Oriental Bank of Commerce on Friday said its profit will dip this fiscal due to acquisition of the ailing Global Trust Bank and hinted at another round of voluntary retirement scheme to cut excess flab.
The Oriental Bank of Commerce has tied up with Infosys and Wipro for centralised banking solutions to provide customers with "anywhere anytime" services.
Oriental Bank of Commerce will retrain the staff of Global Trust Bank to enable them to carry out lending activities at branch level and attain three times more business from the acquired unit.
The markets have opened in the green in line with global peers and buying was seen in oil, pharma, capital goods and technology stocks.
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
In a move that could provide succour to existing customers of troubled Global Trust Bank, its acquirer Oriental Bank of Commerce said on Monday that lending rates would eventually come down in line with the PSU bank.
Sending a clear directive to Global Trust Bank employees to triple their business, its acquirer Oriental Bank of Commerce has set a growth target of 30 per cent for the combined entity at about Rs 80,000 crore (Rs 800 billion) this fiscal.
OBC, the buyer of GTB, said equity-holders will not get any value for their holdings now and can expect some relief only after 12 years if the troubled bank is left with any surplus value.
At 11.58 am IST, the Sensex is up 59.24 points or 0.47% at 12682.52, and the Nifty up 8.10 points or 0.22% at 3665.4.
The Nifty closed with a gain of 16 points at 1,618.
After upgrading India's foreign currency debt rating, Moody's Investor Service on Wednesday upgraded the foreign currency deposit, debt and issuer ratings for 11 Indian banks and financial institutions.
The company's Chief Executive Officer G S C Rao, Chief Financial Officer Sanjay Tapriya, Executive Director Gursimran Kaur Mann and five non-executive directors have also been booked by the agency. Gurpal Singh is the son-in-law of Punjab Chief Minister Amrinder Singh.
Central Bank of India's 21.5 per cent assets are either bad or have been restructured.
Market breadth depicted strength. There were almost 3 gainers against every loser on BSE
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
Banking PSU stocks were being drubbed today following reports that the Centre may charge a premium on returned equity by these banks.
PSU bank stocks are witnessing hectic activity these days and are now among the top traded stocks on the bourses.
PNB reported the maximum number of such frauds.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
Bank stocks took a hammering today as the Centre said it was not in its policy to take back its equity from public sector banks at par value.
His statement assumes significance in the light of scams in the state-owned banks.
RBI had asked banks to price fixed rate loans of up to three years based on marginal cost of funds from April 1
Banking PSU stocks made a brave comeback on Monday after succumbing to losses Friday following the Union Budget's ignoring a long-standing demand by the sector on FDI limits.
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.
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
The market breadth, indicating the overall health of the market, turned negative from positive
Banks were the frontrunners on the bourses early today as investors were deeming their valuations offered a chance for appreciation. \n\n
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.
Oil and Natural Gas Corporation, Hindalco Industries, Tata Steel and Vedanta were down up to 70 per cent below their one-year highs.
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