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Clues by NC Team • 14 Jan 2019, Monday

The finance ministry has encouraged the state-owned banks to bring down the government’s equity stake in them to 52%. Dilution of government stake will help banks to meet the minimum 25 % public holding criteria stipulated by SEBI. Government holding in some banks are above 75%. Besides, it will encourage banks to follow the prudential lending norms. The country’s largest lender, SBI, has already initiated a Rs 20,000 crore share sale through qualified institutional placement (QIP). 

Read More at Livemint
Clues by NC Team • 10 Jan 2019, Thursday

Small Finance Banks (SFBs)[1] are looking to hire about 4,000-5,000 people in smaller towns between January and March. Larger branch footprint is leading to more job creation and relocation opportunities for people to want to move to their home-towns,” said Sabyasachi Chakraverty, business head, banking & financial services, at HR services company TeamLease. AU Small Finance Bank is looking to hire about 1,500 people in the next three months, while Ujjivan would add about 600 people. 

Read More at The Economic Times
Clues by NC Team • 9 Jan 2019, Wednesday

While bank fixed deposits has been one of the most popular savings instruments, small finance banks are luring retail investors with their lucrative FD rates. For instance, Jana Small Finance Bank is offering a rate of 9% on its 3 years FD and 8.50% for deposits for a 3-to-5-year tenure. On the other hand, India’s largest bank, SBI is offering a rate of 6.8% for deposits between tenures of 3 and 5 years and a rate of 6.85% for deposits over 5 years. It is a good idea to diversify and invest only a part of your savings in SFBs. 

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Clues by NC Team • 7 Jan 2019, Monday

India’s largest bank, SBI, is expected to remain fully operational during the two-day bank strike called by ten central trade unions on January 8 and 9. SBI has 85,000 branches throughout the country. Few other PSBs are also expected to keep their shutters open despite the RBI employee unions along with a couple of bank employee associations (All India Bank Employees Association and Bank Employees Federation of India) lending support to the nationwide strike. 10 central trade unions calling the strike are INTUC, AITUC, HMS, CITU, AIUTUC, AICCTU, UTUC, TUCC, LPF and SEWA.

Read More at Livemint
Clues by NC Team • 7 Jan 2019, Monday

Most state-owned banks are likely to remain closed on January 8 and 9 due to a nationwide strike called by ten major central trade unions and supported by several bank employee associations. The strike has been called to protest against the ‘anti-worker’ policies of the government. While Bank of Baroda has warned that its working may be adversely affected due to the strike call, Allahabad Bank has assured the stock exchanges of taking all necessary steps to ensure a smooth functioning. The 2-day bank strike would be the fourth bank strike in last 30 days after December 21 and 26.

Read More at Livemint
Clues by NC Team • 5 Jan 2019, Saturday

The government on Friday informed that it has infused Rs 51,533 crore into select state-owned banks till December 2018, less than 50% of the proposed Rs 1.06 lakh crore recapitalisation target for FY19. Non-performing assets (NPAs) of PSBs declined by as much as Rs 23,860 crore in the first half of the current fiscal from a peak of Rs 9.62 lakh crore in March 2018. Recently, the government infused Rs 28,615 crore into seven PSBs, of which six are already under the RBI’s prompt corrective action (PCA) regime. Bank of India received the highest amount of Rs 10,086 crore.

Original Clues by NC

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