The Bombay high court on Monday granted interim bail for two months on medical grounds to Jet Airways founder Naresh Goyal, who has been arrested by the Enforcement Directorate (ED) in a money laundering case. A single bench of Justice N J Jamadar said Goyal shall pay a surety of Rs 1 lakh and not leave Mumbai without prior permission from the trial court. "The applicant (Goyal) shall be released on interim bail for a period of two months. He shall abide by all conditions imposed," the bench said.
Canara Bank, celebrating its centenary year, is eyeing operations in South Africa, north America and the Middle-East as part of its overseas expansion plans, its chairman and managing director M B N Rao said on Thursday.
Mangalore-based Corporation Bank is considering merger of its housing finance arm Corporation Bank Homes with itself.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
Investor interest in banks and real estate companies dipped and these stocks witnessed correction post the policy announcements.
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.
A major reshuffle of top executives in 11 PSU banks is on the cards with the chairmen of Allahabad Bank, Corporation Bank, Syndicate Bank, Union Bank of India and Vijaya Bank slated to retire between March-July 2006.
As many as 20 public sector banks, including big ones like Canara Bank, Bank of Baroda and Union Bank, have failed to achieve the annual farm sector lending target till November, 2009.
Amid stiff competition from private and foreign players, the country's 27 public sector banks logged 35 per cent growth in profit at Rs 16,546 crore (Rs 165.46 billion) while their bad assets fell below 3 per cent during 2003-04.
While govt banks are offering lower rates, private lenders are dangling higher loan-to-value proposition.
Banking PSU stocks made a brave comeback on Monday after succumbing to losses Friday following the Union Budget's ignoring a long-standing demand by the sector on FDI limits.
After upgrading India's foreign currency debt rating, Moody's Investor Service on Wednesday upgraded the foreign currency deposit, debt and issuer ratings for 11 Indian banks and financial institutions.
Indian Bank plans an initial public offer in July 2004 to raise capital for funding its expansions, its chairman Ranjana Kumar said on Tuesday.
Commemorating 75 years of India's independence, SBI has launched a 75-day Utsav Deposit Scheme, offering 6.10 per cent for fixed deposits. Senior citizens will get an additional 0.50 per cent and the offer is on until October 30, SBI said.
Finance Minister Arun Jaitley on Saturday proposed to infuse Rs 7,940 crore funds next fiscal in the public sector banks.
Bank stocks took a hammering today as the Centre said it was not in its policy to take back its equity from public sector banks at par value.
The septuagenarian, who turned teary-eyed, submitted that he misses his wife Anita very badly and said she is in the advanced stage of cancer, according to court records.
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
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The finance minister also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
The candidate will be expected to have at least two to three years of remaining service.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
A panel headed by RBI Governor selects PSU bank chiefs.
Reserve Bank of India on Thursday said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks. As of February this year, about Rs 35,000 crore of unclaimed deposits were transferred to RBI by public sector banks in respect of deposits which were not operated for 10 years or more. "In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs," RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year.
On BSE, 1,469 shares fell and 1,200 shares rose. A total of 190 shares were unchanged.
Govt renews search for five PSU bank chiefs; norms relaxed.
Canara Bank's CMD RK Dubey tries to dispel students' doubts on eligibility criteria, methods of loan repayment and more.
Quarterly earnings, global trends and trading activity of foreign investors will drive stock markets in this holiday-shortened week, analysts said. It will be a trading holiday on January 22, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram Temple in Ayodhya. Equity markets would also remain closed on Friday for Republic Day.
According to RBI sources, some banks had extended credit to existing borrowers to repay their debt, known as evergreening of loans in banking parlance.
In May, MFs were the net sellers in several PSUs, as they deployed Rs 47,600 crore in equities during the month.
PSU bank stocks held the market's attention in morning trades on Tuesday as there's much anticipation that the Union Budget for 2003-04 may bring about the raising of foreign holding ceiling in these banks.
Some of the public banks showed improvement; much more still needs to be done
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
The probe into selections for banks such as Bank of Baroda and Canara Bank followed the arrest of Syndicate Bank CMD S K Jain for alleged graft.
Amit A Shah holds a stake in 180 listed entities, according to data disclosed in his election affidavit.
It won't be easy for the banking sector to better its performance every quarter, predicts Tamal Bandyopadhyay.
