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Six working groups set up to suggest ways to improve functioning of PSBs to submit report by Dec

Six working groups created to suggest ways to improve digitisation in the state-owned banks and strengthen their balance sheets have been asked to submit their respective reports by December, according to a senior banker. Participating in the meeting, Financial Services Secretary Sanjay Malhotra recently asked the banks to explore strategies for long-term profitability and adopt …

RBI’s new guidelines for credit, debit cards: NBFCs can now issue cards, and other key things to know

The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year. These guidelines will be effective from July 1, 2022, the RBI said, adding that the guidelines apply to all the banks excluding payment banks, state co-operative banks, and …

RBI allows rural co-operative banks to raise funds from preference shares, debt instruments

The Reserve Bank of India on Tuesday allowed Rural Cooperative Banks (RCBs) to raise funds from people in their area of operation or existing shareholders through a variety of instruments. RCBs, which include state co-operative banks and district central co-operative banks, can raise funds from preference shares and debt instruments, RBI said in a notification. …

HDFC Bank net profit rises 24% on-year in January-March quarter, advances grew by 19.9%

India’s largest private sector lender HDFC Bank today reported a 24% growth in consolidated net profit to Rs 10,474 crore, in line with expectations pinned by most analysts. The bank’s profit soared when compared to the previous year but was marginally lower sequentially. Net interest income was also higher and provisions were lower from the …

CV-financing NBFCs’ AUM to grow 7-9% in FY23: ICRA

Assets under management (AUMs) of non-banking finance companies (NBFC) financing commercial vehicles are expected to grow 7-9% in the current financial year as overall economic activities revive, rating agency ICRA said in a report. “Ability of the borrowers to pass through the fuel cost escalations adequately in the near term would remain critical,” a release …


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