Banking Sector

RBI proposes 'anytime anywhere' bill payment system

RBI proposes 'anytime anywhere' bill payment systemMumbai - For the convenience of people to pay school fees and municipal taxes and utility bills through an integrated platform, the Reserve Bank on Thursday proposed setting up an "anytime anywhere" bill payment system.

Bill payment is a major component of the retail payment transactions as over 3,080 crore bills amounting to more than Rs 6,00,000 crore are generated each year in the top 20 cities in the country.

India no longer a problem economy: Rajan

Raghuram-RajanMumbai: Reserve Bank Governor Raghuram Rajan on Tuesday said India has emerged from the perception of being in crisis and has placed itself as a better place to remain invested.

"I keep telling the international fora that India is not a problem any more. I think there was a perception problem (last year), but I think on Tuesday that perception also doesn't exist," Rajan said during the customary post-policy interaction with mediapersons at RBI headquarters here.

The central bank chose to keep all the key policy rates unchanged, except cutting SLR by 50 basis points to infuse liquidity.

RBI monetary policy review today; interest rate change unlikely

RBiNew Delhi: The Reserve Bank may maintain the status quo on interest rate in its bi-monthly monetary policy review to be unveiled on Tuesday amid apprehensions that deficient rainfall may further push up food inflation.

The food inflation remaining over 8 percent mark will weigh heavily on the RBI, which has been maintaining that containing inflation is its top priority.

OBC Q1 net profit rises 3% to Rs 365 crore

OBC Q1 net profit rises 3% to Rs 365 croreNew Delhi - State-run Oriental Bank of Commerce on Monday reported 3.15 percent increase in net profit to Rs 364.54 crore for the quarter ended June 30.

The bank had reported a net profit of Rs 353.38 crore during the same quarter year-ago, Oriental Bank said in a filing to the BSE.

The bank's total income increased from Rs 5,255.7 crore for the quarter ended June 30, 2013 to Rs 5,576 crore for the quarter ended June 30, 2014.

Other income increased by 9.3 percent to Rs 588.20 crore in the quarter under review from Rs 538.05 crore earlier.

Syndicate Bank shares slump over 8% after chairman's arrest

Syndicate Bank shares slump over 8% after chairman's arrestMumbai - Shares of Syndicate Bank on Monday plunged over 8 percent after the CBI arrested its Chairman and Managing Director S K Jain for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies.

Syndicate Bank's scrip slumped 8.57 percent to Rs 132.25 on the BSE. At the NSE, it tumbled 8.45 percent to Rs 132.10.

Led by the sharp fall in the stock, the company's market value fell by Rs 961.85 crore to Rs 8,078.17 crore.

RBI policy, Q1 earnings and global cues to drive stock markets

RBI policy, Q1 earnings and global cues to drive stock marketsNew Delhi - The RBI's monetary policy review on Tuesday and a bunch of earnings from blue-chips including SBI, Mahindra & Mahindra and Hero MotoCorp, will dictate the near-term trend on bourses, market experts said.

Besides, trend in investment by overseas investors, global cues, movement of rupee against the dollar, oil prices and progress of monsoon will also hold key for the markets.

Bank of Maharashtra net plunges 56 pc; NPAs soar threefold

Bank of MaharashtraMumbai - State-owned Bank of Maharashtra on Saturday reported a massive 56 percent drop in net profit at Rs 117.82 crore in the June quarter due to a steep threefold increase in non-performing assets.

Profit after tax stood at Rs 266.33 crore in the corresponding quarter last year.

In the quarter, the asset quality deteriorated with gross NPAs rising to 4.23 percent from 1.80 percent, while net NPAs increased to 2.94 percent as against 0.80 percent, the bank said in release.

The NPA provision coverage ratio stood at 49.73 percent.

Union Bank of India Q1 profit up 18.5% at Rs 664 crore

Union-BankMumbai: Union Bank of India today reported 18.5 percent increase in net profit at Rs 664.11 crore for the first quarter ended June 2014.

The state-owned bank had a net profit of Rs 560.22 crore during the corresponding period of the previous fiscal.

Total income of the bank rose to Rs 8,547.56 crore as against Rs 7,613.53 crore in the same quarter a year ago, Union Bank of India said in a statement.

Net interest income increased by 10.8 percent to Rs 2,117 crore against Rs 1,910 crore in the first quarter of the previous fiscal.

RBI to hold rates on Tuesday, say analysts

RBI to hold rates on Tuesday, say analystsMumbai: Reserve Bank Governor Raghuram Rajan is most likely to hold the key rates at the upcoming review of the monetary policy on Tuesday, where factors like liquidity management measures are the ones to watch out for, brokerages said on Friday.

"RBI to leave rates unchanged despite easing inflation... in no hurry to ease rates," Singaporean brokerage DBS said in a note.

Syndicate Bank Q1 profit up 7% at Rs 485 crore

Syndicate Bank Q1 profit up 7% at Rs 485 croreNew Delhi - State-owned Syndicate Bank on Thursday reported 7 percent increase in net profit to Rs 485 crore for the first quarter ended June 2014.

The bank had a net profit of Rs 452 crore during the corresponding period of the previous fiscal.

Total income of the bank rose to Rs 5,523.08 crore as against Rs 4,726.18 crore in the same quarter a year ago, Syndicate Bank Chairman and Managing Director Sudhir Kumar Jain said here.

SS Mundra assumes office as RBI Deputy Governor

SS-MundraMumbai: Commercial banker Subhash Sheoratan Mundra has assumed office as the fourth deputy governor of the Reserve Bank Thursday for a three-year term.

When contacted, Mundra, who led the country's second largest lender Bank of Baroda as chairman and managing director, confirmed the development, saying he has taken charge Thursday.

However, an official notification from the Reserve Bank or the government is awaited.

Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end. He was to retire from BoB today following superannuation.

Exim Bank inks trade facilitation pact with US body

Exim-BankMumbai: Export-Import Bank of India (Exim Bank) on Wednesday entered into a partnership with a US government body to help and advice domestic companies interested in investing in the world's largest economy.

Exim Bank Chairman and Managing Director Yaduvendra Mathur signed a memorandum of intent (MoI) with 'SelectUSA', a trade facilitation body under the US Commerce Department which has a mandate to attract investments in America.

HSBC closes Muslim accounts in UK

HSBCLondon: In a controversial move, global private banking major HSBC has closed a number of "risky" accounts belonging to Muslim groups and individuals in the UK.

HSBC has written to one of London's biggest mosques at Finsbury Park and other organisations, including an Islamic think tank, saying that to continue providing services would be outside the bank's "risk appetite".

It said decisions to close accounts were "absolutely not based on race or religion".

Not considering any proposal for merger with United Bank: IDBI Bank

IDBI-BankNew Delhi: State-owned IDBI Bank has said it is not considering any proposal to merge Kolkata-based United Bank of India with itself.

"We confirm that so far no proposal for merger of United Bank of India with IDBI Bank has been discussed at IDBI Bank's board meeting and also no communication from Government of India in respect of the above has been received by the bank," IDBI Bank said in a statement.

Meanwhile in separate statement, United Bank of India said that there is no negotiations taking place for merger of the bank.

Bank of Baroda Q1 net profit rises 16% on lower provisioning

Bank of BarodaMumbai: State lender Bank of Baroda's standalone net profit rose by 16.6 percent to Rs 1,361.88 crore in the first quarter ended June 30, 2014, on lesser provisioning and decline in NPAs.

The bank said its net profit in the April-June quarter last year stood at Rs 1,167.87 crore.

"Total income has increased from Rs 10,717.49 crore for the quarter ended June 30, 2013, to Rs 11,682.5 crore for the quarter ended June 30, 2014," it said in a filing to the BSE.

Central Bank to sell 4% stake to LIC for Rs 581 cr

Central-BankMumbai: State-run lender Central Bank of India has said it is in the process of selling 4 percent of its stake to Life Insurance Corporation through an institutional placement for Rs 581 crore to meet its capital requirement of Rs 2,000 crore this fiscal.

"We will be needing Rs 2,000 crore for our business plans this financial year. We did go to LIC and we are getting around Rs 581 crore from them," chairman and managing director Rajeev Rishi said here over the weekend.

He however, did not specify a timeline for the deal with LIC.

PNB Q1 net rises 10% to Rs 1,405 crore

Punjab National BankNew Delhi: State-owned Punjab National Bank (PNB) on Friday reported 10 percent growth in net profit to Rs 1,405.12 crore for the April-June quarter of 2014-15.

In the year-ago period, the bank had reported a net profit of Rs 1,275.32 crore, PNB said in a regulatory filing to the stock exchanges.

The bank's total income increased to Rs 12,825.13 crore during the first quarter ended June 30 from Rs 11,746.59 crore in the same period last year.

Yes Bank Q1 net profit rises 10% on higher interest income

Yes-BankMumbai: Private sector lender Yes Bank on Wednesday said it has reported a 9.6 percent jump in its net profit at Rs 439.5 crore for the first quarter ended June 2014, driven by higher net interest income.

The bank had reported a profit after tax of Rs 400.8 crore in the year ago quarter.

"Profits were higher, driven by a 13 percent increase in net interest income," Yes Bank Chief Financial Officer Rajat Monga told reporters here.

He said the profit would have been higher by around 10 percent in Q1 had it got the similar gains it had realised on account trading in the year ago quarter.

Axis Bank Q1 Net up over 18% at Rs 1,667 crore

Axis Bank Q1 Net up over 18% at Rs 1,667 croreMumbai: Private sector Axis Bank Tuesday reported 18.3 percent growth in net profit at Rs 1,667 crore for the first quarter ended June 2014.

The bank had earned a net profit of Rs 1,409 crore in the April-June quarter of 2013-14, Axis Bank said in a statement.

Total income of the bank rose to Rs 9,980.47 crore during the quarter under review as against Rs 9,059.12 crore in the same period last year.

The net interest margin for the bank rose to 3.88 percent in the April-June quarter, against 3.86 percent in the same period of the previous year.

Kotak Mahindra Bank believes in long-term franchise of MCX: Paul Parambi

Paul ParambiMumbai, Jul 21  Private sector lender Kotak Mahindra Bank, which has decided to buy a 15 per cent stake in commodity bourse Multi Commodity Exchange from Financial Technologies Ltd (FTIL), on Monday said it would be a long term investor in MCX and the deal will create value for the bank's shareholders.

"The franchise (MCX) is great. As of now, we are coming in as a financial investor. We believe in long-term franchise of MCX and we will take it along as it goes," Bank's Head, Group Strategy, Paul Parambi said.

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