Banks

YES Bank is in the process to form the proposed asset reconstruction company (ARC) and transfer its entire pool of gross non-performing assets (GNPA) amounting to Rs 27,976 crore to the ARC by June 30, the bank’s Managing Director and Chief Executive Officer Prashant Kumar told reporters in a post-earnings press conference. The private bank on April 30 reported its January-March net profit at Rs 367 crore as against a loss of Rs 3,788 crore in the same period last year. This was led by lower provisions, higher net interest income and an improvement in asset quality. “We would be expecting that in next financial year (FY23), we would be able to have slippages within 2 percent. Our recoveries and upgrades would outnumber credit cost on account of lower slippage or ageing of NPAs and this we have been able to demonstrate in the last two financial years also,” Kumar said. Giving more guidance on advances growth for the present fiscal, Kumar said YES Bank will achieve an overall … [Read more...] about YES Bank to set up ARC by June, raise capital as buffer against uncertainties in FY23, says CEO Prashant Kumar

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × AU Small Finance Bank , India's largest small finance bank and one of the fastest-growing retail banks, on June 22 launched a customisable credit card, in which cardholders can choose the features they want and for the time period they want. This type of offering is for the first time in the industry, claimed the bank. While credit card companies offer attractive products in different categories, it is often difficult for customers to find the combination of all such features in one single card. This forces them to opt for multiple credit cards offering specific category rewards, the small finance lender said in a press release. However, with the AU Bank 'LIT' (Live-It-Today) Credit Card, the bank has put the power to choose these features in the hands of the customers – all categories … [Read more...] about AU Small Finance Bank launches customisable credit card

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 Board of private sector lender DCB Bank has approved the appointment of Satish Gundeswar as the new Chief Financial Officer (CFO) and a Key Managerial Personnel (KMP) of the Bank effective July 1, the bank informed exchanges on June 22. Gundeswar, presently serving as the deputy CFO of the bank, will succeed Bharat Sampat. Sampat retires on June 30 after spending over 13 years at the bank. Gundewar has over 27 years of banking experience in risk management, and treasury operations, among others and has worked with SBI Capital Markets, Standard Chartered Bank, and Yes Bank earlier. “The terms of his appointment are as per the service conditions applicable to the employees of the Bank. The Board of Directors welcomed Mr. Satish Gundewar as the CFO and a KMP of the Bank,” the bank said. Close … [Read more...] about DCB Bank appoints Satish Gundeswar as new CFO effective July 1

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

R Subramaniakumar, new RBL Bank chief (File image) R Subramaniakumar, a veteran banker with over four decades of experience, was on June 11 announced as the new managing director and chief executive officer of RBL Bank. The board of directors has confirmed his appointment as the MD and CEO of the bank for a "period of three years", the private lender informed the stock exchanges. The announcement came nearly six months after RBL's long-term head Vishwavir Ahuja stepped down , and the bank had to appoint Rajeev Ahuja at the helm for an interim period. Who is R Subramaniakumar? As a banker, Subramaniakumar began his career more than 40 years ago, in 1980, with the state-run Punjab National Bank (PNB). Close His tenure with the PNB lasted for 35 years, and he was eventually elevated as the bank's general manager -- a position he held for three years between 2013 and 2016. Subramaniakumar joined the Indian Overseas Bank in October 2016 as its MD and CEO … [Read more...] about Who is R Subramaniakumar, the new MD & CEO of RBL Bank?

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?

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Private sector lender RBL Bank on June 14 said that rumors linking the appointment of R Subramaniakumar with asset quality challenges for the bank in the near future are unfounded and baseless. The lender said that it does not foresee any asset quality challenges going ahead and has built adequate provisions to tide against bad loans. "There has been considerable speculation and rumours linking the appointment of the new MD & CEO of the Bank, Mr. R. S. Kumar, with asset quality challenges for the Bank in the near future. We wish to reiterate that such speculation is baseless and unfounded and purely speculative in nature," the lender said in a regulatory filing. "For the year ended March 31, 2022, the Bank’s gross and net NPA were 4.4% and 1.3%, with a provision coverage ratio of … [Read more...] about Rumors linking appointment of R Subramaniakumar with asset quality challenges unfounded: RBL Bank

Representative image Private sector major HDFC Bank will open between 1,500 and 2,000 branches each year for the next three to five years and will roll out new product features every three weeks, the lender’s Managing Director and Chief Executive Officer Sashidhar Jagdishan said in the bank’s FY22 annual report. “The branch will be digital from a customer on-boarding and transaction/servicing perspective. It will provide the emotional connect and relationship management necessary for offering financial solutions to our customers. These branches will be small in size and will be phygital relationship centres,” Jagdishan said. “This will enable us to go after the catchment more aggressively and build the required liability franchise that we are known for, and we are confident that we would execute well,” he added. As on March end, HDFC Bank’s total banking outlets stood at 21,683, while total branches including 4 overseas ones stood at 6,342. The lender’s total ATMs and cash … [Read more...] about HDFC Bank to open up to 2,000 branches in FY23, roll out new features every three weeks, says MD Sashidhar Jagdishan

File image of HDFC Bank HDFC Bank, India’s largest private sector lender, is on an aggressive drive to recover lost ground in the credit card business. On March 11, the Reserve Bank of India lifted a ban imposed on the bank in December 2020, allowing the lender to launch digital products. In an exclusive interview to Moneycontrol on March 16, HDFC Bank’s group head of payments, consumer finance and digital banking, Parag Rao, said the bank has used the interim period to relook at fault areas and revamp strategy. Rao is optimistic the bank can get back lost market share in cards in 2-3 quarters. Rao also spoke about digital initiative plans in FY23 and on forming a digital-only bank. Edited excerpts: Q: The RBI had barred HDFC Bank from issuing credit cards and launching fresh digital initiatives in December 2020. What are the lessons learned? A: We are thankful to the RBI for pointing out some of the areas where we needed to improve. HDFC Bank has consistently … [Read more...] about Exclusive Interview| After RBI green light, HDFC Bank will take 2-3 quarters to regain credit card market share, says Parag Rao