The public offer of eight crore shares by Punjab National Bank, which closed on Friday, has attracted bids for 104.37 crore shares - a subscription of 13 times.
Analysts expect banks with a strong deposit franchise to benefit from SBI's rate cut as they too are likely to follow the leader.
The country's largest lender, SBI, has reduced marginal cost of funds based lending rate by 0.9 per cent from 8.90 per cent to 8 per cent for one-year tenure, the bank said in a statement.
Punjab National Bank is the second largest PSU bank, in which government holding is 58.87 per cent.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
Mortgage lender HDFC Ltd on Wednesday announced an increase in its benchmark lending rate by 5 basis points (bps), a move that will make loans dearer for both existing and new borrowers. This is the third hike effected by HDFC in the last one month. "HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from June 1, 2022," the housing finance company said in a statement.
Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh on Tuesday said that interest rates may rise owing to higher inflation, but lending rates are unlikely to change in the next one month.
A new wave of e-trading in partnerships with private broking houses is getting popular with banks in recent times.
Punjab National Bank Chairman and Managing Director K C Chakraborty has emerged as the frontrunner for the post of the fourth deputy governor of the Reserve Bank of India (RBI).
Favourites Indian Oil retained the Beighton Cup hockey title, outplaying Punjab National Bank (PNB) 5-2 in the title clash in Kolkata on Sunday.
Capital infusion of $30 bn over two years needed amid high dividend payouts and impairment ratios.
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, told a UK court on Thursday that he could be in England for years as some ongoing proceedings prevent his extradition. The 52-year-old former billionaire appeared for a hearing at Barkingside Magistrates' Court in east London via video link from Thameside prison in relation legal costs, or fines, amounting to GBP 150,247.00, accrued over his failed extradition appeal proceedings in the London high court. Dressed in a pink prison-issue outfit and sporting a moustache, a plump and bald Nirav addressed the three-member magistrates' bench to reveal that he had complied with the previous court direction to pay in GBP 10,000 per month towards the fines.
Shunning the idea of making quick money in stocks like gamblers, Punjab National Bank chief K C Chakrabarty has said that the bank's profit would rise by 20 per cent even in the current fiscal.
12 banks have been authorised to receive such donations to the Prime Minister's National Relief Fund.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
Sample this. Five cyber-thieves, allegedly part of a network that hacked into the account of a Noida businessman, were nabbed today for a Rs 1.66 crore (Rs 16.6-million) cyber hack. They used Internet banking to transfer the money from the businessman's account with the Punjab National Bank's Noida branch to their own account.
Nirav Modi, the fugitive diamond merchant wanted in India to face charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, has lodged his appeal against extradition from the UK and the case will be heard at the high court in London on December 14. The 50-year-old jeweller, who remains behind bars at Wandsworth Prison in south-west London since his arrest in March 2019, was granted permission to appeal against the Westminster Magistrates' Court extradition order on mental health and human rights grounds. High court judge Martin Chamberlain had ruled on August 9 that arguments presented by Modi's legal team concerning his "severe depression" and "high risk of suicide" were arguable at a substantial hearing.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
Mirza Tanners Ltd issued 1000 7.5% non convertible debentures of Rs 100,000 each aggregating to Rs 100 million to Punjab National Bank on a private placement basis.
'The honourable prime minister virtually handpicked me for the Amritsar East seat.' 'Amit Shahji announced that if I am elected, the whole of Punjab will be drugs free.'
The 49-year-old jeweller, who has been lodged at Wandsworth Prison in south-west London since his arrest in March last year, appeared via videolink for the remand hearing at Westminster Magistrates' Court in London.
While some equity analysts have raised target prices for public sector banks, others remain cautious
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
The name of fugitive diamantaire Mehul Choksi wanted in a Rs 13,000-crore scam in the Punjab National Bank is understood to have been removed from the Interpol database of Red Notices on the basis of his plea to the Lyon-headquartered agency, people in the know of the development said. The Central Bureau of Investigation (CBI) remained tight-lipped on the development. The Red Notice is highest form of alert issued by the 195-member country-strong Interpol to law enforcement agencies worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.
Norms governing investments by provident funds bar these from depositing funds in a commercial bank in case the NPAs of that bank exceed two per cent of net advances.
Lender to acquire 30% after existing shareholders divest stake
The Reserve Bank of India (RBI) would further cut down key policy rates with inflation continuing its downward trend, Punjab National Bank chairman and managing director K C Chakrabarty said.
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
Analysts say there is still no visibility of earnings improvement.
Punjab National Bank and Bank of Baroda said on Monday they will reduce their prime lending rate by 50 and 75 basis points, respectively with effect from January 1. Besides, PNB announced a reduction in its peak deposit rate by 100 basis points to 8.5 per cent for deposits of one year to less than three years beginning new year, the state-run lender said in a filing to the Bombay Stock Exchange.
Kamalesh Chandra Chakrabarty has joined Punjab National Bank as its executive director and K Ramakrishnan has taken over as executive director of Bank of Baroda.
The meeting was also attended by State Bank of India Chairman O P Bhatt and Indian Banks Association and Bank of India Chairman T S Narayanaswami.
Giving another boost to the great Indian growth story, seven domestic firms have been named as the emerging global challengers to the world's leading blue chips by the global equity research major Standard and Poor's.
The country's largest lender SBI will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts. These customers will also be levied charges for cheque book beyond 10 leaves in a year. As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor. "K C Chakrabarty has demitted office on June 14, 2009 on his appointment as Deputy Governor, Reserve Bank of India," PNB said in a filing to the Bombay Stock Exchange.
