Page 5 - Banking Finance December 2023

BANK UPDATE

Banking

News

Shiv Bajrang Singh as- Following the negative growth ob- In a separate announcement, the fi-
served in the first two quarters of the nance ministry's DFS stated that
sumes leadership as ED at year, the positive growth rates are Prakash Kumar, who is now CGM, has
Indian Bank anticipated. "An improvement in been named DMD of Sidbi by the na-

Indian Bank, a PSU lender, announced India's GDP growth outlook and the tional government.
that on October 9, Shiv Bajrang Singh anticipated global easing of monetary
took over as Executive Director. tightening spurring global demand," Federal Bank reports Rs.
the report stated, could be the cause
Singh served as Bank of India's chief 954 crore, its highest profit
general manager before, both domes- of the country's positive development
tically and internationally. He served as in exports. ever.
chairman of Aryavart Bank, a regional However, among other things, the pic- For the September quarter, Federal
rural bank, and zonal manager of the ture is vulnerable to concerns such as Bank posted its highest-ever quarterly
bank's Raigad and Ludhiana zones. unclear prospects for advanced coun- net profit of Rs 954 crore, up 36% from
tries, geopolitical shocks, and growing Rs 703 crore in the same period last
Singh is a Certified Associate of the
Indian Institute of Bankers and has an geoeconomic fragmentation. year. The rise in net profit came after
loans increased by 20% year over year
MBA. According to a statement, he has
finished the IIM Executive Leadership Sidbi and Nabard Deputy to Rs 1.9 lakh crore and deposits in-
Development Programme. creased by 23% to Rs 2.3 lakh crore.
MDs appointed As of the end of Q2FY23, the bank's
Exports will increase by Two Deputy Managing Directors gross nonperforming assets (NPAs)
6.3% from October to De- (DMDs) were appointed by the govern- were Rs 4,436 crore, or 2.3% of gross
ment to the National Bank for Agricul- advances.
cember, according to Exim
ture and Rural Development and the
Bank Small Industries Development Bank of UCO Bank erroneously
The October-December quarter (Q3) India, respectively. credits account holders
of FY2024 is expected to see a year- Goverdhan Singh Rawat and Ajay
over-year growth of 6.3% in India's Kumar Sood have been named DMDs with Rs. 820 cr, recovers
total merchandise exports, reaching of Nabard by the central government, Rs. 649 cr.
$111.2 billion, according to the Export- according to separate notifications UCO Bank reported that it has been
Import (Exim) Bank of India. from the Department of Financial Ser- able to retrieve approximately Rs 649

According to Exim Bank, non-oil ex- vices (DFS). At NABARD, these officers crore out of Rs 820 crore, or roughly
ports are expected to reach $88.1 bil- hold the position of Chief General Man- 79% of the money that was "errone-
lion, increasing 7.7% annually. agers. ously credited" to certain customers as

BANKING FINANCE | DECEMBER | 2023 | 5