MONEY & BANKING


Moneylife Digital Team 26 July 2023
As many six public sector banks (PSBs) are working without a chairperson, the Lok Sabha was informed. Out of the six PSBs, Bank of Maharashtra and UCO Bank do not have a chairperson since April 2015.   In a written reply, Dr Bhagwat Karad, minister of state for finance, says, "The...

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Integrated payment solutions provider Hitachi Payment Services Pvt Ltd will be acquiring the cash management business of Writer Corporation in India.   The American company, under its cash management business, provides cash services, including ATM cash replenishment and retail cash...

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The internal team of Can Fin Homes has found that employees of Ambala branch of the company have committed fraud over a period of time by transfer of funds to different personal bank accounts by misusing the cheque signing authority.   The nature of fraud has been defined as...

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Moneylife Digital Team 24 July 2023
Private and public sector banks (PSBs) have transferred unclaimed deposits worth a whopping Rs1.44 lakh crore to the depositor education and awareness (DEA) fund of the Reserve Bank of India (RBI), the Lok Sabha was informed.    While private sector banks transferred Rs21,315 crore...

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Union finance minister (FM) Nirmala Sitharaman on Monday said in Lok Sabha through an intervention that all banks whether public or private have been instructed through the Reserve Bank of India (RBI) to deal with poor farmers in a humane and sensitive manner on the issue of repayment of...

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IDBI Bank Ltd, which has received multiple bailouts in the past few years, recovered just 7% from big defaulters who have an outstanding of Rs100 crore and more, from Rs45,536 crore bad loans it wrote off since financial year (FY)2016-17. What is more shocking is IDBI Bank took a haircut of...

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You must have heard the story of the blind men and the elephant. This is how it goes.   Several blind men tried to figure out what kind of a beast an elephant was, by touching it at various places. Each formed a different idea about the elephant, depending on which part of the...

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Moneylife Digital Team 14 July 2023
Bank of Baroda (BoB), India's second-largest public sector bank (PSB), linked the mobile numbers of strangers to boost registrations for its app, 'bob World', thus compromising the security of the account-holders and the mobile users, says a report.   Quoting an official, who does not...

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Maintaining the 'tradition' of public sector banks (PSBs) of keeping hidden the names of big and wilful defaulters, the Central Bank of India (CBI) says information about defaulter-borrowers whose loans worth Rs100 crore and above are written off, is related to third party and, hence, cannot...

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The total value of digital wallets transactions is forecast to rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77 per cent, a report showed on Monday.   This trend is driven by growth across both developed and developing markets, as the increased adoption of...

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Moneylife Digital Team 07 July 2023
In a historic move that will reshape the financial landscape of India, HDFC Bank and its subsidiary HDFC Ltd have got merged, solidifying the group's position as the biggest player in the banking and housing finance sectors. The amalgamation, which took effect on 1 July 2023, marks a...

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Moneylife Digital Team 04 July 2023
It seems to be a merger season in the Indian banking sector. IDFC FIRST Bank Ltd's board of directors has approved the composite amalgamation scheme amongst IDFC Financial Holding Co Ltd, IDFC Ltd and the Bank.   The share exchange ratio for the amalgamation of IDFC with IDFC FIRST...

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Residential housing loans' share on total advances rose to 14.2 per cent in March 2023 from 8.6 per cent in March 2012, according to RBI's financial stability report.   The report, which is a half yearly account of banks' health in the country, also noted that the housing sector in...

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Abhay Datar 23 June 2023
As a counsellor at Moneylife Foundation, I encounter innumerable cases where bank customers have a harrowing time getting issues resolved. I completely empathise with them, given the problems that I have faced with a bank that I served for nearly three decades, despite my knowledge of core...

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Hemindra Hazari 23 June 2023
The gap between Axis Bank’s own portrayal of customer experience and the reality of customer complaints recalls Robert Louis Stevenson’s classic tale of Dr Jekyll and Mr Hyde.    Let us begin with Dr Jekyll. The Bank claims, in its FY21-22 Sustainability Report, that “we are committed...

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When it comes to loan recovery from small borrowers, lenders use every resource available, including, but not limited to, publishing the debtors' names, to hustle them to repay. However, when the bad debt soars to Rs100 crore or more, the same lenders work hard to hide the names and other...

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Moneylife Digital Team 09 June 2023
The All India Bank Employees' Association (AIBEA) has urged the Indian Banks' Association (IBA) to create a special alert in bank accounts to ensure the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) reach the families of victims...

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A Ghaziabad-based farmer has lodged an FIR (first information report) with the central bureau of investigation (CBI) against an agriculture officer of Union Bank, Sikandrabad in Uttar Pradesh, for allegedly demanding a bribe from him in lieu of helping him withdraw money from his Kisan Credit...

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The government and policy-makers keep reiterating that writing off a bad loan does not mean the bank cannot recover it. When a bad debt is written down, some bad loan value remains as an asset because the lender expects to recover it. But it hardly happens. Especially for public sector banks...

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Moneylife Digital Team 01 June 2023
A rise in risk appetite among Indian banks highlights the importance of assessing individual banks' ability to withstand both expected and unexpected balance-sheet stress as part of an analysis of their intrinsic creditworthiness, says Fitch Ratings.   Indian banks' loan growth over...

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