BANKING

merger-of-10-psbs-into-four-likely-today!

Merger of 10 PSBs into four likely today!

The government is likely to give go ahead to the merger plan of 10 public sector banks (PSBs) into four. The scheme for amalgamation is likely today. Union Cabinet led by Prime Minister Narendra Modi will have the cabinet meet on February 5 and is expected to approve merger of these PSBs. As per the scheme which has been put up before the Cabinet for its approval, the merger of the balance sheets will be completed by April 1, 2020.

Boards of all 10 PSBs will meet to approve the swap ratios afterwards. The merger scheme will have provisions to safeguard interests and rights of workers in these banks. This will be the biggest merger exercise of PSBs, which was announced by Finance Minister Nirmala Sitharaman in August 2019.

05 Feb 2020
bob,-boi-and-canara-bank-get-new-md-&-ceo

BOB, BoI and Canara Bank get new MD & CEO

The NaMo administration on Monday appointed Sanjiv Chadha (DMD, SBI), as Managing Director and Chief Executive Officer, Bank of Baroda for a period of three years.

Lingam Venkata Prabhakar (ED, PNB) as Managing Director and Chief Executive Officer, Canara Bank whereas Atanu Kumar Das (ED, Bank of India) was appointed as MD & CEO Bank of India for a period of three years.

20 Jan 2020
merger-of-10-psbs-into-four-likely-today!

Merger of 10 PSBs into four likely today!

By IndianMandarins 05 Feb 2020

The government is likely to give go ahead to the merger plan of 10 public sector banks (PSBs) into four. The scheme for amalgamation is likely today. Union Cabinet led by Prime Minister Narendra Modi will have the cabinet meet on February 5 and is expected to approve merger of these PSBs. As per the scheme which has been put up before the Cabinet for its approval, the merger of the balance sheets will be completed by April 1, 2020.

Boards of all 10 PSBs will meet to approve the swap ratios afterwards. The merger scheme will have provisions to safeguard interests and rights of workers in these banks. This will be the biggest merger exercise of PSBs, which was announced by Finance Minister Nirmala Sitharaman in August 2019.

bob,-boi-and-canara-bank-get-new-md-&-ceo

BOB, BoI and Canara Bank get new MD & CEO

By IndianMandarins 20 Jan 2020

The NaMo administration on Monday appointed Sanjiv Chadha (DMD, SBI), as Managing Director and Chief Executive Officer, Bank of Baroda for a period of three years.

Lingam Venkata Prabhakar (ED, PNB) as Managing Director and Chief Executive Officer, Canara Bank whereas Atanu Kumar Das (ED, Bank of India) was appointed as MD & CEO Bank of India for a period of three years.

merger-process-of-ten-banks-in-advance-stage

Merger process of ten banks in advance stage

By IndianMandarins 17 Dec 2019

Ten banks involved in the merger are understood to be in advanced stages of due diligence with just over three months left to complete the process of consolidation of PSBs. This was announced by finance minister in September.

PNB, Union Bank of India, Canara Bank and Indian Bank will acquire six smaller nationalised banks. Given the amount of the additional provisioning burden that the merger process may entail, it is expected that the upcoming Budget may provide for another round of recapitalization.

In order to estimate the amount of capital required by these banks, which the government may have to pump in, the due diligence process has been put on fast track. Audit and consultancy firm PwC has been appointed by Canara Bank, while Indian Bank has appointed KPMG to conduct due diligence. Deloitte has the mandate from PNB and Union Bank. All banks lined up for consolidation have been asked to meet the December 31 deadline to complete due diligence.

ucbs-may-come-to-be-solely-under-provisions-of-the-banking-regulation-act

UCBs may come to be solely under provisions of the Banking Regulation Act

By IndianMandarins 09 Dec 2019

It is likely that large urban co-operative banks (UCBs) may come to be solely under the provisions of the Banking Regulation Act. However, the smaller banks among them are to remain within the exclusive fold of the Registrar of Co-operative Societies.

The upcoming changes will bring curtains down on the vexed issue of dual control of UCBs, which has been in vogue for past 54 years. These banks came to be within the ambit of the RBI when certain provisions of the BR Act were extended to them — effective March 1966 — even as the RoCS remained vested with significant change. In the revised scheme, the inspection of the UCBs solely under the Banking Regulation Act will be done by the central bank.

posting-of-1992-batch-to-begin;-kaushik-tipped-as-as,-banking-

Posting of 1992 batch to begin; Kaushik tipped as AS, Banking?

By IndianMandarins 07 Dec 2019

Indianmandarins has reliably learnt that NaMo administration has started its bit to post 1992 batch IAS officers who featured on empanelment list for holding Additional Secretary/Equivalent post in Govt of India. The initial list was announced on 18.11.2019. Few names are being finalized for Additional Secretary post at Centre for which respective state governments have started processing NoC; mandatory for posting at Centre.

Reportedly, Sanjeev Kaushik (IAS:1992:KL) may be appointed as Additional Secretary, Department of Financial Service (DFS) who is presently serving in cadre state of Kerala as Principal Secretary (Expenditure).

 

sbi-to-divest-8.25-per-cent-stake-in-uti-amc

SBI to divest 8.25 per cent stake in UTI AMC

By IndianMandarins 05 Dec 2019

Executive Committee of the Central Board of Directors (ECCB) of SBI at its meeting accorded final approval for divestment of its stake in UTI AMC up to 8.25 per cent through IPO by way of offer for sale of up to 1,04,59,949 equity shares subject to the approval of the SEBI and/or such other concerned authorities and departments.

SBI, LIC, PNB and Bank of Baroda hold 18.5 per cent stake in UTI AMC, each. The rest is held by American company T Rowe Price. SBI has its own AMC (asset management company) business. SEBI rules introduced in March 2018 put a cross-holding limit which does not allow a shareholder who has at least 10 per cent stake in a mutual fund to hold a similar-sized stake in another fund house. Board positions would also have to be given up.

banks-hiring-in-the-time-of-economic-slowdown!

Banks hiring in the time of economic slowdown!

By IndianMandarins 18 Nov 2019

If there is bad news about Indian economy slowing down, there is something to cheer about too as banks have not reduced hiring rather hiring more. Banks backed by technology are expanding the branch network resultantly adding more to the workforce.
There have been reports from many banks including Axis Bank, Federal Bank and many more that they are hiring more and more people. They have hired six times more of employees this financial year as compared to the last year. Going forward, some of the banks are expanding their branch network; therefore, they will need more people at different levels, with specific skill sets. They are investing in workforce backed with technology including use of artificial intelligence to identify the right candidate.

worst-ever-banking-crisis:-two-directors-of-hdil-arrested

Worst-ever banking crisis: Two directors of HDIL arrested

By IndianMandarins 04 Oct 2019

Banking crisis in India seems to be looming large due to faulty policy as PMC Bank crisis is yet another addition to such brimming incidences with Mumbai police arresting two directors of HDIL – Rakesh Wadhavan and Sarang Wadhavan. Actually the responsibility of failing of PMC Bank is attributed to its 10 accounts out of 44 accounts in the PMC Bank.

 

The two directors were summoned by economic offence wing of Mumbai police but they did not turn up and they have been asked not to use property worth Rs 3,500 of HIDL. The company is accused of inflicting loss to the bank to the tune of Rs 4,355.4 crore.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.

Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.