Finance News

IDBI Bank posts record-high Q3 profit of Rs 927 crore on lower provisions BENGALURU (Reuters) – State-owned IDBI Bank Ltd reported a record third-quarter profit on Monday, boosted by lower bad loan provisions and improved asset quality. IDBI Bank, which had some of the worst asset quality among lenders during India’s bad loan crisis, has ...

Tamilnad Mercantile Bank posts Q3 net of Rs 279 cr; income at Rs 1,172 cr The Tamilnad Mercantile Bank, one of India’s oldest private banks, closed the third quarter of FY23 with a higher net profit of Rs 279.70 crore. The bank closed the quarter ended December 31, 2022 with a net interest income of ...

ICICI Bank, RBL, Axis, IDFC First raise deposit rates to meet credit growth With credit growth continuing to outpace deposit growth by a long margin, several banks, including ICICI Bank, RBL Bank, Axis Bank and IDFC First Bank have revised deposit rates in order to mobilise funds. Effective Monday, private sector lender ICICI Bank, announced ...

After breaching 81 vs USD, rupee weakens as importers purchase greenback After strengthening to an almost two-month intraday high and breaching the psychologically significant 81 per dollar mark, the rupee witnessed an erosion of gains and ended weaker versus the greenback on Monday, as importers rushed to buy the US currency at relatively lucrative levels. ...

Need to create specialised SME digital bank: Co-founder of Biz2Credit Ahead of the Union Budget, Rohit Arora, CEO and Co-Founder of Biz2X, has suggested the government needs to come out with a specialised SME digital bank to cater to the funding needs of small businesses. Finance Minister Nirmala Sitharaman will present the last full Budget ...

Jammu and Kashmir Bank Q3 net profit rises 79% to Rs 311 cr; NII up 27% Jammu and Kashmir Bank on Monday said its December quarter net profit rose 79 per cent to Rs 311.59 crore. The net profit rose to Rs 311.59 crore as against Rs 173.95 crore registered for the same period last ...

Banks get time till Dec end to renew safe deposit locker agreements The Reserve Bank of India on Monday gave banks time till end of December 2023 to complete renewal of agreements for the existing safe deposit lockers of customers. Banks were earlier required to complete the process by January 01, 2023. The central bank ...

Karur Vysya Bank Q3 profit surges 56% to Rs 289 cr on decline in bad loans Karur Vysya Bank on Monday reported a 56 per cent jump in profit at Rs 289 crore for the quarter ended December 2022, helped by a rise in interest income and decline in bad loans. Its net profit stood ...

RBI asks SBM Bank to put brakes on remittance transactions immediately The Reserve Bank of India has asked SBM Bank (India), the Indian subsidiary of State Bank of Mauritius (SMB), to immediately stop transactions under the Liberalised Remittance Scheme (LRS) until further notice. The banking regulator in a statement said the action was based on ...

Foreign portfolio investor legroom gains for Kotak Mahindra Bank The investment legroom for foreign portfolio investors (FPIs) has inched up further in Kotak Mahindra Bank. During the quarter ended December 2022, the FPI holding in the private sector lender fell 1 basis points quarter-on-quarter to 39.26 per cent. The FPI holding has come off from a high of ...