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Paharia says companies in the financial services sector may suffer a double whammy due to a rise in cost of capital.
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Reports indicate that after Punjab National Bank (PNB) and State Bank of India (SBI), now Union Bank of India has been hit by a fraud. In an interview to CNBC-TV18, Rajkiran Rai G, Managing Director & CEO of Union Bank of India spoke about the latest happenings in his company and sector.
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In a setback for HDIL, Maharashtra Housing and Area Development Authority (MHADA) has accused its subsidiary - Guruashish Construction of a Rs 1,200 crore fraud. In an interview with CNBc-TV18, Sarang Wadhawan, Vice Chairman & Managing Director of HDIL spoke about the latest happenings in his company and sector.
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Reserve Bank of India (RBI) has discontinued the issuance of letters of undertaking (LoU) and letters of comfort (LoC)for trade credit by banks. In an interview with CNBC-TV18, Rajkiran Rai G, Managing Director & CEO of Union Bank of India shared his views and outlook on the same.
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In an interview to CNBC-TV18, Rajkiran Rai G, MD & CEO of Union Bank of India spoke about the qualified institutional placement (QIP) of Rs 2,000 crore and latest happenings in the bank.
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In an interview to CNBC-TV18, Rajkiran Rai G, MD & CEO of Union Bank of India shared his views on the mega Rs 2.11 lakh crore bank recapitalisation plan that cabinet has cleared.
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Close on the heels of the acquisition of 80 percent stake in two US entities, Jain Irrigation has also announced a Rs 570 crore order win from the Karnataka government. "In the next few quarters, we should be also getting more orders like these from other states", Anil Jain, MD of Jain Irrigation Systems told CNBC-TV18.
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Arun Tiwari, CMD, Union Bank of India said confidence of getting cash whenever needed will return back for people in a month or so. He said RBI is now in a better position to supply currency.
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To prepare itself for the big Jio launch expected in a few months, Airtel has introduced a new package through which it will offer 1 GB of data for a meagre Rs 51. But users will have to also pay a one time charge of Rs 1500 to enjoy the lower prices for 12 months to join the scheme.
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Clear pick-up is visible in commercial vehicles space as well as policy action in roads, ports and infrastructure will boost growth, says Vinod Kathuria, Executive Director of Union Bank of India.
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While schemes released under Raghuram Rajan's tenure have helped, it is essentially the duty of banks to recover losses, says Rakesh Sethi, Executive Director of Union Bank of India.
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In a virtual confirmation of recent reports that the Reserve Bank of India had trimmed the list of companies that should be included in banks' asset quality review, Union Bank Chairman and Managing Director Arun Tiwari says the move should be looked at as a "correction" of stricter norms prescribed earlier.
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Arun Tiwari, chairman and managing director of Union Bank believes it augurs well for banks.
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The bank will prefer doing the QIP when market price will be equal to book value as the bank is no hurry to raise funds, says CMD Arun Tiwari.
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The Reserve Bank of India‘s decision to leave key policy rates unchanged at a recent meeting would result in a fair amount of portfolio gains for banks as bond yields softened after the announcement, Rakesh Sethi, Executive Director, Union Bank of India, said.
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Union Bank of India is focusing on reducing its slippages and hopes to contain it non-performing assets (NPA) below 3 percent in current quarter, says CMD, Debabrata Sarkar.
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Debabrata Sarkar, CMD, Union Bank, says the NPA recovery in the fourth quarter has been encouraging and it will be lower than the December quarter both in absolute and percentage terms.
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Ananda Bhoumik of India Ratings says that the new debt restructuring norms announced by the RBI will strengthen the lending and risk-management processes in the banking sector. He adds, in an interview to CNBC-TV18, that the new rules will also reduce the risk in projects for industry.
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Debabrata Sarkar, CMD of Union Bank of India said they are looking to raise perpetual bonds worth Rs 1500 crore. Taking into consideration the Basel III committee recommendations, a mix of tier II bonds along with perpetual bonds may help them raise capital in the December quarter itself
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In an interview to CNBC-TV18, SS Mundra, executive director, Union Bank explains how they have managed to keep their net interest margins at around 3%.
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Union Bank of India CMD D Sarkar explained to CNBC-TV18 that identifying and acting on NPAs aided Union Bank's recovery.
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Ananda Bhoumik of India Ratings & Research however, does not feel that there is a likelihood of a ratings downgrade of banks at this stage. He acknowledges the fact that asset quality problems mainly persist with mid-sized public sector banks and believes Canara Bank is going through a turbulent phase at the moment.
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In an interview to CNBC-TV18, Debabrata Sarkar, chairman and managing director of Union Bank says the bank is looking to maintain net interest margin at 3%. He also expects a credit growth of 18%.
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Union Bank has cut its lending rates for some segments that is the medium and small enterprises by 50-350 basis points.Debabrata Sarkar, CMD, Union Bank said that it is a part of their endeavour to give special emphasis to agriculture, retail advances, micro and small enterprises.
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Union Bank's rate cut may seem lower than its peers, but executive director SS Mundra explains that it is actually at par with the industry.
