Punjab National Bank has made a name for itself in recovery of bad loan dues. Usha Ananthasubramanian, managing director and chief executive officer of the government-owned lender, explains how it has achieved this reputation.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
Some of the public banks showed improvement; much more still needs to be done
Insurer has also made fresh investments since December 2015 quarter when RBI told banks to recognise bad loans
A summary of sports events and sports persons, who made news on Sunday
The National Stock Exchange (NSE) Nifty Next 50 Index could undergo large-scale changes if the proposed tweaks to its computation methodology get implemented. In a discussion paper floated recently, NSE Indices, which owns and manages a portfolio of over 350 indices under the Nifty brand, proposed that only stocks that are traded in the futures and options (F&O) segment can be part of the index. Currently, as many as 11 non-F&O stocks are part of the Nifty Next 50 Index, which, as the name suggests, represents the next rung of large and liquid securities after the Nifty50.
A team of about five CBI officials reached the PNB branch at Sector 4 Vasundhara in Ghaziabad, on the outskirts of the national capital, to execute the search, officials said.
The UK judge who handed down his judgment on Thursday in favour of the extradition of Nirav Modi to face charges of fraud and money laundering in India said he had found no evidence of adverse political influence in the case, as claimed by the diamond merchant's legal team.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
'The PCA framework was revised and tightened in April 2017, but there was no discussion in any board meeting. The government does not know the rationale behind revising the framework and how the RBI arrived at it. Similarly, there was no discussion in the board meeting on the revised NPA framework,' said an official.
In its RCN issued against a fugitive, the Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
UTI's legacy and brand recognition, together with a robust distribution network and access to public sector money, could work in its favour, and help it command a premium
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
State Bank of India is also expected to tap the markets this year
SBI remains a favourite of most brokerages in the PSB segment.
As banks' chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank tops the chart offering 8-8.50 per cent per annum deposit rate. Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
This is the first tranche of capital infusion for the fiscal and more funds would be provided in future depending upon the performance of PSU banks.
Shri Ram Janmabhoomi Teerth Kshetra secretary Champat Rai said people from all communities have generously donated for the construction of the temple.
He is set to be produced from custody before Judge Emma Arbuthnot for the first management hearing in the case, during which a broad timeline is expected for his extradition trial.
A total of 254 millionaires from India have used the so-called "golden visa" to settle down in the UK through a large investment into the country since the route opened in 2008, according to a new report released by a UK-based anti-corruption charity on Monday. Spotlight on Corruption said that Indians ranked as the seventh nationality of super-rich to have availed of the Tier 1 (Investor) Visa, adding up to 254 between 2008 and 2020. China topped the list at 4,106, followed by Russia (2,526), Hong Kong (692), the United States (685), Pakistan (283) and Kazakhstan (278) ahead of India.
It is nearly after 13 years that a foreign brokerage has resumed holistic coverage on stocks of public sector banks (PSBs). To that extent, Morgan Stanley's report dated March 3, where the analysts have listed their order of preference for PSB stocks, is an indication that the state-owned banks may once again be attracting some interest, thanks to three back-to-back quarters of good results in FY21 so far. "State-owned banks' balance sheets have improved, and bad loans formation should moderate going forward," the analysts note and this is the key reason for them to relook at their stance on PSBs. While State Bank of India (SBI) remains their preferred pick, stocks of Bank of Baroda (BOB) and Punjab National Bank (PNB) have been upgraded from 'underweight' to 'equal-weight'. The brokerage maintains its underweight recommendation on Bank of India and Canara Bank.
His legal team, led by solicitor Anand Doobay, have previously offered one million pounds as security alongside an offer to meet stringent electronic tag restrictions on their client's movements, "akin to house arrest".
CBI officials, who questioned former RBI deputy governor H R Khan on Friday, wanted to understand from him why the gold scheme was rushed through without taking into the account the impact and potential misuse.
Chief Magistrate Emma Arbuthnot at Westminster Magistrates' Court in London concluded that she remains unconvinced that he would not interfere with witnesses or fail to surrender before the court for his trial in May 2020.
Defence Minister Manohar Parrikar said most of the rest will get their new pension by Holi.
In its FIR filed recently, the CBI has named Khattar and his company Carnation Auto India Limited for allegedly causing a loss of Rs 110 crore to Punjab National Bank.
Bank of Baroda has relatively better position on impaired assets.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
LIC, ICICI Bank, PNB to have nominees on board; firm asked to sell non-core assets.
A railway official said a train has been booked for the Dussehra rally from Nanded city in central Maharashtra.
Experts interviewed CMDs of nine public sector banks on Friday and Kamath is believed to be in the reckoning
We might not have been seeking out baubles, says Kishore Singh, but there's nothing Nirav Modi liked more than surprising you with them.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance, Jr. said.
Stock markets are expected to remain under pressure this week due to the overhang of US presidential polls and uncertainty over global growth due to resurging cases of coronavirus, according to analysts.
Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
Banking shares are down up to 11% after the Reserve Bank of India has increased the policy repo rate by 25 basis points from 7.25% to 7.5% with immediate effect.
District Judge Samuel Goozee expressed his concern at the late submission of the documents, said to include largely bank statements relating to the diamond merchant's companies, but has agreed to consider the application for their submission.
Country's biggest mortgage lender HDFC on Tuesday announced a festive offer in line with peers like SBI with home loans starting from 6.70 per cent. Last week, SBI as part of festival bonanza offered a concessional home loan rate of 6.70 per cent under its festive offer. This was followed by other lenders like Punjab National Bank and Bank of Baroda.
