Leading Indian public sector banks State Bank of India, Bank of Baroda and Syndicate Bank are close to committing a part of the $3 billion bridge loan that Tata Motors has to raise to finance the acquisition of Jaguar and Land Rover from Ford.
The wider Nifty hit a low of 10,033.35 before finishing at 10,044.10, down 74.15 points or 0.73 per cent.
The State Bank of India on Saturday hiked its benchmark prime lending rate by 0.50 per cent from 12.25 per cent to 12.75 per cent.
The unions term the introduction of fixed-term employment as a 'modern labour slavery system' introduced through the 'back door'.
Bankers say there is palpable fear among erring promoters that the banking system just cannot be taken for granted, and any delay in loan repayment could mean promoters losing business
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
RBI Governor Raghuram Rajan asked banks to follow suit and pass on the rate cuts.
The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.
Public sector lender Bank of Baroda on Thursday said it was targeting to increase business by almost 50 per cent to Rs 300,000 crore (Rs 3000 billion) by 2010, while also expanding international operations and acquiring banks overseas.
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
Banking stocks dipped with Nifty PSU Bank index falling 1.7% after the government notified the ordinance that seeks to tackle non-performing loans in the sector.
In the face of hike in repo rate, all leading banks, including State Bank of India, ICICI Bank, Corporation Bank and Bank of Baroda, are exploring the possibility of raising deposit and lending rates.
Consumer goods, durables, automobiles worst hit.
A bench of Justices Arun Mishra and U U Lalit said, if home buyers are not ready to pay their outstanding amount, then the court will have to bundle up the projects.
While the RBI is reportedly thinking of capping loans to real estate, many believe any such move is a bad idea.
The amount is almost double the Rs 220 crore (Rs 2.2 billion) that a consortium of Bank of Baroda and Andhra Bank earned for its life insurance tie-up with the UK-based wealth and investment company, Legal & General Group (see table). The entry premium is a result of regulations that require foreign insurers to tie up with Indian partners. SBI will hold 74 per cent in the non-life insurance company and IAG the remaining 26 per cent.
Officials of 17 banks which gave loan to Kingfisher Airlines and UB Group are also under the agency's scanner
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
online recruitment exceeded the year-ago level in 17 industry groups.
Experts interviewed CMDs of nine public sector banks on Friday and Kamath is believed to be in the reckoning
After the Insolvency and Bankruptcy Code came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up, said Jaitley.
Sensex ended up 110.10 points at 11,660.79, while Nifty closed up 24 points at 3390.
Nifty PSU bank index dropped nearly 2%
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
For financial institutions, it will be an opportunity to provide better lending options. For instance, customers who pay their overdrafts on time will get access to more credit and probably at a cheaper rate.
Banks have issues with their balance sheet profiles, say PSB executives.
The largest financial institution, LIC, led the list of companies that paid up their advance tax this morning, with a spike in the amount to Rs 1,200 crore (Rs 12 billion) from Rs 1,070 crore (Rs 10.70 billion) a year ago, a senior income tax official said in New Delhi on Thursday.
