Finance Minister Arun Jaitley said banks, especially the public sector ones, will be armed better soon to resolve the stressed assets as he expects the winter session of Parliament to clear amends to the Prevention of Corruption Act (PCA).
State-owned Bank of India has sold an 18 per cent stake in the insurance joint venture Star Union Dai-ichi Life Insurance Company Ltd (SUD) to its Japanese partner.
As part of the consolidation process within the SBI Group, its five associate banks including State Bank of Bikaner and Jaipur (SBBJ) will soon submit to the Reserve Bank of India the scheme of acquisition as ratified by shareholders.
British lender Barclays is keen on being a research and development engine for the financial services industry and is making significant investments in this space, according its India chief operating officer Ram Gopal.
The all-powerful Monetary Policy Committee's first rate decision on October 4 hinges on vigilance clearance for the government-nominated three independent economists coming in time.
Punjab National Bank (PNB) has asked its customers whose accounts are due for a KYC (know your customer) update to do so by October 1, failing which it may block all their banking transactions.
State-owned United Bank of India (UBI) today said it has received Rs 608 crore capital infusion from the government.
The government on Thursday picked three economists from the academic world for a new monetary policy committee to set interest rates, as the Reserve Bank of India (RBI) gets ready for a landmark switch in the way it decides policy.
Union Bank of India has completed the acquisition of 49 per cent shareholding in Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participants Renta and its affiliates.
The Securities and Exchange Board of India (Sebi) on Wednesday exempted the government from making an open offer pursuant to its acquisition of an additional 5.66 per cent stake in Dena Bank under its capital infusion plan.
The government should focus on making the banking system stronger and give the lenders independence to find their own solutions instead of stressing on mergers, industry body Assocham said in a report released here on Wednesday.
Citing reforms and steps taken towards ease of doing business, the Finance Ministry on Wednesday pitched for a rating upgrade with Moody's, while the US-based agency expressed concern over the state of bad loans in the banking sector.
State-owned Oriental Bank of Commerce (OBC) on Monday said it has raised Rs 1,000 crore, which will be added as Basel III-compliant capital.
SBI chairperson Arundhati Bhattacharya on Monday said the stressed assets level in the banking sector will come down once the key industrial sectors start functioning at their optimum capacity.
India's banking sector is moving past the worst of its asset quality down cycle, Moody's Investors Service said on Monday, although it warned that state-run banks' capital levels remain a key weakness.
Terming instances of banks depositing money to reduce the number of accounts with zero balances as not a criminal act, Reserve Bank of India Deputy Governor SS Mundra on Monday said such stray incidents should not distract from the larger cause of financial inclusion.