The MPC has not viewed the recent growth slowdown as being structural in nature and is expecting it to be transient with growth prospects likely to improve over the medium term, says ICICI Bank's Chanda Kochhar
Growth forecasts for 2017-18 sharply revised to 6.7 percent from 7.3 percent projected earlier; economy in a wobble in the short-term because of GST
According to reports, the bank has reduced its workforce by nearly 2,500 on account of digitisation and automation.
Sharma added that as regards the banking sector there is a long list of issues like shortage of staff, real recovery of NPAs, withdrawal of FRDI Bill, increase of service charges of public, Compensation of Demonetisation etc.
Total income during the quarter increased to Rs 5,155.21 crore, from Rs 4,855.50 crore in the year-ago period, Andhra Bank said in a regulatory filing to the stock exchanges.
Having strengthened more than 3 percent since the start of 2017, the yuan is forecast to weaken to 6.90 per dollar in a year, according to the poll of over 60 foreign exchange analysts taken July 27-August 2.
This also marks the sixth consecutive monthly rise in the mutual funds' exposure to bank stocks.
Earlier this week, Moody's had revised the outlook on several Indian banks to stable or negative from positive, signaling a lowering in potential government support, and/or weaknesses in solvency metrics.
The accounts to which the bank an exposure to were all inherited from ING Vysya Bank at the time of merger in 2015, says CFO Jaimin Bhatt
Rule 114E of the Income Tax Rules says banks, including cooperative banks, have to report to taxmen cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
The two companies' proposal to merge their insurance units has been rejected by sector regulator Irdai as it involved merger of an insurance company with a non-insurance firm.
In a report, the US-based agency said any capital infusion from the government will further strengthen the bank's capitalisation.
The CBI had in January 2011 froze two bank accounts of the society after registering a case against 14 accused, including several members of the society.
This move is expect to impact tax collection and the Indian economy at large
The open-ended equity scheme will invest at least 70 percent of its corpus in equity and equity related securities of banking and financial services companies.
Asked about the advantages of the rate offering -- which is even higher than the benchmark yield -- Shome said it introduces the bank to newer customers and the relationship so established can be utilised for selling other products.
However, credit or loan growth will continue to moderate and banks will set aside higher provisions towards bad loans during the quarter. These factors could dent profitability for some banks.
AB Fashion, Voltas and Welspun India are among a few stocks that investors are focusing on Monday.
The share of banks‘ credit in the real estate sector, has shrunk drastically in the last few years, from 50%-57% in 2010 to 24%-26% in 2016, said Knight Frank India, in its first edition R
The scramble for bonds came after some traders on Friday shorted the 6.97 percent bond due in 2026 and needed to secure the bonds on Monday to settle their trades.
The private bank allotted 3.27 crore shares at a price of Rs 1,500 per share.
Last week, in order to facilitate government receipt and payment functions, the RBI had advised all agency Banks -- public sector and three top private banks -- to keep all their branches dealing with government business open on all days in the current financial year and on April 1, 2017 (including Saturday, Sunday and all holidays), i.e. from March 25 and April 1.
A finance department spokesman today said Finance Minister Rajesh Agarwal has already started deliberations with senior officials of his department for fulfilling this promise at the earliest.