Budget 2018-19

  Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government’s policy to privatise the lenders Bank strike  continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government’s policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.Members of UFBU include All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA) and Bank Employees Confederation of India (BEFI). Others are the Indian National Bank Employees Federation ...

  Reliance has accounted for nearly a fifth of the 75 per cent surge in the S&P BSE Sensex from its March bottom India’s record-breaking equity rally will continue next year, with banks and other stocks taking over as drivers from the nation’s largest company Reliance Industries Ltd., some fund managers say. Reliance has accounted for nearly a fifth of the 75 per cent surge in the S&P BSE Sensex from its March bottom, according to data compiled by Bloomberg. That’s about double the contribution Apple Inc. has made to gains in the S&P 500 Index over the same period. Some market watchers say Reliance’s gains may have peaked for now, prompting the search for new leaders. The prospects for global recovery amid progress with Covid-19 vaccines has caused investors to shift focus from defensive growth stocks to cheaper economically sensitive shares. That may be particularly good news for financial stocks that have lagged in the rally that has driven the Sensex to an all-time h...

Canara, Union Bank, PNB among possible candidates; may lead to recall of Rs 157-bn AT-1 bonds Five public sector banks (PSBs), including Canara and Union Bank of India, are on the brink of being put under the Reserve Bank of India’s (RBI’s) prompt corrective action (PCA) plan. According to rating agency Icra, their net non-performing assets (NPAs) rose above 6 per cent in December 2017. If the banking regulator places them under PCA, the action may drive these banks to recall additional tier-1 (AT-1) bonds, which is included in Tier-1 capital, of Rs 157 billion from investors. Besides Canara and Union Bank, three other PSBs that may come under PCA are Andhra Bank, Punjab National Bank, and Punjab & Sind Bank. While taking the decision on putting a bank under PCA, the RBI assesses its standing on three counts, namely capital adequacy ratio (CAR), net NPAs, and return on assets (RoA). Banks become PCA candidates when they feel the minimum requirements of CAR ...

As part of its probe in the PNB fraud case, ED will send judicial requests to over a dozen countries for obtaining information about the overseas businesses and assets of Nirav Modi and Mehul Choksi Nirav Modi and Mehul Choksi's overseas businesses and assets across more than a dozen countries are under the scanner of the Enforcement Directorate (ED), which will soon send judicial requests to countries like Belgium, Hong Kong, Switzerland, the United States, the United Kingdom, Dubai, Singapore, and South Africa for obtaining information about them as part of the widening of its probe into the Rs 114-billion Punjab National Bank (PNB) fraud case. Nirav Modi, his wife Ami, and uncle Mehul Choksi have been summoned by the ED to appear at its zonal office in Mumbai on Monday. According to sources, if they skip the summons, the agency could approach a special PMLA court to get non-bailable warrants issued against them. Modi has already had his luxury cars, includ...