Reserve Bank of India fines Kotak Mahindra Bank, IDFC First Bank and Punjab National Bank for certain deficiencies in regulatory compliance.
IndusInd Bank, caught in midst of accounting lapses in derivatives portfolio, ups Santosh Kumar to role of deputy CFO; Arun Khurana to be relieved from additional charge of CFO.
This is India’s lowest retail inflation since September 2019; leaves door open for RBI to cut interest rate in upcoming policy in June.
Impact represents 2.27% of IndusInd Bank’s net worth as of December 2024, according to external agency’s audit report; this is lower than bank’s earlier internal review estimate of 2.35% impact.
After RBI’s repo rate cut, several PSU banks have revised lending rates by up to 35 basis points; interest rates on home and personal loans to fall.
RBI cuts repo rate by 25 basis points for second consecutive time; indicates more may come amid global uncertainties following Donald Trump’s sweeping imposition of tariffs.
The proposals range from securitisation of stressed assets to gold loans, co-lending and UPI transaction limit.
RBI Governor Sanjay Malhotra said central bank has reduced repo rate but he doesn’t have divine vision of ‘Sanjay of Mahabharat’ to predict where it will eventually reach.
RBI issues draft circular proposing stronger norms for loans given against gold ornaments and jewellery; aim is to harmonise rules across different regulated entities.
Credit card defaults have climbed 28.42% to Rs 6,742 crore during the 12-month period ended December 2024, RBI data shows.
Households have a debt problem at hand as they are over-leveraged and their income growth has remained sluggish; their debt has increased from 36.6% of GDP in June 2021 to 42.9% in three years.
Women own 39.2% of bank accounts in India and contribute to 39.7% of total deposits the proportion, according to a government report; in rural areas they make up 42.2% of account holders.
IDFC First Bank’s loan book rises 20.3% YoY to Rs 2,41,848 crore in Q4; deposits up 25.2% to Rs 2,42,546 crore.
After Grant Thornton submits investigative report into accounting lapses in derivatives portfolio, IndusInd Bank MD & CEO Sumant Kathpalia resigns as part of top management shakeup; a day earlier, deputy CEO Arun Khurana had resigned.
RBI allows banks to increase charges on ATM cash withdrawals beyond free monthly usage by Rs 2 to Rs 23 per transaction from May 1.
