Two straight years of less than 5 percent economic expansion have led to a surge in bad loans for Indian lenders.
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
The finance minister also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
For state-run lenders, the average NPAs shot up to 14.5 per cent, with IDBI Bank, UCO Bank and Indian Overseas Bank having their NPAs at above 25 per cent.
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
In an extensive exercise to track overseas bank accounts of Indians and round-tripping of funds, top investigating agencies in the country are gathering actionable intelligence on chartered accountants, brokers, legal firms and professionals involved in these areas.
Overseas Indians deposited around $4 billion in non-resident Indian (NRI) deposit schemes in April - June FY25, up 79 per cent over the amount deposited in these schemes in the same period last year, data released by the Reserve Bank of India (RBI) on Monday showed. In April - June FY25, inflows into the NRI schemes stood at $3.95 billion, compared to $2.21 billion during the same period a year ago. With this, the total outstanding NRI deposits as of June stood at $155.71 billion.
In February, Indian companies had invested $1.66 billion overseas.
Leading US-based money changer Western Union on Wednesday announced a strategic tie-up with Indian Overseas Bank to provide money transfer service to Indian diaspora.
Based on the current momentum, the funds likely to be raised through the RBI's relaxed window would be $3.5 billion-$4 billion.
Cash-strapped Indian carriers are finally finding money to finance expansion plans or merely fund operations. State-owned Air India is set to receive a $1 billion (Rs 49,000 crore) loan and Naresh Goyal-promoted Jet Airways is close to striking a deal for a Rs 500-crore loan from Indian Overseas Bank.
Currently, non-residents visiting India are not allowed to take out any Indian currency while leaving the country.
'We face the risk of remaining a low-income country for a very long time unless something changes in the next few years.' 'Instead of constantly talking about becoming a developed economy, we need to start fixing the problems of the economy one by one.' 'There is so much potential, and we are squandering away the opportunity.'
Borrowers can move civil courts to stall recovery proceedings as they have few other choices.
Public sector banking major Indian Overseas Bank on Wednesday launched an Internet-based online remittance product 'e-Cash Home', providing a fast channel for the United States-based non-resident Indians to remit money back home.
All three agreed to have the proceedings heard in English and each of them nodded that they understood the charges of first-degree murder and conspiring to murder Nijjar, the report said.
Corporate bond issuances fell by around 22 per cent in August, despite easing yields as issuers delayed raising funds awaiting the US Federal Reserve to start cutting interest rates from this month. Corporates and financial institutions expect yields to fall further and borrowing costs to become cheaper, said market participants. The US Fed is widely expected to cut interest rates by 25 bps in the 17-18 September meeting, marking the start of a downward interest rate cycle.
As many as 142 stocks from the S&P BSE500 index are currently trading below their level of May 12, 2014
Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, US-based short seller Hindenburg Research claimed citing media report - a charge that the conglomerate vehemently denied. In a post on X, Hindenburg cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021."
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.
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.
Overall Indian companies issued guarantees worth $1.21 billion, extended loans worth $291 million and pumped in equities worth $319 million.
'Does 99 percent guarantee character and capacity for an independent awareness of life or does it make you -- barring exceptions -- a compliant careerist beholden to governments and corporations?' 'What kind of political and social choices would such minds make?' asks Shyam G Menon.
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.
The Reserve Bank of India (RBI) has allowed the opening of nine special vostro accounts with two Indian lenders - Uco and IndusInd Bank - to facilitate overseas trade in rupee, Commerce Secretary Sunil Barthwal said on Tuesday. Apart from the domestic lenders, Russia's two largest banks - Sberbank and VTB Bank - are the first foreign lenders to have received approval from the central bank for settling international trade transactions in rupee. "Nine accounts have been opened. One each in Uco Bank, Sberbank, and VTB and six with IndusInd Bank. There are six different Russian banks who have opened special vostro account in IndusInd," Barthwal said.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
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.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Govt renews search for five PSU bank chiefs; norms relaxed.
The fund will promote domestic shipbuilding of all types and sizes to reduce India's dependence on foreign ships.
New investors should gradually build a 5 to 10 per cent allocation to gold.
Share rises further to 73 per cent from 66 per cent last year; Some overseas i-banks seen scaling down operations
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
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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
