As part of sequencing of three top-level departures, Uday Kotak resigns as MD and CEO of Kotak Mahindra Bank four months ahead of RBI’s deadline.
Uday Kotak narrates his 38-year journey since institution was founded with three employees in Fort, Mumbai. Here is full text of his resignation letter.
The Kotak Mahindra group, founded by Uday Kotak in 1985, began its financial services journey with a bill discounting business in 1985. Here is the growth story of Kotak Mahindra Bank.
Government and IBA are sticking to hard stance of not revising old pension scheme for bank employees despite corpus for it rising and roll count falling, says Raghavan.
There are enough indicative trends to show that RBI is most unlikely to go for an interest-rate cut in the current financial year.
Bankers say RBI’s move to hike incremental CRR to 10% will be an opportunity loss to banks; impact of few basis points to be felt on short-term rates in bond markets.
HDFC Bank CEO Sashidhar Jagdishan speaks of funding risk, impact on NIM and growth opportunities; says bank’s philosophy has always been not to compromise growth for profitability.
RBI Governor Shaktikanta Das explains on central bank’s decision to retain repo rate at 6.50%, revise inflation rate projection for FY24 and increase incremental CRR as a measure to absorb surplus liquidity.
Renewal of government guarantee comes after a gap and is set to restart flow of NPA accounts of banks to NARCL; movement will, however, depend on other factors like right pricing.
Largest amount of Rs 21,044.4 crore has come on account of non-maintenance of minimum balance; major banks also collect over Rs 8,000 crore for ATM transactions beyond free numbers since 2018.
State Bank of India has no plans to spin off YONO as a subsidiary or list it, says chairman Dinesh Khara; former head Rajnish Kumar had said valuation would get reflected once it is hived off.
Public sector banks have more than doubled their profits to Rs 34,774 crore in quarter ended June 2023 over the year-ago period.
Canara Bank has set up 500 jewel loan shops in its branches; 80% of its Rs 1.3 lakh crore gold loan biz comes from South India, says CEO Satyanarayana Raju.
Out of the total Rs 14,56,226 crore, written off loans of large industries and services stood at Rs 7,40,968 crore in last nine years starting 2014-15, Minister of State For Finance Bhagwat Karad said.
Punjab & Sind Bank CEO Swarup Kumar Saha says fall in profit in Q1 was only a blip; mutual fund distribution platform to be set up with fintech partner and go live in Q4.
