An obscure Indian bank has been an unlikely beneficiary of Western sanctions against Iran, handling billions of dollars from frozen oil payments that boosted its interest margins, but is now having to prepare itself for life after the windfall.
Oriental Bank of Commerce, which acquired Global Trust Bank last year, has filed 30 first information reports against GTB defaulters to recover Rs 1,300 crore (Rs 13 billion) of bad loans.
Bankers see stable interest rates in near future but are worried about the spiralling global oil prices that is exerting pressure on domestic prices and exchange rate.
A retirement fund can be helpful for all age groups, but ideally one should start investing early to beat market swings and gain from compounding.
Oriental Bank of Commerce is set to carry out a major manpower restructuring especially at the acquired Global Trust Bank unit, after it gets a report from National Institute of Bank Management.
Central Bureau of Investigation is probing 10 companies, which have defrauded the erstwhile Global Trust Bank, which became sick due to mounting bad debts of over Rs 1,400 crore (Rs 14 billion) and was taken over by Oriental Bank of Commerce in 2004.
The Oriental Bank of Commerce has tied up with Infosys and Wipro for centralised banking solutions to provide customers with "anywhere anytime" services.
Oriental Bank of Commerce will shortly hire an international consultant to restructure and integrate the failed Global Trust Bank with itself by this fiscal end.
After consolidating its foothold in south India through the acquisition of Global Trust Bank, Delhi-based Oriental Bank of Commerce.
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.
Despite the uncertainties created by rising bond yields and oil prices, fund managers have been proactively deploying fresh flows into the equity market. The cash available with equity fund managers, which has remained lower at around 5 per cent in the past few months, hit a 16-month low of 4.8 per cent in September, shows a Motilal Oswal Financial Services report. Cash holdings in equity schemes had topped 6 per cent in February amid subdued equity market sentiment.
The CBI has initiated the action on the complaint of Bank of Baroda, which was a member of consortium led by Bank of India, which had approached the agency fearing that Kothari may flee the country like Nirav Modi and his uncle Mehul Choksi.
Ramalingam Kalirajan explains the pros and cons of both investment types.
The Securities and Exchange Board of India has found no insider trading in the shares of erstwhile Global Trust Bank before its merger with Oriental Bank of Commerce.
Shonkh Technologies International said on Tuesday its dealings with erstwhile Global Trust Bank did not involve any criminality on its part.
Deposit rates for non-resident Indians may rise following Tuesday's rate hike by the US central bank Federal Reserve and due to the impact of forthcoming India Millennium Deposit redemptions worth over $7 billion, bankers said on Wednesday.
With the merger of erstwhile Global Trust Bank starting to yield rich dividends, Oriental Bank of Commerce aims to grow its business to Rs 90,000 crore (Rs 900 billion) this fiscal and trim non-performing assets to 0.5 per cent. \n
'The biggest festival of democracy is here! EC has announced the 2024 Lok Sabha election dates. We, the BJP-NDA, are fully prepared for elections'
At 11.58 am IST, the Sensex is up 59.24 points or 0.47% at 12682.52, and the Nifty up 8.10 points or 0.22% at 3665.4.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
The top court said a considerable amount of direct control is exercised by the client over the manner in which an advocate renders his services during the course of his employment.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
Tata Steel, SBI, L&T and Sun Pharma advanced 2-5% each.
'Valuations of midcaps and smallcaps have reached very high levels, and hence to that extent leave little margin of safety.'
Independence Day was celebrated across states and Union territories on Thursday, as several chief ministers announced job schemes while some others vowed their support for Prime Minister Narendra Modi's vision of a Viksit Bharat by 2047.
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
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.
About one-fourth of the Indian population is without pension coverage and only 13 per cent of the country's paid employees are under formal pension arrangement, a survey has found.
The markets opened in the positive terrain after seeing a flat close yesterday
The finance minister was speaking after launching the maiden IDF scheme of IIFCL Mutual Fund in New Delhi on Tuesday.
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.
