Ram Nath Kovind, with gubernatorial experience as Governor of Bihar, chosen as National Democratic Alliance's Presidential nominee; is a low profile, self-made man, a trained lawyer, a Dalit from humble background, has a clean slate and while in active politics had been above controversy; whose habits of diligently working for social welfare make him stand out among leaders that...
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Category: Banking
Public Sector Banks are lifeline of Indian Economy
Insolvency & Bankruptcy Code (IBC), is a success story that everybody concedes, it has brought back close to ₹3 lakh crore back into the banking system, Union Minister of Finance & Corporate Affairs, Arun Jaitley said at the conference on ‘Reforms Journey for EASE in Public Sector Banks (PSBs)”, organised by Indian Banks’ Association (IBA) on Thursday 28 February 2019 in...
Merger of Banks
Consolidation of Public Sector Banks (PSBs) has been recommended by various committees, including Narasimhan Committee II on Banking Sector Reforms (1998), Leeladhar Committee (2008) and Nayak Committe (2014) constituted by RBI; and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980 provide that the Central Government, in consultation with the Reserve Bank of ...
Supreme Court upholds Insolvency and Bankruptcy Code
Insolvency and Bankruptcy Code 2016 (IBC), Law that takes over businesses and assets from defaulters and empowers lenders to change the management, upheld by Supreme Court on Friday 25 January 2019, is an exciting victory for credit markets and entrepreneurship, when a Bench of Justices Rohinton Nariman and Navin Sinha, stated, “The defaulter’s paradise is lost. In its place, the economy...
Vijaya Bank and Dena Bank to be merged with Bank of Baroda
First-ever three way merger in Indian Banking with amalgamation of Vijaya, Dena and Bank of Baroda, wherein the amalgamated bank will be better equipped in the changing environment to meet the credit needs of a growing economy, absorb shocks and capacity to raise resources, was approved by the Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday 2 January 2018, with Bank of Baroda ...
Capital Infusion in PSBs to Propel Economic Growth
Government on Monday 31 December 2018 infused ₹10882 crore Capital in four PSBs of which Bank of Maharashtra got ₹4498 crore, Central Bank of India ₹1678 crore, Syndicate Bank ₹1632 crore UCO Bank ₹3074 crore. Prior to this the government had announced infusion of ₹10086 crore in Bank of India; ₹5500 crore in Oriental Bank of Commerce and ₹2159 in United Bank of India.
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Highlights of Interim Budget 2019-20
Interim Budget 2019-20, viewed as a medium for a progressive path for the country, with major schemes for farmers and informal sector workers, and income tax sops, was presented by Piyush Goyal Union Minister for Finance, Corporate Affairs, Railways & Coal, in parliament on Friday 1 February 2019, who in the Opening Remarks of his Budget speech asserted that,
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Bankers ask RBI Governor Shaktikanta Das to ease PCA Norms
Prompt Corrective Action (PCA) is triggered when banks breach certain regulatory requirements like capital, asset quality (tracked in terms of the net Non-Performing Assets ratio) and profitability, and Reserve Bank of India (RBI) has on 11out of the 21 state-owned banks imposed PCA, which imposes lending and other restrictions on weak banks. These are Allah...
India Postal Payments Bank to Facilitate Financial Inclusion
India Postal Payments Bank (IPPB), a major initiative towards financial inclusion, a big outreach to provide ‘door-step banking’ to the poor through an unmatched network of over 1.5 lakh post offices and almost 3 lakh postmen and ‘Grameen Dak Sewaks’ who are connected to the people of the country, was launched by Prime Minister, Narendra Modi on Saturday September 1, 2018 at Talkatora Stadium an...
Gopalkrishna Gandhi to get 24th Rajiv Gandhi Sadbhavana Award
Rajiv Gandhi National Sadbhavana Award, instituted to commemorate the lasting contribution made by late Rajiv Gandhi former Indian Prime Minister to promote peace, communal harmony and fight against violence and carries a citation and cash award of ₹10 lakh, will be awarded in its 24th edition this year in 2018 to Gopalkrishna Gandhi, for his outstanding contribution ...