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Indian Express
09-05-2025
- Business
- Indian Express
India-Pak tensions: Banks told to ensure sufficient cash in ATMs, strengthen systems to tackle cyber threats
Amid escalating tensions between India and Pakistan, the Department of Financial Services (DFS) has asked banks to strengthen their internal systems to deal with any cybersecurity threats and ensure uninterrupted banking services. Banks have been asked to ensure sufficient availability of cash in their branches and ATMs, especially in the areas that are closer to the border. On Wednesday, the Indian armed forces launched 'Operation Sindoor' to strike various terror sites in Pakistan and Pakistan-occupied Kashmir, to avenge the Pahalgam terror attack. On Thursday evening, India's air defence systems intercepted missiles and projectiles fired by Pakistan toward key border areas. 'A week back, we reviewed our position, as advised by the Department of Financial Services (DFS). We have strengthened our system. A quick response team (QRT), consisting of all the general managers of IT and operations and deputy general managers, has been established. One of the executive directors and I are also part of the team,' Canara Bank Managing Director and CEO, K Satyanarayana Raju, told The Indian Express. He said the QRT is working 24×7 in shifts, with a top-level executive available throughout the day. They are regularly ensuring that bank's branches are functioning properly and all ATMs have sufficient cash. 'We are very much alert. A meeting is happening every day to review the situation. The QRT is keeping a close watch on any cybersecurity threat or any unwanted activities in our system,' he said. Another state-run lender Union Bank of India said it has formed a proactive multi-layered defence strategy and it is continuously monitoring all the strategies. 'Digital is a very important portfolio for us, and we are taking all measures. In view of the things that are happening around us, we are taking all precautions with regard to the digital initiatives and cyber security areas,' said Union Bank of India's Managing Director and CEO A Manimekhalai. Besides, banks are also ensuring adequate availability of cash at branches and ATMs to meet the likely increase in the demand for cash amid the prevailing uncertainty. 'We are closely monitoring the cash position in our ATMs as we don't want to disturb our banking services, especially in border-level villages. We have been ensuring this since the last one week,' Canara Bank's MD & CEO Raju said. Manimekhalai said the DFS has told the bank to maintain sufficient cash in ATMs and branches. 'The economy has to keep going, and customer service also needs to be taken care,' she said. She said the bank operates a state-of-the-art cyber security centre of excellence in Hyderabad and a 24×7 cyber security operation centre to enable real-time oversight and response to any kind of threats in the digital channels. The lender is also conducting a comprehensive awareness program to educate both staff and customers to ensure cyber preparedness and resilience at every level.
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Business Standard
09-05-2025
- Business
- Business Standard
Union Bank Q4 results: Profit surges 50% but warns of margin pressure ahead
State-owned Union Bank of India's March quarter net profit jumped 50 per cent to Rs 4,985 crore, and a top official Friday said RBI's rate cuts will keep its net interest margins under pressure going forward. The bank had earned a net profit of Rs 3,311 crore in the same quarter previous fiscal. Total income rose to Rs 33,254 crore in the quarter as compared to Rs 31,058 crore in the same period a year ago. Speaking to reporters here, Managing Director and chief executive A Manimekhalai declined to comment on the controversy surrounding allegations of impropriety in the bulk purchase of a book by former chief economic advisor Krishnamurthy Subramanian by the bank. She also did not answer a specific question on whether the senior management's role is being investigated in the matter. In results released late last evening, the bank reported that the core net-interest income was almost flat at Rs 9,514 crore in the March quarter, while the 18 per cent growth in non-interest income at Rs 5,559 crore and 16 per cent reduction in provisions at Rs 2,715 crore helped it post the profits. The loan growth came at 8.62 per cent for FY25 as against a target of 11-13 per cent, while the net interest margin came at 2.91 per cent, within the target band guided earlier. Manimekhalai declined to share a guidance on the NIMs for the new year, but conceded that the RBI cuts will put pressure on NIMs. Over 29 per cent of its book is linked to the repo rate and gets repriced automatically with a reduction in the policy rate. She also declined to share the credit growth which the bank is preparing for in the new fiscal, pointing to challenges in assessing the environment ahead. The bank will focus on both profitability and prudent growth going ahead, she said, stressing that it wants to grow in a sustainable fashion. The operating expenditure increased by nearly 20 per cent on quarter to Rs 7,373 crore for the quarter, resulting in the cost to income ratio rising to 48.91 per cent from 45.14 per cent. The bank attributed the same to some human resource-related spends. It can be noted that as per a report, the bank purchased bulk orders of the ex-CEA's book costing Rs 7.2 crore, which is shrouded in controversy. As per reports, a general manager has been suspended. Meanwhile, Manimekhalai said the bank has asked its staff in the border states to be cautious and follow all the guidelines issued by the local state level banking committee. Apart from that, the bank is ensuring that adequate cash is kept at the branches and ATMs so that economic activities are not impacted, the CEO said, adding that it has also upped the cybersecurity defences. The bank scrip was trading 6.28 per cent up at Rs 122.70 on the BSE as against a 1.05 per cent correction on the benchmark.
Time of India
09-05-2025
- Business
- Time of India
Union Bank Q4 profit surges 50%, cautions on margin pressure amid RBI rate cuts
U nion Bank of India reported a robust 50 per cent year-on-year jump in its March quarter net profit to Rs 4,985 crore, driven by improved non-interest income and lower provisions. However, the state-run lender flagged concerns over pressure on net interest margins (NIMs) going forward due to expected rate cuts by the Reserve Bank of India. The bank had posted a net profit of Rs 3,311 crore in the same quarter last fiscal. Total income rose to Rs 33,254 crore from Rs 31,058 crore a year ago. Union Bank's Managing Director and CEO A Manimekhalai, addressing reporters on Friday, said that with over 29 per cent of its loan book linked to the repo rate, the bank's margins are likely to face strain as interest rates decline. Operation Sindoor Operation Sindoor: 'India won't give face-saving exit to Pak army chief Asim Munir' Pak def min gives absurd excuse for army's failure to withstand Op Sindoor '1971 war was not remotely as terrifying': Residents of border areas shell-shocked While the bank achieved a NIM of 2.91 per cent in the March quarter—within its target range—Manimekhalai declined to offer a margin outlook for the current fiscal, citing economic uncertainties. Loan growth for FY25 came in at 8.62 per cent, falling short of the 11–13 per cent target. Core net interest income remained flat at Rs 9,514 crore. However, non-interest income rose by 18 per cent to Rs 5,559 crore, and provisions were cut by 16 per cent to Rs 2,715 crore, boosting profitability. Operating expenses surged 20 per cent quarter-on-quarter to Rs 7,373 crore, largely due to human resource-related costs, which pushed the cost-to-income ratio up to 48.91 per cent from 45.14 per cent. On operational readiness, the bank said it has asked staff in border areas to remain vigilant and adhere to state-level banking guidelines. It is also ensuring sufficient cash availability in branches and ATMs to support uninterrupted economic activity and has strengthened its cybersecurity infrastructure. Looking ahead, the CEO emphasized Union Bank's commitment to balancing profitability with prudent, sustainable growth, although she declined to provide credit growth guidance for FY26. Union Bank shares were trading 6.28 per cent higher at Rs 122.70 on the BSE, outperforming the benchmark index, which was down 1.05 per cent. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
07-05-2025
- Business
- Economic Times
Book deal drama may end CEO's Union Bank chapter
The MD & CEO of state-run Union Bank of India, A Manimekhalai, will not be given an extension when her term ends early June following misgovernance allegations raised by the lender's board members, multiple people with knowledge of the matter told ET. ADVERTISEMENT What shortened the odds on her exit was a deal struck by Union Bank with Rupa Publications to purchase a large number of copies of a book authored by Krishnamurthy V Subramanian, India's former executive director at the International Monetary Fund (IMF), without the board's authorisation. CEO Did Not Seek Extension ET reported Tuesday that the bank purchased nearly 200,000 copies of India@100: Envisioning Tomorrow's Economic Powerhouse for Rs 7.25 crore to distribute the copies of the title to the bank's customers, local schools and college libraries. In a notice to the stock exchanges Tuesday, the lender confirmed ET's Monday newsbreak. "The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank," the lender told the stock Saturday, the government recalled Subramanian after the Appointments Committee of the Cabinet "terminated" his services as the IMF's executive director (India), six months before his three-year term was set to conclude. One of the reasons cited for his recall pertained to alleged improprieties around the promotion of his books. ADVERTISEMENT Manimekhalai will complete her three-year term at the bank on June 30, and she is otherwise eligible for an extension since she would superannuate only in March 2026. Board Objections However, the deal to procure these copies of the book and objections raised by the board thereafter dented her extension bid, said the people privy to the development. The bank has since made the full Rs 7.25 crore in payments to Rupa Publications and copies of the book have been delivered to the zonal offices of the bank across India. ADVERTISEMENT A series of developments between December 2024 and April put the spotlight on the role of the MD & CEO. During this period, the board questioned the authority of a general manager to place the order of such a large sum, appointed an independent consulting firm, and eventually, the general manager was suspended. Subsequently, in April, Manimekhalai wrote to the ministry that she does not want an extension and the necessary clearances from the Central Vigilance Commission (CVC), sources cited above said. (You can now subscribe to our Economic Times WhatsApp channel)
Time of India
07-05-2025
- Business
- Time of India
Book Deal Drama may End CEO's Union Bank Chapter
The MD & CEO of state-run Union Bank of India A Manimekhalai , will not be given an extension when her term ends early June following misgovernance allegations raised by the lender's board members, multiple people with knowledge of the matter told shortened the odds on her exit was a deal struck by Union Bank with Rupa Publications to purchase a large number of copies of a book authored by Krishnamurthy V Subramanian , India's former executive director at the International Monetary Fund ( IMF ), without the board's reported Tuesday that the bank purchased nearly 200,000 copies of India@100: Envisioning Tomorrow's Economic Powerhouse for Rs 7.25 crore to distribute the copies of the title to the bank's customers, local schools and college a notice to the stock exchanges Tuesday, the lender confirmed ET's Monday newsbreak. 'The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank,' the lender told the stock Saturday, the government recalled Subramanian after the Appointments Committee of the Cabinet 'terminated' his services as the IMF's executive director (India), six months before his three-year term was set to conclude. One of the reasons cited for his recall pertained to alleged improprieties around the promotion of his will complete her three-year term at the bank on June 30, and she is otherwise eligible for an extension since she would superannuate only in March the deal to procure these copies of the book and objections raised by the board thereafter dented her extension bid, said the people privy to the development. The bank has since made the full Rs 7.25 crore in payments to Rupa Publications and copies of the book have been delivered to the zonal offices of the bank across India.A series of developments between December 2024 and April put the spotlight on the role of the MD & CEO. During this period, the board questioned the authority of a general manager to place the order of such a large sum, appointed an independent consulting firm, and eventually, the general manager was in April, Manimekhalai wrote to the ministry that she does not want an extension and the necessary clearances from the Central Vigilance Commission (CVC), sources cited above bought nearly 200K copies of India@100: Envisioning Tomorrow's Economic Powerhouse. Has made entire payment of Rs 7.25 cr to Rupa bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank
