Bank of Baroda, one of the largest banks in India, has slashed the base rate and benchmark prime lending rates in keeping with the decline in inflation and loan demand. The company slashed the base rate to 9.15% from 9.5% with effect from Oct 1. Base rate is the minimum rate set by the Reserve […]
Bharat Financial Inclusion, formerly known as SKS Microfinance, said it has entered into exclusive discussion with IndusInd Bank on a potential “strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure.” SKS Microfinance is a non-banking finance company (NBFC) was founded in 1997 by Vikram Akula, who served as […]
India’s biggest bank, State Bank of India, has been forced to issue warning letters to its customers after fraudsters targeted the banks’ customers with fake schemes and offers. An email message has been sent to customers warning them against depositing money on the advice of such people. “The recent spate of fictitious offers of cheap […]
The write-off of farm loans in Uttar Pradesh and Maharashtra seems to be encouraging farmers in other states to stop paying back their farm loans to make sure that they will get the benefits of any farm loan waiver program in their state. This has led to a sharp increase in farm loan defaults for […]
Only three public sector banks — State Bank of India, Indian Overseas Bank and Corporation Bank — levy charges on even the smallest money transfer done via mobile phones using the National Electronic Fund Transfer or NEFT facility, data compiled from public sector banks show. None of the remaining 18 public sector banks have a […]
Finance Minister Arun Jaitley said there was no law on the use of bitcoin and similar crypto currencies in India, and users of such currencies may not get recourse to legal remedies for any damage. However, Jaitely added that the government has set up a committee that is expected to come up with suggestions for […]
State Bank of India said it was enabling payment by Samsung Pay service on some of its higher debit card variants. Samsung Pay works by mimicking the ‘swiping’ action of a credit or debit card by sending a magnetic pulse. The ‘card machine’ or point of sale machine mistakes this for an actual swipe and […]
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 […]
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 […]
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 […]
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 […]
Anil Ambani Group’s telecom arm Reliance Communications said it has ‘formally’ communicated to its lenders that it will pay an amount of Rs 25,000 cr to them on or before Sept 30. The latest statement from the telecom operator comes as a way of reassuring investors and lenders that it is serious about paying back […]
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 […]
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 […]
With the country’s largest bank, State Bank of India, refusing to rollback service charges for customers who do not maintain a minimum balance in their accounts, only Oriental Bank of Commerce, UCO Bank and Punjab & Sind Bank remain as ‘free’ providers of savings bank services, according to an analysis of RBI data. SBI said […]
