Page 37 - Banking Sector

India offers huge potential for digital challenger banks, says report

But currency depreciation and local regulations are concerns for foreign investors: Report

Bank of Baroda to sell 46 NPA accounts to recover Rs 597 crore

State-owned Bank of Baroda will conduct an e-auction of as many as 46 NPA accounts later this month to recover dues of Rs 597.41 crore. The lender, in a notification, said it intends to sell these NPA accounts to asset reconstruction companies (ARCs) / banks / NBFCs or other financial institutions (FIs) on 100 per cent cash basis, for which the e-auction will take place on June 21, 2021. The major NPA accounts put up for sale include Meena Jewels Export & Meena Jewellers Export (Rs 60.76 crore); Crystal Cable Industries (Rs 57.49 crore); J R Foods Ltd (Rs 41.60 crore); Shree Raghuvanshi Fibres (Rs 27.38 crore); Kaneri Agro Industries (Rs 24.69 crore); Man Tubinox (Rs 24.28 crore) and Aryans Educational and Charitable Trust (Rs 20.79 crore). The last date for submission of expression of interest is June 19, the bank said, adding the completion of due diligence will take place on the same day. "E-bidding timings will be from 11.30 AM to 12.30 PM with unlimited extension of 5 minutes

State-owned banks getting ready for privatisation may come out with VRS

VRS is not forced exit but option for those who would like to take early retirement

Equities offer best risk-reward in current environment: Validus Wealth CIO

He tells Ashley Coutinho, in an interview, that a quicker-than-expected reversal in easy monetary conditions could sap the liquidity that has elevated asset price valuations

Reserve Bank imposes penalty on Bank of India, PNB totalling Rs 6 crore

The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms

Hopeful to come out of PCA framework very soon, says UCO Bank MD

The government in the last round had infused Rs 14,500 crore of equity in Central Bank of India, Indian Overseas Bank, Bank of India, and UCO Bank

With borrowers unable to service loans, shadow banks are in for more pain

The bulk of the NBFC business is cornered by the top ten players, and they include several state-run entities.

Expect Rs 6K-cr loans to be restructured: PNB MD & CEO Mallikarjuna Rao

Under restructuring 1.0, PNB received requests for restructuring Rs 11,000 crore in corporate, retail, and MSME loans.

Taxation of startup exits needs a revisit: 3one4 Capital's Pranav Pai

The taxation policy disincentivises Indian capital from investing in local startups in two ways

BoB board approves setting off losses against share premium account

For fiscal year 2020-21, the bank reported a net profit of Rs 828.95 crore, up 52 per cent from Rs 546.18 crore a year ago.

Punjab National Bank eyes three-fold rise in profit in fiscal 2022

Despite Covid-19, the bank's profit surged over five times during the financial year ended March 2021

Fund-rich banks unlikely to use RBI's special window of Rs 15,000 crore

The RBI has decided to set up a special liquidity window of Rs 15,000 crore for contact-intensive sectors

Bank of Baroda may repatriate some capital from overseas business

The surge in liquidity - following additional infusion by central banks to fight the Covid-19 pandemic - has pushed down interest rates across the globe

India's IDBI Bank secures $239 mn debt judgment in UK High Court

IDBI Bank has secured a USD 239 million judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group, believed to be one of the largest debt judgments obtained by an Indian bank in the English courts. Mumbai-headquartered IDBI had entered into loans totalling USD 148 million with two Singapore registered companies -- Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd -- for the construction of two jack up drilling rigs in March 2013. IDH International Drilling Holdco Ltd (IDH), the Cypriot-registered parent company of the borrowers, gave a corporate guarantee in respect of the loan. The loan and guarantee were governed by English laws and were therefore subject to the jurisdiction of the English courts. This is an important judgment both in terms of its size and the message it sends to defaulters that Indian banks are willing and able to recover outstanding debts through the English courts, said Nick Curlin

Covid-19 pandemic: Banks' credit costs may rise to 2.4%, says S&P

The credit losses will remain well below expected long-term average in most countries despite last year's economic hardship

Bank officers' union proposes guards for unmanned ATMs to check frauds

Bank officers' union AIBOC on Wednesday made a case for deployment of guards at all ATMs to check frauds.

Mallya case: Banks' claim of Rs 6,200-cr loss not imaginary, says court

A special court in Mumbai has said the banks that had granted loans to fugitive liquor baron Vijay Mallya, have suffured losses

Union Bank of India appoints A K Vinod as chief compliance officer

State-owned Union Bank of India on Tuesday said it has nominated A K Vinod as its chief compliance officer.

Bank of Baroda shares close nearly 4% lower after fourth quarter net loss

The stock declined 3.81 per cent to close at Rs 80.65 at the NSE.

RBI's new norms to help enhance audit quality, transparency: Experts

The Reserve Bank's new norms for auditors will help enhance the overall audit quality as well as transparency, apart from adding to the value to the businesses rather than wasting resources