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Indian Bank, headquartered in Chennai, is a major public sector bank in India with a rich history dating back to 1907. It has a wide network of branches and ATMs across the country, serving diverse customer segments. As a public sector bank, it plays a significant role in supporting government initiatives and financial inclusion.

The bank offers a comprehensive range of banking products and services, including retail banking, corporate banking, treasury, and wealth management. It caters to individuals, businesses, and institutions, offering deposit accounts, loans, credit cards, and investment products. Indian Bank has been focusing on leveraging technology to enhance its digital banking services, offering mobile banking, internet banking, and other digital platforms.

Indian Bank’s strengths include its extensive network, strong brand recognition, and experience in serving a wide range of customers. As a public sector bank, it also benefits from government support. However, like other banks, it faces challenges such as managing non-performing assets (NPAs), competition from private sector banks, and adapting to the evolving financial landscape.

Latest News on Indian Bank

Indian Bank launches a Community Fellowship Program to Strengthen Social Engagement

Indian Bank recently organized a Corporate Social Responsibility (CSR) activity at The Little Flower Convent Higher Secondary School for the Blind in Chennai, in collaboration with the National Commission for Schedule Castes. The event was attended by Shri Kishor Makwana, Hon’ble Chairman of the National Commission for Schedule Castes, and other members of the Commission, along with Shri Binod Kumar, MD & CEO of Indian Bank, and Shri Ashutosh Choudhury, Executive Director of Indian Bank.

During the event, the bank provided Braille styluses, mobility canes, and arithmetic type sets, and other Braille materials to the students. These materials are essential for the students to master the necessary skills, and the bank’s initiative aimed to support the school in its efforts to provide equal opportunities to children with visual impairments.

The handover ceremony was attended by senior officials from Indian Bank and the school administration, who were present to witness the momentous occasion. The event was a testament to Indian Bank’s commitment to CSR and its efforts to support the education and empowerment of individuals with visual impairments. The bank’s initiative will have a significant impact on the lives of the students, enabling them to access education and integrate into society more effectively.

Through this CSR activity, Indian Bank demonstrates its role in promoting inclusivity and social justice, and upholds its responsibility to contribute to the betterment of society. The bank’s support to The Little Flower Convent Higher Secondary School for the Blind is a significant step towards bridging the gap between education and accessibility, and promoting a more inclusive society.

India’s central bank gives the green light to Temasek’s unit to increase its stake in AU Small Finance Bank, according to Reuters.

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The Reserve Bank of India (RBI) has approved a unit of Singapore’s Temasek Holdings to raise its stake in AU Small Finance Bank, a specialized bank in India. Temasek’s unit, Temasek International (I) Pte, which is an indirect subsidiary of the state-owned investment company, is looking to increase its stake in the bank from 5.55% to 8.42%.

AU Small Finance Bank is a relatively new bank in India, established in 2017 to serve the underserved and unbanked population. It has been actively expanding its operations and has already received regulatory approvals to open 450 branches. The bank has a wide geographic presence, with operations in 20 states and over 1,000 Automatic Teller Machines (ATMs) across the country.

The approval from the RBI comes as part of the bank’s plans to raise capital to support its growth and expansion plans. The bank had recently announced a capital raise of INR 1,000 crore (approximately USD 130 million) through a rights issue, which received overwhelming response from investors. The fresh capital will be used to enhance the bank’s capital adequacy ratio, improve its risk assets, and support its expansion plans.

The RBI’s nod to Temasek’s proposal is seen as a positive development for the bank, as it will provide further support to the bank’s growth plans. Temasek’s participation as a shareholder will also bring in international expertise and best practices, which can help the bank to improve its operational efficiency and enhance its services to customers.

The development is also seen as a significant milestone for the Indian banking sector, as it marks the first instance of a international investor getting permission to increase its stake in an Indian bank from the RBI. The move is seen as a step towards further liberalization of the Indian banking sector and its opening up to foreign participation.

It is worth noting that the RBI has been actively promoting the growth of small finance banks, which were established to serve the needs of specific segments of the population, such as rural areas, small businesses, and low-income households. The RBI has also been encouraging private equity participation in the banking sector, which is seen as a key to improving access to banking services for the underserved and unbanked population.

The prestigious 20th Annual IBA Technology Awards 2024 saw South Indian Bank bag five coveted awards, solidifying its position as a technological champion.

South Indian Bank (SIB) was recognized at the 20th Annual Banking Technology Awards 2024, held in Mumbai, for its innovative digital solutions and talent. The awards, organized by the Indian Banks’ Association (IBA), recognize organizations that have adopted modern digital solutions to transform their businesses. SIB won the category of “Best Tech Talent & Organization” and received special mentions in three other categories: “Best Digital Sales, Payments & Engagement”, “Best IT Risk Management”, and “Best Fintech & DPI Adoption”. Additionally, the bank was a runner-up in the category of “Best Financial Inclusion”.

The MD and CEO of SIB, Mr. P R Seshadri, expressed his joy at the achievement, stating that the awards acknowledge the bank’s commitment to leveraging technology to enhance customer experience, drive financial inclusion, and ensure secure digital transactions. He emphasized that the awards also recognize the bank’s efforts in nurturing talent and building a strong tech team, encouraging them to continue driving innovation and uncovering novel banking solutions for all stakeholders.

This recognition is a testament to SIB’s dedication to staying at the forefront of banking technology, and its commitment to delivering innovative and customer-centric digital solutions. The awards are a validation of the bank’s efforts to build a robust and secure digital infrastructure, and to promote financial inclusion by providing accessible and affordable banking services to all. The recognition will motivate SIB to continue pushing the boundaries of innovation, and to remain a forward-thinking financial institution.

Stock Market Updates of Indian Bank

Recent Updates

The Indian Bank undertakes a Corporate Social Responsibility (CSR) initiative.

Indian Bank recently conducted a Corporate Social Responsibility (CSR) activity at The Little Flower Convent Higher Secondary School for the Blind in Chennai. The event was held during the visit of the National Commission for Scheduled Castes. The bank provided Braille styluses, mobility canes, arithmetic type sets, and other braille materials to the students, enabling them to master essential skills.

The event was attended by Shri Kishor Makwana, Chairman of the National Commission for Scheduled Castes, other members of the commission, and Shri Binod Kumar, Managing Director and CEO of Indian Bank. Shri Ashutosh Choudhury, Executive Director of Indian Bank, was also present. Senior officials from the bank and school administration were in attendance as well.

The CSR activity aimed to empower students with visual impairments, providing them with the tools and resources necessary to navigate the world with greater ease and confidence. The materials donated will help the students develop their reading and writing skills, as well as enhance their daily living and mobility.

Indian Bank’s commitment to CSR is evident in this initiative, which demonstrates the institution’s dedication to making a positive impact in the communities it serves. By providing these essential tools, the bank is empowering students to reach their full potential and live independently, thereby bridging the gap between them and the rest of society.

This event highlights the importance of inclusivity and accessibility, emphasizing the need for organizations like Indian Bank to take the lead in promoting social and economic equality. By supporting initiatives like this, the bank is not only fulfilling its CSR obligations but also contributing to a more just and equitable society.

South Indian Bank Secures Top Honours, Wins 5 Awards at Prestigious 20th IBA Technology Awards 2024

South Indian Bank (SIB) has been recognized at the 20th Annual Banking Technology Awards 2024 for its innovative contributions in banking technology. The awards, organized by the Indian Banks’ Association (IBA), recognize organizations that have brought about transformational changes in their businesses by adopting modern digital solutions. SIB was declared the winner in the category of “Best Tech Talent & Organization” and received special mentions in four other categories, including “Best Digital Sales, Payments & Engagement”, “Best IT Risk Management”, “Best Fintech, & DPI Adoption”, and “Best Financial Inclusion”. The bank was also adjudged runners-up in the “Best Financial Inclusion” category.

The awards recognize SIB’s commitment to delivering innovative and customer-centric digital solutions. The bank’s Managing Director and CEO, Mr. P R Seshadri, expressed joy at the achievement, stating that the awards underscore the bank’s commitment to leveraging technology to enhance customer experience, drive financial inclusion, and ensure secure digital transactions. He also emphasized the importance of nurturing talent and building a strong tech team, which the awards acknowledge.

SIB’s recognition at the Annual Banking Technology Awards 2024 is a testament to its forward-thinking approach to banking and its commitment to staying ahead of the curve in terms of technology and innovation. The bank’s focus on customer experience, financial inclusion, and digital transactions has earned it a reputation as a leading financial institution in India.

Here is a rewritten version of the line without additional responses:FinStealer malware targets Indian banks’ mobile customers, compromising login credentials

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A sophisticated malware campaign, known as “FinStealer,” has been identified, targeting Indian bank customers through fraudulent mobile applications. The malware, built using Kotlin, employs advanced tactics to steal banking credentials and personal information from unsuspecting users. The scheme involves a suspicious website (motocharge[.]online) that distributes fake banking apps mimicking legitimate ones.

The malware’s core functionality includes XOR-based string obfuscation, a dual command-and-control (C2) infrastructure, and advanced WebView exploitation for credential harvesting. The malware can exfiltrate sensitive information, including banking credentials, credit card details, and personal identification information.

The C2 infrastructure utilizes both IP-based servers and Telegram bots, making it difficult to detect and track. Additionally, the malware’s code includes a critical vulnerability (CVE-2011-2688) in the C2 server, allowing potential SQL injection attacks.

Security researchers at CYFIRMA have recommended several mitigation strategies to protect against this threat, including implementing advanced endpoint protection, monitoring for exploit-like behavior, conducting regular security audits of mobile applications, and blocking known malicious indicators of compromise (IOCs).

A YARA rule has been provided to help detect the malware, which targets fraudulent mobile apps impersonating banks. Users are advised to only download banking applications from official sources and verify app authenticity before installation.

The campaign is ongoing, with researchers monitoring new variants and attack vectors as they emerge. IOCs have also been provided for further analysis and detection.

In summary, the FinStealer malware campaign is a sophisticated and highly effective scheme targeting Indian bank customers through fraudulent mobile applications. It is essential for users to be vigilant and take necessary precautions to protect themselves against this threat, including using advanced endpoint protection, monitoring for suspicious behavior, and only downloading apps from official sources.

NMC founder BR Shetty has been ordered to pay Indian bank $33 million.

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BR Shetty, the founder of NMC Health, a UAE-based healthcare company that collapsed in 2020 with over $6.6 billion in hidden debt, has been ordered by a Dubai court to pay $33.2 million to Bank of Baroda, an Indian government-owned bank. The court also added legal costs, totaling $344,000, with interest accruing if unpaid within 14 days. Shetty has denied any wrongdoing and claimed he was a victim of fraud within NMC.

NMC Health’s collapse was a major financial scandal, exposing over $6.6 billion in hidden debt across 75 debt facilities from more than 80 financial institutions. The company, which was the UAE’s largest private healthcare provider, was placed into administration in 2020, triggering multiple lawsuits and regulatory investigations in the UAE, India, and the UK.

Shetty’s denial of wrongdoing comes as NMC Health is still recovering from its collapse. The company emerged from administration in 2022 after a $4 billion debt restructuring led by Abu Dhabi Commercial Bank. There are ongoing discussions about the potential acquisition of NMC Healthcare by PureHealth Holding, a UAE-based healthcare group backed by the Abu Dhabi sovereign wealth fund ADQ. PureHealth is considering various options, including a sale or initial public offering, after appointing Rothschild & Co as its financial adviser in June.

The court ruling is part of the ongoing legal fallout from NMC’s collapse, and Shetty’s liability for the debt owed to Bank of Baroda is a significant development in the case. The exact details of the fraud alleged within NMC are still unclear, but Shetty’s claim of being a victim of fraud suggests that he may have been unaware of the company’s true financial situation before its collapse. The case continues to unfold, with Shetty facing financial repercussions for his alleged role in NMC’s collapse.

Uco Bank sets new rates with a 5 basis points hike in its one-year MCLR, starting Monday.

State-owned Uco Bank has announced a hike in its one-year marginal cost-based lending rate (MCLR) by 5 basis points, effective from Monday. This move comes despite the Reserve Bank of India’s (RBI) decision to reduce its policy repo rate by 25 basis points, a move that had been anticipated. However, the bank has simultaneously reduced its repo-linked lending rate, in line with the RBI’s decision. This decision to reduce the repo-linked lending rate is expected to have a quicker impact on customers, as repo-linked benchmark rates are more immediately transmitted to loan rates.

According to the RBI’s deputy governor, Swaminathan J, the transmission of regulatory rate cuts is quicker for repo-linked benchmark rates, as they account for 40% of the loan book. MCLR-linked rates, on the other hand, depend on a bank’s costs and typically take longer to affect loan rates. It takes around two quarters for the effect to play out, as the reset periods are mostly six months.

Uco Bank has also raised its treasury-bill linked benchmark rates by 5-10 basis points. The bank’s decision to raise its MCLR and treasury-bill linked benchmark rates is a response to increased costs and risks in the economy. Despite this, the reduction in the repo-linked lending rate is expected to provide some relief to customers.

Other banks, such as Bank of India, Indian Bank, and Karur Vysya Bank, have also reduced their repo-rate linked loans immediately after the RBI’s policy announcement. This suggests that banks are trying to pass on the benefits of the RBI’s rate cut to their customers, at least partially.

Axis Bank may secure a $500m loan from IFC, according to sources.

International Finance Corporation (IFC), a member of the World Bank Group, is reportedly in talks to provide a loan of up to $500 million to India’s Axis Bank. The deal, if finalized, would be one of the largest foreign investments in an Indian bank in recent years.

According to sources, the IFC is likely to extend the loan to Axis Bank for a period of 5-7 years, with a possible interest rate ranging from 4.5% to 5.5%. The loan would be used to support the bank’s growth initiatives, including its expansion into new markets and sectors.

Axis Bank, one of India’s largest private sector banks, has been looking to strengthen its balance sheet and improve its capital adequacy ratio. The IFC loan would help the bank achieve these goals, while also supporting the country’s financial sector development.

The deal is significant not only for Axis Bank but also for the Indian banking sector as a whole. It would demonstrate the confidence of international investors in the country’s economy and financial institutions, and provide a boost to the sector’s growth prospects.

The IFC has been an active investor in India’s financial sector, with a portfolio of over $4 billion in investments across various financial institutions, including banks, non-banking financial companies (NBFCs), and microfinance institutions.

Axis Bank has been expanding its operations in recent years, with a focus on retail and corporate banking. The bank has also been investing in digital banking and fintech initiatives to improve its customer experience and increase its competitiveness.

The IFC loan would be a significant endorsement of Axis Bank’s growth strategy and its commitment to improving financial inclusion in India. The deal would also provide a boost to the country’s economic growth prospects, as a strong and stable banking sector is critical for financing economic activity and promoting sustainable growth.

Overall, the potential IFC loan to Axis Bank is a significant development in the Indian banking sector, and would be a major vote of confidence in the country’s economy and financial institutions.

IoT startup joins global initiative to lead carbon accounting effortsThis rewritten line maintains the core message of the original, but rephrases it to make it more concise and engaging, while also adding a sense of action and impact by using the word lead.

Indian Overseas Bank (IOB) has taken a significant step towards sustainability by joining the Partnership for Carbon Accounting Financials (PCAF), a global initiative to measure and disclose greenhouse gas (GHG) emissions related to financing activities. By doing so, IOB is aligning itself with international best practices, demonstrating its commitment to reducing its carbon footprint and supporting India’s transition to a net-zero future.

This move is significant for the Indian banking sector, as IOB is among the first to join PCAF, setting a precedent for other institutions to follow. The bank’s MD & CEO, Ajay Kumar Srivastava, emphasized that this initiative is not just about reducing emissions but about integrating sustainability into its operations to support India’s environmental goals.

IOB’s commitment to PCAF is also in line with the Reserve Bank of India’s (RBI) new guidelines, which require financial institutions to disclose information on climate risk management and strategies. This move demonstrates IOB’s willingness to address climate-related financial risks and ensure its operations align with the latest regulatory expectations.

The trend of Indian banks adopting PCAF is growing, with Union Bank of India being the first major Indian bank to join in September 2024. This highlights the increasing importance of climate risk management in the Indian banking system and the need for financial institutions to align with global sustainability standards.

In summary, IOB’s decision to join PCAF is a significant step towards sustainability, demonstrating its commitment to responsible banking practices and supporting India’s green transition. As the financial industry becomes more focused on sustainability, IOB’s leadership on this issue is expected to set a new benchmark for the Indian banking sector.

South Indian Bank Enters the Forefront of Financial Support for Entrepreneurial Ventures

South Indian Bank (SIB) has launched two specialized startup current accounts to support entrepreneurs in India. The SIB Business Startup Current Account and SIB Corporate Startup Current Account are designed to cater to the unique needs of startups, providing a range of benefits that aim to simplify banking and help them focus on scaling their businesses.

The accounts offer several key features, including zero minimum balance requirement for three years, unlimited free RTGS/NEFT transactions through digital channels, and a premium debit card with airport lounge access. These features are designed to help startups save on operational costs and streamline financial processes.

The launch event was attended by key dignitaries, including Mr. P. R. Seshadri, MD & CEO of SIB, and Mr. Susanth Kurunthil, CEO of Infoparks Kerala. The event marked a significant milestone in SIB’s journey to support India’s entrepreneurial spirit.

The introduction of these accounts is part of SIB’s broader strategy to integrate more technology-driven solutions into its offerings. The bank has previously launched SIB SWIFTe, a digital platform designed to make account opening easier and faster. With these efforts, SIB is committed to providing seamless, digital-first banking solutions for startups, enabling them to thrive in today’s competitive business environment.

By offering these customized banking products, SIB is positioning itself as a go-to bank for new businesses looking for efficient and cost-effective banking solutions. The SIB Business Startup Current Account and SIB Corporate Startup Current Account are key steps in supporting India’s startup ecosystem, and they demonstrate the bank’s ongoing commitment to fostering innovation and entrepreneurship across the country.

Couples are found to have pledged the same property twice to secure multiple loans.

The Economic Offences Wing (EOW) of Crime Branch in Bhubaneswar, India, has arrested a couple, Ashirbad Pattnaik and his wife Manogyan Pattnaik, for allegedly cheating a private bank, ICICI Bank, to the tune of Rs 1.3 crore. The accused couple, allegedly, fraudulently availed of a loan of Rs 1.05 crore by mortgaging their properties, including two flats and a duplex, from the Link Road branch of ICICI Bank’s Cuttack. However, they had previously mortgaged the same properties to Indian Bank’s Ashok Nagar branch to secure a cash credit loan of Rs 3.79 crore for Ashirbad’s firm, AB Solutions, which is involved in iron ore retail business.

The EOW investigation revealed that the couple had initially taken a cash credit loan of Rs 3.79 crore from Indian Bank in January 2018 by mortgaging the properties. Later, in October 2018, they took a loan of Rs 1.05 crore from ICICI Bank by mortgaging the same properties, despite the outstanding loan amount in Indian Bank still pending. The fraud came to light when Indian Bank took possession of the properties after Ashirbad failed to repay the loan. The EOW seized several incriminating documents, including fake sale deeds and loan documents from both banks. The investigation is ongoing, and it is estimated that ICICI Bank suffered a loss of Rs 1.3 crore until January 2025.

Here’s one rewritten version of the line:South Indian Bank Launches Innovative Banking Solutions for Emerging Indian Startups

South Indian Bank (SIB) has launched two specialized startup current account products, SIB Business Startup Current Account and SIB Corporate Startup Current Account, aimed at boosting the startup ecosystem in India. The launch event was attended by key dignitaries, including the MD & CEO of SIB, P. R. Seshadri, and the CEO of Infoparks Kerala, Susanth Kurunthil.

The SIB Business Startup Current Account is designed for sole proprietorships and partnerships, providing essential banking support for their initial years, while the SIB Corporate Startup Current Account is for private limited companies, public limited companies, one-person companies, and limited liability partnerships, catering to their complex financial needs. To qualify, firms must be incorporated or registered within the last three years.

The accounts offer unique features, including zero minimum balance requirements for up to three years, unlimited free RTGS/NEFT transactions via digital channels, and a premium debit card with exclusive benefits like airport lounge access. SIB’s MD & CEO, P. R. Seshadri, emphasized that the bank understands the challenges faced by startups and entrepreneurs, and these accounts are designed to provide a seamless banking experience, allowing them to focus on achieving their business objectives.

Infoparks Kerala’s CEO, Susanth Kurunthil, commended SIB’s initiative, stating that it will play a significant role in fostering a culture of innovation and entrepreneurship. The event also featured an interactive session on entrepreneurship, highlighting the importance of financial literacy and available support for startups.

South Indian Bank’s latest initiative reaffirms its commitment to nurturing India’s entrepreneurial spirit, providing startups with the financial agility they need to thrive in today’s competitive landscape. The launch of these specialized current accounts is a significant step towards empowering startups to scale new heights, and SIB is expected to continue supporting the growth of the Indian startup ecosystem.

Indian Bank partners with IIT Madras to co-host a hackathon

Indian Bank, a public sector bank, is partnering with IIT Madras to host a hackathon focused on cyber security and fintech in April this year. The hackathon aims to tackle key issues in these domains, including endpoint security, fraud prevention, and advanced fraud detection mechanisms. The event is exclusively open to students and scholars of IIT Madras.

The hackathon is part of a series of such events planned by public sector banks in compliance with an advisory from the Indian Banks’ Association (IBA). The IBA has encouraged banks to collaborate with top institutions like IITs, universities, and science institutions to promote innovation and talent in the fintech and cyber security sectors.

The hackathon is expected to bring together talented students and scholars from IIT Madras to work on solving real-world problems in the fintech and cyber security domains. The event will provide a platform for participants to showcase their skills, creativity, and innovative thinking, and to develop solutions that can benefit the banking industry.

The partnership between Indian Bank and IIT Madras is a significant step towards promoting collaboration between the public sector and academia. It demonstrates the bank’s commitment to staying ahead of the curve in terms of technology and innovation, and its willingness to invest in the development of young talent.

The hackathon is expected to be a unique opportunity for participants to gain hands-on experience in working on real-world problems, and to develop their skills in areas like coding, data analysis, and problem-solving. The event is likely to attract a wide range of participants, including students from various disciplines, and scholars from the fields of computer science, engineering, and mathematics.

Stay updated on the recent shift in vacancy numbers for IBPS PO and Clerk recruitment

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The Institute of Banking Personnel Selection (IBPS) has increased the vacancy numbers for its Probationary Officer (PO) and Clerical Cadre (Clerk) recruitment for 2024-25. The PO vacancies have risen from 3,955 to 5,888, while Clerk vacancies have increased from 6,128 to 8,792. The final count may be even higher as some banks have not reported their vacancies yet.

The increase in vacancies is a positive development for aspirants, as it directly impacts the cut-off marks and selection chances. More vacancies mean a higher number of candidates will qualify for the mains and interview rounds. The rise in vacancies also indicates that banking organizations are expanding their recruitment efforts, creating better job prospects for candidates.

The increase in IBPS PO vacancies can be attributed to the participation of Bank of Baroda and Bank of Maharashtra, which initially did not report any vacancies but later contributed significantly. Central Bank of India reduced its vacancies, while Punjab National Bank and others increased their hiring slightly.

The IBPS Clerk vacancy increase is largely due to the participation of Indian Bank, Bank of Baroda, and UCO Bank. Canara Bank reduced its clerk vacancies, while most banks maintained their initial vacancy counts.

The reasons behind the increase in IBPS PO and Clerk vacancies include bank expansion and retirements, delayed vacancy reporting by banks, increased workload in public sector banks, economic growth and credit expansion, and the government’s push for employment. The increased vacancies will lead to better selection chances, reduced competition per seat, and higher demand for skilled candidates with strong banking and technological knowledge.

South Indian Bank officially opens the doors to its brand new office building

South Indian Bank celebrated its 96th foundation day by unveiling its new office at Kakkanad, marking a significant milestone in the institution’s history. The state-of-the-art building, spanning two lakh square feet, features a currency chest, a branch office, and spacious workspaces capable of accommodating up to 1,200 employees. The prestigious event was formally inaugurated by V.J. Kurian, the bank’s chairman, while P.R. Seshadri, managing director and CEO, delivered an address.

Located at Kakkanad, this new office of South Indian Bank is a significant addition to its existing network. The bank, which was established in 1929, has been serving its customers with great dedication and diligence for nearly a century. By inaugurating its new office on its 96th foundation day, the institution is reaffirming its commitment to providing enhanced services to its customers and scaling new heights.

The new office is designed with the latest modern amenities and technological infrastructure, showcasing the bank’s commitment to adapting to the latest trends and needs of the evolving banking landscape. The spacious layout and modern features will enable employees to work effectively and efficiently, providing customers with a seamless experience.

The establishment of this new office is an important step towards the bank’s growth and development, and South Indian Bank continues to be committed to its motto of “serving the region with pride” while expanding its reach and customer base. This milestone is testament to the institution’s resilience and adaptability over the years.

PNB Pioneers Real-Time Cybercrime Mitigation with Clari5 Integration

Punjab National Bank (PNB) has made history by becoming the first Indian bank to integrate Clari5’s National Cybercrime Reporting Portal (NCRP) solution, marking a significant step forward in fraud prevention and complaint management. This partnership with the Indian Cyber Crime Coordination Centre (I4C) enables real-time processing of cybercrime complaints across all retail banking channels, including internet and mobile banking, ATMs, UPI, and NEFT/RTGS.

The NCRP Integration Solution features automated lien marking, intelligent account freezing, and customizable whitelisting to protect customer interests. Rivi Varghese, CEO of Clari5, praised PNB’s leadership in pioneering this solution, stating that it sets a new benchmark for the Indian banking sector.

The integration has three key features: automated lien marking and account freezing, real-time processing across channels, and customizable whitelisting. The system can automatically place holds on suspicious accounts and freeze them when necessary, and process complaints in real-time across various channels, ensuring swift action against potential fraud. The system also allows for customizable whitelisting to protect legitimate customer transactions from being affected by fraud prevention measures.

This move is significant as it is expected to set a new industry standard, encouraging other banks to implement similar technologies to enhance fraud prevention and customer protection. The success of this implementation at PNB lays a strong foundation for expanding this transformative technology across other banks in India, ensuring a safer and more secure financial ecosystem. As cyber threats continue to evolve, the industry will benefit from this integration, maintaining the integrity and security of the banking system.

Indian Bank and Escorts Kubota collaborate to streamline tractor financing, offering customers enhanced access to credit solutions.

Indian Bank has partnered with Escorts Kubota Limited (EKL) to offer tractor financing for farmers and dealers in India. This partnership aims to provide easy access to tractor loans for farmers and working capital for EKL’s dealer network. The financing will cover EKL’s full range of tractors, including Powertrac, Farmtrac, and Kubota models.

Farmers can apply for loans through Indian Bank’s digital platform or visit one of its 5,800+ branches across India. EKL dealers will benefit from supply chain financing, which will help reduce inventory costs and improve operations.

The partnership is expected to promote rural growth by providing essential financing services to farmers and dealers. It will also help streamline the operations of EKL dealers and enable them to serve customers better.

The tractors offered through this partnership include the Farmtrac 45, a 45 HP tractor with a 2868 CC engine, and the Kubota MU5501, a 55 HP tractor with a 2434 CC engine. The tractors are available for purchase or for hire through EMI options.

The partnership marks a significant step towards supporting financial inclusion and boosting India’s rural economy. It will provide a wide range of financing options for farmers and dealers, making it easier for them to access the tractors they need.

Indian Bank is one of the largest public sector banks in India, with a history dating back to 1907. It has over 5,800 branches across India and abroad, and is driving digital transformation through its Project WAVE.

EKL is a leader in agricultural and construction equipment, with over 80 years of engineering excellence. Its brands, including Farmtrac, Powertrac, and Kubota, are well-known for their quality and performance.

Senior citizens take note: Interest rates for you have been updated by these banks, check the new rates now

Many major Indian banks, including State Bank of India (SBI), Punjab National Bank (PNB), Indian Bank, Union Bank of India, and RBL Bank, have introduced new fixed deposit (FD) schemes for super senior citizens aged 80 and above. As per the Income Tax Act, residents aged 80 years or above are considered super senior citizens. This age group is entitled to higher returns on FDs than senior citizens above 60 years.

SBI has launched a special FD scheme called ‘SBI Patrons’ for super senior citizens, offering 10 basis points (bps) higher interest rates than the current rates. SBI offers the highest interest rate of 7.60% on super senior citizen FDs for tenures of 2 years to less than 3 years and 5 years to 10 years.

PNB offers a maximum interest rate of 8.10% for super senior citizens for a tenure of 400 days, with an additional 80 bps interest rate benefit over the applicable card rate. Indian Bank is offering 25 bps higher interest rate to super senior citizens than senior citizens, with its ‘IND SUPER 400 DAYS’ scheme offering 8.05% for super senior citizens.

RBL Bank is offering 0.25% higher interest on FDs to super senior citizens than senior citizens, with the highest interest rate of up to 8.75% on 500 days FD for super senior citizens. Union Bank of India is offering an additional interest rate of 0.50% over the normal rate for resident senior citizens, with a bonus 0.25% higher rate for resident super senior citizens.

These new FD schemes are available to existing and new customers, and the interest rates are valid until March 31, 2025. Super senior citizens can consider these schemes to earn higher returns on their fixed deposits, making them a great option for those looking to maximize their returns in a relatively low-risk investment.

Indian Bank and Escorts Kubota Collaborate on Tractor Financing Solution

Indian Bank and Escorts Kubota Ltd have formed a partnership to provide tractor financing solutions to dealers and customers. The partnership aims to provide affordable loans and working capital to the dealers and customers of Escorts Kubota Ltd, enabling them to access financing at competitive interest rates. The partnership covers the entire product portfolio of Escorts Kubota Ltd, including Powertrac, Farmtrac, and Kubota tractors.

The partnership will allow dealers and customers to access quick and hassle-free financing through Indian Bank’s digital platform. This will enable them to purchase tractors and other equipment from Escorts Kubota Ltd, thereby driving rural prosperity and strengthening the agricultural value chain.

Indian Bank’s Executive Director, Ashutosh Choudhury, stated that the partnership reflects the bank’s commitment to advancing financial inclusion and digitalization in the country. Escorts Kubota Ltd’s Whole-time Director and CFO, Bharat Madan, added that the partnership reflects the company’s commitment to offering affordable and efficient credit solutions to its dealers and farmers.

The partnership is expected to benefit small and medium-sized enterprises (SMEs) in the agricultural sector, as well as farmers and dealers who are looking for financing options to purchase tractors and other equipment. The partnership will also help to drive economic growth and development in rural areas.

Overall, the partnership between Indian Bank and Escorts Kubota Ltd is a significant development in the agricultural sector, as it will provide financing solutions to dealers and customers, enabling them to access affordable loans and working capital. The partnership is expected to have a positive impact on the agricultural sector, driving rural prosperity and strengthening the agricultural value chain.

South Indian Bank records significant growth, with a 12% increase in net profit to ₹341.87 crore for Q3 FY25.

South Indian Bank, based in Thrissur, has reported its highest-ever quarterly net profit of ₹341.87 crore for the third quarter of fiscal year 2025, representing a 12% growth over the same period last year. The net profit in Q3 of FY24 was ₹305.36 crore. The bank’s managing director and CEO, P R Seshadri, attributed the growth to the expansion of its retail and MSME (Micro, Small, and Medium Enterprises) segments, which are seeing strong potential for sustained growth.

The bank’s operating profit increased by 9.39% to ₹528.84 crore, while gross NPA (Non-Performing Asset) decreased by 44 basis points to 4.30%, and net NPA dropped by 36 basis points to 1.25%. The net interest income grew by 6.13% to ₹869.26 crore. Retail deposits grew by ₹7,332 crore, or 8%, to ₹1,02,420 crore, while NRI (Non-Resident Indian) deposits increased by ₹1,896 crore, or 6.49%, to ₹31,132 crore.

CASA (Current Account Savings Account) grew by 4.13%, driven by a 3.37% increase in Savings Bank and a 7.73% increase in Current Account. Seshadri emphasized the bank’s focus on achieving long-term sustainability, enhancing customer engagement, and maintaining a competitive edge. He also highlighted the bank’s strategy to reduce its reliance on corporate loans and grow its retail and MSME portfolios, which aligns with its goal of maintaining corporate exposure below industry peers and minimizing risk.

Overall, the bank’s performance indicates a strong financial position, with reduced slippages and improved recoveries. The bank’s efforts to diversify its portfolio and reduce risk are also expected to benefit its shareholders and customers in the long run.

PNB appoints Kumar as new chief of Indian Bank, reports The Times of India.

Shantanu Kumar, a prominent banker, has been appointed as the new Managing Director and Chief Executive Officer of Indian Bank. He is currently serving as MD and CEO of Punjab National Bank (PNB), a top lender in India. The appointment is effective from February 1, 2023.

Kumar has had a long and illustrious career spanning over three decades, with significant experience in the banking and financial services sector. He joined PNB in 1988 and has held various leadership positions, including Executive Director, Chief Risk Officer, and Union Bank of India as a Managing Director.

Kumar’s appointment as MD and CEO of Indian Bank comes at a time when the bank is undergoing significant transformation processes, including Technology upgrade, Cost optimization, and Restructuring of Bad Loans. The new MD is expected to leverage his vast experience to drive the bank’s growth, improve its financial performance, and enhance its digital banking capabilities.

During his tenure at PNB, Kumar has demonstrated his leadership skills and strategic vision, which has led to significant improvements in the bank’s performance. He has also been instrumental in implementing various initiatives to enhance the bank’s customer services, risk management, and digital banking capabilities.

Kumar holds a Bachelor’s degree in Science from the University of Mumbai and an MBA from the Indian Institute of Management (IIM), Ahmedabad. He is also a certified Risk Manager and has completed various professional certifications, including the Certified Information Systems Security Professional (CISSP) and the Certified Data Protection Officer (CDPO).

The appointment of Shantanu Kumar as Indian Bank’s MD and CEO comes as a significant development in the banking sector, considering his impressive track record and experience in driving growth, transformation, and improvement in banking operations. The banking industry is optimistic about his take on the new role, and his ability to lead the bank to even greater heights.