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Reining in NPAs: Punjab National Bank to take over debt-heavy steel cos, sell them

Jul 29, 2015 at 10:13 | Source: FirstPost

Indias fourth-largest state lender by assets could take control of some of the countrys most heavily indebted steel companies and sell them on as part of a restructuring backed by New Delhi, bank officials said.Punjab National Bank (PNB), a quarter o...

SBI error makes Kanpur woman richest in the world

Jul 26, 2015 at 12:26 | Source: FirstPost

Urmila Yadav, a resident of Kanpur's Vikas Nagar, received a shock of lifetime when she realized that her bank account, which held Rs 2000, showed a balance of Rs 95,71,16,98,647.14.Yadav had opened a savings account at the State Bank of India (SBI) ...

Indian Oil, Reliance Industries among seven Indian firms in Fortune Global 500 list

Jul 23, 2015 at 17:11 | Source: FirstPost

New York: Seven Indian companies, including Reliance Industries and Tata Motors, are among the world's 500 largest companies, according to a list compiled by Fortune that has been topped by retail giant Walmart.The Indian companies on the 2015 Fortun...

Indian banks opt for offbeat tactics to tackle $49 billion of bad debts| Reuters

Jul 23, 2015 at 06:45 | Source: FirstPost

MUMBAI Under pressure to do more to cut a $49 billion mountain of bad debt, India's state-owned banks are reversing years of lax recovery efforts, naming and shaming smaller borrowers and even using big TV screens at shopping malls to advertise seize...

O P Bhatt, former SBI chairman, sees merit in de-linking subsidiaries from parent

Jul 14, 2015 at 16:26 | Source: FirstPost

The countrys largest lender, State Bank of India (SBI) could consider de-linking its subsidiaries from the parent instead of merging with itself, if the idea makes sense for the bank in terms of business and standalone performance of the associates, ...

Goldilocks solution to reviving growth is bank reforms; govt has to take it up now

Jul 13, 2015 at 10:08 | Source: FirstPost

The May IIP (Index of Industrial Production) numbers came as a major disappointment after promising data logged in April. The numbers are at odds with May core sector data that showed a clear uptick (4.4 percent in May vs 0.4 percent in April) and th...

Cautious SBI may delay $1.5 bn bond sale fearing Greek crisis spillover

Jul 08, 2015 at 17:48 | Source: FirstPost

New Delhi: State Bank of India (SBI) may delay $1.5 billion overseas bond issuance programme due to volatility in foreign market as a result of Greek debt crisis. "There is volatility in the global market due to Greek issue. No one would venture...

Zoom Developers' saga shows collateral safety is a myth; banks are sitting ducks

Jul 03, 2015 at 13:15 | Source: FirstPost

The current crisis faced by lenders with respect to Zoom Developers, where over Rs 3,000 crore bank money is stuck, is a classic case that proves that Indian banks are sitting ducks when it comes to recovery of large-ticket loans. This also busts myt...

Zoom Developers saga shows collateral safety is a myth; banks are sitting ducks

Jul 03, 2015 at 11:52 | Source: FirstPost

The current crisis faced by lenders with respect to Zoom Developers, where over Rs 3,000 crore bank money is stuck, is a classic case that proves that Indian banks are sitting ducks when it comes to recovery of large-ticket loans. This also busts myt...

Sensex marks highest close in 2-1/2 months; banks rally| Reuters

Jul 02, 2015 at 01:45 | Source: FirstPost

MUMBAI The BSE Sensex rose nearly 1 percent on Wednesday, to close above the psychologically important 28,000 level, its highest close in nearly 2-1/2 months, as state-run banks rose after the government's plan for a comprehensive package raised hope...

India asks refiners to buy dollars, euros to settle Iran oil dues| Reuters

Jul 01, 2015 at 01:45 | Source: FirstPost

NEW DELHI India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.Local refiners still owe Ira...

Finance ministry assessing capital requirement of public sector banks

Jun 24, 2015 at 19:36 | Source: FirstPost

New Delhi: The finance ministry has asked public sector banks to submit their immediate and mid-term capital requirement from the government to comply with global capital adequacy norms and also to fund their growth plans."Besides current fisca...

Meet Beno Zephine, the first visually challenged person to join the IFS

Jun 15, 2015 at 17:57 | Source: FirstPost

Before 12 June, 25-year-old NL Beno Zephine was a probationary worker at State Bank of India, but all changed when the External Affairs Ministry informed her that she had officially been inducted into the 69-year-old Indian Foreign Service.This would...

Falling market share, not Rajan or Jaitley, will force banks to cut lending rates

Jun 15, 2015 at 11:51 | Source: FirstPost

Mumbai: After the 2 June monetary policy announcement, several banks have announced a reduction in their base rates, or minimum lending rates, by up to 25 basis points, thus making the average base rate in the banking industry now around 10 percent. ...

Reliance Industries to complete Rs 2 lakh cr worth projects; 4G launch by December

Jun 12, 2015 at 19:37 | Source: FirstPost

Mumbai: Reliance Industries will begin commercial operations of its much-awaited 4G telecom services by December, while it plans to complete projects worth over Rs 2 lakh crore in existing and new businesses over the next 12-18 months, chairman Mukes...

Reliance Industries to roll out keenly-awaited 4G services in December

Jun 12, 2015 at 13:22 | Source: FirstPost

Mumbai: Reliance Industries Ltd (RIL) will begin commercial operations of its much-awaited 4G telecom services by December, while it plans to complete projects worth over Rs 2 lakh crore in the core oil and petrochemical businesses over the next 12-1...

Sensex plunges 470 pts as monsoon woes resurface, Nifty ends below 8,000

Jun 11, 2015 at 16:25 | Source: FirstPost

Domestic concerns once again came back to haunt the local equity markets as worries over delay in monsoon resurfaced pulling down the benchmark Nifty below the crucial 8,000 mark while investors took a swipe at banking shares.Today's free fall in mar...

A Mallya case study: Judiciary shouldn't play spoilsport when banks deal with crony-raj

Jun 11, 2015 at 14:10 | Source: FirstPost

On 5 January 2012, Pratip Chaudhary, then chairman of State Bank of India told reporters in Delhi something that was long-rumoured in banking industry circles -- Kingfisher Airlines has defaulted loan repayments to several banks. The account is now a...

Banks see new bad debt rules as step in right direction| Reuters

Jun 09, 2015 at 23:30 | Source: FirstPost

MUMBAI Indian banks have welcomed new rules that could allow them to take majority stakes in troubled companies as a warning to wayward entrepreneurs, even if the provisions will not apply to the bulk of struggling loans from past years.The Reserve B...

Bhushan Steel surges 34 percent in two sessions as lenders' forum agree to refinance Rs 35k-cr loans

Jun 08, 2015 at 11:45 | Source: FirstPost

Shares of Bhushan Steel maintained its upward march in early Monday trade, surging nearly 34 percent in two trading sessions aided by last week's positive development in which a joint lenders' forum agreed to refinance the company's Rs 35,000 crore l...

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