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.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
The actress who has been in hibernation for quite some time after India Calling, is back.
The finance ministry has finalised the top-level reshuffle in public sector banks.
The trained officers would be able to analyse and scrutinise data on hard disks, track e-mails, extract evidence using Internet and mobile phones and will familiarise themselves with cyber crime-related legislation.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
BoI, Union Bank follow, earnings to be impacted.
The credit growth in the current financial year has slowed down to 22.6 per cent at the end of January 2007 compared with nearly 30 per cent a year ago. While that in itself is not too worrying, most of the demand stems from companies with retail offtake in low double digits.
Anup Sridhar won the men's singles title in the National Badminton championships.
According to RBI sources, some banks had extended credit to existing borrowers to repay their debt, known as evergreening of loans in banking parlance.
The plan has received positive feelers from Canara Bank, which, along with others, will together hold 49 per cent. The MFI will be set up with a capital of Rs 100 crore (Rs 1 billion).
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
The sale of Daewoo assets in Surajpur to Crosslinks, a company floated by former Hyundai executive B V R Subbu and Spicejet promoter Ajay Singh, has hit a legal quagmire with a slew of new players staking a claim for the 205-acre land.
Banks are also weighing the option of hiring experts for help in specialised areas.
All documents and data were safe as there was a Disaster Recovery Centre for every bank
Metropolitan Magistrate Anuradha Shukla handed down the sentence after finding Arun Kumar Goenka guilty under Section 138 of the Negotiable Instruments Act.
They need to have 15 years of mainstream banking experience
The government would ensure that in the next two or three years, no student would have to stop education because of financial constraints.\n
Popat was taken the distance by B R Meenakshi while Saina Nehwal easily beat Trupti Murgunde in the semi-finals of the Senior National badminton championships.
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.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Mangalore-based Corporation Bank is considering merger of its housing finance arm Corporation Bank Homes with itself.
R N Subramanian, manager-foreign exchange, Canara Bank, will be the new chairman of the Forex Association of India for the current financial year 2004-05
Canara Bank, celebrating its centenary year, is eyeing operations in South Africa, north America and the Middle-East as part of its overseas expansion plans, its chairman and managing director M B N Rao said on Thursday.
Norms governing investments by provident funds bar these from depositing funds in a commercial bank in case the NPAs of that bank exceed two per cent of net advances.
The markets opened on a strong note due to continued optimism on the back of expected robust third quarter corporate performances
Canara Bank has offered to help China recover its huge non-performing assets in the banking sector.\n
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