The government package for public sector banks, announced last Friday, has been welcomed by the stock market with the PSU banking index booking smart gains.
Threatening to go on strike for three days from March 28 followed by indenifite strike from May, public sector bank employees organised a march to Parliament on Monday to press for their pension-related demands among other matters.
A panel headed by RBI Governor selects PSU bank chiefs.
The RBI on Friday imposed a fine of Rs 6.5 crore (Rs 65 million) on six public sector banks including IDBI Bank, Dena Bank and Indian Bank, for violation of customer identification or KYC norms and anti-money laundering guidelines.
Chemical and Fertiliser Minister Ram Vilas Paswan on Friday unveiled an expansion plan for government sector undertakings involved in the production of steel and particularly Steel Authority of India.
Emphasising the government's commitment to modernising and expanding PSUs, Prime Minister Manmohan Singh on Sunday said his government has no "divestment strategy" for state-run units.
The senior Tata Group executive's appointment as NSDC chairman raises the vital question of conflict of interest
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
Bajaj Finance was the top laggard in the Sensex pack, skidding over 2 per cent, followed by Kotak Bank, Nestle India, HDFC, M&M and ICICI Bank. ONGC was the top gainer, rallying around 8 per cent. NTPC, Asian Paints, Tech Mahindra, PowerGrid and IndusInd Bank were among the other winners.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
Reliance had shut its 1,432 filling stations in March 2008 after sales dropped to almost nil as it could not match the subsidised price.
As the Tata group inches closer to taking over Air India in January 2022, the $242-billion conglomerate will also inherit a stake in Kerala's Cochin airport. The Tatas would become the only airline to have an operational stake in a major Indian airport. The airport is a strategic hub connecting India to Middle East nations - home to the largest share of Indian migrant workers. In addition to Air India and Air India Express, private carrier Indigo also uses Cochin to ferry the lucrative 'Malayali Gulf traffic' to multiple locations like Jeddah, Riyadh, Sharjah, Dubai, Abu Dhabi, Doha, Kuwait and Bahrain, among others. According to regulatory filings, Air India has a three per cent stake in Cochin International Airport.
'The household sector, which is still the largest contributor of financial savings, has been experiencing a decline in the last six years, and it has fallen below 8% of GDP.'
'This fall is nothing. We could see worse if everybody hits the panic button.'
The public sector oil companies -- Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum -- may suffer a Rs 25,000 crore revenue loss on fuel sales this fiscal, said S Behuria, chairman and managing director, IOC.IOC, BPCL and HPCL incurred a revenue loss of Rs 1.03 lakh crore on sale of petroleum fuel in 2008-09. The global rise in crude oil prices will increase the under-recoveries for PSUs on sale of fuel at controlled prices.
Banks will need more funds, as they have to provide more capital.
The UFBU is an umbrella body of nine bank employees unions of the country and claims to have members from public, private and foreign banks. "We are on strike from today as Indian Banks' Association did not concede to the bank unions demand for the wage hike," said United Forum of Bank Unions convener C H Venkatachalam.
Officers of public sector oil companies will go on an indefinite strike from Wednesday that may cripple aviation fuel supply within hours and hit auto fuel supplies in a couple of days.
The government will retain 51 per cent stake in all public sector units, finance secretary Ashok Chawla said. The government has proposed to mop up Rs 1,100 crore (Rs 11 billion) this fiscal from divestment of stake in PSUs.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
From a consumer point of view too this would bring about an improvement in the service levels of these companies as there would be more pressure on these companies to perform better and get profits.
The Union Cabinet on Wednesday approved the participation of the private sector in the entire range of space activities, including planetary exploration missions, Union minister Jitendra Singh said. The newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, Singh, who is the minister of state in the Prime Minister's Office, said.
Prime Minister Manmohan Singh on Thursday indicated that the full Budget for 2009-10 may announce a disinvestment of government stake in public sector companies. A host of companies waiting for the government nod for disinvestment include Bharat Sanchar Nigam Ltd, railway consultancy firm RITES, National Aviation Company, and Ircon.
As many as 20 public sector banks, including big ones like Canara Bank, Bank of Baroda and Union Bank, have failed to achieve the annual farm sector lending target till November, 2009.
At present directors, chairman and managing directors of public sector companies are selected from that company itself or from other companies in the same area of operations.
For automakers, the festive season is about raking it in through ramped up sales and attractive consumer offers. However, despite the robust demand, what may spoil the party this year is a global shortage of semiconductors.
12 out of 21 public sector banks reported declines in their loan books in the last financial year against seven such banks in 2015-16 and none in 2013-14.
Under fire over the moves to appoint politicians who do not fit the conditions as independent directors on the board of public sector companies, the government has amended the eligibility criteria for the job.
Five-time World champion Viswanathan Anand said the career spans of chess players are getting shortened because of the intense competition within the sport.
With the restructuring process in full swing, public sector banks have stepped-up monitoring to keep non-performing assets (NPAs) at desired levels.
Public sector lenders led by State Bank of India said on Monday that they will look at further interest rate cuts.SBI chairman O P Bhatt told reporters after a meeting with Finance Minister Pranab Mukherjee that the bank is considering cutting its prime lending rate for the second time in as many months.
The Reserve Bank of India is formulating guidelines that would allow government-owned banks get into the private equity business.
The All India Bank Employees Association, Bank Employees Federation of India, All India Bank Officers' Association and National Union of Bank Employees have given a call for one day country-wide strike.
Finance Minister Arun Jaitley on Saturday proposed to infuse Rs 7,940 crore funds next fiscal in the public sector banks.
Interest rates are set to fall again with public sector banks today agreeing to lower deposit and lending rates next month.
Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd are projected to lose around Rs 1,15,500 crore (Rs 1,155 billion) during the year as they sold petrol, diesel, kerosene and cooking gas at below production costs when crude oil prices rose steadily between April and July this year to reach a peak of $147 a barrel in early July.
