The Arun Jaitley-led finance ministry reiterated banks should act tough on wilful defaulters.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
In his first interaction with the media after taking charge, former PNB chairman and managing director K C Chakrabarty said, "When the government is giving a certain interest rate on small savings, it is not logically correct for banks to provide a lower rate of interest. When we are saying that interest rates are coming down, that means the small savings rate should also come down."
Punjab National Bank has the largest share.
The RBI on Friday imposed a fine of Rs 6.5 crore (Rs 65 million) on six public sector banks including IDBI Bank, Dena Bank and Indian Bank, for violation of customer identification or KYC norms and anti-money laundering guidelines.
Analysts expect banks with a strong deposit franchise to benefit from SBI's rate cut as they too are likely to follow the leader.
State Bank of India has agreed to lend Vodafone-Essar, the joint venture between United Kingdom's Vodafone and Essar, Rs 10,000 crore to finance the company's entry into 3G (third generation) telecom services and expansion of its broadband operations.
Seven public sector entities including the Life Insurance Corporation and State Bank of India on Friday submitted expressions of interest to the Pension Fund Regulatory and Development Authority
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
The recent hike in the rates will hurt your finances further. Time to do some stock-taking.
2014 sees slowest start to festival season in at least 7 years
It's time to re-examine government's role as owner of banks,
The country's largest lender, SBI, has reduced marginal cost of funds based lending rate by 0.9 per cent from 8.90 per cent to 8 per cent for one-year tenure, the bank said in a statement.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
According to the general secretary of the All India PNB Officers' Association, K D Khera: "The bank has a staff strength of about 57,000 in all cadres.
Eight persons, including five Special Auxiliary Police personnel and an assistant sub-inspector, were killed and three others seriously injured in a heavy exchange of fire between the police and banned Maoist activists at Raniganj in Bihar's Gaya district on Thursday.
An analysis of buy and sell transactions by mutual funds during May shows that the fund houses purchased stocks from sectors like power, software, housing finance and sugar, while offloading shares from banking, refineries and airlines. According to brokerage firm Sharekhan, state-run NTPC, ONGC, TCS, Essar Oil and Reliance Petroleum figure among the favourite picks by the equity funds in the month of May.
Bankers expect credit to pick up after Jan 15.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
The public offer of eight crore shares by Punjab National Bank, which closed on Friday, has attracted bids for 104.37 crore shares - a subscription of 13 times.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
Temperatures in 17 locations breached 48 degrees Celsius on Monday, with the relentless heat affecting health and livelihoods across large parts of northwestern and central India.
Bankers say loan demand was more muted this festival season than last year.
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.
Favourites Indian Oil retained the Beighton Cup hockey title, outplaying Punjab National Bank (PNB) 5-2 in the title clash in Kolkata on Sunday.
Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh on Tuesday said that interest rates may rise owing to higher inflation, but lending rates are unlikely to change in the next one month.
A new wave of e-trading in partnerships with private broking houses is getting popular with banks in recent times.
Punjab National Bank Chairman and Managing Director K C Chakraborty has emerged as the frontrunner for the post of the fourth deputy governor of the Reserve Bank of India (RBI).
Delhi Cabinet minister Atishi on Friday said the Aam Aadmi Party (AAP) is worried about the security of Chief Minister Arvind Kejriwal in Enforcement Directorate (ED) custody.
Punjab National Bank is the second largest PSU bank, in which government holding is 58.87 per cent.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
The CBI has filed a fresh case against absconding diamantaire Mehul Choksi, wanted along with his nephew Nirav Modi in a loan fraud case of Rs 13,500 crore, for allegedly inflating the value of diamonds and jewellery pledged to get Rs 25 crore loan from IFCI, officials said on Monday. The CBI has booked Mehul Choksi, his company Gitanjali Gems and valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah, they said. The central agency has acted on a complaint from Industrial Finance Corporation of India (IFCI) Ltd alleging that Choksi had approached it in 2016 seeking Rs 25 crore working capital loan for which he had pledged shares and gold and diamond jewellery.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
Shunning the idea of making quick money in stocks like gamblers, Punjab National Bank chief K C Chakrabarty has said that the bank's profit would rise by 20 per cent even in the current fiscal.
Sample this. Five cyber-thieves, allegedly part of a network that hacked into the account of a Noida businessman, were nabbed today for a Rs 1.66 crore (Rs 16.6-million) cyber hack. They used Internet banking to transfer the money from the businessman's account with the Punjab National Bank's Noida branch to their own account.
12 banks have been authorised to receive such donations to the Prime Minister's National Relief Fund.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
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