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.
In the past few months, 45 companies have signalled their intent to raise money through the institutional placement route.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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.
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."
Bank Nifty has recovered nearly 300 points at 10,968 from intra-day low of 10,669 touched in early morning deals.
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.
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.
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."
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.
Upgradation to the new product (from Infosys) will stabilise by this month-end
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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.
UV Asset Reconstruction Company Ltd has made the highest bid of Rs 16,000 crore to buy Anil Ambani group's Reliance Communications and Reliance Telecom, which are in the National Company Law Tribunal (NCLT). Last year it was the highest bidder for taking over Aircel's assets for an upfront payment of Rs 150 crore. Surajeet Das Gupta and Dev Chatterjee dig deeper to find out more about this little known company.
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.
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.
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.
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).
A bench of Justices Arun Mishra and U U Lalit said, if home buyers are not ready to pay their outstanding amount, then the court will have to bundle up the projects.
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.
Earlier, the Reserve Bank of India was the approving authority.
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.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
Interest rates are set to fall again with public sector banks today agreeing to lower deposit and lending rates next month.
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.
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.
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.
Rajan said the RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
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