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Goldman Sachs names new CEO as it targets Main Street growth

Goldman Sachs named David Solomon its new chief executive today, implementing a much-telegraphed succession plan as it expands beyond its Wall Street roots to the broader consumer market.  The prestigious investment bank said Solomon will assume the top executive job on October 1, succeeding longtime chief Lloyd Blankfein, who will […]

Scam-hit PNB, other state banks may get Rs 8,000 crore lifeline

The government may infuse about Rs 8,000 crore in five or six state-run banks that are likely to fall short of regulatory capital requirements. These banks may include Nirav Modi scam-hit Punjab National Bank.  A senior finance ministry official said, there are some banks that have issued additional tier 1 […]

MSP hike may weigh on RBI’s inflation forecast, push up rates

The increase in minimum support prices (MSP) by the government on Kharif crops is set to bump up the Reserve Bank of India’s already heightened inflation forecast and will likely lead to higher interest rates at the next monetary policy review on August 1 and possibly another before the year ends. […]

Govt unveils plan for banks’ NPAs

The government and banks unveiled a new strategy to revive stressed assets outside the Insolvency and Bankruptcy Code (IBC), including through asset management companies (AMCs) and investment funds that are expected to help lenders generate better value while cleaning up their books to enable further lending. The plan includes a […]

Abandoned power plant a $38 billion warning sign for Indian banks

A group led by SBI had lent about $700 million for the Jharkhand project five years ago as a result of which local banks face a new $38 billion wave of losses. Jharkhand project had all the markings of success, as there are abundant coal and water in the area, […]

Arijit Basu to be SBI’s new MD

    Deputy Managing Director of Corporate Accounts Group at State Bank of India, Arijit Basu to be the new managing director of SBI by the government. After this appointment, SBI has four managing directors. Basu is appointed as managing director with effect from the date of taking over charge […]

Bank Of Maharashtra Chairman Arrested for 3000 Crore Fake Loan scam

Pune: In the period of sudden development, Economic Offences Wing (EOW) has arrested Ravindra P. Marathe. the Chairman and Managing Director of Bank Of Maharastra, in the case of 3,000 fake loans extended to Pune’s DSK group. The EOW has also arrested the bank’s Executive Director Rajendra K. Gupta, Zonal Manager Nityanand […]

ICICI CEO Chanda Kochhar decided go on leave till completion of inquiry

ICICI Bank’s Chief Executive Officer Chanda Kochhar has decided to go on leave to expedite an independent investigation over the charges of favouritism and impropriety. Meanwhile Sandeep Bakshi, who is currently heading ICICI Life Insurance will be taking the charge as Chief Operating Officer. However, the bank also said that […]