Banking Sector

The quorum of the Authority consisting of the Chairman and three members observed that the Bank's e-auction attempt is devoid of considering and settling the claims of individual allottees who are bonafide stakeholders in the project in question. The order said, "Bank of Baroda is restrained from the proceedings with the e-auction dated January 24, 2023 being done without considering and settling the claims of individual allottees."

"If these remain unchecked, they could feed into higher inflation expectations over a longer than-anticipated period, therefore the Monetary Policy Committee (MPC) stressed that it is critical to anchor inflation expectations and achieve the objective of price stability to support sustainable growth in the future," SBP Governor added.

"Multiple Expressions of Interest received for the Strategic Disinvestment of Govt and LIC Stake in IDBI Bank. The transaction will now move to the second stage," tweeted Tuhin Kanta Pandey, Secretary, DIPAM. The Central government and the Life Insurance Corporation of India hold 45.48 per cent and 49.24 per cent stake respectively, in the IDBI Bank.

"Set up in 1929, South Indian Bank has a network of 928 branches and 1,156 ATMs. The bank's advances stood at Rs 67,963 crore as on September 30, 2022 with retail, small and medium enterprises, and agricultural advances accounting for 70 per cent of the book," Murali Ramakrishnan, MD and CEO, told IANS in an interview.

The banks enjoyed arbitrage between the lending and deposit rates, higher credit demand, lower loan provisions (government-owned banks posted handsome profits) and others. The year also saw mergers and acquisitions (M&A) in the sector with housing finance major HDFC Ltd deciding to merge with HDFC Bank Ltd.

Earlier in the day, a special court in Mumbai sent Chanda Kochhar and her husband Deepak Kochhar to CBI custody till Monday in connection with the case. While arguing on the matter, public prosecutor of CBI said that loss of Rs 1,730 crore was caused to ICICI bank by the accused.

Saying that inflation remains above the upper tolerance level, Reserve Bank of India (RBI) Governor Shaktikanta Das stated that calibrated monetary policy action is warranted to contain build-up in underlying inflationary pressures.

Government data showing details of loans written off by scheduled commercial banks (SCBs) disclosed that total Rs 10,09,510 crore were written off during the last five financial years (FYs), the Finance Minister told the Rajya Sabha in a written reply. The data on recovery of the written off loans said that Rs 1,32,036 have been recovered during the period.

The $500 million Madhya Pradesh Major District Road Project (MPMDRP), funded $350 million by the NDB and $150 million by the state government, aimed at upgradation of major district roads in the state to improve connectivity in the interior areas of the state with the national and state highway networks, with the wider aim of promoting economic and social transformation.

As First Vice President, Shukla, 54, will be the institution's second ranking officer. Her appointment was approved by the Board of Governors of the Federal Reserve System, the New York Fed said in a statement on Thursday. "I am honored to have the opportunity to work for a mission-driven organisation like the New York Fed," Shukla said in a statement.