As many as 142 stocks from the S&P BSE500 index are currently trading below their level of May 12, 2014
Overall Indian companies issued guarantees worth $1.21 billion, extended loans worth $291 million and pumped in equities worth $319 million.
Indian Overseas Bank has posted a net profit of Rs 1169.52 million for the quarter ended December 31, 2002 as compared to Rs 455.71 million in the quarter ended December 31, 2001.
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country's largest lender in a statement said it has not been identified as the nodal bank for handling Russia-related transactions. In July, the Reserve Bank of India (RBI) allowed banks in India, including SBI, to open an SRVA to promote invoicing in Indian rupee, subject to certain safeguards. Accordingly, the bank in a statement said it is "making necessary arrangements and processing requests received from various banks, including Russian banks", following guidelines laid out by the RBI.
As many as 126 deals were carried out in which borrowers raised the money through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), according to the data released by RBI.
The candidate will be expected to have at least two to three years of remaining service.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
The government is planning to introduce legislative changes to the Foreign Exchange Management Act (Fema) regulations, with a focus on easing the pathway for inflows from a foreign portfolio investor to transition seamlessly into foreign direct investments (FDI) once the FPI surpasses the 10 per cent ownership threshold in a company. This move stems from multiple requests by foreign investors seeking to streamline the reporting requirements that arise when their stakes in Indian firms cross the 10 per cent mark.
The Mumbai police have registered an FIR against former city Bharatiya Janata Party youth wing president Mohit Kamboj and two others on charges of cheating, an official said on Wednesday.
Public sector Indian Overseas Bank on Monday announced 0.50 per cent hike in benchmark lending rate to 14 per cent with effect from August 16, but spared housing loans up to Rs 30 lakh and education advances from the increase.
Share rises further to 73 per cent from 66 per cent last year; Some overseas i-banks seen scaling down operations
Reliance Industries (RIL) is likely to be the lone bidder for Mangalore-based JBF Petrochemicals, which is up for sale after defaulting on bank loans worth Rs 5,000 crore. The lenders for the second time extended the deadline for submission of bids, which had ended on August 20, as several players, including public sector companies, were redrawing their acquisition plans, said people in the know. "There were several companies which had submitted their expressions of interest (EoIs) for the company but after due diligence decided to exit the race," said a source close to the development. "The new deadline for submitting financial offers is August-end," the source said.
Govt renews search for five PSU bank chiefs; norms relaxed.
Rishabh Pant, Shreyas Iyer, K L Rahul and Arshdeep Singh headline the top bracket of elite players at the IPL mega auction.
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
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.
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
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.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
Some lenders in talks with LIC for pvt placement
Indian Overseas Bank, which is coming out with its public offering of Rs 10 crore (Rs 100 million) equity shares of Rs 10 each on September 5, would concentrate more on retail lending in a big way, a senior bank official said on Tuesday.
Asset quality stress has ballooned recently, as growth slowed and interest rates continued to rise.
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Bank stocks have underperformed in the second quarter of FY'14 with the BSE Bankex declining 18 per cent compared to fall of 1 per cent in the BSE 30-stock index, Sensex, during this period.
Chennai-headquartered Indian Overseas Bank has launched a five-year tax saving deposit scheme at an interest rate of 8.15 per cent per annum.
The government may delay Rs 14,000 crore (Rs 140 billion) fund infusion in the public sector banks in view of volatile market conditions.
The capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
Indian Overseas Bank on Tuesday announced interim dividend of 12 per cent to its shareholders and a reduction of 0.5 per cent in its primary lending rate, taking it to 11 per cent.
Even under the RTI response, all public sectors banks have washed their hands of any responsibility.
A senior IDBI Bank official allegedly conspired with businessman Vijay Mallya for sanction and disbursement of loan to the latter's Kingfisher Airlines, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. Mallya is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the CBI. The Central agency had recently filed a supplementary chargesheet before a special CBI court.
SBI is the third state-run lender to lower the lending rates after Indian Overseas Bank Tuesday and Bank of Maharashtra which also lowered their loan prices by 5 bps on loan tenors of one year and above, effective April 10.
Indian Overseas Bank will shortly open 'representative offices' in UAE, Malaysia, China and Canada, subject to the approval of the board and the Reserve Bank of India, S C Gupta, managing director, IOB, said on Saturday.
This is the first tranche of capital infusion for the fiscal and more funds would be provided in future depending upon the performance of PSU banks.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
Analysts, however, said the timing of the infusion was good.
Indian Overseas Bank will hit the capital market on September 5 with its Rs 240 crore (Rs 2.4 billion) public offer priced at Rs 24 per share, its chairman S C Gupta said in New Delhi on Friday.
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.
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