Bank

PNB opens centralised loan processing centre

PNB has announced opening of second centralised loan processing centre, in a Mumbai branch. The centre aims to strengthen the bank’s internal systems and processes. Under this, the bank will focus on profit maximisation, improvement of asset quality & recovery, and increasing productivity among others. PNB’s first CLPC is located at Connaught Place branch in New Delhi.

Transformation Series Challenge by YES Bank

YES Bank, through partnerships with tech giants such as Microsoft, Cisco, IBM and Adobe has unveiled the 7th edition of ‘Transformation Series Challenge’. The Theme of the event is ‘tech for urban development’. The issues identified include over-utilisation of plastic and declining air quality in cities. Rana Kapoor is Managing Director and Chief Executive of YES Bank.

World Bank report on Malala Day

In a report of world bank ‘Missed Opportunities: The High Cost of Not Educating Girls’, not educating girls or creating barriers in their school education globally costs between USD 15 to USD 30 trillion. According to the report,132 million girls around the world below 17 are still not in school. The report was released on 12 July 2018, on the eve of United Nations Malala Day.

India muscles past France in WB ranking

According to updated World Bank figures for 2017, India has become the world’s sixth-biggest economy, pushing France into seventh place. India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France. According to the IMF, India is projected to generate growth of 7.4% this year and 7.8% in 2019.

ADB approves USD 503 mln lining project

The Asian Development Bank (ADB) has approved USD 503-million lining project of the Son canal in Shahabad-Bhojpur region of Bihar. This project will bring immense benefits to the agriculture sector of Shahabad Bhojpur region of Bihar. The estimated cost of this project is USD 503 million out of which USD 352 million is being provided by ADB.

PSU banks plan to raise over 50,000 cr

Public sector banks are planning to tap the markets to raise more than Rs 50,000 crore this fiscal. Out of 21 public sector banks, 13 have already taken the approval of their boards or shareholders for raising capital through the equity market. Capital is very much required for these banks as they are saddled with non-performing assets (NPAs) of about ` 10 lakh crore.

Most valuable bank in the emerging market

HDFC Bank has gone past Russia’s Sberbank to become the most valuable bank in the emerging market outside China. HDFC Bank was one of the top performing major banks globally in 2017. The Bank’s current market capitalization is $78.4 billion. Globally, America’s JPMorgan Chase is the most valuable with a market cap of $353 billion, followed by Bank of America at $282 billion.

Union Bank of India to raise equity capital

Union Bank of India will raise equity capital of ` 1500 crore. The proposal was approved at its annual general meeting by the bank’s shareholders. The bank said that this capital raise will be in addition to the capital support which has been granted by the government.

ICICI’s mortgage portfolio crosses 1.5 tn

ICICI Bank has announced that its mortgage loan portfolio crossed the Rs 1.5-trillion milestone. This made it the largest private player in the segment, and the lender is targeting to grow it to Rs 2 trillion by FY20. At Rs 1.5 trillion, the mortgage loan-book is half of the bank’s overall retail loan portfolio of around Rs 3 trillion.

Oil prices: Main risk to Indian economy

According to MOODY’s survey Oil prices, Pace of Banks’ balance sheet clean-up and investment are the main risks to the Indian economy. These issues were raised at MOODY’s 4th annual India credit conference held at Mumbai and Singapore in June 2018. Banks have not been able to raise capital from equity market as planned under government’s recapitalization mesurer.