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Total Net Loss Of Public Sector Banks Topped Rs 87,000 Crore In FY18

Sunday, June 10, 2018, 6:43 PM

Public sector banks collectively suffered a net loss of Rs 87,357 crore in 2017-18, with PNB posting the highest loss of nearly Rs 12,283 crore. Of the 21 state-owned banks, only Indian Bank and Vijaya Bank reported profits during the financial year. All the 21 banks had together reported a net profit of Rs 473.72 crore in 2016-17.
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Syndicate, OBC, Bank of India raise rate by up to 0.15%

Saturday, June 9, 2018, 9:25 AM

Joining peers, three state-owned lenders today announced raising interest rate in the range of 0.05-0.15 percent, to be effective next week. Bank of India has hiked the marginal cost based lending rate (MCLR) by 0.10 percent each for various tenors; the Oriental Bank of Commerce by 0.10-0.15 percent and Syndicate Bank effected a change of 0.05 percent for one-year tenor loan.
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Free banking services not liable to GST

Sunday, June 3, 2018, 9:29 PM

Free services, like ATM withdrawals, provided by banks to customers will not attract GST, but late-payment charges on outstanding credit card bills and purchase of insurance-policies by NRIs will attract the levy. In a set of FAQs on applicability of GST on banking, insurance and stock brokers sectors, revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.

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