Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.
From steel tycoon Lakshmi Mittal to billionaire Sunil Bharti Mittal's Airtel, Anil Agarwal's Vedanta, ITC, Mahindra and Mahindra, and a lesser-known Future Gaming and Hotel Services were among the prominent buyers of the now-scrapped electoral bonds for making political donations.
According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
The country's largest lender State Bank of India on Friday reported a 32 per cent decline in fourth quarter net profit at Rs18.67 billion (Rs 1,866.60 crore).
Among the Sensex firms, Reliance Industries, Maruti, Sun Pharma, State Bank of India, UltraTech Cement, Infosys, Kotak Mahindra Bank, Hindustan Unilever, ITC and HDFC Bank were the biggest gainers. Shares of Reliance Industries climbed 1.54 per cent, the most among the 30-share BSE constituents. Power Grid, Axis Bank, Mahindra & Mahindra and Tata Motors were among the major laggards.
Total income on a standalone basis increased to Rs 1,74,972.96 crore.
Among the Sensex firms, ITC, SBI, Titan, Power Grid, Larsen & Toubro, Tata Motors, Hindustan Unilever and UltraTech Cement were the major laggards.
Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
Shares of State Bank of India plunged sharply by over 8 per cent on Wednesday, on concerns about its exposure to Kingfisher Airlines and reports about public sector lender giving fresh loans to the debt-ridden carrier.
At 12:25 PM, the barometer index, the S&P BSE Sensex was down 358 points or 1.3% at 26,368.
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The interest money which is not claimed by people due to religious obligations is kept in suspended bank accounts.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
The bank's gross non-performing assets rose to 5.56 per cent of total advances at the end of June, against 4.99 per cent a year ago, reflecting the impact of slowing economy.
SBI has been reeling under a mountain of bad loans for the past few years as the key sectors in the economy are faltering.
Close on the heels of a cut in the interest rate on long term domestic deposits, State Bank of India is now contemplating a downward revision in its prime lending rates.
SBI, the country's largest lender, first announced a rate cut of 0.25 per cent in its home loan rates on Thursday, forcing HDFC, the second biggest home loan financier, to respond.
Wall Street-correlated stock markets are facing the risk of correction, as Christopher Wood, the global head of equity strategy at Jefferies, conveys to investors in his latest edition of GREED & fear. Rising crude oil prices, which are nearing $100 a barrel (Brent), pose a threat to the global central bank's battle against inflation and have led to a re-evaluation of its exposure to Indian stocks. "The potential for more US Federal Reserve (Fed) rate hikes, combined with the risk that monetary tightening finally bites as regards the economy, remains a risk for Wall Street-correlated world stock markets. "There is also the oil factor. This is why GREED & fear continues to believe the pain trade is down. "Areas in Asia, such as Indian midcaps, which have already done very well, are at obvious risk of some profit-taking," writes Wood.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier.
SBI would now offer interest of 8.75 per cent on deposits of 1 year to two years, which is a 50 basis points increase on its earlier maturity slab of 1 year to 549 days and a 25 basis points hike on 550 days deposits.
SBI home loans will now be available under two slabs -- under Rs 75 lakh (Rs 7.5 million) and above Rs 75 lakh.
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 revision in rate is for deposits of up to five years and will be effective from Sept 07, 2012.
Stung by rising costs, State Bank of India wants to further reduce dependence on expensive large corporate deposits.
The bank is considering a share-purchase scheme for all employees.
Home loans of up to Rs 75 lakh (Rs 7.5 million) would now be available to fresh borrowers at 10.10 per cent against the existing rate of 10.15 per cent, State Bank of India said in a statement.
The State Bank of India is likely to float a second offering of its medium-term notes foreign currency bonds in next financial year to fund its operation of overseas offices.
The vignette that deserves a wider audience relates to Talwar's ouster.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
The state-owned bank also disclosed in the report that its overall staff strength declined by 7,452 employees during the last fiscal, but it has decided to recruit 9,500 clerical staff during 2012-13 to meet the growing needs of the bank.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
Ahead of the assembly elections in Gujarat and Himachal Pradesh, the government on Monday approved the issuance of the 23rd tranche of electoral bonds that will open for sale on November 9.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
Less than a week after its teaser home loan scheme expired, HDFC has re-launched it at slightly higher rates. And, SBI is also likely to extend its own teaser rate scheme, due to expire on September 30, a top official said on Monday.
State Bank of India on Friday reduced its deposit rates by 0.25 per cent, making it the third bank after private sector rivals, ICICI Bank and HDFC Bank, to reduce deposit rates this week.
State Bank of India's decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country's largest mortgage player HDFC on Tuesday terming the move as a 'gimmick'. SBI executives retorted by saying that the package was not a 'teaser rate', as HDFC chairman Deepak Parekh described the move.
The combined market valuation of three of the 10 most valued domestic firms eroded by Rs 73,630.56 crore last week, with Reliance Industries Limited taking the biggest hit. While HUL and ICICI Bank were the other laggards from the top-10 pack, TCS, HDFC Bank, Infosys, LIC, SBI, HDFC and Bharti Airtel were the gainers. However, the combined gain of the seven firms at Rs 49,441.05 crore was less than the total loss suffered by the three companies.
Interest rate on fixed deposits between 7-179 days has been reduced to 7 per cent from 7.5 per cent, SBI said in a statement.
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