Encouraged by growing Sino-India trade and the booming economy of the Communist nation, Vijaya Bank will draw up a plan to enter the booming Chinese market as part of its efforts to go global, a top executive has said.
Vijaya Bank has planned to open four foreign offices, including a full-fledged branch in Hong Kong while considering to raise about Rs 200-250 crore (Rs 2 to 2.5 billion) tier-II capital after December this year.
Vijaya Bank on Monday said it has reduced interest rates on agricultural loans by 0.5 per cent with interest for loans up to Rs 25,000 at 8.5 per cent.
Vijaya Bank on Wednesday slashed interest rates on home loans by 50 to 75 basis points to touch 7 per cent per annum for upto 5 years.
Vijaya Bank assured employees that the service conditions 'will remain unaffected and staff benefits retained'
A meeting of the board of directors of Vijaya Bank is scheduled to be held on January 28 to consider and take on record the unaudited financial results (provisional) for the three months ended December 31, 2002.\n\n\n\n
Finance Minister Nirmala Sitharaman on Thursday said the country needs big and world-class banks, and discussions are on with the Reserve Bank and lenders in this regard.
Finance Minister Nirmala Sitharaman on Tuesday allayed apprehension that privatisation of state-owned banks would hurt financial inclusion and national interest. She said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned.
The combined entity is set to be the third largest bank in India, behind State Bank of India and ICICI Bank.
Vijaya Bank has posted a net profit of Rs 526 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 440.50 million in the quarter ended December 31,2001.
Batting for further consolidation in public sector banking, the executives of top public sector banks (PSBs) said there should be at least two Indian banking entities among the top 20 global banks.
State-owned banks are prioritising local language skills in their hiring to improve customer service and reduce language barriers.
'I dreaded meeting him these days because every time he'd say: We have to fight this government, even if it means going to jail.' 'He'd been in jails run by the British, he'd also been in jails in independent India, now he was ready to go to jail under this government.'
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
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.
Under the recapitalisation package Central Bank of India will get Rs 1,400 crore (Rs 14 billion), while UCO Bank and Vijaya Bank will get Rs 1,200 crore (Rs 12 billion) each, home minister P Chidambaram told reporters after the Cabinet meeting in New Delhi. Under the recapitalisation package Central Bank of India will get Rs 1,400 crore (Rs 14 billion), while UCO Bank and Vijaya Bank will get Rs 1,200 crore (Rs 12 billion) each.
According to the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.
There would be no retrenchment of employees and that their services conditions would also not be affected post merger.
The meeting will review annual financial performance of public sector banks, credit offtake in the economy, priority sector lending and progress made under various social sector schemes, including Atal Pension Yojana (APY) and Pradhan Mantri Jan Dhan Yojana.
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.
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
Banking PSU stocks were being drubbed today following reports that the Centre may charge a premium on returned equity by these banks.
These PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.
The recent three-bank merger seems to be grossly negative for Vijaya Bank and Bank of Baroda in the short term, as the negative net worth of Dena Bank will have to be absorbed by the merged entity
"Subject to synergy, subject to reasonable similarity in culture, they (public sector banks) in the next 5-10 years really need to look at consolidation and merger," finance secretary Ashok Chawla said after launching the mobile banking service of Vijaya Bank in New Delhi.
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.
Software majors Infosys and Wipro, who are vying with each other for global information technology outsourcing contracts, have now joined hands to outsmart competitors and win domestic banking contracts.
Government is considering conversion of the country's biggest financial institution, IDBI, into a bank, Minister of State for Finance Anandrao Adsul said on Monday.
'The BJP lacks a credible mass leader who matches Mamata Banerjee's popularity.' 'Given the division of votes among Opposition parties, the West Bengal government's dole-giving strategy, and the consolidation of the poor, significant sections of scheduled caste groups and Muslim minorities behind the ruling party, it will be difficult to dislodge the Trinamool from power.'
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
The government is likely to infuse Rs 3,000 crore in seven public sector banks to shore up their Capital Adequacy Ratio (CAR) to 12 per cent to improve the market confidence in the banking sector.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
Banks were the frontrunners on the bourses early today as investors were deeming their valuations offered a chance for appreciation. \n\n
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