BOI, United Bank to raise up to Rs 1,500 crore via bonds

Banks are tapping the bond market to shore up capital adequacy under Basel-III norms ahead of the end of the financial year second quarter in two weeks. Two public sector lenders, United Bank of India and Bank of India (BOI), are raising up to Rs 1,500 crore through tier-I and tier-II bonds. Kolkata-based United Bank… Continue reading BOI, United Bank to raise up to Rs 1,500 crore via bonds

Govt changes banking regulations to authorise RBI for recovery of bad loans

The government has notified the Banking Regulation (Amendment) Act under which it can authorise the RBI to issue directions to banks to initiate insolvency resolution process to recover bad loans. The banking sector is saddled with non-performing assets (NPAs) of over Rs 8 lakh crore, of which Rs 6 lakh crore is with public sector… Continue reading Govt changes banking regulations to authorise RBI for recovery of bad loans

Thousands transferred at SBI, many branches closed, yet no protest

India’s largest lender, State Bank of India (SBI), has rationalised 716 offices (594 branches and 122 administrative offices) and several thousands of employees have been transferred beginning this fiscal, but, strangely, there have been no major protests, top officials said. Several hundreds of offices would be closed and thousands of staff would be moved in… Continue reading Thousands transferred at SBI, many branches closed, yet no protest

Bank of India swings from loss to profit in Q1, bad loans fall

Bank of India (BOI), the country’s sixth biggest lender by assets, reported a first-quarter profit as its bad loan ratio narrowed and loan-loss provisions fell. Net profit was Rs 87.71 crore in the quarter ended June 30, compared with a loss of Rs 741 crore a year earlier, the Mumbai-based bank said on Wednesday. Analysts… Continue reading Bank of India swings from loss to profit in Q1, bad loans fall