Page 5 - Banking Finance April 2019

BANK UPDATE

BANKING

NEWS
NEWS
NEWS
NEWS
NEWS

Oriental Bank posts net profit of Rs. 145 cr in Q3 NPCI issues 64 mn RuPay
Oriental Bank of Commerce has reported a net profit of Rs 145 crore for the cards
December 2018 quarter, on improvement in asset
quality and increase in business efficiency. It had National Payments Corporation of
posted a net loss of Rs 1,985 crore in the corre- India said it has
sponding quarter of the previous financial year, issued over 64
million RuPay
OBC said in a regulatory filing. Total income rose
global cards,
to Rs 5,128 crore during the third quarter, com-
since 2014 and
pared with Rs 4,756 crore a year ago.
focusing on growing its international
The bank's cost-to-income ratio also improved to 49.50 per cent in the quarter, acceptance.
from 50.87 per cent a year ago and 50.19 per cent in the second quarter. Net
interest income, difference between interest earned and expended, increased RuPay card network in the country
issues global cards that run on the
to Rs 1,419 crore, compared with Rs 1,018 crore a year ago and Rs 1,275 crore
Discover Network when used out-
in the previous quarter.
side the country.
The bank is expected to raise up to Rs 187.52 crore in this issue that is slated to
offer for subscription by employees on January 31. Net NPAs stood at 7.15 per "We have been focusing on growing
cent as compared with 9.52 per cent. Value-wise, gross NPAs were Rs 24,352.98 international acceptance for our 64
crore in the December 2018 quarter, against Rs 27,550.88 crore a year ago. million RuPay global card consumers.
Net NPAs stood at Rs 9,972.61 crore as against Rs 14,195.07 crore. The acceptance of the global cards
with the partnership of Discover has
Bank to scan large-value accounts reached 41 million plus merchants,
across 190 countries and is con-
In a bid to prevent frauds in large-value accounts, banks are planning to engage
stantly growing," NPCI's chief oper-
the services of specialised monitoring agencies to closely track ating officer, Praveena Rai, said.
their activities, including purchases/invoices, actual production
vis-a-vis projections, high-value transactions as regards ben- The RuPay global debit and credit
eficiary and purpose, and cash inflows/outflows. cards are currently issued by 40
banks. They can be used for pur-
chases at merchant locations and
SBI will join 11 banks to go live on SWIFT's global in-
cash withdrawals on the Discover
terface Global Network at countries like

Society for Worldwide Interbank Financial Telecommunication said that State United States of America (USA)
Bank of India will soon join its global payments interface. Eleven banks have al- Singapore, Sri Lanka where
ready subscribed to the new standard. cardholders travel.

BANKING FINANCE | APRIL | 2019 | 5