This is the latest in worrying news for stakeholders of PMC which was brought under Direction by the Reserve Bank of India (RBI) for undisclosed reasons
The strike has been called by the United Forum of Bank Unions (UFBU) - an umbrella organisation of all 9 unions including the All India Bank Officers Confederation (AIBOC), the All India Bank Employees' Association (AIBEA), National Confederation of Bank Employees (NCBE) and the National Organisation of Bank Workers (NOBW).
"After existing digital channels (mobile and online), digital assistants, social media and third party channels are expected to be the primary channels for banking by 2022," as per the 10th annual 'Innovation in Retail Banking' report.
Domestically, the earnings from corporate banks have been positive driving the market forward.
A relaxation in the rules will help weaker banks, which are foregoing fresh lending, to meet the RBI’s capital adequacy ratio
The banking sector finds itself neck deep in NPAs, frauds and a massive loss of credibility.
Goyal, who was earlier this week given temporary charge of the finance ministry until Arun Jaitley recovers after undergoing a kidney transplant, met heads of public sector banks here today.
In February, state-run Punjab National Bank had reported a fraud of over Rs 13,000 crore, allegedly committed by billionaire diamantaire Nirav Modi and his uncle Mehul Choksi in connivance with some of their officials using fake letters of undertaking and letters of comfort.
The Standing Committee on Finance, chaired by senior Congress leader M Veerappa Moily, had last met on March 9 in the aftermath of the over Rs 13,000 crore fraud in Punjab National Bank.
"Of the USD 178 billion (around Rs 11.7 trillion) of debt of the power sector, USD 53 billion (around Rs 3.5 trillion) are already under stress (primarily to the generation sector) and of this, as much as USD 38 billion (around Rs 2.5 trillion) have the potential of being written- off as bad loans," the Bank of America-Merrill Lynch report said today.
Public sector banks are still struggling to meet parity with private sector banks in terms of grabbing retail market share and business growth.
Starting on a different note, jobs, especially in the banking sector, may get realistic even if you score a zero at data analysis and interpretation.
The high level of stressed assets in the banking system however provide enormous opportunity for asset reconstruction companies (ARCs) which are important stakeholders in the NPA resolution process, said the Assocham-Crisil study.
The show stopper for the week was HDFC Bank. The lender was hit by the RBI's risk-based supervision, which found divergences worth Rs 2,052 crore for FY17 in classification of NPAs by the bank.
PSU recapitalisation may not restore competitiveness – be selective.
The lack of liquid funds at a time when non-performing assets remain at high levels has incapacitated the banks' ability to lend and spur investments — the two major challenges confronting India, according to Finance Minister Arun Jaitley.
The government may cut its stakes in state-run banks to 52 percent, Sanjeev Sanyal, principal economic adviser at the finance ministry, told a World Economic Forum event in New Delhi.
Jaitley said a ministerial panel will be set up to supervise merger proposals from banks' boards, adding that the objective of the planned consolidation was to create strong banks.
The top eight contributors to banking sector’s profitability have been private sector entities, with the lone exception of SBI.
RBI transfers to Government only half of dividend surplus from a year ago; Economic Survey says spending on social services in India grew while SBI and Bank of Baroda see lower net profits amid rise in NPAs
These 50 large accounts are from the sectors such as construction, power and metals, among others and constitute about half of the gross non-performing assets of the banking sector.
Several banks reported higher bad loans — a pain point for the industry which has been battling slowdown in economic activity and stalled projects over the past two years.
Having emerged unscathed from the bad loan mess roiling the banking sector, HDFC Bank is now looking to expand its corporate loan book.
The government expects the move to boost sales of local companies such as JSW Steel and Tata Steel , and eventually attract global steelmakers such as ArcelorMittal and POSCO to invest in the country, five steel ministry sources told Reuters.