The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
'Every few days, I wake up with a sense of restlessness that time is running out'... 'We have created a due process for stressed assets to resolve, but there is no concrete plan in place for public sector bank balance sheets,' says RBI Deputy Governor Viral Acharya.
For the first time, the Data Security Council of India assembled a joint task force to source threat intelligence at the origin and ensure coordinated action across the cybersecurity spectrum.
The Reserve Bank of India on Friday raised the GDP growth projection for the current fiscal to 7 per cent from 6.5 per cent earlier on buoyant domestic demand and higher capacity utilisation in the manufacturing sector. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das, however, flagged protracted geopolitical turmoil and global economic fragmentation as risks to the growth outlook. The RBI kept interest rates unchanged at 6.5 per cent in Friday's monetary policy statement.
"If IBA does not come out with a solution with regard to our demands within given time-frame of three months ending on May 31, then we will be left with no option but to again adopt agitational path. And this time, we will observe indefinite strike," All India Bank Officers' Confederation (a member of United Forum of Bank Unions) General Secretary Amar Pal said in Chandigarh on Monday during the 8th Triennial General Council meeting.
He said the Finance Minister assured the delegation that the Financial Services Secretary would look into the matter and the settlement process would be expedited.
Even under the RTI response, all public sectors banks have washed their hands of any responsibility.
As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017.
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
The provisions in the FRDI bill do not modify current protections for depositors adversely at all, the ministry held, maintaining that these rather provide additional protections in a more transparent manner.
The central government has asked public sector undertakings to dissuade their employees from participating in the bandh.
'The concern that the bad bank may create a moral hazard for the system is extremely valid.'
The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.
Capital infusion seen necessary for banks to maintain regulatory norms at the time of paying interest towards AT-1 bonds
The ministry has provided bank-wise non-performing assets in housing, commercial real estate , personal loans, among others and has sought corrective action where the bad loans are high. Sources said that last month, the government swung into action and asked for data on delinquency rates from the public sector players which account for two-thirds of the banking business in the country.
There is a reason this 11 year phenomenon is a rule as much as it is an observation. It speaks to the nature of man and what humans are like, explains Aakar Patel.
'Because it is the only public sector company in this sector, currently.'
Most adult Indians should have access to bank deposits, credit and remittance facilities as well as insurance and mutual fund products in the next decade, and technology will play a big role in this transformation, says Tamal Bandyopadhyay.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
Public sector banks together may take a hit of about Rs 2,200 crore (Rs 22 billion) annually if Indian Banking Association succumbs to trade unions' pressure and agrees to hike salaries of staff by 11 per cent this fiscal.
The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader 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.
Modi government's story of five years with regard to equity allocation for PSUs shows that it may have allowed a large part of its resources to be wasted. This is also a worrying reflection of the government's inability to take hard decisions - whether they pertain to privatisation or forcing weak public-sector banks to wind down their operations, says A K Bhattacharya.
Global rating agency Fitch said on Monday that bank credit growth in excess of 13 per cent year on year in FY23 could put pressure on core equity tier ratios (CET1) of banks, especially public sector lenders. It may limit the buffers of Indian banks to absorb potential future losses. Bank credit expanded by 11.5 per cent in FY22. Full-year loan growth for FY23 will represent a modest slowdown from the 17 per cent YoY pace in H1FY23.
The cumulative loss of 20 state-run lenders stood at Rs 14,000 crore during Q4
Ananthasubramanian, 55, started her career in 1982 at Bank of Baroda as a specialist officer in the planning stream.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
More than one-third of this amount (Rs 6,000 crore or Rs 60 billion) is likely to go to the country's largest lender, State Bank of India, while the demand for most other banks is less than Rs 1,000 crore (Rs 10 billion) each.
Public sector Bank of Baroda plans to expand its activities in the United States to meet the needs of expatriate growing Indian community.
Expressing happiness over the growth of the banking sector in the last 10 years, Finance Minister P Chidambaram today described it as a great achievement of the United Progressive Alliance rule.
Central Bank of India's 21.5 per cent assets are either bad or have been restructured.
It's time to re-examine government's role as owner of banks,
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
The finance ministry is considering a proposal by Indian Bank's Association to give post allowance to chairmen and executive directors of public sector banks, a key official said on Tuesday.
The subsidiary will become operational by the end of the second quarter and cater to Indian corporates and expatriates in Malaysia. In the joint venture, BOB will hold 40 per cent stake, IOB 35 per cent, while Andhra Bank will hold the rest 25 per cent. Initial investment is pegged at Rs 405 crore (Rs 4.5 billion).
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
