The Parliament session is set to start today, with various issues slated to be discussed, including the Waqf Act (Amendment) Bill.
He drew the roadmap of India's economic reform, unshackled it from the licence raj and pulled it back from the brink when even its gold reserve was pledged.
Banks cut interest rates, processing fees; offer discounts for online shoppers.
Lending rates have started rising after more than two years. Five banks have increased their benchmark lending rate -- or the base rate -- even as the country's largest lender, State Bank of India, decided to maintain status quo. All corporate and retail loan rates linked to the base rate will now go up.
In December last year, the finance ministry had asked five state-run banks -- Punjab National Bank, Canara Bank, Union Bank of India, Bank of Baroda and Bank of India -- to explore merger opportunities in the banking industry.
The rating agency revised the outlook for EXIM, SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings. At the same time, Fitch has affirmed IDBI Bank Ltd's (IDBI) rating, while maintaining the outlook at negative.
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
Almost all will say no. Then ask them why they don't push back at those who rise the slogan of Khalistan. Somebody would confront you with a counter-question: If people can talk of a Hindu Rashtra, why get so upset if others talk of a Sikh Nation, points out Shekhar Gupta.
Moody's Investors Service has changed the outlook for the long-term foreign currency deposit ratings of a number of Indian banks -- currently rated Ba2 -- from 'negative' to 'stable' for India.
A day after large banks such as Punjab National Bank and IDBI Bank increased base rates, state-run lenders Indian Overseas Bank and Indian Bank followed.
The finance ministry has finalised the top-level reshuffle in public sector banks.
Equity fundraising through qualified institutional placements (QIPs) has gained traction, thanks to supportive equity markets and the need for fresh fundraising to meet capital expenditure (capex) requirements.
Over 100 Indian immigrants, including 33 each from Haryana and Gujarat, 30 from Punjab, and several from other states, were deported from the US after undertaking perilous journeys filled with extortion and hardship. The returnees landed in Amritsar in a US military plane and are now back home, facing huge debts and emotional trauma. Many of them were lured by promises of a better life in the US but fell victim to human trafficking and extortion rings. The families of the deportees are demanding strict action against the travel agents who facilitated their illegal journeys.
Rising bad loans continued to haunt public sector banks (PSBs) in the March 2016 quarter.
Credit-to-deposit (CD) ratio of major public sector and private sector banks during the October-December quarter of FY24 inched up as compared to the previous quarter though government-owned lenders reported a lower rate than their private peers. CD ratio is the ratio of the funds that banks lend as compared to the funds raised in the form of deposits. The CD ratio of top public sector banks (PSBs) - State Bank of India, Punjab National Bank, Bank of Baroda and Canara Bank - was lower than their private counterparts.
Reserve Bank of India on Thursday said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks. As of February this year, about Rs 35,000 crore of unclaimed deposits were transferred to RBI by public sector banks in respect of deposits which were not operated for 10 years or more. "In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs," RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year.
Since March 31, 2022, the PSBs' market cap has risen 43.7 per cent, from Rs. 7.29 trillion to Rs. 10.47 trillion. It's time for the government, the majority owner of public sector banks, to reap the benefit of the rally in bank stocks, recommends Tamal Bandyopadhyay.
Diamantaire Mehul Choksi, a key accused in the multi-crore PNB scam, has told a special court in Mumbai that he hasn't been able to return to India "due to reasons beyond his control" and hence cannot be declared a "fugitive economic offender". The accused has claimed that he didn't leave India to avoid criminal prosecution nor is he refusing to return to the country. He said his passport has been suspended by Indian authorities.
Global agency Fitch on Wednesday cut credit rating outlook to negative from stable of 11 financial entities, including State Bank of India, ICICI Bank, Punjab National Bank and Axis Bank.
An executive director of a bank could, for example, be elevated to the post of chairman of a different bank.
United Bank of India has already declared Kingfisher a wilful defaulter while State Bank of India, Punjab National Bank and IDBI have initiated such a move.
T R Narayanaswamy and K C Chackraborty have taken charge as chairmen respectively of Indian Overseas Bank and Indian Bank.
Almost all public sector banks, barring a handful such as Punjab National Bank, Bank of India and Canara Bank, are in line to get recapitalisation finance from the government over the next 24 months.
Prime Minister Narendra Modi and Congress leaders Sonia Gandhi and Mallikarjun Kharge were among the top leaders who paid homage to former prime minister Manmohan Singh at his home in New Delhi on Friday.
Public sector banks have raked in more profits in the three months ended June on the back of a persistent decline in bad loans and the trend may have a positive bearing on their balance sheets in the coming quarters. In the June quarter, Bank of Maharashtra (BoM) and State Bank of India (SBI) were in the lowest quartile as far as Gross Non Performing Assets (NPAs) and net NPAs were concerned, according to an analysis of the quarterly financial numbers published by the public sector lenders. Cumulatively, all the 12 public sector banks reported a profit of about Rs 15,306 crore in the three months ended June, registering an annual growth of 9.2 per cent. However, leading public sector lenders -- SBI and PNB -- posted lower profits in the June quarter.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Rating agency Moody's has placed 13 Indian banks, including State Bank of India, ICICI Bank and Punjab National Bank, on watch for possible downgrade under a global review of systemic support available for the banking sector.
Credit cards appear to have found favour with public sector banks, which had, so far, been reluctant in expanding their unsecured loan portfolios aggressively.
PSB may get its first non-Sikh at the helm, vigilance clearances are awaited.
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
The BJP and Congress have called out the 'Delhi model' as a hoax, built on sustained propaganda when the ground reality is different.
The private banks won laurels because they pulled the banking system out of a decades-long stupor, combining technology and aggressive marketing to win customers. Now the shoe is on the other foot
Bank Nifty has recovered nearly 300 points at 10,968 from intra-day low of 10,669 touched in early morning deals.
The Reserve Bank of India (RBI) has asked banks not to treat Kingfisher Airlines' brand as collateral since it is intangible. This is because the loan has turned non-performing for most of the banks.
Borrowers haven't heard the last of interest rate hikes, as more banks are preparing to raise lending rates in the days ahead to offset increase in their cost of funds.
The funds are likely to be invested as per the interim investment guidelines, which may allow investment of 5 per cent in equity and 10 per cent in equity-linked mutual funds.
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