Banks News

As the festival of light approaches, most of us get into a spending mode. Whether it is gifts or personal purchases, this is a time of the year when we do not mind loosening our purse strings. Banks recognise the celebratory spirit and unveil a plethora of deals, from cashback rewards on festive shopping to special discounts on their credit cards. We take a look at some credit cards that have attractive Diwali offers on shopping, dining, travel, etc.

State-owned Bank of Maharashtra (BoM) retained the top spot among public sector lenders in loan and deposit growth in percentage terms during the second quarter of the current financial year. The deposit and advances of the Pune-based lender posted an over 20 per cent rise, the highest by any public sector bank during the July-September period.

Bank of Baroda (BoB) on Saturday reported a 28 per cent rise in its net profit to Rs 4,253 crore for the second quarter ended September on the back of a decline in bad loans and rise in interest income. The state-owned lender had posted a net profit of Rs 3,313 crore in the corresponding quarter of the previous fiscal. Its total income rose to Rs 32,033 crore in the second quarter of 2023-24, compared to Rs 23,080 crore a year ago, BoB said in a regulatory filing.

India is known for a rich cultural heritage, various traditions, and vivacious festivals, which also bring a lot of holidays...

In a significant development in the small finance banking sector, Fincare Small Finance Bank (Fincare SFB) is poised to amalgamate into AU Small Finance Bank (AU SFB), with the merger slated to take effect from February 1, 2024, subject to all requisite approvals. AU SFB, in a late evening regulatory filing, announced its approval of the amalgamation. According to the terms of the merger, shareholders of Fincare SFB will receive 579 shares in AU SFB for every 2,000 shares they hold in Fincare SFB.

New Delhi, AU Small Finance Bank on Saturday reported 17 per cent rise in standalone net profit at Rs 402 crore for September quarter 2023-24 aided b...

Public sector mortgage lender Indian Overseas Bank (IOB) on Friday said it closed the second quarter of FY24 with a 24.75 per cent growth in net profit.

Mumbai, PNB Housing Finance on Monday reported a 45.9 per cent rise in its net profit to Rs 383 crore in the September 2023 quarter on higher interes...

Shares of ICICI Bank on Monday climbed over 1% after the company reported a 36.08% jump in its consolidated net profit for the September quarter. ICICI Bank on Saturday reported a 36.08% jump in its net profit at Rs 10,896.13 crore for the September quarter, helped by a sharp decline in provisions and growth in core income.

RBI approves appointment of Ashok Vaswani as the new boss of Kotak Mahindra Bank. Vaswani was initially at Citigroup and more recently, at Barclays a...

Yes Bank on Saturday reported an over 47% increase in its net profit at Rs 228.64 crore in the September quarter on a lower base, and also indicated that it is witnessing higher delinquencies in unsecured loans. Its managing director and chief executive Prashant Kumar said that the bank is at the "near end" of the slip on the NIMs front and is aiming at expanding the number hereon.

Kotak Mahindra Bank on Friday said the Reserve Bank has given approval for its Rs 537-crore acquisition of microlender Sonata Finance. The city-headquartered private sector lender had on February 10 this year announced its intent to acquire Sonata. "RBI has, vide its letter dated October 19, 2023 received by the Bank on October 19, 2023, conveyed its approval to the Bank, for acquiring 100 per cent of the issued and paid up capital in Sonata," a regulatory filing by Kotak Mahindra Bank said.

New Delhi, IIFL Securities on Wednesday reported a 94 per cent jump in profit after tax to Rs 107.4 crore during the three months ended September 30....

In its maiden earnings report since its merger with HDFC, HDFC Bank reported consolidated net revenues at ₹66,317 crore for the second quarter. The consolidated net profit of the merged entity is at ₹16,811 crore as of September end. The gross non-performing assets (NPAs) of the merged balance sheet is at ₹31,577 crore or 1.34% of gross advances.

State-owned Bank of Maharashtra (BoM) on Monday posted a 72 per cent jump in net profit at Rs 920 crore for the September quarter, aided by a decline in bad loans and a rise in interest income. The lender had reported a standalone profit of Rs 535 crore in the year-ago period. Total income increased to Rs 5,796 crore during the quarter under review, against Rs 4,317 crore in the same period last year, BoM said in a regulatory filing.

Private sector lender Federal Bank on Monday reported a 35.54 per cent jump in standalone net profit for the second quarter of this fiscal at Rs 953.82 crore, helped by rise in net interest income. The south-based lender had posted a net profit of Rs 703.71 crore in the year-ago period.

Indian Overseas Bank saw its market capitalization nearly double during the July-to-September quarter, according to S&P Global Market Intelligence data. Five other public sector banks rose in the market cap rankings over the previous quarter. Central Bank of India's market cap grew 76.59 per cent over the previous quarter, while Union Bank of India gained 59.56 per cent, Indian Bank gained 44.78 per cent and UCO Bank 58.94 per cent, each climbing up two notches in the ranking, S&P Global Market Intelligence data showed.

Charging the Board of Dhanlaxmi Bank Ltd of unethical conduct, unilateral arrogation of power, lack of comprehension of issues, and factionalism, Independent Director Sridhar Kalyanasundram has resigned.

Private sector ICICI Bank on Monday said the RBI has approved the reappointment of Sandeep Bakhshi as Managing Director and CEO of the private lender for three years. The reappointment of Bakhshi will be effective from October 4, 2023, till October 3, 2026, ICICI Bank said in a regulatory filing.

New Delhi, The CBI has registered two separate cases against Varun Industries for alleged bank fraud of more than Rs 388 cro...

Bank of Baroda has cited two major "technical" reasons as to why it withdrew the auction notice of actor-cum-parliamentarian Sunny Deol's property in Mumbai.

The Reserve Bank of India (RBI) on Thursday said that scheduled banks shall maintain an incremental cash reserve ratio (I-CRR) of 10%. This ‘temporary measure’ which comes into effect on the fortnight starting August 12, refers to the increase in net demand and time liabilities (NDTL) between May 19 to July 28. The RBI withdrew ₹2,000 currency notes from circulation on May 19, and gave people time till September 30 to deposit them with the banks.