The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
When AS-15 became operative in 2006, the initial estimate for additional pension provisioning was estimated at Rs 6,000 crore. However, the latest wage revision may bring in an additional 275,000 bank employees who opted for PF. Banks may also provide for the pension liabilities of 65,000 employees who have retired but have been seeking resort to the defined pension scheme since 1996. This will require additional provisioning of Rs 6,000 crore.
The banking stocks have been rallying since the RBI policy announcement four days back, and today they got an booster after the Cabinet cleared capital infusion of Rs 15,000 cr in PSU banks.
"Subject to synergy, subject to reasonable similarity in culture, they (public sector banks) in the next 5-10 years really need to look at consolidation and merger," finance secretary Ashok Chawla said after launching the mobile banking service of Vijaya Bank in New Delhi.
From the 30-share pack, 18 stocks ended with gains led by SBI, which surged 27.58 per cent, and ICICI Bank 14.69 per cent.
Recpaitalising banks through taxpayers' money will not solve the NPA problem.
According to advance estimates of the Central Statistical Organisation, the Indian economy is likely to grow at 7.1 per cent in the current fiscal, against 9 per cent a year earlier. Despite slowdown, the numbers are well in line with what the government, RBI and prime minister's economic panel have been projecting.
The market has remained in a mixed state of mind, has come off its intra-day high and has finally ended the day in negative territory.
Buoyed by better than expected economic growth last fiscal, Finance Minister Pranab Mukherjee on Wednesday expressed hope that the economy, spurred by fiscal and monetary stimulus packages, would turn around soon.
Bank loan defaults rose to Rs 74,685 crore (Rs 746.85 billion) at the end of March 2010, with non-performing assets of public sector banks reaching Rs 57,301 crore (Rs 573.01 billion), Parliament was informed on Tuesday.
Enthused by government's commitment to act proactively and ensure more liquidity to promote economic growth, ICICI Bank managing director K V Kamath on Monday promised to review interest rate in the next few days.
'Money that came into mutual funds near the previous peaks -- the second half of 2017 and 2018 -- has in most cases experienced unflattering returns.' 'A large proportion of redemptions could be such inflows exiting when the market recovered sharply from July 2020 onwards.'
Most of the buses run by Telangana State Road Transport Organisation are also off the roads
Bad loans of PSU banks rose by 28.5 per cent.
The meeting comes a day after Finance Minister P Chidambaram met heads of PSU banks and got an assurance from Indian Banks Association that banks would consider interest rate cut and come up with some decisions on the price at which credit will be delivered to different sectors. Following the meeting many public sector banks announced their decision to cut lending rates by up to 75 basis points.
Two public sector banks, Union Bank of India and United Bank of India (UBI), on Monday cut lending rates by 25-50 basis points (bps) ahead of Finance Minister P Chidambaram's meeting with PSU bank chiefs.
Terming the home loans package of PSU banks highly inadequate, Assocham President Sajjan Jindal demanded that the government peg the interest rate on housing loans up to Rs 30 lakh at 6% and at 8.5% for loans above this amount.
Here are the highlights of the economic package announced by the government on Sunday.
Home and auto loans are likely to become more cheaper with several PSU banks promising to revise their lending rates if RBI eases its monetary policy on Saturday.
At this time of fear and apprehension over jobs, public sector banks are swimming against the tide to go on a hiring spree.
Banks are in need of government support to manage the stressed assets
Check out what you can do in the stock market today.
Losers included Bharti Airtel, SBI, Wipro, Vedanta, Maruti Suzuki, ICICI Bank, Axis Bank and Reliance Industries, falling up to 2.18 per cent.
The draft guidelines on loan recovery do little to protect borrowers' interests.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
