Latest news with #AjayKumarSrivastava
News18
2 days ago
- Business
- News18
RBI status quo on rates on expected lines, anchored in uncertainties
Mumbai, Aug 6 (PTI) The decision to hold rates was along expected lines, and anchored in the prevailing uncertainties, bankers said in reaction to the status quo by the RBI's rate-setting panel on Wednesday. 'The MPC decision to hold rates was mostly on expected lines anchored within the uncertainties posed by the lagged response of policy, trade and bottoming of inflation in some advanced economies," SBI chairman C S Setty said. State-run Indian Overseas Bank's managing director and chief executive Ajay Kumar Srivastava hailed the policy for adopting a well-calibrated approach to control inflation and support growth. 'At Indian Overseas Bank, we see this policy stance as growth and stability oriented, and we are committed to supporting the credit needs of individuals and businesses alike," he said. CSB Bank's CEO and MD Pralay Mondal said he expects the transmission of past rate cuts will be complete in the next couple of quarters and the global uncertainties will also abate. 'Depending on the incoming data, RBI will be better placed to take a decision in the next policy," he said. Capital Small Finance Bank's MD and CEO, Sarvjit Singh Samra, said the policy signals confidence in the growth trajectory with GDP growth retained at 6.5 per cent despite global headwinds, including recent US tariff actions. 'With adequate liquidity in the system and rates now more conducive, we anticipate stronger credit demand, particularly in MSMEs, affordable housing, and rural lending," he said. Setty also welcomed the RBI's revised expectations on inflation, which is likely to remain under check at 3.1 per cent as against 3.7 per cent earlier. This means the growth impulse is expected to be intact despite the concerns of external demand and supply shocks, he said. The SBI chairman welcomed the regulatory and development policy moves, including the proposed guidelines on standardisation of documentation for settlement of claims in case of deceased customers. Among the non-bank lenders, Shriram Finance's Umesh Revankar said the RBI has adopted a balanced approach, prioritising both inflation control and growth. 'RBI's caution on external risks, particularly global uncertainties and geopolitical developments, could impact growth momentum. However, the policy outcome aligns well with the current economic context and provides a stable business environment," he said. Among the foreign banks, Citi India's K Balasubramanian said the decision not to effect another rate cut after three successive reductions is prudent – reflecting a balanced approach amid global uncertainties. PTI AA MR MR view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hans India
6 days ago
- Business
- Hans India
IOB disburses Rs 202.65 crore in loans to SHGs, farmers at outreach programme in TN''s Thanjavur
Indian Overseas Bank said it disbursed loans worth Rs 202.65 crore to 2,634 beneficiaries during a mega Self-Help Group and agriculture outreach programme held in Thanjavur. Participants included members of various SHGs from Tiruchirappalli, Nagapattinam, Dindigul, Madurai, and Thanjavur districts, as well as farmers and representatives of NGOs. The event was held on Saturday, a statement said. Commenting on the initiative, IOB managing director and CEO Ajay Kumar Srivastava said, "Our support to Self-Help Groups goes beyond credit—we are committed to offering financial literacy, skill training, digital inclusion, and long-term handholding." "This programme reflects our commitment to inclusive growth, women's empowerment, and agricultural transformation," he added. The outreach event also provided beneficiaries with an opportunity to interact with bank officials, clarify doubts, and explore potential growth opportunities, it further said.
Time of India
20-07-2025
- Business
- Time of India
Indian Overseas Bank confident of maintaining over Rs 1,000 cr net profit in this FY: MD & CEO
Public sector Indian Overseas Bank was confident of maintaining its over Rs 1,000 crore net profit in the coming quarters. The city-headquartered bank had registered its first ever highest net profit of Rs 1,051 crore in the January-March 2025 quarter. Explore courses from Top Institutes in Select a Course Category Technology CXO Data Science others Finance MCA Cybersecurity healthcare Digital Marketing Management Project Management Others Degree Healthcare Design Thinking Public Policy MBA PGDM Product Management Data Analytics Artificial Intelligence Leadership Data Science Operations Management Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details "Exactly. One hundred per cent sure. We are very confident of maintaining this and growing it from here. If you see our net profits figure over the last two years, quarter on quarter, it is increasing. The graph has been very consistent," the bank's Managing Director and CEO Ajay Kumar Srivastava said. He was responding to a query from PTI on whether the bank was confident of maintaining the growth in the net profit during this financial year . He said, "in the fourth quarter of the last financial year (January-March 2025), the bank reported its highest ever net profit of Rs 1,051 crore and in June 2025 quarter, supposed to be a lean quarter, from that Rs 1,051 crore we have grown to over Rs 1,111 crore net profit, another highest ever net profit for the bank." Live Events "We are very confident of maintaining it and growing further," he added. For the April-June 2025 quarter, Indian Overseas Bank reported a 76 per cent jump in net profit to Rs 1,111 crore as compared to Rs 633 crore registered in the same quarter of last financial year. To a query on the outlook for the year, Srivastava said he expected the bank to grow at 12 per cent on overall business segment during the current financial year, similar to last year. "Last year, it was around 12 per cent business growth . That is very comfortable to maintain. That is the minimum also. Beyond that (12 per cent) also we are expecting to grow (in this financial year)," he said. On the target recovery for this year, the Managing Director said, "In the beginning of the financial year we gave a guidance of Rs 4,500 crore as recovery for the entire financial year." "Out of that in Q1, we have done Rs 851 crore and remaining we are very very comfortably doing it. In fact, if you see our recovery numbers of last two years, we have made recovery of around Rs 4,500 to Rs 5,000 crore every year," he said. Asked how much credit growth was expected during this financial year, he said it is expected to be around 12-13 per cent during the current financial year. To another query whether the bank has planned to open a branch in Gift City, Gandhi Nagar, he replied that the bank is in the process of obtaining approvals to open a branch in that city. "So, in Gift City (Gandhi Nagar, Gujarat), we do not have a branch as such. We are in the process of getting approvals and depending on the approvals, we will be opening a branch. It is in our priority and we want to have one branch as early as possible," he said. On the performance of gold loan portfolio , he said it has been a consistent portfolio for the bank and every year, the bank has been witnessing a 37-38 per cent growth under this segment. "This year again, we will be growing (around 37-38 per cent). That is one more important activity in the state of Tamil Nadu," he noted. According to Srivastava, the bank has planned to raise Rs 4,000 crore during the current financial year, thereby, the Government of India shareholding in the bank is expected to come down to 90 per cent from the current 94 per cent. "This fundraiser we expect to happen in Q3 of this financial year. It may happen in one or two tranches. After this (fund raise,) the government of India shareholding will come down to 90 per cent," he remarked. Economic Times WhatsApp channel )
News18
18-07-2025
- Business
- News18
Indian Overseas Bank to raise Rs 4,000 cr this financial year: MD & CEO
Chennai, Jul 18 (PTI) Public sector Indian Overseas Bank has drawn up plans to raise Rs 4,000 crore during this financial year through various instruments, including Qualified Institutional Placement (QIP), a top official said on Friday. With the proposed plan to fund raise, the Government of India's shareholding in the Chennai-headquartered bank is expected to come down to 90 per cent from the current 94 per cent, the bank's Managing Director and CEO Ajay Kumar Srivastava said here. 'Last year, we raised about Rs 1,440 crore in March. This year we are looking for about Rs 4,000 crore to raise. For that we are talking to various authorities for their approval," he told reporters after declaring the financial performance of the bank. Asked about the kind of instruments that would be used for the fund raise, he said, 'It will be a mix. Most of it will be through QIP (Qualified Institutional Placements). With this, Government of India shareholding will come down to 90 per cent from 94 per cent." To another query on when the fund raise was expected to occur, Srivastava said, 'We expect it will happen by Q3 end or Q4." Indian Overseas Bank reported a 76 per cent jump in net profit to Rs 1,111 crore during the April-June 2025 quarter. The bank had earned a net profit of Rs 633 crore in the same quarter of the previous financial year. Total income of the bank during the June quarter rose to Rs 8,866 crore from Rs 7,568 crore recorded in the same quarter of last financial year. Asked on the drivers for the increase in net profit, he said, the driver is interest income. 'We have been doing quality lending at a healthy rate of interest. So that is one. The net interest income has increased. We have been able to control our expenses to a certain extent and the other income has increased for the bank." he said. 'The third most crucial part is less provisioning requirement and all these factors combined have given 75 per cent increase in net profit", he said. PTI VIJ VIJ KH view comments First Published: July 18, 2025, 19:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
18-07-2025
- Business
- The Hindu
IOB Q1 net profit surges 75.57% on higher income
State-run lender Indian Overseas Bank's (IOB) first quarter net profit increased 75.57% to ₹1,111 crore from ₹633 crore in the same period last year. 'The growth in net profit was driven by various factors including growth in net interest income, other income,' IOB's Managing Director and CEO Ajay Kumar Srivastava told reporters. The bank's net interest income grew 12.50% to ₹2,746 crore, while other income increased 43.36% to ₹1,481 crore in the first quarter of 2025-2026. Impacted by the repo rate cut by the Reserve Bank of India (RBI), the bank's net interest margin (NIM) declined 2 basis points to 3.04% in the three months ended June 2025 from 3.06% in the comparable period last year. NIMs will normalise by the third or fourth quarter, Mr. Srivastava said. IOB's total deposits grew by 10.75% to ₹3,30,792 crore, while gross advances increased by 14.05% to ₹2,62,421 crore. The bank was able to maintain its Current Accounts and Savings Accounts (CASA) at 43.78% of total deposits, Mr. Srivastava said. IOB's retail, agri and MSME loan book grew 24.69% to ₹1,92,597 crore, accounting for 78.92% of its total advances. Mr. Srivastava said the credit demand from corporates have been subdued and the trend is expected to continue. The bank's net NPA stood at 0.32%, while gross NPA stood at 1.97% as on June 30, 2025. He also said the bank would raise ₹4,000 crore in the third or fourth quarter through various means, including Qualified Institutional Placement. This would reduce the Government of India's stake in the bank by 4% from 94%. The bank is also looking to raise ₹10,000 crore through infrastructure bonds, Mr. Srivastava said.
