Allahabad Bank And Indian Bank

The government's mega merger plan to strengthen the country's banking system came into effect on Wednesday, combining 10 state-run banks into four. Announced in August last year, the merger combines Oriental Bank of Commerce and United Bank into Punjab National Bank, to create a single lender managing businesses worth Rs 17.95 lakh crore. Similarly...

As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra and Corporation banks into Union Bank of India.

Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders.

Shares of state-run lenders such as State Bank of India, Punjab National Bank, Bank of India, Canara Bank, Allahabad Bank, Indian Overseas Bank, Syndicate Bank and Bank of Baroda advanced 1-4 per cent today after the government announced Rs 22,915 crore fund infusion as part of first tranche of bank recapitalization of 13 lenders.

State-run lenders including State Bank of India (SBI) and IDBI Bank have lined up more than Rs 15,000 crore worth of share-sales to institutional investors to shore-up their capital base.

Dena Bank has been slapped a penalty of Rs 2 crore while a Rs 1.5 crore fine has been imposed on Corporation Bank. IDBI Bank and Indian Bank have been slapped with penalty of Rs 1 crore each, whereas Allahabad Bank and Bank of Maharashtra have been fined Rs 50 lakh each.

Weighed down by stressed loans of nearly $150 billion - equivalent to more than 10 per cent of bank assets in the country - and against a backdrop of the slowest economic growth in a decade, Indian banks are bringing an unprecedented intensity to their recovery efforts.

According to analysts, private banks continued to outshine their public sector peers on both profitability and asset quality in the January-March quarter, highlighting yet again poor risk management and recovery of the government-owned lenders.

A day after a web portal alleged instances of money laundering by some state owned banks and LIC, the government said on Tuesday that action has been taken against 31 officers and employees, including suspension, for violation of various regulations.

The government's mega merger plan to strengthen the country's banking system came into effect on Wednesday, combining 10 state-run banks into four. Announced in August last year, the merger combines Oriental Bank of Commerce and United Bank into Punjab National Bank, to create a single lender managing businesses worth Rs 17.95 lakh crore. Similarly...

As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra and Corporation banks into Union Bank of India.

Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders.

Shares of state-run lenders such as State Bank of India, Punjab National Bank, Bank of India, Canara Bank, Allahabad Bank, Indian Overseas Bank, Syndicate Bank and Bank of Baroda advanced 1-4 per cent today after the government announced Rs 22,915 crore fund infusion as part of first tranche of bank recapitalization of 13 lenders.

State-run lenders including State Bank of India (SBI) and IDBI Bank have lined up more than Rs 15,000 crore worth of share-sales to institutional investors to shore-up their capital base.

Dena Bank has been slapped a penalty of Rs 2 crore while a Rs 1.5 crore fine has been imposed on Corporation Bank. IDBI Bank and Indian Bank have been slapped with penalty of Rs 1 crore each, whereas Allahabad Bank and Bank of Maharashtra have been fined Rs 50 lakh each.

Weighed down by stressed loans of nearly $150 billion - equivalent to more than 10 per cent of bank assets in the country - and against a backdrop of the slowest economic growth in a decade, Indian banks are bringing an unprecedented intensity to their recovery efforts.

According to analysts, private banks continued to outshine their public sector peers on both profitability and asset quality in the January-March quarter, highlighting yet again poor risk management and recovery of the government-owned lenders.

A day after a web portal alleged instances of money laundering by some state owned banks and LIC, the government said on Tuesday that action has been taken against 31 officers and employees, including suspension, for violation of various regulations.