The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'
With the merger between HDFC Bank and HDFC Ltd complete, analysts said the next key monitorable for the Street would be successful resolution of merger-related hiccups, including employee-related churn and roll out of complete banking services across branches. At the bourses, they expect the stock to perform in-line with the benchmark indices in the near-term. "There's usually an initial period of consolidation after a merger as the entities work towards integration.
SBI is likely to register more FIRs to bring into the ambit of probe the additional Rs 3,100 crore loans from 10 other nationalised banks on which the company has allegedly defaulted.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
IDBI Bank requires Product Managers, Relationship Managers and Territory/ Area Managers for its AgriComm Business.
M Damodaran took a bow as Sebi chief after many bold initiatives during his 3-year tenure.
Moody's Investors Service on Thursday downgraded subordinated debt ratings of 11 Indian banks, including SBI, ICICI Bank and HDFC Bank.
Air India sale will give a boost to India's privatisation drive, the Economic Survey said on Monday, as it suggested redefining the public sector role in business enterprises to encourage private participation in all sectors. The government earlier this month handed over ownership rights in national carrier Air India to Tata Group for Rs 18,000 crore. The amount includes the takeover of the debt burden of Rs 15,300 crore and another Rs 2,700 crore in cash.
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
The Industrial Development Bank of India is all set to foray into insurance business as a corporate agent.
The stimulus measures include extension of the 90-day moratorium on recognition of impaired loans to 180 days, in addition to several relaxations in bank lending limits, including allowing banks to fund interest on working capital loans.
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
Kotak Mahindra Bank's acquisition of ING Vysya Bank is the country's first ever amalgamation of a profit earning entity post the global financial meltdown in 2008.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
S&P Global Ratings on Monday expressed scepticism over allowing corporate ownership in banks given India's weak corporate governance amid large corporate defaults over the past few years. It also said that the Reserve Bank of India (RBI) will face challenges in supervising non-financial sector entities at a time when the health of financial sector is weak. Last week, a RBI panel had proposed that large corporate may be permitted to promote banks, as well as raising the cap on promoters' stake in private sector banks to 26 per cent, from15 per cent at present.
The Centre is likely to privatise profit-making enterprises, reversing its previous position of first closing or merging loss-making state-run units. The NITI Aayog, which is in the process of selecting public sector units for privatisation, is likely to put out its first list, focusing on companies in non-strategic sectors, along with those that have got Cabinet approval for stake sale, or are in final stage of due diligence. "The shortlisted firms will be put out in three-four tranches, with the first list comprising non-strategic ones, followed by strategic sectors with a focus on privatisation and not divestment," said a senior government official privy to the plan. He said the first report was expected in early April. The think tank approach is in sync with the government's new strategies on privatisation and asset monetisation.
Days after the Parliament repealed the IDBI Act, Industrial Development Bank of India is believed to have decided to remain a "stand-alone" entity initially and a merger with a big PSU bank may be considered later.
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts. The Indian rupee hit an all-time low recently, closing at 83.15 per dollar. Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over.
Reliance Industries (RIL) is likely to be the lone bidder for Mangalore-based JBF Petrochemicals, which is up for sale after defaulting on bank loans worth Rs 5,000 crore. The lenders for the second time extended the deadline for submission of bids, which had ended on August 20, as several players, including public sector companies, were redrawing their acquisition plans, said people in the know. "There were several companies which had submitted their expressions of interest (EoIs) for the company but after due diligence decided to exit the race," said a source close to the development. "The new deadline for submitting financial offers is August-end," the source said.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
The Enforcement Directorate had asked for financial details from both public and private sector banks and a part of these details were submitted last week
The banking regulator is seeking an early exit mechanism for private banks under Prompt Corrective Action.
PNB reported the maximum number of such frauds.
Indian banks are the 2nd-fastest-growing ones.
The unions have called for a strike against proposed closure of associate banks and their merger with the State Bank of India
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government's policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.
The board of directors would meet on September 21 to discuss the details of the scheme, a bank source told PTI in Mumbai.
Chairman of Industrial Development Bank of India, V P Shetty, was on Friday arrested for allegedly making casteist remarks against IDBI General Manager B W Ramteke.
The corporate debt restructuring programme, initiated by the Industrial Development Bank of India and 59 other banks and financial institutions in the country, has been progressing well with 29 cases being registered.
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