The All India Bank Employees Association had called for a strike on June 24,
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.
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.
The Central Vigilance Commission has penalised 130 government employees for their alleged involvement in corruption. Of these, 29 were Syndicate Bank officials, nine each were from Canara Bank and Punjab National Bank, eight from State Bank of India, seven from Bharat Coking Coal Limited and six each from State Bank of Bikaner and Jaipur and Life insurance Corporation of India Limited.
One hundred and thirty officials of different government departments were slapped with major penalty by the Central Vigilance Commission for their alleged involvement in corruption.
We do not expect any major price action at SBI counter as the swap ratio being largely neutral
While a total of 4,987 officers would be recruited for associate banks of SBI, as many as 206 officers would be hired for State Bank of India itself.
With the addition of the seven banks - South Indian Bank, Karur Vysya, State Bank of Hyderabad, State Bank of Bikaner, State Bank of Travancore, State Bank of Mysore, and Punjab and Sind Bank - the number of banks allowed to import the precious metals now stands at 30.
A day after large banks such as Punjab National Bank and IDBI Bank increased base rates, state-run lenders Indian Overseas Bank and Indian Bank followed.
This will be second such merger of State Bank of India's associate banks.
It's going to be a four-day weekend for the officers of five associate banks of SBI - State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Bikaner and Jaipur.
State Bank of Saurashtra first to merge with SBI
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
The all India strike would be observed by employees of State Bank of Patiala, State Bank of Travancore, State Bank of Mysore, State Bank of Hyderabad, State Bank of Indore and State Bank of Bikaner and Jaipur.
At 12:25 PM, the barometer index, the S&P BSE Sensex was down 358 points or 1.3% at 26,368.
'Consolidation was part of the Indradhanush package.'
Rajnish Kumar was on Wednesday appointed the new chairman of the largest public sector bank, State Bank of India (SBI), replacing Arundhati Bhattacharya who completes her one-year extended term on Friday.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
Country's biggest lender State Bank of India had proposed merger of five associate banks.
SBI might present the first result for the combined entity at the end of the first quarter of 2017-18
The operating income of the bank fell by 5.17 per cent to Rs 25,612 crore during April-June quarter of 2017-18
All shares held by SBI in the five associate banks will stand cancelled after merger.
Employee integration and branch rationalisation are major challenges.
The consolidated entity can target good growth FY18 onwards, analysts say.
State Bank of India is also expected to tap the markets this year
Since January this year, RBI has cut the repo rate - at which it lends to commercial banks -- to a gross of 1.25 per cent.
The 50-share NSE Nifty gained 53.30 points or 0.61 per cent to 8,778.
The 30-share Sensex ended up 8 points at 27,508 and the 50-share Nifty closed 1 point higher at 8,284.
The US FOMC concludes its two-day meeting today while the Bank of Japan will start its two-day meeting today.
During the World War, Singh fought alongside the Allied Forces in North West Frontier province, Eritrea, Abyssinia (now Ethiopia), Libya, Egypt and Italy.
The Nafed has outstanding dues of Rs 224.26 crore (Rs 2.24 billion) as of February 15.
The regulator's concern arises from several recent instances.
NHAI to pay only Rs 175-200 cr as it takes over from concessionaire
Auto stocks are weighing on the indices.
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