For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
The IPO is an offer for sale of 38 million shares by SBI, BOB, LIC, PNB and T Rowe Price. Barring T Rowe and PNB, the others are selling stake to comply with Sebi norms.
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
The bank manager clarified to him that the currency was genuine and there might have been a printing error.
Bankers seem to be pleased with the government for keeping its promise of not interfering in operational matters, but are apprehensive about the intense scrutiny of their functioning.
There is a huge gap in service charges on other factors such as penalty on cheque return.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
Finance Minister Arun Jaitley on Sunday said the government is planning to bring down its stake in public sector banks to 52 per cent so as to meet Rs 3 lakh crore capital requirement.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
You cannot do much to ensure that the documents banks take from you before giving a loan do not get damaged
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
The Garhwal region collectively has deposits worth Rs 2,100 crore and advances worth Rs 1,000 crore.
Given that it is only a temporary breather for PSBs, the government now needs to look at the harder options.
Many from this small lender have made it to other bank boards over the past 5 years
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
The cumulative loss of 20 state-run lenders stood at Rs 14,000 crore during Q4
Vijay Mallya left India on March 2, presumably for London.
While its deposits from Iran accounts have come down from a peak of around Rs 25,000 crore to Rs 2,200 crore, it's been offset by the bank receiving almost Rs 24,000 crore in deposits post note ban.
Analysts say loan growth, Casa ratio and exposure to sectors under pressure did not indicate any stress at United Bank.
Individual banks should break away from the industry pact and have their own settlements with the unions, recommends Tamal Bandyopadhyay.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
In the past few months, 45 companies have signalled their intent to raise money through the institutional placement route.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy. Here are his replies to some of the 'buy, sell, hold, avoid or exit?' e-mails that we have received.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
Public sector lender Bank of Baroda on Thursday said it was targeting to increase business by almost 50 per cent to Rs 300,000 crore (Rs 3000 billion) by 2010, while also expanding international operations and acquiring banks overseas.
This is following revival of demand from the corporate sector and small and medium enterprises (SMEs), even as a nascent economic recovery is taking shape. Credit growth of scheduled commercial banks had accelerated to 9.2 per cent year-on-year (YoY) by the end of December 2021 after breaching the 7 per cent-mark in November, for the first time since April 2020.
As a percentage contributor to nominal GDP, PFCE's share was 60.1 per cent in FY23, compared with 59.6 per cent and 60.8 per cent in the two preceding fiscal years. "Although PFCE is expected to grow 7.7 per cent in FY23, we believe it is still short of a broad-based recovery. "The current consumption demand is highly skewed in favour of goods and services consumed largely by the households falling in the upper income bracket. "A broad-based consumption recovery, therefore, is still some distance away," said Sunil Kumar Sinha, principal economist with India Ratings.
It would be a difficult task for the Indian economy to reach the $5-trillion mark a year before the International Monetary Fund (IMF) projection of 2026-27. Pankaj Chaudhary, minister of state for finance, said in the Rajya Sabha on Tuesday that the government is taking steps to make the country a $5-trillion economy at a date earlier than the IMF's projection. In that context, it would not be difficult to meet the projection in the third quarter of FY27.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
Banks are in need of government support to manage the stressed assets
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
According to RBI sources, some banks had extended credit to existing borrowers to repay their debt, known as evergreening of loans in banking parlance.
Mallya is separately fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crore
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
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