Dhanlaxmi Bank said it will raise Rs 150 cr by issuing non-convertible, 7-year bonds. The bonds will carry interest of 11% paid every six months. The debentures, of face value Rs 10 lakhs each, will be sold on a private placement basis. The notes will be of subordinated Tier-LI status, the private bank added. Dhanalakshmi […]
Yes Bank said it will lend Rs 750 cr to Mahindra Renewables Pvt. Ltd., part of the Mahindra Group, for constructing a 250 megawatt solar farm in the solar park at Rewa in Madhya Pradesh. The project has raised another Rs 200 cr from other financial institutions and achieved financial closure, the bank added. The […]
Edelweiss Financial Services Ltd said it abandoned the deal to acquire the securities business of Religare Enterprises, including the company’s securities and commodities broking and depository participant services. “Due to the seller’s inability to obtain the requisite clearances within the agreed timeline, the binding agreement has come to an end on March 15, 2018,” Edelweiss […]
Punjab National Bank, in the eye of a storm after a couple of employees issued unauthorized credit guarantees worth $2 bln to clients, said it has put in place procedural and technological changes required to prevent a repeat of the incident. Two key technical changes being implemented are a revamp of the way the bank […]
Preparations for the commencement of operations of India Post Payments Bank, scheduled for next month, is in the final stages, communications minister Manoj Sinha said, adding that one branch will be opened nearly all districts of India. “The preparatory works for roll out of 650 branches including the civil, electrical, branding and furniture are in […]
Edelweiss Financial Services Ltd said its subsidiary Edelweiss Retail Finance is offering interest rates of 8.75% to 9.25% to retail investors who want to put in Rs 1,000 or more in the company’s debentures. Debentures are like bonds, and are issued by a company with a fixed tenure, after which they are redeemed. The interest […]
Promoters, including Malvinder Singh and Shivinder Singh, saw their combined shareholding in financial services provider Religare Enterprises Ltd come down by 2.16 percentage points due to the invocation of pledges, they said in a regulatory filing. The filing comes in the wake of reports that the company’s board may be reconstituted to give more representation […]
The Supreme Court has directed the government of India to set up a committee to suggest reforms in rules and regulations governing accounting and auditing services companies in India. The three-member committee has been asked to suggest a revamped regulatory mechanism for big auditing firms within two months. The order came in a public interest […]
Private sector lender IndusInd Bank clarified that it does not have any heavy exposure to the ongoing saga of fraud and crime involving unauthorized letters of comfort issued by an employee of Punjab National Bank. “IndusInd Bank has no direct credit exposures to Nirav Modi nor any indirect credit exposures basis the LoUs issued by […]
Axis Bank has again increased the rate of interest that will be charged for new loans, this time by one-tenths of a percentage. The hike comes a month after a 0.05 percentage point increase in January, and ten days after rival HDFC Bank increased its lending rate. The new interest rates will be applicable to […]
Two key personnel of Gitanjali Ltd — its chief compliance officer and its chief financial officer — resigned last week, regulatory filings on Tuesday showed. While Pankhuri Warange, the chief compliance officer and the company secretary, resigned over concerns about “absence of disclosures” from the company, Chief Financial Officer Chandrakant Karkare resigned due to a […]
Allahabad Bank said it is exposed to the tune of $366.87 million to the current incident involving diamond merchant Nirav Modi and the unauthorized Letters of Undertakings he allegedly secured from Punjab National Bank. However, said Allahabad Bank, it is not worried about getting its money back as the loans are guaranteed by PNB. “The […]
The total amount of money held under the accounts opened under the Jan-Dhan Yojana is once again nearing the all-time high seen during demonetization, and has increased by nearly 10% over a period 4 months, puzzling banking officials. Numbers from RBI also show that Jan Dhan accounts have stopped losing money and that the average amount […]
Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the bank was taken for a ride by some of its […]
Sunil Mehta, MD of Punjab National Bank today denied that billionaire diamond merchant Nirav Modi has offered a concrete proposal to repay the $1.77 bln that he’s accused to embezzling. Speaking at a press conference called to address the allegations and controversies surrounding the ‘scam’, Mehta said he cannot go into the details, given that […]
National Stock Exchange of India, India’s largest securities trading platform, has sought details from Punjab National Bank on media reports regarding raids by enforcement agencies on the bank’s premises in the Nirav Modi case. “The exchange has advised the company to provide clarification or confirmation on the news item (on the raids) in detail,” the […]
The government can heave a sigh of relief as the Goods and Services Tax collection for January have come in slightly stronger than what many expected. The final number for January is Rs 88,929 cr, an increase of 6.3% over Rs 82,716 cr recorded in the previous month. The declines were a matter of concern […]
Housing Development Finance Corporation Ltd has tied up with Bangalore-based real estate player Prestige Estates to invest Rs 2,500 cr in affordable housing. The tie-up has been implemented through its subsidiary HDFC Capital Advisors Limited, which is the investment manager to HDFC Capital Affordable Real Estate Fund 1. The fund, which focuses on middle income […]
Union Bank of India, one of India’s largest state-controlled banks, reported a deterioration in its loan book quality and wider losses for the October-December quarter. The bank posted net loss for Rs 1,250 crore for the quarter, compared to net profit of Rs 104 cr for the same quarter last year. Higher provisions to deal […]
Yes Bank, one of India’s youngest banks, said it will raise $600 mln by issuing five-year notes with a coupon rate of 3.75% per year. The bonds will be listed on the Singapore Exchange Securities Trading, International Securities Market of The London Stock Exchange and India International Exchange IFSC. The instruments will be issued on […]
