The amounts were transferred from HDFC Bank to BoB.
...to fund the revenue gap. Of the gross market borrowing of Rs 14.13 trillion estimated for FY25, Rs 7.5 trillion, or 53 per cent, is planned to be borrowed in the first half.
More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, are likely to apply to the Reserve Bank for licence to open banks.
Do not go for riskier options like co-operative bank only for the higher return. Even if you go for them, park only a small portion of your capital there, say Tinesh Bhasin and Sanjay Kumar Singh.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
There would be no retrenchment of employees and that their services conditions would also not be affected post merger.
The telecom regulator on Friday released a list of 40 "defaulter" principal entities, including large banks like HDFC Bank, SBI and ICICI Bank, that are not fulfilling the regulatory norms on bulk commercial messages despite repeated reminders. Hardening its stance on the issue, the Telecom Regulatory Authority of India (TRAI) warned that defaulting entities should comply with the stipulated requirements by March 31, 2021 "to avoid any disruption in the communication with customers" from April 1, 2021. "As sufficient opportunity has been given to principal entities/ telemarketers to comply with the regulatory requirements and that the consumers cannot be deprived of the benefits of the regulatory provisions any further, therefore it has been decided that from April 1, 2021, any message failing in the scrubbing process due to non-compliance of regulatory requirements will be rejected" by the system, TRAI said in a statement.
Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.
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.
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.
The Indian economy is likely to post better than anticipated growth in the second quarter (July-September) owing to robust urban consumption and expansion in services, a Business Standard analysis of high-frequency indicators showed. While gross domestic product growth in the September quarter is expected to come below the 7.8 per cent print in the June quarter due to a favourable base fading, analysts say the print will be much closer to 7 per cent than the 6.5 per cent anticipated earlier. While the Reserve Bank of India (RBI) had estimated 6.5 per cent growth for July-September, last month Governor Shaktikanta Das said the growth figure would surprise on the upside.
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.
Banking PSU stocks were being drubbed today following reports that the Centre may charge a premium on returned equity by these banks.
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.
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.
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.
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.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
The mutual fund (MF) industry had an action-packed 2023 as it tackled the scrapping of tax benefits for debt fund investors and surging flows into equity funds.
Ananthasubramanian, 55, started her career in 1982 at Bank of Baroda as a specialist officer in the planning stream.
An executive director of a bank could, for example, be elevated to the post of chairman of a different bank.
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.
Banks are also weighing the option of hiring experts for help in specialised areas.
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.
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.
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.
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).
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 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.
The review will help all the banks find if there is any loophole.
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.
NPA problem to continue for next 2-3 quarters: banks to FinMin
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.
'Most of the bot attacks have originated from outside India.' 'Our firewalls are resilient and withstood the attacks.'
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.
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
'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.
Why banks are going hammer and tongs behind defaulters.
