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.
It's time to re-examine government's role as owner of banks,
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
Reduce the government stake in public sector banks to 33 per cent, recommends A K Bhattacharya
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.
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
State Bank of India is also expected to tap the markets this year
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
It's mid-morning and the two-kilometre stretch from Rashbehari Avenue to Gariahat Market is bustling with activity. Dotted with saree shops and hawker stalls that sell everything, from hairpins, hangers and towels to hosiery, mobile phone covers and kurtas, this is one of South Kolkata's busiest shopping areas. And it is beginning to wake up to the Paytm crisis.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
RBI will make a presentation on January 24 before the panel on the state of NPAs and stressed loans.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
The Nafed has outstanding dues of Rs 224.26 crore (Rs 2.24 billion) as of February 15.
If a name does not unify the three, there could be continued clash of identities, which could splinter the brand even before it takes shape, say Abhijit Lele and Nikhat Hetavkar.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
'The PCA framework was revised and tightened in April 2017, but there was no discussion in any board meeting. The government does not know the rationale behind revising the framework and how the RBI arrived at it. Similarly, there was no discussion in the board meeting on the revised NPA framework,' said an official.
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
Y H Malegam, 80, will head the panel that will look into non-performing bank assets and their relation to the Rs 114-bn PNB scam.
The public feels there is a mismatch between what the prime minister says and what happens on the ground, but Narendra Modi continues to enjoy public support.
The services sector, which plays the biggest role in shaping the economy, is facing loads of issues currently. The largest segments, financial and real estate, are struggling to cope with bad debts and low demand for houses.
More than 1,000 independent directors have quit since January 2017; more could be on their way out
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
The bills were passed by voice vote.
Liquor baron Vijay Mallya, facing a case of loan default of over Rs 9,400 crore, is all set to be expelled from the Rajya Sabha as Chairman Hamid Ansari on Tuesday turned down his resignation on procedural grounds.
Vijay Mallya, facing a case of loan default of over Rs 9,400 crore, on Monday resigned from Rajya Sabha.
In her judgment handed down at the Royal Courts of Justice in London, Justice Ingrid Simler concluded there are "substantial grounds" to believe that the 48-year-old fugitive diamantaire would fail to surrender as he does possess the means to "abscond".
'The Modi government has been taking credit for improvement in respect of the ease of doing business in India.' 'But when I look at the scams I cannot help feeling that it is too easy to do business with banks in India, if one is a Harshad Mehta, Vijay Mallya or Nirav Modi and their tribe,' says former Union home secretary Madhav Godbole.
A glance back at some of the important ups and down Indian Inc faced in 2018.
Indians want change and progress. They should be willing to accept tough decisions, says Sanjeev Nayyar.
Farm loan waivers should not be regarded as expenditure but as incentive and investment, argues B S Raghavan, the distinguished civil servant.
For his 60th birthday in December, which he called his third 20th birthday, Mallya flew in Enrique Iglesias to perform at his villa overlooking the beach in Goa.
A look at few gurus who have attracted controversy in recent times.
A look at few gurus who have attracted controversy in recent times.
Aadhaar-related schemes and the Aadhaar Act exist on the assumption that Right to Privacy is not a Fundamental Right.
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