'We have to think of the repercussions if public sector banks are privatised and if they go to foreign hands.'
Governor Rajan stressed on the benefits over a medium-term.
Insisting that Vijay Mallya was not given even "a rupee benefit" under the Modi government, Finance Minister Arun Jaitley on Thursday said that loans were reportedly given to the businessman during the previous United Progressive Alliance rule through intervention of the North Block, a reference to the finance ministry.
Public banks may have a tough time in 2015 as they had to write off Rs 1 trillion.
Analysts on average had expected a net profit of Rs 26.93 billion for ICICI Bank, which is also listed in New York.
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Bank stocks have underperformed in the second quarter of FY'14 with the BSE Bankex declining 18 per cent compared to fall of 1 per cent in the BSE 30-stock index, Sensex, during this period.
In a message to public sector banks (PSBs) that only performers will survive, the government, in an unprecedented move, has decided to allocate capital to only nine PSBs.
After a gap of about five years, a public sector bank (PSB) has decided to rope in a cricketer to boost its brand.
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.
While some equity analysts have raised target prices for public sector banks, others remain cautious
Rajnish Kumar was on Wednesday appointed the new chairman of the largest public sector bank, State Bank of India (SBI), replacing Arundhati Bhattacharya who completes her one-year extended term on Friday.
SBI will auction two non-performing accounts (NPAs) next month to recover dues of over Rs 313 crore, according to a notice by the lender. The two accounts to be put up for e-auction on August 6 are Bhadreshwar Vidyut Pvt Ltd (BVPL) with a loan outstanding of Rs 262.73 crore and GOL Offshore Ltd with Rs 50.75 crore dues. "In terms of the bank's policy on sale on financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated there against," SBI said in the notice. The reserve price for the auction of Bhadreshwar Vidyut is set at Rs 100.12 crore and for GOL Offshore at Rs 51 crore.
He said the SBI data showed that there is a rise in NPAs due to the coronavirus crisis but it is manageable as people have been cautious about increasing their liabilities especially in the retail, agriculture and MSME sectors.
There are actually great similarities between the two PM
The ministry further told banks that "it would be prudent to take steps against guarantors immediately when no sign of revival is visible".
ICICI Bank has the largest proportion of SDR loans as a percentage of its total, followed by state-run United Bank of India and Canara Bank.
'The day-to-day control of banks is in the hands of political bosses and bureaucrats who are not answerable.' 'The political system uses the banks as a helicopter to throw money to the sector they want to patronise in order to win the next election.'
The country's largest lender State Bank of India on Friday recorded a 99.6 per cent dip in consolidated net profit at Rs 20.7 crore for the September quarter on account of a 3-fold jump in bad loan provisioning.
The new Budget would do well to fill up the gaps and pave a strong way forward to ensure that the optimism surrounding it is not short-lived.
Only NIIF has stayed the course as a viable infrastructure financing institution.
The bank lost out on fairly meaningful quantum of fees from point of sale terminals and ATM usage during the demonetisation exercise.
Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
NITI Aayog's Rajiv Kumar accused former prime minister Manmohan Singh and senior Congress leader P Chidambaram of creating a 'false narrative'
Reserve Bank Governor Raghuram Rajan on Thursday said the central bank will continue its focus on taming inflation, speeding up resolution of distressed projects and ensuring enough capital for banks through balance sheet clean-up.
Income of the bank during March quarter of the last financial year rose to Rs 76,027.51 crore from Rs 75,670.5 crore in the same period of 2018-19.
The Governor had submitted his report to the Public Accounts Committee and put the blame on 'overall economic downturn'
Raghuram Rajan rejected the argument that inflation has come down largely because of "good luck" stemming from low oil prices.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
PSB chiefs tried to argue that liquidity is in surplus in the system and the problem was related to lack of demand in the economy, instead of banks' reluctance to lend, but 'the FM said it is a perception issue that loan is not available, which we need to dispel,', reports Somesh Jha.
In a proposal to FinMin, the Banks Board Bureau suggests asset sales to PSUs within a deadline to recover bad loans.
Your money is protected by the Deposit Insurance and Credit Guarantee Corporation.
Loss takes analysts by surprise, as they were expecting the bank to post a net profit of Rs 19 billion.
The Indian banking system's latest record on wilful defaulters shows Rs 62,970 crore, or around 10 per cent increase, in the additional amount outstanding since the pandemic began. The total outstanding amount increased to Rs 6.85 trillion in June from Rs 6.22 trillion in December 2019, shows a Business Standard analysis of numbers from the TransUnion CIBIL database. India recorded its first case of Covid-19 in January 2020.The amount outstanding to wilful defaulters had touched a post-pandemic peak of Rs.7.6 trillion in December 2020 (or Rs 1.4 trillion more than pre-pandemic levels).
Banks will need more funds, as they have to provide more capital.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
Arundhati Bhattacharya talks about SBI's strategies, its aim to be among the top 30 banks globally, and stressed assets resolution.
The country's biggest bank SBI on Wednesday posted a 55 per cent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by decline in bad loans. The lender had reported a net profit of Rs 4,189.34 crore in the April-June quarter of 2020-21. State Bank of India's (SBI) standalone total income increased to Rs 77,347.17 crore in the first quarter of 2021-22 as against Rs 74,457.86 crore in the same period a year ago, according to regulatory filing.
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
'Ultimately, people will revolt at one time or the other.' 'You cannot feed the public with cultural issues forever.'
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
