New Delhi: Public sector lender Punjab National Bank on Tuesday said it has raised Rs 1,000 crore through long term bonds on private placement basis.
"The bank has raised Rs 1000 crore long term bonds at an annual coupon of 8.23 percent on private placement basis on February 09, 2015, through five arrangers," the company said in a BSE filing.
During the third quarter ended December 31, 2014, the company reported a marginal 2.5 percent increase in net profit to Rs 774.56 crore.
This was against a net profit of Rs 755.41 crore for the October-December quarter of the 2013-14 financial year.
London, Feb 09 - A report has said that Britain's biggest bank, HSBC, helped its customers evade millions of pounds in tax.
The report was based on details of thousands of accounts from HSBC's private bank in Switzerland, which were leaked by a whistleblower in 2007, reported the BBC.
They showed that bankers helped its customers dodge tax and offered them deals to help them stay ahead of the law.
While admitting that some bank account holders took advantage of bank secrecy to hold undeclared accounts, HSBC said that it has now "fundamentally changed."
The documents, leaked by a computer expert working for HSBC in Geneva in 2007, contained details of about 100,000 clients worldwide. (ANI)
New Delhi, Feb 7 : The Centre has decided to infuse Rs. 6990 crores in nine public sector banks (PSBs) for which orders are being issued.
This year, the Centre has adopted a new criteria in which the banks which are more efficient would only be rewarded with extra capital for their equity so that they can further strengthen their position.
The methodology for arriving the amount to be infused in these banks has been based on efficiency parameters. First of all, weighted average of return on assets (ROA) for all PSBs for last three years put together was arrived at and all those who were above the average have been considered.
Mumbai: Country's largest lender by market value HDFC Bank on Thursday raised Rs 9,880 crore in the largest share sale in the secondary market by a private entity to overseas and domestic investors through a mix of qualified institutional placement and American depository shares.
Merchant bankers said the issue has been successfully closed and the final pricing is expected shortly.
According to merchant bankers who include Barclays, JM Financial, Citi, JP Morgan and BofA-ML among others, said the bank opened the QIP issue first and the ADR was launched a few hours later.
The bank has plans to raise Rs 2,400 crore from QIP and the rest from ADRs, but sources said the composition got changed after the sale began.
Mumbai: Encouraged by foreign exchange reserves touching record levels, the Reserve Bank on Tuesday doubled the annual overseas investment ceiling for individuals to USD 2,50,000.
"On a review of the external sector outlook and as a further exercise in macro-prudential management, it has been decided to enhance the limit under the Liberalised Remittance Scheme (LRS) to USD 2,50,000 per person per year," the RBI said in its Bi-Monthly Monetary Policy Statement.
New Delhi - Punjab National Bank on Tuesday posted a marginal 2.5 percent increase in net profit to Rs 774.56 crore for its third quarter ended December 31, on account of higher provisioning for bad loans.
The country's second largest public sector bank by assets had reported net profit of Rs 755.41 crore for the October- December quarter of the 2013-14 financial year.
Poor performance of the bank pulled its share price down by nearly 7 percent to Rs 179.20 on the BSE after the numbers were announced.
As far as PNB's asset quality is concerned, gross NPAs as a percentage to total advances rose to 5.97 per cent from 4.96 per cent in the same quarter an year ago.
Mumbai - At least 113 entities, including top corporates such as RIL, Aditya Birla Group, Airtel, Vodafone and Future Group, have approached the RBI to seek licences for setting up payment or small finance banks.
"72 applications for Small Finance Banks and 41 applications for Payments Banks were received up to the deadline for submission yesterday," RBI Governor Raghuram Rajan said during a bi-monthly monetary policy review.
Indicating that the final tally may increase, he said "this number excludes applications that might have been received at other venues".
Mumbai: The country's largest lender, SBI has said that public sector banks should be given an opportunity to tap the best talent from premier institutes like IITs and IIMs.
"The public money goes into formation of the institutions like IITs and IIMs. From all of these good institutions, which nurture the best talents of the country, the public sector banks are barred from recruitment," SBI chairperson Arundhati Bhattacharya said at a recent event.
She said currently the Supreme Court does not allow state-run banks to go for campus recruitment to these premier institutions as every vacancy has to be advertised so that everyone should be able to participate in it.
New Delhi/Mumbai - The RBI may cut its policy rate further by 0.25 percent this week to boost growth, as inflation remains under control and fiscal situation appears better following a record CIL disinvestment.
RBI, which last month announced a surprise rate cut of 25 basis points after maintaining a hawkish monetary stance for 20 months, is scheduled to undertake its sixth bi-monthly monetary policy review, 2014-15 on Tuesday, February 3.
Davos: Lauding RBI's role in helping bring down inflation, Chief Economic Advisor Arvind Subramanian said the central bank may further ease the interest rates as improvement on price front has opened the space for monetary easing.
"The way I view is that RBI has a mandate to bring down inflation and keep it low and given the inflation has been coming down, that opened up the space for monetary policy easing and RBI has begun that," said Subramanian, who was here to attend the World Economic Forum Annual Meeting.
Chandigarh : Public sector bank employees have decided to go on a 4-day strike from January 21 to protest against the "rigid and callous attitude" of Central Government in resolving the long pending wage revision issue, a senior union leader said here Monday.
Earlier, it was decided to hold 1 day strike on January 7, which was deferred on the request of IBA to find out an amicable solution, All India Bank Officers' Confederation (AIBOC) State Secretary Deepak Kumar Sharma said.
The decision is in response to the strike call given by United Forum Of Bank Unions, which has more than ten lakh employees and officers of banking Industry under its umbrella.
Mumbai: Encouraged by softening inflation, the RBI on Thursday decided to cut the benchmark interest rate by 0.25 percent to 7.75 percent with a view to boost growth.
The decision to reduce repo rate comes a fortnight ahead of the scheduled date of monetary policy announcement on February 3.
"It has been decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 percent to 7.75 percent with immediate effect," Reserve Bank said in a statement today.
The RBI has been keeping the benchmark interest rate at elevated level at 8 percent since January 2014.
Mumbai: A government-appointed selection panel has short-listed 15 general managers for appointment as 14 executive directors in various public sector banks, sources said on Wednesday.
The names of the GMs whose names have been short-listed include Harideesh Kumar of Vijaya Bank, Pawan Kumar Bajaj, RA Sankara Narayanan, NK Sahoo, Raj Kamal Verma and Charan Singh of BoI, Arvind Kumar Jain of OBC, Rishabh Lodha, Ravi Shankar Pandey and Ajit Kumar Rath of Union Bank, Ravindra P Marathe, KVR Moorthy and Kharat Kishor Piraji (BoB), Umesh Kuamr Singh of Central Bank and VK Shukla of Canara Bank.
Mumbai : Improving external balances and government actions may drive a sovereign rating upgrade for the country during the current calendar year, according to a report by Deutsche Bank (DB).
It was despite the fact that market was not yet factoring in a rating upgrade, the report said.
"We assign a high likelihood of a sovereign ratings upgrade for India as most macro indicators have exhibited improvements in past two years," DB Group managing director, head of research, Abhay Laijawala said while unveiling 'India equity strategy: 2015 outlook' here Thursday.
The rating upgrade for the country will happen shortly, however, it will depend on the forthcoming annual Budget, he said.
New Delhi: State-owned Punjab National Bank (PNB) on Tuesday revised interest rate on fixed deposits by up to 0.5 percent on various maturities.
"For deposits less than Rs 1 crore having maturity between 7-14 days, the new interest rate will be 4.50 per cent from the existing 4 percent," PNB said in a statement.
Similarly, the bank has increased interest rate by 0.5 percent on the fixed deposit between 30-45 days. The new rate would be 5 percent from the existing 4.50 percent.
For term deposits having a maturity period of 180-270 days, the rate has been revised upwards by 0.25 percent to 7.75 percent.
The new rate would be effective from January 8, it added.
Pune, Jan 5 : Reserve Bank of India (RBI) Governor Raghuram Rajan called for the government to afford greater protection to bankers, stating that such a step will be necessary in order to fast-track financial decision making.
"If officers are hauled up for [fast-track financial] decisions, it will lead to delay in good decisions because of avoidance of risk on the part of the banker," Rajan said while addressing a two-day bankers ' retreat here.
Rajan further called for the cleaning up of bad debts of banks and the restructuring of other possible non-performing assets (NPAs) within a year in order to put the economy back on track.
Pune, Jan 3 : Asserting that the banking sector of a country mirrors its economic rise, Prime Minister Narendra Modi on Saturday said Japan and China had the top ten banks of the world during their economic rise.
He said banks would be run professionally and there would be no interference but accountability was essential. He said the government had no vested interest, and public sector banks can derive strength from this fact.
Prime Minister Modi said he is against political interference but supports political intervention in the interest of the people. He said political intervention will enable the voice of the common man to reach such institutions.
Pune (Maharashtra), Jan 3 : Union Finance Minister Arun Jaitley on Saturday called for reforms in the banking sector while pitching for greater autonomy in government-controlled banks.
"Public sector banks and financial institutions have performed very important role. There is a need to get the best talent into the system. There is a need for far greater autonomy to them. And, we also need to understand the problems that these banks themselves are confronting," Jaitley told reporters on the sidelines of a meet with officials of public sector banks.
Mumbai: Reserve Bank has directed entities offering services such as e-wallets, smart cards and White Label ATMs to prominently display their company name in products to ensure transparency.
"All the information available to the public regarding the product, whether as advertisements, on website, application form, etc. Should prominently carry the name of the entity/company authorised by RBI," Reserve Bank said in a notification.
RBI said it came to its notice that many authorised entities using specific brand names for their products like e-wallets, smart cards, WLAs were not disclosing their own company name in the information available to the users.
Pune - There is a need to rethink strategies for public sector banks in the country and the efforts for their consolidation would not be limited to merger and acquisitions, a senior finance ministry official said on Friday.
Financial Services Secretary Hasmukh Adhia also said that it was absolutely essential to implement banking reforms and making the banks stronger was necessary for the economic growth.
Speaking to reporters at a pre-event briefing on two-day financial sector retreat 'Gyan Sangam' here, Adhia also said that asset quality was a problem for many PSU banks, while low credit offtake was also an area of concern.