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.
Batting for further consolidation in public sector banking, the executives of top public sector banks (PSBs) said there should be at least two Indian banking entities among the top 20 global banks.
State-owned banks are prioritising local language skills in their hiring to improve customer service and reduce language barriers.
Encouraged by growing Sino-India trade and the booming economy of the Communist nation, Vijaya Bank will draw up a plan to enter the booming Chinese market as part of its efforts to go global, a top executive has said.
Vijaya Bank has planned to open four foreign offices, including a full-fledged branch in Hong Kong while considering to raise about Rs 200-250 crore (Rs 2 to 2.5 billion) tier-II capital after December this year.
Vijaya Bank assured employees that the service conditions 'will remain unaffected and staff benefits retained'
Vijaya Bank on Wednesday slashed interest rates on home loans by 50 to 75 basis points to touch 7 per cent per annum for upto 5 years.
Vijaya Bank on Monday said it has reduced interest rates on agricultural loans by 0.5 per cent with interest for loans up to Rs 25,000 at 8.5 per cent.
The combined entity is set to be the third largest bank in India, behind State Bank of India and ICICI Bank.
A meeting of the board of directors of Vijaya Bank is scheduled to be held on January 28 to consider and take on record the unaudited financial results (provisional) for the three months ended December 31, 2002.\n\n\n\n
Vijaya Bank has posted a net profit of Rs 526 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 440.50 million in the quarter ended December 31,2001.
According to the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.
Amul's move is being seen by many, especially opposition parties, as a threat to KMF's famed dairy brand 'Nandini'.
'Whenever she joined any of our family functions, she was so good, so simple.'
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
The recent three-bank merger seems to be grossly negative for Vijaya Bank and Bank of Baroda in the short term, as the negative net worth of Dena Bank will have to be absorbed by the merged entity
There would be no retrenchment of employees and that their services conditions would also not be affected post merger.
The government started promoting cashless transactions but forgot that it needs infrastructure.
The meeting will review annual financial performance of public sector banks, credit offtake in the economy, priority sector lending and progress made under various social sector schemes, including Atal Pension Yojana (APY) and Pradhan Mantri Jan Dhan Yojana.
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
These PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.
Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. Besides, Bank of India (BOI), the lead banker of a consortium of banks that lent money to Future Retail Ltd (FRL), also suggested the insolvency tribunal appoint Vijay Kumar V Iyer as the interim professional of the company. Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the "process of taking legal advice".
Under the recapitalisation package Central Bank of India will get Rs 1,400 crore (Rs 14 billion), while UCO Bank and Vijaya Bank will get Rs 1,200 crore (Rs 12 billion) each, home minister P Chidambaram told reporters after the Cabinet meeting in New Delhi. Under the recapitalisation package Central Bank of India will get Rs 1,400 crore (Rs 14 billion), while UCO Bank and Vijaya Bank will get Rs 1,200 crore (Rs 12 billion) each.
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.
A senior CBI official said Adani group is alleged to have 'over-invoiced' its loans to the tune of Rs 2,300 crore (Rs 23 billion) between 2011 and 2013.
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.
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.
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
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.
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.
Kingfisher Airlines's has hit a rough patch again with three of its directors resigning for better prospects.
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
Peers describe Sanjay Sachdev, new chief executive officer of Tata Asset Management Company, as a man who can form alliances with ease.
However, the likely impact of strike may not be much excluding few areas, said SBI.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
The Chennai high court on Friday issued a notice to Congress party spokesperson Jayanthi Natarajan, acting on an affidavit seeking direction to probe a Rs 300 crore scam involving her. Natarajan is a Congress Member of Parliament from Tamil Nadu.The affidavit alleges that Natarajan facilitated a sizeable bank loan from Vijaya Bank by misusing her links with the Union government.Natarajan is also under legal scrutiny for allegedly owning 6,88,300 square feet land.
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