Bank of Maharashtra’s fiscal first quarter net profit more than doubled to Rs 451.90 crore compared to Rs 208.01 a year ago amid strong growth in advances and an improvement in net interest margin.
Federal Bank has been fined Rs 5.72 crore by RBI for deficiencies in regulatory compliance; Bank of India is fined Rs 70 lakh.
HDFC Bank reports 19% YoY rise in standalone net profit to Rs 9,195.99 crore in Q1, after absorbing mark-to-market loss of Rs 1,311.7 crore.
Enlarged balance sheet post merger will result in higher credit growth for economy, says chairman Atanu Chakraborty; bank also working to enable new-age consumer experiences by partnering with modern neotechs.
SBI hikes MCLR on loans by 10 basis points with effect from 15 July; the bank had raised the MCLR by 20 basis points last month.
Bank credit grew by 13.29% to Rs 123.81 lakh crore and deposits by 9.77% to Rs 169.61 lakh crore in the fortnight ended on July 1, RBI data showed.
ED files FIR against certain entities and some IndusInd Bank staff over alleged financial irregularities in remittances for import transactions during 2011-14; bank had informed regulatory authorities and lodged police complaint in 2015.
India’s retail inflation eased marginally to 7.01% in June from 7.04% in May, but remained higher than RBI’s upper tolerance limit of 6% for sixth consecutive month; expect further rate hikes by RBI.
RBI asks banks to put in place a mechanism to settle international trade in rupees, a move experts say will facilitate trade with Russia which is hit by sanctions after the Ukraine war.
Rupee closes on new low of 79.44 against US dollar even as greenback continues to make gains against most currencies.
Rating agency ICRA expects banks to remain profitable in the first quarter of FY23, despite mark-to-market losses of up to Rs 13,000 crore due to rising bond yields.
For HDFC Bank customers, interest rate on home, car, personal and other loans will become costlier; this is the bank’s third interest rate hike since May, lifting MCLR by 0.80% during this period.
With Indian currency sliding to new lows this month, RBI announces slew of measures to increase dollar supply and prop up rupee.
RBI fines private sector lenders Kotak Mahindra Bank and Indusind Bank for failing to comply with certain regulatory guidelines; also imposed penalises four co-operative banks.
Muthoot plans to open 150 branches across southern and northern parts of India within two months, adding to its existing 4,617-strong network; seeks to post 12-15% growth in gold loan business in FY23.
