The government intends to disinvest 5 per cent stake in PFC, while the company would issue fresh shares to the tune of 15 per cent through the follow-on public offer.
Bankers said the mammoth task of cleaning up the PSBs and improving their health will be a mammoth task for any chief executive.
Classic Legends, the owner of the Jawa and Yezdi brands, is embarking on a revival plan - from nearly doubling its dealership count in India, introducing more models, to focusing on exports to Asean markets. It recently introduced the Jawa 350 motorcycle to take on Royal Enfield. The company plans to add more models this year.
Year-end bonuses to be low to zero, as banks cut jobs, re-deploy staff.
The initial public offering (IPO) market has seen some momentum of late with robust responses to recent issues. However, only some have been able to ride the wave. So far in 2023, 23 companies have let their approval granted by the markets regulator - the Securities and Exchange Board of India (Sebi) - lapse.
State Bank of India and Canara Bank said on Thursday interest rates are expected to remain soft and stable in the near future as inflation is down and there is ample liquidity with the banks. "Interest rates are expected to remain stable to down," SBI Chairman O P Bhatt told reporters before participating in a meeting of bankers and exporters with Finance Minister P Chidambaram in New Delhi.
Poor governance, constant interference of promoters, opposition from unions and talks of being an acquisition target seen as main deterrents.
Bankers believe rates will remain high in near future.
Lenders in India, comprising banks and finance companies, anticipate robust growth in retail credit during the upcoming festival season, stretching from September to December 2023. This expectation is based on resilient demand, government initiatives, and elections in key states.
Private equity (PE) players and investment bankers are divided over the timing of the BT Group's reported move to exit Tech Mahindra. BT owns about 30 per cent in TechM.
After being hailed as Masters of the Universe for the last two decades, western bankers are now being blamed for the global financial crisis and being branded as the ugly face of capitalism.
A key hindrance to a faster turnaround of these banks is the slow progress in the resolution of legacy bad loans and the need to build up provisions against those assets.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
What impact will this hike in RBI rates have on the banks and industries? What do the bankers have to say? How is India Inc reacting to the rate change?
SBI has hired six global giants -- Citigroup, UBS, Barclays Bank, Deutsche Bank, Bank of America Merrill Lynch and JP Morgan -- for the sale of dollar-denominated bonds, they added.
The primary market will see a flurry of activity in March, with at least three companies including Gopal Snacks will float their initial public offerings (IPOs) in the upcoming week to raise Rs 1,325 crore collectively. The other two companies which are set to launch their maiden public issues are -- RK Swamy and JG Chemicals. Additionally, Bengaluru-based luxury furniture brand Stanley Lifestyles and Krystal Integrated Services are expected to float their initial share-sales later this month, according to merchant bankers.
Going 'long' is becoming an overcrowded trade on Dalal Street, and any negative trigger could lead to a sharp correction, warn experts. However, given the strong momentum, particularly in IT stocks, the downside could be protected in the immediate term. "With the Nifty50 surging to new life-time highs, the bulls remain in control. Further upsides are likely once the immediate resistance of 21,492 is taken out.
Bankers on Tuesday said the RBI's decision to hold key rates, coming after a decisive mandate received by the Narendra Modi government, was on expected lines and interest rates won't change even though the central bank's SLR cut infuses additional liquidity into the system.
Notwithstanding the ongoing decline in equity markets week after week, August has proven to be the most successful since December for initial public offerings (IPOs). In August of this year, six companies have collectively raised approximately Rs 4,269 crore through IPOs.
Want to appoint CFO, advisory board and governance committee.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
Move follows govt nod to carrier to borrow via ECBs. Turnaround plan involving Rs 30,000 cr equity infusion, Rs 21,000 cr debt recast okayed last week.
The finance ministry wants the Reserve Bank of India (RBI) to switch its policy stance, with growth concerns occupying centre stage and inflation showing signs of moderating.
Bankers are worried the new model will affect their business of giving short-term loans to corporate clients at cheaper rates (sub-PLR loans) as lending rates on such loans will go up at least by 2 per cent in the base rate system.
Last month, RBI slashed cash reserve ratio -- the percentage of deposits that banks have to keep with the RBI -- from 5.5 per cent to 4.75 per cent. With this, the central bank had infused Rs 48,000 crore (Rs 480 billion) into the economy.
Pakistan's late military ruler Zia-ul-Haq's son has served a legal notice on a banker, who is at the centre of a scandal over the funding of politicians by the Inter-Services Intelligence in 1990, for claiming that he gave millions of rupees to his family.
A professional banker, Salman Butt, was on Tuesday named managing director of the 2011 World Cup central organising secretariat amid rising concerns over the slow pace of preparations for the mega-event in South Asia. The Pakistan Cricket Board confirmed Butt's selection had been approved by the International Cricket Council.
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.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
RBI said the outlook for economic growth for 2016-17 has turned uncertain after the unexpected loss of momentum by 50 basis points in Q2 and the effects of the withdrawal of banned notes
Of the six-member rate-setting monetary policy committee, five members voted for a 25 bps cut while one by 40 bps, the RBI said.
Prime Minister Narendra Modi will hold discussions with public sector banks (PSBs) and financial institutions to draw up an action plan for banking reforms
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
Shekhar Kumar, an HR expert, talent, and client acquisition leader at SEPL offers advice on how to grow professionally.
Bankers have the impression that "lending to industry is good. Housing loan is good. Refrigerator loan is good, scooter loan is good. But farm loan is bad."\n\n
The Finance Ministry has invited private sector bankers.
Home, consumer, corporate and personal loans are likely to become cheaper with the Reserve Bank cutting its key short-term repo rate by 1 per cent to 8 per cent, the first since 2004, bankers said. After slashing the cash reserve ratio by 2.5 per cent from 9 to 6.5 per cent with effect from October 11, the Reserve Bank cut the repo rate on Monday, which is the rate at which banks borrow from the apex bank.
