The government package for public sector banks, announced last Friday, has been welcomed by the stock market with the PSU banking index booking smart gains.
A panel headed by RBI Governor selects PSU bank chiefs.
The RBI on Friday imposed a fine of Rs 6.5 crore (Rs 65 million) on six public sector banks including IDBI Bank, Dena Bank and Indian Bank, for violation of customer identification or KYC norms and anti-money laundering guidelines.
Threatening to go on strike for three days from March 28 followed by indenifite strike from May, public sector bank employees organised a march to Parliament on Monday to press for their pension-related demands among other matters.
'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.'
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
Chemical and Fertiliser Minister Ram Vilas Paswan on Friday unveiled an expansion plan for government sector undertakings involved in the production of steel and particularly Steel Authority of India.
The senior Tata Group executive's appointment as NSDC chairman raises the vital question of conflict of interest
Emphasising the government's commitment to modernising and expanding PSUs, Prime Minister Manmohan Singh on Sunday said his government has no "divestment strategy" for state-run units.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
For automakers, the festive season is about raking it in through ramped up sales and attractive consumer offers. However, despite the robust demand, what may spoil the party this year is a global shortage of semiconductors.
Reliance had shut its 1,432 filling stations in March 2008 after sales dropped to almost nil as it could not match the subsidised price.
The Union Cabinet on Wednesday approved the participation of the private sector in the entire range of space activities, including planetary exploration missions, Union minister Jitendra Singh said. The newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, Singh, who is the minister of state in the Prime Minister's Office, said.
Five-time World champion Viswanathan Anand said the career spans of chess players are getting shortened because of the intense competition within the sport.
Banks will need more funds, as they have to provide more capital.
The public sector oil companies -- Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum -- may suffer a Rs 25,000 crore revenue loss on fuel sales this fiscal, said S Behuria, chairman and managing director, IOC.IOC, BPCL and HPCL incurred a revenue loss of Rs 1.03 lakh crore on sale of petroleum fuel in 2008-09. The global rise in crude oil prices will increase the under-recoveries for PSUs on sale of fuel at controlled prices.
The ministry of petroleum and natural gas is evaluating a threshold at which the subsidy on liquefied petroleum gas (LPG or cooking gas) will be reinstated. According to a senior government official in the know, a survey is currently being conducted to determine the price at which maximum consumers will keep buying domestic cylinders. One of the options also being considered is to limit any subsidy disbursal only to Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries.
The UFBU is an umbrella body of nine bank employees unions of the country and claims to have members from public, private and foreign banks. "We are on strike from today as Indian Banks' Association did not concede to the bank unions demand for the wage hike," said United Forum of Bank Unions convener C H Venkatachalam.
Officers of public sector oil companies will go on an indefinite strike from Wednesday that may cripple aviation fuel supply within hours and hit auto fuel supplies in a couple of days.
The government will retain 51 per cent stake in all public sector units, finance secretary Ashok Chawla said. The government has proposed to mop up Rs 1,100 crore (Rs 11 billion) this fiscal from divestment of stake in PSUs.
From a consumer point of view too this would bring about an improvement in the service levels of these companies as there would be more pressure on these companies to perform better and get profits.
M&M was the top gainer in the Sensex pack, soaring around 7 per cent, followed by Bajaj Finserv, Bharti Airtel, PowerGrid, Infosys and ICICI Bank. On the other hand, HUL, Kotak Bank, Bajaj Finance and ITC were among the laggards.
Prime Minister Manmohan Singh on Thursday indicated that the full Budget for 2009-10 may announce a disinvestment of government stake in public sector companies. A host of companies waiting for the government nod for disinvestment include Bharat Sanchar Nigam Ltd, railway consultancy firm RITES, National Aviation Company, and Ircon.
12 out of 21 public sector banks reported declines in their loan books in the last financial year against seven such banks in 2015-16 and none in 2013-14.
As many as 20 public sector banks, including big ones like Canara Bank, Bank of Baroda and Union Bank, have failed to achieve the annual farm sector lending target till November, 2009.
At present directors, chairman and managing directors of public sector companies are selected from that company itself or from other companies in the same area of operations.
The flows may stem and redemptions pressure increase following the market meltdown of Monday amid mounting cases of coronavirus infection globally.
More than half of the total subsidy provisioning, amounting to 54 per cent, is going towards food subsidy, which is estimated at Rs 184,220 crore for 2019-20 - a 7.5 per cent increase over the revised estimates for 2018-19.
Under fire over the moves to appoint politicians who do not fit the conditions as independent directors on the board of public sector companies, the government has amended the eligibility criteria for the job.
With the restructuring process in full swing, public sector banks have stepped-up monitoring to keep non-performing assets (NPAs) at desired levels.
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.
Independent directors of Future Retail Ltd are collating information and will expose the details of contradiction and misrepresentation made by Amazon before the Competition Commission of India (CCI), said FRL independent director Ravindra Dhariwal. Speaking to PTI, Dhariwal said the independent directors are "collating" all the pieces of information together, going "deeper into each and every representation" which Amazon had made before the CCI and showing how its "intent was totally contradictory." "We are going out to point exactly to CCI, this is what they have told you and this is what the internal documents are saying. "We are going to expose the details of contradiction and details of misrepresentation, which they have made," Dhariwal said adding "We are going to show the true face of Amazon to the whole world". In November 2019, Amazon had acquired a 49 per cent stake in Future Coupons Pvt Ltd (FCPL), a company that holds a stake in FRL.
Public sector lenders led by State Bank of India said on Monday that they will look at further interest rate cuts.SBI chairman O P Bhatt told reporters after a meeting with Finance Minister Pranab Mukherjee that the bank is considering cutting its prime lending rate for the second time in as many months.
Finance Minister Arun Jaitley on Saturday proposed to infuse Rs 7,940 crore funds next fiscal in the public sector banks.
The Reserve Bank of India is formulating guidelines that would allow government-owned banks get into the private equity business.
The All India Bank Employees Association, Bank Employees Federation of India, All India Bank Officers' Association and National Union of Bank Employees have given a call for one day country-wide strike.
