News for 'Central Bank of India'

Banks forced to offer inflation-beating FD rates

Banks forced to offer inflation-beating FD rates

Rediff.com28 Feb 2023

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.

Ashoka University founders step down from board after CBI probe

Ashoka University founders step down from board after CBI probe

Rediff.com7 Jan 2022

Ashoka University co-founders Vineet Gupta and Pranav Gupta, who were booked last week by the Central Bureau of Investigation in a Rs 1,600 crore fraud case, on Thursday stepped down from all boards and committees of the varsity.

New-age firms make it to Amfi's large-cap list

New-age firms make it to Amfi's large-cap list

Rediff.com7 Jan 2022

Start-ups Zomato, PB Fintech, One97 Communications, and FSN E-Commerce Ventures have entered the large-cap category after the latest reclassification exercise by the Association of Mutual funds in India (Amfi). This comes despite stocks such as PB Fintech (Policybazaar) and One 97 Communication (Paytm) trading below their issue price. Others such as Mindtree, SRF, IRCTC, Tata Power, JSW Energy have been moved from mid-cap to large-cap category.

12 PSBs Post Profit Of Rs 256.85 Billion

12 PSBs Post Profit Of Rs 256.85 Billion

Rediff.com14 Dec 2022

Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.

Term Deposits: Banks Must Offer Higher Rates

Term Deposits: Banks Must Offer Higher Rates

Rediff.com14 Nov 2022

That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.

Centre should privatise all PSBs, except State Bank of India: NCAER

Centre should privatise all PSBs, except State Bank of India: NCAER

Rediff.com12 Jul 2022

The Centre should privatise all public sector banks (PSBs), except the State Bank of India (SBI). This is because private banks have emerged as a credible alternative to PSBs with substantial market share. Also, government ownership hinders the ability of the Reserve Bank of India (RBI) to regulate the sector, according to a report by the National Council of Applied Economic Research (NCAER).

Govt to infuse Rs 14,500 crore in 4 banks, issue recapitalisation bonds

Govt to infuse Rs 14,500 crore in 4 banks, issue recapitalisation bonds

Rediff.com1 Apr 2021

Zero-coupon bonds don't give out interest but are issued at a deep discount to the face value, making it difficult to ascertain the net present value.

BOI drags Future Retail to insolvency tribunal NCLT

BOI drags Future Retail to insolvency tribunal NCLT

Rediff.com14 Apr 2022

Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. Besides, Bank of India (BOI), the lead banker of a consortium of banks that lent money to Future Retail Ltd (FRL), also suggested the insolvency tribunal appoint Vijay Kumar V Iyer as the interim professional of the company. Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the "process of taking legal advice".

Govt takes first step towards bank privatisation

Govt takes first step towards bank privatisation

Rediff.com6 Oct 2021

The government is set to initiate consultations with the Reserve Bank of India (RBI) to devise a new security clearance framework for screening potential bidders of public sector banks (PSBs) as it kick-starts the privatisation process, beginning with the strategic divestment of IDBI Bank. As the government is moving ahead with strategic divestment of IDBI Bank and is looking to privatise two PSBs, the Department of Investment and Public Asset Management (DIPAM) is looking to put in place an appropriate framework as the potential buyers will have to meet the RBI's fit and proper criteria, said an official. The process of bank privatisation would be different from the sale of any other public sector undertaking (PSU), and more restrictions and measures will have to be put in place, the official said.

When Will Banks End Customer Harassment?

When Will Banks End Customer Harassment?

Rediff.com30 Aug 2022

The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.

Banks Made Profits of Rs 1.57 Trillion!

Banks Made Profits of Rs 1.57 Trillion!

Rediff.com13 Sep 2022

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.

ED arrests MP CM's nephew in bank loan fraud case

ED arrests MP CM's nephew in bank loan fraud case

Rediff.com20 Aug 2019

Ratul Puri, already under probe scanner of the agency in the AgustaWestland VVIP chopper case, has been arrested by the Enforcement Directorate in connection with a Rs 354 crore bank loan fraud case.

India's 2022 GDP growth downgraded to 4.6%

India's 2022 GDP growth downgraded to 4.6%

Rediff.com24 Mar 2022

India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.

Airlines send out SOS as loans dry up, fuel prices hit record high

Airlines send out SOS as loans dry up, fuel prices hit record high

Rediff.com24 Mar 2022

Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.

Revealed: Our Banks' Financial Health

Revealed: Our Banks' Financial Health

Rediff.com12 May 2022

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.

CBI raids 169 sites nationwide in Rs 7k cr bank frauds

CBI raids 169 sites nationwide in Rs 7k cr bank frauds

Rediff.com5 Nov 2019

The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.

What Rise In Interest Rates Means For Banks

What Rise In Interest Rates Means For Banks

Rediff.com9 Jun 2022

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.

Govt infuses Rs 10,882 crore in four PSBs

Govt infuses Rs 10,882 crore in four PSBs

Rediff.com31 Dec 2018

The government has already announced infusion of Rs 10,086 crore in Bank of India, Rs 5,500 crore in Oriental Bank of Commerce and Rs 2,159 in United Bank of India.

Banks can sell Mallya's properties, shares worth Rs 5,646 cr

Banks can sell Mallya's properties, shares worth Rs 5,646 cr

Rediff.com3 Jun 2021

Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.

Rs 411 cr loan defaulters flee India, SBI complains after 4 years

Rs 411 cr loan defaulters flee India, SBI complains after 4 years

Rediff.com9 May 2020

According to the complaint filed by SBI, the account had become non-performing asset on January 27, 2016.

Govt seeks to infuse Rs 20,000 cr in public sector banks

Govt seeks to infuse Rs 20,000 cr in public sector banks

Rediff.com14 Sep 2020

This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.

11 govt banks don't have a chairman!

11 govt banks don't have a chairman!

Rediff.com14 Sep 2021

The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.

Stocks You Must AVOID or EXIT

Stocks You Must AVOID or EXIT

Rediff.com26 Apr 2022

Ajit Mishra, vice president, Research, Religare Broking, answers your queries.

How Banks SURPRISED India

How Banks SURPRISED India

Rediff.com2 Sep 2021

If the earnings in the first quarter of the current financial year are an indication, most banks, particularly those majority-owned by the government, have fared well, reveals Tamal Bandyopadhyay.

Yes Bank biggest lender to loan defaulter Cox & Kings

Yes Bank biggest lender to loan defaulter Cox & Kings

Rediff.com6 Mar 2020

Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.

Central Bank not to hike rates now

Central Bank not to hike rates now

Rediff.com27 Jan 2011

State-run Central Bank of India on Thursday said Reserve Bank of India's credit policy initiative has increased pressure on interest rates.

HELP Satish Achieve His Dream

HELP Satish Achieve His Dream

Rediff.com29 Jun 2021

The one thing holding back the plucky youngster who has never hesitated to plunge into unknown territory, is funds

NUE: 6 in fray for digital payments licence

NUE: 6 in fray for digital payments licence

Rediff.com10 Mar 2021

The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.

Profits: Govt banks ahead of private banks

Profits: Govt banks ahead of private banks

Rediff.com24 Jun 2021

Not all public sector banks are back in the black, but their collective net profit for the year is Rs 32,346 crore against a Rs 9,013 crore loss in the previous year, points out Tamal Bandyopadhyay.

The little-known company that's buying up distressed telcos

The little-known company that's buying up distressed telcos

Rediff.com24 Jan 2020

UV Asset Reconstruction Company Ltd has made the highest bid of Rs 16,000 crore to buy Anil Ambani group's Reliance Communications and Reliance Telecom, which are in the National Company Law Tribunal (NCLT). Last year it was the highest bidder for taking over Aircel's assets for an upfront payment of Rs 150 crore. Surajeet Das Gupta and Dev Chatterjee dig deeper to find out more about this little known company.

Central Bank tops list of highest NPAs among PSU banks

Central Bank tops list of highest NPAs among PSU banks

Rediff.com5 Apr 2015

Central Bank of India's 21.5 per cent assets are either bad or have been restructured.

Nationwide strike hits banking services of PSBs on Day 1

Nationwide strike hits banking services of PSBs on Day 1

Rediff.com15 Mar 2021

Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.

Maytas exposure Rs 49 cr: Central Bank

Maytas exposure Rs 49 cr: Central Bank

Rediff.com17 Feb 2009

Central Bank of India said on Tuesday it has an exposure of Rs 49 crore (Rs 490 million) to Raju-family owned Maytas and is 'willing' to lend to Satyam Computer Services if the company approaches it with a viable proposal. Central Bank of India has a total loan book of Rs 81,000-crore (Rs 810 billion), out of which nearly 27 per cent was contributed by its corporate portfolio.

Govt infuses Rs 3,800 cr in 3 banks

Govt infuses Rs 3,800 cr in 3 banks

Rediff.com11 Feb 2009

Under the recapitalisation package Central Bank of India will get Rs 1,400 crore (Rs 14 billion), while UCO Bank and Vijaya Bank will get Rs 1,200 crore (Rs 12 billion) each, home minister P Chidambaram told reporters after the Cabinet meeting in New Delhi. Under the recapitalisation package Central Bank of India will get Rs 1,400 crore (Rs 14 billion), while UCO Bank and Vijaya Bank will get Rs 1,200 crore (Rs 12 billion) each.

Airlines seek easier loan restructuring norms

Airlines seek easier loan restructuring norms

Rediff.com4 Jan 2021

For any airline to be eligible for restructuring, the current ratio has to be equal to or higher than 0.4, while 'debt to Ebitda' has to be equal to or less than 5.5.

Govt to infuse Rs 28,615 crore in 7 PSBs soon

Govt to infuse Rs 28,615 crore in 7 PSBs soon

Rediff.com27 Dec 2018

Out of these seven PSBs, Bank of India is likely to get the highest amount of Rs 10,086 crore, followed by Oriental Bank of Commerce, which might get Rs 5,500 crore through recapitalisation bonds

Don't rush to buy public sector bank stocks

Don't rush to buy public sector bank stocks

Rediff.com5 Feb 2018

Though most experts remain bullish on the banking space, they suggest investors buy only those banks whose NPAs are at a manageable level of 3% to 4% and there is credit growth or earnings visibility.

PSU bank strike called off

PSU bank strike called off

Rediff.com21 Feb 2007

Employees of public sector banks on Wednesday withdrew their proposed strike on Friday, called to protest the cases filed by the management of Central Bank of India against its employees for going on strike last month.

RBI removes 3 more banks from PCA framework

RBI removes 3 more banks from PCA framework

Rediff.com27 Feb 2019

After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.

Rs 43,000 cr! That's how much banks didn't pass on to borrowers

Rs 43,000 cr! That's how much banks didn't pass on to borrowers

Rediff.com20 Nov 2020

The RBI, which has no interest or mechanism to get feedback from bank customers, is unaware of this. If made aware, it remains silent, proving that it has no problem in allowing lenders to short-change its customers, says Debashis Basu.