Yes Bank announced its April-June quarter results. Net Interest Income (NII) for Q1FY16 increased by 42.2% y-o-y to Rs 1,059.8 crore on account of strong growth in advances and expansion in NIM to 3.3%. from 3.0% in Q1FY15. Non Interest Income increased by 31.8% y-o-y to Rs 545.2 crore in Q1FY16 on back of continued […]
Indian stock markets, which have gained 40% over the last 18 months over the election of a strong government at the center, looks ripe for a deeper correction, a report by Business Monitor International (BMI – part of the Fitch Group) said. “Indian equities are looking precarious, and a deeper correction looks highly likely as […]
CRISIL today said 46,000 mw of power projects are facing viability issues due to lack of long-term buyers for electricity, inadequate fuel supply, and aggressive bidding to win projects and coal blocks. This has put at risk Rs 75,000 cr of loans used to finance these projects, the firm added. Of this, 36,000 mw are […]
Housing Development Finance Corporation Limited (HDFC) reported profit after tax stood at Rs 1,361 crore as for the April-June quarter compared to Rs 1,345 crore in the previous year. The consolidated profit after tax stood at Rs 2,204 crore as compared to Rs 1,873 crore in the corresponding quarter last year, representing a growth of […]
Tata Consultancy Services said Bank of Bhutan has selected TCS BaNCS for its Core Banking Solution. Bank of Bhutan is the largest commercial bank in the Kingdom of Bhutan with a network of 46 branches, including extension branches, 62 ATMs, a state-of-the-art mobile banking solution and a dedicated Contact Center and is the official bank […]
Life Insurance Corporation of India, India’s biggest life insurer, continued to lose new business to private sector players, particularly ICICI Prudential and HDFC Standard, last financial year, according to industry numbers. LIC managed to get 78,000 cr of first-year life-insurance premium out of a total of 113,142 cr, implying a market share of 69.2% of […]
IndusInd Bank said it completed the acquisition of Diamond & Jewellery financing business and related deposit portfolio of Royal Bank of Scotland N.V. in India. With this, the Bank said, loan portfolio is approximately Rs.41 billion has been transferred to the bank from Royal Bank of Scotland. IndusInd Bank is a private bank in India […]
IDFC Ltd said its unit IDFC Bank Ltd has got a license from the Reserve Bank of India for undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949. The announcement marks the formalization of an earlier preliminary grant of banking license by the RBI last year. In April last year, […]
SpiceJet, the country’s #2 low-cost carrier, today announced the launch of a unique Equated Monthly Installment (EMI) scheme for air tickets. Payment for the ticket can be made even over a 12 month period. Also called ‘Book Now, Pay Later’ scheme, it extends credit to passengers at up to 70% lower interest rates than those […]
National Payments Corporation of India (NPCI), the umbrella organisation for retail payments in India, has awarded the contract to develop a Digital Payments Enablement Platform to RS Software. RS Software is a key provider of outsourcing services to payment processing companies, and counts Visa as its biggest customer. The platform is meant to facilitate & […]
Indicash ATMs, the largest independent operator of cash dispensing machines in India, has introduced a new cash-transfer facility. “Customers simply need to dip their card at an Indicash™ ATM, enter the PIN followed by the 16-digit debit card number of the beneficiary and confirm the amount to be transferred.,” Tata Communications Payment Solutions Limited said. […]
SKS Microfinance Limited today announced that its gross loan portfolio excluding the states of Andhra Pradesh and Telangana registered a 15% quarter-on-quarter growth to Rs. 4,797 crore in Q1-FY16. Loan disbursements increased by 105% on a year-on-year basis to Rs. 2,377 crore in Q1-FY16 (Rs. 1,160 crore in Q1-FY15). During the quarter, the Company had […]
Following a similar move by BSE, larger peer National Stock Exchange of India has now issued notices to 115 active listed companies to include women directors on board. “The exchange has conducted a study of listed companies recently. About 88% of the companies seem to have complied with the SEBI directive among the NSE listed […]
Federal Bank has launched ‘Soft PIN’ facility for Debit cards, which lets customers use debit and ATM cards almost as soon as they’ve got their hands on it. Soft PIN, which replaces printed ‘PIN- Mailers’, can be generated by the customers themselves through any of the Bank’s 1500-plus ATMs across the country, thus avoiding the […]
NSE has today filed a defamation suit against an organization for publishing what it called unsubstantiated and misleading reports against the exchange. The suit also names the officials of the organization that published such reports, the exchange said. “The exchange has sought withdrawal of those reports etc, as well as, has made a claim of […]
The top three rank holders on all India basis of Chartered Accountants Final Examinations held in May, 2015 are from Delhi and Secunderabad, Machilipatnam (Andhra Pradesh) & Mumbai respectively, said the Institute of Chartered Accountants of India (ICAI). ICAI announced the results of Chartered Accountants Final Examination held in May, 2015 and that of the […]
Bangalore has overtaken Mumbai as the home to the biggest start-up investment scene, attracting about 30% of angel funding in India, said a report on ‘Angel Investing’ brought out by InnoVen Capital India and Association of Indian Angel Groups (AIAG). India Angel Report 2015 also found that the median angel funding round grew to Rs […]
YES Bank, India’s 5th largest private sector Bank, received approval from the Reserve Bank of India to set up International Financial Services Centre Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT). “Establishing the IBU will propel YES BANK’s growth plans further by providing it access to International financial markets, as well as provide […]
BSE said it has issued advisory letters to 530 companies regarding levy of fines for non-compliance with the said provision within the prescribed timelines. The notices were sent following a circular by Securities and Exchange Board of India. SEBI, via its circular dated April 8, 2015 had prescribed the schedule of fines to be levied […]
State Bank of India (SBI), the largest bank in India, has entered into a Tripartite memorandum of understandingn with bankbazaar.com and SBI CAP Securities Ltd to provide one more online platform for applying for SBI Home Loans. “This partnership will help the Bank Under this arrangement, the Bank will be able to display its Home […]
