Rai said that banks may impose the commitment fees on unutilised credit limits from large and mid-sized corporates.
Finance Minister Nirmala Sitharaman recently announced the merger of Oriental Bank of Commerce and UnitedBankwith Punjab National Bank, Syndicate Bank with Canara Bank, while Andhra Bank and Corporation Bank would merged with Union Bank of India.
In April, SBI announced tie-up with Paisalo Digital for disbursement of loans with ticket size of Rs 10,000 to Rs 2 lakh in agriculture and small and medium enterprises.
The bank has appointed BDO India to seek expressions of interest (EoIs) from interested buyers.
Around 10 families in Noida’s Gardenia Gateway society were served eviction notices on August 5 from the Union Bank of India over a Rs 78.45 crore unpaid loan from builder Gardenia India
Union Bank of India also said that it expects MCLR to ease by 15 basis points going ahead. It plans to link its home and auto loan portfolios to RBI's repo rate, as against MCLR presently.
MSCI Inc said the changes in MSCI Index will be implemented as of the close of August 27, 2019
The RBI slapped fine on eight public sector banks for violating norms on fraud classification, bill discounting and monitoring of end use of funds
The state-owned bank will take the Qualified Institutional Placement (QIP) route for fund raising and has started the process of shortlisting advisors, the bank’s MD and CEO Rajkiran Rai G said on August 2.
Bank of Baroda, Bank of India, Indian Overseas Bank and Union Bank of India were fined Rs 1.5 crore each, while Allahabad Bank and Bank of Maharashtra were penalised Rs 2 crore each. Oriental Bank of Commerce was penalised with Rs 1 crore, the RBI said.
More banks with exposure to the wind turbine maker likely to follow suit.Banks have to set aside 15% of their outstanding loans to a non-performing account as provisions
Separately, RBI also penalised Union Bank of India with a Rs 10 lakh fine for non-compliance of cyber security norms.
As per regulatory norms, banks need to sign an inter-creditor agreement to implement the plan, which has been scheduled for July 5.
The crucial support for Nifty is placed at 11,100 while on the upside, the index is likely to find tough resistance around 11300
For the entire 2018-19, the bank reported a net loss of Rs 2,922.35 crore on a consolidated basis, as against Rs 5,212.47 crore loss in 2017-18.
In the BSE Smallcap index, 60 percent of total 750 stocks were in the positive return on closing of April 16 and of which top 45 stocks rallied between 50-195 percent.
Bank of India has a 28.96 percent stake in the joint venture, while Union Bank of India and Dai-ichi Life owns 25.10 percent and 45.94 percent, respectively.
According to the Securities and Exchange Board of India (Sebi), there will be no change in control of the bank pursuant to the proposed acquisition.
The lender has reduced its one year MCLR or the minimum lending rate, against which most of the consumer loans are benchmarked, to 8.60 percent from 8.70 percent earlier.
Credit Suisse maintained its underperform rating on Lupin with a target price of Rs 800 while CLSA maintained its sell rating on Ashok Leyland and slashed its target price to Rs 75 from Rs 85 earlier.
Global brokerage house Nomura said bank's core pre-provision operating profit (PPOP) continued to lag peers and core PPOP/assets will unlikely improve materially from 1.4 percent level
Provisions and contingencies halved to Rs 1,617.1 crore for the quarter ended December 2018 against Rs 3,254.4 crore in same period last year, and also declined 2.3 percent sequentially.