In another match, in the Super League of the Ranjit Singh hockey tournament, Punjab Police blanked Sapura Hockey Club from Malaysia 3-0.
Reports suggest state-owned banks have lapped up Rs 40,000 crore, so far, using both bonds and equity instruments. The question, though, is whether there will be a perceptional change for PSB stocks.
PSB beat Army XI 4-2 via tie-breaker in the final of the All India Beighton Cup hockey tournament in Kolkata.
Punjab and Sind Bank trounced Air India 6-0 in the Dhyan Chand Cup hockey tournament.
PSB chiefs tried to argue that liquidity is in surplus in the system and the problem was related to lack of demand in the economy, instead of banks' reluctance to lend, but 'the FM said it is a perception issue that loan is not available, which we need to dispel,', reports Somesh Jha.
The proposed amalgamation will make Bank of Baroda, which will merge the other two lenders with itself, the second largest public sector bank after State Bank of India in place of Punjab National Bank.
It won't be easy for the banking sector to better its performance every quarter, predicts Tamal Bandyopadhyay.
A day after the RBI put in public domain a draft scheme of merger of Lakshmi Vilas Bank (LVB) with subsidiary of Singapore-based DBS, public sector banks' officer union AIBOC on Wednesday said the amalgamation is not in the national interest and demanded the consolidation with any PSB. The proposed amalgamation of the cash-strapped LVB with DBS Bank India seems to be a ploy to provide entry of foreign banks into the country in a big way, All India Bank Officers' Confederation (AIBOC) president Sunil Kumar said. The Indian banking sector provides huge opportunity for growth, so the foreign banks have been looking at inorganic route to expand their presence for long, he said.
The former trounced CRPF while the policemen got the better of Indian Oil in the semi-finals of the \n\nthe Shivaji hockey tournament.
Jhunjhunwala, one of India's well-known individual investors, was speaking at the India Economic Conclave organised by the Times Network. He said he won't rule out 5-10 times gains in state-owned banks over the next five years. Shares of PSBs have been on a tear this year. The Nifty PSB index is up 20 per cent so far this year.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
Punjab and Sindh Bank drubbed Railways 7-2, while Indian Airlines beat Namdhari XI 4-1 in the 40th ONGC-Nehru Hockey Tournament.
Promises have been made in the past about cleaning up bank boards, revamping processes, purging vested interests. How far away is that Promised Land?
Most of those punished were managers across different scales, from Scale 7 (general managers) to Scale 1 (officers). However, at least one bank - Oriental Bank of Commerce - revealed that 17 single-window operators (SWOs), five head cashiers, two clerks, one clerk-cum-cashier, and one peon-cum-housekeeper were among those penalised for staff delinquency. Punishments against these employees included withholding of increment, demotion for one year, and censure under provisions of the bipartite settlement.
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
Market benchmark Sensex tumbled over 323 points after an intense last-hour sell-off on Wednesday, triggered by losses mainly in index heavyweights Infosys, Reliance and HDFC.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday cautioned against extrapolating the issue of alleged graft charges in a public-sector bank to the entire public sector banking system.
The former beat Air India while Punjab and Sind Bank got the better of Indian Airlines in the semi-finals of the Gurn Tegh Bahadur hockey tournament.
PSB executives said loans to group holding company IL&FS and entities might still be treated as "standard".
The Budget, to be presented on February 1, is likely to be less worried about fiscal deficit and will be focused more on nursing the fragile growth, according to a Wall Street brokerage report. Bank of America Securities India expects the budget to peg "fiscal deficit at a high 5 per cent of GDP for FY22 and 7.2 per cent for FY21, as it is likely to step up capex, recap public sector banks, push asset sales to break government monopolies, offer sops for real estate, tax cuts for lower income groups and creation of a bad bank". Its house economists expect these spends to be funded by debt and partly by imposing a cess on high income groups and also by some non-fiscal measures like tapping the central bank's revaluation reserves and bank recapitalisation and infra bonds.
The ministry of finance on Tuesday clarified that public sector banks (PSBs) have intimated they are not going to raise bank charges in the near future in view of the COVID-19 pandemic. The ministry's statement comes after several media reports citing steep increase in service charges by certain PSBs surfaced. No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit (BSBD) accounts, including 41.13 crore Jan Dhan accounts opened by the poor segments of the society, as per the statement.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
The finance minister said easy access and efficiency in providing banking services will help in revival of businesses which are restarting operations after the lockdown.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Not all public sector banks are back in the black, but their collective net profit for the year is Rs 32,346 crore against a Rs 9,013 crore loss in the previous year, points out Tamal Bandyopadhyay.
Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
Rogue lending under political influence was rife in the Congress-led regime and is not happening in the Modi regime, certainly not on that scale. But if PSBs cannot lend as indiscriminately as they did last time in the name of 'credit expansion', how well will these banks do, asks Debashis Basu.
Chetan Anand and Saina Nehwal retained the men's and women's singles titles at the National Badminton Championship.
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