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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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Union Bank of India is likely to see a good reaction in trade. The bank has reported their lowest slippage in the last 8 quarters. In an interview to CNBC-TV18, Rajkiran Rai G, MD & CEO of the bank spoke about the results and his outlook for the future.
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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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Union Bank of India saw the highest slippage ratio in Q1 but on the positive side loan growth is the best in last 5 quarters. In an interview to CNBC-TV18, Rajkiran Rai, MD and CEO of Union Bank of India spoke about the results and his outlook for the company.
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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, CMD of Union Bank told CNBC-TV18 that the bank's main focus will be on retail, agriculture and SME segments.
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Union Bank declared quarterly earnings today in which it asset quality appeared to have slipped.
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The operating profit of the bank has gone up by Rs 600 crore this fiscal in comparison to last year. The company expects the slippages to go up to Rs 1,300 to 1,400 crore, but recoveries for it are also expected this year.
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Union Bank of India's third quarter net profit fell 8.1 percent year-on-year to Rs 302.4 crore, impacted by higher provisions. Other income, however, supported the bottomline but asset quality of the bank deteriorated during the quarter.
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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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Going forward, Union Bank of India will continue to perform better quarter after quarter, says CMD Arun Tiwari after the public sector lender reported a 15 percent year-on-year rise in its third quarter net profit.
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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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The management of Union Bank told CNBC-TV18 that its priority will be to raise capital for requirements as per Basel-III norms. The bank is mulling various options such as a QIP or a Tier-II bonds accordingly.
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In an interview on CNBC-TV18, D Sarkar, ED, Union Bank of India (UBI) spoke about the company's performance in Q1.
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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.
