This is the first payment Indian refiners have made to Iran since February.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
Star Union Dai-ichi expects to break even within five years of starting operations.
As of December 2010, the bank's total outlets, including branches, stood at 5,017. Its ATM network stood at 2,516 units.
Those with plans to enter the wealth management business want to first put in place robust processes.
Forget the never-ending forms and the paperwork, be ready to pay your taxes at your nearest ATM
Some bankers are of the view the move will also help lenders meet their priority sector commitments as a large part of their housing loan portfolios comprise of loans under Rs 25 lakhs.
Home, auto and corporate loan rates may not go up immediately, even though the Reserve Bank on Tuesday raised key short-term policy rates by 25 basis points to check high inflation, bankers said.
'The PSBs ended up recording Rs 7,709 crore losses in the March quarter compared to the Rs 11,688 crore profits of their private peers,' reveals Tamal Bandyopadhyay.
In December last year, the finance ministry had asked five state-run banks -- Punjab National Bank, Canara Bank, Union Bank of India, Bank of Baroda and Bank of India -- to explore merger opportunities in the banking industry.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to a Right to Information query filed by Pune-based activist Vihar Durve.
The government is finalising appointment of at least nine public sector bank chiefs and a dozen executive directors who would replace them or fill existing vacancies.
Preeta Misra, head, financial education solutions, Dun & Bradstreet -- India, said, "The economic downturn has opened up opportunities for companies in India, as with the decrease in the attrition rate of employees, companies can now have the crucial talent they need. They can identify and build leaders for tomorrow and set up efficient internal processes in place to build the future growth."
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
Banks and staff unions had settled on a 17.5 per cent salary hike, to benefit about 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension.
Bank Nifty has recovered nearly 300 points at 10,968 from intra-day low of 10,669 touched in early morning deals.
The country's largest public sector lender State Bank of India on Monday fixed its benchmark lending rate at 7.5 per cent following a Reserve Bank directive, a move that will end the practice of sub-prime loan to corporates.
State Bank of India would announce its much-awaited base rate on Tuesday, Chairman OP Bhatt said on Monday. On how much will the rate be, Bhatt said, "Not more than 8 per cent. . . 8 per cent or less."
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
In the past few months, 45 companies have signalled their intent to raise money through the institutional placement route.
Union Bank of India plans to distribute mutual fund products of DSP Merrill Lynch Mutual Fund as a part of its strategy to increase fee based income.
Rating agency Moody's has placed 13 Indian banks, including State Bank of India, ICICI Bank and Punjab National Bank, on watch for possible downgrade under a global review of systemic support available for the banking sector.
The bank expects Securities and Exchange Board of India approval for its proposed asset management company in the next few days, Raman said, adding once the approval is secured, the bank expects to start operations of the AMC in a couple of months.
The National Stock Exchange (NSE) on Monday conducted the first round of mock electronic bidding process for implementing application supported by blocked amount (ASBA), an alternative mode of payment for initial public offerings (IPOs), proposed by capital markets regulator, Securities and Exchange Board of India (Sebi).
State-run Union Bank of India on Tuesday said it is hiring 5,000 employees this fiscal, including 300 specialised officers for its micro, small and medium business.
PSBs are rushing through bond issuances to report healthy capital adequacy ratios by the year-end in anticipation of a healthy credit growth for the quarter ending March 31. These banks are seeking to maintain the 12 per cent capital adequacy ratio to follow international guidelines. While most investors have lapped up the Tier-II and subordinate bond issues, with some of them closing well ahead of the scheduled closing date, perpetual bonds are languishing.
Compare the post tax returns and tenure of debt instruments before investing.
The banks offer FCNR deposits in six currencies -- US dollar, euro, pound sterling, Canadian dollar, Australian dollar and Japanese yen. In the FCNR deposit category, SBI has raised rates by 12-21 basis points on US dollar deposits across various maturities. The new rate for the one and less than two years category is 3.12 per cent (2.98 per cent). Five-year FCNR (B) deposits carry a higher rate across various maturities at 3.66 per cent as against 3.45 per cent earlier.
Public sector lender Union Bank of India on Tuesday announced interest rates for new home loans up to Rs 50 lakh at 8 per cent for one year.
Interest rates are set to fall again with public sector banks today agreeing to lower deposit and lending rates next month.
Union Bank of India inked an agreement with The New India Assurance Co to market its non life insurance products in its quest to become a single point provider of financial service to its customers.
The Reserve Bank may announce cut in policy rates up to 50 basis points soon as inflation has been on way downward for past three successive weeks, bankers said.
Upgradation to the new product (from Infosys) will stabilise by this month-end
Two public sector banks, Union Bank of India and United Bank of India (UBI), on Monday cut lending rates by 25-50 basis points (bps) ahead of Finance Minister P Chidambaram's meeting with PSU bank chiefs.
At least two public sector banks Union Bank of India and Indian Overseas Bank have quietly increased interest rates on short-term deposits to raise resources and manage asset-liability mismatch. Union Bank has announced a special deposit scheme for 400 days, which offers 9 per cent interest. The scheme was launched much before the announcement of the monetary policy. Chennai-based Indian Overseas Bank has also raised rates for large deposits.
Earlier, the Reserve Bank of India was the approving authority.
The prosecution's pursuit of this tiny detail was because they believed the charge from Google, on Indrani's account, was to restore Sheena's Gmail account, via the Google account recovery toolkit, since Indrani did not have the password.
A Ganesh Nadar/Rediff.com attends Finance Minister Nirmala Sitharaman's presser in Chennai to tom-tom the government's achievements in its first 100 days in office.
Shortly after the Reserve Bank of India cut its signaling rates and the announcement of stimulus package, leading lenders HDFC Bank and Union Bank of India on Monday reduced their benchmark prime lending rates (PLR).
The deadly terror attacks, which crippled Mumbai on Thursday also, will not be able to dent the confidence of India's banking and financial system, which, bankers feel, will bounce back to normal soon.
