students with quality education and facilities.
The proposed new school would address significant enrollment growth expected in the Greater Summerside Area over the next few years, with the East-West Corridor identified as a potential location. The area is expected to experience significant development, with over 2,000 homes expected to be built on 3,000 acres of land. The new school would provide a modern and suitable learning environment for students, addressing the current challenges faced by Parkside Elementary.
RBI panel proposes longer trading hours, eyeing a 7pm close for money markets
A Reserve Bank of India (RBI) panel has proposed extending the operating hours of the money market from 5pm to 7pm. This move aims to provide banks with greater flexibility in managing short-term liquidity and accessing interbank and central bank funds. The proposal comes in response to the growing complexity and size of India’s financial markets, which have become increasingly linked to global markets. The panel was established to review trading and settlement hours across RBI-regulated markets, with a focus on improving market efficiency, liquidity, volatility, and price discovery.
Since the last major review in 2019, India’s financial markets have undergone significant changes, including an increase in participants, products, and non-resident activity. The introduction of round-the-clock payment systems, such as UPI, has also altered liquidity dynamics. The panel believes that extending trading hours will help to better align India’s markets with global markets and provide more opportunities for market participants.
The proposed changes include extending call money trading to 7pm, with a reporting window closing at 7:30pm. Market repo and triparty repo (TREP) trades would be permitted until 4pm, an hour later than the current close. The settlement window for repo deals would also be shifted to 5:30-6:30pm. Additionally, the liquidity adjustment facility (LAF) auction would be moved forward to 9:30-10am to align market operations at the start of the day.
The extension of trading hours is expected to have several benefits, including improved liquidity, reduced volatility, and more efficient price discovery. It will also provide banks with greater flexibility in managing their short-term liquidity and accessing interbank and central bank funds. The RBI will continue to fine-tune operations throughout the day, as needed. Overall, the proposed changes aim to enhance the efficiency and effectiveness of India’s financial markets, making them more competitive and attractive to global investors.
Breaking: Federal Reserve Conducts Internal Review of Confidential Bank Ratings, Affecting Top US Financial Institutions – Report
The Federal Reserve is conducting a review of its secret ratings system for the nation’s largest banks, according to a Wall Street Journal exclusive report. The ratings, known as “component ratings,” assess the financial health and management of the banks, and are used to determine the level of regulatory oversight and scrutiny they receive. The review is aiming to make the ratings system more transparent and easier to understand, and to ensure that it is fair and consistent in its application.
The Fed’s secret ratings system has been in place since the 1970s, and is used to evaluate the nation’s largest banks, including JPMorgan Chase, Bank of America, and Wells Fargo. The ratings are based on a series of factors, including the bank’s capital levels, asset quality, management, and liquidity. The ratings are typically given on a scale of 1 to 5, with 1 being the highest rating and 5 being the lowest.
The review of the ratings system comes after criticism from some lawmakers and banking industry executives, who have argued that the system is opaque and inconsistent. Some have also argued that the ratings can be arbitrary and subjective, and that they can have a significant impact on a bank’s ability to lend and grow. The Fed has acknowledged that the ratings system can be complex and difficult to understand, and has said that it is committed to making the system more transparent and fair.
As part of the review, the Fed is considering several changes to the ratings system, including making the criteria for the ratings more clear and consistent, and providing more detailed explanations of the ratings to the banks. The Fed is also considering making the ratings themselves more public, although it is unclear how much information would be made available.
The review of the ratings system is significant, as it has the potential to impact the way that the nation’s largest banks are regulated and overseen. A more transparent and fair ratings system could help to promote greater stability and confidence in the banking system, and could also help to prevent future financial crises. However, the review is also likely to be contentious, as some banks may resist changes to the system that they believe could increase their regulatory burdens or limit their ability to lend and grow.
Overall, the Fed’s review of its secret ratings system for the nation’s largest banks is an important step towards greater transparency and fairness in the regulatory system. By making the ratings system more clear and consistent, the Fed can help to promote greater stability and confidence in the banking system, and can also help to ensure that the nation’s largest banks are operating in a safe and sound manner.
Standard Chartered Bank takes pension dispute with employees to Supreme Court, appeals against ruling – Daily Nation
Standard Chartered Bank (StanChart) has taken its fight against a court order to pay its former employees a combined Sh1.5 billion in pension awards to the Supreme Court. The bank is challenging a Court of Appeal ruling that upheld a decision by the Employment and Labour Relations Court, which ordered StanChart to pay the pension benefits to over 200 former staff members.
The former employees had sued the bank, arguing that they were entitled to a higher pension payout based on their final salaries and years of service. The Employment and Labour Relations Court agreed with them, ruling that the bank had underpaid their pension benefits. The Court of Appeal later upheld this decision, prompting StanChart to appeal to the Supreme Court.
The bank argues that the Court of Appeal erred in its judgment, claiming that the pension scheme in question was a discretionary trust that allowed the bank to make decisions on pension payouts. StanChart contends that it had followed the rules of the pension scheme and that the former employees were not entitled to the higher payout.
The former employees, on the other hand, argue that the bank had breached its contractual obligations to them by underpaying their pension benefits. They claim that the bank had promised to pay them a certain amount based on their final salaries and years of service, but had failed to do so.
The Supreme Court’s decision in this case is expected to have significant implications for employers and employees in Kenya. If the court upholds the lower courts’ decisions, it could set a precedent for employers to pay higher pension benefits to their former employees. On the other hand, if the court rules in favor of StanChart, it could limit the ability of employees to claim higher pension benefits.
The case also highlights the importance of clear and transparent pension schemes. The dispute between StanChart and its former employees arose from a disagreement over the rules of the pension scheme and how they should be interpreted. The Supreme Court’s decision is expected to provide clarity on this issue and help to prevent similar disputes in the future.
Overall, the StanChart pension award case is a significant employment law dispute that has far-reaching implications for employers and employees in Kenya. The Supreme Court’s decision will be closely watched by both parties, as well as by other employers and employees who may be affected by the outcome.
Cibus Fund II Takes Over PSB Producción Vegetal in Latest Acquisition | News
Cibus Fund II, a sustainable agri-food investment fund, has acquired a majority stake in PSB Producción Vegetal, a leading stonefruit breeder. The acquisition will drive the development of high-quality, climate-resilient fruit varieties to meet the evolving demands of producers, consumers, and the supply chain. PSB, founded in 1989, has a portfolio of 74 patented varieties and 51 more under development, including peaches, nectarines, apricots, and plums. The company’s research and development (R&D) integrates advanced molecular marker techniques and a hybridization program to develop fruit varieties with superior flavor, disease resistance, and adaptability to climate change.
The investment from Cibus Fund II will accelerate PSB’s R&D capabilities and global expansion, supported by strategic guidance from industry veterans. The partnership aims to address global food security, sustainability, and climate change adaptation through advanced plant breeding. PSB’s recent advancements include the development of disease-resistant stone fruit varieties, enabling healthier production with a lower environmental impact.
The acquisition is seen as a significant milestone for PSB, with CEO Stéphane Buffat retaining a stake in the business and continuing to run it. Buffat believes the partnership will enhance PSB’s breeding programs through technological innovation and expand into new markets, delivering exceptional fruit varieties that will delight consumers and empower growers. Rob Appleby, founder and CIO of Cibus Capital, commented that partnering with PSB places the fund at the forefront of natural breeding in the high-value fruit sector, with enormous potential to expand its impact globally and transform the fruit industry with next-generation varieties.
The investment highlights the critical role of advanced plant breeding in addressing global challenges, including climate change adaptation and sustainability. With the support of Cibus Fund II, PSB aims to create climate-resilient crops that ensure sustainable food supply chains in a rapidly changing world. The partnership is expected to drive growth and innovation in the fruit industry, delivering benefits to producers, consumers, and the environment.
Rajiv Anand is likely to be considered for the top position at IndusInd Bank, according to insiders.
IndusInd Bank is considering Axis Bank’s Deputy Managing Director, Rajiv Anand, as a potential candidate for the role of Managing Director and CEO. This comes after the bank’s former CEO, Sumant Kathpalia, resigned taking moral responsibility for discrepancies found in the lender’s derivatives portfolio. Anand is set to retire from Axis Bank in August and has a strong background in retail, wholesale, and treasury, making him a suitable candidate for the role.
Sources close to the matter have indicated that Anand’s experience and skills make him a strong contender for the top job at IndusInd Bank. The bank’s board is looking for a candidate with retail experience, given its higher exposure to vehicle finance and micro loans. Anand’s background as a chartered accountant and his experience in handling mutual funds, retail, and wholesale segments, as well as his understanding of treasury, make him an attractive candidate.
Other candidates who may be considered for the role include Pralay Mondal, CEO of CSB Bank, Shanti Ekambaram from Kotak Mahindra Bank, and Anup Bagchi from ICICI Prudential Life Insurance. However, sources suggest that Anand is the most suited candidate for the job.
The discrepancies found in IndusInd Bank’s derivatives portfolio could have an impact of around ₹2,000 crore on the bank’s balance sheet. The bank’s former CEO, Sumant Kathpalia, resigned on April 29, taking moral responsibility for the discrepancies. The bank has received approval from the Reserve Bank of India to appoint a committee of executives to dispense the CEO’s duties until a new CEO is appointed.
Anand’s potential appointment as CEO of IndusInd Bank is seen as a positive move, given his experience and expertise in the banking sector. His retirement from Axis Bank in August is seen as a natural transition, and his consideration for the top job at IndusInd Bank is viewed as a natural next step in his career.
Overall, the search for a new CEO at IndusInd Bank is ongoing, and Anand is considered a strong contender for the role. His experience, skills, and background make him a suitable candidate to lead the bank forward, and his potential appointment is seen as a positive move for the bank.
Apply for Karur Vysya Bank Platinum Credit Card Online in 5 Easy Steps
The Karur Vysya Bank (KVB) offers a platinum credit card that provides a unique blend of lifestyle perks, rewards, and travel rebates, making it a competitive offering in the market. The card is designed for individuals seeking to boost their everyday savings and comes with benefits such as accelerated reward points, welcome bonuses, and fuel surcharge waivers. To apply for the KVB platinum credit card, individuals can visit the bank’s official website and follow a five-step process:
1. Visit the website and select the platinum credit card option
2. Enter personal details such as name, mobile number, and email ID
3. Upload required documents such as PAN card, ID proof, and income documents
4. Verify and approve the application
5. Receive an acknowledgement number and wait for the card to be dispatched
Alternatively, individuals can also apply for the credit card in person at their nearest KVB branch. The basic eligibility criteria for the KVB platinum credit card include being between 21 and 65 years old, having a stable income, and being a resident of India. The key features and benefits of the card include earning 2 reward points for every ₹150 spent, a welcome bonus of 500 points, and a 1% fuel surcharge waiver. The annual fee of ₹999 can also be waived off on reaching specific annual spending targets.
The KVB platinum credit card is a valuable blend of savings, rewards, and convenience, making it suitable for frequent travelers and smart spenders. Individuals can refer to the bank’s official website for more details and discuss their queries with the dedicated customer support team. It’s essential to note that the eligibility criteria, features, and benefits may be subject to change, and individuals should always refer to the bank’s official website for the most up-to-date information.
The article also comes with a disclaimer that Mint has a tie-up with fintechs for providing credit, and applying for credit comes with risks such as high interest rates and hidden charges. It’s advised that investors discuss with certified experts before taking any credit. Overall, the KVB platinum credit card is a unique financial product that provides a range of benefits and rewards, making it a competitive offering in the market.
Standard Chartered’s CFO expresses caution over potential delays in completing key banking transactions if market uncertainty persists.
Standard Chartered PLC is a prominent banking group with a strong presence in emerging countries. The company’s net banking products can be broken down into three main categories: retail and private banking, commercial and corporate banking, and other activities. Retail and private banking accounts for 51.8% of the group’s net banking products, and includes services such as traditional banking, credit cards, consumer loans, and online banking. This segment caters to individual customers and small to medium-sized businesses, providing a range of financial products and services to meet their needs.
The commercial, corporate, investment, and market banking segment accounts for 47.3% of the group’s net banking products. This segment provides financial services to larger businesses and corporations, including business financing, cash management, and investment products. The remaining 0.9% of the group’s net banking products are classified as “other” activities.
In terms of financial performance, Standard Chartered PLC had a significant amount of deposits and loans on its balance sheet at the end of 2023. The group had USD 497.4 billion in current deposits, indicating a strong base of customer funds. Additionally, the group had USD 331.9 billion in current loans, which suggests a substantial portfolio of lending activities.
Geographically, the group’s income is distributed across various regions. The majority of the group’s income comes from Asia, which accounts for 70.2% of total income. This is followed by Africa and the Middle East, which accounts for 16.2% of income. Europe and the Americas account for 9.5% of income, while other regions account for 4.1%. This geographic distribution reflects the group’s strategic focus on emerging markets and its commitment to serving customers in these regions. Overall, Standard Chartered PLC is a major player in the global banking industry, with a diverse range of products and services and a strong presence in emerging markets.
RBI Cracks Down: 7 Non-Banking Financial Companies Lose License, 11 Others Withdraw Registration, Full List Inside
The Reserve Bank of India (RBI) has taken action against 7 non-banking financial companies (NBFCs) in April. The license of 6 NBFCs has been cancelled, and a monetary penalty has been imposed on one. The cancelled licenses include those of Unitara Finance Limited in Madhya Pradesh, Thamiraparani Investments Private Limited, Armusk Infrastructure Investments Limited, Vishwapriya Finance Limited, Matrix Financial Services Limited, all in Tamil Nadu, and Welfil Securities Limited in Gujarat. These companies are no longer allowed to operate as NBFCs under the RBI Act 1934.
The RBI has also imposed a penalty of Rs 71.30 lakh on Mahindra & Mahindra Financial Limited for violating various rules. The company failed to disclose processing fees and other charges in some loan applications, did not provide loan details to some borrowers, and did not give some borrowers a last chance to repay their loans before the sale or auction of vehicles. The company also allotted multiple customer identification codes to some customers instead of a unique code.
In addition to the cancelled licenses and penalty, 11 NBFCs have surrendered their licenses voluntarily for various reasons. The RBI’s actions are aimed at ensuring that NBFCs operate in a fair and transparent manner, and that customers are protected from unfair practices.
The cancelled licenses and penalty imposed by the RBI will not affect the transactions taking place between customers and the companies. However, the companies that have had their licenses cancelled will no longer be able to operate as NBFCs, and customers will need to take their business to other licensed institutions. The RBI’s actions demonstrate its commitment to regulating the NBFC sector and ensuring that companies operate in compliance with the law. The central bank will continue to monitor the sector and take action against companies that fail to comply with regulations.
Q4 Earnings Preview: Marico, Godrej Properties, and City Union Bank to Announce Results Today – What to Expect
Several major companies are set to announce their earnings for the March quarter on Friday, including Marico Ltd., Godrej Properties Ltd., and City Union Bank Ltd. Analysts have made predictions about the financial performance of these companies based on consensus estimates.
Godrej Properties Ltd. is expected to report a 1% year-on-year decline in consolidated revenue, with estimates suggesting a revenue of Rs 1,411 crore for the fourth quarter. The company’s net profit is also expected to decline to Rs 364.4 crore, compared to Rs 471 crore in the same quarter last year. However, on an operational basis, Godrej Properties is projected to grow its Ebitda (earnings before interest, tax, depreciation, and amortization) to Rs 343.8 crore, with a margin of 24.4%. This suggests that the company may be able to maintain its profitability despite a decline in revenue.
In contrast, Marico Ltd. is expected to report a strong performance, with analysts forecasting a nearly 16% jump in revenue to Rs 2,656 crore. The company’s profit is also expected to increase to Rs 336.7 crore, up from Rs 318 crore in the same quarter last year.
City Union Bank Ltd. is estimated to post a 7% growth in standalone revenue, with estimates suggesting a revenue of Rs 771.2 crore for the March quarter. The bank’s net profit is expected to come in at Rs 283 crore.
Another company, R R Kabel, is projected to report a consolidated revenue of Rs 2,065 crore and a net profit of Rs 90.1 crore. While the exact details of the company’s performance are not available, the estimates suggest that it may have had a stable quarter.
Overall, the earnings announcements on Friday are expected to provide insight into the performance of these companies and the broader trends in their respective industries. While some companies, such as Godrej Properties, may report declining revenue, others, such as Marico and City Union Bank, are expected to post strong growth. The actual earnings announcements may differ from the estimates, and investors will be watching closely to see how the companies perform.
Will the EU Shift its Trade Focus Away from the US? – Standard Chartered
Over the past decade, the United States has emerged as the European Union’s (EU) dominant trade partner, with bilateral goods trade worth approximately €1 trillion in 2024. This represents over 20% of the EU’s total extra-regional exports. The US’s growing trade dominance can be attributed to several factors, including robust domestic demand, stagnant export growth to the UK since Brexit, and a decline in exports to China following the COVID-19 pandemic. However, the imposition of US tariffs could potentially disrupt this trade relationship, prompting the EU to seek alternative trade partners.
In the near term, the UK offers the greatest opportunity for the EU to expand trade flows. The existing Trade and Cooperation Agreement (TCA) between the two parties may be renegotiated to improve its terms, with progress possible as early as this summer. Both sides have incentives to strengthen their trade relationship, making the UK a prime target for the EU’s trade expansion efforts.
The EU’s relationship with China has shown signs of improvement, but the trading relationship remains lopsided, with the EU seeking to address concerns over the imbalance. While there are opportunities for cooperation, the EU’s concerns over the trade deficit and other issues must be addressed.
The EU is also pursuing other trade agreements, including the EU-Mercosur deal, which may receive a boost due to the evolving global trade landscape. However, ratification of the deal is still uncertain. Additionally, trade negotiations with countries such as Malaysia, the Philippines, and Thailand have resumed, although EU environmental regulations remain a point of contention.
In the long term, an EU-India free trade agreement (FTA) may offer significant benefits for the EU. Changes to the negotiation process could facilitate progress, but several hurdles must be overcome before an agreement can be reached. Overall, the EU is seeking to diversify its trade relationships and reduce its dependence on the US, while also addressing concerns over trade imbalances and environmental regulations. By pursuing new trade agreements and renegotiating existing ones, the EU aims to accelerate its trade expansion efforts and promote economic growth.
Empowering financially excluded communities through voice-enabled banking solutions designed for India’s low-literacy populations
India has an estimated 18 crore people who struggle to read and write in their native languages, despite high smartphone penetration. To bridge this gap, banks, startups, and government organizations are leveraging voice-based technology and Artificial Intelligence (AI). The central government’s New India Literacy Programme aims to target five crore non-literate individuals, while the Reserve Bank of India (RBI) has issued guidelines for setting up Financial Literacy Centres. However, voice-based technology has emerged as a more effective solution, particularly for the aspirational middle class.
Ujjivan, a microfinance company, partnered with Navana.ai to develop a voice-based app that uses icon-based interfaces and voice guidance to make it easy for low-literate customers to navigate. The app, launched in 2022, supports nine languages and has seen significant improvement in customer engagement. Customers can now log in to the app one to two times a month, compared to once every six months. The app’s voice-bot feature allows customers to speak into the app, and it comprehends their requests, guiding them to the relevant page.
The Indian government has also launched an AI-based translation platform, Bhashini, which enables real-time translation across 11 regional languages. The platform is being used for voice-based UPI payments, allowing users to transfer money by speaking in their local language. Bhashini has collaborated with the National Payments Corporation of India (NPCI) to enable voice-based UPI transactions and has also launched a Public Tech Platform for Frictionless Credit, which supports multiple languages.
The future of voice-first banking is promising, with industry leaders agreeing that it is breaking new ground. Bank outreach programs are evolving with AI-powered IVRS systems, which can recognize and respond in a customer’s regional language. Navana.ai has partnered with Bajaj Finserv, where its bot speaks six languages and closes Rs 150 crore in personal loans monthly. Large banks, such as HDFC, are also taking notice, with plans to enable voice in their mobile apps.
Voice-based banking services are expected to be highly personalized to the user, in terms of both their history with the business and interaction in their regional language. While testing remains a hurdle, adoption is expected to increase as the technology advances. For India’s low-literate customers, voice-based banking could finally mean having a voice in the banking system. The holy grail of full-fledged voice banking is not far off, with operators saying it’s only a matter of time before natural conversations in regional languages are fully integrated across all banking channels.
Effective immediately, these transactions will incur higher costs
Significant changes are on the horizon for credit card users in India, particularly those holding cards from Axis Bank and SBI Card. These changes are set to take effect in early 2025, coinciding with adjustments to ATM fees. Here’s a breakdown of what’s expected:
Axis Bank Vistara Credit Card Changes: Following the merger of Vistara with Air India, Axis Bank has announced alterations to the benefits of its Vistara Credit Card. These adjustments will be effective for all card renewals starting from April 18, 2025. The merger and subsequent changes aim to synchronize the loyalty programs and benefits offered by the airlines, potentially streamlining rewards for frequent flyers. However, the exact nature of these changes, whether they enhance or diminish the card’s value, is yet to be fully detailed.
- SBI Card Reward Program Adjustments: SBI Card, another major player in the Indian credit card market, is revamping its reward program. This overhaul will result in select transactions earning fewer reward points for cardholders. The shift is scheduled to occur between March 31 and April 1, 2025. While the specifics of which transactions will be affected and to what extent the reward points will decrease are not provided, this change could impact cardholders’ accumulation of rewards, potentially making certain purchases less lucrative in terms of rewards.
These changes underscore the evolving landscape of credit card benefits and fees in India. As banks and financial institutions navigate market conditions, mergers, and changes in consumer behavior, cardholders can expect adjustments to their credit card agreements. It’s essential for individuals to review the new terms and conditions of their credit cards to understand how these changes might affect their spending habits and rewards accumulation.
In the context of rising ATM fees and alterations to credit card reward structures, consumers are advised to reassess their financial strategies. This might involve exploring different credit cards that offer more favorable terms, adjusting spending habits to maximize rewards under new programs, or considering alternative payment methods. As the financial sector continues to evolve, staying informed about changes to credit card policies and benefits will be crucial for making the most of available financial tools.
Jana Small Finance Bank’s standalone net profit plunges 61.61% in Q4 2025, reveals Business Standard
Jana Small Finance Bank has reported a 61.61% decline in its standalone net profit for the quarter ended March 2025. The bank’s net profit stood at Rs 35.49 crore in the January-March 2025 quarter, down from Rs 92.13 crore in the corresponding quarter of the previous year.
The bank’s total income declined by 15.62% to Rs 777.46 crore in the March 2025 quarter, as compared to Rs 921.44 crore in the same quarter of the previous year. The bank’s interest income declined by 16.19% to Rs 673.56 crore, while non-interest income declined by 10.47% to Rs 103.90 crore.
The bank’s operating expenses increased by 13.71% to Rs 446.23 crore in the March 2025 quarter, as compared to Rs 392.22 crore in the same quarter of the previous year. The bank’s provisions and contingencies increased by 43.13% to Rs 120.64 crore, as compared to Rs 84.28 crore in the same quarter of the previous year.
Despite the decline in net profit, Jana Small Finance Bank’s asset quality improved during the quarter. The bank’s gross non-performing assets (NPAs) declined to 6.16% of its total advances as of March 2025, as compared to 7.15% as of March 2024. The bank’s net NPAs declined to 2.55% of its total advances as of March 2025, as compared to 3.37% as of March 2024.
The bank’s capital adequacy ratio (CAR) stood at 18.52% as of March 2025, as compared to 19.33% as of March 2024. The bank’s return on assets (RoA) declined to 1.35% in the March 2025 quarter, as compared to 3.13% in the same quarter of the previous year.
Jana Small Finance Bank’s performance during the quarter was impacted by the challenging macroeconomic environment and intense competition in the banking sector. The bank’s management has stated that it is taking steps to improve its asset quality, reduce operating expenses, and increase its digital offerings to customers. The bank is also focusing on increasing its retail lending business, including home loans, personal loans, and credit cards. Despite the decline in net profit, the bank’s improving asset quality and strong capital position position it well for future growth.
Can Kyobo’s Acquisition of SBI Breathe New Life into South Korea’s Failing Savings Banks?
The recent acquisition of SBI Savings Bank by Kyobo Life Insurance has sparked interest in the struggling savings bank sector in South Korea. SBI Savings Bank, which was on the verge of collapse, was taken over by Kyobo Life Insurance in a deal worth 220 billion won ($185 million USD). This move is expected to breathe new life into the savings bank industry, which has been facing numerous challenges in recent years.
The savings bank sector in South Korea has been struggling due to a combination of factors, including increased competition from larger commercial banks, poor asset quality, and a decline in deposits. Many savings banks have been forced to freeze deposits or suspend operations, leading to a loss of public trust and confidence in the sector.
However, the takeover of SBI Savings Bank by Kyobo Life Insurance is seen as a positive development, as it brings in a strong and stable investor with the resources to revamp the bank’s operations and restore public trust. Kyobo Life Insurance, one of the largest life insurers in South Korea, has a strong track record of managing assets and has pledged to inject fresh capital into SBI Savings Bank to improve its financial health.
The acquisition is also expected to have a positive impact on the broader savings bank sector, as it may encourage other strong investors to take an interest in the industry. The takeover may also lead to a consolidation of the savings bank sector, with weaker banks being acquired and merged with stronger ones, leading to a more stable and competitive industry.
Furthermore, the takeover may also lead to an increase in deposits and lending activity, as Kyobo Life Insurance’s strong brand and financial resources may attract new customers to SBI Savings Bank. This, in turn, may help to stimulate economic growth and job creation, particularly in the small and medium-sized enterprise (SME) sector, which has been a key focus area for savings banks.
Overall, the takeover of SBI Savings Bank by Kyobo Life Insurance is seen as a positive development for the struggling savings bank sector in South Korea. The acquisition brings in a strong and stable investor, which is expected to revamp the bank’s operations, restore public trust, and lead to a more stable and competitive industry. As the savings bank sector continues to evolve, it will be important to monitor the impact of this acquisition and the potential for further consolidation and growth in the industry.
A Mumbai court has issued a non-bailable warrant for Mehul Choksi in connection with a ₹55 crore loan fraud case involving Canara Bank, as reported by the Free Press Journal.
A Mumbai court has issued a non-bailable warrant against Mehul Choksi, a fugitive diamond merchant, in connection with a ₹55.27-crore loan fraud case involving Canara Bank. Choksi, who is currently residing in Antigua, has been accused of cheating and conspiracy along with his company, Gitanjali Gems. The warrant was issued by a special court set up to hear cases related to bank scams.
The case involves a loan that was sanctioned by a consortium of banks led by Canara Bank to Choksi’s company. However, the loan was allegedly used for purposes other than what was intended, and the company defaulted on the repayments. The Central Bureau of Investigation (CBI) had filed a charge sheet against Choksi and his company in 2018, but he had already fled the country by then.
Choksi has been on the run since 2018, and his whereabouts were unknown until he was spotted in Antigua. He has been living in the Caribbean island nation since then, and has been trying to avoid extradition to India. In fact, a Belgian court has delayed a hearing on Choksi’s challenge to his arrest, which is a setback for the Indian authorities who are trying to bring him back to the country to face trial.
The non-bailable warrant issued by the Mumbai court is a significant development in the case, as it paves the way for Choksi’s extradition to India. The Indian government has been trying to extradite Choksi from Antigua, but the process has been delayed due to various legal hurdles. The issuance of the non-bailable warrant is likely to put pressure on the Antiguan authorities to hand over Choksi to India.
The loan fraud case involving Choksi is one of the several cases of bank scams that have rocked India in recent years. The case has sparked widespread outrage and has led to calls for stricter laws and regulations to prevent such scams in the future. The Indian government has been taking steps to recover the money lost in the scam and to bring the perpetrators to justice. With the issuance of the non-bailable warrant, it seems that the authorities are one step closer to achieving this goal.
Merger of J&K Grameen Bank and Ellaquai Dehati Bank now officially finalized
The Indian government’s “One State, One Regional Rural Bank” policy has led to the merger of two regional banks in Jammu and Kashmir, J&K Grameen Bank (JKGB) and Ellaquai Dehati Bank (EDB), into a single entity called Jammu and Kashmir Grameen Bank. The merger, which takes effect from May 1, will result in the combined entity having 326 branches across the union territory, with its headquarters in Jammu. Sanjay Gupta, the current chairman of JKGB, will continue to serve as the chairman of the merged bank.
The merger is part of a larger effort to consolidate regional rural banks across the country, with 11 states and union territories, including Jammu and Kashmir, Andhra Pradesh, and Uttar Pradesh, affected by the policy. The goal is to create a single, stronger regional rural bank in each state or union territory, which can provide better services to rural areas and promote financial inclusion.
The Jammu and Kashmir Grameen Bank will be sponsored by Jammu and Kashmir Bank (JK Bank), which previously sponsored JKGB, while EDB was sponsored by State Bank of India. The merged bank will have increased assets and capital, allowing it to function like other nationalized banks and expand its area of operation. The bank’s branches will be located across the union territory, with 82 branches in the Kashmir valley and 28 in Jammu.
The merger is seen as a positive development, with officials believing that it will lead to better services and increased financial inclusion in rural areas. The Regional Rural Banks Act of 1976, which established the regional rural banks, was amended in 2015 to allow these banks to raise capital from sources other than the central government, state governments, and sponsor banks.
The merger of JKGB and EDB is not the first in Jammu and Kashmir, as Kamraz Rural Bank, which was sponsored by JK Bank, was previously merged with Grameen Bank. The merged bank will continue to focus on providing credit and other facilities to small farmers, agricultural laborers, and artisans in rural areas, promoting financial independence and development in the region.
Alert: New ATM transaction fees kick in from May 1 – Check the updated charges for SBI, BOB, HDFC, and ICICI Bank here
The Reserve Bank of India (RBI) has announced that it will charge fees for ATM transactions exceeding the free limit, effective May 1, 2025. The move aims to cover the costs of owning and maintaining ATMs, as well as providing services to customers of other banks. Under the new rules, customers will be charged an additional Rs 2 per transaction if they exceed their free withdrawal limit. The charge per transaction will increase from Rs 21 to Rs 23.
The number of free ATM transactions varies depending on the type of bank and location. Customers will be allowed five free ATM transactions at their own bank’s ATMs per month, three free transactions at other bank ATMs in metro cities, and five free transactions at other bank ATMs in non-metro cities. However, there will be no changes to the free transaction limits for savings account holders across banks in India.
Banks such as HDFC, PNB, and IndusInd have notified their customers about the changes. According to HDFC Bank, the ATM transaction charge rate beyond free limits will be revised to Rs 23 + taxes, applicable only after the free limit has been exceeded. Non-financial transactions will remain free. PNB has also revised its charges, with customers being charged Rs 23 per financial transaction and Rs 11 per non-financial transaction (excluding GST) at other banks’ ATMs.
IndusInd Bank has informed its customers that they will be charged Rs 23 per transaction for ATM cash withdrawals made at non-IndusInd Bank ATMs beyond the free limits, effective May 1, 2025. The new charges are aimed at helping banks recover the costs of maintaining and operating ATMs, as well as providing services to customers of other banks. Customers are advised to be mindful of their ATM transactions to avoid incurring additional charges. The revised charges will apply to all banks, including SBI, BOB, and ICICI Bank, among others.
DBS and OCBC are expected to post year-on-year declines in net income, while UOB’s net income growth is forecast to slow to 1.1% in the first quarter of FY2025, according to IG, as reported by The Edge Singapore.
According to a report by IG, DBS and OCBC are expected to report lower net income year-on-year (y-o-y) in the first quarter of fiscal year 2025 (1QFY2025). On the other hand, UOB’s net income is projected to grow, albeit at a slower pace of 1.1% in 1QFY2025.
The downgrade in net income for DBS and OCBC is attributed to several factors, including higher loan loss provisions, compressed net interest margins (NIMs), and slower fee income growth. The Singapore banking sector has been facing challenges due to the ongoing economic uncertainty, which has led to a decline in business confidence and credit growth. As a result, banks have been increasing their loan loss provisions to cushion against potential credit losses.
DBS, in particular, is expected to report a lower net profit due to its significant exposure to the credit market and higher loan loss provisions. OCBC, on the other hand, is likely to be impacted by the slower fee income growth and compressed NIMs. The bank’s wealth management and insurance businesses are expected to be affected by the market volatility and lower investment yields.
In contrast, UOB’s net income is expected to grow, albeit at a slower pace of 1.1% in 1QFY2025. The bank’s diversified business model, which includes a strong franchise in Southeast Asia, is expected to cushion the impact of the economic uncertainty. UOB’s loan portfolio is also considered to be more resilient, with a lower proportion of high-risk loans.
The slower growth in net income for UOB is attributed to the higher loan loss provisions and compressed NIMs. However, the bank’s strong capital position and diversified business model are expected to support its growth in the long term. Overall, the Singapore banking sector is facing challenges due to the economic uncertainty, but UOB’s diversified business model and strong capital position are expected to help it navigate the tough environment.
The report by IG highlights the importance of banks’ ability to manage their risk exposure and maintain a strong capital position in times of economic uncertainty. The Singapore banking sector is expected to remain challenging in the near term, but banks with a diversified business model and strong capital position are likely to be better equipped to navigate the tough environment.
Kotak Mahindra Bank’s Q4 FY25 Earnings Preview: What to Expect – Samco
Kotak Mahindra Bank is set to announce its Q4 results for FY25, and here are the key expectations:
Overview
Kotak Mahindra Bank is one of India’s leading private sector banks, with a strong presence in the retail banking, corporate banking, and treasury segments. The bank has consistently delivered strong financial performance, driven by its robust business model, efficient operations, and strategic investments in digital transformation.
Q4 Expectations
For the quarter ending March 2025, analysts expect Kotak Mahindra Bank to report a strong set of numbers, driven by:
- Net Interest Income (NII): A growth of 15-20% YoY, driven by a healthy increase in advances and a stable net interest margin (NIM).
- Non-Interest Income: A moderate growth of 10-15% YoY, driven by fees and commissions from retail banking and treasury operations.
- Provisions and Write-Offs: A decrease in provisions and write-offs, driven by a reduction in slippages and improvements in asset quality.
- Net Profit: A growth of 20-25% YoY, driven by the strong operating performance and lower provisions.
Key Trends to Watch
- Asset Quality: The bank’s asset quality has been improving consistently, with a decline in gross non-performing assets (GNPA) and net non-performing assets (NNPA).
- Retail Growth: The bank’s retail business has been a key driver of growth, with a strong increase in retail loans and deposits.
- Digital Transformation: The bank has been investing heavily in digital transformation, with a focus on mobile banking, online banking, and digital payments.
- Guidance: The management’s guidance on the bank’s growth prospects, asset quality, and provisioning requirements will be closely watched.
Outlook
The banking sector has been facing challenges due to the COVID-19 pandemic, but Kotak Mahindra Bank has navigated these challenges well, driven by its strong business model and prudent risk management. The bank is well-positioned to benefit from the economic recovery, driven by its strong retail franchise, improving asset quality, and digital transformation initiatives. Overall, analysts expect Kotak Mahindra Bank to deliver a strong set of Q4 results, driven by its robust operating performance and improving asset quality.
Developer involved in Bridgeport bank embezzlement scam sentenced to nearly 7 years behind bars
A real estate developer, Miroslaw Krejza, has been sentenced to nearly seven years in prison for his role in a massive embezzlement scheme that led to the collapse of Washington Federal Bank for Savings in Bridgeport. Krejza collected over $2.6 million in loans from the bank between 2005 and 2017, supposedly to develop several homes on the Northwest Side. However, he never completed or sold any of the homes and never repaid the loans. Instead, he used the money to fund his lifestyle, including taking multiple vacations to tropical destinations and Europe.
Prosecutors argued that Krejza played a significant role in the scheme and had “built nothing except for the façade used to conceal the embezzlement conspiracy.” They sought a nine-year prison sentence, while Krejza’s defense attorney argued for probation, claiming that his client’s work on the homes was halted by the housing market crisis and that he was not aware of the bank’s mismanagement.
The judge ultimately sentenced Krejza to 80 months in prison, calling the scheme a “slush fund” that averaged out to $120,000 per year for Krejza. The judge noted that there was evidence to suggest that Krejza knew what was going on and that he had benefited significantly from the scheme.
The case is part of a larger scandal involving Washington Federal Bank, which was founded to serve the Polish community but had close ties to the Daley family. The bank’s collapse in 2017 resulted in over $82 million in unaccounted-for funds. Several other individuals, including former bank employees and politicians, have been convicted or pleaded guilty in connection with the scheme. These include Marek Matczuk, who embezzled $6 million from the bank and received a 13-year sentence, and former 11th Ward Ald. Patrick Daley Thompson, who was convicted of lying to regulators and cheating on his taxes.
The scandal has also raised questions about the bank’s ties to the Daley family and the City Hall, with some suggesting that the bank’s collapse was linked to a larger corruption scheme. The case has led to calls for greater transparency and accountability in the banking industry and in government. With Krejza’s sentencing, the case has taken another step towards justice, but many questions remain unanswered about the full extent of the scheme and those involved.
PSB demands clarification from AFP over disastrous athletics event in Mashhad
The Athletics Federation of Pakistan (AFP) is under investigation for withdrawing from the Imam Ali Raza Athletics Championship in Iran at the last minute. The Pakistan Sports Board (PSB) has written a letter to the AFP seeking an explanation for the withdrawal, which caused financial losses to the host country and prevented Pakistan’s athletes from competing in the event. The AFP had confirmed their participation in the championship and had even obtained a No Objection Certificate (NOC) from the PSB.
The Iranian organizers had made all necessary arrangements, including non-refundable hotel bookings and transportation, for the eight-member Pakistan contingent. However, just days before the event, the AFP informed the organizers that the team would not be arriving, causing shock and frustration. The organizers are planning to write a letter to the international body and the AFP to express their concern about Pakistan’s late withdrawal.
The PSB has expressed disappointment and embarrassment over the incident, stating that it has severely undermined the morale of Pakistani athletes and strained bilateral sporting relations. The PSB had fulfilled all formalities and issued an NOC for the team’s participation, and the Iranian organizers had completed all visa arrangements. The PSB has asked the AFP to submit a detailed written explanation within three days, stating the reasons behind the abrupt withdrawal.
The incident has raised questions about the governance and accountability of the AFP, and the PSB has called for an explanation to prevent such incidents in the future. The withdrawal has also affected the preparations of Pakistani athletes for the upcoming Asian Athletics championship. The PSB has emphasized that such behavior reflects poorly on the country’s sporting reputation and has urged the AFP to take necessary measures to prevent similar incidents in the future. The AFP has been given a deadline to respond to the PSB’s letter, and further action may be taken if a satisfactory explanation is not provided.