But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
At least 13 candidates are in the race for the position of managing director and chief executive officer (MD & CEO) of Punjab National Bank (PNB), the second-largest public sector bank (PSB), according to multiple sources familiar with the matter. "Among the candidates, some are executive directors (EDs) and managing directors in major PSBs. "Financial Services Institutions Bureau (FSIB) will conduct the interviews next month," said a source.
Ola Electric, the SoftBank-backed electric vehicle (EV) maker, is likely to pursue a valuation of approximately $4.5 billion in its upcoming initial public offering (IPO), marking about 18 per cent decrease from its last funding round valuation of around $5.5 billion, according to industry sources. The Bhavish Aggarwal-founded firm aims to file for the IPO by next month, according to people familiar with the matter. "The strategy is to price the IPO attractively for investors, fostering long-term growth and wealth creation," said a source.
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Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
Lenders in India, comprising banks and finance companies, anticipate robust growth in retail credit during the upcoming festival season, stretching from September to December 2023. This expectation is based on resilient demand, government initiatives, and elections in key states.
This month, advertisements for managing directors and the senior management team for the National Bank for Financing Infrastructure and Development or NaBFID, should be out, signalling the start of a financial institution (FI) like no other the country has ever had. For this and other reasons government managers associated with the NaBFID project are convinced it should remain a 100 per cent government-owned entity. This is somewhat different from what former economic affairs secretary Tarun Bajaj said when the NaBFID Bill was being tabled in Parliament earlier this year: "To begin with, it will be 100 per cent government owned.
Former India hockey player and coach M K Kaushik on Saturday died after battling COVID-19 for the past three weeks.
In his statement to the Enforcement Directorate, Dhoot conceded that Rs 64 crore had been transferred to Deepak Kochhar's NuPower Renewables through a web of entities to allegedly acquire wind farm properties.
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.
While the RBI has asked the oil marketing companies to purchase 50 per cent of their dollar requirement from State Bank of India, the government has been taking supportive measures to encourage flow of foreign exchange into the country, Finance Secretary R S Gujral told reporters in New Delhi.
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.
Bank will charge floating rates of interest from January.
The move was taken to ensure smooth traffic flow and mitigate currency hardships.
The Nifty ended at 5416, down 4 points. The market breadth was weak. Out of 3045 stocks traded on the BSE, there were 1293 advancing stocks as against 1640 dcelines.
Tata Group-owned British car maker Jaguar Land Rover announced on Wednesday that it had secured a 175 million (Rs 1,300 crore) from State Bank of India. This comes over and above the $90 million (Rs 420 crore) committed export financing facility with ABC International Bank, the company said.
The All India Bank Employees Association had called for a strike on June 24,
India Inc has mobilised a record over Rs 32,000 crore (Rs 320 billion) through issue of shares on rights basis in fiscal 2007-08, driven by the mega issues from State Bank of India and Tata Steel, a latest report says. Corporate India has raised Rs 32,518 crore (Rs 325.18 billion) through right issue in the last fiscal, a jump of over eight-fold as compared to Rs 3,703 crore (Rs 37.03 billion) that was raised in FY 2006-07.
Keep a close eye on credit quality, financials of NBFCs before investing. These instruments should not constitute more than 15 to 20 per cent of your debt portfolio.
US Exim Bank has agreed to extend guarantee for up to 85 per cent of the $7.2 billion (Rs 33,500 crore) loan that Air India requires for replenishing its fleet with 68 new aircraft from Boeing Co.
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
The bourse's valuations may get a boost, as it gets set for its OFS of about Rs 10,000 crore.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
Besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused
Taking a cue from State Bank of India, IDBI Homefinance Ltd has cut home loans rates by 0.25 per cent across all maturities.
Issues Rs 358 crore interim dividend, 1:10 bonus and 10:1 split
The bank will be responsible for taking the mixed gold to mint and getting it purified.
The rupee was also pressured as the euro fell for a second day on Friday, hurt by the European Central Bank's surprise interest rate cut and a downgrade to France's credit rating, while the dollar inched up before a key US jobs report.
Unless RBI temporarily relaxes the norms on recognising of bad loans, the pressure on this front could rise in the December quarter.
SBI, the country's largest lender, had recently issued public auction notices to sell Gopinath's pledged properties
SBI data shows the per-capita payouts for scheme have shot up this year.
BSE Realty index zoomed by almost 7% followed by counters like Metal, Oil & Gas, Auto, Banks, Auto, Healthcare and Power, all surging between 1-5%.
Lenders are not enthused because, as brokers, their responsibility towards policyholders will be higher than corporate agents.
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