Customers will earn unlimited 1% cashback on all spending; cashback will increase to 5% on all online spending for up to a maximum of Rs 10,000 per monthly statement cycle.
Average tenure of bank lending is nine years and deposits’ tenure is close to 2.5 years. There is a massive asset-liability mismatch which can explode anytime, says Pronab Sen.
Canara Bank, ICICI Bank and Union Bank of India were few outliers who had anticipated hikes in interest rates and subsequent rise in yields on their bond portfolios.
When Murali Ramakrishnan took guard at South Indian Bank as CEO, he had to battle against legacy corporate loans which had turned sour, clean up books and build new credit profile. Here is a report card on the bank’s turnaround story.
Tightening policy to continue in rest of FY23; could see at least another 75bp hikes by Mar23, subject to inflation nearing its peak in 2QFY23 and gradually easing below 6% in Mar23 quarter.
RBI allows Punjab National Bank to invest Rs 500 crore in Rs 2,500-crore rights issue of Punjab Housing Finance; stake of bank in arm to fall below 30% but not less than 26%.
Canara Bank plans to raise Rs 7,000 crore in the remaining part of the financial year and float a credit card subsidiary, CEO LV Prabhakar said.
Govt will likely float EoI for divestment of IDBI Bank within a month, CEO Rakesh Sharma said; it has already hired a transaction and legal adviser.
Yes Bank CEO Prashant Kumar has put plenty on his plate. He has got JC Flowers ARC to help him get rid of pile of bad loans worth Rs 48,000 cr; the bank will pick up 20% stake in this entity; and he will raise $1 bn to fund growth. Will he be able to jump-start the growth engine?
Some customers were offered lower interest rates by market participants but we decided not to cut ours, HDFC Bank CFO Srinivasan Vaidyanathan said in an analyst call.
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Bank of Maharashtra cuts its MCLR on loans, making it an outlier in a rising interest rate scenario. CEO Rajeev explains how this was possible.
Turnaround story executed, Yes Bank is in process of forming alternate board; 9-member board recommended and Prashant Kumar to continue as CEO for another three years.
.Indian rupee falls to all-time low of 77.63 against US dollar amid negative forces from around the world; could edge closer to 79 mark in next couple of months.
Punjab National Bank will reprice its lending and deposit rates, lower non-performing loans, elevate recoveries and transfer Rs 2,700 cr of bad loans to NARCL in first phase, said CEO Atul Kumar Goel.
State Bank of India ups ante to contract bulk term deposits of Rs 2 crore and above by raising interest rates. “If we do not act now, money could get expensive,” says SBI official.
