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Federal Bank gross advances up by 9% at Rs 1.35 lakh crore by March 2021, deposits up 13%

Federal Bank gross advances up by 9% at Rs 1.35 lakh crore by March 2021, deposits up 13%

Finance
Private sector lender on Monday reported a 9 per cent increase in its gross advances to nearly Rs 1.35 lakh crore (Rs 1,34,876 crore) by the end of March 31, 2021. The bank's gross advances stood at Rs 1,24,153 crore by the end of March 2020. Federal Bank said the data is provisional and is being released in accordance with SEBI norms on Listing Obligations and Disclosure Requirements Regulations and Code of Practices and Procedures for fair disclosure of unpublished price sensitive information. The CASA (current account and savings account) deposits of the south-based lender witnessed a 26 per cent growth year on year at Rs 58,381 crore as of March 31, 2021, as against Rs 46,450 crore a year ago. Total deposits were up by 13 per cent at Rs 1,72,655 crore as against Rs 1,52,290 crore. Liq...
RBI says engaged with prospective investors to secure best terms for PMC Bank depositors

RBI says engaged with prospective investors to secure best terms for PMC Bank depositors

Finance
The RBI and PMC Bank are presently engaging with prospective investors to secure the best possible terms for the depositors, and the process is likely to take some more time, the central bank said, as it extended the restrictions on the fraud-hit urban cooperative lender by three months to June 30. In September 2019, the RBI had superseded the board of PMC and placed it under regulatory restrictions, including cap on withdrawals by customers, after detection of certain financial irregularities and misreporting of loans given to real estate developer . The restrictions have been extended several time since then. PMC Bank had received binding offers from certain investors for its reconstruction, in response to the Expression of Interest (EOI) dated November 3, 2020 floated by the bank. RBI a...
Bandhan Bank inducts two new members on its board

Bandhan Bank inducts two new members on its board

Finance
has inducted former International Finance Corporation executive Subrata Dutta Gupta and former executive Suhail Chander on to its board. They have joined as additional independent directors and will become independent directors once the bank's shareholders approve the appointment in the next annual general meeting. Bandhan board has now 15 members and includes HR Khan, who was Reserve Bank of India's deputy governor between 2011 and 2016. Dutta Gupta retired from IFC as principal financial officer. He had earlier served as the managing director of BHW Birla Home Finance and worked with SREI International Finance. He is at present on the board of Joyville Shapporji Housing Finance as a nominee director of the Asian Development Bank, Bandhan Bank said in a statement. Chander was head of c...
SBI, Paytm Payments Bank, PhonePe lead in UPI transactions in Feb

SBI, Paytm Payments Bank, PhonePe lead in UPI transactions in Feb

Finance
was the top remitter on the UPI platform in February, while Paytm Payments Bank led the chart in the beneficiary segment, as per data published by the National Payments Corporation of India. PhonePe topped the app category on the UPI platform in terms of volume and amount involved in the transactions that it facilitated. According to the data published by NPCI, State Bank of India (SBI) recorded 656.92 million remittance transactions in February, that is money was sent out from the bank using the UPI platform. It was followed by HDFC Bank with 207.27 million remittance transactions, Axis Bank (164.27 million), Paytm Payments Bank (149.32 million) and ICICI Bank (148.98 million). Paytm Payments Bank led the UPI beneficiary category with 389.24 million transactions, which means money was...
Bank strike: Key services to be hit as unions call 2-day agitation to protest privatisation

Bank strike: Key services to be hit as unions call 2-day agitation to protest privatisation

Finance
Banking operations across the country, such as deposits and withdrawal at branches, cheque clearance and loan approvals , have been hit as United Forum of Bank Unions (UFBU) began a two-day agitation to protest against the proposed privatisation of two state-owned lenders. UFBU, an umbrella body of nine unions, in a statement claimed that about 10 lakh bank employees and officers of the banks will participate in the strike. Public sector lenders, including informed their customers that their normal working could be affected if the strike materialises. However, branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they are not part of the strike. The strike comes after Union Finance Minister Nirmala Sitharaman's Budget announcement where she announced the ...