Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance. The fine is imposed for contravention of the provisions of certain directions issued by RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to […]
Banks need to be given “stronger overview” on the lending practices followed by non-bank lenders who borrow from them, a senior official from SBI has said. Non-bank finance companies and microfinance institutions should follow the same risk underwriting and credit monitoring principles as followed by the larger banks from whom they borrow money, C S […]
Industry body IBA has invited bids from advisory firms and institutes to design and deliver a leadership development programme for public sector banks (PSBs) to prepare a pipeline of leaders in tune with the increasing competitive landscape. The selected entity will design and deliver the training programme for senior officers of PSBs, including chief general […]
The Reserve Bank of India (RBI) on Thursday doubled the limit on home loans issued by urban cooperative banks (UCB). With this, tier-I UCBs can issue individual housing loans of up to Rs 60 lakh while tier-II UCBs are allowed to offer loans of up to Rs 1.4 crore, the central bank said in a […]
The finance ministry on Monday advised public sector banks (PSBs) to continue to support economic growth by extending adequate credit to the industry even as it asked the PSBs to accelerate bad loan recovery, sources said. The meeting with chiefs of public-sector banks (PSBs) remained inconclusive as finance minister Nirmala Sitharaman could not attend the […]
The Reserve Bank of India (RBI) has cleared the appointment of R Subramaniakumar as managing director and chief executive officer of RBL Bank for a period of three years, the lender said on Saturday. Subramaniakumar has earlier overseen the insolvency process of Dewan Housing Finance Corporation (DHFL) in his capacity as administrator. “Please note that […]
Shriram Transport Finance Company (STFC), one of the largest commercial vehicle financers, and part of the Shriram Group, secured a long-term funding of $250 million from the US International Development Finance Corporation (DFC) of the US. The $250- million external commercial borrowing (ECB) is a fixed-rate 10-year loan under STFC’s social finance framework. The funding […]
Each public-sector bank will have to firm up a three-year road map based on its business priorities under a revamped reform initiative launched by finance minister Nirmala Sitharaman on Wednesday. EASENext, the latest and revamped version of the EASE (Enhanced Access and Service Excellence) reform programme for PSBs, will have two components: EASE 5.0, which […]
With an uptick in demand for project finance from late last year, bankers believe need for long-term funds should rise by anywhere between 12-15% this year. Bank credit deployed in the infrastructure segment rose 10.2% year-on-year in April 2022, with roads, telecommunications and power leading the pack. The outstanding credit to this space, towards the […]
Chennai-based Indian Overseas Bank (IOB) reported a 58% jump in profit after tax (PAT) to Rs 552 crore in the quarter ended March 2022. The operating profit stood at Rs 1,614 crore in Q4FY22 against Rs 1,724 crore in the year-ago period. The net interest margin for Q4FY22 was 2.41% compared with 2.39% in the […]