Quick view: RBI cuts SLR for urban coop banks by 250 bps

Updated: Jun 6 2014, 07:13am hrs
The RBI on Thursday reduced the statutory liquidity ratio (SLR) requirements of urban cooperative banks by 250 basis points (bps) of their total demand and time liabilities to 22.5%. However, the central bank decided to increase the cash reserve ratio (CRR) requirement for UCBs by 100 bps to 4% effective from July 12, the RBI said in a notification on its website. The RBI also said the balances kept with state cooperative banks and district central cooperative banks, as also term deposits with public sector banks, will not eligible of being reckoned for SLR purpose from April 1 2015.

Sebi bars hedge fund in L&T insider trading case

Unearthing a major insider trading case in shares of L&T Finance, Sebi has barred a Cayman Islands-based hedge fund from Indian securities markets while the role of other entities including some employees of investment banking major Credit Suisse are also under scanner. This hedge fund, Factorial Master Fund, traded in derivative contracts of L&T Finance with Offshore Derivative Contracts (commonly known as P-Notes) through five different FIIs (Foreign Institutional Investors) namely Macquarie Bank, Goldman Sachs Singapore, Merrill Lynch CM Espana, Nomura Singapore and Citigroup Global Markets Mauritius in an "aberrant and suspicious" manner. Besides, a probe by Sebi found that Factorial was involved as potential investor in an exercise undertaken by Credit Suisse as 'Seller Broker' of L&T Finance for its Offer for Sale (OFS) in March.

Citibank names new head for India commercial ops

Citibank has appointed Tushar Vikram as head of its commercial banking business for the country, with immediate effect. Vikram will take over from Rajat Madhok, who will now lead Citi's regional mid-market enterprise business from Hong Kong, a bank statement said. Vikram joined Citi in 1996 in credit risk management, and then moved to corporate banking where he handled key corporate relationships from 2000 to 2007. He holds a degree in commerce and is also a qualified chartered accountant and a certified public accountant.

ANZ India gets approval for two more branches

Australia and New Zealand Banking Group (ANZ) said that it has received in-principle approval from the RBI to open two new branches. The new branches will come up Gurgaon, NCR, and outer Bangalore, the bank said in a statement. The in-principle approval is for 12 months and the bank will finalise its plans within that time and seek final approval then and decided on the branch openings, ANZ India spokesperson said when sought the opening date.

Tarini plans R16.3-cr IPO; to list on SME platform

Tarini International has announced it plans a public issue of 39.78 lakh equity shares of R10 each, at a price of R41 per share, aggregating to R16.30 crore. The shares would be listed on the BSE SME platform. The issue would open for subscription on June 9 and close on June 13. The company provides financial and technical consultancy related to hydel power generation, transmission, distribution and infrastructure. The company intends to use issue proceeds to finance long-term incremental working capital requirements and brand building, a statement said.