Bank of India said the Reserve Bank of India has placed it under the ‘Prompt Corrective Action’ framework, a set of restrictions aimed at preventing further deterioration in the health of a bank. It said the action followed an onsite inspection by the RBI. “This is in view of high net NPA, insufficient CET1 capital […]
Not a single employee was laid off or removed as part of the merger of five associate banks with State Bank of India, the government said, adding that the bank had no plans to offer VRS options to its employees. “SBI has informed that no employee has been removed after merger and no application was […]
ICICI Bank said it raised international debt $500 mln at an interest cost of 3.8%. “The notes carry a coupon of 3.80% and were offered at an issue price of 99.728,” India’s second biggest private sector bank said. The sale of the 10-year bonds was done through its DIFC branch in UAE. The notes were […]
A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining. Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trends seen in the first two quarters of the current financial year. In […]
Stock exchanges in India have sought a clarification from India’s largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names. “(The) exchange has advised the company to provide clarification/confirmation on the news item in […]
Reliance Capital, the financial services arm of the Anil Ambani Group, said the Securities and Exchange Board of India (SEBI) issued its final observation letter to the draft red herring prospectus filed by its general insurance unit. The group had recently seen the successful IPO of its life insurance company, Reliance Nippon Life Insurance, which […]
Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology. A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactions are recorded on a real-time basis on every copy of data. In […]
Edelweiss Financial Services said it raised Rs 1,527.75 crore by selling its shares to institutional investors through the Qualified Institutions Placement (QIP) route, the first time it has raised funds by selling shares after the IPO ten years ago. The QIP opened on November 15, 2017 and closed on November 20, 20 17. It sold […]
The Securities & Exchange Board of India, the regulator for traded securities such as stocks, has given an exemption to Bank of India to conduct a qualified institutional placement or QIP of Rs 3,000 cr. The bank is technically ineligible for conducting a QIP — which is not considered a ‘public offering’ — as it […]
India’s fifth largest private sector bank Yes Bank said it is raising $400 Mn — about Rs 2,600 cr — through two five-year syndicated loans from banks in Taiwan and Japan. It will raise $250 Mn from Taiwanese banks and 16.5 Bn Yen — about $150 Mn — from Japan. “YES BANK has successfully tied […]
E-commerce solutions provider Infibeam said its unit Avenues India, which operates the payment service CCAvenue, has entered the bill payment service with the launch of a new service BillAvenue. The service has been built atop the Bharat Bill Payment System created by the National Payments Corporation of India, which also created the UPI money transfer […]
Reliance Capital said its subsidiary Reliance General Insurance Company signed an agreement with YES BANK to distribute general insurance products to the customers of YES BANK. YES BANK is India’s 5 th largest private sector Bank with a network of 1040 branches across and will act as a corporate agent of the insurance company. The deal will […]
Housing Development Finance Corporation Ltd or HDFC said the initial public offering of its life insurance unit HDFC Standard Life Insurance has been priced at the upper end of Rs 290 per share. The IPO will now mop up Rs 8,695 cr from the market. The shares were being offered in a band of Rs […]
ICICI Bank, one of India’s top banks, said it has decided to list its equity broking arm ICICI Securities. “The board of directors of the bank today approved the sale of a part of its shareholding in ICICI Securities Ltd in an initial public offering by the company, subject to requisite approvals and market conditions,” […]
IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter. Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 basis points as compared to the preceding […]
Reliance Capital reported a 2% year-on-year increase in total income for the September quarter for its subsidiary Reliance Commercial Finance Ltd. It earned pretax profit of Rs 92 crore, up 7% on year, while total income came in at 502 cr. As on September 30, 2017, outstanding loan book was Rs. 12,653 crore – a […]
AU Small Finance Bank reported net interest income of Rs. 220 crore in the second quarter ended September, up 12% on year. Total Income was Rs 508 crore, up 41% and PAT was Rs 68 crore for Q2FY18 as against Rs 62 crore in Q1FY18. “Q2 was the first full quarter of operations as a […]
AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses. Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18. The program will target micro, small and medium sized enterprises in the manufacturing […]
Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services. Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 countries on a unified platform. It will cover 8500+ employees across Asia […]
Wallet app provider MobiKwik announced a tie-up with IndusInd under which it has launched an app exclusively for the bank’s 10 mln customers. The move is in line with the app company’s strategy to be a partner and solutions provider to traditional financial services companies such as banks, instead of recreating the whole banking infrastructure […]
