The government has set a growth target of 20 per cent for banks both in the credit and deposit segments in the current fiscal.
The apex bank is scheduled to announce the quarterly review of its annual monetary policy on January 29, when it is widely expected to hike the cash reserve ratio or the percentage of amount banks park with the RBI to absorb excess money from the system.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
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The Reserve Bank on Monday warned lenders against outsourcing their credit processing activities to third-party entities.
The Adani group, buoyed by a sharp recovery in its share prices over the past year, is set to embark on a series of roadshows this week to raise up to $4 billion (approximately Rs 33,254 crore) through equity and refinancing of older debt, according to banking sources. The roadshows, scheduled to take place in major cities, will inform investors about the group's investment plans across renewable energy, petrochemicals, and infrastructure development.
NTPC was to open letter of credit in favour of RIL for an amount equivalent to a month's supplies.
State Bank of India hinted at lowering lending rates to retail customers.
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
The pay rise at Barclays Capital is expected to be backdated to June this year as the bank looks to compensate its staff following the bonus crackdown.
An Indian-origin Thai banker will have to return to Thailand to face charges of embezzling USD 88 million (Rs 4,130 million) after the Supreme Court of Canada on Thursday refused to hear his appeal against an earlier extradition order.
The meeting between Cabinet secretary K M Chandrasekhar and heads of banks along with representatives of chambers will be held at a time when almost 50 per cent of PSU banks have reduced their benchmark lending rates effective from Thursday. Prime Minister Manmohan Singh had said there is scope for further cuts in interest rates in his meeting with industrialists last week.
Growing business opportunities fuelled by a robust economy and an increasing number of private equity investors are prompting investment bankers to quit their jobs and turn entrepreneurs.
Gaurav Deepak has raised funds for about 100 new-age entrepreneurs.
G20 finance ministers meet in London on Friday to chart the next steps out of the global economic crisis, with calls to curb bankers' bonuses as part of beefed-up financial market rules topping the agenda.
While inflation has stayed in the negative territory for past several weeks, analysts are wondering whether the interest rates have bottomed out with signs of economic recovery.
A revival in investment is likely to be a key near-term initiative.
Reserve Bank Governor D Subbaro on Tuesday said there is scope for banks to lower lending rates further, but most top bankers maintained that interest rates will remain the same in the near term and could even rise after 3-4 months.
In the quarterly review of its annual monetary policy on Tuesday, the central bank is also likely to lay out a more clear roadmap to conduct the government borrowing programme in a smooth manner and may hike the GDP and inflation forecast for FY'10, they said. To arrest the slowdown in the economy by stimulating demand the apex bank has trimmed its CRR to 5 per cent, repo and reverse repo rates to 4.75 per cent and 3.25 per cent respectively since October last year.
The possibility of key policy rate cut is not bright as industrial output grew by 6.8 per cent in January against just 2.5 per cent in the previous month.
Jet is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.
In January, banks had rejected SBI Caps' initial proposal on Air India's debt recast, which suggested converting a part of the carrier's debt into cumulative redeemable preference shares, with an eight per cent dividend.
Mallya's comments came a day after country's largest lender, State Bank's Chairman O P Bhatt said that rising levels of stressed assets may push up defaults in the domestic banking system and banks need to enhance their risk management mechanisms to tackle the issue. However, BoB has a comfortable liquidity position and has its NPA levels under control, Mallya said, adding, "the bank has adequate headroom to raise capital but did not have any immediate plans to do so."
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
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Swiss banking professionals under the agies of the Swiss Bankers Association met the Reserve Bank of India officials on Wednesday to discuss areas of cooperation. They also apprised the Indian banking regulator about the steps that Swiss authorities had initiated to implement stringent anti-money laundering laws.
While bankers and experts expect the lending rate to fall by about one percentage point in the near-term, the Prime Minister's Economic Advisory Council has strongly pitched for rate cut by the RBI in its monetary policy review later in the month.
Top bankers on Wednesday exuded confidence that Raghuram Govind Rajan, who today took over as the 23rd Governor of the Reserve Bank, has the intellectual prowess to wade through the present difficulties facing the economy and wished him all success for the stint at Mint Road.
In a surprise move, the Reserve Bank on Wednesday left the repo rate unchanged at 7.75 per cent, while the cash reserve ratio too is retained at 4 per cent.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
Officials from 22 banks made representations before the minister and his panel about the industry expectations from the next financial budget.
Bankers on Thursday said the status quo in the monetary stance of the Reserve Bank is largely on expected lines taken after considering the tight liquidity situation and overall cooling inflation numbers.
Head of state-run Indian Bank T M Bhasin had called for a CRR cut.
The event that was inaugurated by five-time world champion Viswanathan Anand will have 11 rounds before the best player in the under-20 category can be determined in both sections.
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
Bankers said on Friday interest rates are likely to be stable in the short term as the liquidity position in the country is comfortable. "Interest rates look stable for the time being... at least till April," O P Bhatt, chairman of State Bank of India, told reporters on the sidelines of Finance Minister P Chidambaram's meeting with bankers in New Delhi.
With the Nifty50 surging past the 20,000 mark, the markets are experiencing a spate of initial public offerings (IPOs) with four issues set to raise over Rs 4,673 crore this week. Another quartet, cumulatively worth Rs 3,000 crore, is expected to launch next week. Companies like RR Kabel, SAMHI Hotels, Zaggle Prepaid Ocean Services, and Yatra Online are set to hit the primary market this week, while Signature Global, Updater Services, Sai Silks (Kalamandir), and Vaibhav Jewellers are slated for next week. This flurry of activity is driven by multiple factors including buoyant market conditions, increased demand for IPOs, and specific rule on the disclosure of quarterly financials.
