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PSBs restart the pending post-merger work after lockdown

Some of the top executives, who were stranded due to lockdown, have begun taking up their new roles and redrawing strategies at head offices, people familiar with the matter said. However, the realignment and rationalisation of branches are yet to begin, even as field general manager offices started functioning to push credit growth in line with the government objectives.

The poor bring more business to banks in April

Loans to the economically weaker sections in April was nearly 40% higher than loans to big corporates, indicating low credit demand for investments while also pointing to the need for borrowings to keep the poor going at a time when economic activities came to a virtual standstill.

Bank of India sees impact on recoveries, profitability due to COVID-19

The impact of COVID-19 is different in different territories, based on its severances and category of zone such as Red, Orange or Green, Bank of India said in a disclosure to bourses.

PNB cuts repo-linked lending rate by 40 bps to 6.65%

For senior citizen, it is offering a higher interest rate of 75 bps over applicable card rate for all maturities on domestic deposits up to Rs 2 crore.

Digital payment volumes on NPCI channels rebound in May

Transaction volumes recorded on channels such as Unified Payments Interface (UPI), Immediate Payment System (IMPS), Bharat Bill Payment System and National Electronic Toll Collection (NETC) inched towards pre-covid levels signifying a slow revival in commercial activities and early signs of consumer appetite to spend.

Retail credit drops to record low during lockdown: SBI economists

Retail credit declined by 2.5 per cent, the lowest level since 2008, from when the data series started, it said, expecting that the decline will continue as Maharashtra has extended the lockdown till June 30.

BBB recommends Ashwini Bhatia for post of SBI MD

The Banks Board Bureau has also recommended names of M V Rao and P P Sengupta for the post of managing director of Central Bank of India and Indian Overseas Bank, respectively. While Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year.

RBI slaps Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three other banks for flouting rules

The regulator said the penalty on Citibank was for not adhering to the directions related to customer credentials.

Economy needs support from PSBs: Union Bank chief

The number of PSBs has come down after amalgamation of several lenders, and their ability to lend has increased manifold, Union Bank of India MD and CEO Rajkiran Rai G said.

IBC deferral plan and absence of loan rejig put banks in a fix

Unlike the meltdown of 2008-09, Covid-19 has impacted a far higher number of industries.

SBI ready with micro market plan, soft launch on June 1

SBI ready with micro market plan, soft launch on June 1

State Bank of India (SBI) is all set to activate its micro market vertical from June to raise its stake with the bottom-of-the-pyramid borrowers, and it has asked SBI Life Insurance chief executive Sanjeev Nautiyal to head the initiative.

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 yrs: Fitch

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 yrs: Fitch

The impact of forced lending on banks' impaired-loan ratios can be between 200 and 600 bps, Fitch said.

IDFC First Bank launches video KYC facility for customers to open savings accounts

IDFC First Bank launches video KYC facility for customers to open savings accounts

The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process, IDFC First Bank said in a release.

Blanket ban on recovery impractical, say bankers

Blanket ban on recovery impractical, say bankers

Despite the government announcement of Covid-related delinquencies not being treated as a default, it would be impractical to provide a blanket protection against recovery action to all borrowers, bankers have said.

10-15% moderation in salaries not to impact lending practice: HDFC Bank

10-15% moderation in salaries not to impact lending practice: HDFC Bank

A pent-up demand for vehicles and social distancing needs, coupled with the introduction of digital inputs to manage customer journey by banks will lead to a faster uptick in auto sales, which were sagging before the lockdown and came to a standstill in the last two months, the bank's country head for retail lending Arvind Kapil said.

Gold loan volumes surge to record highs amid Covid crisis in India

Gold loan volumes surge to record highs amid Covid crisis in India

Small business owners, people who have not been paid by their employers and the ones who are not able to earn their daily wages in the face of the lockdown are pledging family gold to raise funds. The top-7 gold financing companies are currently holding a record loan book worth Rs 85,000 crore, as per Care Ratings data. Banks are estimated to be holding gold loans worth Rs 2.35 lakh crore.

BANKING STOCKS
NSE
BSE

Company NameLatestChange%ChangeVolume
HDFC Bank1004.917.251.7520805420
ICICI Bank349.29.952.9347532991
Kotak Mahindra Bank1344.2595.857.6817312541
State Bank of India170.250.20.1270381173
Axis Bank410.113.153.3137505230
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