Facing criticism for not detecting Rs 12,700 crore fraud at Punjab National Bank that was perpetrated over seven years, the Reserve Bank of India (RBI) governor Urijit Patel broke his silence on Wednesday stating that like the ‘Neelakantha’, the central bank will consume poison and face brickbats, but will persist with its endeavour to become better with each trial.
The State Bank of India (SBI) on Tuesday reduced the penalty charges on non-maintenance of average monthly balance by up to 75 per cent from April 1 as the measure had faced a public backlash for raking in huge profits by way of penal charges.
But the bank has not lowered the monthly minimum balance requirement, which has been retained at Rs 3,000 for metro customers, Rs 2,000 for semi-urban accounts and Rs 1,000 for rural accounts.
Despite a dip in retail inflation in February, the Reserve Bank of India (RBI) is unlikely to reduce key policy rates in 2018, analysts at brokerages said on Tuesday.
Delhi-based auto components maker Sandhar Technologies announced a Rs 512-crore initial public offering in the price band of Rs 327 to Rs 332 per share. The public offer opens on March 19.
The IPO comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale of 64 lakh shares by private equity investor GTI Capital Beta.
Hindustan Aeronautics (HAL) announced its long-awaited initial public offering (IPO) of shares worth Rs 4,229 crore, leading to divestment of 10 per cent Government of India stake in the 100 per cent government-owned defence air craft manufacturer, developer and service provider.
The IPO price band has been fixed at Rs 1,215 to Rs 1,240 per equity shares of face value of Rs 10 each.
The public offer opens on March 16 and closes on March 20.
Against the backdrop of the banking scam involving loans to diamond merchants, the Reserve Bank of India (RBI) on Tuesday barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India’s biggest bank fraud running into thousands of crores.
It has been a roller-coaster ride for PSU banks ever since the government announced the recapitalisation plan on October 25 last year. State-owned lenders had recorded gains of 20 to 50 per cent that day.
India is set to outpace China in enterprise application software spending growth with a 19.8 per cent rise this year, compared with 18.9 per cent in China, says a report. However, in absolute terms, the total spending in India is projected to reach $2.5 billion, while that of China is expected to be higher at $5.1 billion, Gartner said in its report on Monday.
“China’s and India’s enterprise application software spending has grown at double-digit rates historically, and they will continue to be hot spots,” said Keith Guttridge, research director, Garner.
The domestic market staged a strong bounce back on the back of firm global cues and short covering in the latter half of the trading session, taking the Sensex higher by 600 points and the Nifty up nearly two per cent to reclaim the 10,400 range.
After falling by 10 per cent from the all-time high levels over the past month, the rally in the market has come as a big relief to the investors.
Almost all the sectoral indices participated in the surprise up-move that was led by strong buying in index heavyweights ITC, HDFC and Reliance Industries.
Shares of state-owned Andhra Bank fell over 15 per cent to hit a 15-year low after the Enforcement Directorate (ED) filed a charge sheet against a former director in a separate money laundering case.
The Andhra Bank stock closed at Rs 35.85, down 6.88 per cent on the BSE, its lowest after August 2003. The stock fell as much as 17.1 per cent intra-day.