Bank IFSC Code News:
After PNB more lenders are to launch E-verifying Income Tax Return facility even without Net Banking
Following PNB & UBI, more number of lenders are soon going to launch a new service, by which bank customers can cross-check his IT return using E-Filing website without net banking facility. After verifying the bank account number an EVC (Electronic verification code) will be assigned on the e-filing website of the IT department. EVC can also be created by prior verifying a dematerialization account on the e-filing web page. National Securities Depository Limited (NSDL) & Central Depository Services Limited (CDSL) have introduced this service which will allow the customers to e-verify their IT return. Punjab National Bank & United Bank of India have introduced this service to help their customers to validate their IT return even if they do not have access to net banking facility. Other lenders too are soon going to introduce this facility for their account holders stated the CBDT. Account holders of SBI, Canara Bank & Axis Bank can create their unique EVC with the help of their bank’s ATMS. According to the recent information, this e-verification service to verify the IT return was utilized by nearly 75.3 lakh tax accesses until 5 August, 2016 opposed to 32.95 lakh taxpayer till 7 September, 2015. E-validation using Aadhaar was utilized by 17.68 lakh tax accesses this year compared to 10.41 lakh taxpayer in the same period in the year 2015-16. Further, 3.32 lakh IT returns were signed using digitally generated signature.
The Income tax department stated it boost all the taxpayer who have deposited their IT returns to take help of e-validation as a simple substitute to submit their Income Tax Return Verification form to Central Processing Unit in Bengaluru. Central processing unit in Bengaluru has sanctioned nearly Rs. 54.35 lakh refunds amounting to Rs. 14,332 crore which encompasses 20.81 lakh repayment for AY 2016-2017 summing up to Rs. 2,922 crore as on 5 August, 2016.
2016/08/16 10:57 PM
5 Public Sector Banks Records Loss Of Rs 2564 In The 1st Quarter
The first quarter ended in June has revealed the loss of a total Rs. 2564 Crore by the five public sector banks, namely State Bank of India, Oriental Bank of Commerce(OBC), Bank of India(BOI), Dena Bank and Central Bank of India. While combined they have recorded a loss of Rs. 2564 crore, while State Bank of India alone has seen a stark drop of 78 percent in consolidated profit. While a year ago, the SBI has recorded a profit of Rs. 4714 crore, this time, the profit drops to Rs. 1047 crore. With the provisions for bad loans surging up, the OBC has reported a sharp 61 percent decline in a net profit of Rs. 100.69 crore against a Rs. 257.84 crore at the same time a year ago. The Bank Of India also enlisted their name as they cannot avoid the bad loans. They have recorded a huge loss of Rs. 741.3 crore as the bad loan provision doubled for them, unfortunately. For Bank of India, the provisions and contingencies have been doubled to Rs. 277 crore against Rs. 151 crore a year ago. On the last day of the first quarter, the BOI has witnessed an increase of the Bank’s gross non-performing assets to 13.38 advances, marking a contrast with 6.80 percent in the same time and quarter considering the last fiscal. Central Bank of India was no less to BOI in recording a huge lapse of money as it went to Rs. 600 crore loss, making it the second worse condition bank after BOI. In the previous fiscal it registered a mark of profit of Rs. 203.6 crore. The stipulation for the bad loan has risen to Rs. 1543.65 crore as against a lower mark of Rs. 580.75 crore a year ago. It causes the loss for the 5 public sector union banks in this fiscal year. Bank of Maharastra has registered a mild loss of Rs. 397.40 crore , followed by the Dena Bank with a loss of Rs. 279.35 crore and Allahabad Bank with a loss of Rs. 564.9 cror e in the same first quarter. The gross non-performing assets, in regard to Dena bank, has nearly been doubled to 11.88 percent , while a year ago it was 6.20 percent .
2016/08/16 10:54 PM
Allahabad Bank comes up with Rs 564.96 crore loss
The Allahabad Bank is also the one to suffer from its gross and net non-performing assets. It comes with a Rs.564.96 crore net loss in June 2016 as against Rs.146.86 net profit, as registered in the June 2015. The profit of the bank has seen a serious decline in its profit in the 1st half of the current fiscal declined to Rs.967.44 crore which is in stark contrast with Rs.1,241.50 in the bygone year. The Bloomberg Poll has indicated the bank is going to register a net loss of Rs.15.27 in the Q1, which ended in the month of June. The net interest income has also seen a declination with Rs.1,393.2 crore in this year in compared to Rs.1,587.11 crore in the last year in the same period and time. On the other hand, the gross NPA has also been sharing its responsibility to the declination of the bank’s profit. The gross NPA rises to Rs.19,208.62 crore from Rs.7,987.44 crore in the last year in the same time and period. To see it on the basis of the percentage front, the gross NPA stood at 12.33% in this year of the total loan as sanctioned by the bank, with a huge difference of 5.29% in the same quarter of the previous year. The net NPA rises to 8.69% as it was in previous year 3.67%. On BSE, the shares of the bank ended at Rs.75.60 which is a 3.3% as compared with the last day.
2016/08/16 10:51 PM
HSBC and Bank of China gain trust of Polands in Chinese bond issue case
According to the Poland finance ministry, the country of Poland has chosen Bank of China and the HSBC , to arrange its coming Chinese rupee, that is, yuan-subjugated bond in China. It has also further added that the other banks will also be given chance keeping in view the market situation and the value of the bonds and different banks on the market.
2016/08/16 10:30 PM
Oriental Bank of Commerce also suffers due to bad loan provisions
The Oriental Bank of Commerce , popularly known as OBC was also unable to hit back to register its name out of those 5 banks that are suffering because of bad loan provisions. The first quarter of this financial year which is ended in the month of June has seen a dip in the profit of 61% of the OBC to touch its net profit at 100.7 crores in the 1st quarter of June. A year ago, it was a completely different story with the bank has a profit of Rs 257.8 crore . Although, the total income of the bank comes down to Rs 5,392.7 crore while a year ago it was, Rs 5,568.8 crore. To talk about the gross non-performing assets, it has doubled at 11.45 per cent of the gross advances as it is registered in June 2016. A year ago it was 5.85 percent. In the real-time statistics, the gross non-performing assets are 17,208.91 crores, in June 2016 from 8,577.04 crores a year ago. And in the front of net on-performing assets, it becomes more than double with 8.11 per cent of the advances in the current year than 3.76 percent in the last year in the same quarter. On the term of value, the net non-performing asset is Rs 11,734.30 crore , which was up from Rs 5,337.77 crore. The bank, as registered by the Bombay Stock Exchange, has also traded at Rs 112.90 a piece which is up 2.87 per cent as per the stock exchange.
2016/08/16 09:31 PM
RBI Empowered Some Banks To Collect Advance Tax
In the wake of bad loan provisions the apex bank of India, the Reserve Bank of India, has vested the power to the SBI, PNB, ICICI, HDFC and BOB to collect the taxes in advance for the September quarter. In their appeal to collect the income tax dues, the RBI has asked them to gather the dues income taxes in advance. RBI also authorizes them with the swap channels, such as, either to select bank branches of its agency banks or to facilitate the online payment of the taxes which are offered by these banks. RBI believes and also recommended the taxpayers, to put off the dues advanced to lessen the load due to the hurry towards the end of the quarter. Putting off income tax duty via the apex bank has always been too burdensome towards the end of the quarter in September, and it also becomes difficult to manage the extra counters for that same purpose, reported as said by the RBI. It has endorsed the 29 branches to acknowledge the sum of income tax excise. The list of the banks, where the income tax payers are able to pay the levy, are some major banks, namely Allahabad Bank, Andhra Bank, Canara Bank, Central Bank of India, Dena Bank, IDBI Bank. The list can be enlarged with the Axis Bank, Bank of India, Corporation Bank, Indian Overseas Bank, OBC. There is also a small list of other banks, such as Punjab and Sindh Bank, United Bank of India, UCO Bank and Vijaya Bank alongside some of the branches of SBI. They are Hyderabad, Bikaner, and Jaipur, Travancore and Mysore which are also vested the power by the apex bank.
2016/08/16 09:29 PM
Speculation Of Westpac Closing Its 19 Branches In New Zealand
There was a rumor spreading that Australian banking giant Westpac Banking Corporation will close its as many as 19 branches in New Zealand. The decision will come into force in the wake of the online banking and the installation of ATMs which support deposits. The Westpac Banking Corp . said that it want to close the banking branches mostly in the rural areas as they are planning to install deposit-support ATMs in the upcoming 5 years which makes it unnecessary to continue human supported branches. As expected the decision was opposed by the union and the mayor of the city area where they are going to make the closure of the branches. They opposers feel it unfair to close the branches in the rural areas, as the farmers with the bulk deposits need to talk with someone face to face before making the deposit which deposit-support ATMs will not suffice. In the recent past, as many as 5 years, the online banking has seen an increase of almost 60% amid the common masses which make it almost unnecessary to continue those branches. Even if the banking giant has said that it will discuss with the stuff first to take the decision, but still nothing about the closure was made official.
2016/08/16 09:27 PM
Jagmeet Singh Brar accused PPCC capt Amarinder Singh of owing “unlawful” properties overseas
Jagmeet Singh Brar , ex congress leader on 13th August blamed Amarinder singh , who is chief captain of Punjab Pradesh Congress Committee of owning illegal properties abroad. In order to give authenticity to his allegations, Brar disclosed few information of such illegal properties plus he reported, he will soon reveal such more details.
Putting allegations against Captain Amarinder, Brar stated he along with his family has properties in London, Dubai & Pakistan and he revealed some addresses of these properties. Disclosing more details on these illegally owned properties, Brar blamed that Amarinder himself had signed property papers during his stopover at HSBC bank , Dubai. New Moti Bagh Palace, Patiala is the address mentioned on Dubai & Swiss bank accounts. Brar further added, Chief Captain has given HSBC bank directions himself and made the payment of Islamabad home through Dubai with the help of popular Indian hawala operator. This operator is also under investigation by Enforcement Directorate & CBI. Brar went on with his allegations against Amarinder Singh and said, he owns a home in Central London and has purchased a large property in Scotland, which he visits for hunting & fishing.
2016/08/15 10:22 PM
Innovation Lab Launched by Kotak Mahindra Bank, keen to invest in startup
A senior representative of Kotak Mahindra Bank reported they have launched “Innovation Lab” to grab the most excellent technology which effects its banking operations and is keen to invest in startup businesses. This lab has been started in Bengaluru. Deepak Sharma, Chief Digital official of Kotak Banks stated the recently started “Innovation lab” is presently focused on collaborating with startups of financial technology sector to examine ideas & then introduce them into market. Kotak Bank which stands fourth in the largest private sector bank list, has assembled 7 representative specialized group, which is engaged with same number of startup units in the biometric, artificial intelligence, iris scanning, analytics & machine learning sector. Sharma further reported, Large amount of startup are based in Bengaluru, whereas 2 startups are from Australia & the US.
Domestic moneylenders, of the private sector banks has started growing their involvement with the upcoming financial technology startup communities to align them with the new technologies of the coming days which will support these lenders to remain purposeful.
Initiatives have been taken by these domestic lenders, they have supplied funds to contribute into the startups. The lenders have also begun ideation competition, organized “hackathons” & started incubation centres.
Sharma stated the launched lab situated its office on MG Road in Bengaluru is not be confused as incubation centre. He further said that the Kotak bank is eager to invest in any other startups though the bank has no dedicated fund as of now. He stated the Kotak bank with help of this initiative will go on calculating potentiality on partnering, investing & incubation startups. The lab will also give employment to more people in coming six months. Sharma explained this initiative as agile model & asset-light business model in which the bank is engaging with chosen partners.
2016/08/15 10:01 PM
CBI files new case against loan-defaulter Vijay Mallya
Central Bureau of Investigation has enrolled a new case against Vijay Mallya. The case is filled because he was irregular in paying the loan amount to the State Bank of India. The loan amount was of Rs. 1,600 crore. CBI stated it has filed a case against Mallya & others because it received complaints from banking consortium led by the State Bank of India that has issued loans to the Kingfisher Airlines. The information sources revealed it was doubtful that Mallya had wanted to re-amortize his loan payments in which details was quenched by this flamboyant businessman. CBI has much before registered a loan default case to the IDBI bank by the presently non-functional Kingfisher Airlines. Mallya was the owner of Kingfisher Airlines, and it had been issued loan of Rs.6, 900 from banking consortium of seventeen banks in 2010 following 2nd debt restructuring scheme for the Kingfisher Airlines. The KFA owes RS.1, 60 0 to SBI. In month of February, 2013 few bankers who recalled the entire loan could regain only nearly Rs. 1,100 crore , if they auction all the stocks of United Breweries Group companies
Apart from this, other banks that need to recover amount from the KFA are: IDBI bank & PNB bank need to regain Rs.800 crore respectively, Bank of India have exposure of Rs. 650 crore , Central Bank of India- Rs.410 crore ,Bank of Baroda need to recover Rs. 550 crore debt. UCO Bank needs to regain Rs 320 crore debt, State Bank of Mysore (Rs 150 crore), Corporation Bank (Rs 310 crore), Indian Overseas Bank (Rs 140 crore), Punjab and Sind Bank (Rs 60 crore), Federal Bank (Rs 90 crore ) plus Axis Bank (Rs 50 crore).
2016/08/15 09:58 PM
RBI approves 29 Bank branches to accept income tax dues for September Quarter
Reserve Bank of India has given approval to various banks like ICICI, PNB, SBI, HDFC plus Bank of Baroda, to collect advance income tax for the July-September quarter. RBI has requested income tax payee to pay outstanding tax amount adequately much before the end date to avoid last moment rush. RBI stated assesses can utilize any channels for payment like they can either choose branches of approved banks or can use the service of online payment provided by these branches. RBI reported, this facility will help remove the trouble of assesses in waiting in long lines at the RBI offices. RBI said, paying income tax amount via RBI, every year has always created rush and difficulty towards the end of September quarter & it turns out to be very troublesome to manage the pressure of distributing huge amount of receipts, even though every year extra counters are set up for this function. RBI has given authority to 29 bank branches to collect the payments of income tax dues.
The list of authorized bank branches are: Central Bank of India, Allahabad Bank, Dena Bank, Canara Bank, Andhra Bank, Indian Bank, Axis Bank, Indian Overseas Bank, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, UCO Bank, United Bank of India, Union Bank of India, Syndicate Bank, State Bank of Hyderabad, State Bank of Mysore, Vijaya Bank, Punjab & Sindh Bank, State Bank of Travancore, State Bank of Bikaner & Jaipur. The tax payers can deposit the tax due at any of the above bank branches.
2016/08/15 09:46 PM
S&P Global assigns lower rating to Union Bank on deteriorating Asset Quality
S&P which is an international agency which publish research and analysis on stocks, on 12th August reduced its issue credit rating (long-term) on UBI to “BB+” from “BBB-“, quoting weaker asset quality, however maintained a steady vision on the state banks. S&P also lowered the short term issue credit rating on UBI to “B” from “A-3” because of the deteriorating asset quality. Nikita Anand , a rating credit analyst at S&P Global stated, the agency has lowered Union Bank ratings as they anticipate that the bank asset quality will continue to be weak in the coming 12 months, as the asset quality deteriorated in the last few quarters. So in accordance with the analysis the agency has reduced UBIs standalone credit grade from “BB+” to “BB”. S&P, nevertheless reported that the government is surely going to help and continuously provide required back-up to the bank. The agency prediction of getting tremendous support from the government is based on the relationship the bank has with the government as well as the prime role that the banks play. Therefore the grading is one point higher compared to banks standalone credit rating. The assigned rating highlighted that it predicts Union Banks worth to continue to be moderate in the coming 12 months, primarily because of increased credit worth.
2016/08/15 09:43 PM
Yes Bank proposes plan to raise 1 billion USD through QIP in coming 7 months
Yes Bank, private bank has made a strategy to raise 1 billion USD which is nearly Rs. 6,885 crore via Q ualified institutional placement tool in the coming seven months. In order to achieve this the bank has initiated engaging with large investors from all over the globe. Rana Kapoor , Managing Director of Yes Bank reported the QIP program will end in the coming 6-7 months and the bank is pro-actively interacting with big investors across the globe. The QIP process will be moderately varied which will also include domestic investors apart from foreign investors. The bank is receiving positive reaction from investors as the bank had profitable first quarter and this energy will be retained for coming quarters.
Yes Bank published, a rise of 32.8 per cent summing the net profit to Rs 731.8 crore as on 30th June,2016 which marks the end of first quarter corresponding to Rs. 551.20 crore during the same period an year ago. Economic Affairs Committee has given approval to Yes Banks proposed plan in May, 2016 to increase the upper limit of foreign investment or RFPIs to 74% on 10th June, which amounts Foreign Direct Investment to 1 billion USD.
Yes Bank received the consent to increase the foreign investment limit without the help of any sub-limits by technique of allotment of non-equity shares & other acceptable tools to fit/worthy foreign investors. The form of tools consists QIP of equity shares or allotment of American depositary receipts, Global depositary receipts or qualified foreign investors/ FPIs under the PIS by acquiring of allowed securities & stocks on share exchange. Yes Bank declared in India it is the first bank to earn such consent to increase the limit of foreign investment to 74%. The surge in foreign stockholdings was disclosed in 2015 by Cabinet to erase sub-ceilings for diversified investor classification of FDI, FII & FPI. At the same time, Yes Bank’s value in the MSCI Global Investable Market Indexes surged up to 1.7% from 0.46% valid 31st August, according to MSCIs quarterly indices report.
2016/08/15 09:36 PM
Bank of Maharashtra declared loss of Rs.397.4 crore over NPAs
Bank of Maharashtra (BoM ) is now a part of rising ranks of unprofitable list of PSBs. The bank has declared loss to the tune of Rs.397.40 crore during the first quarter which ended as on 30th June because of increasing provisions & NPAs. BoM had reported a net profit amount of Rs.59.44 crore in the same period during the last fiscal year. Gross Non-performing assets ratio was at 12.64 per cent which amounted to Rs.13,040 crore whereas net NPAs were at 8.73 per cent which amounted to Rs.8,609 crore. Bad loans provisions amount doubled to Rs. 842.50 crore in the 1st quarter. Gross Non-performing assets surged up 72.14 per cent whereas Non-performing assets rose 82.86 percent on a year on year basis. BoM operating profits down by 24.76 per cent amounts to Rs.458.73 crore during the quarter which ended on June, 2016.
2016/08/15 09:31 PM
ICICI Banks official mobile banking application gets upgraded with new features
ICICI Banks mobile banking app obtained an important update with new features in window store. The new v2.2 version of the app has upgraded features like the access to online tax payment, trail loan request form & many more such features. Below is the detail of change log.
Advance Tax Payment feature: via iMobile you can pay your advance tax due. This application is launched in India for the first time.
With help of Instabanking you can upgrade your PAN details, Aadhar card information, Email ID & statement registration. Now you do not need to visit any branch the details will be upgraded in real time.
Bank customers which have Home loan engagement can request for upcoming partial payment. They can also trace new loan request form in loans category.
Using Positive Pay option in Services menu the customers can safeguard their physical cheques sanctioned from your bank account.
The update provides you options for your recharge scheme for your mobile recharge action. Utilize famous recharge hyperlink available on the Mobile recharge webpage.
The update has fixed all the errors and gives the customers an improved experience.
2016/08/15 09:28 PM
BOI reports first quarter loss of Rs. 741 crore
Bank of India has reported net loss of Rs. 741 crore in the first financial quarter which ended on 30th June, 2016 whereas the bank made a profit of Rs.130 crore last year in the corresponding quarter.The bank has pruned its net loss in sequential basis. Bank of India has reported net loss of amount Rs. 3,587 crore during the 4th quarter of the prior fiscal.
Melwyn Rego , Chief Executive & Managing Director of BOI stated, there could be challenges regarding few asset quality during the remaining fiscal quarters, though on a lower scale. The bank representatives are also positive about the enhancement of banks operations to excel in FY17. The banks NII (Net Interest Income) also came down to Rs. 2,775 during Q1 in comparison to Rs. 2,913 crore, last year. Gross NPAs rate equaled 13.38% in comparison to 6.8 per cent as on 30th June, 2015 & 13.07 per cent as on 31st March, 2016. 7.78 per cen t is ratio of Net non-performing assets in the quarter in comparison to 4.11 per cent as on fourth quarter of FY16 & 7.79 per cent in first quarter in FY16 . The banks restructured assets amounted to Rs. 11,496 crore dated 30th June, 2016. Whereas stressed assets (NPAs + Restructured loans + Written off assets) was 16.35 per cent of the total advances. Provisions & Contingent liabilities , removing tax liability offered by the bank amounted to Rs. 2,770 crore during Q1FY17. Provisions against NPAs + Restructured loans + Written off assets amounted to Rs. 2,453 crore during Q1FY17 . The PC ratio equaled 53.06 per cent as on 30th June, 2016.
2016/08/15 09:25 PM
SBI commanded its five partner Banks to clear their loan books prior to planned merger
State Bank of India share price in BSE down 1.97 % has guided five partner banks to tidy up their loan books before the suggested merger — the step that has prompted Rs 2,018 crore consolidated misfortunes of partner banks in the 1st financial quarter finishing in the month of June. Senior authorities of the State bank association told ET that the partner banks were advised to line up the loan classification with the guardian bank, regardless of the fact that it obliges them to face a hit to its bottomline.
A bank representative stated "Post-merger, a record cant be delegated standard in the books of one partner bank and substandard for another partner bank or parent bank"."There is requirement that every partner bank adjust their records preceding merger." Mid-May, SBI declared merger of State Bank of Patiala,State bank of Bikaner and Jaipur State Bank of Mysore , State Bank of Travancore plus State Bank of Hyderabad and additionally Bharatiya Mahila Bank.
First time in history six associate banks will be merged with SBI in one go. Arundhati Bhattacharya, SBI chairman while talking with Economics Times on 19 th July stated, There will be nothing as last bank or 1 st bank, listed bank or unlisted bank, it will be just one bank followed by another. Till March 2017 merger will take place. State Bank of Mysore announced its first financial quarter review and stated the bank has made extra provision of amount Rs.579.7 crore for selected assets to come in line with the parent State Bank branch. This bank revealed loss of amount Rs. 472 crore plus provided sum provision of amount Rs.1,039 crore during 2016 June financial quarter versus Rs.263 crore in the comparable quarter.
State Bank of Bikaner and Jaipur said it made an extra arrangement as a caution and keeping in perspective the arrangement as judiciousness and keeping in perspective the arrangement of the pioneer in the consortium and different managing bank courses of action of a few borrowers.
2016/08/13 08:51 PM
Aussie up as NAB survey prediction, China Price data ahead
The Aussie gains in Asia on 9th August, 2016 after the most recent investor sentiment reading done by National Australia Bank plus the price information of consumer & producer from China. AUD/USD increased 0.04 per cent , with the pair trading at 0.7654. Whereas USD/JPY changed at 102.38 , decrease 0.07 per cent . National Australia Bank business confidence, Australia is pending for July which has former business sentiment reading of 6-plus, together with NAB business survey which has former reading of 12-plus. China stated Consumer Price Index for the month of July as, up by 0.1 per cent month after month and 1.8 percent gain year after year. China Producer Price Index are anticipated to demonstrate fall of 2.0 per cent year after year.
The U.S. dollar index (USDX) is a measure of the value of the U.S. dollar relative to the value of a basket of six currencies of the majority of the U.S.s most significant trading partners, was cited to go up 0.10 percent at 96.29 . Suddenly within a night, the value of dollar surged up against the remaining six currencies on 8th August, Monday after the release of Fridays upbeat the U.S nonfarm payroll reports carried on to support.
The greenbacks gains strengthened mainly on Friday following the announcement made by the Labor Department. The department reported the U.S economy created 255,000 employment options during the last month above the prediction of 180,000 jobs.
The jobless rate remained unchanged at 4.9 per cent because more people joined the labor force. The report disclosed that real average hourly earnings also rose faster than expected by 0 .3 per cent month after month, moving ahead of the expected gain of 0.2 per cent . The gain was 2.6 per cent this year.
2016/08/13 08:49 PM
700th branch of Bandhan Bank inaugurated
In August 2015, Bandhan Bank began commercial functioning opening 501 branches, now it has started its 700th branch in the town broadening its bank network in the nation. C S Ghosh who is MD & CEO of the bank stated, In total 8 branches were started today, 7 in West Bengal and 1 in U.P, making the aggregate number to 700 branches all over the country. 700 th branch situated on Ballygunge Circular rd. is a great achievement. This branch has an extraordinary bay to take into account the affluent customer segment. He further said this branch was started by Prosenjit Chatterjee, a known actor-producer.
Bandhan Bank now works over approximately in 29 states & Union Territories with help of 3,082 touch places comprising of 700 bank offices, 2,142 service at doorstep centers & 240 ATMs serving 8.9 million clients. From the time of this bank launch, it has assembled deposits amounting approximately Rs 15,000 crore whereas the banks outstanding loan register amount to Rs.16,000 crore. Total number of employees serving the bank is 21,200.
Micro Banking & General Banking are the two departments of the Kolkata situated head office bank. The bank provides different options of retail financing arrangements which also include different types of saving & loan services and products. On 23 August,2015, Bandhan Bank initiated its working with 501 bank branches, DSCs around 2,022 in number & ATMs approximately 50 in number over 24 states of India.
2016/08/13 08:46 PM
Australian & New Zealand’s gains Index with Banks rising the most
Australian Stocks rallied, profits were enjoyed by banks, energy companies & miners. The S&P/ ASX 200 index surged up 0.9%, 49.29 points to 5,546.7 by 0252 GMT. Banks were the main reason of index increase, approximately 2/3 of the gain in the index was the result of the financials. Macquarie Group jumped 2.6% to its highest in the last 6 weeks. 2% were contributed by Australia and New Zealand Banking Group. Whereas Commonwealth Bank of Australia , National Australia Bank Ltd plus the Westpac Banking Corp surged up 1% respectively. Miners also stole the limelight as the price of iron ores hiked. BHP Billiton added nearly 2% , Rio Tinto surged up 1.4 % & Fortescue Metals added 1.7%.
Downer EDI, Infrastructure provider moved up 6% on Friday, it surged up additional 6.5%.
Energy shares gained as oil prices increased. Whitehaven Coal gained 4.5% , Woodside & Oil Search rallied nearly 2% respectively and WorleyParsons leapt 3%.
New Zealand’s benchmark S&P/NZX 50 index on Thursday & Friday gained 0.5% or 35.14 points to 7,343.56 near to pervious week highest of 7,361.93.
Kathmandu surged up 3.7% whereas Sky TV rose 2.8% . Highest profiteers were Westpac & ANZ which rose 2.6% respectively. Sky City up 1.3% . Property industries suffered, Precinct Property fall 0.4% & Kiwi Property down 0.3%. Steel Tube, steel goods producers come down 1.4%
2016/08/13 08:40 PM
SBH as part CSR activity presented Ambulance vehicle
SBH- State Bank of Hyderabad, associate bank of State Bank of India, as its corporate social responsibility activity, on 9 th August, 2016 presented an ambulance vehicle to Lions Club, Sirpur-Adilabad district. The ambulance will provide service to the people of towns in and nearby of Sirpur-Kagaznagar. This village is socially backward with tribal population in Adilabad district.
2016/08/11 11:22 AM
Man of Rochester confesses to federal bank extortion charges
In city of Rochester a 50 year aged man confessed to bank extortion charges in government court. William Hoch ul, the U.S. Attorney said Henry Joseph Williams registered his confession on 9 th August, 2016 in front of Frank Geraci, the U.S local judge. The charge conveys a most extreme punishment of thirty years in jail and a million-dollar penalty money. Sentencing is scheduled on 8 th November, 2016. Informer said Henry opened bank accounts at 2 banks the previous summer and utilized his ATM cards to keep running up more than $8,000 in charges, he then debated this charge by guaranteeing his ATM cards had been lost. During this time, Williams was on administered discharge for a 2012 government wire extortion conviction.
2016/08/11 11:19 AM
MIDEAST SHARE INDEX: Qatar surged on emerging fund inflows, Gulf stocks up
On 9 th August, 2016 Qatar’s major share index beat its competitors during early trading as emerging money market funds continue chasing for negotiations there. Doha’s major market index up 0.7% as 11 out of 12 Qatari stocks which are part of the Morgan Stanley Capital International coming up market indices moved ahead. National Bank & Petrochemical composite industries of Qatar rose 0.6% and 2.2 % respectively. Index performance of Dubai’s rose 0.3% , advanced by 0.9% due to profit in Properties of Emaar. Additionally, big-cap stocks also moved up & the most actively traded share on the stock exchange board- Dubai Parks & Resorts, added 0.6%. Index performance of Abu Dhabi’s moved up 0.1% on thin trading volume. Commercial Bank of Abu Dhabi edged up 0.2% whereas National Energy of Abu Dhabi which moved up 0.8 % on 8 th August, 2016 moved back 1.9%.
Following fifteen minutes of trading the major index of Saudi Arabia moved up 0.1%. This was because of the petrochemical space which added 0.4%, moving to 4 th consecutive session of profits. The Saudi Basic businesses surged up 0.6% . Stocks which exceed on 8 th August moved back as investors continued to book profits. Dallah Health, Health care provider which closed up by 1.1% the previous day, moved down 1.4% the next day.
2016/08/11 11:18 AM
HOLD recommendation for UBI by Reliance Securities: estimated target price Rs.144
Reliance Securities has recommended hold option for Union Bank of India. The target price predicted is Rs. 144.0 as opposed to present market value of Rs. 129.75 . The analyst anticipates that within a year target price will be achieved. The ratio of stressed asset is predicted to linger along with lofty credit values for coming five-six quarters. This will result in UBI’s Return on Assets down at approximately 0.3%-0.4% and Return on Equity shares approximately at 6%-7 % over financial year 2017-2018. Union Bank of India total stressed assets amount to 15 % of loan file. Going on, UBI’s provision coverage ratio- removing bad debts written off amounting to 42% , which is far away from the ease level, which will slow down the Bank’s gain because of increased credit value, in accordance with the Reliance securities view. According to the statement given by brokerage enhancement in functioning work performance, as reliance securities careful on asset quality review, assigned HOLD call on the share from REDUCE option because of the new target price Rs.144 , valuing the stock at 0.7x FY18E Adj. Book Value.
2016/08/11 11:07 AM
After RBI policy session Auto, Banking, Real estate share traded mixed
Reserve Bank of India on 9 th August, 2016 at its 3 rd bi-monthly monetary policy session announced to maintain its interest rate at 6.5% which resulted in Interest rate dependent shares trading high as well as low. This above result was completely in sync with economists plus projection analysts decision made during an Economies Times poll.
The Bombay Stock Exchange list Bankex traded consistently positive at Rs.21,657.03 on Tuesday around 11.15 am. Stock price of State Bank of India moved high up 0.41% to Rs.234.20, whereas shares of Induslnd Bank, Axis Bank plus ICICI Bank increased by 0.50% . Stocks of HDFC decreased by 0.21% while share of Yes bank plus Kotak Mahindra decreased and was between the range of 0.64% and 0.49 %. Auto shares like of Eicher Motors fell by 0.70%, Hero Motocorp came down by 0.54%, M & M decreased by 0.23% plus the share of Maruti Suzuki came down by 0.28%. These auto stocks were the prime index losers. On account of healthful sales growth at JLR the stock price of Tata Motors increased 0.34% amounting to Rs.515.70 . Bajaj Auto traded without any significant change at Rs. 2,875. The Auto index at the Bombay Stock Exchange fell 0.13% at Rs.21, 788.
Stock trades of Realty shares were mixed, Unitech, DLF, Indiabulls Realty plus the HDIL come down near 2.11% whereas Phoenix Mills, Prestige plus Omaxe rose up to 1.16%.
2016/08/10 01:06 AM
Adani Ports, IOB Concor, Lupin will declare their second quarter report
On 9 th August, 2016 following companies will announce their second quarter reports for April to June,2016. The companies which will declare the report are: Adani Power, Godrej Properties, Natco Pharma, UCO Bank, Adani Ports plus SEZ, Century Textiles, Apollo Tyres, Geometric, AstraZeneca, Power Finance Corporation, Manappuram Fin, Atul Auto, dram Fasteners, Concor, Texmo Pipes, Indian Overseas Bank, United Bank, Zuari Agro, JBM Auto, Lupin ,JK Tyre, Wheels India, Teamlease , Jubilant Life, Tata Global, Trident, Sun plus others
2016/08/10 01:01 AM
ADRs of Indian Stocks like Wipro, ICICI Bank & HDFC Bank shed
ADRs of Indian stocks ended primarily at a decrease price on 8 th August, 2016. Tata Motors fall down by 0.03% and the ICICI Bank down by 0.68% . Talking of the IT sector, Wipro came down 0.18% at $11.37 plus the Infosys rose 0.12% at $16.27. Whereas in the banking sector, HDFC bank was down 0.07% at $69.60 and ICICI Bank fall 0.68% at $7.27 . Among the different spaces, Tata motors fall 0.03% at $38.99 plus the Dr. Reddy’s Labs rose 1.42 at $45.77
2016/08/10 12:59 AM
Modern products are being introduced by Syndicate Bank
Brand new product or service has been introduced in the market by the Syndicate Bank. These products will simply transactions of the consumers. MD & CEO of the Syndicate Bank, Arun Shrivastava introduced transferring of fund through “Aadhaar card Number” based on National Unified USSD Platform, with the help of an simple cell phone that too without any internet service. Transferring of fund based on IMPS from any branch outlet for quick and instant credit to all of the bank accounts service is also introduced by this bank.
2016/08/10 12:56 AM
UCO Bank auction 22 NPAs accounts worth Rs. 1,767 crore
In order to clear its statement of affairs the Public space lender. The UCO Bank decided to disclose NPAs (Non-performing assets) and auction it. The total value of these NPAs sum up to Rs.1, 767 crore . The UCO Bank on 7 th August, 2016 requested EOIs assessment panel from ARCs, financial institutions, banks, and other worthy Non-Banking Financial Company’s for the suggested trade of twenty-two Non-performing assets accounts. In accordance to information present on bank’s web page. Any assets available for sale is sold on “ as is where is ” plus “as is what is” criteria and whether the trading will be in cash or through security receipts. The UCO Bank with its head office in Kolkata was the lowest performer among the other PSUs lenders. In last financial year the bank registered the topmost hike in non-performing assets in % basis in lieu of total loans. 15.43 per cent was the UCO bank’s gross NPAs ratio as reported on 31 st March, 2016.
2016/08/10 12:54 AM
After Reserve Bank of India Policy review Share price of PSU banks moved up
During the last policy review session by Raghuram Rajan as RBI governor on 9 th August, 2016, declared that the interest rates will not change and will remain at 6.5 per cent . This decision made the PSU share price moved up by 2%. In the NSE (National Stock Exchange) list, Allahabad Bank, Canara Bank, PNB, SBI, Bank of Baroda, Union Bank of India, Oriental Bank of Commerce, Syndicate Bank plus Andhra Bank share price moved up by 2 per cent. The biggest profit maker among the sectoral indices, PSU bank at 11:40 am moved up by 1.8 per cent. Whereas there was fall by 0.08% in the reference Nifty fifty index. All public & private bank index, Nifty Bank rose up by 0.31 per cent. The retail hike in June month moved to 5.77 per cent which made Raghuram Rajan to leave the interest rates at the same position which is at 6.5 per cent. There was also sharp rise in food rates which is one of the prime goods utilized in CPI (Consumer Price Index). CRR which stands for Cash Reserve Ratio was steady at the rate of 4 per cent.
The anticipation of the danger that the inflation rate will reach 5 per cent till 2017, March still holds to be true. In order to end the inflation stress the effect of direct statistical of house rent require to be studied and its effect on inflation need to be strictly regulated. Reserve Bank of India in the 3 rd bi-monthly monetary policy session announced in language of quick results all will depend upon the impact of monsoon on the rate of food products.
He further added-Monetary policy position continue to maintain its space in market and will remain to stress the satisfactory supply of liquidity. Simple liquidity situations are hinting the banks to humbly communicate past policy interest rate down fall through enthusiastic liquidity administration will provide increased amount of pass.
2016/08/10 12:51 AM