Analysts were expecting the government to propose higher capital infusion for banks.
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
The finance minister's meeting with chief executives and managing directors of banks ahead of the Union Budget assumes significance in view of the critical role the banking sector plays in boosting consumer demand across sectors.
Vigilance Commissioner Suresh N Patel was on Wednesday appointed as the Central Vigilance Commissioner, a year after the post fell vacant.
NavIC consists of a constellation of seven satellites and a network of ground stations and is touted to be more accurate than GPS.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
Raghuram Rajan's 'surgery' uncovers more bad loans
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Go-getter, ambitious, dynamic, workaholic are some of the adjectives that officials who worked closely with B V R Subrahmanyam use to describe him.
The move, amid a rise in slippages from restructured assets, is aimed at resolving stress in the banking system.
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
Within hours of rate cut announced by RBI, United Bank has reduced the benchmark lending rate by 0.25 per cent, while other banks including market leader SBI have indicated that they would follow suit.
The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
The two entities' combined distribution network would comprise 4,182 banking outlets and 476 ATMs across 34 states and Union territories of India, with more than 31,000 employees serving about 15 million customers across the country.
'The cost of funds has come down, which will lower lending rates'.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
To share your Father's Day story (Father's Day will be celebrated on Sunday, June 16), just mail us at getahead@rediff.co.in (subject: Father's Day) along with your name, the place where you live, your father's name and picture and your message about him.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
The possibility of the slowdown affecting more players is greater if the industry doesn't get access to easier finance in the next six to eight months.
Railway passengers can book their tickets and do shopping using RuPay pre-paid debit cards.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
Banks want lower provisioning burden on recast debt, interest on cash reserve ratio deposits.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
Lenders are not enthused because, as brokers, their responsibility towards policyholders will be higher than corporate agents.
Moody's Investors Service, while silent on the sovereign rating on the higher-than-expected fiscal deficit numbers, expressed doubts over attaining the higher revenue targets and divestment realisation as assumed in the Budget. The Union Budget 2021-22 has pegged a fiscal deficit of 9.5 per cent for the current financial year as against the consensus 7 per cent, and 6.8 per cent for 2021-22 with a market borrowing of around Rs 12 lakh crore. It also assumes Rs 1.75 lakh crore to be scooped up from divestment.
The ED said that the investigation further revealed that there are 78 companies owned by the accused and his family members and it needed to probe whether the money went into these companies.
They are making switch to the high-growth alternative investments fund industry, reports Pavan Burugula.
The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring "avoidable expenditure" on "purchase of staff cars", "refurbishment of guest houses" and on the interior decoration of administrative and back offices.
The total value of India's top 100 brands has increased by 2 per cent, from $162.1 billion in 2020 to $164.9 billion in 2021, according to the latest Brand Finance India 100 2021 report. This uplift in brand value over the course of the first year of the pandemic is an impressive feat given the global economic crisis following the implementation of national lockdowns in March 2020, when business activity was brought to a halt, affecting both production and consumption. Among the brands that came on the top of the list include Tata Group, Reliance Industries, and Mahindra Group.
Bankers said high interest rate could make Indian economy sluggish given that inflation is around 5%
Axis Bank, HCL Technologies, Maruti Suzuki, NBCC and Union Bank are their top five stock picks.
Searches conducted by the Enforcement Directorate (ED) under the anti-money laundering law rose by 86 times while arrests and attachment of assets jumped by around 25 times in the 10 years since 2014 compared to the preceding nine-year period, according to official data.
"We are ready to evaluate purchase for any additional shares including from the IndusInd Bank. But, our headroom is about four per cent. We will keep our holding below 25 per cent," Dabur India Vice Chairman Mohit Burman told PTI from Greece on Sunday.
Bond issuances dipped 31.4% during January-June
Poor governance, constant interference of promoters, opposition from unions and talks of being an acquisition target seen as main deterrents.
The Bharatiya Janata Party regime will have to make good on this election slogan to restore state-owned banks to health, says Rajiv Lall.
