In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
New investment projects announced in the manufacturing sector declined in the three months ended June 2023. The value of new projects was lower than in the March quarter, as well as the year-ago period, shows data from project tracker the Centre for Monitoring Indian Economy (CMIE). The new project announcements worth around Rs 85,000 crore in the manufacturing segment in June were a 48 per cent decline from the Rs 1.6 trillion in March and a 66 per cent decline from the Rs 2.5 trillion seen in June 2022.
Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
Banks were the frontrunners on the bourses early today as investors were deeming their valuations offered a chance for appreciation. \n\n
Banking PSU stocks made a brave comeback on Monday after succumbing to losses Friday following the Union Budget's ignoring a long-standing demand by the sector on FDI limits.
The meeting will review annual financial performance of public sector banks, credit offtake in the economy, priority sector lending and progress made under various social sector schemes, including Atal Pension Yojana (APY) and Pradhan Mantri Jan Dhan Yojana.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
Amul's move is being seen by many, especially opposition parties, as a threat to KMF's famed dairy brand 'Nandini'.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
The Reserve Bank of India (RBI) will maintain the policy repo rate at 6.5 per cent during its upcoming June 8 announcement, considering the easing of retail inflation in April and the potential for further decline, indicating the effectiveness of previous policy rate actions, anticipate experts. Headed by Reserve Bank Governor Shaktikanta Das, a meeting of the six-member Monetary Policy Committee (MPC) is scheduled for June 6-8. The decision of the 43rd meeting of the MPC would be announced on Thursday, June 8.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to a Right to Information query filed by Pune-based activist Vihar Durve.
Punjab National Bank, Bank of Baroda, Bank of India and Canara Bank already charge their customers a levy for failing to maintain a minimum balance for a quarter or a month.
The broader NSE Nifty reclaimed the key 10,000-mark and touched a high of 10,143.50 before finally settling at 10,130.65
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
Some of the public banks showed improvement; much more still needs to be done
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
Bank stocks took a hammering today as the Centre said it was not in its policy to take back its equity from public sector banks at par value.
The financial position of India's public sector banks (PSBs) has deteriorated sharply over the past financial year.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
Shares of Adani group firms have faced heavy drubbing since Tuesday's close last week, after US-based short seller Hindenburg Research made damaging allegations against the conglomerate. Most of the group firms fell for the third day running on Monday. Since Tuesday's close last week, shares of Adani Transmission have tumbled 41.66 per cent, Adani Total Gas tanked 39.57 per cent, Adani Green Energy declined 37.55 per cent and Adani Ports fell 23.75 per cent on the BSE.
Investment growth moderated slightly in the economy during the first quarter (Q1) of the current financial year (2023-24, or FY24), notwithstanding the front-loading of capital expenditure (capex) by the Centre. This was also the case despite a pick-up in demand during the period after two dismal consecutive quarters. Although growth in gross fixed capital formation (GFCF), representing investment, fell to a five-quarter low of 7.96 per cent, the comparison with the first two quarters of the previous year is a bit askew due to the low year-on-year (Y-o-Y) base of those periods.
The mergers will not involve any cash but only share swaps
The meeting is expected to chart a road map for cleaning up their balance sheets and boost credit flows, reports Somesh Jha.
The broader Nifty ended on top of 9,800 again.
The government-appointed Satyam board had recently said that it secured Rs 600-crore (Rs 6-billion) bank loans, which would help it fulfil its immediate fund requirements. The lender's board, which met on January 23 to take a call on the IHFL sale, had deferred the decision, citing the need for more information about prospective buyers.
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.
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
PSU bank stocks are witnessing hectic activity these days and are now among the top traded stocks on the bourses.
Top corporates have paid more advance tax in second quarter this year.
Talking about home loan rates, there is good news for borrowers.
Did you know that your home insurance covers valuables in bank locker?
PSU bank stocks held the market's attention in morning trades on Tuesday as there's much anticipation that the Union Budget for 2003-04 may bring about the raising of foreign holding ceiling in these banks.
Many are now cheaper after stock splits. But look at key parameters
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
Rediff.com's A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in one month since demonetisation.
A head of its meeting, the Reserve Bank of India (RBI) can take some solace from the softening food commodity prices. However, the events surrounding the last few weeks show that the fall may not be uniform across all commodities, and cereals like wheat and rice could be the outliers. A Reuters report said that local wheat prices jumped to a record Rs 23,547 per tonne on Wednesday. That is a 12 per cent rise from the recent lows that followed the government's surprise ban on exports on May 14.
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
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