This is the first tranche of capital infusion for the fiscal and more funds would be provided in future depending upon the performance of PSU banks.
Union Bank of India has posted a 36.84 per cent increase in net profit at Rs 155.89 crore (Rs 1.56 billion) for the first quarter ended June 30, 2003, compared to Rs 113.91 crore (Rs 1.14 billion) in April-June 2002.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
At the prison, both Ranjan and Manglik's cell phones were pressed into service by the CBI. Why the CBI didn't bring its own equipment seems a mystery... Ranjan's cell handset was given to Indrani and Manglik dialed it. Indrani then spoke and her speech, that emanated from the phone, via speaker mode, was recorded.
Union Bank of India posted a 75.94 per cent rise in net profit at Rs 552.69 crore (Rs 5.526 billion) for the financial year ended March 31, 2003, as against Rs 314.13 crore (Rs 3.141 billion) for 2001-02.
Despite no change in interest rates, India's largest lender, State Bank of India, last week became among the latest to lower deposit rates, often a precursor to lower lending rates, something some banks have already done for certain consumer loans.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
The agency noted that the reviews of these banks' sub-debt ratings were not indication of any change in the affected banks' fundamental credit quality.
Railway passengers can book their tickets and do shopping using RuPay pre-paid debit cards.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
Next set of Q4 FY16 earnings, progress of monsoon along with election poll outcome will dictate market trend this week
Financial shares were the top losers.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
Any revision in loan rates would be visible next month.
Technical, legal, valuation fees could offset the benefit.
Two non-government organisations run by social activist Teesta Setalvad and her husband have been served notice by the home ministry for alleged violations of the Foreign Contribution Regulation Act and asked to reply within 15 days.
The CBI on Wednesday registered a case against social activist Teesta Setalvad and her organisation for alleged violation of FCRA in recieving funds from abroad without taking prior permission from the home ministry.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
Besides foreign flows, corporate earnings and US Federal Reserve chief Janet Yellen's testimony to the nation's legislature are also likely to impact investor sentiment.
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.
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
The Reserve Bank of India kept interest rates on hold at 7.50 per cent.
Capital infusion of $30 bn over two years needed amid high dividend payouts and impairment ratios.
'The cost of funds has come down, which will lower lending rates'.
The interface allows you to add multiple banks and transfer money, even between payment wallets, for a fraction of existing costs
ICICI Bank extended yesterday gains, rising 10% in two trading sessions
RBI Governor has been under pressure from Finance Ministry.
The board will have to take a decision that he cannot remain a permanent director and also have to decide to whether to amend the article of association of the exchange in this regard.
The Sensex soared 402 points higher to end at 25,720 and the Nifty surged 130 points to close at 7,819.
Lower inflation, FCNR(B) outflows likely to influence central bank decision
Analysts say there is still no visibility of earnings improvement.
Overhauling India's bloated and often sluggish state banks is critical for the government
Such classfication brings with a high cost, including closing of formal credit channels, and likely criminal proceedings.
Despite high exposure of public sector banks to power, iron and steel sectors, analysts remain in a wait-and-watch mode.
The CBI has shared its findings with the Enforcement Directorate.
The order said the NGO has transferred an amount of Rs 2.46 lakh from its foreign contribution designated account to Sabrang Trust domestic account, thus mixing of domestic and foreign funds and violating the rules.
'Four weeks have passed after the scam was exposed, yet no big guy has been arrested.' 'This gives the impression that he wants to be soft on the biggies.'
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