The two Indian banks will make available their combined network of 3,600 branches and a customer base of 40 million.
Canara bank slashed interest rates for home loans by 25 basis points.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
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.
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.
Moody's has revised to positive the outlook on the long- term ratings of private sector lenders
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 issued a legal notice to the Patels seeking recovery of dues amounting to Rs 11.75 crore, loaned to them for financing their business.
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.
A summary of sports events and sports persons, who made news on Sunday
According to the complaint filed by SBI, the account had become non-performing asset on January 27, 2016.
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 also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
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 branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
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.
Canara Bank has cut the interest rate on home loans by 0.25 per cent across all maturities and fixed and floating rate options.
State Bank of India reported 544 cases of such frauds that caused a loss of Rs 191,295 lakh
RBI policy, macro data, company earnings to decide market course this week: Experts
Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry.
Broker Hiten Dalal and Canara Bank Mutual Fund's former General Manager B R Acharya have been sentence to one year imprisonment.
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
The finance minister was speaking after launching the maiden IDF scheme of IIFCL Mutual Fund in New Delhi on Tuesday.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
As many as 104 listed companies have fewer independent directors than mandated by the regulations, according to the figures from Prime Database, reports Sachin P Mampatta.
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.
An executive director of a bank could, for example, be elevated to the post of chairman of a different bank.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
The public-sector lenders were yet to get a formal proposal on sale from HSBC.
The first such interaction would be in Mumbai on Monday.
Canara Bank Ltds Canbank Financial Services Ltd plans to discontinue non-banking finance company activities.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
'The people who stay with us were not born orphans; they have been abandoned.'
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
ICICI Bank, IDBI Bank, SBI and Canara Bank collectively hold 18.12 per cent equity in RGPPL, which operates the plant.
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