State-owned Bank of India said it has closed down its operations of representative office in Yangoon (Myanmar) from mid-January.
Nearly 25 percent of the overseas branches of the public sector banks (PSBs) suffered losses in 2016-17, the government informed Parliament today.
Public sector banks want PNB to honour its commitment with regard to LoUs allegedly issued by it to Nirav Modi and its associates, said SBI Deputy MD M S Sastry.
All PSBs have verified LoUs issued by them, and there are no other unauthorised authority letters except for those issued by PNB, a senior SBI official said.
Urjit Patel sought more powers to deal with frauds at PSBs saying that the current enforcement mechanism is "not perceived" to be a major deterrent for fraudsters.
Urjit Patel said that like the 'Neelakantha', the central bank will consume poison and face brickbats, but will persist with endeavour to become better with each trial.
The government said it is not considering abolishing the Banks Board Bureau (BBB) and it has made a number of recommendations on human resource in public sector banks.
Tightening the noose around wilful defaulters, the govt has asked banks to 'name and shame' such borrowers by publishing their photos and other details in newspapers.
RBI has initiated special audit of state-owned lenders with focus on trade financing activities, especially relating to issuance of LoUs by them, banking sources said.
The IMF has said that the recapitalisation of PSBs should be part of a broader package of financial reforms to speed up the resolution of non-performing assets (NPAs).
Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively
To add platform capabilities in the insurance segment which contributes 15% of total business
The Acquisition is expected to close within the next 3 months
Sells Essar Steel loan to Deutsche Bank
Has sold its $385 mn Foreign currency loan extended to Essar Steel
Bank has taken a 38% haircut
Rs 1600 cr is expected earnings to the bank from the deal
Economic Times Reports
To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn
The co is also in discussions to sell its residential and commercial projects in Chennai
To convene shareholder’s meet on 23rd March in regard to the proposed divestment
Gets Order Worth Rs 230 Cr From NTPC
To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators
Will help NTPC commission the 3x 660MW plant started 12years
Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI
The completion period for the project is 30 months