Net household savings fall sharply by Rs 9 lakh crore to Rs 14.16 lakh crore in three years to 2022-23.
Indian Overseas Bank will sell 92 non-performing loans amounting to Rs 13,471.68 crore through an e-auction on 28 May.
Kotak Mahindra Bank CEO Ashok Vaswani said focus would be on upgrading technology and upping investments as the lender makes regaining trust the top priority.
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RBI’s draft guidelines on financing of project loans include higher provisioning of up to 5% during construction phase, even if asset is standard; exposure goes down as project reaches operational phase.
RBI lifts restrictions on Bajaj Finance on sanctioning and disbursal of loans under its two lending products - eCOM and Insta EMI Card.
Federal Bank CEO Shyam Srinivasan, whose term ends on 22 September, said board-established search panel is in advanced stage of submitting names to RBI but declined to comment on whether KVS Manian would be in the list.
Barely a week after RBI slapped business restrictions, KVS Manian has stepped down as Joint MD & CEO of Kotak Mahindra Bank; likely to join Federal Bank.
RBI finds instances of some banks resorting to unfair lending practices such as disbursal of loans and application of interest; asks lenders to take corrective action.
Barred by RBI from digital sourcing of customers and issuance of fresh credit cards, Kotak Mahindra Bank’s market cap shrinks to Rs 3.19 lakh crore.
RBI has proposed that lending service providers, acting as agents of banks, should give information on all loan offers available with them to borrowers.
ICICI Bank clarifies that glitch was due to ”erroneously mapped” data of 17,000 new credit cards in their digital channels; says no misuse has been reported so far.
Amitabh Chaudhry’s new three-year term as MD and CEO is effective from 1 January 2025 up to 31 December 2027.
The action was taken based on significant concerns found in RBI's IT examination for 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
Bombay HC's verdict would render all look out circulars issued by public sector banks against defaulters as quashed.
Mahindra Finance said during Q4 of FY24, a vehicle loan fraud was detected at one of the company's branches in the northeast.
