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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Listing Obligations and Disclosure Requirements Regulations and Code of Practices and Procedures for fair disclosure of unpublished price sensitive information.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...
Banks sanctions Rs 25,586 cr to 1.14 lakh Stand-Up India accounts in 5 years

Banks sanctions Rs 25,586 cr to 1.14 lakh Stand-Up India accounts in 5 years

Finance
The Finance Ministry on Sunday said banks have sanctioned Rs 25,586 crore to about 1,14,322 beneficiaries under the Stand Up India Scheme in the last five years for promoting entrepreneurship among women and SC & STs. The objective of Stand-Up India is to promote entrepreneurship amongst women, Scheduled Castes (SC) & Scheduled Tribes (ST) categories, to help them in starting a greenfield enterprise in trading, manufacturing and services sector, by both ready and trainee borrowers, the Finance Ministry said in a statement. Under the scheme, bank loans between Rs 10 lakh and Rs 1 crore are provided to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks. Started in April 5, 2016, the scheme has benefit...

Bengaluru lecturer loses bitcoins worth Rs 10 lakh to fraudster who offered help on app

Finance
(This story originally appeared in on Mar 17, 2021)BENGALURU: A 38-year-old lecturer who was new to the cryptocurrency world lost bitcoins worth Rs 10 lakh to a fraudster who had promised to handle his cryptocurrency account. Ramesh J (name changed), a resident of Palace Gutahalli and lecturer with a private college, lodged a complaint with Central CEN police on Saturday. According to the complainant, the incident took place on February 22. Police sources said Ramesh recently logged in to CoinSwitch Kuber, a trading platform to buy, sell and manage cryptocurrency. In order to understand the trading process, he also logged in to a few cryptocurrency rooms on Telegram mobile application, where people would share their views. An account hacker who messaged Ramesh personally said he could han...
Service complaints by bank customers rise 57 pc to over 3 lakh: RBI report

Service complaints by bank customers rise 57 pc to over 3 lakh: RBI report

Finance
Mumbai: Consumer complaints about banking services jumped 57 per cent to 3.08 lakh for the year to June 30, 2020, the Reserve Bank said on Monday. In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, followed by mobile or electronic banking at 13.38 per cent. Non-observance of Fair Practices Code (FPC) was at third place. Complaints received regarding credit cards, failure to meet commitments, levy of charges without notice, loans and advances and non-adherence to the Banking Codes and Standards Board of India (BCSBI) norms increased this year as compared to previous year. The number of complaints pertaining to 'Direct Sales Agent (DSA) and recovery agents' increased from 629 complaints in 2018-19 t...
Banks’ NPAs decline to Rs 8.08 lakh crore in September 2020 from Rs 10.36 lakh crore in March 2018: Govt

Banks’ NPAs decline to Rs 8.08 lakh crore in September 2020 from Rs 10.36 lakh crore in March 2018: Govt

Finance
New Delhi: Non-performing assets (NPAs) or bad loans of the banking sector came down from a high of Rs 10.36 lakh crore at the end of March 2018 to Rs 8.08 lakh crore at the end of September 2020 due to various initiative of the government, Minister of State for Finance Anurag Thakur informed the Rajya Sabha on Tuesday. As a result of the Asset Quality Review (AQR) and subsequent transparent recognition by banks, stressed accounts were reclassified as NPAs and expected losses on stressed loans not provided for earlier under flexibility given to restructured loans were provided for, he said in a written reply. Further, he said, all such restructuring stressed loans were withdrawn. Primarily, as a result of transparent recognition of stressed assets as NPAs, gross NPAs of scheduled commerc...