Tag: Shanti Lal Jain

Indian Bank classifies 2 Srei grp a/cs as NPA, BFSI News, ET BFSI

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State-owned Indian Bank has classified two accounts of Srei Group, worth Rs 1,800 crore, as non-performing assets (NPAs) as on the September-ended quarter 2021. Its net profit has grown more than doubled at Rs 1,089 crore in the second quarter, as compared to Rs 412 crore in the same period last year.

Its MD & CEO Shanti Lal Jain said the profit was driven by growth in non-interest income, (other income), which grew by 26% YoY and 8% QoQ. “It stood at Rs 1,966 crore as against Rs 1,558 crore in the second quarter, on account of increase in recovery of bad debts and forex income,” Jain said.

However, the bank’s net interest income declined by 1% YoY and 2% QoQ to Rs 4,084 crore in the September quarter, 2021.

The public sector bank said we have recognized eight accounts as NPA (bad loans) worth Rs 1,900 crore, which are to be given to the National Asset Reconstruction Company (bad bank). He said “We have already made 50% of provisions for those eight accounts.”

Provisions and contingencies allocated to cover bad loans lowered to Rs 2,187 crore in this quarter, as against Rs 2,530 crore for the corresponding period last year, and Rs 2,234 crore sequentially.

Gross NPA ratio stood at 9.56% in September 2021, marginally lower from 9.89% in September, 2020. The net NPA ratio stood at 3.26%, higher from 2.96% in the same period.

The bank’s fresh slippages declined to Rs 3,952 crore compared to Rs 4,204 crore in the June quarter. Fresh slippage was high due to Corporate loans and crop loans.



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Soma Sankara Prasad likely to be next UCO Bank MD, BFSI News, ET BFSI

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New Delhi, The government is considering appointing Soma Sankara Prasad, the deputy managing director of State Bank of India, as managing director of Kolkata-based UCO Bank. The Banks Board Bureau (BBB) has suggested the name of UCO Bank Managing Director Atul Kumar Goel for heading Punjab National Bank as MD. The managing director position of PNB will fall vacant after the superannuation of S S Mallikarjuna Rao in January.

According to sources, since Prasad was in the reserve list when the interview for appointment for managing director of Indian Bank took place earlier this year, he has been recommended to head UCO Bank subject to various clearances including vigilance.

The final view in this regard would be taken by the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister, sources said.

The BBB, the headhunter for state-owned banks and financial institutions, in May had conducted interviews for the position of MD of Indian Bank. Post interview, Shanti Lal Jain was recommended for the post while Prasad was the candidate on the reserve list.

Last month, the Reserve Bank removed UCO Bank from its Prompt Corrective Action (PCA) Framework following improvement in various parameters and a written commitment that the state-owned lender will comply with the minimum capital norms.

The lender also apprised the RBI of the structural and systemic improvements that it has put in place, which would help the bank in continuing to meet the financial commitments. The public sector bank plunged under PCA in May 2017.

PCA is triggered when banks breach certain regulatory requirements such as return on asset, minimum capital and quantum of the non-performing asset.

The restrictions disable banks in several ways to lend freely and force them to operate under a restrictive environment that turns out to be a hurdle to growth.

UCO Bank had posted over a four-fold jump in its net profit to Rs 101.81 crore for the first quarter of the fiscal ended June 30, as bad loans fell significantly.

The lender trimmed its gross non-performing assets (NPAs or bad loans) significantly to 9.37 per cent of the gross advances as of June 30, 2021, as against 14.38 per cent at June-end 2020.

The net NPAs were down at 3.85 per cent (Rs 4,387.25 crore) from 4.95 per cent (Rs 5,138.18 crore). PTI DP ANZ MR



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Shanti Lal Jain takes charge as MD & CEO of Indian Bank

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Shanti Lal Jain has assumed charge as Managing Director and Chief Executive Officer of Chennai-headquartered Indian Bank from today.

Prior to this, he served as Executive Director of Bank of Baroda since September 2018, according to a statement.

A Post-graduate in Commerce, and a qualified Chartered Accountant, Company Secretary and CAIIB, Jain joined Allahabad Bank in 1993 in middle management cadre. In a career spanning more than 25 years in banking, he handled critical portfolios. Previously, he had worked in a range of industries for over six years.

He has served as Chief Financial Officer, Chief Risk Officer and headed IT department of Allahabad Bank.

Later, he led team Mumbai as Field General Manager (West) and was responsible for Maharashtra, Gujarat and Goa operations having business of about ₹50,000 crore.

Earlier to this, he has served in several branches and administrative offices of the Bank, pan India. Prior to joining Allahabad Bank, he worked in various industries for about 6 years.

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Shanti Lal Jain assumes charge as MD & CEO of Indian Bank, BFSI News, ET BFSI

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Shanti Lal Jain assumed charge as Managing Director and Chief Executive Officer of Indian Bank on 1st September 2021.

Earlier Bank Of Baroda had announced that Shanti Lal Jain would cease to be its executive director from September 1, due to his appointment as the MD & CEO of Indian Bank for a tenure of 3 years.

Jain’s appointment is extendable based on his performance by upto two years, or till attaining the age of superannuation (i.e.January 31, 2024), the order said.

With more than 25 years of experience in banking, Jain possesses rich experience in critical portfolios. He joined Allahabad Bank in 1993 in the Middle Management cadre. As a General Manager, he has served as the Chief Financial Officer, Chief Risk Officer and headed the IT department of the Bank.

Later, he led the Mumbai team as Field General Manager (West) and was responsible for Maharashtra, Gujarat and Goa Operations having business of around Rs 50000 Crores. Prior to joining Allahabad Bank, he worked in various Industries for about 6 years.

Jain holds a Postgraduate Degree in Commerce, with Professional Qualification of Chartered Accountant, Company Secretary and CAIIB.



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Shanti Lal Jain appointed MD and CEO of Indian Bank

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Shanti Lal Jain has been appointed Managing Director and Chief Executive Officer of Indian Bank for three years, a Personnel Ministry order issued on Thursday said. Jain is currently Executive Director (ED), Bank of Baroda.

The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Jain as Managing Director & Chief Executive Officer in lndian Bank for a period of three years with effect from the date of assumption of office on or after September 1, 2021, it said.

Jain’s appointment is extendable based on his performance by upto two years, or till attaining the age of superannuation (i.e.January 31, 2024), the order said.

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