A major reshuffle of top executives in 11 PSU banks is on the cards with the chairmen of Allahabad Bank, Corporation Bank, Syndicate Bank, Union Bank of India and Vijaya Bank slated to retire between March-July 2006.
12 banks have been authorised to receive such donations to the Prime Minister's National Relief Fund.
Rediff readers tell us how they spent their first salaries.
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
Promises have been made in the past about cleaning up bank boards, revamping processes, purging vested interests. How far away is that Promised Land?
The RBI, which has no interest or mechanism to get feedback from bank customers, is unaware of this. If made aware, it remains silent, proving that it has no problem in allowing lenders to short-change its customers, says Debashis Basu.
Bad loans of PSBs are at Rs 20 trillion. Most of it is, I sense, due to corruption and behest lending. Nobody pays a price for this charade. Not the promoters, the bankers, RBI officials, finance ministry bureaucrats or politicians, points out Debashis Basu.
Bank unions - officers and workmen - had buried their differences and sat across the table on August 29 to work out a fresh deal with the IBA involving a 20 per cent wage hike.
SBI Caps readies plan, identifies 4 assets; bankers say there are enough bidders.
Some lenders in talks with LIC for pvt placement
The financial position of India's public sector banks (PSBs) has deteriorated sharply over the past financial year.
Banks were the frontrunners on the bourses early today as investors were deeming their valuations offered a chance for appreciation. \n\n
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.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
PNB reported the maximum number of such frauds.
His statement assumes significance in the light of scams in the state-owned banks.
As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal.
Banks have taken this aggressive posture even as liquidity has become comfortable on the back of increased government spending.
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
Moody's Investors Service on Thursday downgraded subordinated debt ratings of 11 Indian banks, including SBI, ICICI Bank and HDFC Bank.
Insurer has also made fresh investments since December 2015 quarter when RBI told banks to recognise bad loans
The case pertains to alleged financial irregularities in supply of high-altitude tents worth Rs 22 crore to intelligence agency Research and Analysis Wing during 2009-13.
Many from this small lender have made it to other bank boards over the past 5 years
Chidambaram first met bankers and industrialists in Mumbai to seek ways to revive slowing economic growth.
There are many such young men in Maharashtra, mainly in the industrially backward Marathwada region, who had once fallen victim to ISIS's propaganda but are now leading a normal life with the help of the employment training programme.
Rediff.com's A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in one month since demonetisation.
The market breadth, indicating the overall health of the market, turned negative from positive
A bench of Justices Arun Mishra and U U Lalit said, if home buyers are not ready to pay their outstanding amount, then the court will have to bundle up the projects.
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
The government has initiated a forensic audit at the state-run Oriental Bank of Commerce and Dena Bank after unearthing of a suspected scam, wherein the lenders allegedly misappropriated funds worth Rs 436 crore from their fixed deposit customers.
The agency noted that the reviews of these banks' sub-debt ratings were not indication of any change in the affected banks' fundamental credit quality.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
The post of chairman and managing director has been split and the government has appointed managing directors and chief executive officers in four banks -- Indian Overseas Bank, United Bank of India, Oriental Bank of Commerce and Vijaya Bank.
The money is expected to be disbursed by the lenders consortium led by SBI after the Jet management submits an operational plan on how it intends to use the money till May 7.
Even under the RTI response, all public sectors banks have washed their hands of any responsibility.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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