Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
ICICI Bank, IDBI Bank, SBI and Canara Bank collectively hold 18.12 per cent equity in RGPPL, which operates the plant.
The Central Vigilance Commission has penalised 130 government employees for their alleged involvement in corruption. Of these, 29 were Syndicate Bank officials, nine each were from Canara Bank and Punjab National Bank, eight from State Bank of India, seven from Bharat Coking Coal Limited and six each from State Bank of Bikaner and Jaipur and Life insurance Corporation of India Limited.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Investor interest in banks and real estate companies dipped and these stocks witnessed correction post the policy announcements.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
One hundred and thirty officials of different government departments were slapped with major penalty by the Central Vigilance Commission for their alleged involvement in corruption.
'The people who stay with us were not born orphans; they have been abandoned.'
According to experts, 'Lakshmi' and the logo 'Godesses Lakshmi' have a lot of value in India and are the biggest driver for the Bank. Retaining the Lakshmi name and logo will help DBS.
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.
116 doctors treating COVID patients in Bihar have succumbed to the disease. The family of only one doctor has received compensation.
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.
With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75 per cent as against the 7 per cent earlier
Out of the 12 executive directors announced on Wednesday, five will fill vacancies with immediate effect, while the remaining will be promoted as and when posts are vacant.
The candidate will be expected to have at least two to three years of remaining service.
From India, Reliance Industries is the only one in the overall top-200 list and is followed by HDFC Bank at 209th, ONGC at 220th, Indian Oil at 288th and HDFC Ltd at 332nd place.
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.
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.
Sources said HDFC Bank and Canara Bank would act as clearing houses. DSE had completed the demutualisation process in 2007 by selling 55 per cent stake to investors.
Govt renews search for five PSU bank chiefs; norms relaxed.
'Start-ups that generate a majority of their income in India are likely to opt for an Indian listing.'
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
T R Narayanaswamy and K C Chackraborty have taken charge as chairmen respectively of Indian Overseas Bank and Indian Bank.
Bank officials said police constable Ghanshyam Shyora entered the Canara Bank's Saroli branch on Monday in plain clothes and asked female employee Santoshi Kumari to print his passbook.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
Rating agency Moody's has placed 13 Indian banks, including State Bank of India, ICICI Bank and Punjab National Bank, on watch for possible downgrade under a global review of systemic support available for the banking sector.
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.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
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.
State Bank of India has agreed to lend Vodafone-Essar, the joint venture between United Kingdom's Vodafone and Essar, Rs 10,000 crore to finance the company's entry into 3G (third generation) telecom services and expansion of its broadband operations.
The company has four lenders -- State Bank of India, IDBI, ICICI and Canara Bank. According to the Reserve Bank of India norms, these loans would be declared as NPAs if the project is not financially restructured by March 31, 2009. The restructuring exercise includes a 50 per cent hike in the tariff for sale of power from the project, to be allowed by the Central Electricity Regulatory Commission. The project is expected to become viable after this.
Almost all public sector banks, barring a handful such as Punjab National Bank, Bank of India and Canara Bank, are in line to get recapitalisation finance from the government over the next 24 months.
Seven public sector entities including the Life Insurance Corporation and State Bank of India on Friday submitted expressions of interest to the Pension Fund Regulatory and Development Authority
Analysts attribute the surge to a host of factors, particularly the interest shown by the retail investors in these two market segments.
Some of the public banks showed improvement; much more still needs to be done
Noting that agreements entered into by banking enterprises with its customers were matters of 'commercial confidence', the Central Information Commission has ruled out disclosure of information pertaining to bank account details under the Right to Information Act.
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.
Bonds/papers of Tata Motors, Reliance, SBI, ICICI and others turn illiquid in international markets.
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