Banking Sector

JP Morgan in midst of US currency trading probe

jp morganLondon, Nov 04 : US banking giant JP Morgan is facing probe over currency trading.

According to the BBC, the firm said the US Department of Justice (DoJ) had launched a criminal investigation, while other regulators are running civil investigations.

The bank also estimated a possible loss of up to 5.9 billion dollars in wake of the legal proceedings.

JP Morgan stated in a filing with the Securities and Exchange Commission (SEC) on Monday that it was lending full co-operation to the authorities and was involved in discussions that intended to resolve their respective investigations.

Government scraps selection of 6 banks' CMDs

Bank of BarodaNew Delhi: Government on Monday scrapped the selection of six PSU bank heads during UPA tenure following a high-level panel finding irregularities in the process followed.

The probe into the selections to banks like Bank of Baroda and Canara Bank followed arrest and termination of Syndicate Bank CMD S K Jain for alleged graft.

A Finance Ministry statement said future vacancies of chairman and managing directors (CMDs) as well as executive directors of PSU banks will now be filled through a new selection process.

Japan's SoftBank to invest USD 10 billion in India

New Delhi, Oct. 28 - The Chairman and Chief Executive Officer (CEO) of Japanese telecommunications and internet firm SoftBank Corporation, Masayoshi Son, has pledged an investment of USD 10 billion in India's IT and communications sector in the coming years.

The proposed investment was committed in a meeting with the Telecom Minister Ravi Shankar Prasad.

Masayoshi Son, accompanied by a delegation of his company directors, had also met Prime Minister Narendra Modi on Monday, to discuss various investment plans in India.

Bloomberg Billionaires Index has named Son as the richest man in Japan, with an estimated wealth to be worth USD 16.6 billion. (ANI)

HDFC Bank posts 20% rise in Q2 net profit to Rs 2,381.5 crore

New Delhi - HDFC Bank on Tuesday reported a 20 percent rise in its September quarter net profit to Rs 2,381.5 crore.

The bank had earned Rs 1982.32 crore net profit in July-September quarter of the last fiscal, HDFC said in a filing to the stock exchanges.

Bank's total income was at Rs 13,894.7 crore in Q2, up from Rs 11,937.7 crore in the same period last year.

HDFC said September-quarter provisions was up at Rs 455.9 crore as against Rs 385.9 crore in the corresponding period of previous fiscal.


SBI to carry on in UK despite crackdown on foreign banks

SBILondon : State Bank of India is determined to carry on retail banking operations in the UK despite a recent crackdown by the Bank of England on the operations of foreign-owned banks in the country.

SBI, which has been operating in the UK for 95 years, said it is prepared to set aside 100 million pounds in ring-fenced capital and restructure its operations if that is necessary to keep operating on the high streets.

Mrutyunjay Mahapatra, the UK head of the bank, told 'The Times' newspaper that the bank will keep serving retail customers in Britain as well as open new branches.

Indian economy to grow by 6.4% in 2015-16: World Bank

World BankWashington: Indian economy, which accounts for 80 percent of South Asia's output, is set to grow by 6.4 percent in 2015-16 as against 5.6 percent in 2014-15, the World Bank has said.

With economic activity buoyed by expectations from the new elected government of Prime Minister Narendra Modi, "India is benefiting from a "Modi dividend"," the Bank said in its twice-a-year South Asia Economic Focus report.

Over the next year or so economic growth should be supported by the recovering US economy that would provide a market for Indian merchandise and service exports, it said.

Raghuram Rajan likely to hold onto key rates today

Raghuram-RajanMumbai - Reserve Bank Governor Raghuram Rajan is widely expected to hold the key rates citing high inflation at the fourth bi-monthly monetary policy announcement on Tuesday, even though the pro-growth lobby has been wishing for a rate cut.

This is despite some downward movement in consumer price inflation of late, which eased to 7.8 percent for August. But it is the medium-term targets that worry the central bank, say RBI watchers.

Rs 1,500 crore deposited in banks under Jan Dhan Yojana: Modi

economyNew York : Prime Minister Narendra Modi on Sunday said that around Rs 1,500 crore has been deposited so far in banks under the Jan Dhan Yojana even though people could have opened new bank accounts with zero balance.

The ambitious 'Pradhan Pradhan Mantri Jan Dhan Yojana' launched by the government last month, is aimed at opening at least one bank account for every family in the country in a period of less than six months.

Addressing about 20,000 NRIs at the Madison Square Garden here today, the Prime Minister said that about four crore new bank accounts have been opened already under the scheme.

He also noted that more than half of the families in the country does not have a bank account.

RBI seen holding rates until Q2 2015, then ease

RBIBangalore - The Reserve Bank of India will probably wait until the second quarter of next year to loosen policy as it wants to cool inflation before trying to spur growth, a Reuters poll found ahead of a policy review meeting next week.

All but three of 46 economists surveyed over the past week said the bank would leave its key repo rate unchanged at 8.0 percent when it meets on Sept. 30.

The survey showed that the RBI is also unlikely to alter either the statutory liquidity ratio (SLR), setting banks` minimum bond holding requirements, or the cash reserve ratio (CRR) that sets the percentage of depositors` balances that banks must keep with the central bank.

Syndicate Bank terminates service of SK Jain as CMD

SK JainNew Delhi: Syndicate Bank's has terminated the service of its suspended CMD S K Jain who has been accused in a bribery case.

Jain and a co-accoused were yesterday remanded in CBI custody till today by a special court after the agency said they were required to be confronted with alleged middleman Purushottam Totlani.

S K Jain, CMD of Prakash Industries Limited Ved Prakash Agarwal, Bhushan Steel Ltd Vice Chairman and Managing Director Neeraj Singal, middle-man Vineet Godha and other accused were arrested by CBI in connection with the case.

SBI's new fixed deposit rates effective from today

State Bank of IndiaNew Delhi: Anticipating a lower credit offtake than what was expected, State Bank of India (SBI) has revised its fixed deposit rates Thursday onwards.

The bank in a statement said it has decided to cut the deposit rates by 25 basis points (0.25 percent) to 8.75 percent on deposits of 1-3 year duration.

On the other hand, the bank revised upwards the interest rates by 0.25 percent on deposits for 180-210 days.

According to SBI, the rate adjustment will continue to ensure that the savers are compensated adequately as the inflation rate is also going down.

The interest rates on other deposit durations remain unchanged.--PTI

Bank of Maharashtra celebrates 80th foundation day

Bank of MaharashtraNew Delhi, Sept 17 : The Bank of Maharashtra celebrated its 80th foundation day here on Wednesday by organizing a meet with customers, with similar functions being held all over the country.

The executive director of Bank of Maharashtra, RK Gupta, greeted all the customers of the bank on the occasion. He said that the organisation had now crossed the business level of Rs two lakh crores.

On the occasion, the bank also presented a cheque for Rs 51,000 to the non-profit non-governmental organisation (NGO) Tamana , which works for mentally retarded, multiply challenged and autistic children. (ANI)

Jan Dhan Yojana "great opportunity" for "stressed" banking sector: Uday Kotak

Uday KotakNew Delhi, Sept 16 : Hailing Prime Minister Narendra Modi 's visionary 'Jan Dhan Yojana', Uday Kotak, Executive Vice-Chairman and Managing Director of Kotak Mahindra Bank Limited, said today that the financial inclusion scheme offered great opportunity for a "stressed" Indian banking sector.

Banks' commission for DBT scheme to be doubled

Raghuram RajanMumbai : Finance Ministry is in the process of finalising the commission to banks at 2 percent of the quantum of funds they transfer to individual beneficiaries under the government's direct benefit transfer (DBT) scheme.

"The issue of commission is in the final stages and the order will be issued for paying 2 percent commission to banks shortly," Anurag Jain, joint secretary (financial inclusion and chief vigilance officer) in Finance Ministry said at a Ficci-organised banking summit through video conferencing this evening.

The present rate of commission is 1 percent.

RBI Governor calls PM Jan Dhan Yojana biggest financial development

Raghuram RajanMumbai, Sept 15 : Reserve Bank of India ( RBI) Governor Raghuram Rajan said here on Monday that Prime Minister Narendra Modi's Pradhan Mantri Jan Dhan Yojana ( PMJDY) is the biggest development in terms of financial inclusion.

"When we talk of financial inclusion, the biggest development has been Prime Minister's Jan Dhan Yojana, financial access has to be a national priority. Jan Dhan Yojana is a good scheme, the target should be universal reach, not speed and numbers," said Rajan.

Axis Bank once again features in Forbes Asia's FAB 50 list

Axis BankMumbai, Sep 4, - Axis Bank which is India's third largest private bank has been featured in Forbes Asia's FAB 50 list of 2014. This is the fourth time that Axis Bank has been featured and is amongst the only two banks in this renowned list.

The FAB 50 comprises of the best of Asia-Pacific's biggest publicly traded companies, chosen from a pool of 1,300 companies in the region that have at least USD 3 billion in market cap or annual revenue.

These companies are further screened on the basis of a long series of performance measures. Axis Bank is amongst a dozen Indian corporate firms featured in this list.

RBI asks banks to set timeline to process loans

RBI asks banks to set timeline to process loansMumbai: To expedite credit decision, the Reserve Bank Monday asked banks to set a timeline for disposal of loan proposals but did not ascribe a particular time frame for the same.

"Banks should clearly delineate the procedure for disposal of loan proposals, with appropriate timelines, and institute a suitable monitoring mechanism for reviewing applications pending beyond the specified period," RBI said in a notification.

Indian Bank to revise interest rates from tomorrow

Indian-BankChennai: Public sector Indian Bank will revise its interest rates on the foreign currency non-resident (banking) term deposits from tomorrow.

"For FCNR (B) deposits, in USD, the revised interest rate has been revised to 2.34 percent (from 2.36) for deposits of one year and above but less than two years", the Chennai-based bank said in a statement.

For deposits of two years and above but less than three years, interest rates have been revised to 2.71 percent from the existing 2.76 percent.

SBI cuts interest on home loan by up to 0.15%, makes rate structure uniform

SBI cuts interest on home loan by up to 0.15%, makes rate structure uniformNew Delhi - Country's largest bank SBI on Tuesday slashed home loan rate by up to 0.15 percent on housing loan and removed the slab for advances, a development which will have bearing on mortgage rate of other lenders.

Home loan of any amount would now be available at 10.15 percent while for women borrower the rate of interest would be 10.10 per cent, SBI said in a corrected press statement.

The base rate or the minimum lending rate below which the bank cannot lend is 10 percent.

PNB launches housing loans at 10.25%

Punjab National BankNew Delhi - To increase business in the festival season, Punjab National Bank (PNB) Tuesday said housing loan of up to Rs 2 crore will attract 10.25 percent interest rate and also announced full waiver of processing fee and documentation charges on housing, car and two-wheeler loans.

Under the festival season bonanza offer for retail loans, housing loans of over Rs two crore will attract interest of 10.50 percent.

The festival bonanza, launched today, would contribute to the growth of GDP and with the onset of festival season, PNB said in a statement.

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