United Bank of India said its board of directors has approved in principle a plan to raise ‘up to Rs 3,000’ cr via a preferential sales of shares ahead of its merger with two other banks. A preferential sale of shares, as distinct from a private placement, is a quicker form of selling shares to […]
Finance ministry on Thursday gave detailed numbers to detail the efforts that the Narendra Modi government has been making to overcome the problems created by corruption and bad loans in India’s public sector banks. Finance Minister Nirmala Seetharaman pointed out that a review in 2015 found that a huge chunk of loans issued in previous […]
Punjab National Bank, in the eye of a storm after a couple of employees issued unauthorized credit guarantees worth $2 bln to clients, said it has put in place procedural and technological changes required to prevent a repeat of the incident. Two key technical changes being implemented are a revamp of the way the bank […]
Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the bank was taken for a ride by some of its […]
National Stock Exchange of India, India’s largest securities trading platform, has sought details from Punjab National Bank on media reports regarding raids by enforcement agencies on the bank’s premises in the Nirav Modi case. “The exchange has advised the company to provide clarification or confirmation on the news item (on the raids) in detail,” the […]
Union Bank of India, one of India’s largest state-controlled banks, reported a deterioration in its loan book quality and wider losses for the October-December quarter. The bank posted net loss for Rs 1,250 crore for the quarter, compared to net profit of Rs 104 cr for the same quarter last year. Higher provisions to deal […]
The total number of people employed by various undertakings and companies controlled by the central government has been showing a decline of 4%-5% per year in recent years. According to numbers from the ministry of heavy industry and public enterprises, the total number of personnel in central public sector enterprises fell by 4.2% in 2015-16 […]
Lypsa Gems and Jewellery Ltd said it reduced its secured debt by 25% by repaying a loan of Rs 75 mn to Bank of India. As of today, its debt stands at Rs 235 mn, down from Rs 31O mn as of 31st March 2016, it said. Debt Equity Ratio has dropped from 1.03x to […]
Government of India invested Rs 508 cr into Corporation Bank, raising its stake from 67.2% to 70.76%. The investment came in the form of fresh purchase of equity at a price of Rs 40.78 per share. The shares are currently trading at Rs 44.70. They rose by 3% today on the NSE. Corporation Bank is a public […]
Asserting there are no quick fixes for grave problems facing the public sector banks, mainly centered around close to Rs 5 lakh crore non-performing assets, ASSOCHAM President Mr Sunil Kanoria today said a paper brought out by the chamber clearly suggests mergers or consolidation of the PSBs is certainly no answer to the present crisis, […]
All India Bank Officers’ Association, the second largest organisation of bank officers, said it would support the upcoming strike by IDBI employees against disinvestment of IDBI Bank. The government is reportedly planning to bring down its holding in the bank below 51% like it did in case of Axis Bank (formerly UTI Bank). “The entire […]
The government of India will invest Rs 857 cr into Corporation Bank as part of its bank recapitalization efforts, the public sector bank said. Public sector banks, including the State Bank of India, are facing mounting NPAs or defaults as big debtors, such as corporations, refuse to, or are unable to make payments. The taxpayer […]
