Punjab National Bank, hit by a $2 billion scam, said the government of India has purchased around 63.82 cr shares in the bank. At the current market price of Rs 71 each, the shares are worth Rs 4,530 cr. With this, the government’s stake in the bank has risen to 71.92% from 66.09%. The transaction […]
Mumbai-based RBL Bank reported a 48% jump in operating profit on strong growth in both interest as well as non-interest income. However, a near-doubling of provisions to Rs 140 cr (flat sequentially) prevented the full benefits from reflecting on the bottom line. The company’s overall interest income in the second quarter rose by Rs 372 […]
Even as liquidity remains tight for non-banking finance companies in India, PNB Housing Finance said it has raised Rs 1,775 cr from various mutual funds and banks by issuing commercial paper. Commercial paper refers to short-term loans raised by companies, and are typically used to meet short-term requirements like taking care of inventory and accounts […]
IndusInd Bank launched what it called India’s first dual, debit cum credit card. The ‘Duo’ card has two magnetic stripes on either edges and two chips on either ends. The card design uses the anagram technique to enhance and highlight the singularity of the Duo Card. IndusInd Bank, part of the Hinduja Group, is among […]
NTPC, India’s biggest power producer, said it has taken a loan of Rs 5,000 cr from the State Bank of India to fund its capital expenditure. The loan is repayable over a period of 12 years. This is one of the first large corporate loans extended by Indian banks after the NPA crisis, in which […]
The key Nifty 50 stock index in India is likely to breach the 10,000 support mark this week as the Indian stock market enters what many have called its deepest correction since the 2008 financial crisis. The Nifty, which reflects the stock prices of 50 bluechip stocks traded on the National Stock Exchange, had gone […]
IDBI Bank said its board of directors has approved the issue of shares to Life Insurance Corporation of India to make the latter the majority shareholder in the bank. The insurer will hold 51% of the total shares of IDBI Bank once the issue is completed, it added. The Bank had around 418 cr shares […]
State Bank of India, the country’s largest bank, said it has approved the sale of a 4% stake in its general insurance arm to Premji Invest and Axis Asset Managment for Rs 481.73 cr. SBI General Insurance is an unlisted subsidiary of the bank. SBI recently concluded a successful IPO for its life insurance unit, […]
ICRA, a part of Moody’s Investors Service, revised its outlook on YES Bank’s borrowings to ‘stable’ from ‘positive’ on the basis of the Reserve Bank of India’s direction last week cutting short the tenure of the company’s CEO Rana Kapoor. “The revision in outlook to stable from positive considers the recent direction from RBI whereby […]
The Reserve Bank of India and the Securities and Exchange Board of India are “closely monitoring recent developments in financial markets” and are ready “to take appropriate actions, if necessary,” India’s central bank said in a one-line statement on Sunday. The move comes in the wake of what looks to be the beginning of prolonged […]
HCL SSHS, a joint venture between HCL Technologies and US-based State Street Corporation, said it plans to recruit over 1,000 graduates and post-graduates in commerce, accountancy and finance for its new office in Ganavaram, Vijayawada. The new office has been set up at Medha Tech Park and will be dedicated to finance-related processes such as Capital Markets […]
YES BANK, India’s fourth largest private sector Bank, said it has taken a syndicated loan of $400 million loan facility from a syndicate led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank Limited and Westpac Banking Corporation. The money was borrowed out of […]
Indian banks will need between $40 bln to $55 bln (Rs 2.8 lakh cr to Rs 3.8 lakh cr) of additional capital to meet the Basel III capital adequacy norms set to come into effect next year, Fitch Ratings said, adding that most of the money will have to be put in by the tax […]
Six crore bank accounts opened under the Prime Minister’s Jan Dhan Yojana have been declared inoperative by banks due to lack of transactions, finance ministry said today. The frozen accounts constitute around 19%, or about a fifth, of the total 32 cr Jan Dhan accounts opened under the scheme. Banks are forced to declare an […]
The amount of money swindled by fraudsters from nationalized banks has jumped 359% in four years, RBI data revealed. The trend at nationalized banks is in contrast to that at private sector banks and SBI, where frauds are being increasingly brought under control. According to the RBI, nationalized banks lost a total of Rs 26,705 […]
Reliance Jio and State Bank of India today announced further deepening of their financial relationship, including deeper penetration of SBI services into Jio’s customer care app MyJio. “MyJio, one of India’s largest over-the-top (OTT) mobile applications will now bring in financial services capabilities of SBI and Jio Payments Bank,” the telecom operator said. In return, […]
IDBI Bank, which is the target of an acquisition move by the Life Insurance Corporation of India, has emerged as the bank with highest proportion of bad loans among public sector banks in India. As of the end of 2017-18, IDBI Bank had a gross non-performing asset percentage of 28%. In other words, out of […]
The finance ministry has clarified that it is yet to take a final decision on the proposed acquisition of IDBI Bank by India’s largest insurer Life Insurance Corporation or LIC. Responding to concerns of “hard earned money of the LIC policy holders sinking” in the deal, finance minister Piyush Goyal said it was LIC that […]
Three months after Tata Consultancy Services became the first Indian company to achieve a market capitalization of $100 bln (Rs 6.85 lakh cr), Reliance Industries is close to the $100 bln mark as well. At present, there are only around 100 companies in the world whose shares are worth $100 bln or more, including the […]
Italian insurer Generali Group said it will increase its stake in Future Generali, its insurance joint venture with Future Group of India, to 49% from 25.5% at present at a cost of 120 mln euros (Rs 960 cr). Future Group is a pioneer in the organized retail market in India and is by far the […]
