Banking Sector

Canara Bank aims cash recovery of Rs 6,500 crore this fiscal

Canara-BankNew Delhi: State-owned Canara Bank on Saturday said it aims cash recovery of Rs 6,500 crore this fiscal which may result in lowering of non-performing assets (NPA).

"The bank did cash recovery of Rs 5,000 crore for the year ended March 2014, this year (2014-15) we expect this to go up to Rs 6,500 crore," Canara Bank Chairman and Managing Director R K Dubey said at an event organised by Association of Business Chambers of Commerce and Industry.

Union Bank targeting 9-10 % deposit growth

Union BankKochi: Union Bank of India is targeting 9-10 percent growth in deposits and 11-12 percent in its advances over last year, a top official said on Saturday.

"The bank's deposits are expected to grow by 9-10 percent and advances by 11-12 percent this fiscal," Chairman and Managing Director, Arun Tiwari, told reporters here.

The bank has a total branch strength of 3900 pan India, and will be adding 200 more branches this year of which 15 would be in Kerala.

He said 3000 employees were recruited this year and were undergoing training.

RBI cuts number of free cross-bank ATM transactions to 3 per month

RBI cuts number of free cross-bank ATM transactions to 3 per monthMumbai : Frequent withdrawal of money from ATMs will become expensive from November, with the RBI imposing a limit of 3 transactions per month from ATMs of other banks and 5 from the same bank in six metropolitan cities.

A customer will be required to pay a fee of up to Rs 20 for using Automated Teller Machines (ATMs) beyond the permitted numbers of transactions in Delhi, Mumbai, Chennai, Bangalore, Kolkata and Hyderabad.

High interest rates will help in long-run: Rajan

High interest rates will help in long-run: RajanMumbai - The Reserve Bank's elevated rate structure may be painful in the short run, but will help in the long-term by containing inflation, Governor Raghuram Rajan said on Wednesday.

"It (high interest rates) may be more painful in the short run but helps in the long-run by quelling inflation," he said while speaking at an event late this evening.

RBI net buys $597 mn in spot forex market for 3rd month in June

RBI-buys-dollarMumbai: The Reserve Bank became net purchaser of dollars for the third consecutive month in June this fiscal as it bought USD 597 million from the spot market.

During the month, the apex bank bought USD 3.332 billion from the market, while it sold USD 2.735 billion, the RBI monthly data showed.

However, the amount of dollars purchased by the central bank in June dropped almost 50 percent as against in April and May.

In May, RBI had bought USD 7.981 billion from the market and sold USD 6.195 billion, while in April it purchased USD 7.85 billion and sold USD 1.980 billion.

Bank of India raises Rs 2,500 crore from bonds

bank-of-indiaNew 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.

RBI to transfer Rs 52,679 cr surplus profit to govt

RBI to transfer Rs 52,679 cr surplus profit to govtMumbai: 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.

Govt open to stringent steps to check Syndicate Bank like cases

Syndicate BankNew 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.

World Bank to fund ecologically safe power projects

World BankKolkata : 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.

RBI revises guidelines on mortgage guarantee companies

RBI revises guidelines on mortgage guarantee companiesMumbai: 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.

RBI proposes 'anytime anywhere' bill payment system

RBI proposes 'anytime anywhere' bill payment systemMumbai - 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.

India no longer a problem economy: Rajan

Raghuram-RajanMumbai: 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.

RBI monetary policy review today; interest rate change unlikely

RBiNew 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.

OBC Q1 net profit rises 3% to Rs 365 crore

OBC Q1 net profit rises 3% to Rs 365 croreNew 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.

Syndicate Bank shares slump over 8% after chairman's arrest

Syndicate Bank shares slump over 8% after chairman's arrestMumbai - 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.

RBI policy, Q1 earnings and global cues to drive stock markets

RBI policy, Q1 earnings and global cues to drive stock marketsNew 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.

Bank of Maharashtra net plunges 56 pc; NPAs soar threefold

Bank of MaharashtraMumbai - 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.

Union Bank of India Q1 profit up 18.5% at Rs 664 crore

Union-BankMumbai: 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.

RBI to hold rates on Tuesday, say analysts

RBI to hold rates on Tuesday, say analystsMumbai: 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.

Syndicate Bank Q1 profit up 7% at Rs 485 crore

Syndicate Bank Q1 profit up 7% at Rs 485 croreNew 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.




Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate


Syndicate content