The Reserve Bank of India (RBI) has issued notices to Federal Bank and South Indian Bank, directing them to halt the issuance of new co-branded credit cards. The two banks informed the stock exchanges about this development. Compliance with Regulatory Guidelines South Indian Bank stated that the regulatory action is in line with the norms issued by the RBI on March 7th. The bank will not on-board any fresh customers under co-branded credit cards until it achieves full compliance with the regulatory guidelines. Existing Offerings and Services Both Federal Bank and South Indian Bank have assured that they will continue to offer credit cards to new and existing customers in the…
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Category: Banking
Bank of Maharashtra Q2 PAT jumps 72% to ₹920 crore
Bank of Maharashtra reported second quarter standalone net profit surged 71.90% to ₹920 crore as compared with ₹535 crore in the year-earlier period.Net Interest Income (NII) grew 28.88% to ₹2,432 crore from ₹1,887 crore a year earlier. Net revenue (net interest income plus other income) rose 29.73% to ₹3,100 crore from ₹2,389 crore. The cost to income ratio improved to 38.04% as against 38.82% in the year-earlier period.During the quarter, the bank’s total business grew by 22.77% to ₹422,420 crore, total deposits increased by 22.18% to ₹239,298 crore year on year (YoY).Gross advances grew 23.55% to ₹183,122 crore from the year-earlier…
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IDBI Bank registers 44 percent jump: Report
Mumbai: The IDBI Bank on Saturday reported a 44 per cent jump in standalone net profit to Rs 1,628.5 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 1,133 crore for the same period of the previous financial year.The bank’s net interest income (NII) rose 12 per cent to Rs 3,688 crore from Rs 3,280 crore while return on assets (RoA) improved by 39 bps to 1.82 per cent for Q4 as compared to 1.43 per cent in the same quarter of the previous year.IDBI Bank’s Board of Directors have recommended a dividend of Rs 1.50 per equity share for the financial year ended March 31, 2024.The bank’s net interest margin (NIM) declined to 4.91 per cent from…
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Stocks to watch: Paytm, Voda Idea, CMS Info, Canara Bank, Andhra Cements – Business Standard
Stocks to watch: Paytm, Voda Idea, CMS Info, Canara Bank, Andhra Cements Business Standard
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ICICI Bank Joins India’s Top 5 Companies with Market Cap Surpassing Rs 8 Trillion
In a remarkable achievement, ICICI Bank has etched its name among India’s top five companies by market capitalization, surpassing the Rs 8 trillion mark. The private lender’s shares surged over 5%, propelling its market value to new heights and cementing its position as a financial powerhouse. Milestone for ICICI Bank ICICI Bank has become the second bank in India to cross the Rs 8 trillion market capitalization milestone, following the footsteps of HDFC Bank. This achievement underscores the bank’s strong financial performance, robust growth prospects, and investor confidence. Top Companies by Market Capitalization The elite club of India’s top five companies by market…
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Bank of Baroda Share Price: Bank of Baroda shares drop 0.82% as Sensex falls
Shares of the Bank of Baroda traded at Rs 277.0 on BSE at 11:58AM (IST) on Friday, down 0.82 per cent. The stock quoted a 52-week low price of Rs 172.85 and a high of Rs 285.5. Earlier in the day, the stock saw a gap up opening. At the prevailing price, the stock traded at 7.32 times its trailing 12-month EPS of Rs 36.71 per share and 0.83 times its book value, as per BSE data. A total of 155,434 shares changed hands on the counter till 11:58AM (IST). The stock commands a market value of Rs 144436.15 crore and is part of the Banks – Public Sector industry. The scrip has been an outperformer , up 50.05 per cent in the past one year in comparison with a 23.54 per cent gain in Sensex….
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HDFC Life Introduces “No Jhanjhat Life Insurance Fatafat” Campaign: Revolutionizing Insurance Purchase Experience
HDFC Life launches the “No Jhanjhat Life Insurance Fatafat” campaign, aimed at simplifying and expediting life insurance purchases through its online platform. The campaign underscores the importance of addressing India’s low insurance penetration and vast protection gap. Seamless Online Experience Bid farewell to cumbersome paperwork and long waiting periods. HDFC Life’s campaign promises a seamless and swift life insurance purchasing experience, leveraging cutting-edge technology for accessibility and convenience. Innovation for Accessibility From customizable plans like Click2Achieve to expert advice and instant quotes, HDFC Life ensures a hassle-free journey towards…
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Axis Nifty Bank Index Fund opens for subscription. Key things to know – New launch
May 03, 2024, 05:46:13 PM ISTAxis Mutual Fund has launched the Axis Nifty Bank Index Fund. The fund is an open-ended index fund tracking the Nifty Bank TRI.AgenciesThe new fund offer or NFO of the scheme is open for subscription and will close on May 17.ET Spotlight3/7Minimum investment amountThe minimum investment amount in the scheme will be Rs 500 and in multiples of Re 1 thereafter. The minimum amount for daily, weekly, and monthly SIP is Rs 100 and in multiple of Re 1 with minimum six instalments.AgenciesThe exit load applicable will be 0.25% if redeemed/switched out within seven days from the date of allotment/investment and no exit load if redeemed/switched out after seven days…
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Indian Overseas Bank enables online donations to Kashi Vishwanath Temple: Check how to donate to Varanasi temple, and income tax benefits involved ,Banking News, Business News
Indian Overseas Bank has launched an online facility which will allow devotees to make online donations to Shree Kashi Vishwanath Mandir Trust in Varanasi. The bank stated that the initiative is a significant milestone towards embracing technology to preserve and enhance the sanctity of the cultural heritage site.
COMMERCIAL BREAKSCROLL TO CONTINUE READINGOn the sidelines of the online facility launch, the bank has opened its first saving bank account for the Shree Kashi Vishwanath Mandir Trust at Varanasi Cantonment to facilitate donations to the temple.
How to make donations to Kashi Vishwanath Temple online
Devotees who wish to donate online can visit the bank’s website-…
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State Bank Of Hyderabad: HC asks SBI to take call on terminated manager’s plea | Hyderabad News
Hyderabad: Finding fault with the erstwhile authorities of State Bank of Hyderabad (now SBI) for adopting different yardsticks and discriminatory approach in punishing guilty officials, Justice N Rajeshwar Rao of Telangana high court said the termination of PTM Gopalakrishna, manager, from service was disproportionate to the alleged crime he committed.The judge, while disposing of the petition filed by the aggrieved manager, directed him to make a fresh representation to the bank’s top authorities to award him lesser punishment other than termination. As the dismissal from service was against State Bank of Hyderabad (Officers) Service Regulations, 1979, the authorities should take a…
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