NET BANKING

The fourth largest Indian IT service firm, Wipro saw its headcount decline by 9.5 % in the fiscal 24. This is the third time in a decade that the IT major saw a full-year decline in its headcount, by ending the fiscal at a lower number compared to the start of the year.

Kotak Mahindra Bank: The bank's mobile app and a few other digital services were unavailable to a large number of Kotak Mahindra Bank customers. In response to customers' complaints, Kotak Mahindra Bank stated on the social networking site, X, that its technical team is urgently addressing the matter, and a resolution can be expected shortly.

The SC ruling is expected to put to rest the long-running debate over how much personal info an election candidate needs to share on public domain and how much the electorate -- as a matter of right -- can demand to know about a candidate's personal details. Voter's right is not absolute, the SC said.

Rahul Gandhi disclosed assets in an affidavit submitted with his nomination, including Rs 55,000 cash, Rs 4.3 crore in stock market investments, Rs 3.81 crore in mutual fund deposits, and Rs 26.25 lakh in a bank account. He reported an income of Rs 1.02 crore in 2022-23.

SBI down on April 1: State Bank of India (SBI) has announced that the services of Internet Banking, Yono Lite, Yono Business Web & Mobile App, YONO, and UPI would be unavailable on April 1, 2024 due to Annual Closing.

Companies in Bengaluru are tackling traffic congestion by offering financial incentives for mass transit and carpooling. They are discouraging single-occupancy vehicles by charging for office parking. Firms like NetApp, Mashreq Bank, TCS, and Infosys are leading this effort in tech hubs like RMZ Ecoworld and Embassy Tech Village. Employees are offered transportation benefits, including shuttle services and metro passes, as part of their compensation. Carpooling is encouraged with incentives like preferential parking and monthly stipends. This strategy aims to reduce traffic pressure and promote sustainable commuting options.

Fitch Ratings predicts a 10-20 basis point narrowing of Indian banks' net interest margins (NIMs) over the next two years due to increased competition for deposits, leading to higher funding costs. Fitch expects banks' earnings to remain resilient, driven by net interest income, although the compression in NIMs could restrict their medium-term earnings potential.

Under the belief that reissuing the specific notification may not go against the model code of conduct, many banks are preparing to integrate their systems with the RBI’s for capturing the card spend information of individual customers during personal foreign tours.

The Reserve Bank of India (RBI) had on March 4 approved implementation of an interoperable payment system for internet banking transactions by NBBL, a subsidiary of National Payments Corp. of India (NPCI).

SBI digital banking: Several State Bank of India (SBI) digital channels will be unavailable for some time due to scheduled activity. Services of Internet Banking, Yono Lite, Yono Business Web & Mobile App, YONO and UPI will not be available.

Demat account share transfer: The process for transferring shares from demat account using off-market transfer process has been revised. This process is applicable from Jan 1, 2024. Read here to know more about how the off-market transfer from demat account works and how it can help you transfer shares without waiting for market hours.

Attributing the selling trends to the spike in US bond yields, expert V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said the trend of rising foreign portfolio investment in India witnessed in the first week of March continued in the second week, too.

NIMs will decline marginally as banks reprice maturing deposits at higher rates to fully reflect previous increases in interest rates. A slowdown of growth in higher-yielding loans after the Reserve Bank of India (RBI) increased risk weights for riskier loans to NBFCs and unsecured retail loans will also contribute to falls in NIMs, the ratings firm said.

ICICI Bank branch manager commits fraud: A branch manager of ICICI Bank has forged the signature of a customer with the intention to commit fraud. It is being alleged that the bank's branch manager managed to siphon off about Rs 12 crore and supplied the customer with fake fixed deposit receipt.

Ajay Kanwal says: "Our net NPA is 0.7 or 0.8 now. Gross NPA at 2%. So, asset quality is good. Growth rate is good. I think we will remain steady there which is our secured business will keep growing, that is rule number one. We will maintain good asset quality. We will maintain ROEs and ROAs. We are in a comfortable liquidity position."

The bank, which was listed on the bourses at a 4.4% discount to the IPO price of Rs 414 on February 14, said that its total income for the quarter was 20% higher at Rs 1178 crore.

IDBI Bank has reported a 57% increase in net profit to Rs 1,458 crore for the third quarter, with net interest income rising 17% to Rs 3,435 crore. The bank's net advances grew by 18% to Rs 1.75 lakh crore, aided by growth in the retail segment. Gross net performing assets were down to 4.69%, while provision coverage ratio improved to 99.17%.

Kotak Bank Q3 result preview: The private sector lender’s net profit for the quarter is seen rising 15.3% year-on-year (YoY) to Rs 3,219 crore, and net interest income is likely to grow by nearly 14% YoY to Rs 6,416 crore, the average of estimates given by 12 brokerage firms showed.

ICICI Bank Q3 result preview: ICICI Bank is expected to report a 20% YoY growth in net profit for the December quarter to Rs 9,984 crore, aided by higher loan book growth, lower credit costs, and steady asset quality. The bank's net interest income is projected to grow by 12% to Rs 18,474.30 crore. Sequentially, the bottomline may fall by around 3%, while net interest income may grow by 1%. ICICI Bank is scheduled to release its third quarter earnings on Saturday.

State Bank of India (SBI) UPI services will be down for a few hours on November 26, 2023.