India's second-largest passenger vehicles firm will be valued at Rs 1.59 trillion at the top-end of the price band of Rs 1,865-Rs 1,960.
Paytm app users will continue to use all services like mobile and DTH recharges except for Paytm Payments Bank's offerings including wallet funds, Fastag and bank accounts, according to the company hit by RBI restrictions. Paytm Payments Bank users will not be able to add any funds to their wallet and bank accounts but will be able to use the balance until it is exhausted, according to the RBI order. "The RBI has issued a directive restricting Paytm Payments Bank account/wallet from accepting new deposits or allowing credit transactions after March 15, 2024.
So far this year, bankers have earned Rs 1,226 crore for handling 45 IPOs, which together mobilised Rs 48,363 crore.
The country's real GDP growth in the first quarter will be better than the Reserve Bank's estimate of 8 per cent, economists said on Tuesday. Economists at the country's largest lender SBI pegged the growth at 8.3 per cent while domestic rating agency Icra estimated it to come even higher at 8.5 per cent. The Reserve Bank of India (RBI), which expects the GDP to grow at 6.5 per cent in FY24, has estimated a growth of 8 per cent in the April-June period.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Reserve Bank of India on Thursday said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks. As of February this year, about Rs 35,000 crore of unclaimed deposits were transferred to RBI by public sector banks in respect of deposits which were not operated for 10 years or more. "In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs," RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
If you want to apply for a job at State Bank of India (SBI), any default on loans or credit card payment will render your ineligible.
Government to infuse funds in cash-strapped banks.
Apart from 40 modules of Harvard, SBI has internally developed 500 e-modules for employees.
Do not keep a large portion of your long-term portfolio in FDs.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The central government is looking to strengthen the boards of public sector banks (PSBs) by specifying terms of office and conditions of service for whole-time directors, and also seeking disclosures from all directors about interests in other companies. Through the Banking Laws Amendment Bill, the government is likely to introduce conditions for disqualification of whole-time and independent directors which are not specified in the current legislation. The Centre is seeking to introduce fresh changes that are aimed at strengthening the boards of PSBs, and holding their directors accountable, an official said.
IPOs worth Rs 50,000 crore including Hyundai, NTPC Green Energy and Swiggy are set to hit the market in late October or early November.
State Bank announced a 15 basis points reduction in its lending rates, effective August 10 across all tenors.
On standalone basis, SBI's profit declined by 37.9 per cent to Rs 1,581.55 crore, from Rs 2,538.32 crore on account of rise in bad loans.
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as automated teller machines and cheque books.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
While lending rates have been jacked up on an average of 5-10 bps by private sector lenders like HDFC Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank since January, almost all the PSBs have been increasing their bulk deposit rates in the range of 15 bps to 125 bps.
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
SBI got Rs 1.93 lakh cr in cash deposits from November 10-25.
SBI said it provided credit to Orbital ATK Inc as part of a syndicated deal with other banks.
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
'The problem is that the bubble may not only be in valuations, but also in investors' minds.'
With no rate cuts on the table, the other monetary policy alternative could be to reduce the width of the asymmetric policy corridor or increase in reverse repo rate when the pandemic subsides, they opined.
Among the Sensex firms, State Bank of India rose the most by 3.78 per cent after the bank announced the acquisition of SBI CAPS subsidiary for Rs 708.07 crore. Nestle India gained 1.68 per cent after it reported around 9 per cent growth in sales. JSW Steel, Bajaj Finance, Axis Bank and Asian Paints were among the gainers.
While State Bank of India with $78.88 billion in assets was among top 30 largest banks in Asia, Corporation Bank emerged as second strongest bank in the region, based on seven crucial financial parameters.
Independent market analyst Ambareesh Baliga points out the red flags that retail investors should not have ignored and lists three scenarios -two of these scenarios offer a glimmer of hope to retail shareholders of Yes Bank - that could play out in the coming days.
Transiting from "survival mode", which took most of the management time in FY21, the bank has been able to take a long-term view in terms of growth and preparing technology in the past 12 months.
If credit card delinquency spells trouble, there may be questions with regard to the much bigger retail sub-categories of car and housing loans, notes T N Ninan.
The country's largest lender SBI on Thursday reported a 4.20 per cent decline in consolidated December quarter net at Rs 6,257.55 crore, largely because of a higher base in the year-ago period where it had benefitted from a Rs 4,500 crore one-off income. On a standalone basis, the city-headquartered lender's net profit came in at Rs 5,196.22 crore as against Rs 5,583.36 crore in the year-ago period and Rs 4,574.16 crore in the preceding September quarter. SBI chairman Dinesh Kumar Khara told reporters that the year-ago period had seen the resolution of the Essar Steel loans, resulting in an over Rs 4,000 crore interest income and Rs 500 crore other income benefit.
Among the Sensex constituents, 18 stocks closed in negative with UltraTech Cement, L&T, Bharti Airtel, Bajaj Finance and Tech Mahindra being major laggards. Other heavyweights like Asian Paints, Maruti, Titan and JSW Steel also saw heavy selling. In contrast, Kotak Mahindra Bank, Bajaj Finserve, HDFC Bank, ITC and SBI bucked the trend and ended the session with a gain of up to 2.09 per cent.
State Bank of India was the biggest gainer in the Sensex pack, rising 4.24 per cent, followed by Tata Steel, Axis Bank, Maruti, NTPC, PowerGrid, ITC and Nestle India. Reliance jumped 1.15 per cent to end at Rs 2,962.60 apiece on BSE.
Among the Sensex constituents, 20 stocks ended the session in green with HDFC Bank, Titan, Tech Mahindra, and Asian Paints being the major gainers. TCS, Maruti, Kotak Mahindra Bank and Bajaj Finserve were the other gainers. In contrast, SBI, Bharti Airtel, JSW Steel, PowerGrid, ITC and Reliance closed the trading with losses.
Amid concerns expressed by the Reserve Bank of India, the country's largest lender State Bank of India on Wednesday announced withdrawal of special home loan schemes, or teaser rates, with effect from May 1.
The bank may post a loss of Rs 1,000 crore during October-December 2019-20 quarter, an analyst commented.
ICICI Bank is offering the salaried having an account with it, credit from Rs 500,000 going up to Rs 1 crore against property owned by them
The State Bank of India on Wednesday became the first Indian bank to begin full-fledged operation in China.
