The RBI Governor, Urjit Patel, today said the Rs
2.11 lakh crore bank recapitalisaon plan is a
‘monumental step forward’ in safeguarding
India’s economic future and a comprehensive
policy would be put in place to address the
challenges faced by the sector.
A day aer government announced a massive Rs
2.11 lakh crore capital support iniave,
Chief Economic Adviser Arvind Subramanian today
made a case for consolidaon in the banking
space saying the country ideally should have 5‐7
large lenders. In an ideal banking world of
tomorrow,India needs to have both large public
sector and private sector banks, compeng
domescally and being compeve internaonally, he said.
The Banks Board Bureau suggested that the
supervisory role of the Board of a bank be
separated from its management funcons to
improve governance in PSBs. It also said that the
number of commiees on bank boards and their
mandate should be raonalised,as per its
recommendaons listed on its website on
Tuesday. The BBB, chaired by Vinod Rai, wants to
“empower the non‐official directors of PSBs to
play the role of independent directors on the
same lines as provided in the Companies Act, 2013. ”
The Central Vigilance Commission will rank the
central Govt organisaons on an‐ corrupon
measures being taken by them, an official release
said today. The CVC has decided to go in for
development of the integrity index‐based on
bench‐marking of internal processes and controls
within an organisaon as well as the
management of relaonships and expectaons of
outside stakeholders, it said. The integrity index
will bring out annual scores and rankings of PSUs,
PSBs and financial instuons, departments and
ministries of the GOI by linking the essenal
drivers of vigilance with long‐term efficiency,
profitability and sustainability of public
organisaons, the release said.
Kotak Mahindra Bank today reported 19.81%
year‐on‐year rise in consolidated net profit at Rs
1,440.68 crore for the quarter ended Sep 30,
2017. It had posted net profit of Rs 1,202.40 crore
in the corresponding a quarter last year.
HDFC Bank today clarified that the RBI has asked
the bank to classify one of its accounts as a NPA.
The bank had said that it was negoang with
the RBI on some observaons related to the
implementaon of a flexible structuring scheme
in a power and steel account.
Former Union Bank of India chairman Debabrata
Sarkar has joined Bank of India board today.
Sarkar has been elected as the shareholder director.
RBL Bank has posted a 68% rise in net profit at Rs
150 crore in second quarter ended Sep 2017 (Q2
FY18) on improvement in the interest margins
and other income. It had posted net profit of Rs
90 crore in July‐Sep 2016.
IDFC Bank has launched its 100th branch at
Honnali, Karnataka and plans to expand its
network in the metros in the next one year.
The capital infusion of PSBs is a “big bang reform”
aimed at supporng credit growth and job
creaon, says a SBI research report.
PNB Housing Finance LTD reported a 51%
increase in net profit for the second quarter
ended Sep 30, 2017 at Rs 208 crore (Rs 138 crore).
Stressing that India will have to reform
connuously to accelerate growth, the IMF
welcomed the Government announcement to up
the recapitalisaonof PSBs as a "posive"
Finance Minister Arun Jaitley today said
that it has been decided to celebrate Nov 8, 2017,
as an‐black money day. "Union ministers will
tour the country and make people aware of the
various steps taken by the Central Government to
tackle black money and corrupon", said Arun Jaitley.
A day aer Centre announced Rs 2.11 lakh cr
recapitalisaon plan, country's 21 listed PSBs
added a combined Rs 1.12 lakh crore to their
market value. Punjab Naonal Bank added Rs
13,590 crore to hit Rs 43,000 crore in market
value, a 46.2% gain, the most in percentage terms.