Finance Minister Nirmala Sitharaman on Thursday said the country needs big and world-class banks, and discussions are on with the Reserve Bank and lenders in this regard.
Finance Minister Nirmala Sitharaman on Tuesday allayed apprehension that privatisation of state-owned banks would hurt financial inclusion and national interest. She said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned.
Investors will be able to authenticate if the entity receiving the payment is a valid entity under the ambit of Sebi.
Syndicate Bank is planning to set up a subsidiary for providing business process outsourcing services.
Admitting that there are governance issues in the public sector banks, RBI Governor Raghuram Rajan underlined the need for improving transparency in sanction of loans.
The alleged fraud includes the use of fake bills.
The Reserve Bank of India's ongoing inspection of the book of accounts of Syndicate Bank is unconnected with last week's arrest of S K Jain, its chairman and managing director.
One of India's leading banks -- Syndicate Bank -- on Friday launched an innovative project to sell gold coins exclusively imported from Switzerland.
The bank, however, plans to raise around Rs 500-600 crore (Rs 5 to 6 billion) to augment its tier-II capital in the domestic market. Union Bank of India, which had planned a rights issue to bolster its capital base, had deferred its plans even before the US financial meltdown started.
Syndicate Bank has informed BSE that an Extraordinary General Meeting will be held on February 25, 2003 to elect four Directors from amongst shareholders of the Bank
At the NSE, it tumbled 8.45 per cent to Rs 132.10.
Special CBI Judge Swarana Kanta Sharma observed that the accused was 'concealing himself' and despite issuance of non bailable warrants against him twice, he could not be arrested by the probe agency.
Pursuit of raw material had landed Bhushan Steel in the coal block allocation scam.
This comes after the arrest of Syndicate Bank Chairman S K jain.
Lawyer of both the accused, asserted that CBI's case against both his clients was merely on the basis of recorded conversations allegedly intercepted by the agency.
Despite facing tough times for a while now, a May 2014 press release of Prakash Industries said it had added capacities in its steel melting and ferro alloys divisions.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday cautioned against extrapolating the issue of alleged graft charges in a public-sector bank to the entire public sector banking system.
Capital markets regulator Sebi on Wednesday streamlined the payment of processing fee through the Unified Payments Interface (UPI) system for shares applied for and allotted during an initial public offering (IPO). In addition, the regulator has devised a new reporting format for capturing the data of all ASBA (Application Supported by Block Amount) applications unblocked by Self Certified Syndicate Banks (SCSBs) and their corresponding date of actual unblock. The new format has been put in place after reviewing the performance of SCSBs on timely unblocking of application amounts and feedback received from market intermediaries, Sebi said in a circular.
The government has already announced infusion of Rs 10,086 crore in Bank of India, Rs 5,500 crore in Oriental Bank of Commerce and Rs 2,159 in United Bank of India.
In August, the central bank had announced that it will set up the Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
A panel headed by RBI Governor selects PSU bank chiefs.
The officers did not arrest Neeraj Singhal despite CBI Director Ranjit Sinha's orders.
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.
Vishal Goyal, Banking Analyst at Edelweiss Capital, says that the interest rate increase is not that harmful for banks' bottomline.
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry.
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.
'At any point did you find out why Sheena had not disclosed her true relationship with Indrani?' Rahul: 'Sheena had told me as her grandparents were dependent on Indrani financially (and if she told the truth) her grandparents would suffer.' 'She had slapped Sheena the night before which she was very not happy about.'
Banks may have to increase the rate of interest for housing loans if more capital was required for the purpose, K M Shet, chairman and managing director of Syndicate Bank said on Thursday.
Indrani was spiritedly telegraphing details of the jewellery from the back of the court...
The probe into selections for banks such as Bank of Baroda and Canara Bank followed the arrest of Syndicate Bank CMD S K Jain for alleged graft.
Bank stocks took a hammering today as the Centre said it was not in its policy to take back its equity from public sector banks at par value.
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
Sebi has asked intermediaries to stagger the offerings as much as possible, said people in the know and ensure adequate capacity building.
According to experts, 'Lakshmi' and the logo 'Godesses Lakshmi' have a lot of value in India and are the biggest driver for the Bank. Retaining the Lakshmi name and logo will help DBS.
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