The bank has already set up 68,000 'Yono cashpoints' and is in the process of scaling it up massively to over 1 million in the next 18 months, which will make the necessity to have a card even less.
New Delhi may be gearing up for United States President Barack Obama's visit, but Rajghat will welcome him just like any other guest.
New Delhi may be gearing up for United States President Barack Obama's visit, but Rajghat will welcome him just like any other guest.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
The All India Jet Airways Technicians Association cautioned that in case the allocation is not stopped, it would be forced to resort to legal means for a resolution.
Government officials were struggling to understand why the lenders denied emergency funds even after giving verbal assurances on providing Rs 1,200 crore.
The newly-appointed chairman of State Bank of India (SBI) Dinesh Khara on Wednesday said maintaining quality loan book, safety of employees and customers will remain his top most priorities. Khara, who took charge on Wednesday, said the bank will continue to strive for even better customer experience.
The process of getting a new promoter on board is likely to take another two to three months and once that happens, the banks would offload their stakes.
B Sriram, the senior-most managing director at SBI, along with fellow MDs Rajnish Kumar, P K Gupta, and Dinesh Kumar Khara had been interviewed for the post
The petition also made several other allegations of financial embezzlement by the secretary, and sought a CBI inquiry into the matter as the 'samadhi' was under Central government control.
"We humbly request to you to alleviate some of the hardships that we and engineers have been facing, by ensuring that the new Jet management does not further delay our pending salaries dues at the earliest," NAG general secretary Tej Sood said in an e-mail to SBI chairman Rajnish Kumar.
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
Around 15 years ago, when Reliance Industries (RIL) struck natural gas in the Krishna-Godavari (KG) basin off the east coast, the government made plans to supply that fuel cheaply to scores of generators that sprang up in India triggered by the discovery. Most of the plants, which account for 6 per cent of India's total generation capacity, operate sparsely after the KG-D6 area first failed to meet production targets, and then finally shut shop. Affordable domestic gas was why those thermal plants came up and the rate of the fuel today is why those generators hardly operate. Record liquefied natural gas (LNG) rates may yet again unravel India's ambitions to expand use of gas in industries, households and vehicles. Rates, while volatile, may stay strong this decade as developed nations with higher purchasing power embrace gas as the transition fuel.
The new rates will be effective from May 9.
India's telecom services would continue to record a strong growth with teledensity more than doubling to 18 per cent in the next five years
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
Singh is survived by his wife Jasbir Kaur, a daughter, two sons and elderly parents.
SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore.
"It would be appropriate for you to include two representatives from us so as to better understand our concerns about the company, and also to enable the new shareholders to confidently expect a highly empowered and engaged workforce," Jet staff told SBI.
From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each.
SBI chairman Rajnish Kumar said Naresh Goyal would be eligible to bid for the airline when the lenders auction it next month.
Major gainers in the Sensex pack were Hero Motocorp, which rallied 7.01 per cent, followed by Bharti Airtel (6.69 per cent), Yes Bank (5.30 per cent), Adani Ports (4.90 per cent), Tata Steel (3.75 per cent) and Bajaj Auto (3.70 per cent).
Jet's operating fleet reduced from 103 planes in October 2018 to 35 now, leading to massive cancellations and a surge in airfares
Assuming the private bank issues 20 billion shares at Rs 10 apiece (with face value of Rs 2 each), the total capital raise will be Rs 20,000 crore. And for the 49 per cent stake, SBI will need to put in about Rs 10,000 crore.
The finance minister said easy access and efficiency in providing banking services will help in revival of businesses which are restarting operations after the lockdown.
Walmart CEO Douglas McMillon came first in the CEOWORLD magazine's global ranking of the best chief executives across all industries for 2019.
Of the six-member rate-setting monetary policy committee, five members voted for a 25 bps cut while one by 40 bps, the RBI said.
Etihad said it would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
Among the other conditions of the Hinduja group for picking up a stake in Jet is that bankers must take a haircut of 80 per cent and that they should help negotiate with operational creditors like aircraft lessors for moratorium on certain immediate payments.
Air India, SpiceJet, IndiGo and AirAsia India ready to fill in the gap.
Relations with the government, the bank's majority owner, are a tricky issue for all SBI chiefs, and, like all his predecessors, Khara will be closely watched for his equations with the finance ministry representative on the SBI board.
The finance minister also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
It's not necessary to use only external benchmarks, there are multiple avenues to meet the requirement that the RBI wants, the bank said.
A rebound in oil prices, FII outflows and concerns over current account deficit weighed on the domestic currency, pushing it to fresh life-time lows.
Retaining the GST rate assumes importance since states are under pressure to increase their revenues, hit hard by lockdown. Also, the Centre has not fully compensated states for their revenue losses on account of GST for 2019-20.
Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender. "The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI," Das told reportters in Mumbai.
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