With the capital infusion, the government stake would go up to about 65%. At present, the government of India holds 59.4% stake in country's largest lender SBI.
Public sector lender Allahabad Bank today reported a 35% growth in net profit to Rs 560.43 crore for the October-December quarter of the current fiscal.
The creation of new mutual funds follows what can be called financial (or business) fashions. Over the last decade, we’ve seen specialty equity funds in momentarily hot sectors like infrastructure; we’ve seen all kinds of hyper-specialised international equity funds, and all manner of gold funds. Of course, none of them have delivered what plain-vanilla diversified equity funds have, but that’s a lesson lost on the inventors as well as consumers of ideas.
The government is considering a plan to make it more attractive for individuals to park money in bank deposits by boosting tax breaks.
International banking major Citigroup on Tuesday said it will lay off 100 employees in India as part of its global restructuring exercise.
Driven by healthy growth in loans, public sector lender Bank of Baroda on Wednesday posted a 21% year-on-year rise in the net profit at Rs 1,290 crore for the quarter ended December, 2011 compared to Rs 1,069 crore in the corresponding quarter last year. HT reports.
First the good news: Indian banks, are hiring. So, if you are an executive in a multi-national bank looking for a job following a retrenchment exercise, there could be similar assignments on offer from domestic banks,
Mahua Venkatesh reports.
The Reserve Bank has indicated that it may not cut interest rates to promote growth in its policy review on Tuesday as inflation, which came down in December, still poses a risk to the economy.
As policy makers at North Block, which houses the finance ministry, grapple with the upcoming Union Budget, all eyes will be on Mumbai's Mint Street, watching the next move of the Reserve Bank of India (RBI) on interest rate hikes, amid expectations that it would maintain status quo in its policy review on Tuesday.
Time to start cutting?Motor insurance policies are quite comprehensive and cover malicious damage. You do not need to have proof but there should be a police complaint against the suspect. Your insurance will pay for the expenses incurred for your car repair.
Finance minister Pranab Mukherjee on Friday asked the banks to scale down their advances to risky businesses to protect their asset quality.
The Reserve Bank has approved debt-ridden national carrier Air India's financial restructuring plan, which would enable banks to amortise their provisional losses over 29 quarters, a senior Air India official said in Mumbai today.
HDFC Ltd (Housing Development Finance Corp), India’s top mortgage lender, on Thursday posted a 10% year-on-year rise in the net profit at Rs 981 crore for the quarter ended December 2011, driven by healthy growth in loan demand. The mortgage lender had reported a profit of R891crore same quarter last year.
Issuing guidelines on compensation of CEOs and staff of private and foreign banks, RBI today said all private and foreign lender will have to obtain prior approval from it for renumeration of CEOs and whole time directors as per the Banking Regulation Act, 1949 which prohibits excessive renumeration.
Country's largest lender State Bank of India has halved the home loan processing fee, a move which could be followed by other public sector lenders in the coming days.