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PNB board approves amalgamation with OBC, United Bank; clears capital infusion of up to Rs 18,000 cr by govt
Business

PNB board approves amalgamation with OBC, United Bank; clears capital infusion of up to Rs 18,000 cr by govt

The board of Punjab National Bank (PNB) has given in-principle approval for amalgamation of Oriental Bank of Commerce and United Bank of India with PNB

PSU banks merger woes: Bank officers associations to meet in Delhi on 5 September
Business

PSU banks merger woes: Bank officers associations to meet in Delhi on 5 September

Opposing the merger of banks, officers associations of various banks will meet in the national capital on 5 September to chalk out the future course of action, a top official of All India Andhra Bank Officers Association said here on Tuesday

Public sector bank stocks plunge up to 9.3% post-merger announcement; Andhra Bank,  Syndicate Bank among gainers
Business

Public sector bank stocks plunge up to 9.3% post-merger announcement; Andhra Bank, Syndicate Bank among gainers

Oriental Bank of Commerce cracked 7.34% to Rs 68.10, Union Bank of India 6.79% to its 52-week low of Rs 54.90, Allahabad Bank declined by 2.83% to Rs 34.30 and United Bank 0.28% to Rs 10.39 on the BSE.

Government announces plan to merge 10 PSBs to 4 to gain size: Eight questions on big bank merger exercise
Business

Government announces plan to merge 10 PSBs to 4 to gain size: Eight questions on big bank merger exercise

Isn’t the consolidation plan going against the policy of Reserve Bank of India and government’s own idea to give more bank licenses to increase competition

RBI imposes Rs 11 crore fine on 4 banks for non-compliance in Swift operations
Business

RBI imposes Rs 11 crore fine on 4 banks for non-compliance in Swift operations

Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kind of their transactions.

Govt announces Rs 48,239 cr recapitalisation plan for 12 public sector banks
Business

Govt announces Rs 48,239 cr recapitalisation plan for 12 public sector banks

The finance ministry on Wednesday announced to pump in Rs 48,239 crore in 12 public sector banks in this fiscal to help them maintain regulatory capital requirements and finance growth plans

RBI governor Shaktikanta Das meets private sector bankers; discusses liquidity issues
Business

RBI governor Shaktikanta Das meets private sector bankers; discusses liquidity issues

At the past two meetings held between RBI and state- run banks, Das had deliberated on the prompt correction action framework.

United Bank of India posts net profit of Rs 73.56 crore in Q4
Business

United Bank of India posts net profit of Rs 73.56 crore in Q4

Net NPA ratio stood at 10.02 percent as against 9.04 percent for the year-ago period.

Defiant defaulter: Vijay Mallya says only regret is Kingfisher not flying when oil is cheap
Business

Defiant defaulter: Vijay Mallya says only regret is Kingfisher not flying when oil is cheap

Vijay Mallya, widely known as the 'King of Good Times' in his heyday, quit recently as chairman of United Spirits

The Rs 7,000 cr riddle: What is the invisible force that protects Vijay Mallya and Kingfisher?
Business

The Rs 7,000 cr riddle: What is the invisible force that protects Vijay Mallya and Kingfisher?

Nailing Mallya is even more critical for banks now for two reasons. This can reinstate the confidence in the banking system itself and send a message to other wilful defaulters

United Bank swings into profit in Q3, but bad loan concerns persist
Business

United Bank swings into profit in Q3, but bad loan concerns persist

State-owned United Bank of India today posted net profit of Rs 41.78 crore for its third quarter ended 31 December despite increase in bad loans.

After RBI, banks start passing on benefit to consumers
Business

After RBI, banks start passing on benefit to consumers

Within hours of rate cut announced by RBI, United Bank has reduced the benchmark lending rate by 0.25 percent, while other banks including market leader SBI have indicated that they would follow suit.

IDBI Bank, United Bank deny merger rumours
Finance

IDBI Bank, United Bank deny merger rumours

In the past too, the government has explored possibilities of merger of weak state-run banks with stronger ones, but the efforts haven't materialised.

UBI to raise Rs 300 cr by selling shares to LIC soon
Economy

UBI to raise Rs 300 cr by selling shares to LIC soon

The bank proposes to issue 8.45 crore shares to LIC at a price of Rs 35.50 per share.

Why RBI shouldn't rush: Do we need more banks or different banks?
Corporate

Why RBI shouldn't rush: Do we need more banks or different banks?

The RBI should be in no hurry to issue bank licences. Instead, it should use the next two months to review its own mindset on what kinds of banks we need and how each type should be regulated