India’s economy and businesses are facing many measurable, well-understood challenges. But an invisible crisis that is just as corrosive and harder to fix is underway: the erosion of trust. This is playing out at multiple levels.
In a letter to FM Nirmala Sitharaman, representatives of Sahakar Bharati, which is associated with more than 20,000 co-operatives across India, have suggested raising the deposit insurance limit for individual account holders to Rs 5 lakh from Rs 1 lakh while that for institutional customers to Rs 25 lakh.
Speaking at an event organised by the National Bank for Agriculture and Rural Development (NABARD), Jain said despite impressive growth in formal agriculture granted, there are still several challenges which need to be tackled.
The Bombay High Court has allowed DHFL to make payments to banks and NBFCs that have securitisation arrangements with the stressed mortgage financier. The order came after a clutch of lenders, including the State Bank of India (SBI), Bank of Baroda, Standard Chartered Bank, Canara Bank and IDFC First Bank, approached the court.
This is the eighth arrest in the case. Anita Kirdat (35), a 'concorrent auditor' of the bank, was arrested on Tuesday. Her responsibility was to ensure a "systematic and timely examination" of the bank's financial transactions. Kirdat audited the bank's transactions monthly, but allegedly could not or did not point out irregularities in its processes.
Assam is the gateway to the NorthEast and our endeavour is to make a difference in their lives through our banking services as well as in the society through our social initiatives. We have already impacted more than 15.5 lakh people in the state so far and we are humbled by the trust and support they repose in us. We remain committed to keep serving our customers.
The Bureau recommends the following candidates, in order of merit, for the position of the MD & CEO in Bank of Baroda, Canara Bank and Bank of India, BBB said in a statement. The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. PM Modi, in 2016, approved the constitution of BBB
The mandate, intended to motivate the top management and make it more responsible, may instead end up reducing the lure of banking sector among domestic and global professionals, some experts warned even while others welcomed the new pay guidelines based on “pay for performance principle”.
State Bank of India, HDFC Bank, Axis Bank and ICICI Bank together account for more than 45% of the total transactions reported on UPI last month, according to numbers sourced by ET from bankers in the know of the matter.
To begin with, BoB brought the entire set-up under a four-tier structure that it originally had, created more zones and regions, and adopted a unified reporting structure. “This exercise we did in April helped smoothen the other business processes and systems that had to be aligned,” said Roy.
"Banks should also focus on genuine customers who need financial support to grow their businesses and the MSME sector, which is the backbone of our economy, needs a lot of support from the banking industry," Anurag Thakur said at the 101st foundation day celebrations of the state-run Union Bank of India here this evening.