Rising bad loans continued to haunt public sector banks (PSBs) in the March 2016 quarter.
Executive directors from different banks are eligible to be promoted to the post of chairman and managing director.
The current employee strength of all state-run banks is about 672,000.
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
The CBI has significantly increased the rate of fugitive repatriation, bringing back 134 individuals in the last five years, doubling the number from the previous decade. This success is attributed to enhanced diplomatic efforts, technological advancements, and improved coordination with Interpol.
Air India is understood be in negotiations with state-run banks to avail working capital loans at low interests.
A major reshuffle of top executives in 11 PSU banks is on the cards with the chairmen of Allahabad Bank, Corporation Bank, Syndicate Bank, Union Bank of India and Vijaya Bank slated to retire between March-July 2006.
Banks may be offering you more services than ever, but they have their price tags
The six banks that have joined the major league are Syndicate Bank, Indian Overseas Bank, UCO Bank, Oriental Bank of Commerce, IDBI Bank and Allahabad Bank.
According to experts, 'Lakshmi' and the logo 'Godesses Lakshmi' have a lot of value in India and are the biggest driver for the Bank. Retaining the Lakshmi name and logo will help DBS.
Banks were the frontrunners on the bourses early today as investors were deeming their valuations offered a chance for appreciation. \n\n
The appointments in 2009-10 would include the CMDs of Syndicate Bank, Bank of India and United Bank of India, sources said. These appointments will be there because of vacancy arising on account of superannuation of the existing chiefs, sources said.
Bankers said fear of loan losses impairing their careers could make officers wary of sanctioning new loan proposals on their own.
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
The Central Bureau of Investigation (CBI) conducted searches at the residence of former Chhattisgarh Chief Minister Bhupesh Baghel in Raipur and Bhilai on Wednesday. The agency also searched the residences of a senior police officer and a close associate of the former chief minister. The CBI is tight-lipped about the matter in which the searches are taking place. Further details are awaited. Recently, the Enforcement Directorate had conducted searches at Baghel's residence in connection with an alleged liquor scam case.
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.
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.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
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.
Witches, werewolves, pilots, engineers, the OTT scene is bursting with all kinds of extremes this week, and Sukanya Verma lists them out.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
The case of alleged bribery of Syndicate Bank Chairman-cum-Managing Director S K Jain may come up for discussion in the meeting of Special Investigation Team on black money, as it is a "classic" case of how proceeds of corruption were transferred through hawala channels.
Some lenders in talks with LIC for pvt placement
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
His statement assumes significance in the light of scams in the state-owned banks.
SBI tops the list of league table banks for fees earned on loan syndication in the Asia Pacific region.
Banks may have to increase the rate of interest for housing loans if more capital was required for the purpose, K M Shet, chairman and managing director of Syndicate Bank said on Thursday.
Moody's Investors Service on Thursday downgraded subordinated debt ratings of 11 Indian banks, including SBI, ICICI Bank and HDFC Bank.
The government has already announced infusion of Rs 10,086 crore in Bank of India, Rs 5,500 crore in Oriental Bank of Commerce and Rs 2,159 in United Bank of India.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
The financial position of India's public sector banks (PSBs) has deteriorated sharply over the past financial year.
SBI Caps readies plan, identifies 4 assets; bankers say there are enough bidders.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
Banks are also weighing the option of hiring experts for help in specialised areas.
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.
