The rally followed the govt's plan to bolster state-owned lenders.
This call comes even as both RBI as well as the government are fighting high inflation, driven by a massive jump in vegetable prices since mid-December with unseasonal rain affecting crops.
Describing its choice as a "vote for the future", a distinguished four-member jury selected State Bank of India (SBI) Chairman Om Prakash Bhatt as Business Standard's Banker of the Year for 2006-07.
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.
Many banks are contemplating to set up additional counters for withdrawal to meet the rush
HDFC Bank becomes first Indian lender to develop mobile banking app for Apple's latest offering in India.
Each of the larger states may need less than Rs 10,000 crore each to finance the exercise.
Uniform NPA classification proposed; Kingfisher, Winsome Diamonds among top 3 in finance ministry's top-50 defaulters list
Arundhati Bhattacharya, chairman of country's largest lender State Bank of India said demonetisation of high value notes won't be a problem as the bank has done it before.
For the first time ever, a Chinese bank has topped the world's top banks' ranking.
ICICI Bank edged past foreign banking majors Citibank and Standard Chartered Bank to emerge as the best retail bank in India, according to the latest issue of 'Asian Banker Journal'.
Water projects firm Vishnu Prakash R Punglia, the 20th company to launch its IPO in the current year, saw its shares closing at a 47 per cent gain over its issue price on Tuesday. Such a huge one-day pop is considered rare; however, it has become the norm this year. The average listing-day gain for these 20 IPOs in 2023 is 34 per cent, and their average gain to date stands at 46 per cent.
India's largest cement firm, Ultratech Cement, has joined the race to acquire the Holcim stake in Ambuja Cements and its subsidiary, ACC. UltraTech - part of the Aditya Birla Group - submitted a non-binding bid on Wednesday. Swiss multinational Holcim, which manufactures building material, is exiting India by selling its 63.19% stake in Ambuja Cements. According to banking sources, UltraTech has submitted a plan to Holcim, outlining divestiture details that would meet the norms set by anti-trust body Competition Commission of India.
By the end of March 2022, only 2,140 million pieces of Rs 2,000 denomination currency notes were in circulation, or 13.8 per cent of the total value of notes.
With the Swiss government showing eagerness to help India trace suspected black money hoarders, banks based in Switzerland appear to be losing traction among the wealthy Indian clients and could not get much business commitments during the just-ended WEF summit.
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.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
While appreciating the role of public sector banks (PSBs) in protecting the economy against the global economic turmoil, Finance Minister Pranab Mukherjee today assured them that the government would continue to support them.
How much will the banks' bad assets grow in March? It could be anywhere between Rs 1.2 trillion and Rs 2 trillion, observes Tamal Bandyopadhyay.
The bank wanted to run a background check on some Indian promoters.
Despite markets turning volatile, share sale activity at India Inc has surged to its highest level in five months. So far in March, promoters, strategic investors and other large shareholders have been able to offload shares worth more than Rs 33,000 crore-the most since November-defying uncertain market conditions. Both the Sensex and the Nifty are on course to post their fourth straight monthly loss amid headwinds, such as interest rate tightening by the US Federal Reserve and the global banking crisis.
The 14-year political journey of Trinamool Congress leader Mahua Moitra has encountered both upheaval and elevation, as her expulsion from Parliament in a cash-for-query case marked the culmination of her tumultuous parliamentary term.
While Gupta, 60, can rightfully bask in the glory he has achieved for his bank in the subcontinent, his peers in foreign banks will have to revisit their India play, especially the local incorporation model, says Raghu Mohan.
The central bank may hike CRR by 50 bps; some economists expect a rise in policy rates too.
Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.
The RBI wants to include shares and options within the variable salary of the CEOs, proposed to be capped at 200 per cent of their fixed salary; the floor for it is 50 per cent.
The central bank gave 11 entities licences to start payments banks.
The CBI and ED are keeping a close eye on several bank accounts.
The central bank has nine executive directors, and one of them -- S Karuppasamy -- retired recently. R Gandhi, who was executive director, has now been promoted to the post of deputy governor.
The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
By piling more pressure on governments, central banks risk not accomplishing much and yet provoking a political backlash that could threaten their independence.
Banks will also consider requests from MSMEs for restructuring their stressed standard assets. So far, only 25 per cent of the around 1 million eligible MSMEs have taken benefit of the RBI's special dispensation.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
Telecom department says spectrum can't be used as collateral because it's government property
Bankers have suggested that the Reserve Bank of India lower the statutory liquidity ratio and the cash reserve ratio as the present liquidity crunch is affecting their business. During the mid-term resource management discussion with the RBI team led by Deputy Governor Rakesh Mohan, the country's top bankers said the tight liquidity condition was pushing up the cost of funds and putting further pressure on margins.
HSBC is likely to raise up to Rs 2,450 crore (Rs 24.50 billion) by selling its stake in Axis Bank and YES Bank, said senior bankers familiar with the development.
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