Jio’s free phone will hit telecom, erode revenues of competitors: Voda to DoT

The country’s second largest telecom player Vodafone expects Jio’s ‘effective free phone’ with unlimited calling to erode operators’ revenues which are already under pressure and sought reduction in various levies imposed by the government as a breather to the industry. “…The new operator continues to aggressively under- price its services, including announcing launch of ‘Effective… Continue reading Jio’s free phone will hit telecom, erode revenues of competitors: Voda to DoT

Govt to initiate PSBs’ consolidation process after Q1 results

The finance ministry is expected to initiate the process of consolidation of public sector banks (PSBs) once the first quarter results of the current fiscal have been announced, a senior official has said. There are various things including financial performance which have to be looked at before a merger decision is taken, said the official… Continue reading Govt to initiate PSBs’ consolidation process after Q1 results

Bad loans: RBI to take up more cases, says Jaitley

The process of resolution of bad loans will start shortly, Finance Minister Arun Jaitley said on Thursday in the Lok Sabha as it passed a bill which gives RBI the power to direct banking companies to resolve the problem of stressed assets. Replying to a debate on the Banking Regulation (Amendment) Bill, 2017, Jaitley said… Continue reading Bad loans: RBI to take up more cases, says Jaitley

Haircut needed to resolve NPAs, says Rangarajan

Former Reserve Bank of India governor C Rangarajan says ‘some haircut’ is inevitable in the process of resolving the big load of bad loans at government-owned banks. A haircut is the term for the writeoff a lender accepts on a debt payment when a borrower can’t repay what is due at a point in time.… Continue reading Haircut needed to resolve NPAs, says Rangarajan

SBI to divest 80 million shares in SBI Life via IPO

State Bank of India’s (SBI’s) executive committee of the central board has given the final approval for divestment of 80 million shares in SBI Life through an initial public offering (IPO), at a meeting on Monday. The shares being offered for sale by the country’s biggest lender will be available at a price that would… Continue reading SBI to divest 80 million shares in SBI Life via IPO

SBI chief Bhattacharya earned Rs 2.37 cr less than ICICI Bank chief in FY17

Financial News SBI, one of the world’s 50 largest banks, pays only a small fraction to its top management as compared to private sector players like ICICI Bank and HDFC Bank. Former RBI governor Raghuram Rajan had flagged the low remuneration issue last August saying it makes difficult for state-owned banks to “attract top talent,… Continue reading SBI chief Bhattacharya earned Rs 2.37 cr less than ICICI Bank chief in FY17

NPA resolution: PMO takes stock of progress

The Prime Minister’s Office today held a stock taking meeting with senior officials of the ministries of finance and corporate affairs to review the progress in resolution of NPAs in the light of recent action taken by the Reserve Bank on stressed assets. Prime Minister’s additional secretary P K Mishra had a review meeting on… Continue reading NPA resolution: PMO takes stock of progress