The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
The Kolkata-based firm already has a presence in 22 states with over 2,000 branches and 5.9 million borrowers.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
These PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.
Delhi Finance Minister Atishi on Monday announced the 'Mukhyamantri Mahila Samman Yojana' for the 2024-25 fiscal, under which Rs 1,000 will be given monthly to women aged above 18 from the fiscal year 2024-25.
Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
The case is linked to an alleged fraud of over Rs 512 crore in a Panvel-based cooperative bank.
All-women bank to take wings across states.
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Ananthasubramanian, 55, started her career in 1982 at Bank of Baroda as a specialist officer in the planning stream.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
There would be no retrenchment of employees and that their services conditions would also not be affected post merger.
Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
Did you know that women can avail for a loan of upto Rs 20 crores to set up a manufacturing business?
We do not expect any major price action at SBI counter as the swap ratio being largely neutral
The government on Tuesday appointed SBI's senior-most managing director Dinesh Kumar Khara as the chairman of the the country's largest lender. He replaces Rajnish Kumar, who completed his three-year term on Tuesday.
The mergers will not involve any cash but only share swaps
Employee integration and branch rationalisation are major challenges.
It will be headed by Secretary, Department of Financial Services.
Mergers to create at most six state banks
The idea of the payment banks is to provide access to banking for people, especially in rural areas.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
As the raids were completed, the I-T team took two managers of the distillery located at Sutapada to an unknown location for interrogation, they said.
The operating income of the bank fell by 5.17 per cent to Rs 25,612 crore during April-June quarter of 2017-18
All shares held by SBI in the five associate banks will stand cancelled after merger.
'Consolidation was part of the Indradhanush package.'
Loan rates will change at the next reset, while deposit rates will continue till maturity.
Rajnish Kumar was on Wednesday appointed the new chairman of the largest public sector bank, State Bank of India (SBI), replacing Arundhati Bhattacharya who completes her one-year extended term on Friday.
Experts hail 2014 as the worst year for banks.
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
'The global situation is not very good.'
Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks.
The need to allow government shareholding in public sector banks to come down below 51 per cent
With the advent of new banks, IT firms will get boostto their businesses.
The 57-year-old Bhattacharya, front-runner for the post on account of years of service left, was managing director and chief financial officer of the bank prior to her elevation.
According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
21 banks have launched United Payments Interface application.
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