At least five local banks including and are in talks with Singapore’s DBS Bank to begin a real-time remittance system with the city-state using the ubiquitous Unified Payments Interface (UPI) as the backbone, said people familiar with the matter. This will become a common remittance platform in collaboration with Singapore’s PayNow funds transfer service and … Read more
Mumbai: Lenders to purified terephthalic acid (PTA) manufacturer JBF Petrochemicals have extended the deadline to submit financial bids for the company till the end of August, giving public sector companies more time to get approvals and make a bid for the company. The original deadline was August 20. Public sector companies and an ONGC-Indian Oil … Read more
The Centre may sell its stake in Central Bank of India and Indian Overseas Bank () as part of its mega privatisation initiative unveiled in the Union Budget in February. While the two banks have been recommended for disinvestment by government think tank NITI Aayog, (BoI) may be a potential candidate for sale, sources familiar … Read more
The government did infuse almost Rs 2.7 lakh crore between fiscal 2017-2020 but the pandemic might force the government to infuse more capital to keep public lenders healthy. Public sector lenders need to raise as much as Rs 2.1 lakh crore in external capital over the next two years to tackle the capital shortages that … Read more
The bank had bounced back to black in the last quarter (Q4 of FY’20) after being in the red for almost 18 quarters. Chennai-headquartered public sector lender Indian Overseas Bank (IOB) on Thursday reported a net profit of Rs 121 crore for the first quarter of FY21. It had reported a net loss of Rs … Read more
IOB stock closed at Rs 11.43 on BSE, up 3.63 per cent from previous close. Indian Overseas Bank on Thursday posted a net profit of Rs 121 crore for June quarter 2020 mainly due to fall in bad loans. The state-owned lender posted a net loss of Rs 342.08 crore for the same quarter a … Read more