Banks

News and Trends

NBFCs Are Quietly Powering India's MSME Revolution

Between FY21 and FY24, NBFCs recorded a 32 per cent compound annual growth rate (CAGR) in MSME lending, albeit on a smaller base, compared to 20.9 per cent for private banks and 10.4 per cent for public sector banks.

News and Trends

Sumant Kathpalia Resigns as IndusInd CEO; RBI Nods For Interim Leaders

Sumant Kathpalia stepped down as MD & CEO effective close of business hours on April 29, bringing an end to his tenure at the bank. In response, the bank has taken swift action to maintain continuity and governance stability.

Business News

Morgan Stanley Plans to Lay Off 2,000 Workers, Replacing Some with AI

Morgan Stanley's planned job cuts are both performance and AI-based.

News and Trends

JICA Signs First Co-Financing Deal with India Exim Bank to Boost Rural MSMEs

The agency remains committed to supporting inclusive and sustainable development in India through targeted investments and innovative financing solutions.

News and Trends

IndusInd Bank Shares Plunge 25% Hitting a 52-week Low

The trouble stems from an internal review that uncovered errors in how the bank accounted for hedging costs linked to past forex transactions.

News and Trends

Top Indian Banks Report Mixed Q3 FY25 Results Amid Economic Shifts

In the third quarter of fiscal year 2025, India's leading banks delivered a mixed financial performance, reflecting the evolving economic landscape. While some banks posted strong growth, others encountered challenges affecting profitability.

Business News

Citigroup Is Sticking With a Hybrid Work Schedule. Here's Why It Gives the Bank a Competitive Advantage, According to Its CEO.

Citigroup is standing its ground as other Wall Street banks enforce strict return-to-office mandates.

News and Trends

India's Current Account Deficit Marginally Widens to $9.7 Billion in April-June 2024: RBI Report

The RBI attributed the year-on-year (YoY) rise in the CAD to an increase in the merchandise trade gap, which swelled to $65.1 billion in Q1 FY25 compared to $56.7 billion in the corresponding period a year ago.

News and Trends

BoB Bets on GenAI For Customer Experience and Employee Efficiency

The three solutions are Aditi, a Virtual Relationship Manager; GyanSahay.AI, an employee knowledge management platform; and chatbot ADI

Business News

Chase Bank Viral 'Glitch' Is Just Plain Old Bank Fraud, Company Says

Check fraud has increased by 385% since the pandemic.

News and Trends

Q1FY25: A Mix Bag of Results for Banks

This can be credited to the general elections and heat waves across the country

Business News

Wells Fargo Reportedly Fired More Than a Dozen Employees for Faking Keyboard Activity

The bank told Bloomberg that it "does not tolerate unethical behavior."