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Representative image Customers at the SBI will not have to worry about getting banking services anymore even on Sundays. India’s largest public sector bank, the State Bank of India , has recently launched two new toll free numbers to help facilitate its banking services and provide a seamless experience to its members. With the help of this, now SBI customers will not have to make rounds at their branches for several works related to the bank. The SBI’s two new toll free numbers 1800 1234 and 1800 2100 will provide seamless banking services to 44 crore of its customers, which is the largest any lender has. “Say goodbye to all your banking worries! Call SBI Contact Centre toll-free at 1800 1234 OR 1800 2100," said the bank in a tweet dated June 26, Sunday. Under the new scheme, SBI customers can dial these numbers from any location at any time from the comfort of where they are. This therefore saves time and hassle of going to the branch to get services, as well as friendly … [Read more...] about SBI Customers: Now Avail Banking Services Even on a Sunday or Holiday; Know Details

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × The surprise appointment of R Subramaniakumar as the managing director and chief executive officer of RBL Bank earlier this month left investors of the private bank flummoxed and the stock subsequently fell over 20 percent. The bank’s key investors are likely to approve the appointment, which was approved by the Reserve Bank of India, in the interests of stabilising the private lender, people familiar with the matter said. The investors are also said to be seeking a presence on the bank’s board. While rejection of a bank MD and CEO approved by the regulator is rare and could lead to a management crisis, there has been at least one such instance in the recent past. Shareholders of Thrissur-based Dhanlaxmi Bank ousted MD and CEO Sunil Gurbaxani at its annual general meeting on September … [Read more...] about MC Exclusive | RBL Bank investors likely to approve new CEO, seek board nominee: Sources

The CBI has registered a fresh case against Kapil Wadhawan and Dheeraj Wadhawan of DHFL for allegedly cheating a consortium of 17 banks led by the Union Bank of India to the tune of Rs 34,615 crore, making it the biggest banking fraud probed by the agency, officials said. The CBI is carrying out searches at 12 locations in Mumbai at the premises of accused in the case, they said. The agency booked the Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, the then CMD, Dheeraj Wadhawan, the director and six realtor companies for allegedly being part of criminal conspiracy to cheating the consortium led by the Union Bank of India to the tune of Rs 34,615 crore, the officials said. The agency has acted on a complaint from the bank on February 11, 2022, they said. Wadhawans are already under CBI probe in connection with alleged corruption involving Yes Bank founder Rana Kapoor. … [Read more...] about CBI books DHFL, its former CMD and director in Rs 34,615-crore bank fraud case

The bank’s shares started trading at Rs 102.25 on Monday, hitting an intra-day low of Rs 85.20, before ending at Rs 87.60 on the NSE. Shares of RBL Bank fell nearly 23% on the National Stock Exchange (NSE) on Monday (June 13), the first day of trading since the private bank declared on Saturday that R. Subramaniakumar will take over as the new bank chief for a period of three years. The bank’s shares started trading at Rs 102.25 on Monday, hitting an intra-day low of Rs 85.20, before ending at Rs 87.60 on the NSE. A management transition from RBL Bank was expected by the markets, but R. Subramaniakumar’s appointment at the bank made investors worried over the possibility of a repeat of the YES Bank-like episode at RBL, a senior banking analyst said. “Mr Subramaniakumar is an ex-PSU banker and historically such appointments at financial institutions have been associated with weak asset quality and/or governance structure,” wrote analysts at foreign brokerage CLSA. … [Read more...] about RBL Bank hits all-time low: Why leadership transition unnerved investors?

Representative image Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × HDFC Bank proposes to double its network of branches in the next three to five years by adding 1,500 to 2,000 branches annually, which would akin to adding a new HDFC Bank every five years, said its managing director and CEO Sashidhar Jagdishan. Outlining justification for merger of HDFC with the HDFC Bank in his letter to shareholders in the annual report 2021-22, Jagdishan said: "The proposed merger adds an entirely different dimension to the future. We believe that the runway is huge, and we can potentially add an HDFC Bank every five years." He further said that the bank proposes to nearly double its network of branches in the next three to five years by opening 1,500 to 2,000 branches every year. Currently it has over 6,000 branches across India. "The … [Read more...] about HDFC Bank to add 1,500-2,000 branches every year for 5 years

Share to Twitter Share to Linkedin Bitcoin bank Custodia today sued the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City charging they have “unlawfully” delayed for 19 months acting on its application for a master account with the Federal Reserve. The bank, chartered in Wyoming under a crypto-friendly statute passed in 2019 allowing for “special purpose depository institutions,’’ says the master account would reduce its costs and is “vital” to its core mission of providing a bridge between digital assets and the U.S. dollar system. According to the suit, the Federal Reserve has a legal obligation to act within a year and states on its own paperwork that it ordinarily takes just five to seven days to act on a master account application. Custodia’s suit alleges the Kansas City Fed’s processing of its application was moving along until the Spring of 2021, when the main Federal Reserve got involved. The suit seeks to force the … [Read more...] about Bitcoin Bank Custodia Sues Federal Reserve, Demanding Decision On Master Account

BANGKOK, June 25 (Reuters): Thailand's inflation will remain elevated this year but should fall back into the central bank's target range of 1-3% in the second quarter of next year, a bank official had announced, South-East Asia's second-largest economy is expected to return to its pre-pandemic level late this year or early next year, Sakkapop Panyanukul, a senior director at the Bank of Thailand, told a trade seminar. The BOT predicts headline inflation of 6.2% this year and 2.5% next year. Thailand's economy is expected to grow by 3% this year and 3.7% next year, driven by exports, increased domestic demand and a recovery in tourism, the state planning agency had said earlier. Exports, a key driver of growth, still had momentum despite the impact of Russia's invasion of Ukraine on the global economy, Danucha Pichayanan, head of the National Economic and Social Development Council, told a business seminar. "The Russia-Ukraine issue is a risk but it's also an opportunity, … [Read more...] about Thai inflation seen back to target in Q2 2023, says central bank; economy expected to grow by 3% in 2022

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A THE Grab Holdings Ltd-led digital bank in Malaysia is expected to form a five-member board led by Datuk Zaiton Mohd Hassan — the former chairman of Bank Pembangunan Malaysia Bhd (BPMB) — as chairman, according to several sources. “They’ve nominated the names and are awaiting final approvals from the central bank. It’s going through the process,” one of the sources tells The Edge. Veteran investment banker Datuk Maimoonah Hussain, who was formerly group managing director of Affin Hwang Capital before retiring in November 2019, is one of the proposed directors, the sources say. It is understood that the remaining three directors come from non-banking backgrounds. Grab declined to comment when contacted. On April 29, Bank Negara Malaysia awarded one of five digital bank licences to a consortium led by GXS Bank Pte Ltd — a 60:40 joint venture between Grab … [Read more...] about Grab’s digital bank said to have lined up prominent names for its board

The Reserve Bank of India (RBI) is in talks with pre-paid instrument (PPI) issuers in the wake of last week’s clarification , with the central bank not keen on encouraging innovation that is fuelled by regulatory arbitrage, according to a person aware of the deliberations. “The RBI has only clarified what was already there. The idea is that innovation should not exclusively base itself on regulatory arbitrage,” the aforementioned person told Moneycontrol on condition of anonymity. “If one entity requires a licence to do a certain activity, the RBI cannot let some other entity, in the name of innovation, do the same thing without a licence. So, there is nothing against innovation itself,” the person added. On June 20, the RBI issued a clarification that current rules did not permit non-banks to allow loading of PPIs such as wallets and prepaid cards using credit lines. The clarification from the central bank, which is yet to be made public on its website, further said … [Read more...] about RBI, PPI companies in talks; central bank not in favour of innovation based on regulatory arbitrage

- A + A (June 24): China vowed to step up supervision of the nation’s smaller banks and crack down on illegal activities after investors potentially lost billions of dollars in a suspected financial scam in the Henan province. The China Banking and Insurance Regulatory Commission (CBIRC) will strengthen its oversight of shareholders of small- and medium-sized banks and restrain the behaviour of major owners, Xiao Yuanqi, a vice-chairman of the regulator, said at a briefing in Beijing on Thursday (June 23). The move is part of measures to beef up corporate governance at the lenders, he said. The pledge is the latest twist in a scandal involving lenders in the Henan province with people claiming they have been denied access to their money and local officials changing Covid-19 pandemic health codes to prevent them from gathering to protest. The misuse of something commonly used to track potential Covid-19 infections has drawn widespread condemnation, even from state … [Read more...] about China vows stricter checks on smaller banks after losses, abuses