The demonetization of currency notes late last year has doubled the number of card transactions and helped push India’s payment digitisation by three years, State Bank of India said in a note. “Even after seven months post demonetization, the transaction value is quite large and approximately double of what it had been corresponding month last […]
State Bank of India said it had decided to conduct an initial public offer for some of its shares in its insurance subsidiary SB Life Insurance. BNP Paribas Cardif S.A. would also sell some of its shares in the offer. It said the offer would involve 8 crore shares. No valuation or size details were […]
The Indian rupee is likely to give up some of the gains it has made in recent weeks going forward, Angel Broking said, adding that the currency is likely to move towards the 65.30 level against the US dollar. The rupee has risen around 5% in the last six months due to various factors, including […]
Non-banking financial services company Mahindra & Mahindra Financial Services said it plans to raise Rs 2,000 cr by issuing debt instruments to the public. The non-convertible debenture issue will open on July 10. The NCDs carry a rating of IND AAA from India Ratings and BWR AAA from Brickwork Ratings. The instruments will be offered […]
Telecom operator Reliance Communications said companies in the sector are facing cash flow issues due to what it called a ‘go slow’ approach taken by banks in disbursing loans. In an update on its ‘standstill agreement’ with its lenders, which provides it a window of seven months to complete a merger with local units of […]
Crisil, the Indian credit rating agency controlled by Standard & Poor’s, said it acquired an 8.9% stake in competitor CARE Ratings Ltd. It said it purchased the stake from Canara Bank Ltd for Rs 435 cr, or Rs 1,659.79 per share. A total of 26.22 lakh shares were acquired. “The investment has been made pursuant […]
Ratings agency Fitch said the string of farm loan waivers announced by various Indian states could impact the financial profile of the country as a whole. The agency, however, did not directly say that the moves could lead to a downgrade in India’s credit rating, which would increase the cost of borrowing for both government […]
Axis Bank said eight of the 12 big defaulters highlighted by the Reserve Bank of India in its June 15 circular owed over Rs 5,000 cr to the bank. The RBI had given a list of 12 large accounts which together owed about 25% of the total bad loans of Indian banks. The total bad […]
Axis Bank confirmed it had sold its 8% share in new-generation card-swiping-machine company Mswipe Technologies. In a regulatory filing, the private sector bank said it sold its 8% stake for Rs 80.94 cr, or Rs 4,249 per share. Mswipe is one of the new generation, low-cost swipe-machine companies, and offers cheaper rates to merchants. Instead […]
Finvasia, a technology-driven online broking start-up, announced that it has rolled out what it claimed was India’s first ‘truly’ free online demat account for investing in stocks and derivatives, including futures. There have been many ‘free demat account’ providers in the past too, but such operators usually find some way or the other charge their […]
State Bank of India, the largest Home Loan Provider in India has reduced interest rates of high value home loans. Home Loans above Rs. 75 lakhs will now be cheaper by one-tenth of a percentage from 15 June, 2017. The revised interest rates will be 8.55% p.a. for salaried women borrowers. For others the rate […]
State Bank of India said it raised Rs 15,000 cr by selling its shares in a ‘qualified institutional placement’ or QIP, making it the largest such transaction in Indian share market history. QIP’s usually involve selling shares exclusively to big institutions such as mutual funds, banks and other investment houses and are cheaper and quicker than […]
State Bank of India said its committee of directors for capital raising has decided to start receiving bids a qualified institutional placement of its shares with a floor price of Rs 287.58 per equity share. “The Bank may offer a discount of not more than 5% to the Floor Price,” it said. The bank is […]
Fitch Ratings said it downgraded IDBI Bank’s Long-Term Default Rating and its ‘viability rating’ by one notch each to ‘BB+’ and ‘ccc’ with a stable outlook. “IDBI Bank’s Viability Rating reflects the deterioration of its financial profile in the last two years and our expectation that both asset quality and capital will remain significant ongoing […]
IDBI Bank, one of India’s largest government-controlled banks, said it received notice of strike from the “United Forum of IDBI Bank Officers and Employees”. The strike will be on Tuesday, May 23, and is aimed at demanding “revision of pay and allowances and other issues,” the bank said. The Forum represents a section of its employees and […]
India’s largest bank, State Bank of India, denied reports that it had scrapped the facility of providing free ATM transactions. The bank was responding to media reports that said that all transactions will be chargeable from now on. Under the Reserve Bank of India’s instructions issued in 2014, all banks must offer a certain number […]
Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock’s counter. “Fullshare is supposedly a commercial and residential property developer, but this business is tiny compared to its market capitalization. In FY 2016, Fullshare generated a paltry RMB 132 million […]
SpiceJet has chosen HSBC Bank as its partner for receiving UPI payments on its website. UPI or Unified Payments Interface is an advanced, easy-to-use, cheap and real-time payment platform designed by the National Payments Corporation of India. Unlike more expensive payment options such as Visa and Mastercard, UPI is available to most banking users in […]
Broking and financial firm HDFC Securities Ltd said it does not expect the US Federal Reserve to start sucking out the liquidity that it has infused into the global financial market in the last nine years any time soon. The comments came in the wake of the release of the minutes of the Federal Open […]
The Indian banking system is likely to get a permanent liquidity boost of Rs 1.7 lakh cr due to the demonetization of high-denomination bank notes, State Bank of India chief economic adviser said in a note to bank clients. He said people were not making the large cash withdrawals that everyone expected them to after the […]
