Net profit includes proceeds of Rs 1,520 crore from sale of investments.
The Parliamentary Panel had suo motu decided to examine the non-performing assets of the public sector banks, which touched Rs 3.61 lakh crore at the end of December 2015.
According to Mundra, a section of the promoters have also disposed off movable fixed assets or immovable property given for the purpose of securing a term loan without the knowledge of the lender.
As per the government, the main reasons for rise in NPAs are sluggishness in the domestic growth in the recent past, slow recovery in the global economy and continuing uncertainty in global markets.
"E-commerce is also providing avenues for people to buy premium international brands in tier-2 and tier-3 cities, which in turn boosts spending, Jasuja, CEO of SBI Cards said.
The committee, attached to the Ministry of Finance, held its second meeting on Wednesday which was attended by Finance Minister Arun Jaitley. Some members also suggested that a committee be constituted to finalise the recovery process in case of loans given to big corporate houses.
Net interest income (NII) increased by 27.1 per cent Rs 1,241.4 crore from Rs 977.1 crore in the Q4 of last year on account of strong growth in advances and retail and CASA deposits.
The bank’s business is projected to increase four-fold from Rs 3,000 crore as on March 31, 2016 to Rs 12,000 crore and branch network to 216 by March 2021.
Gross NPAs of the bank surged by 48 per cent to Rs 6,087.51 cr in the latest quarter from Rs 4,110.19 cr a year ago.
A bench led by Chief Justice T S Thakur said that a “sensible and sensitive” approach is required to overhaul the entire system, which today has scores of people and entities with outstanding to the tunes of crore of rupees.
P2P lending is the practice of lending money to individuals or businesses through online services that match lenders directly with borrowers.
RTI replies to queries from The Indian Express show discrepancies between statistics maintained by the RBI and data supplied by individual banks.
The country's second-largest private lender had registered a net profit of Rs 2,807 crore in same quarter of 2014-15. Total income during the quarter rose to Rs 18,862.61 crore, from Rs 15,570.1 crore a year earlier.
Have not got any formal proposal from L&T Fin Holdings.
The Bank Board Bureau will soon begin the process of selection of managing directors of public sector banks, Chairman Vinod Rai said on Friday.
Rai was speaking at the 12th Annual Convocation of the National Institute of Bank Management (NIBM) called for public sector banks to adopt innovative compensation schemes of its executives to compete with the foreign and private banks.
"What's happening on the NPA front...this becomes loaded with a lot of morality, are these good people, bad people," said Rajan.
The figures released by the RBI shows that outward remittances under the Liberalised Remittances Scheme (LRS) have surged by close to 200 per cent over last year.
Banks, which suffered losses and reported huge non-performing assets (NPAs) in the December quarter, are expected to resume cash credit only after resolution of the ongoing issue.
Immunity from Benami Transaction (Prohibition) Act, 1988 would be subject to certain conditions, the details of which will be part of the explanatory circular.
The Basel Committee on Banking Supervision's guidelines for definition of 'non-performing exposures' and 'forbearance' seek to harmonise quantitative and qualitative criteria used for credit categorisation.
As on April 8, foreign currency assets (FCA), which forms a key component of the reserves rose by $159.3 million from the previous week to $335.845 billion.
The Indian Express filed Right to Information (RTI) applications with 28 public sector banks (PSBs) and one of the questions it asked was who had the final say in writing off loans to the tune of Rs 100 crore or more as non-performing assets (NPAs).
RBI’s new norms on purchase and sale of PSL certificates can help some banks avoid targeted lending — a drag on those with expertise in other sectors— and promote efficient lending practices.
Rajan said the RBI prefers to watch new innovations and as the understanding increases, regulations can be evolved.
Reserve Bank Governor Raghuram Rajan Monday said as a regulator the central banks tries to be informed and adaptive when it comes to regulation of new instruments and processes.
In the past, there have been instances of people getting fake e-mails in the name of RBI or Governor promising high returns and winning lottery.
SBI, BoI wrote off Rs 83,000 crore in 10 yrs; recoveries of 24 public sector banks less than one-third of annual write-off
He said, "a number of industries that went for expansion in the last four years have been “caught in the trough” as they are now facing problems of “cash-flows.”.
"Did we know four years ago that the economy will not do well? Please do not forget that banking is a reflection of the economy," said Arun Tiwari.
A banking analyst with a leading brokerage firm said that banks are holding it in order to maintain their net interest income and the net interest margin.
In its first bi-monthly policy review for 2016-17 on Tuesday, the Reserve Bank of India cut interest rate by 25 basis points along with introducing a host of measures to smoothen liquidity supply.
After the meeting, Sinha said, “excellent discussions at the Banks Board Bureau meeting today.” RBI Deputy Governors SS Mundra and R Gandhi were also present on the first day of BBB.
The Reserve Bank of India on Tueday cut its policy interest rate by a quarter percentage point, lowering it to a more than five-year low while dangling the prospect of another cut later this year if inflation trends stay benign.
The finance ministry has estimated that the banking sector has Rs 8 lakh crore of stressed assets, out of the total outstanding loan book of Rs 69 lakh crore.
Citing various factors for easing the monetary stance, industry chambers are pitching for 0.5 per cent cut in the key interest rate.