Page 1058 - Finance News
PSU Banks likely to gain the most due to power reforms
In the near-term, the reforms will impact power financiers such as PFC and REC negatively, believe analysts
 "PSU Banks likely to gain the most due to power reforms")
Andhra Bank seeks to sell $209 million worth bad loans to ARCs
The bad loans are in 29 accounts, the bank said in the advertisement
 "Andhra Bank seeks to sell $209 million worth bad loans to ARCs")
SBI's CP portfolio more than doubles to Rs 23,000 cr in Q2
Bank's corporate bond portfolio also grew by Rs 8,000 cr
 "SBI's CP portfolio more than doubles to Rs 23,000 cr in Q2")
IDFC Bank hopes to cash in on capital-starved state-run banks
Rajiv Lall says bank will be focusing non-core income side to accrue capital which he hopes to pump back for rural play
 "IDFC Bank hopes to cash in on capital-starved state-run banks")
Education loan NPAs to stabilise, say bankers
A credit guarantee fund is being set up to offer collateral free loan of Rs 4 lakh
 "Education loan NPAs to stabilise, say bankers")
Infra bonds see less appetite from banks, insurers
Fact that govt securities are more secure option than infra bonds keeping players at bay
 "Infra bonds see less appetite from banks, insurers")
RBI working on rules to strengthen financial customer protection: Rajan
Also expresses concerns over rising defaults in education loans and suggests changes
 "RBI working on rules to strengthen financial customer protection: Rajan")
Bank of Baroda Q2 profit tumbles as bad-loan provisions soar
BoB's shares tumbled almost 10% at the market open, but by 11 a.m. had erased most of the losses to be down just 0.6%
 "Bank of Baroda Q2 profit tumbles as bad-loan provisions soar")
PNB Q2 net profit up 8% at Rs 621 crore
Interest earned was Rs 12,345 crore for the July- September quarter
 "PNB Q2 net profit up 8% at Rs 621 crore")
Union Bank Q2 net up 77% at Rs 658 crore
Global business grew by 7.4% to Rs 5,84,687 crore as on September 30 of the current fiscal
 "Union Bank Q2 net up 77% at Rs 658 crore")
SBI Q2 net profit surges 25% to Rs 3,879 crore
Total income increased to Rs 46,854.81 crore during the quarter
Bank of Baroda Q2 profit slumped about 89% as provisions spike
Net profit fell to 1.24 billion rupees ($18.9 million) for its quarter ended September
 "Bank of Baroda Q2 profit slumped about 89% as provisions spike")
Private sector banks see rise in bad loans
Strong growth in advances & deposits continue
Faster recovery a shot in the arm for bankers
The committee has recommended six to a maximum of nine months to deal with insolvency and enable winding-up of operations of a company or a limited liability entity
 "Faster recovery a shot in the arm for bankers")
Dhanlaxmi Bank fined for flouting KYC norms
RBI said that after considering the bank's reply it has come to the conclusion that the lender had violated the instructions
 "Dhanlaxmi Bank fined for flouting KYC norms")
RBI imposes Rs 1 crore penalty on Dhanlaxmi Bank
The bank has allegedly violated Know Your Customer (KYC) and Anti Money Laundering (AML) norms
 "RBI imposes Rs 1 crore penalty on Dhanlaxmi Bank")
Six-month limit likely to declare firms bankrupt
Panel says deadline can extend for 90 days in exceptional cases; Plan must be approved by 75%of voting share of creditors
 "Six-month limit likely to declare firms bankrupt")
IDBI Bank Sept net flat at Rs 119.5 cr
Feels heat of rising provisions for bad loans
 "IDBI Bank Sept net flat at Rs 119.5 cr")
IDBI Bank to raise Rs 2,800 cr through a QIP offering
May also use follow-on-offer route; the lender also plans to raise $500 mn through overseas bond issue