IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
The meeting with the top officials of public sector banks is scheduled for March 5, a senior finance ministry official told PTI.
FDI rules announced last year changed the criteria of calculating these investments and included American depository receipts, global depository receipts and convertible shares also in that category.
The government may delay Rs 14,000 crore (Rs 140 billion) fund infusion in the public sector banks in view of volatile market conditions.
The Sensex jumped nearly 900 points and the Nifty rallied over 272 points on Friday, bouncing back from the previous day's fall, following a positive trend in global equities and fresh foreign fund inflows. The BSE Sensex rallied 899.62 points or 1.53 per cent to end at 59,808.97 after starting the trade on a positive note. During the day, it jumped 1,057.69 points or 1.79 per cent to 59,967.04.
Bajaj Finserv was the top loser in the Sensex pack, shedding over 3 per cent, followed by Maruti, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC.
The current employee strength of all state-run banks is about 672,000.
PSU banks must be privatised, say experts.
Air India is understood be in negotiations with state-run banks to avail working capital loans at low interests.
As per the structure proposed, 99 per cent of government holding in the bank will be shifted to the Holding Company and the government will retain 1 per cent with itself so that it remains a state-owned bank.
The survey also suggested passage of the Banking Regulation (Amendment) Bill 2005. Noting that the credit market suffers from structural rigidities, the survey said, it may have been reinforced in the recent years due to a high credit demand encouraging the banks to raise deposits at higher rates for maintaining long term liquidity.
Today, banks are being asked to discover niche strengths and focus on them
Public banks face slowdown heat.
Corporate India's net profit as a percentage of gross domestic product (GDP) dipped in the 2022-23 financial year (FY23) -- after rebounding sharply in FY22 -- amid a decline in global commodity prices. Top 500 companies' combined net profit stood at 4.1 per cent of the GDP for FY23, down from 4.3 per cent in the previous financial year when it had gone up from just 3.5 per cent in FY21. "The year-on-year (YoY) decline was led by global commodities, which contributed adversely to the ratio, while the financial sector contributed positively.
"If IBA does not come out with a solution with regard to our demands within given time-frame of three months ending on May 31, then we will be left with no option but to again adopt agitational path. And this time, we will observe indefinite strike," All India Bank Officers' Confederation (a member of United Forum of Bank Unions) General Secretary Amar Pal said in Chandigarh on Monday during the 8th Triennial General Council meeting.
Banking and financial stocks got more than their fair share of foreign portfolio investor (FPI) flows in February. Overseas investors pumped in $3.56 billion into domestic equities last month. Of this $1.96 billion went into financial stocks, data analysed by Edelweiss shows. "The sector now has 34.8 per cent of FPI assets, up from 33.8 per cent in January.
The ministry has sought information on posts for which regular recruitment is made; expected parameters for the said posts; subjects for tests; and training modules.
The Reserve Bank India's (RBI's) decision to ban the onboarding of new accounts on the "bob World" mobile digital platform led to a selloff in the Bank of Baroda (BoB) stock. The stock of the public sector bank dropped by around 3 per cent. The central bank cited "material supervisory concerns"; news reports claimed mobile numbers were randomly linked to accounts to purportedly inflate registrations on bob World.
Threatening to go on strike for three days from March 28 followed by indenifite strike from May, public sector bank employees organised a march to Parliament on Monday to press for their pension-related demands among other matters.
The government also informed that it has been decided to entrust IBPS the responsibility to conduct the common recruitment examination for PSBs.
HDFC was the top gainer in the Sensex pack, spurting over 2 per cent, followed by Bajaj Finserv, M&M, NTPC, Bharti Airtel, UltraTech Cement and ONGC. NSE Nifty rose 98.35 points to 14,823.15.
Non-performing assets of banks have increased from Rs 2.75 lakh crore in March 2015 to Rs 7.33 lakh crore as on June 2017.
The 30-share BSE gauge climbed 465.14 points or 0.80 per cent to finish at 58,853.07. During the day, it jumped 546.97 points or 0.93 per cent to 58,934.90.
The government can issue recapitalisation bonds, or the RBI's huge reserves of over $127 can also be dipped into to help the state-owned bank's recapitalisation needs.
Bharti Airtel was the top gainer in the Sensex pack, rising around 4 per cent, followed by Tech Mahindra, HDFC, Kotak Bank, M&M and HCL Tech. NSE Nifty advanced 21.85 points to 16,280.10.
Report points out corporate vulnerability indicators remain elevated.
The government is likely to infuse additional capital of Rs 20,000 crore in the public sector banks next financial year to meet Basel III global capital risk norms.
The government on Thursday approved a proposal to inject Rs 12,517 crore in public sector banks to help them enhance the lending activity and meet the capital adequacy norms.
The UFBU is an umbrella body of nine bank employees unions of the country and claims to have members from public, private and foreign banks. "We are on strike from today as Indian Banks' Association did not concede to the bank unions demand for the wage hike," said United Forum of Bank Unions convener C H Venkatachalam.
'Comparing the rates of interest with PSU banks, the three- and five-year time deposit rates of the post office are more favourable.'
As many as 20 public sector banks, including big ones like Canara Bank, Bank of Baroda and Union Bank, have failed to achieve the annual farm sector lending target till November, 2009.
With the restructuring process in full swing, public sector banks have stepped-up monitoring to keep non-performing assets (NPAs) at desired levels.
Equity benchmark Sensex slumped 400 points on Wednesday tracking losses in index majors HDFC twins, Kotak Bank and TCS amid a weak trend in global markets.
Public sector lenders led by State Bank of India said on Monday that they will look at further interest rate cuts.SBI chairman O P Bhatt told reporters after a meeting with Finance Minister Pranab Mukherjee that the bank is considering cutting its prime lending rate for the second time in as many months.
The Reserve Bank of India is formulating guidelines that would allow government-owned banks get into the private equity business.
