Indian banks’ sour loans hit a record Rs 9.5 trillion
($145.56 billion) at the end of June, unpublished
data shows, suggesng the economy is no nearer
to bringing its bad debt problems under control.
A review of RBI data obtained through
right‐to‐informaon requests shows banks’ total
stressed loans — including non‐performing and
restructured or rolled over loans — rose 4.5% in
the 6 months to end‐June.
The central government has started an internal
exercise to ascertain merger candidates from
among the PSBs. The move comes as state‐run
lenders are yet to approach the finance ministry
with their consolidaon plans. A senior
government official, while confirming the internal
exercise, said the final decision will be taken by
banks aer commercial consideraons.
Matam Venkata Rao took charge as Execuve
Director of Canara Bank on Monday. Rao had
previously worked as General Manager of
Allahabad Bank. He had headed the bank’s
verticals, including corporate credit, debt
restructuring and retail banking. He was
instrumental in launching a transformave
project in Allahabad Bank to put the focus on
asset‐centric banking. He is a Cerfied
Associate of the Indian Instute of Bankers.
SBI is creang a 15,000‐sq innovaon centre in
Navi Mumbai invesng around Rs 100 crore, a
senior official said here today. The centre, to be
built at its Global IT Centre in Belapur in Navi
Mumbai, will be the largest innovaon
centre by any financial services co in the country, thenofficial claimed.
Bank of Baroda plans to raise up to Rs 1,650
crore from Addional Tier‐I (AT‐1) bonds in one or mulple
issuances to fund business expansion.
Finance commiee of the bank today approved
issuance of AT‐1 capital bonds compliant with the
Basel III capital norms of the RBI for a minimum
amount of Rs 500 crore with green shoe opon.
The total issuance will not exceed Rs 1,650 crore,
BoB said in a BSE filing today.
The SBI today announced its collaboraon
with financial services co Moody's Analycs
to provide bank‐wide credit cerficaon
to SBI employees. This iniave
by SBI and Moody's will enhance
market‐leading credit curriculum with the
globally recognised experse of Moody's Analycs.
Standard Chartered Bank today said it has
officially opened its new Global Business Services
centre with an aim to aract the best
mindsavailable locally to redefine banking for the
world. The Bank expects to have 30 per cent of
GBS employees based in Bengaluru over the next
few years by doubling the current head count
based in the city from a combinaon
of internal moves and selecve hiring.
The government has approved the appointment
of EDs for 9 PSBs. Ajay Kumar Srivastava and
Matam Venkata Rao have been appointed EDs
of IOB and Canara Bank. Both are GMs
in Allahabad Bank. Bajrang Singh Shekhawat has
been appointed the ED of Central Bank of India.
Govind N Dongre will be ED of Punjab and Sind
Bank. Kul Bhushan Jain will be ED of Andhra
Bank, the order read. Rajesh Kumar Yaduvanshi
and Chaitanya Gayatri Chinthapalli will be EDs
of Dena Bank and Bank of India respecvely.
Krishnan S will be ED of Syndicate Bank. Lingam
Venkata Prabhakar will be ED of Punjab Naonal
Bank, the DoPT order said.
South Indian Bank has reported a 96% drop in its
net profit at ₹4.32 crore in Q2 of FY18 against
₹111 crore in the corresponding period of the
previous fiscal. The bank posted a steep decline
in net profit as it was required to absorb an
exceponal provision of ₹252.39 crore during the quarter.
Bandhan Bank has lowered micro loan lending
rates by 12 basis points to 18.4% a year as its
marginal cost of funds eased with steady flow of
deposit, MD Chandra Shekhar Ghosh said.
The IMF today lowered India’s growth projecon
to 6.7% in 2017, 0.5% point less than its previous
two forecasts in April and July, aribung it to
demonesaon and introducon of the GST. It
also lowered the country’s growth for 2018 to
7.4%, 0.3% points less than its previous 2
projecons in July and April.
Russia will block access to websites of exchanges
that offer crypto‐currencies such as Bitcoin,
Russian Central Bank First Deputy Governor
Sergei Shvetsov said today. He called them "dubious"
Nearly 1,500 private EPF trusts set up by
companies for administraon of their employee
provident funds (EPFs) will have to ensure that
the rate of interest declared by them is at par or
higher than that declared by the Employees'
Provident Fund Organisaon (EPFO), as per
receny circular issued by labour ministry. Further,
there will be periodic evaluaon and monthly
ranking of companies which have set up such
trusts to ensure beer compliance.
Pension regulator PFRDA will soon nofy
the increase in maximum entry age limit for Naonal
Pension System to 65 years, its Chairman Hemant
Contractor has said.
Two states, Gujarat and Maharashtra, have today
slashed the VAT on fuel. The Gujarat government
announced a 4% cut in VAT on petrol and diesel,
effecve from midnight, to bring down fuel prices
in the state. The Maharashtra government
reduced petrol and diesel prices by Rs 2 and Rs 1 respecvely.
A group of 40 candidates on the reserve list of the
Instute of Banking Personnel Selecon
(IBPS) for the post of probaonary
officer for 2016 ‐17 has approached the Bombay High Court seeking
jusce in the recruitment process. This is aer
IBPS, an autonomous body mandated with
recruitment, selecon and placement process,
refused them employment despite having a 'huge
number of non‐joining vacancies’ in the parcipang PSBs.