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Top related persons:
Anushree - 1 Suresh Ganapathy - 1 Macquarie - 1 Bob - 1 Varun - 1
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New Delhi India BOB.NS Bengaluru
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Bank of Baroda - 1 REUTERS - 1 Rights - 1 Reserve Bank of India - 1 Macquarie - 1 Sethuraman NR - 1 Thomson - 1

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2 mentions found


☆ India's Bank of Baroda falls after RBI ban on adding new app customers
  + stars: | 2023-10-11 | by ( ) www.reuters.com   time to read: +2 min
A woman walks past a signboard of Bank of Baroda outside their branch office in New Delhi, India, June 20, 2023. REUTERS/Anushree Fadnavis/File photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Shares of Bank of Baroda (BOB.NS) fell nearly 4% on Wednesday, a day after the Reserve Bank of India stopped the state-run lender from adding customers to its mobile app citing "certain material supervisory concerns." Bank of Baroda will be allowed to onboard customers to its bob World app only after rectifying certain deficiencies, the RBI said on Tuesday, without giving any details about the issues. Bob World app has 8.1 million daily transactions, while 43% of time deposits are obtained through the app, the bank had said in its quarterly presentation in August. Shares of Bank of Baroda have underperformed the PSU bank index for the year so far, rising 12% compared to nearly 20% in the index.
Persons: Anushree, Suresh Ganapathy, Macquarie, Bob, Varun Organizations: Bank of Baroda, REUTERS, Rights, Reserve Bank of India, Macquarie, Sethuraman NR, Thomson Locations: New Delhi, India, BOB.NS, Bengaluru
☆ Tightening liquidity may force Indian banks to compete harder for deposits
  + stars: | 2022-09-23 | by ( Swati Bhat Nupur Anand | Swati Bhat | Nupur Anand | ) www.reuters.com   time to read: +4 min
REUTERS/Anindito Mukherjee/FilesMUMBAI, Sept 23 (Reuters) - Indian banks may be forced to compete harder to boost deposits amid tightening liquidity and rising credit demand ahead of the festive season, analysts warned. "We think the real challenge is the gap between deposit growth and loan growth, as deposit growth is weak, at 9.5% YoY – a good 600 bps below loan growth," said Suresh Ganapathy, head of financials research at Macquarie. "Borrowing from the market to fund credit growth is just one of the ways and after a while it isn't sustainable. Rates for bulk deposits, or deposits of over 20 million rupees, are rising more rapidly than retail, highlighting banks' focus on raising more funds quicker. The incremental credit deposit ratio has already crossed 100%, suggesting that banks have started lending more than the total deposits they hold.
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