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PTI In a relief to Punjab government, the Centre today released Rs 17,994.21 crore towards Cash Credit Limit (CCL) for Rabi procurement subject to certain conditions laid down by the Reserve Bank of India. The Union Finance Ministry and the RBI, in separate letters to the Principal Secretary (Finance), government of Punjab, said the central government had decided to release the CCL immediately in view of the urgent need to procure wheat following early arrival of the grain in the mandis and the assurance of the State Bank of India (SBI), said an official release.The CCL has been released for the Rabi season, up to the end of April, on the condition that the state government would regularize, at the earliest, the ...

PTI Seeking to create a global-sized bank, the Cabinet today gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks. However, no decision was taken on the proposal to also merge the Bharatiya Mahila Bank with SBI.The merger is likely to result in recurring savings, estimated at more than Rs 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds, read an official statement."The Cabinet had earlier in-principle cleared the (merger) proposal. It had gone to the boards of various banks which have granted the approvals. The recommendations of the boards were considered today and the Cabinet cleared ...

The Dollar Business Bureau   According to recently released estimates by CSO (Central Statistics Office), GDP growth for FY 2016-17 is to drop to 7.1% from 7.6% in FY 2015-16. However, SBI research further pegs the estimate down to 6.7% for the whole year and 6.3% for the second half.   While CSO did not take into account the effect of the note-ban in the month of November, SBI released its estimates with a downward bias to account for slowing consumption due to the cash crunch. The CSO growth projection was cut down owing to a slow down in the manufacturing, construction and mining sector, ignoring the volatility due to note ban.   Caught in the vicious cycle of low spending and low reserves of new currency at banks, the new money ...

The Dollar Business Bureau Complete normalcy, after demonetisation, is expected in the next two months and about 75% of the overall value of scrapped bank notes is likely to be back in the system by end of January, according to a report.  Given the present phase of 'frantic printing' of bank notes, 50% and 75% of the overall value of scrapped notes can be put into supply by December-end and January next year, respectively, said the SBI's research report Ecowrap. “By the end of February, 78-88% of the currency could be back in the system under the best case scenario in terms of an optimal currency distribution (more small denomination notes)," the report said, “It looks that within the next two months things would ...

The Dollar Business Bureau Metals and Minerals Trading Corporation of India (MMTC) will partner with the State Bank of India (SBI) to sell government-minted Indian Gold Coin. MMTC has already collaborated with more than half a dozen banks, including Andhra Bank, Federal Bank, HDFC Bank, ICICI Bank, Indian Overseas Bank, Vijaya Bank, Yes Bank, and has sold over one lakh pieces of Indian gold coin. The company has set a new target of selling 5 lakh pieces, in 5gm, 10gm and 20 gm denominations over the next few years. "Ever since Prime Minister Narendra Modi launched the coin on November 5, 2015, we have tied up with seven banks to sell it," MMTC Chairman and Managing Director Ved Prakash told PTI. Prakash said the gold coin is ...

The Dollar Business Bureau There would be some respite for the people who have got hit by demonetisation as the government has announced that people can now get cash up to Rs. 2000 per day per person by swiping debit cards, at close to 700 petrol pumps. According to a statement by the Petroleum Ministry, “The facility became operational at 686 retail outlets by 4 pm starting November 18. The services will be provided by public sector oil companies such as Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) in association with the State Bank of India (SBI). Out of the 686 pumps, 350 will be IOCL, 266 of BPCL and another 70 of ...

The Dollar Business Bureau The Government of India has fixed parameters for the public sector banks (PSBs) for getting financial support and those banks which fulfill the set criteria after third quarter results would only be eligible for receiving funds. “The Ministry of Finance has fixed some parameters for receiving financial support. Those banks that fulfill the given criteria after their third quarter results would be qualified for fund infusion,” according to sources. In July, the government had announced Rs.22,915 crore for the first tranche of capital infusion for 13 PSBs. “75 percent of the amount (Rs.22,915 crore)...is being released now to provide liquidity support for lending operations as also to enable banks to raise funds from the market," the Finance Ministry had said in ...

PTI Saddled with rising bad loans, five public sector banks, including Bank of India, Dena Bank, and Central Bank of India, on Friday posted a combined loss of Rs 2,564 crore for the first quarter ended June. Meanwhile, the country's largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore against Rs 4,714 crore profit in the same quarter a year ago. Oriental Bank of Commerce (OBC) too reported 61 per cent decline in net profit at Rs 100.69 crore as against Rs 257.84 crore in the corresponding April-June quarter of 2015-16. Leading the pack, Bank of India reported a loss of Rs 741.3 crore as provisions for bad loans nearly doubled. Provisions and contingencies ...