State Bank of India said it will be raising Rs 11,100 crore debt via private placement to overseas and-or Indian investors. The perpetual debt instruments could be denominated in US dollars or Indian Rupee, the bank said. The debt will rank as Tier 1 capital for India’s largest bank. No timelines for the move were […]
The government is considering the recommendation of Special Investigation Team (SIT) on black money to ban cash transactions above Rs 3 lakh, a top Finance Ministry official said at an ASSOCHAM event held in New Delhi today. “The SIT recommendations are under consideration. As far as the Income Tax Department is concerned, we have put […]
SREI Infrastructure has filed with the regulators to raise Rs 1000 crore by selling debentures to be public. The non convertible debentures will be issued in one or more tranches, subject to the Shelf Limit in accordance with the terms and conditions set out in separate tranche prospectus for each such tranche issue. The object […]
Kotak Mahindra Bank said it is now offering a lower home loan rate of 9.35% as part of a festive season discount and will also provide business loans and overdraft at up to 1% lower interest rate with 25% waiver on processing fees till 10th September. SBI already offers home loan rates of around 9.3%, while ICICI […]
Religare Enterprises Ltd, a diversified financial services group, said its wholly owned subsidiary Religare Global Asset Managment Inc USA completed its exit from Landmark Partners LLC and its subsidiaries. Landmark is a private equity and real estate investment company specializing in secondary funds. It had assets under management of $15.1 billion with about 16,000 underlying […]
The State Bank of India said it has approved its merger with another two banks, State Bank of Patiala and State Bank of Hyderabad, taking the total of such banks to six. Yesterday, the SBI had said it had approved its merger with four banks including State Bank of Mysore, Travancore and SBBJ. “State Bank […]
Razorpay, an online payments platform, today, announced the launch of “Flash Checkout”, which will cut down transaction times by 60% when the card is saved with Razorpay, further simplifying online payments. The card saving feature in Flash Checkout will help merchants increase customer retention and improve transaction speeds earlier merchants had to write complex integration’s […]
Employees of associate banks will get only 15 days to decide whether to accept a new job with the State Bank of India or opt for voluntary retirement via an ‘option letter’ that will given to them as part of the merger of India’s largest bank with its four associates. The terms and conditions regarding […]
Department of Revenue and Central Board of Excise and Customs (CBEC) have started holding interactive sessions with industry representatives to understand and address the apprehensions and concerns of the various stakeholders about GST and also provide a platform for business to express their views on important aspects of the new system. The three-day consultations started yesterday. […]
State Bank of India board of directors has approved the share swap ratios for the upcoming merger of the bank with other State Bank entities. “The Central Board of Directors of the State Bank of India (SBI), at its meeting held on 18.08.2016 have accorded their approval to the Scheme of Acquisition of State Bank […]
Be it buying goods and supplies or enrolling your kid into a school, bargain hunting is the most common thing that an Indian would usually do and now it has reached a new level. Indians are now considered as the world’s largest holiday bargain hunters, according to a new research report. Indian travellers want infinite […]
Federal Bank has become the first private sector bank to start distributing gold coins made by government-controlled Metals and Minerals Trading Corporation of India. The Indian gold coins are of 24 karat purity, 999 fineness and has the National Emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi as in […]
Customers of DBS, one of the leading banks in Asia, will soon be able to carry out their banking operations by via text chat. Customers will be able to use natural text messaging to converse with DBS from their favourite mobile messaging app, manage their money across accounts, track expenses and even make payments in the process, […]
Muthoot Finance said that credit rating agency ICRA has upgraded long term debt rating of the company by one point from AA- to AA. The revision in the long-term rating factor of Muthoot Finance is because of their initiative to improve their credit risk profile by regular interest collection which will thereby offset the risks […]
Axis bank has cut its loan interest rate by 5 basis points across all tenures. With this, the marginal cost of funds-based lending rate for three year loans has been cut to 9.4% and that for 1 year loan, has been cut to 9.25%. The MCLR for one month is 8.90%. The new rate will […]
Aksh Optifibre Ltd. will complete the acquisition of Unitape Mandovi Pvt. Ltd.Composites within 15-20 days, the company said. It said it decided to buy Unitape as it was engaged in the business of manufacturing fibre re-inforced plastic (FRP) rods. Aksh said FRP rods was also its own main line of business. Unitape has a production […]
Religare Finvest Ltd will use Shriram Automall India’s bidding platforms to dispose of its non-performing and immovable assets, Shriram Automall said. “Shriram Automall has over the years proved itself as market leaders and we are confident on better conversion in liquidation of our NPA Properties from our inventory through their effective disposal platforms,” quoted the […]
Yes Bank, one of India’s newest private sector banks, said it has no immediate plans of raising capital and denied media reports to the contrary. The bank, in a statement, said it has not appointed any merchant bankers to find buyers for any new securities or shares. Yes Bank was responding to media reports that […]
Bank of Baroda appointed Ashok Kumar Garg as their new Executive Director on tuesday. He was General Manager at the bank. He has experience of 37 years in various banking fields in India as well as overseas, the company said. Garg is a Master of Commerce degree with additional qualification of L.L.B. and CA IIB. […]
Motherson Sumi Systems Limited (MSSL) today announced financial results for first quarter from April- June, 2016 with highest ever revenue in a single quarter with 10,352 crores. The net profit from the first quarter was Rs 303 crores, which was up 13% compared to the same quarter in 2015. MSSL said that this has been […]
