Finance News

SBI hikes MCLR for various tenures by 20 bps; third hike in three months State Bank of India (SBI) has increased its marginal cost of funds-based lending rate (MCLR) by 20 basis points (bps) across tenors from August 15, announcing the decision after the monetary policy committee (MPC) raised benchmark policy rates by 50 bps earlier this month to ...

Extraordinary leader, partner and a friend: Tributes to Anshu Jain Tributes from global industry professionals and policymakers alike from Wall Street and beyond poured in for Anshu Jain, the India-born Cantor Fitzgerald president and former co-chief executive officer of Deutsche Bank AG, whose death at the age of 59 after a five-year battle with cancer was announced Saturday. ...

Bank of India expects 10-12% growth in advances in current fiscal State-owned Bank of India expects advances to grow by 10-12 per cent in the current fiscal year with corporate loans yet to pick-up, top official said in an analysts call. The bank’s year-to-date (YTD) loan growth stood at about 5 per cent mainly driven by Retail ...

Anshu Jain, former Deutsche Bank chief in trading heyday, dies at 59 Anshu Jain, Cantor Fitzgerald’s president who was known for his time leading Deutsche Bank traders into the lender’s investment banking heights, died five years after being diagnosed with duodenal cancer. He was 59. “We are deeply saddened that our beloved husband, son, and father, Anshu ...

Foreign exchange reserves fall $897 mn to $572.98 bn in week ending Aug 5 India’s foreign exchange reserves fell $897 million to $572.978 billion in the week ended August 5, according to the Reserve Bank of India’s (RBI) bulletin weekly statistical supplement. The fall was witnessed after it rose during the week ending July 29 after falling ...

State Bank of India moves NCLT to recover dues from Bajaj Hindusthan Sugar State Bank of India, the country’s largest lender, has moved the National Company Law Tribunal’s (NCLT’s) Allahabad Bench against Bajaj Hindusthan Sugar because the company has not repaid its dues. The SBI petition, filed under the Insolvency and Bankruptcy Code, 2016, is yet to be admitted by ...

Despite better transmission, MCLR didn’t meet expectations: RBI paper The marginal cost of funds-based lending rate (MCLR) regime leads to better pass-through of changes in benchmark policy interest rates than the previous base rate regime, a working paper written by the Reserve Bank of India (RBI) staff said. According to the paper, under the MCLR regime, an ...

In unclaimed funds case, Supreme Court issues notice to Centre The Supreme Court on Friday sought response from the Centre and others on a plea seeking directions to create a centralised database providing information about bank accounts, insurance, post office funds etc. held by deceased account holders. A bench of Justices S A Nazeer and J K ...

Bank of Maharashtra tops list of PSU lenders in Q1 loan, deposit growth Bank of Maharashtra (BoM) has emerged as the top performer among the public sector lenders in terms of the loan and deposit growth in percentage terms during the first quarter of 2022-23. The Pune-headquartered lender recorded a 27.10 per cent increase in gross advances to Rs ...

RBI directs loan recovery agents not to intimidate borrowers, no calling before 8am & after 7pm The RBI on Friday issued fresh instructions barring recovery agents from resorting to intimidation of borrowers as well as calling them before 8 am and after 7 pm. While issuing additional instructions to regulated entities including banks, NBFCs and ARCs, Reserve ...