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The government has doubled the maximum term for chiefs of public sector banks to 10 years from five years earlier by amending the Nationalised Banks Scheme, 1970. The notification, which applies to executive directors and MDs, allows for a term of five years, extendable for another five years.
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The amendment would be called Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022, it added. The central government has the right to terminate the term of office of a whole-time director, including the managing director, any time before the expiry of the term specified, by giving him a notice of not less than three months, in writing or three months' salary and allowances in lieu of notice.
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The amendment would be called Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022, it added.
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Soaring inflation levels this year along with interest hike rates by central banks has a multidimensional impact on incomes for professionals
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SBI's petition to initiate insolvency proceedings was admitted on Tuesday by a two-judge bench of VR Badarinath Nandula and S Ranjan Prasad, documents accessed by ET showed. SBI was the third lender to file a plea against the company. Previous pleas by the Bank of Baroda (BoB) and Canara Bank are still pending before the tribunal.
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Several banks, including Bank of Baroda and Punjab & Sind Bank, have already informed their customers about the potential impact on services if November 19 strike materalises.
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The fund raise of AnZen Trust was through private placement and received an encouraging response from a diversified set of institutional and other eligible investors who hold 26% of the units, it added.
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The Vivriti Group has announced the closure of its first employee stock option plan (ESOP) Liquidity Programme, providing an opportunity to its team members for wealth creation.
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Reserve Bank of India (RBI) deputy governor Michael Patra has said that, while repo-linked loans have improved monetary policy transmission, there continue to be impediments to the central bank’s actions getting passed on to markets.
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Indices opened slightly higher on Tuesday, as data showing annual retail inflation eased to a three-month low in October strengthened bets of smaller interest rate hikes from the country's central bank.
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These banks are The Berhampur Cooperative Urban Bank, The Kendrapara Urban Co-operative Bank , The Jamshedpur Urban Cooperative Bank, Krishna Mercantile Co-operative Bank, Renuka Nagarik Sahakari Bank Maryadit, Jila Sahakari Kendriya Bank Maryadit, Osmanabad Janata Sahakari Bank, The Santrampur Urban Co-operative Bank, and The Nawanagar Co-operative Bank.
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The Reserve Bank of India (RBI) has called a meeting of the chiefs of public sector banks on November 16 to discuss issues relating to credit growth and the use of technology by banks.
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Retail inflation dropped to 6.77 per cent in October from 7.41 per cent in the preceding month, mainly due to easing prices in the food basket, though it remained above Reserve Bank's comfort level for the 10th month in a row, according to the government data released on Monday. The Consumer Price Index (CPI) based retail inflation has remained above the 6 per cent target since January this year.
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From the Sensex pack, Dr Reddy's, ITC, Hindustan Unilever, State Bank of India, ICICI Bank, Nestle, Titan, Mahindra & Mahindra, Larsen & Toubro, and Reliance Industries were among the biggest laggards.
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A Reuters poll showed economists expect retail price inflation slowed to 6.73% in October, due to weaker food price rises and a strong base year, but remained stubbornly above the Reserve Bank of India's 6% upper limit.
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Raj Radhe's offer was in response to a Swiss challenge called by banks after the anchor bid by NARCL last month. This is the third offer received by banks in response to NARCL bids. It remains to be seen whether the government-backed bad loan aggregator uses its option to match or beat its challenger.
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"Our annualized GTV run rate is around Rs 11,000 crore. We expect to double this in the next 12 months to around Rs 22,000 crore," Payworld CEO Amit Tyagi told PTI. Payworld provides a platform to retailers for services like selling train tickets, Aadhaar-enabled payment services, mutual funds, insurance, FASTags, among others.
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During the previous two years (2020-21 and 2021-22), the government infused Rs 5,500 crore and Rs 4,600 crore through non-interest bearing recap bonds. With the infusion of Rs 4,600 crore, the government holding in the bank increased to 98.25 per cent as on March 31, 2022.
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The Pune-headquartered lender recorded 28.62 per cent increase in gross advances at Rs 1,48,216 crore at the end of September 2022, according to published quarterly numbers of public sector banks. It was followed by Union Bank of India with 21.54 per cent growth to Rs 7,52,469 crore. The country's largest lender State Bank of India stood at third spot with 18.15 per cent jump in gross advances.
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The second quarter of 2022–23 saw the Bank of Maharashtra (BoM) outperform other public sector lenders in terms of percentage loan growth. According to public sector bank issued quarterly data, the lender with its headquarters in Pune saw a 28.62 percent increase in gross advances at the end of September 2022, totaling Rs 1,48,216 crore.
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