Bank employees have threatened to go on a two-day strike from May 9
The banking index may not see any relief and the stocks may continue to see its share of pain, especially among the public sector banks
Former Comptroller and Auditor-General Vinod Rai released a report on Wednesday that spoke of the inaction and the lack of communication from the government’s end on the suggested reforms.
The RBI has ALSO asked all banks for details of the LoUs they had written.
In the IMF's view, recent policy reforms to address vulnerabilities in the banking and corporate sectors in India have been significant.
As per the banking sector agenda approved at the PSB Manthan in November last year, public sector banks (PSBs) have to examine all 216 overseas operations.
Public sector banks are still struggling to meet parity with private sector banks in terms of grabbing retail market share and business growth.
According to the global financial services major, PSU bank capital risks are overdone and government is fully incentivised to address their asset quality to support recovery.
Aadhaar Pay is a payment system that will enable individuals to carry out bank transactions by using their thumb impression.
Government will finalise the second and final tranche of capital infusion for public sector banks (PSBs) for 2016-17 once all of them have declared results for the third quarter of the current financial year, a senior Finance Ministry official said.
Public sector banks (PSBs) have written off Rs 1.54 lakh crore of bad loans between April 2013 and June 2016, Parliament was informed today.
With yields on government securities declining significantly, it is estimated that gains from investments will surpass the budgeted capital infusion of Rs 25,000 crore for PSBs in the current fiscal, rating agency ICRA said in a report.
As against the previous year, there is 16 percent rise in wilful defaulters owing over Rs 25 lakh each to 8,167 from 7,031 at the end of March 2015. However, dues to the bank have increased to 28.5 per cent to Rs 76,685 crore in 2015-16 from the earlier Rs 59,656 crore.
Credit Suisse' Neelkanth Mishra expects repo rate to fall to a decade low in the coming quarters. He says that beginning December the market may see a robust and widespread pick-up which may boost indices.
In the near-term the market has a pretty strong base of 8500 (on Nifty); even after several attempts those levels have not broken, says Vaibhav Sanghavi of Ambit Investment Advisory.
Uday Kotak also questioned whether nationalisation of banks served the purpose of checking disproportionate lending to big businesses, as most of the stress on their books is today due to loans to big corporates.
With expectation of a good monsoon this year and increased consumption due to the 7th Pay Commission and OROP, rural demand is expected to pick up which will benefit NBFCs further.
Market expert, Sudarshan Sukhani says that the index can go anywhere from this point and there is no trade in the Nifty index until the 7800 mark is breached or 7950 is taken on the upside.
The eight downgraded banks are Bank of India, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Overseas Bank, Syndicate Bank and UCO Bank
Amid much debate over whether government will be able to stick to the fiscal deficit roadmap, Finance Minister Arun Jaitley had in his Budget speech yesterday said that the fiscal deficit target of 3.5 percent for next fiscal will be adhered to
India‘s public sector banks are facing a severe capital crunch resulting from a mountain of bad loans.
"The KPIs are going to be operational from the current year only for the performance for 2015-16 of all the banks," Adhia told reporters here at an SBI event.
It has also recommended flexible working hours for women employees to help them balance their professional and family responsibilities.
With capital needs for public sector banks pegged at Rs 2.39 lakh crore over the next four years, the Finance Ministry on Friday said they have been allowed to raise funds from market to meet capital requirements.