8/24/2016

Sharing Financial Results of Public Sector Banks (For Quarter 1 of 2016 - 17) 30.06.2016 (as received)

NET PROFIT

1) State Bank of India - Rs. 2521 Crores
2) Bank of Baroda - Rs. 424 Crores
3) Indian Bank - Rs. 307 Crores
4) Punjab National Bank - Rs. 306 Crores
5) IDBI Bank - Rs. 241 Crores
6) Canara Bank - Rs. 229 Crores
7) Union Bank of India - Rs. 166 Crores
8) Vijaya Bank - Rs. 162 Crores
9) Oriental Bank of Commerce - Rs. 101 Crores
10) Syndicate Bank - Rs. 79 Crores
11) Punjab and Sind Bank - Rs. 53 Crores
12) United Bank of India - Rs. 38 Crores
13) Corporation Bank - Rs. 36 Crores
14) Andhra Bank - Rs. 31 Crores
15) State Bank of Hyderabad - Rs. 28 Crores

NET LOSS

1) State Bank of Bikaner and Jaipur - Loss of Rs. 272 Crores
2) Dena Bank - Loss of 279 Crores
3) Bank of Maharashtra - Loss of 397 Crores
4) UCO Bank - Loss of Rs. 441 Crores
5) State Bank of Mysore - Loss of Rs. 472 Crores
6) Allahabad Bank - Loss of Rs. 565 Crores
7) Central Bank of India - Loss of Rs. 600 Crores
8) State Bank of Patiala - Loss of Rs. 610 Crores
9) State Bank of Travancore - Loss of 710 Crores
10) Bank of India - Loss of Rs. 741 Crores
11) Indian Overseas Bank - Loss of  Rs. 1450 Crores

Banking & Financial News as per Today's Newspapers 24.08.2016

Calling for time-bound implementation of the Insolvency and Banckruptcy Code (IBC) 2016, Finance Minister Arun Jaitley on Tuesday directed senior officials of his ministry to take "immediate action" on the key requirements of the legislation.  "Jaitley  directed the senior officers of the Ministry of Finance and Corporate Affairs to take suitable necessary action for implementation of IBC 2016 in a time bound manner," said a Finance Ministry statement.
-The Statesman

The Government is examining SIT’s recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said today.
-Business Line

Bandhan Bank has decided to open about 300 branches to add to its current tally of 700 in the next one year and a majority of these will be in urban pockets in step with its plan to target the affluent society. The new branches are planned aesthetically with special bay and e-lobby to cater to the riches -Bandhan Bank MD  Chandra Shekhar Ghosh told.
-Economic Times

Axis Bank has come up with its  augmented reality feature within its mobile app which lists all the dining destinations,  property lists, shopping centres, bank ATMs, branches and many other things not only as a location on GPS but also in real life pictures along with distance and even directions.
-Economic Times

The Rs 1,200-crore IPO of RBL Bank -first by a private sector lender in a decade-garnered nearly 70 times subscription. The IPO generated demand worth over Rs 59,000 crore, one of the highest in recent times.
-Business Standard

Setting an ambitious target of having five million customers by 2020 and to become the No 3 player in the extremely competitive industry, mid-sized lender Yes Bank today made a foray into the credit card market.  "Credit  card is central to our customer acquisition plans. We don't believe there is anything like an internal customer or an external customer," the bank's senior group president for retail and business banking Pralay Mondal said.
-Economic Times

Ujjivan Financial Services which recently received an approval from the RBI to set up a ‘Small Finance’ bank , has adopted CRMNEXT’s integrated 'Assisted Bank-in-a-Box Edition'. CRMNEXT's Assisted Bank-in-a-Box solution is a first of its kind, which is designed to provide out-of-box solutions for all customer management needs including inquiry to sales management, eKYC, biometric integration, ready adaptors for CIBIL, Aadhar, PAN verifications  etc.
-Economic Times

The National Stock Exchange  has appointed Citibank, JM Financial, Kotak Mahindra and Morgan Stanley as lead investment banks to manage its much-awaited  IPO.
-Business Standard

The Enforcement Directorate  today  registered a fresh case against Vijay Mallya and Kingfisher Airlines Ltd  to investigate whether they laundered money taken as loans, two ED officials familiar with the development said on condition of anonymity. The fresh probe is in addition to theRs.900 crore IDBI Bank loan default case that in already under investigation. In the new case, the agency will probe a loan default of Rs.6,900 crore.
-Live Mint

New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016.  Accumulating $48.9 trillion in wealth, the US topped the overall list, followed by China, Japan, United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia  and Italy.
-Gulf News Com

The Labour Ministry is planning to push a Bill that will enable workers to have their representative in board of directors of companies. The Participation  of Workers in Management Bill, 1990, seeks meaningful participation of workers in management at shop floor, establishment and board levels in firms. 'We are considering this Bill. The deliberations are going on... It seeks to increase participation  of workers in management,' labour minister Bandaru Dattatreya told PTI.
-Malayala Manorama

Banking & Financial News as per Today's Newspapers 23.08.2016

Finance Minister Arun Jaitley will hold a meeting with the heads of PSBs on Sept 16 to find ways to deal with the situation. Besides,  he will also discuss credit growth and bad loan situation, they said, adding that the various recovery measures by banks and the legislative steps taken by the Government to expedite recovery are also part of the agenda.
-The New Indian Express

Calling Urjit Patel a "competent economist", Finance Minister Arun Jaitley expressed hope that as the next RBI Governor he will be able to contain inflation and contribute in country's economic growth.
-Business Standard

A move is afoot to change the ranking of the RBI Governor to the level of principal secretary in the Central Government’s protocol order, after Urjit Patel assumes office. A senior Govt official said the finance ministry had prepared such a plan. The Governor currently has the rank of a Union Minister of State, a position no other regulator holds. Accordingly, the four Deputy Governors, who now hold the rank of secretary, will also slip down the hierarchy by a notch.
-Business Standard

The selection panel to appoint 3 Govt nominees for the monetary policy committee  (MPC) held its first meeting recently to consider the  candidates, a top Finance Ministry official said today. "The committee had its first meeting recently. Let's see if they can suggest a name before October 4 policy," the official said. Once formed, the 6-member MPC will decide on interest rates based on the inflation target under the monetary policy  framework  agreement.
-Deccan Chronicle

Canara HSBC Oriental Bank of Commerce Life Insurance has introduced a new unit-linked insurance product Secure Bhavishya to protect and meet an individual’s future financial needs. It will help customers build-up a retirement fund which can be used to provide a steady post retirement income, a company  statement said.
-Business Line

Bank of Baroda MD and CEO P S Jayakumar today said the onus of recovery is on the Government and not RBI.   He said the Government needs to pay vendors on time for services, ensure the projects perform and improve the legal system by upgrading enforcement processes.
-The Economic Times

Lenders of the Indian financial systems require looser liquidity, more efficiency and pools of profit to resolve NPA issue, said Arundhati Bhattacharya, Chair-Managing Director of SBI.
-Money Control Com

Former CCI head Ashok Chawla will take over as Non-Executive Part-time Chairman of Yes Bank from October as the lender has received approval from the Reserve Bank for this appointment.
-NDTV Profit

SBI chairman Arundhati Bhattacharya said  that retail loans is still less than 10% of the country's GDP, which is far lower than other developing countries, hence there is more room to grow.
-Economic Times

RBL Bank's up to 12.13 billion rupees ($182 million) IPO was fully subscribed on the second day of the sale on Monday, stock exchange data showed.
-Reuters

PNB MetLife today announced  the launch of its first online ULIP — Mera Wealth  Plan — a comprehensive and flexible online plan.
-Business Line

Moody's Investors Service today said continued reforms to enhance business environment and moderate inflation will help India achieve  robust growth but cautioned that rising contingent liability risks in the banking sector could affect its credit quality.
-NDTV Profit

The IT services industry is increasingly looking to make performance evaluation more stringent. A recent news report stated that Infosys has sacked 500 employees. The story said that some of these employees could not complete the required 9.15 hours of work every day. In a statement, Infosys said that it has laid off "a few" people on grounds of non-performance  and disciplinary issues but denied reports of 500 jobs being cut by the country's second largest software services company.
-Business Standard

Indian shares fell on Monday as state-owned lenders retreated after Urjit Patel was named as the next Central Bank Governor, which was seen as reducing the prospect of rate cuts in the near term and as continuing a push to aggressively clean up bad debt.
-Business Line