This comes after Reserve Bank (RBI)’s direction to all lending institutions including banks and housing finance companies, to allow 3-month moratorium to borrowers on term loans.
The move will result in creation of seven large PSBs with scale and national reach with each amalgamated entity having a business of over Rs 8 lakh crore.
The Shanghai Composite Index added 0.45 per cent while MSCI's index of Asia-Pacific shares outside Japan gained 0.5 per cent. But sentiment in the wider region remained subdued amid worries about a global recession.
Among the other prominent losers were Tata Steel, ICICI Bank, UltraTech Cement, Titan, Indian Oil Corporation and Tata Motos which lost between 4 and 4.5 per cent each. Heavyweight Reliance Industries plunged by 3.8 per cent while Jindal Steel lost by 3.6 per cent.
Ahead of Sitharaman’s assurance to bank employees, former Prime Minister Manmohan Singh said the state of the economy was deeply worrying and insisted that last quarter’s GDP growth rate of 5% signals that the country is in the midst of a prolonged slowdown.
New Delhi: Finance Minister Nirmala Sitharaman on Friday unveiled major reforms in the banking sector. Briefing media persons, Sitharaman said,...
I propose to consider issuing Aadhar card for NRIs with Indian passports after their arrival in India without waiting for the mandatory 180 days," Sitharaman said while presenting the 2019-20 Union Budget in the Parliament
In a bid to rev up the flagging economy and prevent it from further slide, the Central government on Wednesday announced recapitalization plan for 12 public sector banks.
New Delhi: Finance Minister Arun Jaitley on Tuesday said that the non-performing assets (NPAs) in the banking system are on...
New Delhi: Union Finance Minister Arun Jaitley will hold a meeting with Public Sector Banks (PSBs) on Tuesday to discuss...