Confirming that it has a robust system of regularly and proactively filing necessary reports with the Financial Intelligence Unit (FIU) of the Government of India, Kotak Mahindra Bank on Friday denied that they were operating any fake accounts.
Rohit Rao, the bank's spokesman, said in a statement, "The bank denies that there were any fake accounts. The bank is extending full cooperation to the investigating authorities."
ICICI Bank on Thursday reduced the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across tenures. The one-year MCLR at the bank now stands at 8.9%, at par with that at State Bank of India (SBI).
SBI has left MCLRs unchanged from their levels a month ago. Private sector lender Kotak Mahindra Bank effected a 25-bps cut on its one-year MCLR. Rates on tenures between one month and three years were also reduced by between 10 bps and 30 bps.
Fixed deposit investors, beware. The government's decision to abolish Rs. 500 and Rs. 1,000 notes and replace them with new currency notes to crack down on black money may spell bad news for fixed deposit investors.
With crores of cash pouring into banks everyday, some banks have sought to cut deposit rates. Banks need to reduce their deposit rates in order to pass on the benefits of Reserve Bank of India rate cuts, amounting to 175 bps since January 2015, to borrowers. So while borrowers can avail cheaper loans, fixed deposits will turn unattractive.
Banking shares extended gains for the second straight day on the bourses after the Government of India declared on Tuesday that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.
The public sector undertaking (PSU) banks, the largest gainer with the Nifty PSU Bank index was up 4.4%, as compared to 1.8% rise in the Nifty Bank and 1.3% gain in the Nifty50 index at 09:41 am.
Mumbai: Kotak Mahindra Bank on Tuesday reported 27.66% increase in its consolidated net profit for the September quarter on higher net interest income and other income.
Net profit for the quarter was Rs.1,194.96 crore as compared to Rs.916.56 crore a year ago. According to estimates of six Bloomberg analysts, the bank was expected to post a net profit of Rs.1,166.20 crore.
Mumbai: With ICICI Bank having successfully executed its first two transactions using blockchain technology, other Indian private sector banks are also gradually warming up to the concept.
Two private sector lenders, Axis Bank Ltd and Kotak Mahindra Bank Ltd, are conducting pilot transactions. They are experimenting in various business segments, to establish whether there is a business model for blockchain in India.
Kotak Mahindra Bank joined other banks in revising their lending rates on Friday, after the central bank cut the key repo rate by 25 bps.
Kotak Mahindra Bank cut its base rate by 10 bps to 9.40% per annum, effective immediately. With this, the bank said that "all categories of loans (other than the exceptions permitted by RBI) will be priced with reference to the revised base rate.
Kotak Mahindra Bank (KMB) on Friday said it has signed a binding share purchase agreement to acquire a 99.49% equity from existing shareholders of BSS Microfinance, a Karnataka-based micro lender, for Rs 139.2 crore.
The announcement comes just a month after another private sector bank, IDFC Bank, acquired Grama Vidiyal Micro Finance. However, unlike IDFC Bank’s acquisition, KMB said BSS Microfinance will not merge with it, but operate as a subsidiary.
Banking stocks continued to gain ground on Wednesday, with the Nifty Bank index hitting a high of 20,575.80 in intra-day deals on the National Stock Exchange (NSE). Top gainers include Federal Bank, IndusInd Bank, Bank of India, HDFC Bank, State Bank of India (SBI) and Axis Bank that hit their respective 52-week high levels.
Nifty PSU Bank index was the largest gainer among sectoral indices, up 0.7% at 10am. By comparison, the benchmark index, the Nifty 50 was trading 0.1% lower at 8,930 levels.
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