This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
Interrupting a two-month streak of decline, outward foreign direct investment (FDI) rose sequentially to $1.85 billion in July over $1.07 billion in June, an increase of 73 per cent. However, it was lower than the $2.18 billion in July last year, according to the Reserve Bank of India data. Outbound FDI, expressed as financial commitment, has three components - equity, loans, and guarantees.
Restoring the bank to its former glory will be the top priority for Vijayalakshmi Iyer, the seasoned banker who took over as chairperson and managing director of the Mumbai-based bank last month.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
Banking PSU stocks were being drubbed today following reports that the Centre may charge a premium on returned equity by these banks.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
A top-class board is important from a systemic point of view, more so at a time when the wider financial world and India Inc is chasing the same talent as banks.
Go First's lenders have agreed in principle to support the airline's request for Rs 400 crore interim funding to restart its operations. The airline temporarily halted operations on May 2, and its insolvency plea was admitted by the National Company Law Tribunal (NCLT) on May 10. On Wednesday, the airline's resolution professional Shailendra Ajmera submitted a business plan and a request for over Rs 400 crore funding to airline's committee of creditors (CoC).
Record liquidity infusion by the central bank in the banking system during the financial year 2020-21 amid sluggish economic activity resulted in banks investing more in safe government papers than in extending loans, data from Reserve Bank of India (RBI) showed. This trend has not been seen in nearly two decades, barring 2016 - the year of demonetisation.
Ananthasubramanian, 55, started her career in 1982 at Bank of Baroda as a specialist officer in the planning stream.
Banks are also weighing the option of hiring experts for help in specialised areas.
An executive director of a bank could, for example, be elevated to the post of chairman of a different bank.
'Most of the bot attacks have originated from outside India.' 'Our firewalls are resilient and withstood the attacks.'
Bank unions - officers and workmen - had buried their differences and sat across the table on August 29 to work out a fresh deal with the IBA involving a 20 per cent wage hike.
Six nationalised banks, including Canara Bank and Bank of Baroda, on Wednesday signed an agreement with Indian Railways for setting up more than 700 ATMs at railway stations across the country.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
In December last year, the finance ministry had asked five state-run banks -- Punjab National Bank, Canara Bank, Union Bank of India, Bank of Baroda and Bank of India -- to explore merger opportunities in the banking industry.
The review will help all the banks find if there is any loophole.
NPA problem to continue for next 2-3 quarters: banks to FinMin
Ishan Kishan did not want to see his performance as a tool to prove a point to his detractors.
Global rating agency Fitch has upgraded its support ratings for several Indian banks, including ICICI Bank, HDFC, Punjab National Bank, Canara Bank, Bank of India and IDBI among others.
Moody's Investors Service has changed the outlook for the long-term foreign currency deposit ratings of a number of Indian banks -- currently rated Ba2 -- from 'negative' to 'stable' for India.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
Stocks such as ICICI Bank, Axis Bank, State Bank of India, Bank of Baroda and HDFC Bank are among the top banking picks of analysts for 2017. A decline in cost of funds and treasury gains are expected to help stabilise their net interest margins
An improved showing of mutual funds (MFs) is helping the industry attract distribution talent at a brisk pace. The industry has onboarded a net of 11,600 individual distributors in the first seven months of 2023-24 (FY24) compared to just 5,555 distributors in the whole of 2022-23 (FY23), according to data from the Association of Mutual Funds in India. Like most financial products, MFs also have significant reliance on individual distributors to sell their products, even as digital platforms are gaining popularity.
India's outward Foreign Direct Investment (FDI) nosedived to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year, indicative of the slowdown in the global economy, according to the Reserve Bank of India (RBI) data. The outward FDI expressed as the total financial commitment, has three components, namely equity, loan and guarantees. The sharp contraction in the commitments (outward FDI) was prominent in the April-June 2023 period.
BofA Merrill also upgrades its price objectives for private banks, retaining ICICI Bank Ltd as its top pick, and HDFC Bank Ltd and Axis Bank Ltd as its 'preferred' names.
Half the stocks in the Nifty 100 index have seen a reduction in their target price by analysts this year due to fears of lacklustre earnings growth and uncertain economic environment. Adani Green Energy, FSN E-Commerce (Nykaa), Adani Ports & SEZ and Indus Towers are among the companies that have seen the maximum cut in TPs during the first three months of calendar 2023, shows Bloomberg data. On the other hand, Canara Bank, JSW Steel and Bank of Baroda have seen the highest increase in TPs.
Why banks are going hammer and tongs behind defaulters.
The decision was taken at the State Bank of India headquarters in Mumbai on Monday when the top managements of the lenders met.
The Interim Budget for 2024-25 (FY25) to be presented on February 1 is likely to assume 10-10.5 per cent nominal gross domestic product (GDP) growth against 8.9 per cent estimated for FY24 by the National Statistical Office (NSO). "We were waiting for the First Advance Estimates GDP numbers for FY24. "We will finalise the nominal GDP growth assumption for FY25 Interim Budget in a couple of days.
Sources close to the bank said non-executive and non-independent director Ajai kumar had been recommended for the interim CEO role.
MCA blamed its financial troubles on non-receipt of payments from the Board of Control for Cricket in India for the last 10 months.
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
It's been bright times for banking sector stocks, ever since the passage of the Securitisation Act in November 2002.
