The NPA ratio of 38 banks increased to 10.21 percent in June 2017 from 8.42 percent in June 2016, which is the highest in the last six quarters, according to a data report compiled by Care Ratings.
State-owned Indian Overseas Bank (IOB) today reported narrowing its losses to Rs 499.09 crore in the first quarter ended June as provisions for bad assets were reduced.
In an interview to CNBC-TV18, R Subramaniakumar, MD & CEO of Indian Overseas Bank (IOB) spoke about the turnaround plan and the latest happenings in the bank.
In a written reply in Rajya Sabha, Minister of State for Finance Santosh Kumar Gangwar said IDBI Bank had reported a loss of Rs 5,158 crore in the last fiscal, while the amount was Rs 3,417 crore in the case of Indian Overseas Bank.
Vijay Chopra of enochventures.com advises exiting Indian Overseas Bank.
Shankar would replace Y C Jain who is superannuating today, the city-based bank said in a Bombay Stock Exchange (BSE) filing.
Prakash Diwan of Altamount Capital Management is of the view that one can pick Indian Overseas Bank, Oriental Bank of Commerce and Andhra Bank.
Consequent to the notification issued by Ministry of Finance, Subramaniakumar has taken charge as Managing Director and CEO of Indian Overseas Bank, the Chennai-headquartered bank said in a release.
Rajat Bose of rajatkbose.com is of the view that Indian Overseas Bank may test Rs 32.70 while Union Bank may hit Rs 195.
The officials, posted in different branches of the public sector bank in the city, have been accused of defrauding the Hyderabad Metropolitan Development Authority (HMDA) through fraudulent withdrawal of over Rs 6 crore.
“Banks have reduced lending rates, although further scope for a more complete transmission of policy impulses remains,” Urjit Patel after RBI monetary policy announcement.
Sources said these lenders were on the RBI's radar as their financial health may not improve after the central bank's asset quality review (AQR) comes to an end on March 31.
As NPAs of public sector banks soared to a staggering Rs 6.8 lakh crore, the chairman of a key Parliamentary panel today favoured naming and shaming corporate houses which default on repayment of bank loans.
IDBI Bank has acquired 32,30,00,000 shares from Jaiprakash Power Ventures in consideration of conversion of debt into equity under strategic debt restructuring, the company said in a BSE filing.
R Subramania Kumar was today given additional charge of the post of Managing Director and Chief Executive Officer (CEO) of Indian Overseas Bank for three more months.
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Concerned over mounting bad loans, the Public Accounts Committee (PAC) has called the heads of public sector banks to explain issues relating to NPAs, including the loans given to Vijay Mallya-led firms.
"In its notification, Government of India appointed K Swaminathan as Executive Director of our Bank and he assumed charge on February 17", the city-headquartered bank said in a BSE filing.
T C A Ranganathan and Sunil Mehta were today appointed as Non-Official Directors in Indian Overseas Bank and Punjab National Bank respectively.
"It (Rs 10,000 crore capital infusion) should be enough, because government would probably be going for rights issue also. So, the Rs 10,000 crore will be able to leverage much more from the market," Rai told reporters at the sidelines of the launch of a new Bandhan Bank branch in Delhi today.
While Axis Bank clocked a net profit of Rs 579.57 crore for the three quarters ending December 31, 2016, 23 public sector banks managed a combined profit of Rs 492.53 crore.
The new Reserve Bank guidelines on Basel III-compliant additional tier-1 (AT-1) bonds has partially reduced the default risks for many state-run banks like Central Bank, IOB and United Bank, who had negative distributable reserves under the earlier guidelines will have positive reserves under the new norms, says an Icra report.
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Its net loss in the corresponding October-December quarter of 2015-16 fiscal was Rs 1,425.06 crore.
Indian Overseas Bank has been asked to pay Rs 50,000 by the apex consumer commission to a man for delaying the crediting of a cheque amount of Rs 24,652.82 into his account.