The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.
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The rating agency revised the outlook for EXIM, SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings. At the same time, Fitch has affirmed IDBI Bank Ltd's (IDBI) rating, while maintaining the outlook at negative.
The government on Wednesday approved merger of crisis-ridden Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL) and removed restrictions on withdrawal of deposits by depositors. The Union Cabinet has approved the merger of the LVB with DBS Bank India Limited, Union Minister Prakash Javadekar told reporters, adding the decision will provide comfort to 20 lakh depositors and protect the services of 4,000 employees.
Teaser loans may be on their way out with Canara Bank and Union Bank of India opting to withdraw the scheme in anticipation of a high interest rates.
Canara Bank, the Bangalore-based public sector bank, has slashed interest rates on vehicle loans and home loans, which will be effective for all loans taken after August 1, 2009.
The CBI has filed a fresh case against absconding diamantaire Mehul Choksi, wanted along with his nephew Nirav Modi in a loan fraud case of Rs 13,500 crore, for allegedly inflating the value of diamonds and jewellery pledged to get Rs 25 crore loan from IFCI, officials said on Monday. The CBI has booked Mehul Choksi, his company Gitanjali Gems and valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah, they said. The central agency has acted on a complaint from Industrial Finance Corporation of India (IFCI) Ltd alleging that Choksi had approached it in 2016 seeking Rs 25 crore working capital loan for which he had pledged shares and gold and diamond jewellery.
Public sector lenders Canara Bank, Corporation Bank and Allahabad Bank have decided to lower interest rates on housing loans, preferring to keep their prime lending rates (PLRs) unchanged. ICICI Bank Managing Director and Chief Executive Officer K V Kamath has indicated that the country's second largest bank would review interest rates only in 2008-09.
The two Indian banks will make available their combined network of 3,600 branches and a customer base of 40 million.
Hardik Pandya has been on the road to recovery after going under the knife following a lower-back injury five months ago. Hardik slammed eight fours and 10 sixes in his sizzling innings
Reports suggest state-owned banks have lapped up Rs 40,000 crore, so far, using both bonds and equity instruments. The question, though, is whether there will be a perceptional change for PSB stocks.
Canara bank slashed interest rates for home loans by 25 basis points.
Equity markets will look for directions from global trends, ongoing quarterly earnings and investment patterns of foreign institutional investors (FIIs) in a holiday-shortened week ahead and may encounter volatility amid the scheduled monthly derivatives expiry, according to analysts. Equity markets will remain closed on Wednesday on account of 'Republic Day'. "This week is a holiday-shortened one and it's going to be critical due to the list of events and data that are lined up.
State Bank of India and Canara Bank said on Thursday interest rates are expected to remain soft and stable in the near future as inflation is down and there is ample liquidity with the banks. "Interest rates are expected to remain stable to down," SBI Chairman O P Bhatt told reporters before participating in a meeting of bankers and exporters with Finance Minister P Chidambaram in New Delhi.
Global rating agency Fitch has upgraded its support ratings for several Indian banks, including ICICI Bank, HDFC, Punjab National Bank, Canara Bank, Bank of India and IDBI among others.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
Six nationalised banks, including Canara Bank and Bank of Baroda, on Wednesday signed an agreement with Indian Railways for setting up more than 700 ATMs at railway stations across the country.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
Canara Bank has issued a legal notice to the Patels seeking recovery of dues amounting to Rs 11.75 crore, loaned to them for financing their business.
Moody's has revised to positive the outlook on the long- term ratings of private sector lenders
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
A summary of sports events and sports persons, who made news on Sunday
A bank employee from Rajasthan was shot dead on Thursday by terrorists in Kulgam district of Jammu and Kashmir, officials said.
Canara Bank topped the list recovering Rs 638.41 crore (Rs 6.38 billion) from non-performing assets of the total Rs 4,420 crore (Rs 44.2 billion) recovered by 19 nationalised banks by taking advantage of securitisation laws in the last fiscal.
The O P Jindal Group company Jindal Steel and Power has begun talks with the State Bank of India, Punjab National Bank and Canara Bank for financing its Rs 550 crore (Rs 5.50 billion) expansion plan.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
Canara Bank has cut the interest rate on home loans by 0.25 per cent across all maturities and fixed and floating rate options.
According to the complaint filed by SBI, the account had become non-performing asset on January 27, 2016.
The finance minister also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
Digital payments and financial services firm Paytm is likely to allocate shares at the upper price band of Rs 2,150 apiece on November 16 after market regulator SEBI's approval which is expected to come on Monday, sources aware of the development said. Earlier the allocation was expected to take place on Monday and the Paytm Money app also displayed the same.
State Bank of India reported 544 cases of such frauds that caused a loss of Rs 191,295 lakh
Broker Hiten Dalal and Canara Bank Mutual Fund's former General Manager B R Acharya have been sentence to one year imprisonment.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
The finance minister was speaking after launching the maiden IDF scheme of IIFCL Mutual Fund in New Delhi on Tuesday.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
RBI policy, macro data, company earnings to decide market course this week: Experts
Finance Minister Arun Jaitley on Saturday proposed to infuse Rs 7,940 crore funds next fiscal in the public sector banks.
Deccan Chronicle had taken a Rs 170-crore loan from Future Capital and Rs 100-crore loan from Tata Capital.
