Even under the RTI response, all public sectors banks have washed their hands of any responsibility.
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.
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.
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.
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.
'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.'
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.
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.
Rishabh Pant, Shreyas Iyer, K L Rahul and Arshdeep Singh headline the top bracket of elite players at the IPL mega auction.
The Indian Overseas Bank has hiked interest rates on non-resident external term deposits with effect from April 1, 2005.
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
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.
The bank will be responsible for taking the mixed gold to mint and getting it purified.
BPCL and ONGC raised $4.9 billion in 2016-17 against $1.65 billion raised by Reliance
PhonePe said on Tuesday it has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI). 'UPI international' supports merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards.
They easily beat Tisco and Vijaya Bank in the Federation Cup basketball tournament.
Meet to review progress on lending, impact of recent rate cuts and what is being done on NPAs, among other things
It is difficult to say if the banking sector will see the worst behind it by March 2020, warns Tamal Bandyopadhyay.
In another match in the MCC Murugappa hockey tournament, ASC routed Mumbai XI 7-4.
The Aam Aadmi Party dismissed the allegation as "baseless" and claimed it was "another conspiracy hatched by the BJP" to tarnish AAP's image ahead of voting for Lok Sabha seats in Delhi and Punjab.
India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at $1.3 billion or 0.2 per cent of GDP, and the same was $8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
The S&P BSE Sensex dropped 1 points to end at 26,396 and the Nifty50 slipped 2 points to end at 8,109.
Mergers to create at most six state banks
Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
"The nakli Shiv Sena wants to bury me alive. They abuse me in such a way that it will be liked by their favourite vote bank," Modi said.
Since March 31, 2022, the PSBs' market cap has risen 43.7 per cent, from Rs. 7.29 trillion to Rs. 10.47 trillion. It's time for the government, the majority owner of public sector banks, to reap the benefit of the rally in bank stocks, recommends Tamal Bandyopadhyay.
Jasprit Bumrah, Rishabh Pant, Shubman Gill, K L Rahul, Suryakumar Yadav, Hardik Pandya: Who will succeed Rohit Sharma after he retires?
Overseas investment by Indian firms increased by about 59 per cent in May to $3.7 billion, with Gammon, Tata Steel and Religare among the top investors abroad.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
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.
If Hindenburg or its partner do not join the investigation, then Sebi may pass an ex-parte order against it, which may be enforced as a foreign award in US courts.
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
With the Reserve Bank of India rationalising its guidelines, resident individuals now have the freedom to invest in any listed foreign company.
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