New Delhi: State-owned Bank of India (BoI) has raised Rs 2,500 crore from Tier I bonds to fund its business expansion plans.
Funds have been raised through Basel III compliant Tier-1 bonds by way of private placement of Rs 1,250 crore with a green shoe option of Rs 1,250 crore, BoI said in a statement on Monday.
These bonds will be listed on the wholesale debt market (WDM) segment of the NSE, it said. BoI reported a 16.39 per cent drop in its net profit to Rs 806 crore in the June quarter.
The bank had posted a net profit of Rs 964.18 crore during the corresponding quarter in the previous fiscal.
Mumbai: The Reserve Bank of India will transfer to the Centre its surplus profit of Rs 52,679 crore, about 60 percent more than the amount given last year.
"The Central Board of Directors of the Reserve Bank of India... Approved the transfer of surplus amounting to Rs 526.79 billion for the year ended June 30, 2014 to the Government of India," the central bank said in a statement adding the transfer will take place on Monday.
Last year, the RBI had transfered its Rs 33,010 crore surplus profit to the Centre.
New Delhi : Finance Minister Arun Jaitley on Sunday said that the government is open to putting in place stringent steps to check repeat of criminal cases like the alleged Syndicate Bank bribery scandal.
"I think banks already know what they are to do. If some stringent steps required, certainly it will be done," Jaitley said when asked if some fresh guidelines or strengthening of corporate governance are required to check repeat of alleged criminal cases Syndicate Bank scandal.
Kolkata : A World Bank economist has said that the lender will fund only those hydro-power projects where safeguards are in place to prevent any adverse impact on the environment.
"We are prepared to support only those good hydro-power projects in India which make economic sense as well as take socio-environment safeguards very seriously," Michael Toman, lead economist on climate change in World Bank said here during a visit to the city.
Mumbai: The Reserve Bank on Saturday revised guidelines for mortgage guarantee companies and said that guarantees provided by them may be treated as contingent liabilities, for which credit conversion factor would be 50 percent.
"While calculating capital adequacy of MGCs, mortgage guarantees provided may be treated as contingent liabilities and the credit conversion factor applicable to these contingent liabilities will be 50 percent as against the present 100 percent," RBI said in a notification.
Mumbai - For the convenience of people to pay school fees and municipal taxes and utility bills through an integrated platform, the Reserve Bank on Thursday proposed setting up an "anytime anywhere" bill payment system.
Bill payment is a major component of the retail payment transactions as over 3,080 crore bills amounting to more than Rs 6,00,000 crore are generated each year in the top 20 cities in the country.
Mumbai: Reserve Bank Governor Raghuram Rajan on Tuesday said India has emerged from the perception of being in crisis and has placed itself as a better place to remain invested.
"I keep telling the international fora that India is not a problem any more. I think there was a perception problem (last year), but I think on Tuesday that perception also doesn't exist," Rajan said during the customary post-policy interaction with mediapersons at RBI headquarters here.
The central bank chose to keep all the key policy rates unchanged, except cutting SLR by 50 basis points to infuse liquidity.
New Delhi: The Reserve Bank may maintain the status quo on interest rate in its bi-monthly monetary policy review to be unveiled on Tuesday amid apprehensions that deficient rainfall may further push up food inflation.
The food inflation remaining over 8 percent mark will weigh heavily on the RBI, which has been maintaining that containing inflation is its top priority.
New Delhi - State-run Oriental Bank of Commerce on Monday reported 3.15 percent increase in net profit to Rs 364.54 crore for the quarter ended June 30.
The bank had reported a net profit of Rs 353.38 crore during the same quarter year-ago, Oriental Bank said in a filing to the BSE.
The bank's total income increased from Rs 5,255.7 crore for the quarter ended June 30, 2013 to Rs 5,576 crore for the quarter ended June 30, 2014.
Other income increased by 9.3 percent to Rs 588.20 crore in the quarter under review from Rs 538.05 crore earlier.
Mumbai - Shares of Syndicate Bank on Monday plunged over 8 percent after the CBI arrested its Chairman and Managing Director S K Jain for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies.
Syndicate Bank's scrip slumped 8.57 percent to Rs 132.25 on the BSE. At the NSE, it tumbled 8.45 percent to Rs 132.10.
Led by the sharp fall in the stock, the company's market value fell by Rs 961.85 crore to Rs 8,078.17 crore.
New Delhi - The RBI's monetary policy review on Tuesday and a bunch of earnings from blue-chips including SBI, Mahindra & Mahindra and Hero MotoCorp, will dictate the near-term trend on bourses, market experts said.
Besides, trend in investment by overseas investors, global cues, movement of rupee against the dollar, oil prices and progress of monsoon will also hold key for the markets.
Mumbai - State-owned Bank of Maharashtra on Saturday reported a massive 56 percent drop in net profit at Rs 117.82 crore in the June quarter due to a steep threefold increase in non-performing assets.
Profit after tax stood at Rs 266.33 crore in the corresponding quarter last year.
In the quarter, the asset quality deteriorated with gross NPAs rising to 4.23 percent from 1.80 percent, while net NPAs increased to 2.94 percent as against 0.80 percent, the bank said in release.
The NPA provision coverage ratio stood at 49.73 percent.
Mumbai: Union Bank of India today reported 18.5 percent increase in net profit at Rs 664.11 crore for the first quarter ended June 2014.
The state-owned bank had a net profit of Rs 560.22 crore during the corresponding period of the previous fiscal.
Total income of the bank rose to Rs 8,547.56 crore as against Rs 7,613.53 crore in the same quarter a year ago, Union Bank of India said in a statement.
Net interest income increased by 10.8 percent to Rs 2,117 crore against Rs 1,910 crore in the first quarter of the previous fiscal.
Mumbai: Reserve Bank Governor Raghuram Rajan is most likely to hold the key rates at the upcoming review of the monetary policy on Tuesday, where factors like liquidity management measures are the ones to watch out for, brokerages said on Friday.
"RBI to leave rates unchanged despite easing inflation... in no hurry to ease rates," Singaporean brokerage DBS said in a note.
New Delhi - State-owned Syndicate Bank on Thursday reported 7 percent increase in net profit to Rs 485 crore for the first quarter ended June 2014.
The bank had a net profit of Rs 452 crore during the corresponding period of the previous fiscal.
Total income of the bank rose to Rs 5,523.08 crore as against Rs 4,726.18 crore in the same quarter a year ago, Syndicate Bank Chairman and Managing Director Sudhir Kumar Jain said here.
Mumbai: Commercial banker Subhash Sheoratan Mundra has assumed office as the fourth deputy governor of the Reserve Bank Thursday for a three-year term.
When contacted, Mundra, who led the country's second largest lender Bank of Baroda as chairman and managing director, confirmed the development, saying he has taken charge Thursday.
However, an official notification from the Reserve Bank or the government is awaited.
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end. He was to retire from BoB today following superannuation.
Mumbai: Export-Import Bank of India (Exim Bank) on Wednesday entered into a partnership with a US government body to help and advice domestic companies interested in investing in the world's largest economy.
Exim Bank Chairman and Managing Director Yaduvendra Mathur signed a memorandum of intent (MoI) with 'SelectUSA', a trade facilitation body under the US Commerce Department which has a mandate to attract investments in America.
London: In a controversial move, global private banking major HSBC has closed a number of "risky" accounts belonging to Muslim groups and individuals in the UK.
HSBC has written to one of London's biggest mosques at Finsbury Park and other organisations, including an Islamic think tank, saying that to continue providing services would be outside the bank's "risk appetite".
It said decisions to close accounts were "absolutely not based on race or religion".
New Delhi: State-owned IDBI Bank has said it is not considering any proposal to merge Kolkata-based United Bank of India with itself.
"We confirm that so far no proposal for merger of United Bank of India with IDBI Bank has been discussed at IDBI Bank's board meeting and also no communication from Government of India in respect of the above has been received by the bank," IDBI Bank said in a statement.
Meanwhile in separate statement, United Bank of India said that there is no negotiations taking place for merger of the bank.
Mumbai: State lender Bank of Baroda's standalone net profit rose by 16.6 percent to Rs 1,361.88 crore in the first quarter ended June 30, 2014, on lesser provisioning and decline in NPAs.
The bank said its net profit in the April-June quarter last year stood at Rs 1,167.87 crore.
"Total income has increased from Rs 10,717.49 crore for the quarter ended June 30, 2013, to Rs 11,682.5 crore for the quarter ended June 30, 2014," it said in a filing to the BSE.