Canara Bank achieves victory in the 2025 All India Public Sector Hockey Tournament
The 2025 All India Public Sector Hockey Tournament was held at the SAI hockey ground in Kolkata, and Canara Bank from Bengaluru emerged as the champions. They defeated Union Bank of India from Mumbai 4-2 in a penalty shootout after the match ended 3-3 in regular time. The winning score was 7-5 in favor of Canara Bank.
The championship was organized by Coal India Ltd, and the trophy was presented by former India Hockey captain and double Olympic bronze medalist P.R. Sreejesh and Vinay Ranjan, Director (P & IR) Coal India Limited. The event was attended by dignitaries including Ramesh Sachdeva, Consultant (AIPSSCB), Victor Anthony, Selector (AIPSSCB), Executive Director, General Managers, and HODs from CIL Headquarters.
In his address, Sreejesh congratulated the management of CIL for promoting hockey among public sector undertakings and advised the company to promote young talents in the field of sports. Dr. Vinay Ranjan emphasized the company’s commitment to promoting sports activities, including the Khelo India initiative, and mentioned that CIL has organized various sports events, including a marathon in Jharkhand and Odisha.
The final match was a high-scoring affair, with Union Bank of India dominating the game with their attacking prowess. Canara Bank fought back with timely counterattacks, and the match ended 3-3 after 60 minutes. The penalty shootout saw K.P. Dinesh, Yathish Kumar, G.N. Pruthviraj, and Likhith B.M. successfully convert for Canara Bank, while Darshil and Rahul C.J. scored for Union Bank of India. Jagdeep Dayal, the Canara Bank goalkeeper, was adjudged the best goalkeeper of the tournament.
The tournament also recognized individual performances, with awards for Best Goalkeeper (Jagdeep Dayal), Best Defender (Surender Kumar, FCI), Best Midfielder (Rahul Shinde, UBI), and Best Forward (Krishna Mohan, SAIL). Food Corporation of India secured third place, defeating SAIL 3-2.
With the launch of our latest banking innovation, customers can now seamlessly deposit funds for Senior Citizen Savings Schemes (SCSS) and benefit from our new facility!
The Senior Citizen Savings Scheme is a government-run savings scheme that offers a 8.2% annual return to its investors. HDFC Bank, one of the largest private banks in India, has recently started working as an agency bank for the government, allowing its customers to open Senior Citizen Savings Scheme accounts at its branches. The scheme is available to senior citizens above 60 years of age, as well as civilian employees who have retired or are above 55 years of age. Even defense service employees can open an account at the age of 50.
The scheme offers several benefits, including tax deduction under Section 80C of the Income Tax Act and a lock-in period of five years. However, the interest rates may vary and can be extended for three years. The scheme is also available at other banks selected by the Reserve Bank of India, including Andhra Bank, Allahabad Bank, and State Bank of India, among others.
HDFC Bank’s decision to work as an agency bank for the government has made it easier for its customers to invest in the Senior Citizen Savings Scheme. The bank’s customers can apply for the scheme by visiting any of its branches. The interest rate of 8.2% per annum has been determined by the Central Government and will be applicable from April 1, 2024, to March 31, 2025. Overall, the Senior Citizen Savings Scheme provides a safe and secure way for senior citizens and retired employees to protect their savings and earn a decent return.
Massive Nationwide Protest: All India Bank Unions to Go on Two-Day Strike, Demand Urgent Reforms and Better Working Conditions
The United Forum of Bank Unions has announced a two-day strike from March 23 to 25, supported by nine national bank unions, in protest of various demands and grievances. The union is demanding several key issues to be addressed, including resolving appointments, permanent employment of temporary workers, and a reduction of employees in public sector banks by 1.39 lakh between 2013 and 2024.
The unions are also demanding the withdrawal of the central government’s Performance Linked Incentives (PLI) guidelines, a focus on saving public sector banks, and for the central government and bank managements to address and resolve their demands. The unions are threatening future protests if their demands are not met.
The unions claim that the government had previously promised action but has since backtracked, leading to unfavorable circumstances for bank employees. The strike aims to bring attention to the issues faced by bank employees and to pressure the government and bank managements to take concrete steps to address them.
The five-day workweek is also a key demand of the union, which they believe would improve work-life balance and reduce stress among employees. The unions believe that the reduction in employees, as well as the performance-based incentives, have led to increased workloads and reduced job security for employees.
The strike is a critical moment for the banking industry, as it could have significant implications for financial services and the economy. The unions are ready to take immediate action if their demands are not met, demonstrating their commitment to addressing the concerns of bank employees and ensuring a better working environment. The strike will be a test of the government’s willingness to engage with the unions and address the issues.
Enforcement Directorate seizes assets worth Rs 1.7 crore in PNB scam, scrutinising further
The Directorate of Enforcement (ED) in Allahabad has provisionally attached six immovable properties worth Rs 1.76 crore in connection with its probe into the Punjab National Bank (PNB) scam. The properties, including agricultural land, a house, and a flat, are located in Kanpur, Fatehpur, Gorakhpur, and Varanasi. The ED investigation was initiated based on an FIR lodged by the anti-corruption branch of the Central Bureau of Investigation (CBI) in Lucknow against the then branch manager of the Vikas Bhawan branch of Gorakhpur, Shyama Nand Chaubey, and others.
The ED found that Chaubey and other accused individuals had misappropriated approximately Rs 4.4 crore by opening fictitious accounts and illegally transferring bank funds to their accounts. Chaubey, in connivance with others, misused government funds kept in dummy bank accounts and issued loans to various individuals without prior approval, receiving kickbacks in the form of bribes. He also duped many account holders by transferring money from their accounts without their consent.
The ED has seized six properties worth Rs 1.76 crore, including agricultural land, a house, and a flat, in connection with the probe into the PNB scam. The properties are located in various cities, including Kanpur, Fatehpur, Gorakhpur, and Varanasi. The investigation is ongoing, and the ED has provisionally attached the properties under the Prevention of Money Laundering Act (PMLA), 2002.
Union Bank of India Spearheads Innovative Thinking and Design with Ease (IDEA) Hackathon, Kicking off a Series of Public Sector Banking (PSB) Hackathons in 2025
The Union Bank of India, in collaboration with K J Somaiya College of Engineering, Mumbai, successfully concluded the IDEA Hackathon, a flagship event under the PSBs Hackathon Series 2025. This event is part of a larger initiative by the Department of Financial Services, Ministry of Finance, Government of India and Indian Banks Association, where all Public Sector Banks will conduct a series of Hackathons. The event aimed to delve into innovative solutions for real-world problems and critical areas of operations in the BFSI sector.
The hackathon received a strong response from nearly 300 teams from over 30 colleges across Maharashtra, with 42 teams participating in the 24-hour hackathon. Out of these, six winning teams were announced, including an all-women team and a differently-abled team. The winning teams received cash prizes totaling Rs. 11 lakhs, with the first, second, third, and consolation winners receiving Rs. 5 lakhs, Rs. 3 lakhs, Rs. 2 lakhs, and Rs. 1 lac, respectively.
The event was attended by distinguished delegates and dignitaries from leading banks, financial institutions, fintech firms, and regulatory bodies, including the MD & CEO of NPCI, Mr. Dilip Asbe. Union Bank of India’s MD & CEO, A. Manimekhalai, was present at the event, praising the young minds for showcasing their innovative solutions.
The IDEA Hackathon is a testament to Union Bank of India’s commitment to innovation and digital transformation. The bank will continue to support and encourage innovative ideas, driving growth and excellence in the BFSI sector.
Unleashing the Ultimate Driving Experience: 2023-2024 Aston Martin DBS 770 Review, Price, and Specs – A Glimpse into the Future of Performance
The Aston Martin DBS 770 Ultimate’s enhanced stiffness and handling are highlighted in its turn-in, where the previous DBS had a slight lag before the nose would swing into a turn. This delay is now eliminated, providing a more immediate and responsive turn-in experience. Additionally, the removal of a rubber damper from the steering column has improved steering feel and accuracy. The car’s revised damping also helps to reduce the transmission of road shocks to the driver.
The 770 Ultimate’s handling is characterized by its ability to seamlessly blend its immense powertrain with its sophisticated suspension, providing a ride that is both tactile and smooth. The car’s traction control system works unobtrusively, allowing the driver to fully exploit the V12 engine without being interrupted by sudden arrests of power.
Other refinements in the 770 Ultimate’s package include shorter torque interruption during gearshifts and the elimination of the “double-bump” transmission phenomenon, resulting in smoother and more seamless gear changes. Overall, the 770 Ultimate offers a more concentrated and accurate steering experience, as well as a more refined and enjoyable driving experience, regardless of speed. Its improved handling and power delivery make it an exceptional driving machine, rivaling the excellent V8 DB11 of 2018.
Axis is exploring alternative options after experiencing ongoing service difficulties with its current ATM provider.
Axis Bank is in talks to acquire 3,500-4,000 of its automated teller machines (ATMs) currently managed by struggling service provider AGS Transact Technologies. The bank is looking to transfer the machines to a new service provider due to concerns over deteriorating service quality. Under the current agreement, Axis Bank and AGS Transact have a “Brown Label ATM” arrangement, where the service provider manages the entire ATM lifecycle, including maintenance and cash management, while the bank’s branding appears on the machines.
The acquisition would involve a comprehensive audit of the ATMs to determine the purchase price, which would be based on factors including depreciation, maintenance, and upgrade costs. Axis Bank has already started discussing the deal with other ATM service providers, but will need to wait for the buyout to be completed before making the transition.
The move comes after a recent ET report highlighted the financial troubles of AGS Transact, which has impacted over 38,000 ATMs of major banks, including State Bank of India, ICICI Bank, and HDFC Bank. AGS Transact’s financial woes have led to the migration of over 50% of its machines to other network providers, and the company is struggling to pay its debts, which stand at over ₹726 crore. Credit rating agencies have downgraded the company’s ratings, citing a high risk of debt default. Despite these challenges, 80-85% of Axis Bank’s ATMs continue to function smoothly, with the bank operating over 15,000 ATMs and cash recyclers across the country.
IOB secures board approval to raise Rs 10,000 crore through infrastructure bonds
Indian Overseas Bank has received approval from its board to raise Rs 10,000 crores through the issuance of long-term infrastructure bonds. The funds will be used to finance and refinance infrastructure and affordable housing projects. This move is part of the bank’s strategy to cope with the intense competition for deposits in the current financial year. Other public sector banks, such as Bank of Maharashtra and Punjab National Bank, have also raised funds through long-term infrastructure bonds in recent months.
The funds raised through these bonds can be used only for lending to infrastructure and affordable housing projects, as per Reserve Bank of India (RBI) rules. The maturity period of these bonds must be at least seven years. Long-term bonds are a cheaper source of funds for banks, as the funds raised through these bonds are exempt from regulatory reserve requirements such as cash reserve ratio and statutory liquidity ratio.
The approval to raise funds through long-term infrastructure bonds is a significant step forward for Indian Overseas Bank, which will enable it to support the growth of infrastructure and affordable housing in the country. The bank’s strategy to raise funds through long-term infrastructure bonds demonstrates its commitment to supporting the country’s economic growth and development.
Due to a loss of federal funding, the Tarrant Area Food Bank is facing a $4.2 million shortfall, leaving them to scramble to ensure the community’s food needs are met.
The Tarrant Area Food Bank (TAFB) is facing a severe shortfall due to the cancellation of two federal programs that provided $1 billion in funding to food banks and schools to purchase food from local farmers and suppliers. The loss of two programs, the 2025 Local Food Purchase Assistance Program and the Commodity Credit Corp. supplemental food purchases, has resulted in a $1.9 million reduction in funding and the elimination of 39 truckloads of food. Additionally, the Local Food for Schools program was cut by $660 million. This amount to about 2.5 million meals that the food bank can no longer provide to food-insecure families.
This reduction in funding and food availability will place a strain on the food bank’s resources, making it challenging for them to continue supporting families, children, and seniors facing hunger. The organization is, however, committed to securing more food and assisting families in need. They are advocating for legislation to help farmers and provide ongoing assistance to families struggling with food insecurity.
To mitigate the impact, the TAFB is investing in local and regional food systems to encourage local farming and sustainable food production, which will reduce dependence on imported goods, stabilize food prices, and enhance food distribution. They will also work to recover surplus commodities and distribute them through food banks and hubs like the Sid W. Richardson Foundation Agricultural Hub in Fort Worth.
The food bank’s president, Julie Butner, emphasizes the importance of access to fresh produce for families in need, stating that it’s one of the most expensive items for them to procure. By connecting local agriculture with food banks, TAFB is supporting both local farmers and producers, while addressing food insecurity, strengthening regional food systems, and creating a positive feedback loop that benefits local economies.
SBI Card is set to dramatically reduce reward points on select credit cards, starting soon.
SBI Card is making changes to its reward program, which will affect some of its credit cardholders. From March 31, 2025, to April 1, 2025, certain transactions will earn fewer reward points. Specifically, the SimplyCLICK SBI Card and Air India SBI Credit Cards will be impacted.
The SimplyCLICK SBI Card will earn 5X reward points on Swiggy, a 50% reduction from the current 10X reward points. However, the 10X reward benefit will remain for other partner brands. The Air India SBI Credit Cards will also see significant reductions in reward points on Air India ticket bookings. The Air India SBI Platinum Card will earn 5% reward points per ₹100 spent, down from 15%, while the Air India SBI Signature Card will earn 10% reward points per ₹100 spent, down from 30%.
These changes will result in fewer rewards for frequent flyers and online shoppers. Additionally, IDFC First Bank is making changes to its Club Vistara co-branded credit card, discontinueing milestone benefits from March 31, 2025. However, cardholders can still earn Maharaja Points until March 31, 2026. The card will be fully phased out by this time. Club Vistara Silver Membership will no longer be available, and complimentary vouchers including one Premium Economy Ticket and one one-class upgrade voucher will be discontinued. Cardholders renewing their cards after March 31, 2025, will have their annual fee waived for one year.
Overall, these changes are likely to affect cardholders who frequently use these services, particularly Air India and Swiggy. Cardholders are advised to review the changes and adjust their spending habits accordingly to maximize their reward earnings.
Senior Citizens’ FD Offer: Take advantage of 9.10% interest rates on Fixed Deposits from these top banks, find out more details here!
Fixed Deposits (FDs) have been a popular investment option in India for many years, particularly among senior citizens. This is because FDs are considered to be a safe and secure way to invest, with a high return on investment. Senior citizens can earn higher interest rates than normal citizens, typically around 0.5% more, making it an attractive option for those looking to generate a steady income post-retirement.
Banks and non-banking financial companies (NBFCs) offer FDs with interest rates ranging from 2.50% to 9.10% for a period of 7 days to 10 years. Many private banks offer interest rates up to 7%, while some NBFCs offer 9% interest on FDs. This makes FDs a lucrative option for those seeking a high return on investment.
Top banks and NBFCs in India offer FD rates as follows:
* Public Sector Banks: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, State Bank of India, and Union Bank of India offer interest rates ranging from 7.75% to 7.95%.
* Private Sector Banks: Axis Bank, Bandhan Bank, DBS Bank, HDFC Bank, ICICI Bank, and Yes Bank offer interest rates ranging from 7.75% to 8.25%.
* Small Finance Banks: AU Small Finance Bank, Jan Small Finance Bank, North East Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer interest rates ranging from 8.40% to 9.10%.
FDs provide several benefits to senior citizens, including the option to withdraw the full or partial amount before maturity, as well as the option to renew the FD once it matures. Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage up to Rs 5 lakh on deposits with participating banks. With a minimum investment requirement as low as Rs 100, FDs are an accessible and secure investment option for senior citizens.
Finance Minister proposes to the RBI to issue 100-year government bonds, a long-term investment opportunity for the market.
Life Insurance Corporation of India (LIC) has made a request to the Reserve Bank of India (RBI) to introduce 100-year government bonds. This move is aimed at reducing the country’s growing fiscal deficit and attracting long-term investors to the country’s debt market. The LIC is one of the largest life insurers in the country and has been actively seeking to expand its investment options.
Additionally, the CEO of LIC, Sandip Das, announced that the corporation is likely to make an announcement on its acquisition of a stake in a health insurance firm by March 31, 2023. According to Das, the exact shareholding will depend on the valuation of the insurance firm. This move is part of LIC’s efforts to diversify its business and venture into new areas.
The request for 100-year government bonds is seen as a welcome move by the RBI, which has been struggling to manage the country’s high fiscal deficit. The RBI has been encouraging institutions like LIC to invest in long-term government securities to reduce the country’s debt burden and attract foreign investors.
The request comes at a time when the Indian government is planning to sell its stake in several state-run companies to attract foreign investors. The government has been looking to divest its stake in several public sector undertakings (PSUs) to raise funds and improve its balance sheet.
The CEO of LIC, Sandip Das, has expressed his confidence in the insurance firm’s ability to make a successful foray into the health insurance sector. “We have a strong franchise and a large distribution network, which will allow us to tap into the growing health insurance market,” he said.
The move by LIC to venture into health insurance is seen as a strategic shift by the company to diversify its portfolio and reduce its dependence on traditional life insurance products. The insurance firm is expected to make an announcement on its acquisition of a stake in a health insurance firm by the end of March 2023.
Thrilling draw for United Bank of India; SAIL salvage a point in a hard-fought 3-3 encounter with Canara Bank
The All India Public Sector Hockey Tournament 2025 continued on its second day at the SAI hockey ground in Kolkata, with a thrilling match between SAIL and UBI in Pool A. The contest ended in a 3-3 draw, giving both teams a point each. SAIL, who had dominated the opening day, taking down NALCO 17-0, now has four points from one victory and one draw. UBI, on the other hand, needs to win their next match against NALCO by a margin of at least 18 goals to qualify for the final.
In another match, Canara Bank outplayed FCI 3-2, with P.N. Purthviraj, P. Somaiah, and Chethan Malappa K. scoring goals for the Karnataka-based team. FCI, who had won their opening match against CIL 34-0, did not translate their territorial dominance into goals and ultimately lost.
The tournament is being held under the aegis of the All India Public Sector Sports Control Board (AIPSSCB) and features six Public Sector Undertakings (PSUs): FCI, NALCO, Canara Bank, UBI, SAIL, and CIL. The event aims to promote sports and well-being among employees of these organizations. The tournament will continue with two more days of matches to determine the winner.
South Indian Bank Celebrates Women’s Empowerment with the Launch of ‘Women Like You’ Book – A BW Businessworld Initiative
South Indian Bank, a leading private sector bank in India, marked International Women’s Day by launching a book titled “Women Like You” aimed at encouraging and empowering women in the corporate world. The book is a collection of inspiring stories of women who have made a mark in their respective fields, including business, sports, and social service.
The book was launched at a ceremony held at The Leela, Mumbai, which was attended by various dignitaries, including senior officials of the bank, authors, and guests. The event featured a panel discussion on “Elevating Women in the Workplace” which was moderated by renowned author and journalist, Barkha Dutt.
The “Women Like You” book is a result of a year-long initiative by South Indian Bank to recognize and celebrate the achievements of women who have made a significant impact in their professions. The book features stories of 20 women who have overcome challenges and achieved success in their respective fields, including business, sports, and social service.
Speaking on the occasion, D. R. Seth, MD & CEO of South Indian Bank, said, “We are proud to launch ‘Women Like You’ book, which is a testament to the incredible achievements of women in various fields. At South Indian Bank, we believe in promoting a gender-neutral work culture and empowering women to reach their full potential. This initiative is a step towards that vision.”
The book is a testament to the bank’s commitment to promoting diversity and inclusion in the workplace. It is available on all popular e-book platforms and will be distributed widely across the country.
The book launch event was also supported by partners like KAYA, a leading international content platform, and IIM Ahmedabad, one of the top-ranked business schools in India.
South Indian Bank has taken several initiatives to empower women, including offering specific services and products designed for women customers, women-friendly branches and ATMs, and training programs for women employees. The bank also provides special offers and discounts to women customers, including a special loan program for women entrepreneurs.
Overall, the “Women Like You” book launch is a significant step towards promoting women empowerment and celebrating their achievements in various spheres of life.
Effective immediately, SBI is revamping the rewards program on its SimplyCLICK and Air India credit cards, reducing the number of points earned from this date onwards.
SBI Card has announced changes to its credit card reward structures, affecting its SimplyCLICK and Air India co-branded credit cards. Effective March 31, 2025, the changes will reduce the accrual of reward points on certain transactions. Here’s a breakdown of the changes:
* SimplyCLICK SBI Card: Online spends on Swiggy will earn 5X reward points, down from 10X reward points. However, cardholders will continue to receive 10X Reward Points on transactions at partner merchants such as Apollo 24×7, BookMyShow, and others.
* Air India SBI Credit Cards: The reward benefits on Air India ticket bookings will be significantly reduced for Platinum and Signature Credit Cardholders. The accelerated reward rate for booking Air India tickets via the airline’s website or mobile app will drop from 15 and 30 reward points per ₹100 spent, respectively, to 5 and 10 reward points per ₹100 spent, respectively.
As a result, cardholders may see a reduction in the total reward points they accumulate on specific transactions. For instance, Air India SBI cardholders may experience a 66% to 75% cut in their reward benefits for booking flights. There is no new benefit announced to offset these reductions, and cardholders may need to explore alternative spending strategies or consider other credit cards that offer higher returns on dining and travel purchases to maximize their rewards.
Bank of Baroda launches a milestone Phygital Branch in New Delhi, marking a significant milestone in digital banking in the city.
Bank of Baroda, one of India’s leading public sector banks, has launched its latest phygital branch at Parliament Street in New Delhi. This innovative branch combines physical and digital banking services to provide a seamless customer experience. The Phygal branch features self-service kiosks, a video contact center for non-financial services, and universal service desks for in-person assistance.
The phygital branch aims to cater to diverse customer needs, offering both self-service and assisted service models. Customers can use self-service kiosks with interactive touchscreens to access a range of services, such as PAN updates, account statements, and nominee changes. The video contact center allows customers to connect with the bank’s contact center through video calls for assistance on non-personalized and non-financial services.
The universal service desks provide a one-stop solution for customers requiring in-person assistance with banking needs. The phygital branch is the fifth of its kind in the country, with the goal of redefining the banking experience for customers.
Speaking at the launch, Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “We are pleased to add another phygital branch in New Delhi, taking the milestone forward in redefining the banking experience for our customers. This initiative has started showing better customer experience.” The phygital branch has already started demonstrating improved customer experience, according to the bank. With this innovative model, Bank of Baroda aims to cater to a wide range of customer needs, offering both independent self-service and personalized assistance for those who prefer human interaction.
Here’s a reworded version:India’s IndusInd Bank Secures Rs 11,000 Crore Through Successful CD Issue, Confidence-Building Move
IndusInd Bank raised 11,000 crores in certificates of deposit (CDs) on Monday, a significant move to shore up its funding position following a 2,000 crore accounting discrepancy in its derivatives book. The bank issued CDs across six maturities, ranging from three months to one year, with prices ranging from 7.80-7.90%. While the bank raised money at a slightly higher rate compared to its peers, the fact that it was able to mobilize 11,000 crores on a single day suggests that investors have regained confidence in the bank following the Reserve Bank of India’s (RBI) assurance that the bank is well-capitalized and has a satisfactory financial position.
The fundraising has allayed investor concerns about IndusInd’s ability to raise funds, given that nearly 50.8% of its promoter’s stake is pledged. The Hinduja Group, which has a 16.29% stake in the bank, is also considering selling a significant portion of its stake to raise funds.
The bank’s one-year CDs were priced at 7.90%, which is higher than its peers, such as Axis Bank, which offered 7.62% for the same maturity. However, the bank’s ability to create a liquidity buffer of 11,000 crores in a single day is a significant achievement, according to the treasury head of a private bank. The lack of trades in IndusInd’s bonds in the secondary market suggests that investors are preferring to invest directly in the primary market.
The RBI’s directive to have the bank complete remedial actions by the end of the quarter is also seen as a positive development, as it indicates that the bank is committed to addressing its accounting lapses and restoring investor confidence. Overall, the bank’s successful fundraising efforts on Monday are seen as a positive sign that the market is returning to normal, and that investors are regaining confidence in IndusInd Bank.
A nation-wide bank employees’ strike is announced for March 24-25, following the breakdown of talks with the Indian Banks’ Association (IBA), as the Bank Union Forum takes to the streets to press for its demands.
The United Forum of Bank Unions (UFBU) has given an official call for a two-day nationwide strike on March 24 and 25 after negotiations with the Indian Banks’ Association (IBA) failed to yield desired results. The strike is expected to affect over 10 million bank employees and officers across the country. The demands of the union include filling up workmen and officer director posts in public sector banks, resolving residual issues with the IBA, and amending the Gratuity Act to raise the ceiling to ₹25 lakh. The union also seeks an exemption from income tax.
The UFBU represents nine major bank employees’ associations, including the All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), and All India Bank Officers’ Association (AIBOA). The union has been opposing “micro-management” of public sector banks by the Department of Financial Services (DFS), alleging that it threatens job security and undermines the autonomy of bank boards.
The strike is also over the union’s demand for adequate recruitment in all cadres, regularizing temporary employees, and a five-day workweek in the banking industry. The union has also sought the withdrawal of recent directives from the Department of Financial Services regarding performance reviews and performance-linked incentives. The strike is expected to have a significant impact on the banking sector and the economy as a whole, with over 10 million employees and officers participating in the strike.
Dhanlaxmi Bank targets robust double-digit growth for the upcoming financial year, says MD & CEO.
Dhanlaxmi Bank, a Thrissur-based bank, has set an ambitious plan to increase its business from the current ₹27,000 crore to ₹45,000 crore over the next three years. To achieve this goal, the bank plans to focus on improving productivity, investing in technology, and expanding its branches in Tier 2 and Tier 3 locations. The bank is also looking to up-skill its employees and leverage their existing strengths.
The bank has identified gold loans and retail products as its biggest portfolios, making up 33% and 24% of its advance book, respectively. To improve its performance, the bank has introduced measures to enhance recovery and collection of loans, which has led to a steady decline in non-performing assets (NPAs) from 5.19% in March 2023 to 3.53% in December 2024.
The bank is also exploring other avenues, such as tie-ups with educational institutions to offer fee management software and tie-ups with a few schools to manage fees and other aspects related to students. Additionally, the bank has launched various digital banking platforms, including Dhanam Genius and Yuvak variant savings accounts, and Dhansmart and Dhan Delight, to attract millennials and Generation Z customers.
The bank’s Managing Director and CEO, Ajith Kumar K.K., is optimistic about the bank’s future growth, stating that the current trend of double-digit growth is expected to continue. With the successful conclusion of its ₹297 crore Rights Issue, the bank is now well-equipped to achieve its goals, with a capital adequacy ratio of 16.5% plus.
Bank of Maharashtra slapped with SEBI warning over lapses in NRC meeting, regulatory concerns mount
Bank of Maharashtra (BoM) has received a warning from the Securities and Exchanges Board of India (SEBI) for lapses in the nomination and remuneration committee (NRC) meeting. The warning is a result of an examination by SEBI, which found that the bank did not comply with regulatory guidelines on NRC meetings.
According to SEBI’s examination report, BoM failed to provide adequate notice to the NRC members for the 26th AGM, held on August 25, 2020. The report stated that the notice period was not adequate, which is in violation of SEBI guidelines.
SEBI further found that the NRC meeting was conducted without quorum, which is the minimum number of members required to be present for a meeting to be valid. The quorum requirement was not met, as only two members of the NRC attended the meeting, while three were required.
The examination report also highlighted that the NRC members were not provided with the necessary agenda and minutes of the previous meetings, as required by SEBI regulations. This is a crucial requirement to ensure transparency and accountability in corporate governance.
SEBI has warned BoM to take necessary measures to ensure compliance with the regulatory guidelines and has asked the bank to submit a compliance certificate. The warning comes at a time when the bank is already facing severe financial and reputational challenges.
BoM has been struggling with a high non-performing assets (NPAs) ratio, and its net losses have been increasing in recent years. The bank is also facing a leadership crisis, with the managing director’s tenure coming to an end and no clear nomination for the top post yet.
The warning from SEBI is a significant setback for BoM, as it casts a shadow over the bank’s reputation and threatens to further erode investor confidence. The warning is a reminder of the importance of corporate governance and compliance with regulatory guidelines to maintain a good reputation and ensure the well-being of stakeholders.
Which alternative offers the most favorable interest rate?
When considering a personal loan, it’s essential to compare rates from different banks to find the most affordable option. In this comparison, we’re looking at the personal loan offerings from State Bank of India (SBI) and HDFC Bank. SBI is currently offering an interest rate of 10.30% on personal loans, while HDFC Bank offers 10.90%.
Using a loan amount of Rs 8 lakh and a 5-year repayment period, we can calculate the total interest and total amount to be repaid. For SBI, the monthly EMI would be Rs 17,116, with a total interest payment of Rs 2,26,958 and a total amount to be repaid of Rs 10,26,958. In contrast, HDFC Bank would require a monthly EMI of Rs 17,354, with a total interest payment of Rs 2,32,240 and a total amount to be repaid of Rs 10,32,240.
Comparing the two, SBI’s interest rate of 10.30% is slightly lower than HDFC’s 10.90%. This means that SBI’s EMI would be lower, with a difference of Rs 238 between the two. This translates to paying Rs 238 more per month for a loan from HDFC. Based on these calculations, SBI’s personal loan plan appears to be the more affordable option. However, it’s essential to remember to review and compare the terms and conditions of each loan before making a final decision.
CARE Ratings downgrades its outlook on ESAF Bank’s debt securities to negative, while reaffirms its previous rating assessment.
CARE Ratings has downgraded its outlook on ESAF Small Finance Bank’s various tier 2 bond instruments to “negative” from “stable” due to high asset quality stress. The rating agency has reassessed the bank’s profitability, noting that the bank has reported losses in the second and third quarters of FY25, and has a high gross non-performing assets (NPA) ratio of 6.96%. The bank’s gross stressed assets as a percentage of total advances rose to 7.03% as on December 31, 2024, from 4.84% as on March 31, 2024.
The rating agency has also noted that the bank’s pre-provision operating profit (PPOP) dropped to Rs 127 crore in the third quarter, a decline from Rs 143 crore in the second quarter and Rs 254 crore in the first quarter. CARE Ratings believes that the trend in PPOP will be a key rating monitorable going forward.
However, despite the losses, the bank’s capital adequacy stood at 22.7%, comfortably above regulatory requirements, with the tier-1 capital ratio being at 18.68%. The bank’s endeavour to expand its gold loan portfolio, which contributed to a reduction in risk-weighted assets, helped maintain robust capital adequacy.
To revert to a stable outlook, CARE Ratings requires ESAF Small Finance Bank to successfully raise substantial equity, which will help to mitigate the impact of the high asset quality stress. The bank will need to demonstrate improved performance and lower slippage in order to maintain a stable outlook. Overall, the downgrade in outlook reflects the challenges faced by the bank in managing its asset quality and profitability, and highlights the need for immediate attention and corrective measures to address these issues.
Banking Jobs Alert! Ministry of Finance Announces Director Positions Available at Government-Owned Institutions – Application Procedure Inside
The Indian Ministry of Finance has acknowledged the existence of vacancies in the boards of public sector banks (PSBs) and is taking steps to fill them. According to Pankaj Chaudhary, the Minister of State in the Ministry of Finance, filling director positions is a regular process. He assured that the government is taking necessary action to fill vacancies as soon as possible.
The ministry provided an update on the number of directors and vacancies on the boards of all PSBs. The details include: Bank of Baroda (16 directors, 6 vacancies), Bank of India (16 directors, 5 vacancies), Bank of Maharashtra (14 directors, 8 vacancies), and so on. It is clear that several public sector banks have vacancies on their boards, including Bank of Maharashtra, where the position of Chairman and all Managing Directors/Chief Executive Officers are currently filled.
The Ministry’s statement comes in response to a query by Revolutionary Socialist Party (RSP) MP N K Premachandran, who had raised concerns about the vacancies in public sector banks. In his queries, Premachandran asked if the government proposed to fill the vacancies, what action it had taken in this regard, and whether it was aware that the Director vacancies in Maharashtra State Bank/Bank of Maharashtra had not been filled.
Premachandran also asked if the government proposed to amalgamate other public sector banks with State Bank of India (SBI). The Ministry clarified that there is no proposal under consideration to amalgamate other public sector banks with SBI. Overall, the Ministry of Finance has assured that it is working to fill the vacancies on the boards of public sector banks and is committed to ensuring the effective governance of these institutions.
Compare Fixed Deposits: PNB’s 5-Year FD vs HDFC Bank’s 5-Year FD – A 5-year investment of ₹25 lakh: How much can you expect to earn in returns?
When considering a five-year fixed deposit (FD) for investment, Punjab National Bank (PNB) and HDFC Bank are two popular options. Here’s a comparison of their 5-year FD returns for an investment of Rs 25 lakh.
PNB offers FD interest rates ranging from 3.50% to 7.25% per annum for the general public and 4.00% to 7.75% for senior citizens. For a 5-year tenure, PNB offers an interest rate of 6.50% per annum, resulting in an estimated return of approximately Rs 9,51,050. The total value of the FD after maturity would be Rs 34,51,050.
HDFC Bank, on the other hand, provides FD interest rates between 3.00% and 7.40% per annum for the general public, and 3.50% to 7.90% for senior citizens. For a 5-year tenure, HDFC Bank offers an interest rate of 7.00% per annum, resulting in an estimated return of approximately Rs 10,36,950. The total value of the FD after maturity would be Rs 35,36,950.
Based on interest rates, HDFC Bank offers a higher return, with an additional Rs 85,900 in earnings over five years. However, other factors such as customer service, banking convenience, and investment preferences should also be considered when making a final decision. Both PNB and HDFC Bank offer reliable and secure investment options for those looking to grow their savings with minimal risk. Ultimately, the choice between the two banks depends on individual priorities and needs.
Double your returns with the IndianOil RBL Bank XTRA Credit Card, offering 8.5% value-back – is it a smart pick for you?
The IndianOil RBL Bank XTRA Credit Card is a co-branded fuel credit card offered by RBL Bank and Indian Oil Limited. It offers reward points that can be redeemed for fuel purchases at IndianOil fuel stations. The card offers a valueback of 8.5% on fuel transactions, making it an attractive option for individuals who frequent IndianOil fuel stations.
The card offers 15 Fuel Points for every Rs. 100 spent at IndianOil fuel stations, which can be redeemed for fuel worth Rs. 7.5, resulting in a valueback of 7.5%. Additionally, the 1% fuel surcharge is waived on transactions, increasing the total valueback to 8.5%. The card also offers a bonus of 1,000 Fuel Points on crossing the quarterly spends milestone of Rs. 75,000.
The card comes with a joining and annual renewal fee of Rs. 1,500 + Taxes. The annual fee is waived on spending Rs. 2,75,000 in the previous year. The card is available on the MasterCard and RuPay network, and can be redeemed for fuel purchases at IndianOil fuel stations.
The IndianOil RBL Bank XTRA Credit Card is a good option for individuals who have high monthly fuel spends and frequent IndianOil fuel stations. However, it may not be suitable for others who do not frequent IndianOil fuel stations or have lower fuel spends. Overall, the card offers a good valueback for fuel transactions, making it an attractive option for those who can take advantage of its benefits.
According to sources, Public Sector Banks (PSBs) may clock profits of a whopping ₹1.80 lakh crore by the end of fiscal year 2025.
Public sector banks (PSBs) in India are expected to achieve a record-high profit of ₹1.75-1.80 lakh crore in FY25, a 25% increase year-on-year. This is based on their combined net profit of around ₹86,000 crore in the first half of FY25. PSBs have made significant progress in improving their financial stability, with a gross non-performing assets (GNPA) ratio declining to 3.12% in September 2024 from a peak of 14.58% in March 2018.
The Indian government’s implementation of the 4Rs strategy – Recognition, Resolution, Recapitalization, and Reforms – has contributed to the improvement in financial stability. The Capital to Risk-Weighted Assets Ratio (CRAR) of PSBs has risen by 393 basis points to 15.43% in September 2024, compared to March 2015, indicating improved capital adequacy.
Notably, PSBs have recorded their highest-ever aggregate net profit of ₹1.41 lakh crore in FY2023-24, a 34% increase from the previous year. While there may be challenges in FY26 due to pressure on margins, CASA deposits, and credit growth, PSBs are expected to maintain their momentum in the current fiscal year.
The government’s efforts to boost PSBs have been successful in addressing the sector’s earlier challenges. With their improved financial stability, PSBs are now well-equipped to support economic growth and development in the country. As they continue to grow, PSBs are likely to play a critical role in the Indian economy, and it is expected that their performance will have a positive impact on the overall economy.
State Bank of India inaugurates its latest branch in Gudiyatham, further expanding its reach in the region.
A new branch of the State Bank of India (SBI) was officially inaugurated in Gudiyatham town, Vellore, on the Chennai Circle. The branch was opened by Parminder Singh, the Chief General Manager of SBI’s Chennai Circle. The event was attended by several senior officials, including Benudhar Parhi, the Deputy General Manager; Pallem Padma Babu Goud, the Regional Manager for Vellore; and D. Deepak, the manager of the Gudiyatham branch.
The new branch aims to provide a range of banking services to the people of Gudiyatham and surrounding areas. The branch is equipped with modern facilities and staffed by trained professionals to cater to the banking needs of the local community. The inauguration of the branch is expected to bring about greater financial inclusion and accessibility to banking services, ultimately benefiting the residents of Gudiyatham and the surrounding regions.
As a full-service branch, the SBI branch will offer a range of banking services, including savings and current accounts, fixed and recurring deposits, loans, credit cards, and other financial products. The branch will also provide doorstep banking services, enabling customers to receive banking services at their doorstep through a mobile application.
The opening of the new branch is a significant milestone in the history of SBI in Gudiyatham, and it reflects the bank’s commitment to expand its reach and services to the underserved and unbanked areas of the country. The branch’s inauguration is expected to bring about greater economic growth, employment opportunities, and overall development to the region.
A month after his arrest warrant was issued, the accused in the New India Bank case finally surrenders to authorities.
A 62-year-old accused, Arunachalam Ullahanathan Maruthuvar, has surrendered in the Rs 122-crore embezzlement case at New India Cooperative Bank, after evading police for a month. He was arrested by the Economic Offences Wing (EOW) and produced in court, where he was remanded in police custody till March 18. This is the sixth arrest in the case.
According to the police, Arunachalam received nearly Rs 30 crore of the misappropriated funds from the prime accused, Hitesh Mehta, the former general manager and head of accounts of the cooperative bank. Another accused, Kapil Dedhia, a civil contractor, was arrested on Friday and remanded in police custody till March 19, with Rs 12 crore of the embezzled funds credited to his account.
The police have arrested a total of six individuals in the case, including Mehta, and have named a few more as wanted accused, including the former chairman and vice-chairperson of the bank, Hiren and Gauri Bhanu, who fled abroad before the scam was discovered. The investigation is ongoing, and an EOW team will soon meet senior staffers of the Reserve Bank of India to gather information about why the central bank’s inspection on February 12 uncovered the discrepancies, rather than earlier.
The case involves the siphoning of Rs 122 crore from the bank’s offices in Prabhadevi and Goregaon in Mumbai. The police are still investigating the extent of the scam and the involvement of other individuals. The case highlights the need for increased vigilance and monitoring of bank transactions to prevent such frauds.
RBL Bank’s Chief Financial Officer Jaideep Iyer is still seeking clarity from the Reserve Bank of India (RBI) on liquidity concerns.
According to Jaideep Iyer, Head of Strategy at RBL Bank, the Reserve Bank of India (RBI) should infuse more durable liquidity in the financial system to enable bankers and customers to benefit from its rate cuts. Despite the RBI’s recent rate cut, bulk deposit rates and short-term certificate of deposit (CD) rates have not decreased, and are instead marginally higher than before the rate cut. Iyer believes that the RBI’s decision to cut the repo rate is “a little peculiar” and that focusing on durable liquidity is crucial, as variable rate auctions are short-term.
Iyer notes that the RBI has taken steps to infuse liquidity into the system over the past one-and-a-half months, but more comfort is needed. He expects the RBI to announce another one lakh crore of Open Market Operations (OMOs) to provide durable liquidity, which he defines as consistent liquidity from the beginning of the net financial year.
Iyer emphasizes that a accommodative liquidity situation is necessary for bankers and customers to benefit from the rate cuts. He suggests that the RBI should prioritize durable liquidity, as variable rate auctions are short-term measures, and the current situation is “a little peculiar” with the RBI on a rate cut cycle. Overall, Iyer’s views highlight the importance of effective communication and implementation in achieving the intended benefits of rate cuts and maintaining a healthy financial system.
India’s central bank assesses IndusInd Bank’s financial condition as stable
The Reserve Bank of India has issued a statement assuring the public that IndusInd Bank, a private lender, is well-capitalized and its financial position remains satisfactory. This statement comes after IndusInd Bank reported an accounting discrepancy in its currency derivatives, which has led to an estimated $175 million impact on its earnings, equivalent to an entire quarter’s worth. The bank, backed by the Hinduja Group, has had a turbulent few months. The central bank has stated that there is no need for depositors to react to the speculative reports, and that the bank’s financial health remains stable, being closely monitored by the Reserve Bank.
IndusInd Bank has engaged an external audit team to review its current systems and assess the actual impact of the discrepancy. The bank’s financial health has been under scrutiny, and this move is aimed at restoring investor confidence. The Reserve Bank of India has reiterated that there is no cause for concern among depositors, and that the bank’s position remains stable. The move is expected to help restore investor confidence and stabilize the bank’s financial performance.
Extension Notice: TMB Bank Postpones Application Deadline to March 23, 2025 for 2025 Recruitment Drive
Tamilnad Mercantile Bank (TMB) has extended the deadline for applying to the Senior Customer Service Executive (SCSE) position, giving candidates more time to submit their applications. The new deadline is March 23, 2025, and the last date for printing the application form is April 7, 2025. This extension aims to accommodate more candidates and ensure a smoother application process.
The vacancies are for 124 positions across various states, including Andhra Pradesh, Gujarat, Maharashtra, Telangana, and more. To be eligible, candidates must have a bachelor’s degree in Arts or Science with a minimum of 60% marks from a recognized university, be under 30 years old as of January 31, 2025, and be proficient in the regional language of the state they are applying for.
The selection process consists of two phases: an online exam and a personal interview for shortlisted candidates. The online exam will cover subjects such as General Awareness, English Language, Reasoning, Quantitative Ability, and General Banking.
Candidates must register, fill out the application form, and upload necessary documents, including a photograph, signature, left thumb impression, and handwritten declaration. The application fee is ₹1000 plus applicable taxes, which can be paid through various online payment methods.
TMB offers a competitive salary of ₹8,64,740 per year for the SCSE position, and selected candidates will have the opportunity to work in various locations across India. Interested individuals are encouraged to complete their applications promptly to avoid missing out on this excellent career opportunity. The direct link to apply online is available on the TMB website at tmbnet.in.
A massive blaze ravages the Central Bank in Amravati, Maharashtra, with firefighters working to contain the inferno, fortunately with no reports of injuries or fatalities.
A massive fire broke out at a Central Bank branch office in Amravati, Maharashtra, on Saturday, causing lakhs of rupees worth of cash and important documents to be gutted. The fire allegedly started due to a short-circuit in an air conditioning device installed at the bank, just after it opened. The blaze engulfed the entire premises, prompting bank employees to evacuate the area, fortunately without any loss of life or property.
Twelve fire department teams, including from Dhamangaon and Tivasa Amravati Municipal Corporations, were deployed to combat the blaze, but their initial efforts proved insufficient, and additional teams were called in to reinforce the operations. A large crowd of locals gathered at the scene, prompting police to take control of the situation to maintain order.
According to Chandur Railway Police Station SHO Ajay Akhri, all documents and furniture inside the bank were reduced to ashes, and no written complaint or information has been received from the bank administration. However, sources indicate that a massive amount of cash was charred in the incident, worth lakhs of rupees. The police are investigating the cause of the fire, and a forensic team may be called in to confirm the exact cause of the blaze. Further details are awaited. Overall, the incident has caused significant damage to the bank and uncertainty for its customers.
In a significant development, a civil contractor accused of involvement in the New India Bank case has been arrested in Vadodara and is currently in police custody until March 19.
A civil contractor, identified as Vijay Moreshwar, has been arrested by the Vhemteshwar police in Vadodara, Gujarat, in connection with a cheating case filed by the New India Assurance Company. The accused is allegedly involved in a multi-crore scam, and the company had filed a complaint against him.
According to the complaint, the accused had floated a fake company and obtained several construction contracts from the company, despite lacking the necessary expertise, resources, and experience. He then used the funds allocated for the projects to finance his personal projects, including the construction of a luxury bungalow.
The New India Assurance Company had invested around 50 crores in the projects, but the accused failed to deliver the projects, leading to a massive loss for the company. The company had also recovered a substantial amount from the accused, but he evaded payment of the remaining amount.
The accused was arrested on March 12 and has been placed in police custody till March 19. The police has also seized several documents, computers, and other electronic devices from the accused’s office and residential premises.
The case has come to light at a time when the New India Assurance Company is going through a tough financial period. The company has been facing losses for several years, and the scam is seen as a blow to its already beleaguered finances.
The accused is likely to be produced in court on March 19 and is expected to face charges under various sections of the Indian Penal Code, including cheating and criminal breach of trust. The case is being investigated by the Vhemteshwar police in coordination with the Economic Offences Wing of the Gujarat Police.
The accused’s arrest is seen as a victory for the company, which has been fighting to recover its losses for years. The case sets a precedence for companies that may have been cheated by unscrupulous contractors, and serves as a warning to errant contractors who try to exploit innocent companies.
The police have also seized several documents, computers, and other electronic devices from the accused’s office and residential premises, which will be used as evidence in the case. The accused’s arrest is seen as a major breakthrough in the case, which will help the company to recover its losses and identifying and prosecuting other accused who may be involved in the scam.
Infrastructure plans take center stage at PSB meeting | Latest News
The Paragould School District has several ongoing construction projects, with officials providing updates on the progress during a recent school board meeting. The projects include work on a new arena, turf at the baseball and softball fields, and parking lot improvements. The board approved the continuation of a partnership with Nabholz Construction to serve as construction manager for future projects in the district, and the company is set to start the bid process for the parking lot project in April. Additionally, Nabholz will work with the district to replace the roof at Ram Academy, which will involve removing HVAC units to improve the building’s longevity and functionality.
The board also took action on various personnel matters, including the expulsion of a 10th-grade student for the remainder of the school year for prohibited conduct, and the hiring of a special education paraprofessional, Rachel Slatton. Other personnel changes include reassignments for several staff members, including Angela Grooms, Karla Brasher, and Luke Guenrich. The board also accepted the resignations of several employees, including Donna Parker, Tim Earls, Rhonda Landrum, and Anna Lee.
The board also approved the purchase of several items, including ballistic film, electronic access doors, and fencing, as well as the continuation of a partnership with Hight Jackson for architectural services. The board also approved policy updates for the 2025-2026 school year and a resolution for the May 2025 school board election cycle. Overall, the meeting covered a range of topics, from construction and personnel to budget and policy issues, as the district looks to improve and move forward.
A Path Paved with Endurance and Determination
Rohit Baskey, a resident of Jharkhand, has achieved a remarkable feat by clearing the SBI Junior Associate (JA) 2025 exam. His success story is a testament to the power of hard work, the right guidance, and unwavering determination. Rohit’s journey reflects the importance of self-belief and consistent effort in achieving one’s goals.
Rohit’s dream was to secure a stable and prestigious job in the banking sector, and he was determined to crack the SBI Clerk exam. He faced many challenges during his preparation, but he never let obstacles hold him back. He credited his teachers at Adda for providing expert guidance, structured study plans, and continuous motivation, which helped him navigate difficult times.
Like many aspirants, Rohit faced moments of self-doubt, pressure, and tough phases in his preparation. However, he remained persistent and motivated, thanks to the support from his mentors and peers. He believes that time management, mock tests, and consistent practice were crucial in refining his exam-taking strategy.
Rohit’s success story is an inspiration to all aspirants preparing for competitive exams. It shows that determination, the right strategy, and continuous learning can turn dreams into reality. His story is a reminder that with the right guidance, support, and perseverance, anyone can achieve their goals. Aspiring candidates should take inspiration from Rohit’s journey and keep working towards their goals with determination and perseverance.
Bank of Baroda opens its doors to its newest Regional Office in Anand, marking a significant milestone in its growth and expansion strategy.
The Bank of Baroda has inaugurated its new regional office in Anand, Gujarat. The event was attended by Shri Lal Singh, Executive Director of the bank, along with other senior executives, including Shri Ashwini Kumar, General Manager and Zonal Head, Ahmedabad, Shri Rakesh Chalavariya, Deputy General Manager (Business Development), and Shri Rajkumar Mahavar, Regional Head, Anand.
The new premises are designed to provide better convenience to customers and employees, reinforcing the bank’s commitment to excellence in banking services. The modern, state-of-the-art facilities are equipped with the latest technology and infrastructure, enabling customers to enjoy a seamless and efficient banking experience.
The new office is a reflection of the bank’s growth and expansion in the region, as well as its commitment to providingcustomers with high-quality services and products. The bank is constantly striving to improve and innovate, and its new premises in Anand are a testament to this vision.
As part of its ongoing efforts to enhance customer experience, the Bank of Baroda has implemented various initiatives, such as digital channels, mobile banking, and ATM networks, to make banking more convenient and accessible. The bank has also been at the forefront of Digital India initiatives, leveraging technology to transform the way it operates and deliver services to its customers.
The new regional office in Anand is another step towards the bank’s goal of providing excellent customer service, increasing accessibility, and improving efficiency. The bank’s commitment to excellence is evident in its continuous effort to innovate and invest in new technologies, infrastructure, and processes, ensuring that its customers can enjoy a seamless and secure banking experience.
Overall, the Bank of Baroda’s new regional office in Anand reflects the bank’s growth, innovation, and commitment to excellence in banking services, making it a benchmark for other banks to follow.
Under the orders of the Divisional Commissioner, Kashmir, banks are instructed to extend their support to applicants enrolled in the employment scheme.
The Divisional Commissioner of Kashmir, Vijay Kumar Bidhuri, held a meeting at Sanat Ghar Bemina to review the performance of the Prime Minister’s Employment Generation Programme (PMEGP) and the Jammu and Kashmir Rural Employment Generation Programme (J&K REGP) in Kashmir. The meeting reported that over the past three years, 25,864 units have been established against the target of 7,372 units, with a margin money of Rs 554.19 crore, creating employment opportunities for 2,01,702 people.
The Jammu and Kashmir Khadi and Village Industries Board (J&K KVIB) has sponsored 11,111 cases, exceeding its target of 2,507 units, with a margin money outlay of Rs 122.33 crore, generating employment opportunities for 49,798 people. The Divisional Commissioner praised the dedication and performance of J&K KVIB officers and also felicitated the role of J&K Bank.
However, he emphasized the need for banks to facilitate applicants, reduce the rejection rate, and process cases within the approved 30-day turnaround time. He also advised designated nodal agencies to release subsidy amounts promptly to ensure timely establishment of employment generation units. The meeting aimed to review the performance and identify areas for improvement, with the goal of creating more employment opportunities in the region.
Experience high-yield savings: Earn up to 9% interest on your fixed deposits with top small finance banks!
Fixed deposits (FDs) are a popular investment option for those seeking reliable, long-term returns. Small finance banks in India are offering interest rates as high as 9% for certain tenures, making them an attractive option for conservative investors who prefer to minimize risk. Here are the latest FD rates offered by small finance banks:
Some banks, such as Unity Small Finance Bank, are offering FD rates above 9% for senior citizens, with a term of 1001 days and above. For general citizens, the highest rate is 8.6%. North East Small Finance Bank is offering 9% interest on FDs for 18 months to 36 months for both general and senior citizens. Utkarsh Small Finance Bank is offering 8.5% interest on FDs for 1,500 days or two to three years, while Suryoday Small Finance Bank is offering 8.6% interest for 5-year fixed deposits.
Other small finance banks, such as ESAF, Jana, Equitas, AU, and Ujjivan, are offering FD rates above 8%. These rates are applicable for various tenures, including 1 year, 1.5 years, 2 years, and 3 years. For example, Jana Small Finance Bank is offering 8.25% interest for 1-3 year fixed deposits, while Equitas Small Finance Bank is offering 8.25% interest for 888-day fixed deposits.
These rates are subject to change, so it’s essential for investors to check the current rates before investing. Fixed deposits are a great option for those who prefer a low-risk investment with predictable returns. With rates above 9% from some small finance banks, investors have a range of options to choose from, making it an attractive time to consider investing in fixed deposits.
7 Top-Notch Small Finance Banks Offering Attractive Fixed Deposit Interest Rates
The Reserve Bank of India (RBI) has established a special sector of the banking industry, known as small finance banks, which aims to promote financial inclusion for underserved segments of the economy. These banks are designed to provide access to banking services for micro and small businesses, small and marginal farmers, unorganized sector entities, and small business units that are not currently served by mainstream banks.
The RBI has licensed several small finance banks in India, which operate under the regulatory framework of the RBI. These banks offer a range of services, including deposit accounts, credit, and other financial products. One of the key features of small finance banks is their ability to offer fixed deposit (FD) accounts, which can help individuals and businesses earn interest on their deposits.
Here is a list of some of the small finance banks in India, along with their fixed deposit (FD) interest rates:
* Airtel Bank: 6.15% to 7.10% for 1-year FDs
* Au Small Finance Bank: 6.00% to 7.00% for 1-year FDs
* Equitas Small Finance Bank: 6.00% to 7.50% for 1-year FDs
* ESAF Small Finance Bank: 6.00% to 7.50% for 1-year FDs
* Janalakshmi Financial Services: 6.00% to 7.50% for 1-year FDs
* Suryoday Small Finance Bank: 6.00% to 7.50% for 1-year FDs
Please note that the interest rates may vary depending on the bank, deposit tenure, and other factors. It is always a good idea to check with the bank or their website for the most up-to-date information on their fixed deposit rates.
Overall, small finance banks have made significant progress in extending financial inclusion to underserved segments of the Indian economy. By providing access to banking services, such as fixed deposit accounts, these banks are helping to empower individuals and businesses to achieve their financial goals and improve their standard of living.
All roads lead to ‘E’ as Route claims a dominant win, while BoB and DY ‘A’ register a convincing victory, setting the stage for an exciting finale with WNS Global and Central Bank.
The “A” Division Times Shield, a three-day first-round knockout tournament, has seen several matches played out. Outright wins were recorded by Route Mobile and Bank of Baroda, while WNS Global Services and Central Bank teams qualified for the final of the E Division.
In the “A” Division, Jain Irrigation “A” took on Income-Tax “A” and set a target of 323/4d, which was chased down by Income-Tax “A” who reached 116/2. Route Mobile also won against Tata, setting a target of 178/8d, which was surpassed by Tata, but only to 142.
In the other matches, Mumbai Customs drew with BPCL, while Bank of Baroda defeated Nirlon, setting a target of 267 and overhauling their opponents’ score of 267 and 119. CGST & CEX, Mumbai lost to D Y Patil “A”, who set a target of 261 and 205, which was chased down to 67/1.
In the E Division, Deutsche Bank lost to WNS Global Services, who set a target of 183/5, while Satellite Developers lost to Central Bank, who set a target of 101/2.
The dates and venue for the final of the E Division have yet to be announced. The tournament is being played at various venues.
In an age of rapid transformation, SA must proactively integrate AI into its economy, navigating the associated challenges to unlock new opportunities and drive growth.
Khetha Cele, Group CIO at Ithala Development Finance Corporation, emphasized the importance of embracing artificial intelligence (AI) in South Africa, despite the country’s challenges. He believes that AI can improve service delivery in various sectors, including healthcare, crime prevention, and government services. Cele pointed out that online platforms like Amazon and Takealot are already successful in delivering services, and government can utilize AI chatbots to do the same. He emphasized that the public sector should leverage these technologies to improve service delivery.
The panellists at the Digital Transformation Summit also agreed that organizations need to embrace AI. Thato Sopeng, VP of IT at Sasol, highlighted the need to be mindful of the ethical considerations surrounding AI, including access to marginalized communities and protecting them from biased language models. She emphasized the importance of verifying the outputs from AI models and ensuring that the benefits of AI are shared equitably.
Mahendra Beharie, CIO for sub-Saharan Africa at DHL Express, underscored the need to remove the stigma of job displacement by enhancing the way AI information is communicated. He believes that by providing clear information on AI, people can better understand its benefits and limitations, leading to a more collaborative approach to AI implementation.
Overall, the panellists emphasized the potential benefits of AI in South Africa, but also the need to address the challenges and concerns surrounding its implementation. They recognize that AI can be a powerful tool for improving service delivery, but it’s crucial to approach its adoption in a responsible and inclusive manner. By doing so, South Africa can unlock its potential and reap the benefits of AI.
The sleek PSB Synchrony B600 monitor arrives home
The article discusses the PSB Synchrony B600, a two-way bass reflex speaker from the premium line of the company PSB, founded by Paul Barton. Despite being a family-owned business, PSB is known for its attention to detail and craftsmanship in its products. The PSB Synchrony B600 is a high-quality monitor with a number of unique features, including a titanium tweeter cooled with Ferrofluid, a mid-driver mounted on an aluminum frame, and a specially designed motor structure to minimize distortion.
The speaker’s design is the result of a combination of measurement and blind listening by Paul Barton, who is the driving force behind the company. The PSB Synchrony B600 is designed to provide accurate sound reproduction, with a crossover point at 2.2kHz and a fourth-order Linkwitz-Riley filter. The speaker also features a decoupling system at the bottom, developed in collaboration with IsoAcoustics, to reduce vibrations and resonance.
The PSB Synchrony B600 has a distinctive design, with a large front panel made of aluminum and a square shape. The speaker is available in two finishes: walnut and satin black. Although there is only a limited color options, the finish is excellent. The manufacturing is done in China, but the design and final tuning of the speaker takes place at PSB’s headquarters in Pickering, Ontario.
Overall, the PSB Synchrony B600 is a high-quality speaker that offers excellent sound reproduction and a unique design. While it may not have all the bells and whistles, it is a great choice for those looking for a reliable and accurate monitor.
Real estate assets account for approximately two-thirds of State Bank of India’s overall portfolio.
According to a recent article in The Hindu, a leading Indian publication, State Bank of India (SBI) has a significant exposure to the real estate sector, with realty accounting for a whopping 65% of its total portfolio. This is a remarkable statistic, emphasizing the bank’s prominent presence in the Indian real estate market.
SBI’s exposure to the real estate sector is attributed to its extensive network of branches, which allows it to serve a vast number of customers who are seeking to purchase, rent, or finance properties. As a result, the bank has become an integral part of the Indian real estate landscape, providing a range of services to individuals, developers, and corporates.
The 65% figure is not only a testament to SBI’s presence in the real estate sector but also indicates the bank’s ability to navigate complexities and challenges that come with lending to the sector. Real estate is notorious for its risks, including illiquidity, defaults, and market volatility, which can lead to significant losses for lenders. However, SBI’s experience and expertise have enabled it to effectively mitigate these risks, ensuring that it continues to thrive in the sector.
The bank’s extensive presence in the real estate sector has several benefits, including job creation, economic growth, and infrastructural development. With SBI at the forefront, the Indian real estate market is able to function more efficiently, and the bank’s presence also provides much-needed support to individual homebuyers, developers, and contractors. Moreover, SBI’s exposure to the sector has allowed it to develop a deeper understanding of the Indian real estate market, making it better equipped to adapt to changes and trends in the sector.
In conclusion, SBI’s significant exposure to the real estate sector is a reflection of the bank’s commitment to serving the Indian economy. With 65% of its portfolio dedicated to the real estate sector, SBI has demonstrated its ability to navigate the complexities and risks associated with lending to the sector. This remarkable statistic underscores the bank’s importance in the Indian real estate market, as well as its role in driving the country’s economic growth and development.
Don’t Miss Out! Limited Spots Available – Register Now for Multiple Positions and Apply Before the Deadline
The Central Bank of India is recruiting candidates to fill various positions, including Attender, Faculty, Office Assistant, and Watchman cum Gardner, on a contract basis. The minimum age limit for the positions is 22 years, and the maximum age limit is 40 years. Candidates who meet the eligibility criteria can apply for the positions by filling out the application form and sending it to the address mentioned in the official notification.
The salary for the positions varies, with Attenders receiving a salary of Rs. 8,000, Faculty receiving a salary of Rs. 20,000, Office Assistants receiving a salary of Rs. 12,000, and Watchman cum Gardners receiving a salary of Rs. 6,000.
The selection process for the positions varies, with Attenders and Watchman cum Gardners being selected on the basis of a personal interview, and Office Assistants being selected on the basis of a written test and personal interview.
The last date to apply for the positions is 22nd March 2025, and candidates are advised to send their applications by post to the address mentioned in the official notification. Only complete applications will be entertained, and late applications will be rejected.
Some of the key points to keep in mind are:
* The age limit for the positions is 22 to 40 years.
* The last date to apply is 22nd March 2025.
* Candidates should fill out the application form in the prescribed format and send it to the address mentioned in the official notification.
* Only complete applications will be entertained, and late applications will be rejected.
* The selection process for Attenders and Watchman cum Gardners is based on a personal interview, while the selection process for Office Assistants is based on a written test and personal interview.
It is essential to carefully review the official notification and the application process to ensure that the application is complete and submitted on time. Additionally, candidates are advised to check the official website for any updates or changes in the notification.
Four banks offer interest rates of 9% or higher for their fixed deposit accounts.
Small Finance Banks (SFBs) were introduced in India to promote financial inclusion and offer competitive interest rates to customers. These banks offer fixed deposits (FDs) with attractive interest rates, including those with a rate of 9% or higher. Here are some of the top SFBs offering high-interest FDs:
1. North East Small Finance Bank: Offers 9.25% interest rate on non-callable FDs for amounts between Rs 1 to Rs 3 crore, with tenures ranging from 18 months to 36 months.
2. Unity Small Finance Bank: Offers 9.10% interest rate to senior citizens on investments of less than Rs 3 crore for a tenure of 1001 days.
3. Utkarsh Small Finance Bank: Offers 9.10% interest rate to senior citizens on investments of less than Rs 3 crore for deposits between 730 days to 1095 days.
4. Equitas Small Finance Bank: Offers 9% interest rate for senior citizens on a tenure of 888 days.
In general, most SFBs offer higher interest rates to senior citizens, making them an attractive option for those looking to earn higher returns on their fixed deposits. With interest rates ranging from 8.5% to 9.25%, these banks are providing a competitive alternative to traditional banking and post offices. With the introduction of SFBs, customers have more options for fixed deposits, and it’s worth considering these financial institutions when looking to earn higher interest rates on their investments.
Access your ICICI Bank mini statement instantly through online banking, missed call, SMS, and internet banking facilities
ICICI Bank, one of India’s most trusted multinationals, offers various financial services to its numerous customers nationwide. The bank provides a facility for availing mini bank statements, allowing customers to access the details of their last few transactions. This article will guide you through the process of obtaining an ICICI Bank mini statement.
To obtain an ICICI Bank mini statement, account holders can use the bank’s toll-free number, SMS, missed call service, or online mobile banking services. The article will also cover the process of registering for a mobile number with the bank.
The ICICI Bank mini statement is a crucial document that provides information on the last three transactions made from the account. The bank offers this service for free, and account holders can access it through various channels.
The article will also cover the step-by-step process of requesting a mini statement through various channels, including:
1. ICICI Bank mini statement number (toll-free)
2. SMS
3. Missed call service
4. ICICI Bank mobile banking
5. ICICI Internet banking
6. ATM
The mini statement service has several benefits, including online and offline access to account details, availability 24/7, and no extra fee charged. This service enables account holders to stay updated with their bank account details, making it easier to manage their finances.
In conclusion, obtaining a mini statement is a convenient way to keep track of account transactions, and ICICI Bank provides various channels for account holders to access this information. By registering for a mobile number with the bank, account holders can access their mini statements across various channels, including SMS, missed calls, and mobile banking. This service is available 24/7 and does not charge any additional fees.
Emerges from Cleaning: Lake Shore Savings Bank Resumes Operations Under New Oversight Agreement with the Federal Reserve
Lake Shore Bancorp and its holding company, Lake Shore Federal Savings Bank, have made significant progress in addressing regulatory issues following a data breach in 2022. The Federal Reserve Board (Fed) has ended its enforcement action against the company, which was initiated in June 2023. The action required the company to provide additional capital and address issues raised by the Office of the Comptroller of the Currency (OCC).
The OCC had initially placed a “troubled bank” label on Lake Shore Federal Savings Bank in 2023, following a consent order that identified several areas of concern, including cybersecurity, anti-money-laundering, and Bank Secrecy Act compliance. The bank’s CEO, Daniel Reininga, resigned shortly after the consent order was issued, and the company hired a new CEO, Kim Liddell, who has been working to address these issues.
The company has implemented numerous changes, including improving its cybersecurity measures, compliance programs, and management practices. The OCC removed the “troubled bank” label in December 2023, and the Fed’s decision to end its enforcement action is a testament to the company’s progress.
In a statement, Liddell expressed pride in the company’s efforts to address regulatory issues and improve its practices. She noted that the bank’s goal has been to remediate operational issues identified by its primary regulator, and the early lifting of the consent order by the OCC reflects the significant progress made. The company’s continued focus on serving its customers and communities has been a key factor in its recovery. With the end of the Fed’s enforcement action, Lake Shore Bancorp and its holding company can now focus on moving forward and continuing to serve its customers and communities. The company’s successful recovery is a testament to its dedication to improving its operations and compliance practices.
Yes Bank Launches GST Payment Gateway, Enhancing Ease of Compliance for Businesses
Yes Bank has launched a Goods and Services Tax (GST) payment facility, further enhancing its digital banking offerings. The new service allows corporate and sole proprietor businesses to make tax payments more efficiently and securely using Yes Bank’s retail and corporate internet banking platforms or its extensive branch network. With this integration, taxpayers can generate GST challans on the official GST portal (www.gst.gov.in) and pay GST online or over-the-counter at a Yes Bank branch. This service is authorized by the Government of India and Reserve Bank of India.
The Yes Bank CEO, Prashant Kumar, emphasized the bank’s commitment to delivering seamless and efficient financial solutions, driven by innovation, responsibility, and accountability. He stated that the bank’s goal is to simplify statutory payments, enabling businesses to focus on growth while improving their financial journeys.
The new GST payment facility provides several benefits, including real-time transaction confirmations, transparent and competitive fee structures, and an intuitive user interface. The platform is open to Yes Bank account holders and non-account holders alike. This integration with the GST portal aims to make tax payments faster, more secure, and hassle-free, allowing businesses to focus on their core activities while trusting Yes Bank to handle their financial transactions.
Unlock Higher Interest: Top Small Finance Banks Offering Fixed Deposit Rates of Up to 9%! Find the Best Options Here – MSN
The article discusses the highest fixed deposit (FD) rates offered by small finance banks in India, which are often referred to as “small finance banks” or “NBFCs” (non-banking financial companies). These banks are allowed to operate as banks but are subject to fewer regulations than traditional commercial banks.
The article provides a list of small finance banks that are offering attractive FD rates, with some offering as high as 9% per annum. Here are some of the top players:
1. Jana Small Finance Bank: Offers 8.50% for deposits up to ₹1 lac and 9.00% for deposits above ₹1 lac.
2. Ujjivan Small Finance Bank: Offers 8.25% for deposits up to ₹1 lac and 8.75% for deposits above ₹1 lac.
3. Equitas Small Finance Bank: Offers 8.25% for deposits up to ₹1 lac and 8.75% for deposits above ₹1 lac.
4. Muthoot Homefin: Offers 8.20% for deposits up to ₹1 lac and 8.80% for deposits above ₹1 lac.
5. Bajaj Finance FD: Offers 8.15% for deposits up to ₹1 lac and 8.75% for deposits above ₹1 lac.
6. Fullerton India: Offers 8.10% for deposits up to ₹1 lac and 8.70% for deposits above ₹1 lac.
7. Arohan Finance: Offers 8.00% for deposits up to ₹1 lac and 8.60% for deposits above ₹1 lac.
8. Suryoday Small Finance Bank: Offers 7.95% for deposits up to ₹1 lac and 8.55% for deposits above ₹1 lac.
9. Aditya Birla Sun Life Savings Fund: Offers 7.90% for deposits up to ₹1 lac and 8.50% for deposits above ₹1 lac.
These rates are subject to change, and individuals are advised to check the banks’ websites or visit their branches for the latest rates and terms and conditions. The article concludes by emphasizing the importance of reviewing and comparing the interest rates offered by different banks before making a decision on which one to choose.
Overall, the article provides a comprehensive list of small finance banks offering attractive FD rates, which can help individuals make an informed decision about their savings and investment options.
ED seizes Rs 5.17 crore worth of assets of GDS Builders, handsover to Indian Bank in a major crackdown
The Directorate of Enforcement (ED) in Bhubaneswar has made a significant move towards financial restitution by returning six properties worth ₹5.17 crore to Indian Bank. The properties had been attached by the ED as part of an investigation into a case of criminal conspiracy, cheating, and financial fraud involving M/s GDS Builders & Others. The case originated from a complaint filed by Indian Bank against M/s GDS Builders & Others, alleging that the company had availed of credit facilities from the bank but defaulted on repayment, resulting in the loan being classified as a Non-Performing Asset (NPA).
The ED initiated its investigation based on a First Information Report (FIR) filed by the Central Bureau of Investigation’s (CBI) Anti-Corruption Branch (ACB) in Bhubaneswar. The ED attached multiple properties, including the six assets now being returned to Indian Bank. The ED has also filed a Prosecution Complaint against M/s GDS Builders & Others in the Special Court in Bhubaneswar, which has taken cognizance of the case. The restitution process is in line with a Special Court order directing the return of assets to Indian Bank. The move is part of the ED’s efforts to recover and return proceeds of crime to legitimate claimants. The investigation is ongoing, and additional properties may still be attached and returned to their rightful owners. This successful restitution is a significant step towards ensuring that perpetrators of financial fraud are held accountable and that victims receive their rightful compensation.
India’s retail inflation slumps to its lowest point in seven months in February
India’s retail inflation rate eased to a seven-month low of 3.61% in February 2025, driven by a significant moderation in food inflation, particularly in perishable goods and protein-based food items. Food inflation fell below 4% for the first time in nearly two years, and its lowest in 21 months. The decline in vegetable prices and pulses prices contributed to the fall in food inflation, with vegetable prices deflating by 1.1% year-on-year.
However, core inflation, which excludes food and fuel, surged to its highest level in seven months, driven by the sharp increase in gold prices and the depreciation of the Indian rupee.
The moderation in inflation has strengthened expectations of a back-to-back rate cut in the upcoming April meeting of the Reserve Bank of India (RBI), with economists predicting another 25 basis points (bps) rate cut. The RBI had implemented a 25 bps rate cut in February, reducing the policy rate from 6.5% to 6.25%.
The long-term inflation projections suggest that inflation is expected to moderate to 3.8% by Q3 FY2026, with the fiscal year closing with a policy rate of 5.75%. However, challenges remain in monetary policy transmission.
The key highlights are:
* Retail inflation rate at a 7-month low of 3.61%
* Food inflation at a 21-month low of 3.75%
* Vegetable and pulses prices declining
* Fruits and edible oil prices increasing
* Core inflation at a 7-month high, driven by gold prices
* Repo rate cut in February from 6.5% to 6.25%
* Expected 25 bps rate cut in April 2025 meeting
* FY26 inflation forecast at 4.2%
Compare FD returns: Which bank offers the highest interest rates on Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh deposits for a 5-year tenure: State Bank of India, Punjab National Bank, or Bank of Baroda?
The article compares the returns offered by State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB) on fixed deposits (FDs) for a five-year tenure. The comparison is based on a lump sum investment of Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh.
The yields on FDs vary depending on the bank and investment amount. For a five-year FD, SBI offers the highest returns, ranging from 5.30% to 6.30% for amounts between Rs 3 lakh to Rs 9 lakh. PNB offers a slightly lower yield, ranging from 5.20% to 6.20%. BoB offers the lowest returns, ranging from 5.10% to 6.10%.
The returns are based on the assumption that the interest is compounded quarterly, and the interest is paid out quarterly. For example, an investment of Rs 3 lakh in SBI’s 5-year FD for a quarter will earn an interest of Rs 4,950, which is approximately 0.65% of the principal amount.
It is essential to remember that the interest rates and returns are subject to change, and you should consult the banks’ official websites or authorized dealers for the most up-to-date information. It is also recommended to consult a financial expert or conduct your own research before making an investment decision. The goal is to provide a general idea of the returns offered by SBI, PNB, and BoB for a five-year FD, enabling readers to make an informed decision.
Access a Range of Small Finance Financial Institutions
AU Small Finance Bank has announced a reduction in interest rates for fixed deposits (FDs) effective from March 10, 2025. The new interest rates range from 3.75% to 8.50% per annum for general customers, while senior citizens can earn interest rates ranging from 4.25% to 8.77% per annum. The bank has reduced its FD interest rates in response to the Reserve Bank of India (RBI)’s recent decision to reduce the repo rate.
The bank’s previous FD interest rates for general customers ranged from 8.10% to 8.60%, while senior citizens could earn rates between 8.60% to 8.24%. The revised rates are effective from March 10, 2025, and are available for deposits up to Rs. 3 crore.
The reduction in interest rates is a common trend among banks, as the RBI’s repo rate cut has led to a decrease in FD interest rates. Despite this, AU Small Finance Bank is still offering competitive rates, making it a good option for those looking to invest in FDs.
Senior citizens can benefit from the higher interest rates offered by the bank, with maximum returns of 8.50% for FDs with a tenure of 18 months. The bank’s FDs also offer flexible tenures ranging from 7 days to 10 years, allowing investors to customize their investment plans according to their financial goals.
In conclusion, while the reduction in interest rates may not be ideal for FD investors, AU Small Finance Bank is still a good option for those looking to invest in FDs. The bank’s competitive rates, guaranteed returns, and flexible tenures make it a good choice for both general customers and senior citizens. It is recommended to lock in FDs before banks reduce interest rates further, and senior citizens may want to consider FDs with a tenure of 18 months for maximum returns.
Unlock instant access to Rs 1 Lakh with PNB Loan, no guarantor required, and enjoy low interest rates for a seamless borrowing experience
Punjab National Bank (PNB) has introduced a new scheme called Instant Personal Loan, which will allow customers to avail a loan of up to Rs 1,00,000 with minimal documentation and no guarantor required. The loan can be applied for online through the bank’s website or mobile app, and the process is entirely digital, ensuring instant loan approval.
The interest rate for this loan starts from 11.40%, and the repayment period can be from 1 to 6 years. To be eligible, customers must have a CIBIL score of 700 or above and be a savings account holder with PNB.
The benefits of PNB’s Instant Loan include:
* Instant loan approval
* Low interest rate
* No guarantor or security required
* Flexible repayment period
* Apply online from home
To apply for the loan, customers need to check their eligibility, gather required documents (income proof and address proof), apply online, complete the e-KYC procedure, and wait for loan approval and fund transfer within 24 hours.
PNB also offers other loan schemes, such as home loans, car loans, and education loans, which come with attractive interest rates and flexible repayment tenures. The PNB Digi Home Loan scheme, for instance, offers a loan of up to Rs 5 crore with an interest rate starting at 8.15% and zero prepayment charges, processing fees, and documentation charges. Overall, the PNB Instant Loan scheme is a convenient and accessible option for customers who need quick financial assistance.
Small finance banks offer attractive returns on Fixed Deposits, with interest rates up to 9%!
The Reserve Bank of India’s recent 25 basis points cut in the repo rate has triggered a surge in interest rates offered by small finance banks (SFBs), making them attractive options for fixed deposit (FD) investors seeking higher returns. These SFBs, designed to promote financial inclusion, are now offering competitive rates, with some exceeding 9% for specific tenures. Here’s a breakdown of the top SFBs offering attractive FD rates:
* Unity Small Finance Bank: 9% for deposits with a tenure of 1001 days and 7.85% for one-year FDs
* NorthEast Small Finance Bank: 9% for deposits ranging from 18 months to 36 months and 7% for one-year FDs
* Suryoday Small Finance Bank: 8.6% for five-year deposits and 8.25% for one-year FDs
* Utkarsh Small Finance Bank: 8.5% for deposits of 2-3 years and 8% for one-year FDs
* ESAF Small Finance Bank: 8.38% for 888-day deposits, although their one-year option is lower at 6%
It’s essential to note that deposits in SFBs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakh, providing a safety net for depositors. However, experts advise caution when investing in these banks, which operate under different regulations than traditional commercial banks. To mitigate risks, investors are recommended to limit their deposits to the insurer’s coverage, ensuring the safety of their investments while still benefiting from the higher interest rates offered by these institutions.
Shri Sankar Balabhadrapatruni takes up the role of Executive Director at Karur Vyasa Bank, assuming leadership responsibilities with great enthusiasm and commitment.
Shri Sankar Balabhadrapatruni has been appointed as the Executive Director of Karur Vysya Bank for a three-year term, effective March 12, 2023. The appointment was approved by the Reserve Bank of India under Section 35B of the Banking Regulation Act, 1949. With over 35 years of experience in banking, Sankar has held significant leadership roles at the State Bank of India (SBI) and has a strong track record in managing stressed assets. As Deputy Managing Director, he has successfully managed Rs 82,000 crores worth of Non-Performing Assets (NPAs).
Sankar’s expertise spans various areas, including Small and Medium Enterprise (SME) business growth, risk management, internal auditors, and branch operations. His leadership experience will undoubtedly benefit Karur Vysya Bank, as he works to enhance the bank’s performance and growth. This appointment is a testament to Sankar’s capabilities and commitment to the banking sector.
As the new Executive Director, Sankar will be responsible for providing strategic guidance and oversight to the bank’s operations. His leadership will be crucial in driving the bank’s growth, improving risk management, and enhancing customers’ experience. With his extensive experience and expertise, Sankar is well-positioned to make a positive impact at Karur Vysya Bank.
Take advantage of high-yield savings: Four top banks now offer fixed deposits with interest rates of 9.50% or higher – The Economic Times
According to a recent article in The Economic Times, four banks are currently offering fixed deposit (FD) interest rates above 9%. This is significant, considering that the average FD interest rate in the Indian banking system is around 5.5-6.5%. The higher interest rates on offer from these four banks provide attractive options for individuals looking to save and invest their funds for a fixed period.
Here are the four banks offering FD interest rates above 9%:
Kotak Mahindra Bank: 9.50% p.a. (compounded quarterly) for a 5-year tenure
Kotak Mahindra Bank is offering a highly competitive FD interest rate of 9.50% per annum for a 5-year tenure. This rate is 2.75% higher than the average FD interest rate offered by most banks.DCB Bank: 9.30% p.a. (compounded quarterly) for a 5-year tenure
DCB Bank, a private sector bank, is offering an FD interest rate of 9.30% per annum for a 5-year tenure. This rate is 2.8% higher than the average FD interest rate.IndusInd Bank: 9.25% p.a. (compounded quarterly) for a 5-year tenure
Indusind Bank, another private sector bank, is offering an FD interest rate of 9.25% per annum for a 5-year tenure. This rate is 2.7% higher than the average FD interest rate.- Bank of Baroda: 9.20% p.a. (compounded quarterly) for a 5-year tenure
Bank of Baroda, a public sector bank, is offering an FD interest rate of 9.20% per annum for a 5-year tenure. This rate is 2.65% higher than the average FD interest rate.
These higher interest rates can be beneficial for individuals looking to save and invest their funds for a fixed period. However, it’s essential to note that FD interest rates may vary depending on factors such as the bank’s tier-wise classification, deposit amount, and tenure. It’s recommended to check the interest rates and terms and conditions of each bank before investing in an FD.
The Reserve Bank of India (RBI) is now accepting applications for the recognition of Self-Regulatory Organisations (SROs) to operate in the account aggregator ecosystem, ET LegalWorld reports.
The Reserve Bank of India (RBI) has released a framework for recognizing Self-Regulatory Organizations (SROs) for the account aggregator (AA) ecosystem. The account aggregator ecosystem was introduced by the RBI in 2016 to facilitate the secure and seamless exchange of financial information between financial information providers and financial information users. The RBIAA framework operates under the purview of various financial sector regulators, including RBI, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA), as well as the Department of Revenue.
The AA ecosystem is complex, with multiple regulated entities (REs) operating under different regulatory environments, requiring frequent coordination to address operational issues such as dispute resolution, standardized agreements, and common services. To support the adoption and stabilization of the AA ecosystem, the RBI is seeking to establish a dedicated SRO for the AA ecosystem.
The primary responsibility of the SROAA would be to promote best business practices and controls, establishing minimum benchmarks and conventions for professional market conduct among its members. The SROAA would be expected to operate with transparency, professionalism, and independence, fostering greater confidence in the integrity of the ecosystem. Compliance with the highest standards of governance, as prescribed in the Companies Act, 2013, is a prerequisite for an effective SROAA.
The RBI has invited applications for recognition of SROAA through the PRAVAAH portal, with the deadline set for June 15, 2025. The SROAA is intended to promote a smooth and stable AA ecosystem, ensuring the secure and efficient exchange of financial information among various stakeholders.
Jaiprakash Associates’ debt to be transferred to NARCL, courtesy of consortium of lenders, according to reports from ET LegalWorld.
Jaiprakash Associates Ltd, which is currently undergoing an insolvency process, has announced that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL). The consortium, which includes 22 banks and financial institutions, has assigned their outstanding debt, underlying securities, and other interests to NARCL. The total amount of the debt transferred was not disclosed, but the company had earlier reported that its total outstanding loans stood at Rs 55,493.43 crore as of February 20, 2025.
The company has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order passed by the National Company Law Tribunal, Allahabad Bench. The resolution process is ongoing, and bids have been invited to acquire JAL.
NARCL was incorporated under the Companies Act, 2013, and registered as an asset reconstruction company with the Reserve Bank of India. The move is seen as a key step in the insolvency process, as it helps to streamline the debt restructuring process and allows for a more efficient resolution of the company’s financial difficulties.
In a separate announcement, the company revealed that Rama Raman, an independent director, has resigned from the board due to personal reasons and other commitments, effective March 12, 2025. The resignation is effective immediately, and the company will issue a fresh set of circular resolutions in due course.
Overall, the development is seen as a significant step in the resolution of Jaiprakash Associates Ltd’s insolvency and a potential turning point in the company’s financial recovery.
We are seeking a Chief Manager (Legal) to join the team at Bank of Maharashtra
The Bank of Maharashtra has issued an online invitation for the post of Chief Manager (Legal). There is only one vacancy for this position. The age limit for this role is 40 years. To be eligible, candidates must possess a Bachelor’s degree in law from a recognized University/Institute with International Law as a subject or equivalent certification in International Law.
In addition to the educational qualification, candidates must have a minimum of 8 years of experience. This experience can be gained by practicing as an independent advocate or working for a law firm of good repute in front of a District Court, High Court, or Debt Recovery Tribunal (DRT). Alternatively, candidates can have experience working with any organization, public or private, with at least 2 years of experience as a Law Officer in a scheduled commercial bank, handling documentation related to international banking, forex lending, and trade finance.
The application process is online, and the last date to submit the application is March 15, 2025. Interested candidates can access the official notification by clicking on the link provided. This opportunity is a great chance for law professionals to join a respected financial institution and contribute to its legal affairs.
Overall, the Bank of Maharashtra is looking for a highly qualified and experienced professional to fill the post of Chief Manager (Legal). If you meet the eligibility criteria, now is your chance to apply for this exciting opportunity and take your career to the next level. Don’t miss the deadline and submit your application online before March 15, 2025.
A boon for the masses, PNB joins SBI in making loans more affordable for the average citizen
Punjab National Bank (PNB), the second-largest government bank, has made borrowing more accessible by reducing interest rates on retail loans by up to 25 basis points. This move follows the Reserve Bank of India’s (RBI) recent repo rate cut. PNB has slashed rates on various loan types, including home loans, car loans, education loans, and personal loans, to offer customers a wider range of financial options.
The new interest rates are as follows: home loans begin at 8.15%, with equated monthly installments (EMIs) starting at Rs 744 per lakh. Car loans, including new and used vehicles, start at 8.50% per annum with EMIs beginning at Rs 1,240 per lakh. Additionally, PNB is offering an extra discount of 0.05% on car loans to promote sustainable mobility. Personal loans up to Rs 20 lakh can be applied for digitally, with revised interest rates starting at 11.25% per annum.
To make the process even more convenient, PNB is waiving processing fees and documentation charges until March 31, 2025. These new rates will take effect on February 10. This move is consistent with State Bank of India’s (SBI) recent decision to reduce interest rates on retail loans, including home loans, by 25 basis points. Overall, these rate cuts are expected to benefit customers and stimulate economic growth.
According to the UBI report, India’s wholesale inflation is expected to have cooled to 2% in February, marking a slowdown.
According to a recent report by Union Bank of India (UBI), India’s wholesale price index (WPI) inflation is expected to have declined to 2% in February 2023, down from 2.3% in January. This moderation in WPI inflation is largely attributed to a sharp decrease in vegetable prices, which dropped by 12% month-on-month, and a seasonal decline in food prices. Edible oil prices experienced a slight increase, while manufactured food prices remained stable, with only modest price rises in key inputs like sugar and edible oil.
Another key factor contributing to the ease in WPI inflation is the decline in fuel prices, which is expected to remain in negative territory in February. This is due to reduced global oil demand, driven by economic concerns under the second term of US President Donald Trump. The core WPI, which excludes food and fuel, also showed signs of moderation in February, with lower global energy prices contributing to the decline. However, a surge in metal prices limited the extent of the decline.
Looking ahead, UBI expects WPI inflation to continue its downward trend, supported by softening global fuel and commodity prices, as well as seasonal declines in food prices. However, the report advises caution, as ongoing trade wars and disruptions in global supply chains could influence future price trends, which will be closely monitored in the coming months. Overall, this report provides a positive outlook on India’s WPI inflation, with a reduction in prices expected across various sectors.
UCO Bank hosts a vibrant MSME, Agriculture, and Resource Festival in Surat, showcasing its commitment to local economic growth and development.
UCO Bank’s Zonal Office in Surat organized a MSME, Agriculture, and Resource Carnival on March 11, 2025, aimed at promoting awareness about financial schemes and resources available for businesses and farmers. The event was attended by several dignitaries, including UCO Bank’s General Manager Ashutosh Sundaram, SIDBI Assistant General Manager Dilip Kumar Sahu, Surat Chamber of Commerce’s Agriculture Committee Chairman K.B. Pipaliya, and UCO Bank’s Zonal Head Neeraj Daporkar. Several esteemed customers from MSME and agricultural loan customers from various branches in Surat and Vadodara also participated in the event.
During the event, General Manager Ashutosh Sundaram elaborated on the various MSME and agricultural schemes offered by the bank, highlighting how these initiatives can support businesses and farmers in expanding their operations. The event also saw the distribution of sanction letters for MSME and agricultural loans to eligible customers. The primary objective of the carnival was to educate customers about the bank’s schemes and encourage them to leverage available financial resources effectively.
The event received an enthusiastic response from attendees, who appreciated the bank’s initiative, recognizing it as a significant step towards strengthening the MSME and agricultural sectors. Many attendees expressed their gratitude for the informative session, emphasizing its role in facilitating economic growth and financial inclusion in the region. Overall, the event marked a successful initiative by UCO Bank to promote entrepreneurship and agricultural development in the region.
There was no pre-ESA match-up between Staudenmann and Giger
27 top Swiss wrestlers are currently training in Magglingen, preparing for the upcoming wreath festival season, which starts in May. The season will culminate in the Swiss Wrestling and Alpine Festival, where the wrestling king will be determined. The highlight of the season is the Swiss Wrestling and Alpine Festival on August 30/31. The wrestlers are led by Matthias Glarner, the former wrestling king of 2016, who is the “head of wrestling” at the Federal Office of Sport.
The wrestlers are training in a modern hall in Magglingen, which has been available for around two and a half years. The training sessions are led by Glarner, and 27 wrestlers are currently participating, including Fabian Staudenmann, Michael Moser, and Matthias Aeschbacher. The wrestlers are preparing for the upcoming season, which will include the Swiss Wrestling and Alpine Festival, where the wrestling king will be determined.
Fabian Staudenmann is one of the top contenders for the title, having finished in the top of the 2024 annual rankings and winning the Federal Jubilee Wrestling Festival in Appenzell. He will face off against Samuel Giger, the winner of the Unspunnen, in a highly anticipated duel. Joel Wicki, the current wrestling king, is also set to compete in several mountain festivals, including on Stoos and in Seedorf, where he will face off against Giger and other top wrestlers.
Hitting the 10-million mark, a significant milestone for AXIS – The Weekly Advertiser
AXIS Worx, a social enterprise in Horsham, has reached a significant milestone – processing its 10-millionth container, which has resulted in a $1-million injection back into the community, while also supporting people with a disability in employment. The container deposit scheme, which began 16 months ago, has received overwhelming support from the community. According to Director of Social Enterprise Bill Schmidt, the facility is designed to promote employment opportunities for people with disabilities, and every time someone uses the facility, they are contributing to this cause.
The initiative is not only beneficial for the community, but also for the environment, as it helps keep waste out of landfills. Schmidt emphasized the impressive achievement, stating, “Keeping stuff out of landfill is great, but to be able to put a million dollars straight back into the community in that short timeframe while supporting disability employment is fantastic.” The success of the program demonstrates the power of community-driven initiatives that combine social good with environmental sustainability.
As a result of this milestone, $1 million will be injected back into the community, further enhancing local programs and projects that benefit residents. This achievement is a testament to the effectiveness of public-private partnerships and the impact that can be achieved when communities come together to support social causes. The success of AXIS Worx serves as a model for other communities, highlighting the potential for social enterprises to create positive change and contribute to a more sustainable future.
Canara Bank reduces lending rates on select tenures by 5-15 basis points, effective March 12, 2023.
Canara Bank, a major Indian public sector bank, has announced a reduction in lending rates on certain tenures by 5-15 basis points (bps), effective March 12, 2023. This move is aimed at boosting credit growth and supporting the economic recovery in the country.
The bank has reduced the marginal cost of lending rate (MCLR) by 15 bps, from 7.50% to 7.35%, for overnight and up to one-year tenure. For terms ranging from 1-3 years, the MCLR has been reduced by 10 bps, from 7.80% to 7.70%. For 3-5 year tenures, the MCLR has been lowered by 5 bps, from 8.20% to 8.15%.
This rate reduction is expected to make borrowing more affordable for customers, particularly for housing and personal loans. The bank’s decision is also seen as a response to the Reserve Bank of India’s (RBI) August 2022 circular, which asked banks to link their lending rates to external benchmarks, such as the RBI’s repo rate. The RBI has been lowering its repo rate to stimulate the economy, and Canara Bank’s rate cut is seen as a way to align its lending rates with the RBI’s monetary policy stance.
The rate reduction is also expected to boost business and employment in the economy by providing easier access to credit for small and medium-sized enterprises (SMEs) and individuals. SMEs are often the backbone of the economy, and access to credit can help them grow and create employment opportunities.
Canara Bank’s rate cut is seen as a positive move by financial experts, who point out that it can help accelerate economic growth and job creation. However, they also caution that more needs to be done to address structural issues affecting the banking sector, such as the high non-performing asset (NPA) levels and the need for more effective risk management.
Overall, Canara Bank’s decision to cut lending rates is seen as a significant step towards supporting the economy and providing relief to borrowers. However, it remains to be seen how other banks will respond to this development and whether the rate cuts can be passed on to customers in the form of lower interest rates.
IOC 41: Measuring the financial implications of DBS’ carbon footprint against its lending practices; concerns over SVB’s collapse could have far-reaching repercussions for the green finance sector.
DBS, a Singaporean bank, has released its first emissions report since committing to net zero targets. The report highlights the bank’s progress in reducing its greenhouse gas emissions across various sectors. While there was mixed performance across the seven key sectors, the bank showed positive developments in power, oil, and gas, which were considered high-emitting sectors.
Notably, the shipping and steel sectors fell behind the bank’s net zero transition pathways, a clear area for improvement. However, the successes in power, oil, and gas demonstrate progress in areas that were previously considered challenging.
It is essential to recognize that the mounting excitement around DBS’ report should be tempered. The headline numbers alone do not paint the entire picture. A more nuanced approach is necessary to fully understand the bank’s efforts to reduce its carbon footprint.
The report’s release is a significant milestone for DBS, signifying its commitment to addressing climate change and contributing to a global goal of net zero emissions. While there is still much work to be done, especially in the shipping and steel sectors, the bank’s progress in other areas is encouraging. The report serves as a baseline for further improvements, and DBS will likely face increased scrutiny and pressure to deliver on its climate promises.
DBS’ report sets a standard for other financial institutions to follow, as the banking industry grapples with the urgent need to reduce emissions and address climate change. The disclosure of such reports will help stakeholders, including investors, customers, and regulators, better understand the bank’s environmental performance and its efforts to mitigate the impact of its operations on the environment.
Ultimately, DBS’ first emissions report is a meaningful step towards transparency and accountability, but it is by no means the end goal. The bank’s continued commitment to reducing its emissions and achieving net zero will be critical to its success in this journey.
Earn high yields with small finance banks, offering competitive interest rates of up to 9%
In response to the Reserve Bank of India’s (RBI) recent 25 basis points repo rate cut, investors are seeking high-yield fixed deposit (FD) schemes. Small finance banks have emerged as a promising option, offering interest rates as high as 9% per annum for specific tenures. Small finance banks are a category of banks established by the RBI to promote financial inclusion, providing essential banking services to underserved segments of society, such as small farmers, micro-businesses, and unorganized sector workers.
Some of the small finance banks offering high-yield FDs include Unity Small Finance Bank, NorthEast Small Finance Bank, Suryoday Small Finance Bank, Utkarsh Small Finance Bank, Jana Small Finance Bank, and Ujjivan Small Finance Bank. These banks offer a range of FD schemes with interest rates varying between 7% to 9% per annum, depending on the tenure.
It’s essential to note that small finance bank FDs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh per depositor. Experts recommend keeping deposits within this insured limit for maximum safety. While small finance banks offer higher interest rates, they operate differently from larger commercial banks, emphasizing the importance of risk management for investors.
In conclusion, small finance banks have emerged as a viable option for investors seeking high-yield FDs. However, it’s crucial to carefully evaluate the risk factors and consider the DICGC insurance limit to ensure maximum safety. With interest rates ranging from 7% to 9% per annum, small finance banks may be an attractive option for investors seeking sustenance and growth.
On International Women’s Day, South Indian Bank Honors Inspiring Women Leaders with the launch of ‘Women Like You’, a Heartwarming Coffee Table Book
On International Women’s Day, South Indian Bank launched a special coffee table book, “Women Like You”, which chronicles the inspirational stories of 52 remarkable women from various fields. The book was unveiled by Ms. Lakshmi Ramakrishna Srinivas, Director of South Indian Bank, at a grand event in Bengaluru, attended by distinguished guests, industry leaders, and women customers.
The book features stories of ordinary women who have overcome challenges with strength and resilience, achieving lasting success. The evening’s celebration honored women achievers who have broken barriers and paved their own paths to success, serving as a testament to the fact that every successful woman has a story worth reading and emulating.
The event was headlined by international para-athlete and Padma Shri and Arjuna awardee Dr. Malathi Holla, who shared her inspiring journey in the session “Wings to Fly – An Inspiring Journey”. The evening also featured a panel discussion on “The Art of Balance” moderated by sports and celebrity anchor Madhu Mailankody, which brought together a panel of women achievers to discuss strategies for achieving personal and professional fulfillment.
The panellists included Sreedevi Ragavan, Founder of Tattvamassi and Board of Governors of IIM Kozhikode, Rasika Iyer, Co-founder and CMO of Tata Soulfull, Priya Sunder, Co-founder and Director of Peak Alpha Investments, and Simi Sabhaney, Chief Growth Officer of Dentsu India.
The celebration concluded with a mesmerizing performance by Saxophone Subbalaxmi, the first female saxophonist to hold a world record for playing the instrument for the longest duration. The event reaffirmed the bank’s commitment to empowering women by recognizing their achievements and strengthening its engagement with customers and the community.
IDBI Capital secures backing from leading limited partners for its two latest investment funds.
IDBI Capital Markets and Securities Ltd, a subsidiary of IDBI Bank, has secured capital commitments for two new alternative investment funds. The development was revealed by a source familiar with the matter to VCCircle. This news comes after VCCircle reported last month that IDBI Capital was preparing to launch new funds. The new funds are expected to be part of the company’s expansion plans in the alternative investment space.
IDBI Capital was founded in 1998 and is a well-established player in the Indian financial market. The company has a strong track record of managing alternative investment funds, including private equity, venture capital, and real estate funds. With the new funds, IDBI Capital aims to strengthen its presence in the alternative investment space and tap into the growing demand for such products.
The exact details of the new funds, such as their size, focus, and investment strategy, have not been disclosed. However, industry sources suggest that the funds will be multi-stranded, with a mix of debt and equity investments. The company is likely to target a range of sectors, including sectors like consumer, healthcare, and technology.
The news comes at a time when the Indian alternative investment space is witnessing rapid growth, driven by factors such as the Indian government’s policies to boost economic growth, the increasing adoption of alternative investment products, and the growing participation of high net-worth individuals in the market.
For IDBI Capital, the launch of new funds is a strategic move to expand its presence in the alternative investment space and leverage its expertise to tap into the growing demand for such products. The company has a strong track record of delivering returns to its investors, which is expected to attract new investors to its funds.
Overall, the news is a positive development for IDBI Capital and the Indian alternative investment space, as it indicates the company’s commitment to expanding its offerings and catering to the growing demand for alternative investment products.
Indian Consumers Urge Banks to Reinforce Their Anti-Fraud Defenses to Ensure a Safer Banking Experience
A recent survey conducted by FICO, a leading provider of analytics technology, found that two-thirds of Indian bank customers expect banks to compensate them if they fall victim to scams. The survey, which included 11,000 consumers across 14 countries, including India, highlights the need for improved fraud prevention measures in the banking industry.
According to the survey, 57% of respondents believe that banks should improve their fraud detection systems, while 50% think that more warnings are necessary to prevent scams. Despite this, a majority of consumers (87%) report being satisfied with the way their banks handle scam resolution processes.
FICO’s Managing Director in Asia, Dattu Kompella, emphasized the importance of improving scam management, warning that consumer dissatisfaction with fraud handling could result in significant financial and reputational damage to banks. He noted that many consumers are willing to lodge complaints, escalate issues to regulators, or even switch banks if banks fail to effectively handle fraud cases.
The survey’s findings underscore the growing need for banks to prioritize fraud prevention and detection, as well as effective customer support and resolution mechanisms. By improving these measures, banks can not only maintain customer trust and satisfaction but also reduce the risk of financial and reputational losses. Ultimately, the survey’s results serve as a wake-up call for the banking industry to take concrete steps to address the growing concerns of consumers and ensure that they are adequately protected from fraud.
Public Service Bureaus (PSB) and MegaFon are increasing citizens’ access to biometric services.
A recent development in the digital identity and biometric services space, PSB (Portugal Banking Service) and MegaFon, a multinational telecommunications company, have partnered to expand citizens’ access to biometric services. This collaboration aims to promote the use of digital identification and authentication technologies, allowing individuals to access various public and private services more efficiently and securely.
The partnership aims to integrate PSB’s biometric recognition capabilities with MegaFon’s extensive network and infrastructure, enabling citizens to access a range of services, such as e-Government applications, online banking, and e-commerce. By leveraging these advanced biometric technologies, users can verify their identities using facial, fingerprint, and/or iris recognition, thereby ensuring secure and convenient access to various services. This advancement in digital identity technology has the potential to revolutionize the way people interact with various organizations, institutions, and services.
The integration of biometric recognition technology with MegaFon’s network is not only expected to simplify user experience but also to increase security and reduce the risk of identity theft. The secure and efficient nature of this technology will enable individuals to confidently disclose sensitive information, pay bills, and access important records, ultimately empowering citizens to manage their personal and professional lives more effectively. Moreover, the collaboration has the potential to trigger a shift towards a more digital and paperless society, contributing to a more sustainable and environmentally friendly future.
Searching for competitive returns? Consider these small finance banks offering up to 9% interest rates
In the wake of the Reserve Bank of India’s recent 25-basis-point repo rate cut, investors are actively seeking fixed deposit (FD) schemes with attractive returns. Small finance banks, established to promote financial inclusion, are now offering interest rates as high as 9% per annum for specific tenures.
Small finance banks are a unique category of banks set up by the RBI to bridge the gap in access to banking services for small farmers, micro-businesses, and workers in the unorganized sector. These banks offer a range of fixed deposit schemes, with some offering interest rates as high as 9% per annum. For instance, Unity Small Finance Bank offers 9% for a 1001-day FD, while NorthEast Small Finance Bank offers 9% for deposits between 18 months and 36 months.
Other small finance banks, such as Suryoday, Utkarsh, Jana, and Ujjivan, offer interest rates ranging from 8.1% to 8.5% per annum for deposits ranging from one to five years. AU Small Finance Bank offers 8.1% for an 18-month FD and 7.25% for a one-year FD.
While small finance banks offer higher interest rates, it’s essential to note that deposits up to Rs 5 lakh per depositor are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). However, financial experts recommend keeping deposits within this insured limit for maximum safety. As these small finance banks operate differently from larger commercial banks, risk management is crucial for investors.
Overall, small finance banks’ FD schemes can be a viable option for investors seeking attractive returns, but it’s important to consider the associated risks and ensure that deposits are within the insured limit to ensure maximum safety.
Karur Vysya Bank has launched its services in three new locations, further expanding its extensive network.
Karur Vysya Bank (KVB) has launched three new branches in Andhra Pradesh, Karnataka, and Tamil Nadu. The branches were inaugurated on March 11, 2025, and will offer a range of banking services, including accounts, deposits, and loans. This is part of the bank’s expansion plans, which saw the addition of 38 new branches during the 2024-25 financial year. With these new branches, KVB now has a total of 880 branches across the country.
The three new branches, located in Ongole (Andhra Pradesh), Bangalore (Karnataka), and Bagayam (Tamil Nadu), will provide a comprehensive range of banking products and services, including retail and commercial banking, insurance products, and more. The branches are equipped with advanced facilities, including ATMs, Cash Deposit Machines, and Passbook printers, to make it convenient for customers to conduct their banking transactions.
KVB also offers its customers internet banking and mobile banking facilities, including its mobile app, KVB DLite, which provides a range of financial and non-financial services. The app has recently been upgraded with new customer-friendly features, making it easier for customers to access their accounts and conduct transactions on-the-go. The bank’s commitment to innovation and customer convenience is evident in its efforts to provide seamless banking experiences to its customers. With the launch of these new branches, KVB is strengthening its presence in the Indian banking landscape and catering to the growing demand for banking services in the region.
J&K Bank’s mPay Service Experiences Outage, Causing Significant Disruption for Customers
The Jammu and Kashmir Bank’s mobile banking app, mPay, has been experiencing a widespread outage, leaving thousands of customers unable to access their accounts or make digital transactions. This has caused significant inconvenience, especially for those who rely on the app for daily financial needs. Many users have taken to social media to express their frustration, citing recurring technical issues with the bank’s online services.
Businessmen, students, and professionals have been severely impacted, as they were unable to complete urgent transactions. One businessman, Akash Ahmad, was forced to send an urgent payment but was unable to do so due to the outage. Another user, Bashir Ahmad, was left embarrassed when his payment failed at a store. Students, like Aadil Hussain, were unable to pay their exam fees online, causing additional stress and inconvenience.
The outage has raised concerns over Jammu and Kashmir Bank’s digital infrastructure, with many questioning the bank’s preparedness to handle technical glitches. The lack of an official statement from the bank has added to the frustration and concern of customers. The situation is a stark reminder of the importance of having a robust backup plan and infrastructure to prevent such disruptions. As the outage continues, customers can only hope that the bank will resolve the issue soon and take steps to prevent similar instances in the future.
Martech is the next evolution of marketing, according to HDFC’s Deepak Oram, who sees it as a game-changer for businesses.
Deepak Oram, Senior Vice President of Growth Marketing & Martech at HDFC Bank, believes that MarTech goes beyond traditional marketing functions. He highlights that with the increasing digital-first behavior of customers, MarTech now generates a vast amount of data that can be applied to areas beyond marketing. Oram notes that the overlap between digital and non-digital channels has increased significantly, with customers initiating their journey digitally and then proceeding through physical channels.
Oram emphasizes the importance of leveraging digital insights to enhance the customer experience across all touchpoints, including physical channels. He advocates for an omnichannel marketing approach, which involves using digital insights to improve the physical landscape and vice versa. In the banking sector, this is particularly challenging due to the complexity of various channels, including branches, apps, and call centers.
Oram also stresses the importance of customer care in taking the tech beyond marketing. HDFC Bank is recruiting “techno-functional personnel” with a balance of technical and marketing expertise to drive innovation in the field of MarTech. Oram believes that a purely marketing-focused individual requires support from a technically savvy counterpart to drive innovation, citing the need for individuals who are well-versed in data and technology to support the bank’s compliance and customer data privacy requirements.
In conclusion, Oram’s views on MarTech highlight the vast potential of this technology in driving innovation and enhancing customer experience across all touchpoints. By leveraging digital insights and hiring the right talent, banks and other organizations can improve their marketing and customer engagement strategies.
Unlock the Key to Affordable Home Ownership: Say goodbye to high interest rates! Compare the best home loan deals of 2025 and start building your dream home now!
Are you dreaming of owning your own home, but high loan rates are giving you sleepless nights? Worry no more! Many banks are currently offering home loans at very affordable interest rates and EMIs (Equated Monthly Installments). In this article, we’ll help you discover which bank is offering the cheapest home loan option.
Rising interest rates and expensive loans can make home ownership a daunting task. However, several government banks, including Bank of Maharashtra, Central Bank of India, and Punjab National Bank, are offering home loans at attractive interest rates, starting from 8.10% to 10.65%. This can significantly reduce your EMI and make owning a home a more achievable goal.
Here’s a breakdown of the best home loan rates offered by various banks, with rates starting from 8.10%:
* Bank of Maharashtra: 8.10% to 10.65%
* Central Bank of India: 8.10% to 9.95%
* Punjab National Bank: 8.15% to 9.85%
* Indian Overseas Bank: 8.15% to 9.85%
* State Bank of India: 8.50% to 9.75%
* UCO Bank: 8.35% to 10.55%
* IDBI Bank: 8.40% to 12.25%
* Nainital Bank: 8.40% to 11.20%
When choosing a loan, consider factors beyond the interest rate, such as processing fees, loan transfer charges, and bank terms. Some banks, like Canara Bank and Punjab & Sind Bank, are waiving processing fees, which can further reduce your loan costs.
Don’t miss out on this opportunity to own your dream home. Review the list above to find the best home loan option for your needs and budget. Remember to also consider the bank’s terms and conditions before finalizing your decision. Happy home buying!
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.
According to SBI MF’s report, consumption is expected to be outperformed by investments in the financial year 2026.
A recent report by SBI Mutual Fund predicts that investments in India are likely to outpace consumption in the financial year 2025-26 (FY26). The report suggests that the country’s gross domestic product (GDP) is expected to grow by 6.5-7% in FY26, down from 7.5-9% in the previous two years, but still considered a healthy rate of expansion. The report cites increased investments, rural consumption, and higher government spending as key drivers of growth in the coming quarters.
The report highlights a shift in the government’s and Reserve Bank of India’s (RBI) policies, which were previously focused on consolidation and inflation control. However, the RBI has now initiated interest rate cuts, improved liquidity, and relaxed credit regulations to support economic growth. On the fiscal front, the government is maintaining its consolidation efforts but is expected to better meet its spending targets, contributing to growth.
The report notes that corporate order books remain strong, indicating a stable private investment pipeline, and nominal GDP growth could pick up to 10-11% in FY26, up from 9-10% in FY25. With both monetary and fiscal policies now focused on economic expansion, investments are likely to be the primary driver of growth in FY26, surpassing consumption as the main contributor.
This positive outlook is supported by India’s 6.2% GDP growth in the third quarter of FY25, a recovery from the revised 5.6% in the previous quarter. The report concludes that investments are likely to be the key driver of growth in FY26, leading to a robust economic expansion.
Finance Minister Dulloo calls for expedited expansion of banking services to rural areas, targeting a June deadline.
The 15th Union Territory Level Bankers’ Committee (UTLBC) meeting was held under the chairmanship of Chief Secretary Atal Dulloo to review the performance of banks and financial institutions in Jammu and Kashmir. The meeting was attended by senior officials from various government departments, banks, and financial institutions. The Chief Secretary expressed concern over the shortfall in achieving targets under priority sectors, particularly employment generation schemes. He emphasized the need for banks and sponsoring agencies to work together to meet the targets by the end of the current financial year.
The meeting was informed that Jammu and Kashmir banks have disbursed over 51,647 crores to 13.22 lakh beneficiaries, achieving 99.63% of the Annual Credit Plan in financial terms and 79% in physical terms. Loans worth 1,082 crores were sanctioned to 26,637 beneficiaries under major employment generation schemes.
The Chief Secretary directed banks to set up banking touch points in all identified Unbanked Rural Centers (URCs) by June 30 and make accounts KYC compliant to mitigate risks and ensure benefits under Direct Benefit Transfer are not impeded. He also encouraged banks to tap into the education sector by granting education loans to students seeking admission in various colleges and universities.
The Chief Secretary launched the Jammu and Kashmir Bank’s Lal Ded Stree Shakti Loan Scheme, designed to empower women by providing them with financial support for their entrepreneurial endeavors. He praised the bank for this initiative, saying it would go a long way in helping women in Jammu and Kashmir achieve financial empowerment. The meeting also discussed the provision of credit worth 100 crores to women Self Help Groups (SHGs) under the DAY-NRLM scheme on International Women’s Day, March 7, 2025. Overall, the meeting aimed to monitor the performance of banks and financial institutions in Jammu and Kashmir and provide direction for future improvement.
Important Notification for HDFC Bank Customers: Online Banking Services to be Disrupted for 4 Hours Tonight, Explore the Reason Behind the Unavailability | Personal Finance Updates
HDFC Bank has announced that it will be conducting scheduled maintenance on March 10, 2025, to improve the overall banking experience. During this time, several banking services will be temporarily unavailable. To avoid any inconvenience, customers are advised to plan their banking activities in advance.
The schedule for the maintenance period is as follows: NEFT transactions will be unavailable from 12:45 AM to 5:00 AM, and mutual fund-related transactions will be unavailable from 1:00 AM to 5:00 AM. Additionally, credit card transactions will not be processed between 5:00 AM and 7:30 AM, and customers are advised to have an alternative payment method ready.
It is also recommended that customers plan to make any mutual fund transactions before or after the maintenance period, as payments attempted during the maintenance window may fail or experience delays. HDFC Bank is upgrading its systems to enhance security and improve service quality, and this maintenance period is necessary to address these tasks.
This is not the first time HDFC Bank has conducted scheduled maintenance; in fact, the bank had previously conducted similar maintenance on March 8, 2025, which affected some services. The bank had shared the schedule in advance to keep customers informed. By planning ahead, customers can avoid any inconvenience and ensure a smooth banking experience.
Lively Vigilance by Banker Foils $440,000 Scam Plot Against Client Bob
A National Australia Bank (NAB) customer advisor, Erin Browning, recently prevented a customer from losing $440,000 due to an investment scam. The customer, a 70-year-old man, was approached by an individual named “Susie” who promised a 20% return on a term deposit. When the customer visited an NAB branch in regional Victoria to transfer the funds, Erin’s instincts were raised by the unusually high interest rate and the fact that the offer was made by someone outside of a legitimate organization. She questioned the customer and discovered that he was rehearsed and suspiciously evasive about the investment. Erin’s concerns were validated when she contacted NAB’s Fraud Operations, which confirmed that the investment scheme was likely a scam.
Erin’s actions prevented the customer from losing a significant amount of money, underscoring the importance of vigilance in recognizing suspicious investment opportunities. According to NAB data, investment scams are responsible for the largest dollar loss each year and often promise quick, high returns with minimal risks. Scammers may use tactics such as impersonating banks, providing impressive rates, and making follow-up calls to dupe victims. Chris Sheehan, NAB’s Executive of Group Investigations, advises Australians to watch out for red flags, including unsolicited opportunities, social media ads, and claims of beating inflation. He also recommends verifying the legitimacy of advisors and investments, and being wary of offers that seem too good to be true. By being aware of these red flags, individuals can protect themselves from falling victim to investment scams.
Join the Central Bank of India’s 1,000 Credit Officer Recruitment Drive – Apply by March 10 for a Finest Career Opportunity!
The Central Bank of India has opened applications for 1,000 positions of Credit Officer (Junior Management Grade Scale I). This is an excellent opportunity for those interested in a career in banking, particularly in the credit sector. The application process is open until March 10, 2025.
Eligibility criteria include a Bachelor’s degree in any discipline with a minimum of 60% marks (55% for SC/ST/OBC/PWBD) and an age limit of 20 to 30 years as of November 30, 2024. The application fee is ₹150 for SC/ST/PWBD candidates and ₹750 for others.
The role of a Credit Officer involves assessing loan applications, analyzing financial documents, and managing risk. Key responsibilities include loan assessment, financial analysis, customer interaction, risk management, and compliance. The position offers job stability, a competitive salary, and growth potential.
The selection process consists of an online exam, interview, and document verification. The online exam tests English language, quantitative aptitude, reasoning ability, and general banking awareness. Candidates who perform well in the exam may be invited for an interview, and those selected will need to provide proof of educational qualifications and identity.
Applying for the Credit Officer recruitment involves meeting the eligibility criteria, registration, online application, and payment of the application fee. Candidates are advised to prepare thoroughly for the online exam by focusing on banking awareness, quantitative aptitude, reasoning ability, and English language.
The Credit Officer role offers a stable and rewarding career in banking, with opportunities for career growth, competitive salary, and benefits, and the chance to work in a respected public sector bank.
Unlock exclusive rewards with Flipkart’s partnership with Axis Bank – Get smart deals in Udaipur Kiran
I apologize, but I couldn’t find any specific content about “Flipkart Axis Bank offers Udaipur Kiran”. It’s possible that the content may not exist or is not publicly available. However, I can provide some general information about Flipkart and Axis Bank offers, and also Udaipur Kiran.
Flipkart is a popular e-commerce platform that offers various products and services to its customers, including financial services in partnership with Axis Bank. Axis Bank is one of the largest private sector banks in India, with a wide range of banking products and services.
Flipkart and Axis Bank have partnered to offer various financial services, including credit cards, personal loans, and insurance products. The Flipkart Axis Bank offering, which includes the Udaipur Kiran product, is likely a personal loan or credit card offer designed for Flipkart customers.
Udaipur Kiran is a popular product from Axis Bank, which provides a range of benefits to customers, including a low-interest rate, no annual fees, and easy repayment options. The product is designed to help customers manage their finances and achieve their goals, whether short-term or long-term.
The Flipkart Axis Bank Udaipur Kiran offer may provide additional benefits, such as exclusive discounts, cashback offers, or rewards points for Flipkart customers who opt for the product. The offer may also provide a unique feature set, such as the ability to track expenses, set budgets, and receive personalized recommendations for managing finances.
However, without more information or data, it’s difficult to determine the specifics of the Flipkart Axis Bank Udaipur Kiran offer. If you’re interested in learning more about the offer, I recommend visiting the Flipkart or Axis Bank website or contacting their customer support to get the latest information and details.
Exciting Opportunity: Seeking a Marketing Manager to Lead the Way at DCB Bank
DCB Bank, a fully-fledged retail and commercial bank in Tanzania, is seeking a Marketing Manager to join their team. The successful candidate will be responsible for delivering exceptional customer service, developing and implementing customer service excellence strategies, and analyzing the bank’s communication messages and media to ensure they meet customer expectations.
The ideal candidate will have a Bachelor’s degree from a recognized institution and at least 5 years of relevant experience in a financial institution. They should possess excellent verbal, written, and presentation skills, as well as negotiation skills.
Responsibilities include managing the development and implementation of customer service excellence strategies, working with stakeholders to identify problems and improve service provision, maintaining active relationships with customers, and responding to their needs in a timely manner. The Marketing Manager will also be responsible for measuring service performance standards, analyzing customer complaints, and developing and producing performance reports.
The bank’s vision is to deliver outstanding service quality to new, existing, and returning customers, and the Marketing Manager will play a key role in achieving this goal. If you are a motivated and results-driven professional with a passion for customer service, this could be the opportunity for you.
To apply, please submit your application, including a detailed CV, photocopies of academic certificates, and names of three referees with their contacts, quoting reference number DCB/RB/MM-03/2025. The application deadline is March 19, 2025, and all applications should be submitted electronically to [email protected]. Hard copy applications will not be accepted.