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Informist, Monday, Mar. 17, 2025

 

--Banking secy on IndusInd Bank fiasco: No comment

--CONTEXT: Banking Secy Nagaraju at AGM of Indian Banks' Association

--Canara Bank MD: Not facing any issues like IndusInd Bank

--Canara Bank MD: Will surpass guidance on FY25 loan, deposit growth

 

MUMBAI – Financial Services Secretary M. Nagaraju refused comment on the debacle at IndusInd Bank, when asked on the sidelines of the annual general meeting of the Indian Banks' Association's on Monday. IndusInd Bank had last week said an internal review had found discrepancies in the accounts of its derivatives portfolio. The review has estimated an adverse impact of about 2.35% of the bank's net worth as on Dec. 31, the bank informed the exchanges.

 

Nagaraju commended the Indian Banks' Association on its role in the Indian banking system but said improvements were required. "Though IBA has been playing a prime role in Indian banking, its effectiveness needs to be demonstrated in a number of areas," he said. He said the association needs to ensure consistency across banking institutions.

 

"Rapid expansion in the reach of banking, greater reliance on digital payment systems, and the role of banks in extending those segments in areas that are not well placed to access financial markets makes it imperative that the banking industry is well guided, advised and remains healthy and stable," Nagaraju said. 

 

"Public sector banks need to become future centric in order to attract tech savvy high net worth customers," Nagaraju said, adding that banks also need to plan their fundraising and capital needs better, he said.

 

Speaking on the IndusInd Bank issue, Canara Bank Managing Director and Chief Executive Officer K. Satyanarayana Raju said his bank does not face any such issues. "I cannot comment on any other bank but as far as we are concerned there are absolutely no issues and there will be no issues in the future as well," he said.

 

Raju also said that Canara Bank is poised to beat the guidance on growth in deposits and advances for the current financial year. The bank expects advances to grow 10% and deposits to grow at 9% in 2024-25 (Apr-Mar).  End

 

Reported by Kabir Sharma and Sachi Pandey

Edited by Ashish Shirke

 

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