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Addressing the media post the AGM, he said that the board took four important decisions today.
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Bank management told them that promoters may also sell their holdings directly in the secondary market if inorganic route does not work out fast
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Govt announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank to create the country's second-largest PSU lender by assets and branches.
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The yuan's exchange rate and market expectations remain generally stable, giving the world's second largest economy a stronger ability to counter external shocks, the People's Bank of China said after its third-quarter monetary policy committee meeting, according to the official Xinhua news agency.
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Shape up or ship out. That's the stern message the RBI is sending to those who refuse to play by rules.
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It can be noted that the Reserve Bank of India (RBI) has reportedly asked LIC and Orix not to infuse more capital into the company, a systematically important NBFC, at a meeting held Friday.
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While RBI met LIC and ORIX Corp officials, it cancelled a meet with other shareholders.
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IRDAI wants early assessment of both debt and equity exposure to prevent contagion risk.
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Under the new guidelines issued in 2013, Bandhan Bank was to achieve public listing of shares and bring down the promoter shareholding to 40% within three years of starting operations.
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The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives.
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The bank, on its part, said it is taking steps to comply with licensing condition to bring down the shareholding of Non Operative Financial Holding Company (NOFHC) in the bank to 40 per cent.
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The central bank went ahead with the move after the bank failed to adhere to a key licensing condition.
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Svatantra Microfin has Rs 652 crore portfolio at the end of June while Mumbai-based MHFC has a portfolio of close to Rs 500 crore.
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The bank's corporate exposure stood at 40 per cent, while it was 57 per cent for retail, he said.
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Yes Bank said earlier this week that it would seek the Reserve Bank of India's (RBI) approval to extend CEO Rana Kapoor's term beyond January as it needs more time to identify and groom a successor.
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In the wake of the IL&FS crisis, as many as 1,500 smaller non-banking finance companies may have their licenses cancelled because they don’t have adequate capital. The shadow banking sector now comprises more than 11,400 firms with a combined balance-sheet worth Rs 22.1 lakh crore, and is less strictly regulated than banks.
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Regulators may cancel the licences of as many as 1,500 smaller NBFCs because they don't have adequate capital.
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Also, high debt, weak traffic and slow pace of execution meant that it would take a long time for these players to repay the debt to banks. Given this experience, in this cycle, banks are only selectively funding road projects.
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AePS allows consumers without smartphones or debit cards to withdraw or transfer funds and check account balances using biometric authentication through microATMs.
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Sources said the exits stem from the duplication of several roles following the merger with Capital First.
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This had been one of the key demands of the renewable energy companies like Suzlon, ReNew Powet and Inox Wind that met with the Power Minister RK Singh on September 19 in New Delhi.
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The finance minister Tuesday committed capital support to banks after meeting heads of public sector lenders.
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RBI has said that the promoters will have to incorporate a public limited company under the Companies Act, 2013 having the word ‘bank’ in its name after receiving the in-principle approval from RB and its board should meet RBI’s ‘fit and proper’ criteria.
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The central bank had earlier called a meeting with key shareholders of IL&FS, including Life Insurance Corporation of India (LIC) and State Bank of India, after the company and its subsidiaries defaulted on repayments of various debt instruments.
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RBI in a statement said banks could 'carve out' up to 15 per cent of holdings under the statutory liquidity reserves to meet their liquidity coverage ratio (LCR) requirements as compared to 13 per cent now.
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With the SC making it clear that Aadhaar linkage with private companies is not mandatory, customers who have parted with the information now have the right to demand that the details be withdrawn or deleted. However, if one insists on doing so, the person will need to provide other authentication documents such as passport, voter ID, and a bank statement.
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SBI chairman Rajnish Kumar said, “If a customer wants to open a bank account on our digital platform using Aadhaar, it can be done instantly.” He added that the convenience is drawing 27,000 customers to its online ‘YONO’ account.
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Bankers said they would now have to find a new way to do a KYC for customers refusing to share Aadhaar details.
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In the year-ago fortnight, bank advances stood at Rs 77,54,406 crore.
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"Everybody will have to honour the Supreme Court's judgement, but I believe from services point of view it (Aadhaar) is a great facility," SBI chairman Rajnish Kumar said.
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SBI holds 6.42 per cent in the IL&FS group that is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since August 27. The group has over Rs 91,000 crore in debt.
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The IIT researchers will develop algorithms which, when combined with observations by subject matter experts, will recommend financial products.
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The finance minister Tuesday committed capital support to banks after meeting heads of public sector lenders.
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State Bank of India, ITC, Wipro and Tata Motors were among the major losers on the BSE index with their stocks falling as much as 3.15 per cent. On NSE, Nifty PSU Bank, IT, FMCG and Auto indexes declined the most losing as much as 1.88 per cent.
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Supreme Court has struck down the Section 57 of the Aadhaar Act which allowed sharing of data with private entities. The court's judgement means that private bodies like telecom companies, e-commerce firms cannot ask for biometric and other data from consumers for their services.
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RBI has been asked to consider more steps to improve liquidity in the system, including reducing the amount of funds banks must set aside with it. Late on Monday the RBI said it would buy Rs 10,000 crore of government bonds via an open market operation, in a move to ease liquidity.
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The Yes Bank board on Tuesday sought more time for incumbent Rana Kapoor as CEO even as it constituted a five-member search committee for a new chief executive. The board has also recommended board positions for its two top executives Rajat Monga and Pralay Mondal.
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Coming with an unsaid sovereign guarantee of sorts, fixed deposits (FDs) seemingly offered investors liquidity — and safety — as nationalisation sought, in part, to arrest the 40-odd bank failures a year.
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As executive director at HDFC Bank, Kaizad Bharucha is in charge of wholesale banking which includes loans to companies, agriculture and also to capital markets.
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"We will not allow contagion to spread from IL&FS,”LIC chairman VK Sharma said, adding that all options were open.
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The top management of the finance company declined to take corrective measures, two senior officials from the banking circles told ET.
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In an unprecedented move, it has also requested the RBI to grant an extension to Kapoor at least till April 2019 and if possible till September 2019.
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To file an application under Section 230 of Companies Act with an aim to propose a plan for settlement of dues.
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Earlier this month, the government announced plans to merge Bank of Baroda, Vijaya Bank and Dena Bank to create the country's third largest lender as part of efforts to revive credit and economic growth.
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Addressing the media after the annual review meeting of the state-owned banks, finance minister Arun Jaitley launched a common online portal for MSMEs credit space.
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The Reserve Bank of India had refused to extend Yes Bank's current CEO Rana Kapoor's tenure.
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At the annual review meeting of the public sector banks, the finance minister added that the last several years have been challenging for the state-owned banks as large amount of lending was held up in NPAs.
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The rise in recoveries is not only on the back of resolution in NCLT but also because debtors are compelled to pay up for fear of NCLT proceedings.
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Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of 8 per cent.
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On BSE, Kotak Mahindra, HDFC, Hindustan Unilever, Axis Bank and State Bank of India (SBI) were among the major gainers with their stocks rising as much as 3.10 per cent.
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