Page 6 - Banking Finance May 2024

BANK UPDATE

"Our partnership with Onion Life will rectors Debashish Mukherjee, Ashok excludes the impact of the merger of
help us understand and assist the new Chandra, Hardeep Singh Ahluwalia, mortgage lender HDFC with HDFC
and emerging enterprise class of gig and Bhavendra Kumar, unveiled these Bank.
workers. The pilot will also help in de- products and services.
veloping an institutional mechanism for Central Bank MD M V Rao
assessing the credit risk of this seg- Pankaj Dwivedi takes
ment," SIDBI Chairman and Managing elected as IBA Chairman
Director S Ramann said. charge as ED at Union Indian Banks Association (IBA) has
bank elected a new Chairman, M V Rao,
He said that SIDBI is committed to Managing Director and CEO, Central
using the latest digital technology to Union Bank of India has appointed Shri
provide affordable credit to different Pankaj Dwivedi, General Manager, Bank of India.
categories of microenterprises. With Punjab & Sind Bank as the Executive Rao has been elected as IBA Chairman
the gig economy rapidly growing, Director of the Bank for a period of for the term 2023-24 at a meeting of
there is a pressing need to provide af- three years with effect from the date the Managing Committee of IBA.
fordable and accessible financial sup- of assumption of office i.e. from March Three Deputy Chairmen for IBA would
port to non-salaried workers who pro- 27, 2024 or until further orders, which- be Dinesh Kumar Khara, Chairman,
vide services through gig platform ever is earlier. Shri Pankaj Dwivedi as- State Bank of India (SBI); S L Jain, MD
aggregators. sumed office as the Executive Director and CEO, Indian Bank and N Kamakodi,
of Union Bank of India on March 27, Managing Director and CEO, City Union
Canara Bank launches 2024. Prior to joining Union Bank of Bank.
India, he was General Manager in
new products and services Punjab & Sind Bank. Madhav Nair, Country Head and CEO,
Canara Bank has launched a He has more than 31 years of rich Bank of Bahrain and Kuwait, would be
healthcare-focused loan product, Honorary Secretary of the Association.
Banking experience. He has completed
Canara Heal, designed to meet the
Masters in Business Administration
deficit in hospitalization expenses while from Symbiosis Institute of Manage- Banks to sell non-core as-
settling through TPA healthcare insur- ment Studies, Pune and is a Certified sets to free up growth
ance claims. Additionally, it has
Associate from Indian Institute of Bank- capital
launched a customized savings account
ers (CAIIB).
for women, Canara Angel, with unique Riding high on the bullish sentiment in
features like a Cancer Care policy, pre- the economy, banks are rushing to put
approved personal loan Canara Bank credit grows 16.5% either sell their non-core assets or di-
ReadyCash, and an online loan against to Rs. 157 trillion lute their stake to partially make up for
term deposit product, Canara Bank credit expanded by 16.5 per cent their shrinking margins amid high cost
MyMoney. year on year (Y-o-Y) basis to Rs. 157.81 of funds and free up growth capital.
The PSU lender has also unveiled trillion at end of March 8, 2024. Se- Despite banking regulator giving two
Canara UPI 123PAY ASI, a user-friendly quentially loans rose from Rs. 156.77 years' time to HDFC Bank for holding
payment interface, and the Canara trillion at the end of the previous fort- stake in its wholly-owned subsidiary
HRMS Mobile App for Staff, an HR night (February 23, 2024), according to HDFC Education and Development Ser-
management solution for the bank's Reserve Bank of India data. vices (providing services to three edu-
employees. Deposits of banks grew by 13.1 per cation schools), the bank is planning to
sell its entire stake via Swise challenge
Rajesh Bansal, CEO of the Reserve cent Y-o-Y to Rs. 203.09 trillion at end
process to derive the maximum price
Bank Innovation Hub, along with of March 8, 2024. Sequentially, they
Canara Bank's MD & CEO, K rose from Rs. 200.92 trillion a fortnight for the asset.
Satyanarayana Raju, and executive di- ago, RBI data showed. The comparison Canara Bank decided to sell 13 per cent

6 | 2024 | MAY | BANKING FINANCE