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SBI, PNB and other PSBs alert: Branches likely to be closed in these areas
Posted on 23rd July 2018
Public Sector Banks (PSBs), including State Bank of India, Punjab National Bank, Indian Overseas Bank, IDBI Bank and Bank of India, are likely to shut one-third of their overseas branches. With an aim to tone down the cost and preserve capital, the Public Sector Banks have decided to close 70 of their 216 foreign branches, according to Indian Express report. Remittance offices in Gulf countries such as Oman and UAE, which are not generating required revenues, are being closed down.

“The banks have initiated sale of non-core assets, closure of unviable branches and other steps to reduce capital. So far, they have closed down 37 overseas operations and another 60-70 operations will be closed down by the end of the year. These operations are a combination of full-fledged branches, representative offices and remittances offices,” the official was quoted as saying by IE.

SBI, which has already closed six foreign branches, has converted its branches in France and Sri Lanka into representative offices. SBI is planning closure of another nine branches. Some banks have already closed their operations in locations such as Dubai, Shanghai, Jeddah and Hong Kong.

This came after the central government had infused Rs 2.11 lakh crore in PSBs and asked banks to rationalise operations outside India. The closure of branches in foreighn locations will help banks utilise capitals in domestic operations, the report says.

The Finance Ministry had approved fresh capital infusion of Rs 11,336 crore in five state-owned lenders — Punjab National Bank, Corporation Bank, Andhra Bank, Allahabad Bank and Indian Overseas Bank.

Related Companies: State Bank of India   Punjab National Bank   

Other Latest News
ONGC in talks to buy five GSPC blocks
Posted on 16th August 2018
Mumbai: The country’s largest oil exploration and production company, Oil and Natural Gas Corp. Ltd (ONGC), is in talks to buy five blocks from the Gujarat State Petroleum Corp. Ltd (GSPC), according to two people aware of the development.

The move comes against the backdrop of ONGC acquiring an 80% stake in GSPC’s Deen Dayal block in the Krishna Godavari Basin in December 2016 for 7,738 crore. The Gujarat government owns an 87% in GSPC.


Microsoft Surface Laptop: The best Windows PC money can buy
Posted on 16th August 2018
As anyone who has used a Microsoft keyboard or mouse will tell you, thes Redmond-based company makes some excellent hardware. So a couple of years back, the company decided that it was time to extend this expertise to computers as well. The Surface series has been a success in more ways than one. But it has not been that popular in India, primarily because Microsoft has not offered many choices to the buyers.

Sensex tanks 190 points on open, Nifty down 60 points as rupee tumble continues; Kotak Mahindra Bank down 2%
Posted on 16th August 2018
Sensex, Nifty today: The Indian stock market opened lower on Thursday, even as concerns surrounding the rupee and cues from the global market weigh. The Sensex opened at 37,796, and soon plunged nearly 150 points to hit the day’s low at 37,644 within minutes of opening. The broader Nifty 50 opened at 11,397, below the psychological mark of 11,400. The rupee too opened at a record low of 70.32, recording a plunge of 43 paise against the dollar.

Amazon’s real rival in India won’t be Walmart but this company, once new e-commerce policy is in place
Posted on 16th August 2018
Jeff Bezos, meet Mukesh Ambani. It’s time the Amazon.com Inc. boss took notice of his real rival in India, the only billion-strong consumer market open to Western tech firms. While Walmart Inc.’s acquisition this year of Flipkart Online Services Pvt., a homegrown e-tailer, might have given the impression that the battle for India would be an all-American contest, a new national e-commerce policy doing the rounds in New Delhi should disabuse Bezos of that notion.

GMR Infra loss widens 72% to Rs 235 cr in Q1
Posted on 16th August 2018
GMR Infrastructure’s net loss on a consolidated basis widened by 72% year-on-year (y-o-y) to Rs 235.14 crore in the quarter ended June 30 on dwindling profits from its airports business and rising losses on the power segment.

Revenue in the quarter fell about 33% to Rs 1,876.2 crore from the same period last year. Profits from the company’s flagship airport segment fell 60% y-o-y to Rs 277 crore, notwithstanding the 14% traffic growth in the same period.


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