Sectoral funds, focused exclusively on public sector banks (PSBs), have delivered the strongest returns among domestic mutual fund (MF) categories over the past six months. However, active banking funds have significantly lagged because of their heavy tilt towards private lenders.
Odisha Police's Economic Offences Wing (EOW) has arrested two more individuals in connection with a Rs 9.6 crore bank fraud case, bringing the total number of arrests to six. The accused, Surjit Roy and Sameer Srivastav, were apprehended in Raipur, Chhattisgarh, for allegedly withdrawing funds from the District Mineral Foundation (DMF) trust using forged cheques.
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
Finance Minister Nirmala Sitharaman on Tuesday held a review meeting on credit guarantee scheme with heads of public sector banks, and asked them to expedite loan disbursement under the Rs 3-lakh crore ECLGS for MSME sector, hit hard by coronavirus-induced lockdown. The meeting on Emergency Credit Line Guarantee Scheme (ECLGS) was held through video conference, and the minister appreciated the efforts of banks in execution of the scheme.
Govt renews search for five PSU bank chiefs; norms relaxed.
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.
Finance Minister Pranab Mukherjee will meet chiefs of public sector banks here on Saturday, at a time when industrial growth has decelerated to a 13-month low of 7.1 per cent and interest rates have moved northward.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
The overall debt servicing metrics of Indian corporates are weak.
The meeting with the top officials of public sector banks is scheduled for March 5, a senior finance ministry official told PTI.
The rally followed the govt's plan to bolster state-owned lenders.
The market capitalisation of BSE-listed companies eroded by Rs 9,40,581.75 crore to Rs 4,50,61,658.60 crore (USD 4.90 trillion) in a single day.
'If the markets correct further, PSU stocks could continue to decline.'
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
Finance Minister Chidambaram has summoned chiefs of public sector banks on May 1. This meeting will be held 2 days after the annual credit policy to review their financial performance in 2007-08. The move is being seen in banking circles as a message from the Centre to ensure that the public sector does not take interest rate cues from the central bank alone. Detailed agenda of the meeting has not been circulated. Bankers are waiting for signals from the RBI's monetary policy
The Supreme Court of India has upheld an order directing NBCC to complete 16 delayed housing projects of Supertech Limited, providing relief to thousands of homebuyers who have been waiting for nearly two decades.
The Supreme Court of India has upheld an order directing NBCC to complete 16 delayed housing projects of Supertech Limited, providing relief to thousands of homebuyers who have been waiting for nearly two decades.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
The government will soon finalise a reshuffle of top management teams in the country's leading 11 public sector banks (PSBs), 10 of which are listed on the stock exchanges. They include the country's third largest bank, Canara Bank, and fifth largest bank, Bank of Baroda.
The All India Insurance Employees' Association has opposed the government directive seeking to open up top posts in the state-owned insurers to the private sector, saying this would lead to greater private influence and "eventual privatisation".
The ministry has sought information on posts for which regular recruitment is made; expected parameters for the said posts; subjects for tests; and training modules.
'Those betting against PSUs will likely be punished in this upswing.'
Public sector lenders Canara Bank, Corporation Bank and Allahabad Bank have decided to lower interest rates on housing loans, preferring to keep their prime lending rates (PLRs) unchanged. ICICI Bank Managing Director and Chief Executive Officer K V Kamath has indicated that the country's second largest bank would review interest rates only in 2008-09.
Some of the public banks showed improvement; much more still needs to be done
This comes after the arrest of Syndicate Bank Chairman S K jain.
While near-term performance is difficult to predict after a huge run-up, fund managers believe the PSU theme's prospects remain sound over the medium to long term.
A panel headed by RBI Governor selects PSU bank chiefs.
However, the likely impact of strike may not be much excluding few areas, said SBI.
A section of analysts feel now may not be a bad time to buy select PSBs.
Sensex catapults 1,241 points and Nifty vaults 382 points in two sessions in a row.
In April 2004, the ministry had permitted banks to purchase new vehicles for replacement or otherwise on "need basis".
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
Arun Jaitley addressed a post-Budget press conference.
The comments come about a week after PSU bank employee unions went to a four-day relay strike to press for early revision of wages.
A peek into the life of a public-sector banker who did well professionally, but paid a price for it, points out Tamal Bandyopadhyay.
The Reserve Bank of India's (RBI's) $10 billion US dollar-rupee buy-sell swap auction for three years received bids worth $16.23 billion on Friday, reflecting robust demand amid persistent liquidity deficit in the banking system. This was the second swap auction by the central bank after it infused $5 billion via six month-swap on January 31.
Jammu and Kashmir Chief Minister Mufti Mohammad Sayeed met Reserve Bank of India Governor Bimal Jalan on Tuesday and discussed the issue of reviving nationalised banking operations in the state.\n\n\n\n
The government on Thursday said it will encourage mergers of public sector banks to create strong entities, which can compete with other world-class banks.
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