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.
It's time to re-examine government's role as owner of banks,
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.
Central Bank of India's 21.5 per cent assets are either bad or have been restructured.
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 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 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 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.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
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%.
Gartner Inc, the research and advisory firm, expects mergers and acquisitions in public sector banks to gain momentum during the next couple of years, as the Indian government is "poised to increase" foreign holding in Indian banks.
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 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.
.jpg)
Banks had a tough time in recovering loans from corporates in 2014.
Ambiguity over interest rate outlook forces lenders to introduce three-month reset clauses.
Monetary transmission has been an issue for the Indian banking sector.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
'Because it is the only public sector company in this sector, currently.'
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the prime minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.
'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.'
Jaitley said the government had earmarked Rs 25,000 crore (Rs 250 billion) for recapitalisation.
GNPAs of public sector banks are now at a staggering 11.2 per cent of their advances.
India-Turkiye ties are strained over Ankara's Islamabad tilt, its arms links with Pakistan, and fallout from the Pahalgam terror attack.
'Slowing down of the economy was mainly due to the demonetisation shock...' 'If you cut off the oxygen supply to a patient in the ICU and the patient dies, the patient does not come alive again when you restore the oxygen supply.'
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Meet to review progress on lending, impact of recent rate cuts and what is being done on NPAs, among other things
The International Monetary Fund (IMF) has slapped 11 new conditions on Pakistan for the release of the next tranche of its bailout programme and warned that tensions with India could heighten risks to the scheme's fiscal, external, and reform goals, according to a media report on Sunday.
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog vice chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... "Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
Kamal has a crisp pen when it comes to writing short and yet powerful film dialogues. But while speaking ex tempore -- and that has been his style -- he looks every bit a confused man, observes N Sathiya Moorthy.
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.
With strong long-term fundamentals, banking sector cannot be completely ignored
Leading Indian public sector banks State Bank of India, Bank of Baroda and Syndicate Bank are close to committing a part of the $3 billion bridge loan that Tata Motors has to raise to finance the acquisition of Jaguar and Land Rover from Ford.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
India's equity markets are on a roller-coaster ride, after delivering spectacular returns for two consecutive years - in 2020 and 2021. The benchmark National Stock Exchange's (NSE's) Nifty50 is down 1.5 per cent in the first nine months of the current calendar year 2022 (CY22) as foreign portfolio investors sold Indian stocks due to rising bond yields in the US and across global markets, including India. The sell-off in the Indian equity markets has, however, not been broad-based and largely limited to sectors facing earnings headwinds from rising interest rates, lower commodity and energy prices, and likely economic recession in advanced economies.
