Public sector Indian Bank has partnered with Tata Power Solar Systems to offer financing for customers under the Centre’s Pradhan Mantri Surya Ghar Muft Bijli Yojana Scheme to install solar rooftop systems in residences.Residential consumers would be able to receive loans of up to Rs 2 lakh for installations of 3 KW solar rooftop capacity at an interest rate of 7 per cent per annum.”This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance, we aim to make a significant contribution to India’s energy objectives…,” Indian Bank Chief General Manager, Retail Assets and Micro, Small Medium Enterprises, Vikas Kumar…
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Category: Indian Bank
FSIB recommends Ashutosh Kumar for SBI MD, Asheesh Pandey for Indian Bank – Business Standard
FSIB recommends Ashutosh Kumar for SBI MD, Asheesh Pandey for Indian Bank Business StandardFSIB recommends appointment of Rana Ashutosh Kumar Singh as SBI MD, Asheesh Pandey as Indian Bank MD BusinessLineRana Ashutosh And Asheesh Pandey Recommended For MD Position In SBI And Indian Bank NDTV ProfitFSIB recommends Asheesh Pandey as Managing Director of Indian Bank CNBCTV18FSIB Recommendations for SBI and Indian Bank MD Appointments Adda247
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Intellect Design Arena shares up 5.5% after partnering with Indian bank for AI-powered Cash Management System – Trade Brains
Intellect Design Arena shares up 5.5% after partnering with Indian bank for AI-powered Cash Management System Trade Brains
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After SBI and Indian Bank, BOB cracks down on misselling of insurance, mutual fund products
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Public sector lender Bank of Baroda (BOB) has asked its zonal heads to not conduct any wealth business campaigns related to selling life, general and health insurance policies or mutual funds till March 31.
Moneycontrol has accessed and reviewed an internal letter issued by the bank to this effect, dated January 12.
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The decision is in view of issues being raised on mis-selling. “To ensure doing insurance and wealth business as per proper product suitability and…
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Indian bank Kotak Mahindra’s shares dive after new digital client ban
Large numbers of customers signing up through its digital platform Kotak811 caused sporadic outages, two Kotak officials and two others with knowledge of the matter, speaking on condition of anonymity.
Shares in Kotak fell by as much as 13% to their lowest since November 2020, before paring losses slightly in late trade.
The lender is now valued at INR 3.67 trillion ($44.06 billion), and Jefferies cut its price target for the stock by 4%.
Kotak did not immediately respond to a request for comment.
It said on Wednesday it had adopted technology to strengthen its IT systems and that it believed the ban would not materially impact its overall business.
Kotak CEO Ashok Vaswani attempted…
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While institutions own 13% of Indian Bank (NSE:INDIANB), state or government are its largest shareholders with 74% ownership
Key Insights Indian Bank’s significant state or government ownership suggests that the key decisions are influenced by shareholders from the larger public India owns 74% of the company Institutions own 13% of Indian Bank A look at the shareholders of Indian Bank (NSE:INDIANB) can tell us which group is most powerful. The group holding the most number of shares in the company, around 74% to be precise, is state or government. Put another way, the group faces the maximum upside potential (or downside risk). Institutions, on the other hand, account for 13% of the company’s stockholders. Large companies usually have institutions as shareholders, and we usually see insiders…
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Indian Bank ties up with Tata Power Solar to boost solar energy adoption
Indian Bank has entered into a strategic partnership with Tata Power Solar Systems Ltd. (TPSSL) to boost solar energy adoption by providing financial support to residential consumers for installations.The collaboration aims to provide financial support under the PM Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, and from 3-10 KW under the regular scheme, the public sector lender said in a statement.Residential consumers can avail loans up to ₹2 lakh at an annual interest rate of 7%, with a nominal margin money requirement of 10% and collateral-free financing. The repayment tenure is 10 years.For installations exceeding 3-10 KW, eligible applicants can avail loans up…
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Indian bank’s IT is so shabby it’s been banned from opening new accounts • The Register
India’s central bank has banned Kotak Mahindra Bank from signing up new customers for accounts or credit cards through its online presence and app.
The ban came after what the Reserve Bank of India described as “Serious deficiencies and non-compliances … in the areas of IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc.”
Kotak Mahindra Bank has over 41 million customers and more than $500 billion in assets under management. The Bank’s FY 22/23 annual report [PDF] states that it emphasized…
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Source: https://www.theregister.com/AMP/2024/04/25/rbi_india_kotak_mahindra_bank/
FSIB Recommendations for SBI and Indian Bank MD Appointments
The Financial Services Institutions Bureau (FSIB) has recommended candidates for the positions of Managing Director (MD) at State Bank of India (SBI) and Indian Bank. Rana Ashutosh Kumar Singh has been proposed for SBI MD, while Asheesh Pandey has been recommended for Indian Bank MD. FSIB Recommendation for SBI MD The FSIB, after interviewing 16 candidates, has recommended Rana Ashutosh Kumar Singh for the MD position at SBI. Currently serving as SBI’s deputy managing director, Singh’s performance, overall experience, and adherence to extant parameters have led to this recommendation. The final decision rests with the Appointments Committee of the Cabinet, chaired by Prime Minister…
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Source: https://currentaffairs.adda247.com/fsib-recommendations-for-sbi-and-indian-bank-md-appointments/amp/
Indian Bank Q3 standalone net rises 52% to ₹2,119 cr.
Indian Bank reported standalone net profit for the December quarter rose 52% from the year-earlier period to ₹2,119 crore due to growth in interest income.Net interest income increased 6% to ₹5,815 crore and fee based income by 21% to ₹852 crore. Net interest margin stood at 3.49% (3.47%), the public sector lender said in a statement.Gross non-performing assets decreased by 206 basis points (bps) to 4.47%, while net NPA reduced by 47 bps to 0.53%. Provision coverage ratio improved by 231 bps to 95.90%. Capital adequacy ratio stood at 15.58%.Gross advances of the bank increased by 13% ₹5,09,800 crore, while gross deposits rose 10% to ₹6,54,154 crore. CASA deposit grew by 8%,…
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