Banking Sector

"A severe deterioration of banks' asset quality is unlikely, despite an expected rise in new loan impairments, particularly among individuals and small businesses that were hit hardest by the virus outbreak. This is because government initiatives like the emergency credit linked guarantee scheme (ECLGS) have been effective in providing immediate liquidity for businesses," Moody's Vice President Alka Anbarasu said.

In March, the SEBI had attached his bank accounts, and mutual fund holdings to recover dues of over Rs 1.04 crore, after the Yes Bank founder failed to pay the fine imposed on him. The regulator had imposed a penalty of Rs 1 crore on Kapoor for violation of disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd, an unlisted promoter entity of Yes Bank.

So far, the pension under the scheme was capped at Rs 9,284. Speaking at a media briefing in Mumbai on Wednesday, the Secretary for the Department of Financial Services, Debasish Panda said that post raising of the banks' contribution family pensions of bank employees can go up to Rs 35,000. Contribution made by PSBs for employee pensions under the National Pension Scheme has been hiked to 14 per cent.

Addressing the media in Mumbai, she said that banks will go about to exhibit loan offerings in every district of the country in a bid to enhance the credit demand. A similar outreach programme was undertaken by the public sector banks in which some private sector banks also participated to boost credit offtake in the face of an economic slowdown.

The other bidders in the fray are EY, ICICI Securities, JM Financial, RBSA Capital Advisors, and SBI Capital Markets. The bidders would make virtual presentations before the Department of Investment and Public Asset Management on August 10. In the Union Budget for FY22, Finance Minister Nirmala Sitharaman said privatisation of the IDBI Bank, along with two state-run banks, would be done in this financial year.

In a virtual address post Monetary Policy Committee meeting RBI Governor Shaktikanta Das said that the fresh auctions would be conducted on August 13 and August 26. "We will continue to undertake these auctions and other operations like OMOs and operation twist, among others and calibrate them in line with evolving macro economic and financial conditions," Das said.

For the first quarter of the current fiscal, the IOB had posted a net profit of about Rs 327 crore as against about Rs 121 crore logged during the corresponding quarter the previous year, he told reporters. For the period under review, the IOB had posted a total income of about Rs 5,155 crore, down from about Rs 5,233 crore earned during the same quarter previous fiscal.

The lender's net profit rose to Rs 1,023 crore in Q1FY22 from Rs 308 crore, during the like period of the previous fiscal. Besides, its net interest income grew by 6.6 per cent, on a YoY basis, to Rs 7,227 crore in Q1FY22. In addition, Gross Non Performing Assets (GNPA) stood at Rs 1,04,076 crore as on June 2021 as against Rs 1,01,849 crore in the like period of last year.

The new version of these platforms will protect customers from various digital frauds. With the SIM Binding feature, YONO and YONO Lite will work only on those devices which have SIM of mobile numbers registered with the bank. To access the new version of YONO and YONO Lite, users will have to update their mobile app and complete the one-time registration process on these apps.

The investment is expected to improve access to finance for the small businesses. "Increased financing for climate-friendly projects as well as more financing for small businesses to help accelerate India's economic recovery from Covid-19 are expected in the wake of a $126 million (Rs 916 crore) equity investment in Federal Bank, one of the country's leading private sector banks," an official statement said.