Sensex spurts 470 points on bank stocks
Indian equities staged a strong comeback after two days of decline, with the flagship BSE Sensex surging by nearly 470 points to end at 33,066 as participants accumulated recently beaten-down banking, metal and consumer durable stocks. The broader Nifty followed suit and went past the crucial 10,100 level. Also, strengthening rupee against the dollar fuelled […]
RBI likely to keep policy rates on hold
The Reserve Bank is expected to keep policy rates on hold and maintain its neutral stance at the ensuing policy review meet early next month, says a Morgan Stanley report. According to the global financial services major, although India’s economic growth is on an uptrend, recovery remains in an early stage, and this warrants a […]
Finance Ministry rules out privatisation and merger of public sector banks for next one year
Even as voices on privatisation and consolidation of public sector banks (PSBs) grow louder, Finance Minister Arun Jaitley has ruled out any such plans in the next one year. Since the Rs 13,000 crore-plus Nirav Modi-related fraud unearthed last month at India’s second largest government-owned lender Punjab National Bank, multiple frauds have surfaced at various […]
Vijay Mallya Extradition Case: UK Judge Says ‘Obvious’ Indian Banks Broke Rules
March 17: It was blindingly obvious that rules were being broken by Indian banks which sanctioned some of the loans to the erstwhile Kingfisher Airlines, said the British judge hearing the extradition case of liquor baron Vijay Mallya. While Presiding over a hearing at Westminster Magistrates’ Judge Emma Arbuthnot termed the case a jigsaw puzzle with different pieces of massive evidence […]
Scrapping of LoUs by RBI will raise cost of credit: CII
New Delhi, March 14 :Reacting to RBI’s decision to scrap the system of issuing Letters of Undertaking (LoUs) and Letters of Comfort (LoC) by banks in the wake of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB), industry body CII said on Wednesday it would have a disruptive impact on the buyers […]
India’s PNB discloses $145 million additional exposure in fraud probe – document
MUMBAI (Reuters) – India’s Punjab National Bank has told police that it has uncovered additional exposure of about 9.42 billion rupees ($145.2 million) in connection with a massive alleged fraud, according to a court filing seen by Reuters In what has been dubbed as the biggest fraud in India’s banking history, PNB, the country’s second-biggest […]
SBI slashes charges on minimum balance in accounts
New Delhi, March 13 : Country’s largest lender State Bank of India (SBI) has substantially reduced charges for non-maintenance of average monthly balance (AMB) in savings accounts, which would benefit 25 crore banks’ customers, an official statement said here on Tuesday. The revised charges would be effective from April 1, 2018. This step is taken […]
J&K Bank begins registrations for Shri Amarnathji Yatra, shifts Arnas branch to new premises
Srinagar, Mar 3: J&K Bank has begun registration for Shri Amarnathji Yatra – 2018 at 89 of its designated business units in twenty-one states across the county. The bank’s Zonal Head Jammu (Central-I) Sunil Gupta handed over the first yatra-slip to Ujwal Sharma of Jammu for the Route Baaltal at the Bank’s Residency Road counter […]
PNB not shown as creditor in US bankruptcy filing by Nirav Modi companies
New York, March 2 : The Punjab National Bank (PNB) is not shown as a creditor in the bankruptcy documents filed in a court here by three companies affiliated with Nirav Modi, who has been accused in a $2 billion-scam involving the nationalised financial institution. But the document acknowledges that the filing of criminal complaints […]
Sensex falls 130 points on global sell-off amid fiscal deficit worries
Indian stock markets closed on a negative note with Sensex dropping for the third straight day losing as much as 137 points as the shares of heavyweight companies such as ICICI Bank, Infosys, HDFC Bank, and SBI plunged substantially in today’s session. The S&P BSE Sensex tripped down 137.1 points or 0.4% to settle at 34,046.94 whereas NSE Nifty shed 34.5 […]
