'When honest, wealthy people come forward to serve India, people should feel proud and welcome them.'
More than 58% of individual housing loans disbursed in 2023-2024 were more than 25 lakh in size.
For FY26, the company has adopted a cautious outlook, anticipating domestic growth to broadly track the industry's low single-digit estimated growth amid ongoing economic headwinds.
The rally in PSBs, analysts feel, was more a knee-jerk reaction to the development, and the actual benefits will start to accrue once the addition takes place in 2024. "The actual benefit for banks from the inclusion in JP Morgan's EM Index will accrue from June 2024 onwards. "Until then, the larger fundamentals of the market will dictate the moves. "Once the initial euphoria subsides, bond markets will look to global cues which may trigger fresh selling," said Siddharth Khemka, head of retail research, Motilal Oswal Financial Services.
The bank has made a budgetary provision of Rs 50-60 crore for the proposed 100 branches. Of these, 50 per cent would be in the northern region. According to B K Mahajan, general manager-HRM, "The Chandigarh region comprising Punjab, Haryana, Chandigarh and Jammu & Kashmir registered a business of Rs 1,904 crore as on March 31, 2009. Of this, deposits stood at Rs 600 crore and advances Rs 1,304 crore."
As banks' chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank tops the chart offering 8-8.50 per cent per annum deposit rate. Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
Tata Sons Ltd, the holding company of the $150 billion Tata group, may be forced to infuse fresh capital into its loss-making telecom arm, Tata Teleservices Ltd (TTSL). This is because TTSL has to pay Rs 19,256 crore adjusted gross revenue (AGR) along with other dues to the central government by March 2026.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
Adani Ports and JSW Infrastructure, India's leading private port operators, are expanding their logistics services to capture extra cargo while they run integrated transport services. "With incrementally less availability of lucrative port assets that can drive cargo volumes, port operators have naturally shifted their focus on deriving value in the upstream integration, i.e., the logistics space.
Shares of state-owned bank stocks were under pressure on Monday due to muted deposit and credit growth numbers reported by these lenders in the October-December quarter (Q3) of 2024-25 (FY25). The Nifty PSU Bank index was down 4 per cent, with Union Bank of India emerging as the biggest loser as its shares fell 7.5 per cent to close at Rs 114.7, followed by a 5.7 per cent drop in shares of Bank of Baroda (BoB) to Rs 228 and a 4.7 per cent slide in shares of Bank of India to Rs 99.8 on the National Stock Exchange.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
From the 30-share Sensex pack, Mahindra & Mahindra, Larsen & Toubro, State Bank of India, Reliance Industries, ICICI Bank and Bajaj Finance were the biggest gainers. JSW Steel and Infosys were the laggards.
'The BJP has killed public anger. They have killed people's self-respect.'
'I am not an aspiration-oriented politician.' 'This is the time to redefine politics.' 'Politics of power is not real politics.'
Securities and Exchange Board of India has given its nod to Bank of Maharashtra's initial public offering for Rs 10 crore (Rs 100 million) new shares of Rs 10 each with premium of Rs 13 per share, slated to hit the market on February 25, 2004.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
Public sector banks (PSBs) have proposed the Finance Ministry their plan to raise Rs 54,800 crore through Additional Tier-1 (AT-1) and Tier-2 bonds in the current financial year (FY25), 37 per cent more than the Rs 39,880 crore raised in FY24
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
Crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank's takeover by the Unity Small Finance Bank (USFBL) came into effect on Tuesday, with the government notifying the scheme of amalgamation. PMC Bank branches will operate as USFBL branches from Tuesday onwards, the Reserve Bank of India (RBI) said in a statement on Tuesday. The takeover comes into force little over two years after the RBI superseded the board of the PMC Bank after financial irregularities came to light.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
'We don't have to compete with Maharashtra or Gujarat. We have to now start thinking about how we compete with the United States or China.'
While acknowledging that they needed strong allies for a chance in the assembly polls, AIADMK cadres seemingly prefer actor-politician Vijay's Tamilaga Vettri Kazhagam to the BJP, owing to the latter's 'communal agenda' and consequent hardline Hindutva image, explains N Sathiya Moorthy.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
A key accused in the infamous PMC bank scam of Maharashtra was caught in Bihar while trying to sneak into Nepal, an immigration official said here on Thursday.
Public sector banks' cumulative profit crossed the Rs 1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results. These 12 PSBs witnessed 57 per cent increase in total profit compared to Rs 66,539.98 crore earned in 2021-22.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
If as critics point out, the environmental impact assessment study was commissioned only after the auction process got underway with not all the stakeholders getting to know of it, then the government has already compromised the trust it could have enjoyed with Kerala's public including its coastal communities, points out Shyam G Menon.
The Supreme Court of India has made public the asset details of its judges, including Chief Justice Sanjiv Khanna who has Rs 55.75 lakh in a fixed deposit, a three-bedroom DDA flat in south Delhi, and a four-bedroom apartment measuring 2,446 square feet in the Commonwealth Games Village. The court has also uploaded the complete process of appointments to the high courts and the Supreme Court on its website for public awareness.
The birth anniversary of Dr Bhimrao Ramji Ambedkar, whose political influence has surged with the passage of time, on Monday was marked by bitter trading of charges between the ruling BJP and opposition parties as they fought for his legacy.
This Women's Day Week, we pay tribute to the extraordinary courage, resilience, and leadership of three iconic Indian queens -- Rani Lakshmibai of Jhansi, Rani Chennamma of Kittur, and Maharani Ahilyabai Holkar of Malwa.
Public sector banks have raked in more profits in the three months ended June on the back of a persistent decline in bad loans and the trend may have a positive bearing on their balance sheets in the coming quarters. In the June quarter, Bank of Maharashtra (BoM) and State Bank of India (SBI) were in the lowest quartile as far as Gross Non Performing Assets (NPAs) and net NPAs were concerned, according to an analysis of the quarterly financial numbers published by the public sector lenders. Cumulatively, all the 12 public sector banks reported a profit of about Rs 15,306 crore in the three months ended June, registering an annual growth of 9.2 per cent. However, leading public sector lenders -- SBI and PNB -- posted lower profits in the June quarter.
States are mandated to develop and implement 'heat HAPs' for prevention of heat-induced diseases. But most do not go beyond standard advisory on heat prevention.
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.
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
Banking on the Budget's tax relief, the BJP seeks to energise Delhi's middle class; the AAP is doing its bit too. But will their outreach mobilise this politically crucial yet disengaged electorate?
The Enforcement Directorate said on Monday that it had conducted search operations at four locations in Mumbai and Delhi as part of its money laundering investigation into an alleged Rs 4,500 crore (Rs 45 billion) fraud by Pancard Clubs Limited and others, in which more than 5 million investors have been duped.
A list of lesser-travelled destinations in India that you must explore this year!
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