Do we trust banks? We’re going to know soon

Australian banks look set to publicly report on how much their customers trust them, a move designed to give greater transparency to the industry’s bid to repair its battered reputation. Former auditor-general Ian McPhee, who has overseen the banks’ attempt to address a “trust deficit”, will on Tuesday call for individual banks More...

by Loknath Das | Published 3 days ago
By Loknath Das On Tuesday, April 17th, 2018
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Banking royal commission: AMP executive says company put profits before the law

AMP’s head of financial advice, Anthony Regan, said there were reasons to be concerned about the company’s internal culture while appearing before the banking royal commission. Photograph: AAP AMP’s head More...

By Loknath Das On Saturday, March 24th, 2018
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ED analysing 120 shell companies in PNB fraud case: Govt

The Directorate of Enforcement (ED) is analysing 120 shell companies in connection with the Punjab National Bank fraud allegedly committed by jewellery designer Nirav Modi, the government said on Friday. The state-owned More...

By Loknath Das On Tuesday, March 20th, 2018
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SBI approaches Supreme Court to challenge Anil Ambani’s Rcom asset sale halt

State Bank of India, the country’s largest lender, has approached the apex court to challenge decisions that halted the sale of assets by Anil Ambani’s indebted telecom unit, which is seeking to pare a $7 billion More...

By Loknath Das On Wednesday, February 14th, 2018
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Banks Set To Raise Lending Rates, Pre-Empting RBI, Says Report

New Delhi/Mumbai: India’s struggling economy is facing a new challenge: banks are raising interest rates even though the Reserve bank of India (RBI) is leaving its rates unchanged, as risks such as surging More...

By Loknath Das On Wednesday, February 14th, 2018
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$3.6 Billion In Hidden Bad Loans Spotlight Indian Banking Stress

SBI on Friday said an audit by the RBI showed soured debt was about Rs. 23,200 crore higher HIGHLIGHTS Audit by RBI unearthed about Rs.23,200 crore of bad loans in SBI books On Friday, SBI reported More...

By Loknath Das On Wednesday, February 14th, 2018
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RBI Announces New System To Settle Bad Loans

The RBI said that all prior schemes will be withdrawn with immediate effect HIGHLIGHTS RBI sought to push more large loan defaulters toward bankruptcy courts New rules aimed at creating harmonized, simplified More...

By Loknath Das On Friday, January 19th, 2018
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Strengthening Public Sector Banks Is Top Priority, Says Arun Jaitley

New Delhi: Having implemented the Goods and Services Tax (GST), Finance Minister Arun Jaitley today said strengthening the public sector banks is most important agenda for the next year. “There are important More...

By Loknath Das On Friday, January 19th, 2018
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Banking Sector Stares At Additional Rs. 40,000 Crore NPAs

New Delhi: The banking sector fears accretion of more than Rs. 40,000 crore of bad loans to its books following recent classification of eight consortium accounts of Axis Bank as non-performing assets by the RBI. The More...

By Loknath Das On Friday, January 19th, 2018
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Punjab National Bank Q2 Profit Beats Estimates, Shares Surge

State-run Punjab National Bank, the country’s fourth-biggest lender by assets, reported a 2 per cent rise in second-quarter profit, beating forecasts. Its shares rose over 5 per cent to Rs. 208 at day’s More...