The UAE central bank will then make payments in dirhams to Iran.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
The CVC is awaiting sanction to prosecute nine employees of PNB and 2 other banks who were booked by the CBI for their alleged involvement in corruption.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
Barely a month before its scheduled Rs 200 crore IPO, UCO Bank on Monday signed a memorandum of understanding with the Life Insurance Corporation of India to market the latter's insurance schemes from its branches.
The PAC, headed by Congress lawmaker K V Thomas, is keen to find out the details of huge loans given by the banks to corporates including the basis on which such favours were extended.
The CBI has booked seven suspected punters in connection with two separate cases related to alleged fixing of matches in IPL 2019 "based on inputs" from Pakistan, officials said on Saturday.
The bank also announced that it will reduce its external benchmark linked lending rate as well as repo linked lending rate by 40 basis points from July 1.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
When elected on July 18 -- which is almost a certainty, given the NDA's numbers in the electoral college -- Droupadi Murmu will be the first President born after Independence.
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
For state-run lenders, the average NPAs shot up to 14.5 per cent, with IDBI Bank, UCO Bank and Indian Overseas Bank having their NPAs at above 25 per cent.
Why banks are going hammer and tongs behind defaulters.
"We will be guided by our national interest," he said.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
The Central Vigilance Commission has penalised 130 government employees for their alleged involvement in corruption. Of these, 29 were Syndicate Bank officials, nine each were from Canara Bank and Punjab National Bank, eight from State Bank of India, seven from Bharat Coking Coal Limited and six each from State Bank of Bikaner and Jaipur and Life insurance Corporation of India Limited.
A major fire broke out in a multi-storey building housing offices of banks, around 300 metres from Parliament House, in New Delhi on Wednesday evening, fire brigade officials said.
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.
The CBI Friday searched a frozen bank locker of sacked Commonwealth Games Organising Committee chief Suresh Kalmadi here in connection with alleged irregularities in the conduct of the sporting extravaganza.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
Out of the 12 executive directors announced on Wednesday, five will fill vacancies with immediate effect, while the remaining will be promoted as and when posts are vacant.
Keeps open the option to make payments in yen or yuan in the face of sanctions
Not all public sector banks are back in the black, but their collective net profit for the year is Rs 32,346 crore against a Rs 9,013 crore loss in the previous year, points out Tamal Bandyopadhyay.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
The forthcoming public offers of CIL and SAIL can be a roaring success if the debut history of 28 PSUs since 2003 is any indication, as 94 per cent of these public sector companies listed with a premium of at least 10 per cent on the bourses.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
A UK court hearing an urgent application on Monday refused to sanction the release of substantial sums held with the Court Funds Office (CFO) as part of bankruptcy proceedings being pursued against liquor tycoon Vijay Mallya by a consortium of Indian banks, led by the State Bank of India (SBI).
Sources close to the bank said non-executive and non-independent director Ajai kumar had been recommended for the interim CEO role.
The government is likely to infuse Rs 3,000 crore in seven public sector banks to shore up their Capital Adequacy Ratio (CAR) to 12 per cent to improve the market confidence in the banking sector.
The Reserve Bank of India today kept key policy rates unchanged, but put the onus of further reduction in interest rates on banks. However, most lenders indicated that any such decision will be linked to a fall in the cost of funds.
Russia is among the top buyers of Indian tea, accounting for about 18 per cent of the industry's total exports.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
However, despite the surge, the average income of banking correspondents has taken a beating due to the low value of transactions.
