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In response to Rahul Gandhi's opposition to IDBI Bank's privatisation, Nirmala Sitharaman stressed the successful recovery of the bank thanks to the NDA government's strategies. She pointed to the previous UPA government's fiscal mismanagement, which caused notable losses. Sitharaman also discussed the reviewed valuation process for the stake sale, criticising Gandhi for his attempts to politicize banking matters and the undue stress placed on bank staff during earlier administrations. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/bGL1CMz via IFTTT

NITI Aayog vice-chairman Ashok Lahiri emphasized the need for banks to facilitate connections between businesses and financial resources. He pointed out the low credit-deposit ratio in Eastern India, which hinders investment and economic growth. Lahiri highlighted the importance of investment in infrastructure, industrial expansion, and the MSME sector. Banks could support smaller enterprises with structured credit facilities to help them grow. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/nqwhMzx via IFTTT

The finance ministry has defended the valuation process used in the IDBI Bank stake sale, saying the methodology and bidding procedure were reviewed and approved by the core group of secretaries on disinvestment. It said Fairfax’s Rs 81-a-share bid was above the benchmark and independent fair-value estimates, while safeguards such as a double-blind process and limited tax indemnity helped maximise value for the government and LIC. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/WAIGpNm via IFTTT

Working-capital demand from banks has increased significantly due to the ongoing conflict in West Asia. Higher raw-material costs and elongated shipping timelines have led to greater funding needs for corporates. Mid- and large-sized companies reported a 12-20% increase in working-capital requirements. Several private sector banks have recorded strong growth in corporate lending during the recent quarter. This momentum was driven primarily by working capital needs and refinancing efforts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/6PS5XrO via IFTTT

The Union government announced in the 2021-22 budget that, besides IDBI Bank, it would take up two public sector banks and one general insurance company for privatisation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BJ9TDnI via IFTTT

Punjab National Bank has taken action by suspending twelve staff members linked to unauthorized fund transfers utilizing the branch manager's password. Evidence points to a female employee collaborating with external parties in these transactions. Current estimates of the losses indicate they are below Rs 10 crore, contradicting widespread claims online. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/saoU68V via IFTTT