Capital infusion seen necessary for banks to maintain regulatory norms at the time of paying interest towards AT-1 bonds
Interest rate and tenure are not the only two factors to consider.
The finance minister also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
PSBs were required to bring down government shareholding to at least 75 per cent, to comply with the amended Securities Contract (Regulations) Rules by August 2017.
Leading US-based money changer Western Union on Wednesday announced a strategic tie-up with Indian Overseas Bank to provide money transfer service to Indian diaspora.
GNPAs of public sector banks are now at a staggering 11.2 per cent of their advances.
Chennai-headquartered Indian Overseas Bank has launched a five-year tax saving deposit scheme at an interest rate of 8.15 per cent per annum.
Punjab National Bank has embarked on a five-pronged strategy for improving its financial position to become the 'best bank' in the country.
A major reshuffle of top executives in 11 PSU banks is on the cards with the chairmen of Allahabad Bank, Corporation Bank, Syndicate Bank, Union Bank of India and Vijaya Bank slated to retire between March-July 2006.
Public sector banking major Indian Overseas Bank on Wednesday launched an Internet-based online remittance product 'e-Cash Home', providing a fast channel for the United States-based non-resident Indians to remit money back home.
Banks in the tsunami-hit Nagapattinam district have opened 1200 new bank accounts in the last two weeks to enable the victims deposit the relief money distributed by the government.
The fine was imposed in the exercise of powers vested in the RBI under the provisions of Section 47 A (1) (b) of the Banking Regulation Act, 1949.
Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
12 banks have been authorised to receive such donations to the Prime Minister's National Relief Fund.
Four banks -- Bank of Rajasthan (16 per cent), ING Vysya Bank (14.66 per cent), South Indian Bank (10 per cent) and Karnataka Bank (8.67 per cent) -- have sold their stakes aggregating 49.33 per cent in BhOB to IOB.
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
Four major banks including State Bank of India and ICICI Bank have been appointed as the preferred banks for extending loans to employees of NTPC for investing in the power major's maiden public offer.
The Reserve Bank of India has convened a meeting of bank chairmen and managing directors on September 16 to discuss ways to formulate the benchmark prime lending rate, which is expected to be introduced by this month-end.
In a ruling in May, a UK high court judge had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
Indian Overseas Bank on Tuesday announced interim dividend of 12 per cent to its shareholders and a reduction of 0.5 per cent in its primary lending rate, taking it to 11 per cent.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
Indian Overseas Bank, which is coming out with its public offering of Rs 10 crore (Rs 100 million) equity shares of Rs 10 each on September 5, would concentrate more on retail lending in a big way, a senior bank official said on Tuesday.
'The PSBs ended up recording Rs 7,709 crore losses in the March quarter compared to the Rs 11,688 crore profits of their private peers,' reveals Tamal Bandyopadhyay.
Indian Overseas Bank will shortly open 'representative offices' in UAE, Malaysia, China and Canada, subject to the approval of the board and the Reserve Bank of India, S C Gupta, managing director, IOB, said on Saturday.
The financial position of India's public sector banks (PSBs) has deteriorated sharply over the past financial year.
The capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
This shortfall could continue to hurt loan growth in 2016-17.
They easily beat Tisco and Vijaya Bank in the Federation Cup basketball tournament.
Infrastructure and real estate prominently feature as wealth destroyers.
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