These depositors can choose to either withdraw or retain this amount with Unity Bank; or make additional deposits, and earn interest rate up to 7%, being offered on savings accounts.
India’s bad bank is set to roll out operations after receiving all regulatory approvals; lenders readying to transfer Rs 50,000 crore of toxic assets to NARCL by 31 March.
CSB Bank’s advances grew 27% to Rs 14,438 crore in the December quarter, mainly contributed by gold loan which rose 61%.
Kotak Mahindra Bank reported 15% year-on-year growth in its net profit for the December quarter to Rs 2,131 crore on account of retail loan growth and better asset quality.
IndusInd Bank reported 50% YoY growth in consolidated net profit for December quarter to Rs 1,241.55 crore compared to Rs 830.41 crore a year ago.
“While there were some challenges on deposit front in last week of December, bank has seen stability return and is now clocking deposit accretion at higher-than-December levels. We continue to remain well capitalised with sufficient liquidity buffers,” interim CEO Rajeev Ahuja said.
“During the quarter, we concentrated on net interest income as treasury income was to be impacted due to hardening of yields, " Canara Bank chief executive LV Prabhakar said.
Federal Bank has reported 29% rise in net profit to Rs 521.7 crore for quarter ended December on account of lower provisions with improvement in asset quality.
Axis Bank reported a 224% jump in Q3 net profit to Rs 3,614 crore, helped by a robust growth in government business, refinance opportunities and lower provisioning.
Due to Covid-19 and regulatory approvals, the work of setting up an ARC may get pushed to the first quarter of FY23, says Yes Bank chief Prashant Kumar.
IDBI Bank is looking to sharply bring down its non-performing loans over the next one-year period while working on ramping up its credit growth.
Former comptroller and auditor general Vinod Rai has been granted approval by RBI as independent chairman of Unity Small Finance Bank.
HDFC Bank has reported an 18.1% year-on-year jump in its standalone net profit to Rs 10,342.20 crore for the third-quarter ended December.
Interest rates are finally inching up. Following the footsteps of HDFC Bank, India’s largest lender State Bank of India has raised deposit rates.
Eight NBFCs and one housing finance company have surrendered their certificates of registration to the RBI.
