Canara Bank and Bank of Baroda have raised MCLR by up to 10 basis points, despite RBI retaining repo rate at 6.50%.
RBI keeps repo rate unchanged at 6.5%; inflation forecast raised to 5.4% for FY24 while GDP growth prediction retained at 6.5%.
RBI’s framework to ensure banks provide options to borrowers of switching from floating to fixed rate loans;
Total value of Rs 2,000 banknotes received back from circulation is Rs 3.14 lakh crore up to 31 July, says RBI.
Topping the list is Mehul Choksi-owned Gitanjali Gems with Rs 8,738 crore; this is followed by Era Infra Engineering, REI Agro, ABG Shipyard and Concast Steel and Power.
Bank frauds have declined to Rs 1,650 crore in 2022-23 from Rs 77,544 crore in 2013-14 due to improved detection and reporting, said Minister of State for Finance Bhagwat Karad.
Six of these special rupee vostro accounts are with Russian banks and two with banks in Belarus; UCO Bank CEO Ashwani Kumar said four more have expressed interest.
SBI Cards and Payment Services reported 5% fall in Q1 net profit to Rs 593 crore due to deterioration in asset quality and compression in net interest margins.
Minister of state for finance Bhagwat Karad said scheduled commercial banks have recovered Rs 10,16,617 crore from bad loans between 2014-15 and 2022-23.
Punjab National Bank has no plans to further bring down its stake in PNB Housing Finance or give up its promoter category, CEO Atul Goel said; after rights issue, PNB’s stake in its housing finance arm fell from 32.52% to 28.15%.
FM Nirmala Sitharaman said public sector banks lent Rs 4.12 trillion to government-backed entities in FY23, down from Rs 4.93 trillion; Canara Bank top lender with Rs 187,813 cr, followed by PNB and SBI.
Yes Bank’s loan book grows 7.4% YoY to Rs 2,00,204 crore in Q1; deposits up 13.5% to Rs 2,19,369 crore, with CASA accounting for 29.4% of the mix.
Union Bank of India has identified 42 troubled accounts with outstanding of Rs 10,000 crore to be sold to NARCL, says CEO Manimekhalai.
First phase funding of Adani Group’s polyvinyl chloride project in Mundra will be taken by public sector banks, which will pick up bulk of tab of around Rs 14,500 crore.
The fund raise follows a reverse merger between parent IDFC Ltd and IDFC First Bank announced earlier this month.
