Bank of Baroda (Bank), one of India’s leading public sector banks, announced the launch of the National Common Mobility Card (NCMC) RuPay Reloadable Prepaid Card today. Aligned with the “One Nation, One Card” initiative, the Bank of Baroda NCMC RuPay Platinum EMV chip-enabled Contactless Prepaid card is an inter-operable and multi-purpose transport card that can … Read more
Bank fixed deposit (FD) rates: Fixed deposits (FD) have gained popularity, with some banks offering up to 9 per cent interest in different tenures. Some banks, public and private, have raised interest rates on fixed deposits in December. Since May 2022, FD investors have seen an upward interest rate trajectory with some public sector banks … Read more
New Delhi: The government is considering the divestment of 5-10% stake in public sector lenders in which it currently holds over 80% equity. A detailed roadmap is expected to be firmed up soon, said people with knowledge of the matter. Government ownership exceeds 80% in six state-run banks – Bank of India, Indian Overseas Bank, … Read more
91.60 percent gain propelled the state-owned lender to the eighth place in the top 20 Indian banks by market capitalization as of September 30, from rank 14 three months ago. Five other public sector banks rose in the market cap rankings over the previous quarter. Central Bank of India‘s market cap grew 76.59 per cent … Read more
In a bid to enable regional rural banks (RRBs) to raise resources by listing on stock exchanges, the government has issued draft guidelines that set certain basic criteria, including net worth of at least Rs 300 crore during the previous three years. They should also have capital adequacy above the regulatory minimum level of 9 … Read more
Growth in pre-provision earnings and decline in bad loans will improve profitability of banks in the current fiscal, a report said on Monday. Better profitability will offset increases in capital consumption due to an acceleration in loan growth, helping banks across the system maintain capital at current levels, Moody’s Investors Service said in a report. … Read more
The government could hive off the non-performing loans of the two public sector banks that are to be selected for privatisation and transfer some of their employees to other state-run lenders in a bid to make them attractive for buyers. The government is likely to consider only banks that were not part of the recent … Read more
Kumar said closure of any enterprise, be it public or private, is against the interest of the common man and taxpayers. (File image) State Bank of India chairman Rajnish Kumar on Monday said ownership of the banks – whether they are in the private sector or government entities – does not matter, the primary concern … Read more
Despite the forbearance measures, under scenario 1, Moody’s expects newly formed NPLs to nearly double to about 3.7% of gross loans annually in the next two years from 1.7% in fiscal 2020, driven by the retail, SME and agriculture segments. Public sector banks (PSBs) may need up to Rs 3.4 lakh crore in external capital … 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