Inside Bank of Baroda’s silent transformation
1 year, 8 months ago

Inside Bank of Baroda’s silent transformation

Live Mint  

In the last week of September 2021, Mukund Rajan, the former chief ethics officer at the Tata Group, showed a bunch of Bank of Baroda executives a video clip from the 26/11 terror attacks in Mumbai. Led by Sanjiv Chadha, the bank’s current managing director and chief executive officer, the lender is on a mission to reinvent itself by adding a dash of aggression of the private sector. In fact, BoB’s growth rates are now at par with private sector peers and the bank sees a stable performer like HDFC Bank as its true competitor. In the December quarter, BoB’s total loan book grew 19.7% over the year-ago period, same as ICICI Bank’s growth rate, and a tad more than HDFC Bank. However, BoB officials said Chadha is not quite in favour of undercutting other banks and has set a floor price on large loans below which the bank would not entertain new proposals.

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History of this topic

'Can’t let big biz into banking yet,' says banker Kundapur Vaman Kamath
1 week, 2 days ago

'Can’t let big biz into banking yet,' says banker Kundapur Vaman Kamath

New Indian Express  

MUMBAI: Kundapur Vaman Kamath, the veteran banker who led the rapid growth of ICICI Bank and helmed it for nearly two decades from its inception and make the largest private sector lender within few years, has spoken against allowing corporate houses into banking space, saying the regulator has to be satisfied that they will not misuse public deposits through the …

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024; details here
1 month, 1 week ago

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024; details here

Live Mint  

The State Bank of India, India's largest public sector bank, is planning to raise up to $1.25 billion, marking the biggest dollar-denominated loan in the country's financial sector. Dollar loan volume declines The report said that despite these loans, India's dollar loan volume has declined 27 per cent to $14.2 billion this year due to the absence of large company …

RBI retains SBI, HDFC, ICICI as India’s too-big-to-fail banks
1 month, 1 week ago

RBI retains SBI, HDFC, ICICI as India’s too-big-to-fail banks

Live Mint  

India’s central bank, the Reserve Bank of India, announced on Wednesday that the State Bank of India, HDFC Bank, and ICICI Bank remain designated as domestic systemically important banks. According to the RBI, SBI and HDFC Bank will face heightened capital buffer requirements beginning April 1, 2025. PSBs vs Private banks Separately, a recent report by SBI highlighted robust financial …

FM Asks PSBs to Focus on Core Business, Deposits
4 months ago

FM Asks PSBs to Focus on Core Business, Deposits

Deccan Chronicle  

New Delhi: Union finance minister Nirmala Sitharaman on Monday asked all the heads of public sector banks to focus on core banking business and speed up the pace of deposit growth by introducing innovative products. “The finance minister reviewed the financial performance of banks and progress made in the implementation of various flagship schemes of the government, including PM Awas …

Will Conflict of Interest Allegations Against SEBI Chairperson Madhabi Buch Impact Indian Public Sector Banks?
4 months, 1 week ago

Will Conflict of Interest Allegations Against SEBI Chairperson Madhabi Buch Impact Indian Public Sector Banks?

The Hindu  

Published : Aug 15, 2024 11:57 IST - 5 MINS READ The integrity of India’s financial markets has been called into question following allegations of conflict of interest against Madhabi Buch, the current chairperson of the Securities and Exchange Board of India. Notably, the regulatory oversight of SEBI has a deep influence on public sector banks in India, especially those …

SBI raises lending rate by 10 basis points across tenures from August 15: Will loan EMIs go up?
4 months, 1 week ago

SBI raises lending rate by 10 basis points across tenures from August 15: Will loan EMIs go up?

India TV News  

The State Bank of India, the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. Introduced in April 2016 as a replacement for the base rate system, the MCLR is used as a benchmark for setting lending rates unless specific exceptions are approved by the …

Congress: Any move to reduce govt stake in 12 public sector banks will be resisted
5 months ago

Congress: Any move to reduce govt stake in 12 public sector banks will be resisted

The Hindu  

The Congress on July 19 said any move to bring down the Union government's stake in 12 public sector banks to less than 51 per cent would continue to be resisted forcefully both in Parliament and outside. Over the past seven years, there have been mergers in the public sector banking industry, Mr. Ramesh pointed out "United Bank of India …

Government may introduce amendments to laws to push banking sector reforms in Budget session
5 months, 1 week ago

Government may introduce amendments to laws to push banking sector reforms in Budget session

The Hindu  

The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. Apart from this, amendments in the Banking Companies Act, 1970, and the Banking Companies Act, 1980 are needed for privatisation of public sector banks, sources said. Amendments, if approved by Parliament, would help bring down …

SBI Share price: State Bank of India’s stocks surge to all-time high, market cap crosses ₹8 lakh crore
6 months, 2 weeks ago

SBI Share price: State Bank of India’s stocks surge to all-time high, market cap crosses ₹8 lakh crore

The Hindu  

The market capitalisation of the State Bank of India crossed the ₹8 lakh crore mark on June 3 after the bank's shares surged to a record high of ₹907. Finance Minister Nirmala Sitharaman has recently posted on social media that India's banking sector has achieved a significant milestone by recording its highest-ever net profit, exceeding ₹3 lakh crore. In the …

Banks should improve corporate loans, keep deposit base healthy
7 months ago

Banks should improve corporate loans, keep deposit base healthy

New Indian Express  

For the first time ever, the cumulative net profits of Indian banks surpassed Rs 3 lakh crore in 2023-24, up from Rs 2.3 lakh crore in 2022-23. While the 26 private lenders’ net profits shot up 42 percent to Rs 1.78 lakh crore, the 12 public sector banks reported net profits of Rs 1.41 lakh crore in 2023-24, a 34 …

India needs more SBI-sized banks, or three times larger: FM Nirmala Sitharaman
10 months, 2 weeks ago

India needs more SBI-sized banks, or three times larger: FM Nirmala Sitharaman

Live Mint  

New Delhi: India needs more “SBI-size” banks to meet the growing needs of the economy and industry, particularly as the country aspires to grow to be the world’s third-largest economy, finance minister Nirmala Sitharaman said. In an interview with Mint, the finance minister said the country needs to create an atmosphere so larger overseas banks can enter India, and more …

FM Sitharaman calls for more SBI-sized banks as India’s economy grows
10 months, 2 weeks ago

FM Sitharaman calls for more SBI-sized banks as India’s economy grows

Live Mint  

Finance Minister Nirmala Sitharaman in an interview with Mint said that the Indian economy is going through a structural transformation and conventional paradigms are being challenged. STRUCTURAL TRANSFORMATION IN RURAL AREAS Nirmala Sitharaman said that the government is working on data to measure the structural transformation in rural areas. "Government is prepared to address any impact on the rural economy …

SBI research finds 3x increase in net profit of banks under Modi govt
1 year, 4 months ago

SBI research finds 3x increase in net profit of banks under Modi govt

Op India  

The Indian banking sector has witnessed tremendous transformation between Financial Year 2013-2014 and Financial Year 2022-2023, revealed a research report by the State Bank of India on Tuesday. Screengrab of the key banking indicators from FY14-FY23, chart via SBI Research/ RBI Moreover, the net profit of banks tripled from ₹809 trillion to 2,480 trillion between Financial Year 2013-2014 and Financial …

Bank of Baroda becomes second PSB after SBI to hit ₹1 lakh crore market cap
1 year, 6 months ago

Bank of Baroda becomes second PSB after SBI to hit ₹1 lakh crore market cap

Live Mint  

Bank of Baroda share price: Despite sell off in key benchmark indices, Bank of Baroda shares continued to attract buying interest by stock market bulls. While ascending to this intraday high, Bank of Baroda share came close to its 52-week high of ₹197.20 per share levels and hit an important milestone of ₹1 lakh crore market capital. After achieving this …

ECONOMIC PERSPECTIVES | Neoliberal dilemma: Public sector banks turn a profit but privatisation not on cards for now
1 year, 6 months ago

ECONOMIC PERSPECTIVES | Neoliberal dilemma: Public sector banks turn a profit but privatisation not on cards for now

The Hindu  

Published : Jun 02, 2023 15:59 IST - 6 MINS READ The government’s economic spokespersons have been celebrating an ostensibly remarkable recovery in the country’s public banking sector. To ensure the solvency of and capital adequacy in banks, the government had to infuse Rs.3,10,997 crore into the public banking system from 2016-17 to 2020-21. Ever since the release of the …

Privatisation Of Banks To Go Forward As Per Schedule: Finance Minister Nirmala Sitharaman
1 year, 6 months ago

Privatisation Of Banks To Go Forward As Per Schedule: Finance Minister Nirmala Sitharaman

ABP News  

Union Finance Minister Nirmala Sitharaman on Monday said the privatisation of public sector banks will go ahead as planned. The minister, while addressing the media on the occasion of the Narendra Modi government completing nine years in power, in Mumbai said, "About the bank privatisation, they will go on as per schedule. "Other than IDBI Bank, we propose to take …

Banks net interest income rises 25.5% in Q3; Bank of Maharashtra outruns PSBs
1 year, 10 months ago

Banks net interest income rises 25.5% in Q3; Bank of Maharashtra outruns PSBs

Live Mint  

Pune-based Bank of Maharashtra surpassed other public sector lenders in terms of loan growth percentage for the third quarter of FY23. As per an analysis of the latest financial results of public sector banks showed, which PTI cited, BoM bank has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures. …

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?
1 year, 10 months ago

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?

The Hindu  

Published : Jan 26, 2023 10:25 IST The semi-annual Financial Stability Report from the Reserve Bank of India signals that the country’s banking system, especially the public banking system, has put behind it the stress from disturbingly high non-performing or bad loans on its books. The asset quality review resulted in an increase in the volume of recorded gross NPAs …

IDBI Bank sell-off can set the stage for selling public-sector banks
1 year, 11 months ago

IDBI Bank sell-off can set the stage for selling public-sector banks

Live Mint  

Tuhin Kanta Pandey, secretary of the department of investment and public asset management, while speaking to Business Standard, recently said that the Indian government intended to exit IDBI Bank completely, as it was not in the business of commercial banking. The stock market doesn’t give a valuation to government-owned or public sector banks that’s close to what it gives large …

RBI Bulletin: Big bang Approach To PSB Privatisation May Do More Harm Than Good
2 years, 4 months ago

RBI Bulletin: Big bang Approach To PSB Privatisation May Do More Harm Than Good

ABP News  

A big bang approach to privatisation of state-run banks may do more harm than good, according to the latest Reserve Bank of India bulletin released on Thursday. The RBI’s paper showed some of the major reasons that public sector banks can serve the country better than private banks include better financial inclusion, better credit system, and better efficiency of the …

SBI says loan demand is bouncing back as its shares outperform peers
2 years, 6 months ago

SBI says loan demand is bouncing back as its shares outperform peers

Live Mint  

Consumer cutbacks due to raging inflation and higher borrowing costs are failing to dent investment plans at Indian businesses tapping the country’s biggest lender, a sign that a recovery in Asia’s third-largest economy is gathering pace. Companies are steadily drawing down from a $71 billion loan pipeline, Dinesh Kumar Khara, chairman of State Bank of India, told Bloomberg News in …

Banks lost ₹2.85 lakh crore due to loan default of 13 firms; UFBU calls for bank strike on December 16, 17
3 years ago

Banks lost ₹2.85 lakh crore due to loan default of 13 firms; UFBU calls for bank strike on December 16, 17

The Hindu  

Public sector banks have lost nearly ₹2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday. In press release, UFBU’s Convener B. Rambabu said the organisation calls for a two-day all India bank …

Former SBI Chairman Rajnish Kumar joins BharatPe board as Chairman
3 years, 2 months ago

Former SBI Chairman Rajnish Kumar joins BharatPe board as Chairman

Live Mint  

Rajnish Kumar, former chairman of State Bank of India, has joined the board of Fintech firm BharatPe as its Chairman. This company has a huge opportunity ahead and it would be great to work closely with its young and talented team to build financial services for the India of tomorrow,” Kumar said. We are confident that under his able guidance, …

Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks
3 years, 10 months ago

Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks

Firstpost  

New Delhi: To facilitate the privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. Finance Minister Nirmala Sitharaman while presenting Budget 2021-22 earlier this month had announced the privatisation of Public Sector Banks as part of disinvestment drive to garner Rs 1.75 lakh crore. “Other than IDBI Bank, we propose to …

Govt to amend two Acts to enable privatisation of PSU banks
3 years, 10 months ago

Govt to amend two Acts to enable privatisation of PSU banks

India TV News  

To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. The ongoing Budget session is scheduled to take up as many as 38 Bills including the Finance Bill 2021, Supplementary Demands for Grants for 2020-21 and related Appropriation Bill, National Bank for Financing Infrastructure and Development Bill, 2021, and Cryptocurrency …

Engaging With RBI on Privatisation of Govt-Run Banks in Big Way, Can't Have Laggards: Nirmala Sitharaman
3 years, 10 months ago

Engaging With RBI on Privatisation of Govt-Run Banks in Big Way, Can't Have Laggards: Nirmala Sitharaman

News 18  

Finance minister Nirmala Sitharaman on Monday told the News18 Network that the government had engaged with the Reserve Bank of India in a “big way” as she outlined a timeline for meeting divestment targets set in her Budget 2021 speech. Speaking to News18 Network’s Editor-in-Chief Rahul Joshi, the finance minister said that the country needs efficient banks for the economy …

Economic Survey 2021: Under-Capitalisation of Banks Will Hamper Economic Growth in Long Run
3 years, 10 months ago

Economic Survey 2021: Under-Capitalisation of Banks Will Hamper Economic Growth in Long Run

News 18  

The Economic Survey 2021, released on January 29 ahead of the Union Budget 2021, has called for adequate capitalisation of public sector banks flagging fears of lenders resorting to risk-shifting, which will, in turn, impact the economy which has just begun its upward rise months after the crippling impact of the Covid-19 pandemic. Public sector banks account for 60 per …

Rajan, Acharya may be off mark: PSU banks need strategy and focus to survive, not privatisation as remedy
4 years, 3 months ago

Rajan, Acharya may be off mark: PSU banks need strategy and focus to survive, not privatisation as remedy

Firstpost  

The PSU banks’ problem is often linked to India’s burgeoning fiscal deficit that needs control because pumping taxpayer money into state-run banks is fraught with risks. It is interesting that two of India’s biggest brand-name economists, former Reserve Bank governor Raghuram Rajan and former deputy governor Viral Acharya, have spoken for the “re-privatisation” of public sector banks even as the …

'Privatise Select PSU Banks, Dilute Role of DFS': Raghuram Rajan Calls for Reforms
4 years, 3 months ago

'Privatise Select PSU Banks, Dilute Role of DFS': Raghuram Rajan Calls for Reforms

News 18  

Former RBI Governor Raghuram Rajan on Monday suggested the government to privatise select public sector banks, set up a bad bank to deal with NPAs and dilute the role of Department of Financial Services. “Winding down Department of Financial Services in the Ministry of Finance is essential, both as an affirmative signal of the intent to grant bank boards and …

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