J&K Bank, Jammu and Kashmir bank

Jammu and Kashmir Bank on Monday reported a 96 per cent jump in net profit at Rs 326 crore in the June quarter, aided by decline in bad loans.
The Srinagar-based lender had posted a net profit of Rs 166 crore in the year-ago period.
The Union Territory of Jammu and Kashmir holds 63.41 per cent stake in the bank.
Total income in the first quarter of the current fiscal rose to Rs 2,885 crore from Rs 2,306 crore in the same period a year ago, J&K Bank said in a regulatory filing.
Interest earned by the bank improved to Rs 2,657 crore as against Rs 2,103 crore in June 2022.
The bank's asset quality showed an improvement as gross non-performing assets (NPAs) declined to 5.77 per cent of gross advances at the end of the June quarter, from 9.09 per cent a year ago.
Similarly, net NPAs, or bad loans, declined to 1.39 per cent, as against 3.02 per cent in the year-ago period.
As a result, provision for bad loans came down to Rs 56 crore, as against Rs 135 crore allocated in the same ...

TMS Ep394: Car sales in India, BCI’s new rule, OMC stocks, G-SIBs

Are car sales moving to the slow lane? How will BCI's new rule change Indian legal landscape? Is it the right time to buy OMC stocks? What are Global Systemically Important Banks? Answers here

Punjab National Bank Managing Director Atul Kumar Goel

In a Q&A, the lender's MD & CEO says the bank's NPA ratio could improve further as it doesn't have any large loan that needs to be regarded as bad

YES Bank

Pental, who has been with YES Bank since November 2015, will continue to head retail banking;  he is also non-executive director at YES Securities

Debt, Banks, Interest Rates, Loans

Indian state-run and private banks raised an aggregate of 611.94 billion rupees ($7.39 billion) in October-December, more than double the 301.34 billion rupees raised in July-September

Q1 results

Fall in non-interest income, rise in bad loan provisions drag down company's net

banks, psbs

While the impetus to double-digit credit growth was from wholesale lending, retail credit growth continued to be robust

Moody's, Moodys

Affirms Baa3 deposit ratings of both Indian private sector lenders; outlook on ratings for both banks, where applicable, remains stable

Q4 results

While brokerages expect Q4 earnings of Nifty50 companies to hit record peak levels, the march is expected to be driven by banks and financials. Let's dive into the Street expecting from Q4 results

Tata consultancy services, TCS

TCS will work to simplify and transform bank's application estate across businesses-financial markets, wholesale and retail banking

PMC Bank

We want to make sure within 90 days depositors get the money so that small depositors who make up 98% of all depositors will get their money in time, she said

bad bank, npa

Banks' ability and/or willingness to lend to persons or entities that needed credit were hampered

ICRA estimates MTM loss of Rs 155 million for banks

Banks need to value their trading portfolio in sync with the market rate

Reserve Bank of India

Bank deposits rose 2.63 trillion rupees to 108.05 trillion rupees in the two weeks to March 31

Infrastructure

The infrastructure sector continues to reel under the 'twin balance sheet' issue

Analysts cautious on top 3 private banks

Weakening growth in loans or credit, continued stress on asset quality and cuts in lending rates have impacted profitability at banks, both in the private and public sector. Public sector banks' (PSBs') problems are more structural and will resolve only when they become self-sustained, especially the mid and smaller ones. Large private banks seem to be faltering on a key strength, their hitherto healthy pre-provisioning operating profits. Growth in this metric has been coming down over the past two quarters for most of the large ones (see table). While the drop in the latest, December, quarter could be attributed partly to demonetisation and to slower economic growth, this weakness started in the June 2016 quarter, even earlier in some cases. Not a good sign for investors. Higher pre-provisioning operating profit provides a cushion to earnings, even amid stress on asset quality, as the bank can use part of these for higher provisions for bad loans. This was a key reason why most ...

Heavy rush outside banks in Daryaganj in New Delhi (Pic: Sanjay K Sharma)

The incident took place on Tuesday when the woman arrived at the bank to get her currency notes exchanged

Found in bank queue missing lover receives thrashing

The man was admitted to local hospital for treatment, says Senior Inspector

Public sector bank executives said the pressure on operation at branches will subside only when most of the ATMs are recalibrated

Farewell listing agreement, welcome new regulation

In September, Wells Fargo agreed to pay $190 million to settle charges that bank employees opened as many as 2 million accounts without customers' knowledge

Humans of demonetisation

The currency ban has changed the lives of the people facilitating this move across India

Half of India's population between the age of 30-55 years believes 59 years should be the age of retirement and thirty-two years is when one should ideally start retirement planning,

investment,saving, money, retirement, rupee

The Apple iPhone 15 Pro Max stands out within the iPhone 15 series and offers substantial improvements over the previous generation model, the iPhone 14 Pro Max

Apple iPhone 15 Pro Max - Natural Titanium

India has been expanding its electronics manufacturing sector as companies diversify production beyond China amid growing Washington-Beijing tensions

Chromebook, Google laptop

Stock market holiday: After Mahatma Gandhi Jayanti on October 2, the market will be closed on October 24, Tuesday, for Dussehra

Stock market, NSE

Catch all the latest news updates LIVE from across the globe here

Aam Aadmi Party national convenor, AAP national convenor, Delhi CM Arvind Kejriwal

Here is the best of Business Standard's opinion pieces for today

Big Tech

The Finance Ministry has notified October 1 as the date for implementation of the amended GST law provisions for taxing e-gaming, casinos and horse racing.
According to the changes to the Central GST Act, these supplies will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets.
The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay taxes in accordance with domestic law.
In its meetings in July and August, the GST Council, comprising finance ministers of Centre and states, had approved amendments to the law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent tax on full bet value.
Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council's ...

Finance Ministry, Ministry of Finance

The century-old Roshanara Club in Delhi - the cradle of Indian cricket - was on Friday sealed by the Delhi Development Authority, which also took possession of the historic club, officials said.
The action was taken in the early hours and comes nearly six months after an "eviction notice" was served on the club by the DDA as its lease had expired earlier, a senior official said.
The historic club was established on August 15, 1922 and had turned 100 last year.
Endowed with natural beauty, green pastures and colonial-era charm, Roshanara Club, located in north Delhi, has emerged as one of the most prestigious clubs in the country.
"Following court orders, that inter alia upheld its eviction order dated, 12.04.2023, the Delhi Development Authority today evicted and took possession of the premises of Roshanara Club Ltd, the leases for which had expired 11 years back in 2012 and six years back in 2017," the DDA said in a statement.
This action was taken under provisions of section 5 (

Roshanara Club

The Indian Railways on Friday said more than 2.14 lakh people participated in 1,934 activities with man hours of 6,62,990 in the first 14 days of the "Swachhata Hi Sewa" (SHS) cleanliness drive.
The fortnight-long campaign was launched on September 15 by the chairperson and CEO of the Railway Board, who administered a cleanliness pledge to all the railway employees at the Rail Bhawan here.
The participants in the campaign are railway employees, passengers and other stakeholders. The campaign aims at fostering a much greener and more eco-friendly railway system.
"Indian Railways, with its extensive nationwide network, plays a vital role in the Swachh Bharat Abhiyan," the railway ministry said in a statement.
This year, the railway ministry has become a part of the joint SHS campaign launched by the Ministry of Housing and Urban Affairs and Ministry of Jal Shakti.
"Activities of SHS are integrated with day-to-day activities of Swachhata Pakhwada. The theme for Swachhata Hi Sewa camp

Swachh Bharat to external debt: Here're key points to know about Eco Survey

House Speaker Kevin McCarthy's last-ditch plan to keep the federal government temporarily open collapsed on Friday as hard-right holdouts rejected the package, making a shutdown almost certain.
McCarthy's right-flank Republicans refused to support the bill despite its steep spending cuts of nearly 30 per cent to many agencies and severe border security provisions, calling it insufficient.
The White House and Democrats rejected the Republican approach as too extreme.
The bill's failure a day before Saturday's deadline to fund the government leaves few options left to prevent a shutdown that will furlough federal workers, keep the military working without pay and disrupt programmes and services for millions of Americans.
The outcome puts McCarthy's speakership in serious jeopardy with almost no political leverage to lead the House at a critical moment that has pushed the government into crisis.
Ahead of voting, the Republican speaker all but dared his hold-out colleagues to oppose t

Kevin McCarthy

Delhi Chief Minister Arvind Kejriwal-led Aam Aadmi Party (AAP) on Monday released the second list of its candidates for the forthcoming assembly elections in Madhya Pradesh and Chhattisgarh.AAP issued a list of 29 candidates for Madhya Pradesh and 12 candidates for Chhattisgarh.In Chhattisgarh, the party has fielded Tarun Vaidh from the Raipur Gramin constituency, Raja Ram Shyam from Pratappur, and Dev Prasad Koshle from the Sarangarh constituency.Releasing the list of candidates for Madhya Pradesh, the AAP wrote on X, "Our second list of candidates for Madhya Pradesh Assembly Election 2023. Many congratulations to all our candidates, and best wishes for the campaign."The AAP has fielded Ramani Devi Jatav, a candidate belonging to the Scheduled Caste from Bhander, Rahul Kushwah from Bhind, Satinder Bhadoriya from Mehgaon, Mohammad Sood from Bhopal Uttar, Raisa Begam Malik from Narela, Chanda Kinnar from Malhara and Vijay Mohan Palha from Patan.Earlier on September 8, the party ...

Poll, election, lok sabha

The pan-European STOXX 600 index reversed early gains to fall 1.0% on Monday, hitting its lowest intra-day low in since end of March

market, stocks, stock market trading, stock market

The trains have seats for 50 passengers and the space for 300 to stand

Delhi metro, Metro, Yellow line metro

Pakistan Muslim League-Nawaz (PML-N) supremo and former prime minister Nawaz Sharif has reportedly booked flight tickets to return from the UK to the country on October 21, ending a four-year "self-imposed exile", a media report said Monday.
Nawaz, 73, recently said that he is excited to return to Pakistan on October 21 to lead his party in the election likely to be held in January 2024.
Citing a source, Samaa TV reported that Nawaz, who is currently in the UK, will land at the Abu Dhabi International Airport on October 21. He is scheduled to fly to Lahore from Abu Dhabi on the same day.
He has booked a business class ticket on flight EY243 of Etihad Airways in advance, sources said. They further said the Etihad Airways flight will land at the Allama Iqbal International Airport in Lahore at 6:25 p.m.
Those accompanying Nawaz will reportedly be his staff members, personal advisers, Dr. Adnan and Senator Irfan Siddiqui.
According to sources, several PML-N leaders and former lawmaker

Nawaz Sharif books flight tickets to return Pak from UK on Oct 21: Report

The lenders of Future Retail Ltd have rejected the bid submitted by Space Mantra for the debt-ridden firm, which is currently going through Corporate Insolvency Resolution Process (CIRP).
The Resolution Plan submitted by Space Mantra for Future Retail Ltd (FRL), failed to get the required number of votes in the e-voting process of the Committee of creditors (CoC).
It was put "for the consideration of the CoC on July 19, 2023... and pursuant to the decision taken by CoC through e-voting, concluded on 30th September 2023 at 9 PM (IST), the resolution plan submitted by Space Mantra Private Limited has not been approved by CoC", FRL said in a regulatory filing on Monday.
It further added: "In view of the resolution plan not having been approved by the CoC, the next steps would be taken in accordance with the Insolvency & Bankruptcy Code 2016."
Space Mantra was the single bidder for FRL. According to some media reports, Space Mantra had offered around Rs 550 crore, which was very close

Bank

Jammu and Kashmir Bank Q1 net profit nearly doubles to Rs 326 crore

TMS Ep394: Car sales in India, BCI's new rule, OMC stocks, G-SIBs

Slippages will gradually dip every quarter: PNB chief Atul Kumar Goel

RBI okays appointment of sitting YES Bank exec Rajan Pental as ED

Indian banks to continue raising funds via debt market in Jan-Mar: Analysts

Bank of India's Q1 profit declines 22% to Rs 561 cr as provisions rise

PSBs back on growth path as India's economic recovery gains traction

Moody's upgrades ICICI Bank, Axis Bank's baseline credit assessments

Banks could shine in Q4 earnings season

TCS signs a 5-year IT transformation deal with German bank NORD/LB

Depositors of PMC, other banks to benefit from DICGC Bill: FM Sitharaman

How the debtor creditor equation is affecting banks

ICRA estimates MTM loss of Rs 155 billion for banks

Banks' loans rose 5.1% in two weeks to March 31: RBI

Good banks and a bad bank

Analysts cautious on top 3 private banks

Constable suspended for hitting people in queue outside bank

Found in bank queue missing lover receives thrashing

Over Rs 6 lakh cr deposits, Rs 1.35 lakh cr withdrawals

Wells Fargo faces tighter controls as US regulator reverses course