PSBs trade weak; Union Bank of India, Syndicate Bank hit 52-week low

Stock Market - Shares of public sector banks (PSBs) were down by up to 5% on the National Stock Exchange (NSE) in morning trade on concerns of stress in the banking sector.
Syndicate Bank, Allahabad Bank and IDBI Bank have fallen in the range 3% to 5%, while Union Bank of India, Andhra Bank, Oriental Bank of Commerce, Bank of Baroda, State Bank of India (SBI), Bank of India, Punjab National Bank (PNB) and Canara Bank were down between 1% to 2% on the NSE.

At 09:47 am; Nifty PSU Bank index, the largest loser among sectoral indices, was down 1.5% as compared to 0.01% rise in the Nifty 50 index and a marginal 0.02% decline in the Nifty Private Bank index.

Among the PSBs, Syndicate Bank (down 5% at Rs 41.55) and Union Bank of India (down 2% at Rs 81.50) from the Nifty PSU Bank index hit their respective 52-week lows in intra-day trade today. Andhra Bank and Indian Bank too touched 52-week lows today.

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City Union Bank on a recruitment drive. Check if you are eligible to apply

EDUCATION NEWS - City Union Bank Ltd., a leading Private Sector Bank with more than 112 years of trusted service and with a network of 550 branches across the Country requires-Sr.Associates/Asst.Managers/Deputy Managers/Managers/Sr.Managers and Chief Managers for its Computer Systems Department in Chennai, Kumbakonam and other nodal centers

City Union Bank Recruitment Bank job… Grab the job opportunity… City Union Bank has depicted a notice of City Union Bank Recruitment 2017 for filling up Sr. Associates/ Asst. Managers/Deputy Managers/Managers/Sr. Managers and Chief Managers Posts. Interested contenders may appear for walk in interview along with essential enclosures.

City union bank invites applications form from eligible candidates through offline mode. Eligible contenders must satisfy the eligibility norms given below and apply by sending their CUB application form application form along with their CV before the closing date 07-07-2017.Dont neglect this job chance.City union bank is one of the leading private banks which are providing services from 112 years with the help of 550 branches across the country. Organization is going to recruit talented candidates for the above mention posts and Selection will be based on the Personal Interview that will organize by the selection board of the organization.

Organization Name	City Union Bank
Post Name	Associates/Managers
Mode of Selection	Interview
Last date to apply	07-07-2017
Official Site	www.cityunionbank.com

Banks slash rates in New Year gift; SBI leads and PNB, Union Bank follow

Beaking News - The country’s largest bank State Bank of India (SBI) announced a steep interest rate cut in several years on Sunday, by reducing its marginal cost of funds based lending rate (MCLR) by 90 basis points (bps) across all maturities. 

With this cut, SBI has passed on benefit of 200 bps since January 2015 to customers, which is more than 175 bps reduction in the Reserve Bank of India’s (RBI) policy rate cut in the same period. 

The new rates come into force from today. SBI’s one-year MCLR stands reduced to 8% from 8.9%, while the rate on overnight loans is now 7.75%, against 8.65%. 

Banks are flush with funds after the note ban, with Rs 12.4 lakh crore having been deposited with banks till December 10. SBI chairman Arundhati Bhattacharya said, “There is huge liquidity with the bank due to the large flow of deposits. This has driven us to reduce lending rates, which, hopefully, will kickstart credit demand and growth.” 

Two other public sector lenders - Punjab National Bank (PNB) and Union Bank of India - also slashed their MCLR rates on Sunday. Delhi-based PNB cut lending rates by 70 bps, while Mumbai-based Union Bank reduced its MCLR by 65 bps to 90 bps across different tenors. 

Senior bank officers said other lenders would follow suit and reduce loan rates by 50-100 bps to remain competitive. Also, the actual benefit to borrowers will be lesser than the extent of the MCLR cut due to the spread that banks charge over the loans rate.(Read More)