Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
"We will be guided by our national interest," he said.
They need to have 15 years of mainstream banking experience
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
The Reserve Bank of India's move to raise ceiling on NRE rupee deposits have prompted IDBI, Union Bank of India and Yes Bank to increase interest rates on fixed deposits of non-resident Indians.\n\n
The government is believed to have approved the proposal of granting tax benefits to IDBI in the first five years after its conversion into a bank to ensure that it continues its development financing role.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
IDBI Bank, UTI Bank, Citibank and Standard Chartered Bank on Wednesday came together to launch an independent shared automatic teller machine network, covering six million cardholders in 100 cities of India.
The government will soon come up with detailed guidelines for private banks including hike in the foreign holding from 49 to 74 per cent and allowing foreign banks to set up subsidiaries in the country.
The Industrial Development Bank of India will start its retail banking operation with 100-odd branches from April this year, its chairman M Damodaran said in New Delhi on Tuesday.
Half a dozen stocks from the large-cap universe and over two dozen from the mid-cap universe have been replaced.
IDBI bank is to be merged with Industrial Development Bank of India in the ratio of 142:100 (every 142 shares of bank for 100 shares of IDBI), with the government holding a majority stake in the merged entity.
Price has been fixed at Rs 85.3cr
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
The special court on Monday rejected Kingfisher's plea challenging ED's claim that Rs 430 crore (Rs 4.3 billion) was siphoned off and used to acquire properties abroad.
RTI activist Anil Galgali had asked SBI about the total amount of loans given to the beleaguered businessman.
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.
'He came back from the US only to work for his country.' 'He has invested his fortunes to build this company and is married to his work.' 'Rarely does one see such commitment.'
These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
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.
Global liquidity expected to continue amid ECB stimulus
