The Indian banking system's latest record on wilful defaulters shows Rs 62,970 crore, or around 10 per cent increase, in the additional amount outstanding since the pandemic began. The total outstanding amount increased to Rs 6.85 trillion in June from Rs 6.22 trillion in December 2019, shows a Business Standard analysis of numbers from the TransUnion CIBIL database. India recorded its first case of Covid-19 in January 2020.The amount outstanding to wilful defaulters had touched a post-pandemic peak of Rs.7.6 trillion in December 2020 (or Rs 1.4 trillion more than pre-pandemic levels).
As ATMs hold huge amounts in cash and criminals use them to get to customers' cards and PIN data, electronic security is crucial
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
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 order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
It is Finance Minister P Chidambaram's meeting with leaders of public sector bank unions that averted the three-day bank strike proposed from March 28.
Rising bad loans continued to haunt public sector banks (PSBs) in the March 2016 quarter.
'Entering India is exciting, but it's also challenging. You have to be prepared for long-term investment.'
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
The government is looking to give Bharat Global Ports a certain amount of domestic exposure after it set up the state-owned consortium to increase India's global maritime heft, officials aware of the development said. The intended domestic exposure is meant to give the consortium experience and build its credentials for international projects.
The IPO wave of 2025 is here, and it's bigger than ever. From fintech unicorns to financial powerhouses and infrastructure giants, some of India's biggest names are all set to make their stock market debut. PhonePe, Zepto, Tata Capital, NSE, NSDL, and JSW Cement are just a few of the highly awaited listings that have investors and analysts buzzing with excitement.
When AS-15 became operative in 2006, the initial estimate for additional pension provisioning was estimated at Rs 6,000 crore. However, the latest wage revision may bring in an additional 275,000 bank employees who opted for PF. Banks may also provide for the pension liabilities of 65,000 employees who have retired but have been seeking resort to the defined pension scheme since 1996. This will require additional provisioning of Rs 6,000 crore.
Public sector banks on Monday announced that home loans up to Rs 5 lakh (Rs 500,000) would be given at a maximum interest rate of 8.5 per cent, while those between Rs 5 lakh and Rs 20 lakh (Rs 500,000 and Rs 2 million) would be offered at 9.25 per cent.
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.
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
Six nationalised banks, including Canara Bank and Bank of Baroda, on Wednesday signed an agreement with Indian Railways for setting up more than 700 ATMs at railway stations across the country.
The Centre may overshoot the Rs 56,260 crore target for dividend receipts from central public-sector enterprises (CPSEs) set for FY25 and is likely to end up getting around Rs 65,000 crore this financial year, according to a senior government official. This excludes dividend from nationalised banks and financial institutions. As on October 21, the Centre collected Rs 28,913 crore as dividend and other investment from CPSEs, accounting for over 50 per cent of the Budget Estimate for FY25.
The decisions come within 24 hours of the home loan package offered by public sector banks. Chennai-based Indian Bank reduced interest rates of domestic term deposits of Rs 1-5 crore (Rs 10-50 million) by 150-25 basis points across various maturities.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
The health of Indian banks continued to improve in 2021-22 with their balance sheet growing at double digits after a gap of seven years and their asset quality and capital position bettering, the Reserve Bank of India (RBI) said in its annual report on trend and progress of banking in India. At the same time, the banking regulator flagged the issue of slippages from restructured accounts. "Going forward, it is imperative that banks ensure due diligence and robust credit appraisal to limit credit risk," the report said.
The Delhi Commission for Women has issued a notice to Indian Bank seeking withdrawal of its new recruitment guidelines which prevents a woman, who is three or more months pregnant, from joining service.
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
The Indian financial system's asset quality improved despite the pandemic, but it could be due to special dispensations by the regulator, and banks would likely see increased stress on their books once the schemes expire. According to the annual trend and progress report of the Reserve Bank of India (RBI) released on Tuesday, the data available for this financial year so far indicate that banks' bad debts have moderated while provision coverage ratios (PCRs), capital buffers as well as profitability indicators have improved relative to pre-pandemic levels.
At least 13 candidates are in the race for the position of managing director and chief executive officer (MD & CEO) of Punjab National Bank (PNB), the second-largest public sector bank (PSB), according to multiple sources familiar with the matter. "Among the candidates, some are executive directors (EDs) and managing directors in major PSBs. "Financial Services Institutions Bureau (FSIB) will conduct the interviews next month," said a source.
Gross non-performing assets of public sector banks surged to 9.32 per cent (Rs 4.76 lakh crore) of advances in 2015-16, from 5.43 per cent (Rs 2.67 lakh crore) in 2014-15.
With an expected earnings growth of 15 per cent, benchmark index Nifty 50 may hit 24,500 level by December 2024 and move further to surpass the level of 26,500 by December 2025, Emkay Investment Managers said on Tuesday. The 50-share Nifty settled at 22,888.15 on Tuesday. In the previous day, it hit a new lifetime peak of 23,110.80.
The evolving RBI-government relationship, a reversal in the interest rate cycle and return to profitability will dominate bankers' conversation this year, says Tamal Bandyopadhyay.
Public sector banks have asked the Centre to intervene as talks with bank unions for allowing half of their employees a second chance to opt for pension instead of provident fund have reached a deadlock.
Given that it is only a temporary breather for PSBs, the government now needs to look at the harder options.
Banks may approach the government to further strengthen the Securitisation Act, which apparently got diluted with the waiver of a provision requiring defaulters to deposit 75 per cent of the loan
Never before has the need for creating an ambience for economic policy reforms been as critical as it is now, points out A K Bhattacharya.
The post of chairman and managing director has been split and the government has appointed managing directors and chief executive officers in four banks -- Indian Overseas Bank, United Bank of India, Oriental Bank of Commerce and Vijaya Bank.
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
Many high-profile IPOs in India since 2021 have destroyed investor wealth due to overvaluation, weak business models, and post-listing disinterest, turning 1 lakh investments into as little as 3,500.
