The Oriental Bank of Commerce has tied up with Infosys and Wipro for centralised banking solutions to provide customers with "anywhere anytime" services.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
Oriental Bank of Commerce is drawing up a 'Vision Plan 2010' for becoming a global player in five years after consolidating its position in India.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
The integration process of Global Trust Bank with Oriental Bank of Commerce would be completed by June 2006, its chairman and managing director B D Narang said.
After upgrading India's foreign currency debt rating, Moody's Investor Service on Wednesday upgraded the foreign currency deposit, debt and issuer ratings for 11 Indian banks and financial institutions.
Oriental Bank of Commerce on Friday said its profit will dip this fiscal due to acquisition of the ailing Global Trust Bank and hinted at another round of voluntary retirement scheme to cut excess flab.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
Oriental Bank of Commerce will retrain the staff of Global Trust Bank to enable them to carry out lending activities at branch level and attain three times more business from the acquired unit.
In a move that could provide succour to existing customers of troubled Global Trust Bank, its acquirer Oriental Bank of Commerce said on Monday that lending rates would eventually come down in line with the PSU bank.
Sending a clear directive to Global Trust Bank employees to triple their business, its acquirer Oriental Bank of Commerce has set a growth target of 30 per cent for the combined entity at about Rs 80,000 crore (Rs 800 billion) this fiscal.
OBC, the buyer of GTB, said equity-holders will not get any value for their holdings now and can expect some relief only after 12 years if the troubled bank is left with any surplus value.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
The finance minister was speaking after launching the maiden IDF scheme of IIFCL Mutual Fund in New Delhi on Tuesday.
Banking PSU stocks were being drubbed today following reports that the Centre may charge a premium on returned equity by these banks.
PSU bank stocks are witnessing hectic activity these days and are now among the top traded stocks on the bourses.
Bank stocks took a hammering today as the Centre said it was not in its policy to take back its equity from public sector banks at par value.
Banking PSU stocks made a brave comeback on Monday after succumbing to losses Friday following the Union Budget's ignoring a long-standing demand by the sector on FDI limits.
After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.
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.
Banks were the frontrunners on the bourses early today as investors were deeming their valuations offered a chance for appreciation. \n\n
Heeraben Modi, who had to use the help of a wheel chair and other people to reach the bank, exchanged Rs 4,500.
Moody's has revised to positive the outlook on the long- term ratings of private sector lenders
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
PNB has rich experience in the integration of commercial banks.
The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring "avoidable expenditure" on "purchase of staff cars", "refurbishment of guest houses" and on the interior decoration of administrative and back offices.
The banking regulator is seeking an early exit mechanism for private banks under Prompt Corrective Action.
Banks are also weighing the option of hiring experts for help in specialised areas.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances