The next step for the Life Insurance Corporation of India is to approach market regulator Sebi, as the bank, which is also state-owned, is a listed entity.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
It has Rs 20,500 crore of standard stressed pool outstanding as of June 2018. Thus, the entire stressed book (net NPAs and standard stressed pool) is nearly two times its net worth.
As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and the fourth one an economist to head the monetary policy department.
Bank employees want a five day work week.
The Industrial Development Bank of India will be merged into its subsidiary IDBI Bank, in a reverse merger on similar lines as the merger of ICICI into its subsidiary ICICI Bank.
The CBI has launched an initial probe over the loan against both companies, a spokeswoman for the agency said on Saturday.
IDBI Bank on Wednesday said it has an exposure of around Rs 300 crore (Rs 3 billion) to the Raju family-owned Maytas companies and is willing to consider any proposal for loans to Satyam Computer if the company approaches it.
IDBI Bank Ltd has posted a 100.6 per cent increase in net profit at Rs 22.4 crore (Rs 224 million) for the first quarter ended June 30, 2003, compared to Rs 11.1 crore (Rs 111 million) in the corresponding quarter last fiscal.
The 100-stock largecap basket of Mutual funds (MFs) has seen a major reshuffle in the latest semi-annual reclassification with seven midcap stocks and four new listings earning the largecap tag. According to a report from Nuvama Alternative & Quantitative Research, the midcap stocks that have been upgraded include CG Power, Rail Vikas Nigam, ICICI Prudential Life Insurance, Polycab India, Indus Towers, Cummins India, and Info Edge.
IDBI Bank and Bharat Petroleum Corporation Ltd have inked a business-2-business e-commerce tie up aimed at customers of the latter's Rs 8,000 crore (Rs 80 billion) industrial and commercial strategic business unit.
State-run IDBI Bank expects interest rates, both on deposits and advances, to increase from the third quarter of the current financial year.
The government is examining a proposal for the merger of IDBI with the IDBI Bank, Union Minister of State for Finance Anandrao Adsul said in Jaipur on Friday.
After a four-year tenure with IDBI Bank, its chairman M S Verma retired on Tuesday.
IDBI Bank on Thursday said that its home loan portfolio size will cross Rs 5000 crore (Rs 50 billion) by the end of this fiscal.
HDFC Bank had opened multiple demand accounts which were used for manipulation of the IPO allotment process in the last few years, but those were not held in benami names.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
IDBI ranked as the 2nd most trust PSU bank.
IDBI Bank on Thursday opened its first Currency Chest for the Eastern region at Kolkata and said it will open 28 more branches in urban as well as semi-urban areas during the next six months as part of its multi-pronged aggressive expansion plans.
Banking sources said IDBI Bank, along with another banks, was syndicating the loan. The move came after Air India failed to get funding interest from European commercial banks despite the loan carrying sovereign guarantees. The European banks' reluctance reflects how lenders have turned risk averse when it comes to aviation funding.
The performance of the Mumbai-based public sector bank may continue to lag behind its peers longer than expected due to the deterioration in its credit cycle, the agency said. Even though IDBI's non-performing asset ratios improved significantly after bad loans worth Rs 9,000 crore (Rs 90 billion) were transferred to a trust in FY04, the current economic slowdown could impact the bank's corporate loan portfolio.
IDBI Bank has posted a 86.3 per cent rise in net profit to Rs 132.5 crore (Rs 1,325 million) for the year ended March 31, 2004 as compared to Rs 71.1 crore (Rs 711 million) in the corresponding period last fiscal.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
The bank expects to grow loan book by 10 per cent in the current financial year with calibrated exposure to corporate accounts and thrust on the retail segment.
'We are in a position to start due diligence and private data room access shortly.'
The National Company Law Appellate Tribunal on Friday issued notices to Zee Entertainment Enterprise Ltd (ZEEL) over the petitions filed by IDBI Bank and AXIS Finance against an NCLT order that approved the media company's merger with Culver Max Entertainment. However, a two-member NCLAT bench comprising chairman Justice Ashok Bhushan and Member Arun Baroka declined to grant any stay over the merger process during the pendency of the hearing. The appellate tribunal (NCLAT) has directed to list both petitions on January 8 for hearing, directing Zee Entertainment Enterprise Ltd to file a reply.
IDBI Bank Ltd has posted a net profit of Rs 274.30 million for the quarter ended December 31, 2002 (DQ-02) as compared to Rs 89.40 million in the quarter ended December 31, 2001 (DQ-01).
The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books, points out Tamal Bandyopadhyay.
Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector banks (PSBs), offer consistency in reporting by banks to the Reserve Bank of India (RBI), and provide for an increase in the tenure of directors in cooperative banks.
Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
As the fight for deposits intensifies, the cost of money will rise and the margin will be under further pressure, points out Tamal Bandyopadhyay.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
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