Month: October 2021

Indian Overseas Bank net profit spurts 154%; bad assets decline

Banking & Finance

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The bank has made required provisioning in advances in specific accounts so as to improve net NPA.

Indian Overseas Bank (IOB) on Wednesday reported a 154% jump in its net profit to Rs 376 crore for the second quarter, compared with Rs 148 crore in the corresponding quarter of the previous fiscal. The bank, which has just exited the prompt corrective action framework, has attributed the good set of numbers to strong performance in all relevant parameters.

Partha Pratim Sengupta, MD & CEO, said there has been a marked reduction in bad assets. Net NPA stood at 2.77% which was within the prescribed RBI guidelines, while gross NPA reduced by Rs 286 crore. The gross NPA ratios improved to 10.66% from 13.64% QoQ. The provision coverage ratio improved to 92%, against 91.56% in the previous quarter. The bank has made required provisioning in advances in specific accounts so as to improve net NPA.

Sengupta said the bank had total cash recovery of Rs 831.77 crore which includes recovery from tech write off of Rs 428.61 crore, against Rs 751.97 crore (including recovery from tech write off of Rs 233.74 crore) in June 2021.

The CASA improved to 42.57% , against 40.26% in the same period last year. Total CASA increased from Rs 92,436 crore to Rs 1, 06,806 crore while savings bank registered a 11.48% Y-o-Y growth.

Interest income stood at Rs 4, 254 crore for the quarter, against Rs 4,363 crore. The bank recorded a lower net interest margin (NIM) of 2.43% as against 2.57% in the corresponding quarter of the last fiscal.

Total business stood at Rs 4,90.408 crore, compared with Rs 4,78,365 crore in the year-ago period. Total deposits stood at Rs 2,50,890 crore, against Rs 2,42,941 crore as on June 30, 2021.

Gross advances stood at Rs 1,46,940 crore during the latest quarter, compared with Rs 1,38,944 crore as on June 30, 2021. The bank increased its exposure to the retail and agri sectors and rebalanced advances by consciously reducing the stressed sector in the corporate segment.

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Top 5 Banks Promising An Interest Rate of 7% On Savings Accounts In 2021

Personal Finance

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Investment

oi-Vipul Das

|

When it comes to your personal finances, the first step is opening a savings account for your short-term needs and to meet your regular expenses. The Deposit Insurance and Credit Guarantee Corporation (DICGC) insures your deposits up to Rs. 5 lakh, so it’s a safe bet to put your money in a savings account. You’ll also get enticing perks like cashback or reward points on your ATM or debit card transactions, good interest rates for keeping a monthly average balance with a sweep in, passbook, net banking, and cheque book options, and more.

Savings account interest rates are low when compared to fixed deposit interest rates, but some banks can offer higher savings account interest rates than fixed deposit interest rates. Despite leading banks such as HDFC, State Bank of India (SBI), Axis Bank, ICICI Bank, and others promise savings account interest rates from 2.75 percent to 3.50 percent, certain small finance banks may provide savings account interest rates as high as 7%, which is something that you can’t ignore. As a result, here are our selected top 5 small finance banks that are now offering an interest rate of up to 7% on savings accounts including deposit safety of DICGC.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is currently giving the highest interest rate of 7% on domestic deposits with balances ranging from Rs1 lakh to Rs 25 lakhs. From March 6, 2021, the bank is promising the following interest rates on savings accounts.

Amount Interest Rate (p.a.)
Up to 1 lakh 4.00%
> 1 Lakh to 25 Lakhs 7.00%
> 25 lakhs to 10 Crores 6.00%
> 10 crores 6.75%
Source: Bank Website

Equitas Small Finance Bank

Equitas Small Finance Bank

Equitas Small Finance Bank provides a 7% interest rate on a daily closing balance of over Rs 1 lakh and up to Rs 1 crore, with a minimum average monthly balance of Rs 10,000 and no maintenance charges. The following savings account interest rates are effective as of August 16, 2021.

Daily Closing Balance Rate Slab
Up to Rs 1 lakh 3.50%
Above Rs 1 lakh and upto Rs 1 cr 7.00%
Above Rs 1 cr 6.00%
Source: Bank Website

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank provides a 7% interest rate on an incremental balance of above Rs 25 lakh up to Rs 10 crores, as well as free unlimited domestic transactions at any ATM and free NEFT/RTGS transactions. From October 1, 2021, the following rates of interest are in force.

Balance In Rs Rate of Interest w.e.f October 1, 2021
Balance Upto 1 Lakh 3.75% p.a.
Incremental balance above 1 Lakh upto 25 Lakh 6.00% p.a.
Incremental Balance above 25 Lakh upto 10 Crores 7.00% p.a.
Incremental Balance above 10 Crores 6.75% p.a.
Source: Bank Website

AU Small Finance Bank

AU Small Finance Bank

AU Small Finance Bank is promising a 7% interest rate on Domestic / NRE / NRO Savings Account balances of Rs 25 Lacs to Rs 1 Crore. The following are the current applicable interest rates on savings bank deposits as of October 5, 2021.

Savings Account Incremental Amount slab Rate of Interest Applicable (per annum)
Balances less than INR 1 Lac 3.50%
Balances from INR 1 Lac to less than INR 10 Lacs 5.00%
Balances from INR 10 Lacs to less than INR 25 Lacs 6.00%
Balances from INR 25 Lacs to less than INR 1 Crore 7.00%
Balances from INR 1 Crore to less than INR 10 Crores 6.00%
Source: Bank Website

Fincare Small Finance Bank

Fincare Small Finance Bank

This small finance bank is also offering an interest rate of up to 7% on savings account balances ranging from Rs 1 lakh to Rs 50 Cr or above. With effect from 1st July 2021, Fincare Small Finance Bank is promising the following rates on savings accounts.

Savings Account Slab In Rs Interest Rates In % (p.a.)
Up to and including Rs 1 lakh 4.50%
Above 1 lakh & including 5 lakh 6.00%
Above 5 lakh & including 1 Cr 7.00%
Above 1 Cr & including 2 Cr 6.00%
Above 2 Cr & including 5 Cr 5.75%
Above 5 Cr & including 15 Cr 4.50%
Above 15 Cr & including 20 Cr 4.00%
Above 20 Cr & including 30 Cr 3.25%
Above 30 Cr & including 50 Cr 3.00%
Above 50 Cr 3.00%
Source: Bank Website

Story first published: Wednesday, October 27, 2021, 22:43 [IST]



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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India has today released the 37th half-yearly report on management of foreign exchange reserves with reference to end-September 2021.

The position of foreign exchange reserves as on October 15, 2021 is as under:

US $ Billion
Foreign Exchange Reserves (i+ii+iii+iv) 641.01
i. Foreign Currency Assets (FCA) 577.95
ii. Gold 38.58
iii. Special Drawing Rights (SDRs) 19.25
iv. Reserve Tranche Position (RTP) 5.23
* Difference, if any, is due to rounding-off.

It may be recalled that in February 2004, the Reserve Bank had started a process of compiling half yearly reports and placing them in the public domain for bringing about more transparency and enhancing the level of disclosure in relation to management of the country’s foreign exchange reserves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1107

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Reserve Bank of India – Annual Report

Publications

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Karnataka Bank gets award for HR practices

Banking & Finance

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Karnataka Bank has been conferred with the ‘Top Organizations with Innovative HR Practices’ award at the 19th edition of the Asia Pacific HRM Congress.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, a statement said that the award is yet another feather in the cap for Karnataka Bank for its innovative HR practices such as ‘online e-learning module’ to equip its workforce with the relevant new age skills to cater to the varying demands of the customers.

The award is also a recognition for the efforts put in by the 8,400-plus staff of the bank to align themselves to the call of the bank’s change management and efficiency enhancement programmes to emerge as the ‘digital bank of future’, he said.

Mahalingeshwara K, General Manager of the bank, received the award at an event in Bengaluru on Tuesday.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on November 02, 2021, Tuesday, as under:

Sl. No. Notified Amount
(₹ crore)		 Tenor
(days)		 Window Timing Date of Reversal
1 50,000 28 10:30 AM to 11:00 AM November 30, 2021
(Tuesday)

2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

Ajit Prasad
Director   

Press Release: 2021-2022/1105

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Cash is still ‘King’ as digital divide between Bharat and India continues

Banking & Finance

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The demand for currency, which has seen a steady surge with the onset of festival season this month, has once again proved that cash is king as the digital divide between Bharat and India still remains startling.

Cash in circulation (CIC) increased by ₹11,115 crore in the week-ended October 15 to ₹29,25,263 crore against ₹29,14,148 crore logged on October 8, as per the latest RBI weekly statistics report.

The CIC is up nine per cent at ₹29,25,263 crore till October 15 this year compared to ₹26,79,937 crore logged in October 16, 2020.

In fact, currency with the public has increased by ₹63,103 crore to ₹28,14,931 crore as of September 24 against ₹27,51,828 crore as of March-end, as per RBI data.

Historically, the cash in circulation to GDP was between 10-12 per cent till FY20. However, post the Covid breakout and increase of cash in the ecosystem, CIC to GDP has inched up to 15 per cent in FY22 and is expected to remain elevated at 14 per cent by FY25.

Rise in cash requirement

The CMS Cash Index shows significant increases of cash requirement in the economy with the onset of festive season as has been happening in the past three years since 2018. CMS Cash Index shows a jump of 9-19 per cent in cash in the last three years. Rajiv Kaul, Chief Executive Officer, CMS Info Systems, one of the largest cash management companies said cash in India continues to be the dominant medium of transactions, across regions and income groups.

He said that in FY21, the CMS network moved over ₹9.15 lakh crore in currency through over 63,000 ATMs that the company replenishes and over 40,000 retail and enterprise chains, whose cash payments the company collects, processes and banks every day.

Demand for cash is expected to intensify in the coming weeks and during Diwali. Historically, during festival season, the cash demand remains high as large number of merchants still depend on cash payments for end-to-end transactions.

Cash remains a major mode of transaction with about 15 crore people yet to have a bank account. Moreover, 90 per cent of e-commerce transactions use cash as a mode of payment in tier four cities compared to 50 per cent in tier one cities.

Sanjay Mehta, CEO, Amol Readymade said though online payments at shops have increased, many customers shopping worth higher amounts still prefer to pay in cash for reasons best known to them.

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Axis Bank board OKs appointment of Rajiv Anand as Deputy Managing Director, BFSI News, ET BFSI

Banking & Finance

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The board of Axis Bank today approved the appointment of Rajiv Anand, executive director– wholesale banking, as the deputy managing director of the bank.

The appointment is subject to further approvals from the Reserve Bank of India and shareholders of the bank. In addition to leading Wholesale Banking, Rajiv would work closely with the board in strengthening control and governance aspects, the bank said in a release.

Rajiv henceforth would also be leading the bank’s strategic digital banking agenda, impacting all parts of Axis franchise, along with wholesale banking, marketing and corporate communications, the release said.

“Rajiv has been instrumental in driving various key initiatives and has worked hand-in-hand with me to make the Bank a more robust, growth focused organization, as we drive transformation under our GPS strategy,” said Amitabh Chaudhry, managing director and chief executive officer.

Rajiv carries more than 30 years of experience in financial services across Indian and MNC banks. He has been with Axis group for more than 12 years, and has held multiple leadership positions such as managing director and chief executive officer of Axis AMC, ED – Retail Banking and the present role of ED – Wholesale Banking.



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Rajiv Anand elevated as Deputy Managing Director at Axis Bank

Banking & Finance

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Rajiv Anand, Executive Director, Wholesale Banking, Axis Bank, has been elevated as Deputy Managing Director.

Axis Bank on Wednesday said its board has approved the appointment of Anand as Deputy Managing Director (DMD) of the bank.

“In addition to leading wholesale banking, Rajiv Anand would work closely with the board in strengthening control and governance aspects,” Axis Bank said, adding that the appointment is subject to further approvals from the Reserve Bank of India and shareholders of the bank.

He would also be leading Axis Bank’s strategic digital banking agenda impacting all parts of the Axis franchise, along with wholesale banking, marketing and corporate communications.

In his more than 12 years of association with Axis group, Anand has held multiple leadership positions such as Managing Director and CEO of Axis AMC, ED – retail banking and the present role of ED – wholesale banking.

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