Unions oppose performance linked wages; demand merger of PSU general insurers
General Insurance Employees’ All India Association (GIEAIA) has expressed its reservation about linking pay to performance and demanded the merger of all four public sector general insurance companies. Linking wage revision for the wages from 2022 with the performance of the individual and the company is contrary to the practice in any PSU, central or […]
AU Small Finance Bank reports 23% rise in profit in September quarter
AU Small Finance Bank reported a 23% rise in September quarter net profit over what it was in the same period last year despite higher provisions while a sharp rise in total income supported the profitability. Net profit stood at Rs 343 crore as against Rs 279 crore. The bank’s net interest margin, a key […]
India Post Payments Bank, RBIH join hands for financial product, services
India Post Payments Bank and Reserve Bank Innovation Hub joined hands to to focus their efforts on enhancing the reach of financial solutions to large sections of society across India and enabling frictionless finance to a billion Indians, an official statement said on Wednesday. Under the arrangement India Post Payments Bank (IPPB) and Reserve Bank […]
Securitisation volumes jump 48% in H1FY22, says Crisil
Securitisation volumes have jumped 48 per cent to over Rs 75,000 crore for the first half of the fiscal, a domestic rating agency said on Tuesday. In a report, Crisil Ratings attributed the jump to continued faith of investors in retail loans amid the macroeconomic headwinds. It can be noted that securitisation activity, wherein a […]
Centre seeks waiver in key norm for IDBI Bank stake sale
The Indian government is in talks with the market regulator seeking to relax a key public shareholding norm for the potential buyer of IDBI Bank in a bid to attract a larger pool of suitors, according to two sources. Earlier this month, India invited bids for a 60.72% stake in IDBI Bank — which is […]
SBI, Kotak, Federal Bank revise lending rates based on marginal cost of funds
State-owned SBI and private lenders Kotak Mahindra Bank and Federal Bank have revised their lending rates under marginal cost of fund based lending rate (MCLR), making consumer loans such as personal, home and auto costlier. Country’s largest lender State Bank of India (SBI) has revised the MCLR for the benchmark one-year tenor to 7.95 per […]
Fintech will lead to financial revolution: PM Modi
Prime Minister Narendra Modi said the economy of any country is as progressive as its banking system is strong and that fintech would lead to a financial revolution. The banking sector has become a medium for good governance and better service delivery, Modi said, adding that Digital Banking Units (DBUs) will further financial inclusion and […]
Sundaram Finance revises interest rates on term deposits
Non-banking finance company Sundaram Finance Ltd has revised the interest rates on term deposits for tenures of one to three years with immediate effect, the company said on Sunday. Accordingly, the interest rates for deposits of up to 12 months has been increased to 6.65 per cent, for 24 months it has been hiked to 7 per cent, the company […]
Rs 25 lakh crore deposited in Jan-Dhan accounts: Government
Highlighting the big achievement of the government in terms of digitisation and eliminating corruption in public schemes, Union Minister of Tourism G Kishan Reddy today said that about Rs 25 lakh crore has been distributed so far to several beneficiaries through Pradhan Mantri Jan-Dhan Yojana bank accounts. After inauguration and dedication of 75 digital banking […]
Bank of Maharashtra lowers home and personal loan interest rates by 30 to 70 basis points
Going against the rising interest rate trend, state-owned Bank of Maharashtra has lowered its home loan interest rates by 30 to 70 basis points from Monday. The bank also cut personal loan rates by 245 bps. The bank said it is making retail loans cheaper to bring in cheer among customers during the festive season. […]