The Karnataka cabinet has approved eight draft bills, including those addressing hate speech, cattle slaughter, and social boycott, to be tabled in the upcoming legislative session.
The Indian government has expressed its disagreement with the IMF staff's 'baseline' assumption that the 50 per cent US tariffs on its goods exports 'would remain in place indefinitely', based on which the staff pegged the country's GDP growth at 6.6 per cent this year, and pared its 2026-27 projection by 20 basis points to 6.2 per cent.
Government asks banks to furnish capital, ratings and NPA details.
A series of decisions were taken under the Public Health Department, including an approval to increase honoraria for field-level workers engaged under the Ayushman BharatPradhan Mantri Jan Arogya Yojana and Mahatma Jyotirao Phule Jan Arogya Yojana.
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.
The meeting will review annual financial performance of public sector banks, credit offtake in the economy, priority sector lending and progress made under various social sector schemes, including Atal Pension Yojana (APY) and Pradhan Mantri Jan Dhan Yojana.
Over 8.5 lakh employees, majorly from public sector banks (PSBs), will get a 15 per cent hike in pay, with the conclusion of the 11th Bipartite Wage Negotiations on Wednesday. After three years of intense negotiations, the UFBU, which represents four bank officer associations and five workman unions, and the IBA on July 22 entered into a memorandum of understanding (MoU) for an annual wage hike of 15 per cent.
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
As per the structure proposed, 99 per cent of government holding in the bank will be shifted to the Holding Company and the government will retain 1 per cent with itself so that it remains a state-owned bank.
The strike by bank employees is part of the one-day all-India general strike, called by major central trade unions.
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
Admitting that there are governance issues in the public sector banks, RBI Governor Raghuram Rajan underlined the need for improving transparency in sanction of loans.
State Bank of India is also expected to tap the markets this year
The Centre is planning to raise the ceiling on foreign equity holding in public sector banks to enable them to mop up the required capital for meeting higher capital requirements and to fund growth.
Private lenders have also been expanding their branch and automate teller machine networks aggressively.
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
This issue was discussed at the Gyan Sangam addressed by Prime Minister.
RBI Governor Shaktikanta Das on Tuesday asked private sector banks to ensure continuity in the provision of various financial services, including credit facilities to individuals and businesses, in the face of challenges brought on by the pandemic. Earlier this month, the governor had held a similar meeting with MD and CEOs of public sector banks. During the meeting with the MD and CEOs of select private sector banks, Das also impressed upon the banks to quickly and swiftly implement the measures announced by the RBI on May 5, 2021, in right earnest.
It is up to the bank management to decide which application gets to interact with the CBS
The crisis in Indian banking has now reached a point where the NPAs of many public-sector banks are higher than their net worth
A roadmap for the consolidation of public sector banks will be outlined during the year.
'In the long run, India's strong growth story and reforms to make assets globally attractive will determine the rupee's resilience.'
State-run banks accounted for nearly two-third of the customer complaints received during the last financial year, the Reserve Bank of India (RBI) on Thursday said in its report on trend and progress of banking in the country.
These banks need to build a significant deposit base to start full-fledged banking.
The wage revision of public sector bank employees is due from November 2012.
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
What's worrying for the public sector banks is the rise in delinquency in the housing portfolio, which does not include real estate. But a bank chief said that with low exposure to the real estate sector, the state-run banks have fewer worries. The other area of concern is credit cards but the operations of public sector banks in this segment are small compared with the likes of ICICI Bank, HDFC Bank and Citibank, the largest players in the business.
These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19
The two-day nationwide strike call, demanding early wage revision among other issues, was given by United Forum of Bank Unions that comprises nine national unions.
Pranab Mukherjee proposed a separate entity for bank recapitalization.
The information and technology (IT) sector, which has been going through a rough patch lately, was among the top draws for equity mutual funds (MFs) in July. MF schemes together invested a net of Rs 1,800 crores in IT stocks last month after pulling out around Rs 700 crore from the sector in June, according to a report by ICICI Securities.
Banks need to raise capital to comply with Basel III norms. This mode of raising money gives all shareholders equal investment opportunity.
Banking services were affected on Friday as employees of public sector banks struck work demanding compassionate appointments, fresh recruitments, one more pension option and ban on outsourcing and merger of public sector banks.
Finance Minister Arun Jaitley on Saturday proposed to infuse Rs 7,940 crore funds next fiscal in the public sector banks.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to a Right to Information query filed by Pune-based activist Vihar Durve.
United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last month, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the last four years.
Investors may make a beeline for shares of private sector banks once again following finance minister P Chidambaram's statement on Friday favouring greater freedom for foreign banks with regard to acquisition of Indian banks.
Payment apps PhonePe and Paytm have helped citizens avert potential financial frauds worth Rs 200 crore by using the fraud risk indicator platform developed by the Department of Telecom, a senior Walmart group official said on Wednesday.
