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Time of India
a day ago
- Business
- Time of India
Ten crore Jan Dhan accounts should undergo re-KYC process: RBI deputy governor
Swaminathan Janakiraman CHENNAI: Around 10 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts should undergo re-KYC process this year, RBI deputy governor Swaminathan Janakiraman said. "There have been 55 crore PMJDY accounts since the scheme was launched in 2014-15. Out of this, 10 crore accounts are completing 10 years, which needs re-KYC," he said at the 'Financial Inclusion Saturation Programme' organised by Indian Bank at Thirukandalam village in Tiruvallur district on the outskirts of Chennai on Saturday. The camp primarily focused on re-KYC in the PMJDY accounts and enrolment of customers under flagship schemes including PMJJBY and PMSBY. "KYC provides a protection layer. None can misuse your accounts, and it protects your hard-earned savings from fraudsters. The re-KYC process may appear to be a regular and at times cumbersome process. But, if you analyse in-depth, you may understand that it is beneficial to everyone," he said. Nation's growth must be beneficial to all, he added. Binod Kumar, MD & CEO, Indian Bank, said the average credit-deposit (CD) ratio in Tamil Nadu was 160%, while the ratio was less than 100% in several states. "This highlights the awareness and credit requirement of people in Tamil Nadu," he said. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Economic Times
5 days ago
- Business
- Economic Times
Indian Bank to pare stake in ASREC below 30% by March 2026
Indian Bank aims to divest part of its ASREC stake to meet regulatory limits on holding in non-core businesses by end-FY26. Indian Bank plans to reduce its 38.26% stake in ASREC (India) Ltd to below 30% by FY26, in compliance with regulatory norms limiting bank exposure in non-subsidiaries. The stake is valued at ₹37.5 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads State-owned Indian Bank plans to partly divest stake in asset reconstruction company ASREC (India) Ltd and has started scouting for a buyer, managing director Binod Kumar told state-owned bank holds 38.26% in ASREC. It is looking to bring down the stake to 30% by the end of this fiscal, Kumar said, even as it has received an extension of the deadline to pare stake below 30% by a year to March total value of the holding is Rs 37.5 banking law bars a bank from holding more than 30% share in any non-subsidiary company, to prevent over-concentration of risk outside its core activity, that is lending. Bank of India and Union Bank of India hold 26% each in ASREC while Life Insurance Corporation of India holds 9.18%.ASREC like any other asset reconstruction company buys non performing assets from banks and financial institutions at mutually agreed prices for resolution of the bad was incorporated in October 2004 to carry out activities under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002."The ARC will remain an attractive business even as the bad loan ratios are trending lower," Kumar said, indicating the size of non-performing assets of the banking sector as a average gross NPA for the sector stood at 2.3% of the gross advances of Rs 181.3 lakh crore at the end of June. This translates into Rs 4.2 lakh crore of NPAs even as the average ratio came down from 2.8% over the Indian Bank, the gross NPA ratio fell to 3.01% at the end of June quarter from 3.77% a year back. Its net NPA fell to 0.18% from 0.39%. Slippage ratio came down to 0.94% from 1.5% over the same period.
Economic Times
27-07-2025
- Business
- Economic Times
Received approval from board to raise Rs 5,000 cr: Indian Bank MD & CEO
Public sector Indian Bank has received approval from the board to raise Rs 5,000 crore during the financial year, a top official has said. The Chennai-headquartered bank reported a capital adequacy ratio of 17.80 per cent for the April-June 2025 quarter, the bank's Managing Director and CEO Binod Kumar said. "Approval is there. We have to raise Rs 5,000 crore. Not QIP (Qualified Institutional Placement) or by any other instruments. But, I do not think it (fund raise) will be required (immediately). 17.8 per cent (of Capital Adequacy Ratio) is there.., " he told PTI in a brief the April-June 2025 quarter, the Capital Adequacy Ratio of the bank rose to 17.80 per cent from 16.47 per cent recorded in the same quarter of last financial the fund raising plan, the bank is betting big on its UPI related payments proposal, as it is currently working on developing an IND-UPI application, similar to the services provided by PhonePe, GPay or PayTM. Through such an initiative, the bank would be able to save about Rs 150 crore every Kumar said the bank is developing its own UPI app named 'IND-UPI', a UPI-based payment solution similar to the current PhonePe, GPay or PayTM services."Right now, our customers are using other UPI apps and we (Indian Bank) have to pay them a fee. Monthly, it will be around Rs 12 crore. With the IND-UPI payment facility, customers will be able to make payments using our own application and through this we will be able to save Rs 12 crore per month (around Rs 150 crore per annum)", he explained that the application is currently used by the senior officials of the bank as a 'Closed User Group' and it would be rolled out to customers soon after getting the approval from NPCI."By this initiative, we will be able to save a handsome amount. We will be able to pass on the benefits to our own customers like providing incentives whenever they use IND-UPI app to make UPI-transactions," he a query about hiring plans, he replied in the affirmative, stating they have received approval to recruit 3,000 employees during the current financial year across "all levels." "It will be 3,000 people across all levels this year. We are going to do specialised hiring like cyber security, risk specialists, there will be multiple specialised roles," he Bank reported a 24 per cent rise in net profit to Rs 2,973 crore in the April-June 2025 quarter. The bank earned a net profit of Rs 2,403 crore in the corresponding quarter of last financial year."The result is in line because earlier the growth has been a challenge for us. But this quarter we have grown in double digit. Earlier we grew in single digit," he the bank's target for this year under the recoveries segment, he said, "We have given guidance of Rs 5,500 to Rs 6,500 crore for the year. But in this April-June 2025 quarter itself, we have recovered Rs 2,059 crore. It is a good one". The total income of the bank grew to Rs 18,721 crore during the April-June 2025 quarter from Rs 16,945 crore registered in the corresponding quarter of last financial year. PTI
Mint
27-07-2025
- Business
- Mint
Received approval from board to raise ₹5,000 cr: Indian Bank MD & CEO
Chennai, Jul 27 (PTI) Public sector Indian Bank has received approval from the board to raise ₹ 5,000 crore during the financial year, a top official has said. The Chennai-headquartered bank reported a capital adequacy ratio of 17.80 per cent for the April-June 2025 quarter, the bank's Managing Director and CEO Binod Kumar said. "Approval is there. We have to raise ₹ 5,000 crore. Not QIP (Qualified Institutional Placement) or by any other instruments. But, I do not think it (fund raise) will be required (immediately). 17.8 per cent (of Capital Adequacy Ratio) is there.., " he told PTI in a brief interaction. During the April-June 2025 quarter, the Capital Adequacy Ratio of the bank rose to 17.80 per cent from 16.47 per cent recorded in the same quarter of last financial year. Besides the fund raising plan, the bank is betting big on its UPI related payments proposal, as it is currently working on developing an IND-UPI application, similar to the services provided by PhonePe, GPay or PayTM. Through such an initiative, the bank would be able to save about ₹ 150 crore every year. Elaborating, Kumar said the bank is developing its own UPI app named 'IND-UPI', a UPI-based payment solution similar to the current PhonePe, GPay or PayTM services. "Right now, our customers are using other UPI apps and we (Indian Bank) have to pay them a fee. Monthly, it will be around ₹ 12 crore. With the IND-UPI payment facility, customers will be able to make payments using our own application and through this we will be able to save ₹ 12 crore per month (around ₹ 150 crore per annum)", he said. Kumar explained that the application is currently used by the senior officials of the bank as a 'Closed User Group' and it would be rolled out to customers soon after getting the approval from NPCI. "By this initiative, we will be able to save a handsome amount. We will be able to pass on the benefits to our own customers like providing incentives whenever they use IND-UPI app to make UPI-transactions," he said. To a query about hiring plans, he replied in the affirmative, stating they have received approval to recruit 3,000 employees during the current financial year across "all levels." "It will be 3,000 people across all levels this year. We are going to do specialised hiring like cyber security, risk specialists, there will be multiple specialised roles," he said. Indian Bank reported a 24 per cent rise in net profit to ₹ 2,973 crore in the April-June 2025 quarter. The bank earned a net profit of ₹ 2,403 crore in the corresponding quarter of last financial year. "The result is in line because earlier the growth has been a challenge for us. But this quarter we have grown in double digit. Earlier we grew in single digit," he said. On the bank's target for this year under the recoveries segment, he said, "We have given guidance of ₹ 5,500 to ₹ 6,500 crore for the year. But in this April-June 2025 quarter itself, we have recovered ₹ 2,059 crore. It is a good one".
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Business Standard
27-07-2025
- Business
- Business Standard
Indian Bank gets board's approval to raise ₹5,000 crore: MD Kumar
Chennai-based Indian Bank has received the board's nod to raise ₹5,000 crore during the current financial year, said the bank's Managing Director and CEO, Binod Kumar. "We have to raise ₹5,000 crore. But, I do not think it (fund raise) will be required (immediately)," he told PTI in an interaction. The bank's top official also told PTI that the capital adequacy ratio for the first quarter (Q1) of financial year (FY) 2025-26 was 17.80 per cent. The bank had reported a 16.47 per cent capital adequacy ratio in Q1 of the previous financial year. He also stated that the funds would not be raised through Qualified Institutional Placement (QIP), which is a process through which listed companies raise capital by issuing shares or securities to qualified institutional buyers (QIBs). The bank is also developing a standalone UPI application named 'IND-UPI'. The app will have features similar to those provided by major UPI mobile applications. "Right now, our customers are using other UPI apps, and we (Indian Bank) have to pay them a fee. Monthly, it will be around ₹12 crore. With the IND-UPI payment facility, customers will be able to make payments using our own application," he said. The bank aims to save around ₹150 crore annually through the IND-UPI application project. The app is in the development phase and is being used by a 'Closed User Group' and plans to roll it out to customers after receiving NPCI's approval. Hiring The CEO also stated that the company has approved the hiring of around 3,000 employees during FY26 across domains like cyber security, risk specialists, and multiple specialised roles. Q1 Results
