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.
The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
Ramoji Rao lived as the interface between business and politics and was an active participant in both for most of his remarkable life.
According to the National Democratic Alliance sources, the new government may allot five to six ministerial berths to the allies Janasena and Bharatiya Janata Party.
Telugu Desam Party general secretary Nara Lokesh has promised to establish an Islamic Bank for the Muslim community of Andhra Pradesh on coming to power.
Glimpses of the preparations in Odisha and West Bengal for Cyclone Dana which is expected to make landfall between October 24 and 25.
Banks are gaining market share at the expense of non-bank lenders such as housing finance companies, retail lenders, and those giving gold loans. There has been a steady decline in the market share of non-banking financial companies (NBFCs) in the credit market as banks have stepped up lending. NBFCs' share declined to a five-year low of 19.8 per cent in the first half of FY23, down from 20.3 per cent in H1FY22, and an all-time high of 23.1 per cent in H1FY19.
Congress President and Leader of the Opposition in Rajya Sabha Mallikarjun Kharge on Wednesday questioned Union Finance Minister Nirmala Sitharaman over the Union Budget and claimed that the plates of all states except Bihar and Andhra Pradesh were empty in the budget allocation.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
Bain Capital-backed Tyger Capital is planning to list its shares on the Indian stock exchanges by the next financial year and is targeting to grow its assets under management by four times to Rs 20,000 crore in five years from Rs 5,000 crore now, Gaurav Gupta, MD and CEO of the firm said. In an exclusive interview, Gupta said that keeping with the growing business, the finance company expects to on-board 600 people in the current financial year as it is opening 60-65 new branches for broad-basing its network in the country.
He is expected to be produced before a special Prevention of Money Laundering Act court on Saturday where the ED will seek his remand for custodial interrogation.
'We don't have to go abroad for anything.' 'Anyone who thinks we have a lot to learn from the US needs to have his head examined.' 'We are in a new era.'
'You will see him frequently asking customers -- especially retail -- about service experience, pain points, areas of improvement and suggestions.'
The Indian National Developmental Inclusive Alliance (INDIA) parties, led by the Congress, staged a walkout from both Houses of Parliament on Wednesday, in protest against all states except two being 'ignored' in the budget, an allegation termed 'outrageous' by Finance Minister Nirmala Sitharamanm, who said all the states never found a mention in any of the previous budgets, including those presented by the Congress.
People of Berhampur in south Odisha are crossing over to Andhra Pradesh in search of ATMs to withdraw money as almost all such facilities in this silk city are lying defunct since Cyclone Phailin hit the state.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
Locals have witnessed real estate prices skyrocket from a historic low of Rs 6,000 per square yard (in 2020) during Jagan Mohan Reddy's regime to around Rs 40,000 to Rs 50,000 per square yard after elections.
The new TDP government will have to mop up over Rs 10,000 crore to fulfill the financial requirements for July, a retired senior bureaucrat said.
While Waryam Singh was a non-executive director at HDIL, he is listed as one of the promoters of the company and had relations, including shareholding, with several other entities controlled by the Wadhawans, the HDIL founders.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry.
Keeping up his tradition of celebrating the festival with soldiers, Prime Minister Narendra Modi visited Sir Creek near the Indo-Pak border in Gujarat's Kutch district and offered sweets to jawans.
Executive directors from different banks are eligible to be promoted to the post of chairman and managing director.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
A peek into the life of a public-sector banker who did well professionally, but paid a price for it, points out Tamal Bandyopadhyay.
Terming Naxals the biggest human rights violators, Union Home Minister Amit Shah on Monday said security forces have been carrying out 'offensive operations' instead of defensive against the insurgents and have achieved big successes in recent times.
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.
In a ruling that would bring cheers to thousands of customers, the National Consumer Commission has ruled that banks cannot unilaterally change its schemes as it might amount to 'deficiency of service.'
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
>Bihar (18 days) has the most number of heatwave days in 2023, followed by Andhra Pradesh (15 days), Odisha (15 days), Jharkhand (13 days), West Bengal (8 days) and Tamil Nadu (6 days).
He argued that if inflation is low, stable and moving towards the 4 per cent target, why has the RBI not revised downward the bank rate fixed in June 2023?
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Pruthviraj Kandepi, who hailed from Guntur district of Andhra Pradesh, was killed in the shootout.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
Mangalore-based Corporation Bank is considering merger of its housing finance arm Corporation Bank Homes with itself.
The Tamil Nadu government is set to unveil a housing initiative for 18,720 women employed by Taiwanese tech giant Foxconn, a key supplier to iPhone-maker Apple, this Saturday. The project, located at Vallam Vadagal near Chennai, marks the first time an Indian state government has constructed a hostel of this scale for a private firm - a model that's been successful in China and Vietnam.
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