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Govt reassures state banks it is ready to provide capital support; coronavirus pandemic may lead to surge in bad loans
•The government may need to make a provision of at least Rs 20,000-25,000 crore ($5.90 billion) for capital infusion in state-run banks
Merger of 10 PSU banks comes into effect from today; 10 things you need to know about implications of govt's move
Trendingdesk •10 PSU banks are being amalgamated with a larger bank, referred to as the anchor bank
'Difficult to give timeline': Nirmala Sitharaman says coronavirus economic relief plan to be announced 'as soon as possible'
•Asked about relief measures for the financial sector, Nirmala Sitharaman said, 'SEBI has come up with a list of regulations which will also sort of keep the markets a bit stable. But I can't say what I am doing for the markets.'
Govt closely monitoring coronavirus impact on economy, says Finance Minister Nirmala Sitharaman
•Finance Minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy
Bank strike from today: Over 10 lakh employees to take part in 2-day stir; services at branches, ATM services to be hit
•"Today's talks with Indian Banks' Association (IBA) failed on-demand from unions, so strike call stands," AIBEA General Secretary C H Venkatachalam said on Thursday
Slowdown in auto sector cyclical; govt taking steps to support through release of Rs 70,000 cr to PSU banks
•Citing reasons for the slowdown in the auto sector, Javadekar said an increase in axle load limit for commercial vehicles by up to 25 percent expanded freight capacity, leading to shrinkage of new vehicle demand
PMC Bank crisis impact: Odisha govt cautions departments against depositing money in banks
Fp Staff •The Odisha Finance Secretary has written the letter to departments asking them to keep in mind the norm that in the eventuality of closure of any bank the deposits are insured only up to Rs 1 lakh and not beyond that, said reports.
Daily Bulletin: Postpaid mobile services in J&K to resume from 12 pm today; Nirmala Sitharaman to meet CEOs of public sector banks today; day's top stories
Fp Staff •Here are today's top stories: Postpaid mobile services in Jammu and Kashmir to resume from today, internet only at tourist spots; Haryana Assembly elections 2019: Narendra Modi, Rahul Gandhi to campaign for upcoming polls; and more
Finance Minister Nirmala Sitharaman to meet CEOs of PSU banks today; to review fund flow to NBFC, MSME sectors
•NBFCs, including housing finance companies (HFCs), came under stress following a series of defaults by the group companies of IL&FS in September last year
Lesson from PMC Bank scam: Forensic, active supervision needed; RBI and govt must work to help whistleblowers, protect depositors
Narayanan Madhavan •The PMC Bank episode compares in scale (with an approximate exposure of Rs 6,500 crore) with the Rs 7,855-crore Satyam Computer Services scandal, which has been dubbed as India's biggest accounting fraud.