The survey also suggested passage of the Banking Regulation (Amendment) Bill 2005. Noting that the credit market suffers from structural rigidities, the survey said, it may have been reinforced in the recent years due to a high credit demand encouraging the banks to raise deposits at higher rates for maintaining long term liquidity.
Punjab National Bank has the largest share.
Fitch Ratings on Monday said the plan to privatise two state-owned banks in the current financial year ending March 2022 could face delays amid renewed challenges for the Indian banking sector due to the second wave of Covid-19. The government in the Budget announced plans to privatise two public-sector banks. NITI Aayog has been entrusted with the task of selecting the banks and one general insurance company for the privatisation.
Earlier this month, the corporate affairs ministry had written to various ministries including telecom, railways and steel seeking directions for public sector units under their administrative control for exempting Satyam from submitting audited balance sheets while bidding for projects of the state-owned firms.
Contrary to the general impression, the revival of under performing public sector companies is not a costly exercise with Board of Reconstruction of Public Enterprises coming out with recommendations.
The Centre has asked him to join North Block on Tuesday but it cannot force an officer to join it without the permission of the state administration, Banerjee told a press conference.
The decision to improve the salary structure of officers at board level and below, along with supervisory staff, was taken at the Cabinet meeting presided over by Prime Minister Manmohan Singh.
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
The government is likely to infuse additional capital of Rs 20,000 crore in the public sector banks next financial year to meet Basel III global capital risk norms.
The Left on Tuesday accused the government of asking central public sector enterprises to raise capital from a sinking stock market and saw a game to hand over their shares to private sector at throwaway prices.
Control over PSU banks is what is allowing the government to drive this scheme.
An investment banker handling the PSU issues said, "When employees pick application forms, these typically have stamps of brokers. But there was no clarity who will bear the cost. Now with this provision, government will pay 25 bps. It is lesser than retail because there is often no marketing effort from the broker, as a lot of it is done by the company itself."
An additional factor spurring the FMP launches is MFs' desire to retain investors as many such offerings are set to mature over the next two months.
Indian Oil, Bharat Petroleum and Hindustan Petroleum recorded profit on the sale of petrol and diesel, the first in three years, on the back of falling international oil prices, industry sources said. The three firms are moping up a neat Rs 11.99 per litre margin on petrol and Rs 4.13 a litre on diesel sale.
'The household sector, which is still the largest contributor of financial savings, has been experiencing a decline in the last six years, and it has fallen below 8% of GDP.'
The government on Thursday approved a proposal to inject Rs 12,517 crore in public sector banks to help them enhance the lending activity and meet the capital adequacy norms.
Public sector oil firms plan to set up over 4600 petrol stations and 907 LPG sale agencies in the current fiscal, Petroleum Minister Mani Shankar Aiyar said on Thursday.
The Planning Commission will finalise in a couple of months a draft on an integrated energy policy, which will include its views on merger of oil public sector undertakings.
A public sector unit employee on an average received an annual salary of Rs 6.09 lakh (Rs 609,000) in 2009-10, with total emoluments increasing more than 100 per cent in the last four years.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The flows may stem and redemptions pressure increase following the market meltdown of Monday amid mounting cases of coronavirus infection globally.
The Public Enterprises Selection Board, which advises and helps government in selection of board members at public sector firms, has started the recruitment process for at least 27 board positions of various PSEs, a number of which have already fallen vacant. Among the Chairman or CMD level vacancies, for which applications are being sought, the positions of HAL Chairman and CMDs at HSL, ECIL, MSTC, STC and BEL would fall vacant between April-June next year.
Foreign brokerages said if SBI decide to buy stake in the bank, they should buy it at Rs 1 per share as the net worth is hugely impaired.
'While there has been an impact on economic activity, it is not as profound as the lockdown last year.'
Expressing the government's commitment to continue with reforms, Finance Minister Nirmala Sitharaman on Thursday assured India Inc that it is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic. Stressing that there is a need to promote growth as it helps bring down poverty, she however said it would not be at the cost of inflation. RBI has been mandated to keep inflation at 4 per cent, with tolerance level of 2 per cent on either side.
Communist Party of India leader Gurudas Dasgupta met Prime Minister Manmohan Singh on Tuesday along with ten union leaders of public sector units and Aganwadis from Jammu and Kashmir and drew his attention to the fact that 10 PSUs, Aganwadis and Asha units have not been paid for last eight months.
Over 16 lakh employees working in over 240 central public sector undertakings can soon hope for a salary windfall, with the second Pay Revision Committee for PSUs expected to submit its report by this month end.The report of the sixth pay panel, which recommended an average hike of about 28 per cent to the Central government employees, is under government consideration.
Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies. The successful IPO of food delivery company Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.
The government also informed that it has been decided to entrust IBPS the responsibility to conduct the common recruitment examination for PSBs.
The over 1.6 million employees of central public sector companies are demanding a salary increase of over 100 per cent, saying the average 40 per cent raise recommended by the Sixth Pay Commission for government employees is not enough. Salaries of public sector workers were last revised in 1997 and were scheduled for the next revision on January 1, 2007. The average gross monthly salary an ONGC executive earns today is between Rs 40,000 and Rs 50,000.
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