Bank unions have decided to join the national general strike which has been called on January 8, 2020. The strike has been called in protest against the central govt's labour policies and banking reforms, said the unions.
Central Trade Unions viz. INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF and UTUC along with various independent Federations and Unions in different Sectors have given the call for national general strike on January 8, 2020 to protest against labour policies of the government.
Banking stocks, especially public sector banks including Syndicate Bank, Indian Bank, and State Bnak of India (SBI), added up to 6.2 per cent on the National Stock Exchange (NSE) on Friday after the Reserve Bank of India (RBI) decided to buy and sell bonds worth Rs 10,000 crore via open market operations.
In a statement on Thursday, the RBI said it will simultaneously buy and sell government bonds worth Rs 10,000 crore each on December 23, through Open Market Operations (OMOs).
State Bank of India (SBI) and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code.
The money lent by banks will help the government owned banks to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Apart from SBI, Union Bank is also one of the banks lending to Patanjali.
NEFT Timings: Customers of SBI, HDFC Bank, Axis Bank, Punjab National Bank, ICICI Bank or any other commercial lender can do National Electronic Funds Transfer (NEFT) transactions 24×7 from today. The facility will now be available on any day of the week or month, including holidays. The Reserve Bank of India (RBI) has allowed this facility to be available at all times throughout the year.
For smooth settlement of NEFT transactions, the RBI has decided to provide additional collateralised intra-day liquidity facility.
Reserve Bank of India (RBI) auditors have found that the country's largest bank, State Bank of India (SBI), under-reported its non-performing assets (NPAs) for 2018-19 by Rs 11,932 crore, and made Rs 12,036 crore less provisions. As a result, the bank's reported profit of Rs 862 crore for the fiscal year now stands at a loss of Rs 6,968 crore.
However, the bank's stock did not react much, falling only 1.04 per cent to close at Rs 313.45 on the BSE, as the bank subsequently made good much of this gap through upgrade or recovery, as well as by additional provisioning.
Power generation company NTPC on Saturday said it has signed a term loan agreement for Rs 5,000 crore was signed with State Bank of India (SBI).
The loan facility has been extended at an interest rate linked to 3-month MCLR (marginal cost of funds-based lending rate) of the bank and has a door-to-door tenure of 15 years, NTPC said in a statement.
State Bank of India (SBI) on Wednesday said it will divest 8.25 per cent in the proposed initial public offering (IPO) of UTI Asset Management Company (AMC). The lender currently holds 18.25 per cent stake in the mutual fund (MF) house. Three other public sector undertakings (PSU) Life Insurance Corporation (LIC) of India, Bank of Baroda (BoB), and Punjab National Bank (PNB) also hold 18.25 per cent each, while US-based T Rowe Price owns 26 per cent.
Sources say LIC, BoB, and PNB too are expected to divest 8.25 per cent each in the UTI AMC IPO.
India's 42 scheduled commercial banks (SCBs) collectively wrote off Rs 2.12 trillion worth of loans in 2018-19, according to figures given by the finance ministry in Parliament. Not only was this 42 per cent higher than the Rs 1.5 trillion written off the previous year, but also about 20 per cent of all their non-performing assets (NPAs).
Banks generally take NPAs off their books to make their balance sheets look cleaner - with reduced liabilities and potential losses.
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