More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, are likely to apply to the Reserve Bank for licence to open banks.
'Start-ups that generate a majority of their income in India are likely to opt for an Indian listing.'
From India, Reliance Industries is the only one in the overall top-200 list and is followed by HDFC Bank at 209th, ONGC at 220th, Indian Oil at 288th and HDFC Ltd at 332nd place.
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75 per cent as against the 7 per cent earlier
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
Out of the 12 executive directors announced on Wednesday, five will fill vacancies with immediate effect, while the remaining will be promoted as and when posts are vacant.
The candidate will be expected to have at least two to three years of remaining service.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
In December last year, the finance ministry had asked five state-run banks -- Punjab National Bank, Canara Bank, Union Bank of India, Bank of Baroda and Bank of India -- to explore merger opportunities in the banking industry.
Sources said HDFC Bank and Canara Bank would act as clearing houses. DSE had completed the demutualisation process in 2007 by selling 55 per cent stake to investors.
Bank officials said police constable Ghanshyam Shyora entered the Canara Bank's Saroli branch on Monday in plain clothes and asked female employee Santoshi Kumari to print his passbook.
Analysts attribute the surge to a host of factors, particularly the interest shown by the retail investors in these two market segments.
Govt renews search for five PSU bank chiefs; norms relaxed.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
T R Narayanaswamy and K C Chackraborty have taken charge as chairmen respectively of Indian Overseas Bank and Indian Bank.
Some of the public banks showed improvement; much more still needs to be done
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
Rating agency Moody's has placed 13 Indian banks, including State Bank of India, ICICI Bank and Punjab National Bank, on watch for possible downgrade under a global review of systemic support available for the banking sector.
State Bank of India has agreed to lend Vodafone-Essar, the joint venture between United Kingdom's Vodafone and Essar, Rs 10,000 crore to finance the company's entry into 3G (third generation) telecom services and expansion of its broadband operations.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
The company has four lenders -- State Bank of India, IDBI, ICICI and Canara Bank. According to the Reserve Bank of India norms, these loans would be declared as NPAs if the project is not financially restructured by March 31, 2009. The restructuring exercise includes a 50 per cent hike in the tariff for sale of power from the project, to be allowed by the Central Electricity Regulatory Commission. The project is expected to become viable after this.
Almost all public sector banks, barring a handful such as Punjab National Bank, Bank of India and Canara Bank, are in line to get recapitalisation finance from the government over the next 24 months.
Seven public sector entities including the Life Insurance Corporation and State Bank of India on Friday submitted expressions of interest to the Pension Fund Regulatory and Development Authority
Noting that agreements entered into by banking enterprises with its customers were matters of 'commercial confidence', the Central Information Commission has ruled out disclosure of information pertaining to bank account details under the Right to Information Act.
While the government has infused huge capital into PSBs, the same has largely been used to mitigate losses and has failed to contribute meaningfully to credit growth.
As many as 20 public sector banks, including big ones like Canara Bank, Bank of Baroda and Union Bank, have failed to achieve the annual farm sector lending target till November, 2009.
Bonds/papers of Tata Motors, Reliance, SBI, ICICI and others turn illiquid in international markets.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
A panel headed by RBI Governor selects PSU bank chiefs.
The probe into selections for banks such as Bank of Baroda and Canara Bank followed the arrest of Syndicate Bank CMD S K Jain for alleged graft.
Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs 47 crore (Rs 470 million). On April 1, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from Canbank Financial Services Ltd, a unit of Canara Bank.
Bankers are expecting a further fall in interest rates, due to ample liquidity in the banking system.
"Benchmark prime lending rate is revised from 12.75 per cent to 13.75 per cent," the bank said in its filing on BSE. The decision by the largest lender was expected but came days after a host of other lenders including HDFC, ICICI Bank, IDBI Bank, Bank of India, Axis Bank, Canara Bank, and Yes Bank announced revisions in interest rates.
Bankers have requested RBI to keep interest rates stable this fiscal, in lieu of sufficient liquidity in the system.
The government will soon finalise a reshuffle of top management teams in the country's leading 11 public sector banks (PSBs), 10 of which are listed on the stock exchanges. They include the country's third largest bank, Canara Bank, and fifth largest bank, Bank of Baroda.
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