State Bank of India (SBI) confirmed on Friday it had reported fraud totalling 79.51 billion rupees ($1.12 billion) during the first nine months of this financial year. Indian media reported this week, based on a “right to information” query, that the frauds involved 1,885 cases, but SBI declined […]
New Delhi, Jan 6: A parliamentary panel has asked the Reserve Bank to address the problem of perpetually dysfunctional ATMs so as to avoid any situation of forced cash crunch. The Standing Committee on Finance has also asked banks to install adequate number of ATMs. The panel tabled its […]
NEW DELHI – India’s Finance Minister Arun Jaitley said on Thursday commercial banks were likely to recover 700 billion rupees ($9.95 billion) of bad loans by the end of March, helped by resolution of 12 large cases. Some of the big cases such as Bhushan Power and Steel […]
New Delhi, Jan 2:The government Wednesday approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda (BoB) to make it a globally competitive lender. With the merger, BoB will become the third largest bank after State Bank of India and ICICI Bank. “There will be […]
MUMBAI – Workers at India’s state-owned banks called a nationwide strike on Friday in protest at proposed mergers that could cause job losses and demanded immediate wage rises. The strike, by the All India Bank Officers’ Confederation (AIBOC), impacted trading volumes in foreign exchange and debt markets, said […]
NEW DELHI – India’s non-banking housing finance companies are facing liquidity stress, Corporate Affairs Secretary Injeti Srinivas said on Monday. Srinivas said the finance companies need to review their funding model so that they can aim for sustainable growth. A string of defaults at an NBFC, Infrastructure Leasing […]
Uncertainty around the succession plans for Yes Bank Ltd’s chief executive and exposure to debt-laden Infrastructure Leasing and Financial Services (IL&FS) sent the lender’s stock to a four-week low on Friday, a day after it reported a weaker-than-expected quarterly profit. Yes Bank shares plunged 15 percent to 168.60 […]
Credit: Reuters
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