Home / Industry / Banking / Tamilnad Mercantile Bank’s Q1 net profit surges 35% to ₹412 crore Tamilnad Mercantile Bank’s Q1 net profit surges 35% to ₹412 crore
Tamilnad Mercantile Bank (TMB) reported a strong performance in the first quarter, with its net profit rising 35% to ₹412 crore, compared to ₹305 crore in the same period last year. This growth was mainly driven by an increase in its core income and interest earnings. The bank’s total income also increased to ₹1,901 crore […]
FCNR(B) inflows may have crossed 2013 level in just 45 days: SBI Research
FCNR(B) deposits raised under the RBI’s concessional swap facility have grown very quickly and may have already exceeded the amount collected during a similar scheme in 2013 within just 45 days. Because of this strong response, SBI Research has increased its estimate of total inflows to $65–70 billion, much higher than its earlier forecast. When […]
Reserve Bank of India gets govt’s nod to issue ₹10, ₹20 polymer banknotes
The government has approved a proposal allowing the Reserve Bank of India (RBI) to introduce polymer banknotes of ₹10 and ₹20 for trial use. Around 1 billion notes of each denomination will be issued initially to test their performance in real conditions. Polymer notes are made from a special plastic material, making them more durable, […]
RBI likely to hold rates on August 5 despite inflation uptick
Inflation in the economy is expected to remain high until December, which is why the Reserve Bank of India (RBI) is likely to keep interest rates unchanged for now. When inflation is elevated, reducing interest rates can make loans cheaper and increase spending, which may push prices even higher. To avoid this, the RBI prefers […]
Canara Bank Q1 net profit rises marginally to ₹4,856 cr; eyes $1.3 billion via FCNR deposits
State-owned Canara Bank on Monday posted a 2 per cent improvement in net profit to Rs 4,856 crore during the first quarter of the current financial year, and said it aims to garner USD 1.3 billion in deposits from overseas Indians. The Bengaluru-based bank had earned a net profit of Rs 4,752 crore in the […]
Bank of India’s USD 1.2 bn FCNR(B) mobilisation to replace up to Rs 13,000 crore ..
Bank of India plans to mobilize $1.2 billion through FCNR(B) deposits by September as part of its strategy to strengthen its funding base. The move aims to reduce reliance on high-cost bulk deposits and improve the bank’s overall cost of funds. FCNR(B) deposits, sourced from NRIs in foreign currencies, provide a more stable and cost-effective […]
Will CKYC 2.0 become the UPI moment for financial onboarding?
The statement refers to CKYC 2.0 (Central KYC system), which aims to stop customers from submitting the same identity and address documents again and again when dealing with different financial institutions. What problem it solves: Right now, when you: Open a bank account Take a loan Invest in mutual funds You often have to submit […]
Bank of Baroda’s FCNR(B) inflows to replace Rs 18,000 crore of bulk deposits, says MD Debadatta Chand
Bank of Baroda is planning to replace around ₹17,000–18,000 crore of bulk deposits with FCNR(B) deposits, which are funds deposited by NRIs in foreign currencies like USD. Why the bank is doing this: Bulk deposits (from corporates/institutions) are usually costly and short-term FCNR(B) deposits are more stable and can be cheaper, especially with RBI support […]
CreditAccess Grameen Q1 net profit jumps 5-fold to Rs 493 cr
CreditAccess Grameen reported nearly a five-fold jump in net profit, reaching Rs 493 crore. This strong performance was supported by better loan repayments and improved asset quality. Pre-provision operating profit increased by 34 percent, driven by a 22 percent rise in income. Meanwhile, credit costs saw a sharp decline of 63 percent year-on-year. Assets under […]
More banks may join overseas bond run
CICI Bank’s $1 billion bond issuance through GIFT City, which witnessed strong interest from global investors and resulted in reduced borrowing costs, is likely to encourage more Indian banks to access overseas debt markets under the RBI’s subsidised hedging scheme. economictimes https://economictimes.indiatimes.com/industry/banking/finance/banking/more-banks-may-join-overseas-bond-run/articleshow/132614342.cms