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We have updated our terms and conditions and privacy policy Click "Continue" to accept and continue with ET BFSI ACCEPT THE UPDATED PRIVACY & COOKIE POLICY Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website. You can see our privacy policy & our cookie policy. We use cookies to ensure the best experience for you on our website. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. * Analytics * Necessary * Newsletter NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to the site and their behaviour NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's cookie consent state for the current domainPHPSESSIDTimes Internet1 dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1 YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely identify client browsers NamePurpose Daily NewsletterReceive daily list of important newsPromo MailersReceive information about events, industry, etc. I've read & accepted the terms and conditions NEWS SITES * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News Upcoming Event: CFO Meet & discussion on Revised Companies Act Sign in/Sign up * Follow us: * * * * * * * ETBFSI Exclusive * BANKING * INSURANCE * InsurTech * NBFC * FINTECH * Payments * Digital Lending * RegTech * Open API * BFSI Videos * Editor's View * Brand Solutions * FINNEXT SUMMIT The Future of NBFCs and FinTechs * REIMAGINE NEXT * SIDBI-ET MSMES/STARTUPS Roudtable Discussion * REIMAGINE NEXT - THE FUTURE OF LEARNING * ETBFSI.COM CONVERGE BFSI: The world of Hyper-personalization * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI * LEARNFEST * ETBFSI EXCELLENCE AWARDS 2021 AWARDS FOR EXCELLENCE IN INNOVATION * THE DIGITAL NEXT: SERIES 2.1 Live Virtual Summit * 3RD EDITION OF ETBFSI CXO CONCLAVE Unlocking the BFSI Potential * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021 * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021 * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY * NATIONAL COOPERATIVE SUMMIT * FINANCIAL INCLUSION & PAYMENT SUMMIT * Millennial Finance * FinTech Diary * BFSI Tech Tales * Green Finance * IBC * ETBFSI Explains * BFSI Movement * More * Blogs * Innovation Masters * POLICY * FINANCIAL SERVICES x * BFSI News * Latest BFSI News * Banking EXCLUSIVE REMAIN WATCHFUL OF RECENT GEOPOLITICAL DEVELOPMENTS, RBI GOVERNOR TO BANKS He also asked the public and private banks to remain watchful of the recent geopolitical developments and emerging trends to lessen the potential effect on balance sheets and focus on the revival of economic activity in the country. * ET Online * May 18, 2022, 17:13 IST * * * * * * * * The Reserve Bank of India (RBI) Governor, Shaktikanta Das, suggested banks to take proactive measures like raising capitals and pay significant attention to improving grievance redress systems in a meeting held on 17-18 May, 2022. He also asked the public and private banks to remain watchful of the recent geopolitical developments and emerging trends to lessen the potential effect on balance sheets and focus on the revival of economic activity in the country. In his introductory remarks, the Governor praised the banks for remaining strong throughout the pandemic and supporting economic recovery. Advertisement Live online classes BUDGETING, PLANNING AND FORECASTING 11 June 2022 @ 10:30 AM Learn the technicalities and practicalities of budgeting and forecasting in a rapidly changing global business scenario * * * Register Now Upon successful completion of the programme, participants will be awarded a certificate by SPJIMR The meeting was addressed to MDs and CEOs of various public and private banks along with senior RBI officials where issues like credit off-take, outlook on asset quality, collection efficiency, setting up of Digital Banking Units, resilience of IT infrastructure and cyber security defenses in banks were discussed. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking rbi shaktikanta das RBI Governor reserve bank of india digital banking units RBI governor meeting banks Read on App Read on App PEOPLE WHO READ THIS ALSO READ * Axis Bank increases MCLR on loans * Private sector general insurers lead market share growth in April * Insurance giant Allianz to pay $6bn to settle US securities fraud cases * Ex-CEO of co-operative bank, businessman held in Rs 97 crore loan fraud in Mumbai SUBSCRIBE TO OUR NEWSLETTER 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. BANKING * 2 hrs ago CENTRAL BANKS' HOPES FOR SUPPLY CHAIN MIRACLE MAY BE DASHED BY CHINA, UKRAINE * 6 hrs ago UJJIVAN SMALL FINANCE BANK TO HAVE 50 PER CENT IN SECURED LOANS OVER NEXT 2-3 YEARS * 6 hrs ago IDBI BANK DIVESTS ENTIRE 19.18 PC STAKE IN ARCIL * 6 hrs ago UCO BANK APPOINTS SUJOY DUTTA AS NEW CFO; J&K BANK GETS NEW GOVT NOMINEE DIRECTOR View More EDITOR'S PICK * 3 hrs ago RBI BUYS RECORD GOLD AS INFLATION, WAR WORRIES SPIKE * 5 hrs ago INSURANCE BROKERS EXPLAIN WHY PREMIUM RATES ON TERM POLICIES ARE SKYROCKETING * 6 hrs ago INDIAN FINTECHS GARNER 42% SHARE OF $3.3 BILLION DEALS IN APAC REGION * 6 hrs ago FINTECH DIARY LIVE WITH SANJAY MEHTA, FOUNDER & PARTNER, 100X.VC * 22 hrs ago COINBASE INDIA HEAD TO RELOCATE TO US AMID HIRING SLOWDOWN BFSI VIDEOS * INDIA’S LENDING SEGMENT UNTAPPED: CASHE FOUNDER V Raman Kumar, founder and chairman of CASHe, in this week's FinTech Diary told ETBFSI that he believes the reason why FinTechs are opting for lending is because it is an untapped market in India. CASHe has a lending run rate of around Rs 2,400 crore, with an average ticket size ranging from Rs 10,000 to Rs 3 lakhs. "Proof of the pudding is how our business model works, and we wanted to put our money where our mouth was.. so we are a lender on record.. so we lend on our own balance sheet, and pay the bad debts.. We are currently running with about a 2-2.5% of bad debts," Kumar said. Tune in.. * 33 days ago AUTOMATION MAKES DEFINITE DIFFERENCE IN TAKING AWAY MENIAL JOBS, SAY LEADERS * 42 days ago THE WORD 'BANKING' HAS IMPROVED, BUT BANKING HAS NOT: ZAGGLE FOUNDER RAJ N * 49 days ago LENDENCLUB CEO SEES CREDIT PATTERN CHANGE IN NEXT 5-10 YEARS View More EXCLUSIVE CENTRAL BANKS' HOPES FOR SUPPLY CHAIN MIRACLE MAY BE DASHED BY CHINA, UKRAINE The Fed and other major central banks are already raising interest rates or laying plans to do so in an effort to curb inflation running far above the 2% target that has become the norm for monetary policy in the world's major developed economies. * Reuters Click Here to Read This Story * * * * * * * * WASHINGTON: Global central banks hoping that high inflation would ease through improving global supply chains saw little relief through April as new coronavirus lockdowns in China and the war in Ukraine lengthened delivery times and drove costs higher, new analyses from the New York Federal Reserve and others indicates. A global supply chain pressure index, released on Wednesday by the New York Fed, rose in April after four months in which supply troubles appeared to ease, a reversal that, if continued, potentially means more persistent inflation even as central banks move to control rising prices. The April index, combining an array of statistics on global transport costs, delivery times, and other data, "suggests that the moderation we have observed in recent months has been partially reversed, as lockdown measures in China and geopolitical developments are putting further strains on delivery times and transportation costs in China and the euro area," a team of New York Fed economists wrote. An Oxford Economics index of U.S. supply problems did ease last month, but the improvement masked a drop-off in goods arriving from China - a factor that helped relieve shortages in the trucking industry. A Morning Consult poll found large numbers of U.S. consumers reported that either goods were unavailable or harder to find in April, or that delivery times for products ordered online had slowed. About 60% of grocery shoppers reported "difficulty finding certain items," and 40% said deliveries of home improvement goods had slowed, the poll showed. "Supply chain conditions remained highly strained in April ... Challenges within logistics eased ... but we take this reading with a grain of salt since the improvement was partly artificial as China's lockdowns slowed trade flows at U.S. ports and weighed on business activity," wrote Oren Klachkin, lead U.S. economist at Oxford. OUT OF WHACK The Fed and other major central banks are already raising interest rates or laying plans to do so in an effort to curb inflation running far above the 2% target that has become the norm for monetary policy in the world's major developed economies. The hope is to lower demand for goods and services, as higher interest rates discourage homebuying and other major purchases, and in doing so to "get supply and demand ... back together," Fed Chair Jerome Powell said on Tuesday. The two have been out of whack throughout the pandemic, particularly in the United States where trillions of dollars in COVID-related federal spending and transfer payments left households, firms, and local governments with money to use even as world supply chains sputtered through waves of infections and lockdowns - and now a war in Europe. But policymakers are also hoping, as Powell said, to "give the supply side a chance to catch up and a chance for inflation to come down" of its own accord as goods begin to flow more easily around the world. How much and how fast that happens, however, has become both more uncertain, and increasingly important to the pace of rate hikes that central banks may need to impose and the ultimate level of interest rates required to rein in inflation. The more global supply remains constrained, the stricter central banks may have to be in their efforts to curb demand, growth, and potentially employment. There are immediate concerns based on acute problems, a shortage of truckers in Europe, for example, driven by Russia's invasion of Ukraine. "Shortages in Europe's transport sector may become more severe because many Ukrainian and Russian drivers are no longer available to work," Isabel Schnabel, a member of the European Central Bank's executive board, said last week. Over a longer time frame, the possibility of a more regionalized world economy, cut into smaller geopolitical zones, might mean a costly and long adjustment to a higher-price world. "There is a real possibility that globalization will go into reverse to some extent," Powell said. Even though local industries would adapt over time, "it would be a very different world" than the one which produced roughly 30 years in which prices increased slowly on the whole. The situation has thrown a particular focus on whether China's strict COVID containment policies will be relaxed and, if so, how fast the country's output of manufactured goods and industrial products can recover. China Beige Book, a data and analytics firm focused on the country, said in a note last week that backlogs were likely to worsen, potentially causing the Chinese economy to contract in the second quarter of the year and possibly causing U.S. inflation to rise rather than peak in coming weeks. Noting that Chinese ports "are seeing near-historic levels of backlog," the firm wrote that "if supply chain backlogs from China cause a second wave of surging prices in the U.S. into early summer, then the Fed will be completely pinned down in terms of what it can do." The lockdowns in China "look like they are impeding the production and flow of goods and services, given how extensive they are, and compounding supply chain difficulties that we have had that have boosted prices," U.S. Treasury Secretary Janet Yellen said on Wednesday at a news conference in Bonn, where she will be meeting with top finance officials from the Group of Seven leading developed economies. "China's economic performance really has spillover impacts on growth all around the world," Yellen added. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking supply chain fed Ukraine lockdowns persistent Oxford Economics group of seven geopolitical economic COVID china beige book Read on App Read on App EXCLUSIVE UJJIVAN SMALL FINANCE BANK TO HAVE 50 PER CENT IN SECURED LOANS OVER NEXT 2-3 YEARS The Bengaluru-based lender, which began its operation as a micro-financier in 2005, converted itself into a small finance bank in 2017. It returned to black in the March 2022 quarter with a net income of Rs 127 crore, but closed FY22 with a net loss of Rs 415 crore, mauled by the impact of the pandemic. * PTI Click Here to Read This Story * * * * * * * * Ujjivan Small Finance Bank, after facing headwinds amid the COVID-19 pandemic, is charting out a more balanced growth path by increasing its secured loan book to 50 per cent of total assets over the next two-three years. As part of its asset diversification strategy, the lender has already resumed auto loans and plans to enter the gold loan space shortly. The Bengaluru-based lender, which began its operation as a micro-financier in 2005, converted itself into a small finance bank in 2017. It returned to black in the March 2022 quarter with a net income of Rs 127 crore, but closed FY22 with a net loss of Rs 415 crore, mauled by the impact of the pandemic. The lender has 68 per cent of its assets in the unsecured micro loan segments as of March 2022 and the remaining 32 per cent (up from 27 per cent in FY21) is secured accounts with housing and small business loans. "Microlending will continue to be the largest asset base for us in the near-term, but over the next two-three years we want to increase the share of our secured book to 50 per cent from the 32 per cent now, so that we don't fall back into the bad loan piles as happened in the past two years, Ittira Davis, managing director and chief executive of Ujjivan, told PTI. "As part of this asset base diversification, we have just re-launched our auto loan portfolio (two-wheeler financing), which we had discontinued during the pandemic, and we hope to end this fiscal with book at Rs 120-150 crore, Davis said. "The second step is to enter the gold loan business which is a fully secured and high-margin segment for all lenders. We hope to launch this by October/just ahead of Diwali," he added. He said almost 60 per cent of the auto loan customers are existing microlenders while the rest are new customers. Davis expects his asset base to touch Rs 20,000 crore this fiscal, up from Rs 18,162 crore in FY22. The company registered a 20 per cent growth in asset base in FY22 as compared to the preceding fiscal. Davis said he expects the record loan sales in the fourth quarter to continue in FY23 as well. In the March 2022 quarter, it disbursed the highest amount of loans at Rs 4,870 crore, Davis said. Ujjivan's deposits grew 39 per cent to Rs 18,292 crore, led by a 27 per cent rise in current account saving account, Davis said. The bank saw a turnaround in asset quality, with gross NPAs (Non-Performing Assets) falling from 11.8 per cent in Q2 and 9.8 per cent in Q3 to 7.1 per cent in Q4, as collection efficiency touched 100 per cent by March, and net NPAs slipped to 0.6 per cent from 1.7 per cent. The bank has a provision coverage ratio of 92 per cent with a floating provision of Rs 260 crore, he said, adding it wrote off Rs 200 crore of bad loans in the fourth quarter of FY22. Its total provisions stood at Rs 1,330 crore or covering 7.3 per cent of the loan book. The company went public in December 2019 and has to increase public float to 25 per cent by this December from 18 per cent now. This is being done through a Rs 600-crore QIP issue, after which it will go for a reverse merger. Davis expects the equity sale to happen in the second quarter of FY23. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking unsecured micro loan segments ujjivan small finance bank ujjivan small finance bank npas non-performing assets loan book covid 19 Read on App Read on App EXCLUSIVE UCO BANK APPOINTS SUJOY DUTTA AS NEW CFO; J&K BANK GETS NEW GOVT NOMINEE DIRECTOR Dutta holds a bachelor degree in commerce from Calcutta University and he is a member of the Institute of Chartered Accountant of India (ICAI). Prior to his present position as deputy general manager (Finance) at bank's head office, Kolkata, he was zonal head of bank's New Delhi zonal office, the state-owned lender said. * PTI Click Here to Read This Story * * * * * * * * UCO Bank on Wednesday said it has designated Sujoy Dutta as the new chief financial officer with immediate effect. "Sujoy Dutta, deputy general manager of our bank, has been designated as new Chief Financial Officer (CFO) of the bank with immediate effect in place of Shashi Kant Kumar, general manager of the bank," UCO Bank said in a regulatory filing. Dutta holds a bachelor degree in commerce from Calcutta University and he is a member of the Institute of Chartered Accountant of India (ICAI). Prior to his present position as deputy general manager (Finance) at bank's head office, Kolkata, he was zonal head of bank's New Delhi zonal office, the state-owned lender said. Another lender J&K Bank said that government of Jammu & Kashmir vide an order dated May 17, 2022 has nominated Vivek Bhardwaj, additional chief secretary, Finance Department as government nominee director on the board of directors of the bank, in place of Atal Dulloo, (additional chief secretary) with effect from May 17, 2022. As of May 18, 2022, J&K Bank has a total of 11 board members, including its Managing Director and CEO Baldev Prakash. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking J&K Bank UCO Bank sujoy dutta vivek bhardwaj institute of chartered accountant of india finance department calcutta university uco bank Read on App Read on App EXCLUSIVE INDUSIND BANK SELLS PART OF PLEDGED SHARES OF BIRLA TYRES New Delhi, May 18 (PTI) IndusInd Bank on Wednesday said it has sold over 38 lakh shares of Birla Tyres Ltd in tranches in the last one week on invocation of pledged shares. On May 10, the private sector lender had acquired 1,45,63,787 equity shares equivalent to 10. * PTI Click Here to Read This Story * * * * * * * * New Delhi, May 18 (PTI) IndusInd Bank on Wednesday said it has sold over 38 lakh shares of Birla Tyres Ltd in tranches in the last one week on invocation of pledged shares. On May 10, the private sector lender had acquired 1,45,63,787 equity shares equivalent to 10.214 per cent of paid-up equity share capital of Birla Tyres Ltd on invocation of pledge of shares. "...the bank has in tranches sold 38,72,595 shares of Birla Tyres Ltd during the period May 11, 2022 to May 17, 2022," IndusInd Bank said in a regulatory filing. After the sale of shares, the bank's holding now stands at 1,06,91,192 equivalent to nearly 7.50 per cent stake in Birla Tyres, as per data provided by the bank. Shares of Birla Tyres held by Manav Investment & Trading Company were pledged with IndusInd Bank for securing the outstanding dues under Emergency Credit Line Guarantee Scheme (ECLGS) facility from the bank to the borrower company -- Cygnet Industries Limited (CIL). However there was a fall in security value, following which the borrower and pledger both voluntarily requested for sale of Birla Tyre shares pledged with the bank and adjust the proceeds towards part prepayment of the ECLGS loan. Part of Kesoram Industries, Birla Tyres is into manufacturing of tyres for automobiles, motorcycles, commercial vehicles, farm vehicles and heavy earth-moving machinery. Stock of IndusInd Bank closed at Rs 902.90 apiece on BSE, down 0.11 per cent. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking birla tyres indusind bank kesoram industries emergency credit line guarantee scheme eclgs bse Read on App Read on App EXCLUSIVE IDBI BANK DIVESTS ENTIRE 19.18 PC STAKE IN ARCIL "IDBI Bank has sold its entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd. (ARCIL) on May 18, 2022 to Avenue India Resurgence Pte. Ltd," IDBI Bank said in a regulatory filing. * PTI Click Here to Read This Story * * * * * * * * IDBI Bank on Wednesday said it has divested its entire stake of over 19 per cent in ARCIL to Avenue India Resurgence Pte. The lender, however, did not disclose the deal value. "...IDBI Bank has sold its entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd. (ARCIL) on May 18, 2022 to Avenue India Resurgence Pte. Ltd," IDBI Bank said in a regulatory filing. With this, the LIC-controlled lender said it ceases to be a sponsor shareholder of ARCIL. Stock of IDBI Bank closed 0.39 per cent down at Rs 38.10 apiece on BSE. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking arcil idbi bank lic bse asset reconstruction company idbi bank avenue Read on App Read on App EXCLUSIVE SETTLEMENT PROPOSAL WITH BANK SUBMITTED IN NCLAT, ERSTWHILE MANAGEMENT OF SUPERTECH TO SC A bench of Justices DY Chandrachud, Surya Kant, and PS Narasimha was told by senior advocate S Ganesh, appearing for erstwhile management, that they have submitted the proposal and urged the court to direct the NCLAT to consider it. The bench said, "You have placed it. They (NCLAT) will consider it. We should not be issuing any such direction for consideration. It is not appropriate for us to direct them". * PTI Click Here to Read This Story * * * * * * * * The erstwhile management of realty firm Supertech Ltd Wednesday informed the Supreme Court that it has submitted a settlement proposal with the financial creditor Union Bank of India to resolve the dispute over payment of dues with the National Company Law Appellate Tribunal (NCLAT). A bench of Justices DY Chandrachud, Surya Kant, and PS Narasimha was told by senior advocate S Ganesh, appearing for erstwhile management, that they have submitted the proposal and urged the court to direct the NCLAT to consider it. The bench said, "You have placed it. They (NCLAT) will consider it. We should not be issuing any such direction for consideration. It is not appropriate for us to direct them". At the outset, amicus curiae advocate Gaurav Agrawal informed the court that the matter before the NCLAT was listed for hearing on May 17 but it was adjourned. Counsel appearing for Interim Resolution Professional (IRP) which has been appointed by NCLT submitted that erstwhile management had issued cheques to several home buyers, which have now been dishonoured due to insufficient funds and they have now started instituting legal proceedings against him. The bench said it needs to protect the IRP and directed that no such proceedings be initiated against him. A counsel for home buyers said that the legal proceedings for cheque bounce are barred by limitation and if they do not initiate such proceedings within a stipulated time, they will lose the remedy under the Negotiable Instrument Act. The bench, then exercising its power under Article 142 of the Constitution extended the limitation period, till further orders. Earlier, on May 6, the embattled real estate major Supertech Ltd had informed the top court that it is in talks with the financial creditor Union Bank of India to resolve the dispute over the payment of dues. The top court was also informed by Agrawal that the company Supertech Ltd does not have sufficient amount in its account to make the refund to home buyers of the to be razed twin towers in the Emerald Court project in Noida. The bench had told Agrawal that a way out had to be found to pay the home buyers of the Twin Towers as per the orders of the court. On April 4, the top court said it will protect the interest of home buyers of 40 storey twin-towers of Emerald Court project of real estate developer Supertech Ltd, which has been now declared bankrupt by NCLT, and directed them to file by April 15 their claims for refund of payments. The realty firm had informed the top court that it will be filing an appeal against the order of the National Company Law Tribunal (NCLT) declaring it bankrupt on a plea filed by the Union Bank of India for non-payment of around Rs 432 crore worth of dues. The amicus had earlier said that there were a total of 711 home buyers of the twin towers out of which the company had settled the claim of 652 home buyers. On February 28, the NOIDA authority informed the top court that the work for the demolition of Supertech's twin 40-storey towers in its Emerald Court project, which have been held illegal for a violation of norms, has commenced and will be razed completely. The authority in the status report said that after the demolition of these massive structures, the entire debris will be cleared of the site by August 22. The top court had asked all the stakeholders including NOIDA and Supertech Ltd to strictly abide by the timeline given in the status report and listed the matter for further hearing on May 17. On August 31 last year, the top court had ordered the demolition of Supertech Ltd's twin 40-storey towers under construction within three months for violation of building norms in "collusion" with NOIDA officials, holding that illegal construction has to be dealt with strictly to ensure compliance with the rule of law. The NOIDA authority had received a rap on its knuckles as the top court pointed out multiple incidents of collusion of its officials with Supertech Ltd in the Emerald Court project and violations of norms by the realty major in the construction of the twin towers. The top court had directed that the entire amount of home buyers be refunded with 12 percent interest from the time of the booking and the RWA of Emerald Court project be paid Rs 2 crore for the harassment caused due to the construction of the twin towers, which would have blocked sunlight and fresh air to the existing residents of the housing project adjoining the national capital. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking union bank of india supertech ltd emerald court supreme court union bank of india rap NCLAT Read on App Read on App EXCLUSIVE INDIAN OVERSEAS BANK NET PROFIT JUMPS 58 PC TO RS 552 CRORE New Delhi, May 18 (PTI) State-owned Indian Overseas Bank (IOB) on Wednesday reported a nearly 58 per cent jump in net profit at Rs 552 crore in the quarter ended March 2022, mainly due to lower provisioning for bad loans. The bank had posted a net profit of Rs 350 crore in the year-ago period. * PTI Click Here to Read This Story * * * * * * * * New Delhi, May 18 (PTI) State-owned Indian Overseas Bank (IOB) on Wednesday reported a nearly 58 per cent jump in net profit at Rs 552 crore in the quarter ended March 2022, mainly due to lower provisioning for bad loans. The bank had posted a net profit of Rs 350 crore in the year-ago period. However, the total income of the bank during the latest March quarter fell to Rs 5,719 crore as against Rs 6,074 crore in the same period a year ago, according to a regulatory filing. The bank's interest income rose by 4 per cent in the fourth quarter ended March to Rs 4,215 crore. There was an improvement in the asset quality as the gross Non-Performing Assets (NPAs) declined to 9.82 per cent of the gross advances as of March 31, 2022 from 11.69 per cent in the year-ago period. The same was at 10.40 per cent at the end of December 2021. The net NPAs or bad loans fell to 2.65 per cent from 3.58 per cent on an annual basis. Sequentially, it was slightly high compared to 2.63 per cent at the end of December 2021. The provisions for bad loans and contingencies for the March 2022 quarter fell to Rs 1,014 crore as against Rs 1,380 crore in the year-ago period. On a full year basis, the bank reported an 106 per cent increase in net profit at Rs 1,710 crore in 2021-22. It was at Rs 831 crore in 2020-21. However, yearly income dropped to Rs 21,633 crore as against Rs 22,525 crore in previous fiscal ended March 2021. Stock of the bank closed 4.12 per cent up at Rs 17.70 apiece on BSE. PTI KPM RAM Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking indian overseas bank bse npas non-performing assets new delhi Read on App Read on App EXCLUSIVE AXIS BANK INCREASES MCLR ON LOANS A rise in the MCLR will typically result in an increase in interest due by borrowers. The increase in the MCLR will affect existing borrowers' EMIs when their loan reset dates arrive. * ET Online Click Here to Read This Story * * * * * * * * Axis Bank has announced yet another hike in marginal cost-based lending rates of loans. The new MCLR rates will be effective from May 18, 2022. The overnight, one-month, three-month, and six-month MCLR of Axis Bank have been raised to 7.55 percent, 7.55 percent, 7.65 percent, and 7.70 percent, respectively. Similarly, MCLR for the tenor of one year stands at 7.75 percent, two year at 7.85 percent, and three years at 7.90 percent. These rates will be valid till the next review, stated the Axis Bank website. Source: Axis Bank website Axis Bank had last increased MCLR interest rates in April. A rise in the MCLR will typically result in an increase in interest due by borrowers. The increase in the MCLR will affect existing borrowers' EMIs when their loan reset dates arrive. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking mclr loans loan interest rate axis bank loans axis bank loan interest rate axis bank axis bank Read on App Read on App EXCLUSIVE HDFC BANK HIKES FD INTEREST RATES BY UP TO 20 BPS FOR THESE TENORS Seniors citizens will continue to earn an additional 50 bps interest on FDs over what general investors earn. HDFC Bank had last increased FD interest rates in April 2022. * ET Online Click Here to Read This Story * * * * * * * * HDFC Bank has raised fixed deposit interest rates of select tenors of amount less than Rs 2 crore. The FD rates have been hiked by up to 20 bps. The new interest rates come into effect from May 18, 2022, according to the HDFC Bank website. According to the HDFC Bank website, 2 years 1 day - 3 years FD will now earn an interest rate of 5.4% up from 5.2%, 3 year 1 day- 5 years FDs will earn 5.60% up from 5.45%, and 5 years 1 day - 10 years up from 5.6%. Source: HDFC Bank website Seniors citizens will continue to earn an additional 50 bps interest on FDs over what general investors earn. HDFC Bank had last increased FD interest rates in April 2022. How FD interest rate is calculated When you open a Fixed deposit with HDFC Bank, interest on FD is calculated as below: 1) Fixed Deposits for the tenor <= 6 months : Simple Interest is paid 2) Fixed Deposits for the tenor > 6 months with Quarterly Interest Payout option : On a Quarterly basis 3) Fixed Deposits for the tenor > 6 months with Monthly Interest Payout option : Interest is calculated for the quarter and paid monthly at a discounted rate over the standard deposit rate 4) Fixed Deposits for the tenor > 6 months with Interest Reinvestment option : Cumulative Interest for the Quarter is added to the Principal in subsequent quarter and interest is calculated on total amount Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking invest interest rate hike hdfc bnk hdfc bank fd interest rates hdfc bank fixed deposit fd interest rates Read on App Read on App * Industry News * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News * CONTACT US ADVERTISE WITH US We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. Please contact us to know more details. * SIGN UP FOR ETBFSI NEWSLETTER Get ETBFSI's top stories every morning in your email inbox. 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. * FOLLOW US @ETBFSI Follow @ETBFSI for the latest news, insider access to events and more. * * * * * * About Us * Contact Us * Advertise with us * Newsletter * RSS Feeds * Embed ETBFSI.com Widgets on your Website * Privacy Policy * Terms & Conditions * Guest-Post Guidelines * Sitemap Copyright © 2022 ETBFSI.com. 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