Punjab National Bank has embarked on a five-pronged strategy for improving its financial position to become the 'best bank' in the country.
Banks were the frontrunners on the bourses early today as investors were deeming their valuations offered a chance for appreciation. \n\n
Suspected armed Maoists on Wednesday looted over Rs 84 lakh from a branch of the Punjab National Bank in Purulia. Superintendent of Police Ashok Kumar Prasad said eight motorcycle-borne miscreants came to the bank. While two of them stood guard outside, the others entered the bank situated in the heart of the town.
The Singapore high court has put a freeze on deposits of $ 6.122 million following Enforcement Directorate's request on the ground that the money was "proceeds of crime" illegally siphoned off by Nirav Modi from the Punjab National Bank.
Employees of PSU and private banks, except State Bank of India, will go on a day-long strike on July 28 to oppose outsourcing of jobs, demand one more pension options and fresh recruitment of staff.
LSG, Punjab Super Kings will be aiming to bounce back after losing their previous match.
India's banking industry will see a lot of mergers in the near future and emerge as the best in the world in 20 years, a senior banker said on Tuesday.
It is to be noted that the total cases referred under CDR increased to 19 in the second quarter from 16 in the first quarter of the current fiscal.
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.
The Small Industries Development Bank of India will soon ink a strategic tie-up agreement with a commercial bank for extending direct credit facilities to the small-scale sector.
In May, MFs were the net sellers in several PSUs, as they deployed Rs 47,600 crore in equities during the month.
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.
'A terrorist has no religion -- they are nothing but the face of evil. When you offer namaz for a terrorist, attend their funeral, or give them a grave, you affirm that they belong to a religion. That must stop'
The chief of the country's second largest public-sector lender said interest rates should fall as and when inflation eases, but pointed out the need to lower deposit rates first.
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
As per RBI guidelines, a wilful defaulter tag would be given if it is found that a loan taken is diverted for some other use rather than for which it was availed.
The notice, which acts as an international arrest warrant, states that Purvi Deepak Modi, 44, is required on charges of "money laundering".
SBI announced a 0.40 per cent cut in lending rate to 9.30 per cent, which is the most competitive in the market at present.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, on Thursday suffered another setback in his legal battle against his extradition as the high court in London denied him permission to appeal against his extradition order in the UK Supreme Court. In a judgment order pronounced at the Royal Courts of Justice in London, Lord Justice Jeremy Stuart-Smith and Justice Robert Jay ruled that "the Appellant's (Nirav Modi) application for permission to appeal to the Supreme Court is refused".
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Most of those punished were managers across different scales, from Scale 7 (general managers) to Scale 1 (officers). However, at least one bank - Oriental Bank of Commerce - revealed that 17 single-window operators (SWOs), five head cashiers, two clerks, one clerk-cum-cashier, and one peon-cum-housekeeper were among those penalised for staff delinquency. Punishments against these employees included withholding of increment, demotion for one year, and censure under provisions of the bipartite settlement.
State Bank of India, HDFC Bank, Kotak Mahindra Bank, and IDFC Bank have filed a petition against the notice, in a last-ditch attempt by the banking system to keep the information confidential. The notice was given to the lenders under Section 11(1) of the RTI Act, seeking third-party disclosure requirements. While the apex court's original directive in 2015 applied to the full report, it was subsequently agreed that not the entire report but only relevant portions, such as those on bad debts and borrowers, would be made public.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
South Central Railway has joined the rescue teams that are engaged in locating the eight persons who remain trapped in the partially collapsed SLBC tunnel for the past six days, with necessary equipment, a senior official said on Friday.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
The O P Jindal Group company Jindal Steel and Power has begun talks with the State Bank of India, Punjab National Bank and Canara Bank for financing its Rs 550 crore (Rs 5.50 billion) expansion plan.
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.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
