Covid-19 no challenge for Indian Bank-Allahabad Bank merger
According to the swap ratio, 115 equity shares of Chennai-based Indian Bank are to be exchanged for every 1,000 equity shares of Allahabad Bank. Indian Bank is the anchor bank in this merger process.
United Bank says its valuation ‘low’ largely due to lower net worth
Punjab National Bank (PNB) announced the share exchange ratio for the proposed merger following its board meet on March 5.
Will take all steps to build right ecosystem to make Odisha leader in technology space: Patnaik
The state government plans to unveil its refurbished policies for information technology (IT), IT-enabled services (ITeS), and new policies for BPO and data centre by April this year.
Partial credit guarantee won’t fully solve liquidity problem: Hemant Kanoria, chairman, Srei Infrastructure Finance
The government has a clear vision for infrastructure investments in the medium to long term. However, in the short term, there are certain hurdles which the government is aware of and is consciously trying to address.
Budget 2020: For ITC, tax hikes likely in range of 9-15% due to rise in excise duty on cigarette
Budget 2020 India: The tax hikes, in effect, at the portfolio level is likely to be about 11%, which means the company would need to raise MRP by 6–7% to offset the same.
UCO Bank trying to reduce NPA provision, raise operating profit: CEO Atul Kumar Goel
As the bank received fresh capital of around Rs 2,142 crore from the government in the first week of January, capital adequacy ratio will improve further.
Better Realisation: Eyeing one-time settlement for more IBC cases
After successful resolutions of Bhushan Power and Alok Industries, the bank is likely to write back over Rs 500 crore of provisions with having a total exposure of around Rs 1,500-1,600 crore.
Allahabad-Indian Bank merger: Harmonisation likely by mid-February
At the operational level, lower level committees for various departments meet.
In equipment industry, we are seeing green shoots and gradual improvement: Srei MD
The process of transferring of Srei Infrastructure Finance's lending business into Srei Equipment Finance by way of a slump exchange exercise is nearing completion, says Devendra Kumar Vyas, MD of Srei Equipment Finance.
Assam turmoil: Microfinance institutions face irregularity, delay in loan repayments
Worried microfinance industry feels that if the “irregularity and delay” in loan repayments get longer, then there would be a major problem for every player — small, medium and large.
National Insurance seeks Rs 6,000 crore before merger
National Insurance Company has urged the government to infuse around Rs. 6,000-crore into it to shore up the capital before its merger with two state-run general insurers.
Yes Bank drags McLeod Russel to NCLT over Rs 500-crore loan default
Yes Bank has now filed an insolvency petition before the Kolkata Bench of the NCLT under Section 7 of the Insolvency and Bankruptcy Code (IBC), alleging a loan default of around Rs 500 crore.
Srei-promoted fund urges RP to consider withdrawal of OSPIL from IBC process
Incidentally, two resolution applicants, ArcelorMittal and Thriveni Earthmovers, have reportedly submitted their resolution plans for OSPIL.
Concentration risk rising: 5 key states account for 55% of MFI loans
“During FY16-19, the MFI loans disbursed in the Rs 50,000-60,000 ticket size range registered 55% CAGR, while disbursements in more than Rs 60,000 ticket size showed sharp 108% CAGR,” MOFSL’s report said.
Focus more on preserving profitability than on growth in current environment: Chairman, Srei Infrastructure Finance
In an interview with FE’s Mithun Dasgupta, Kanoria points out the company's focus is more on preserving profitability than on growth in the current environment.
Will talk to PSBs for bancassurance tie-ups: Mayank Bathwal, CEO, Aditya Birla Health Insurance | Interview
About 10 banks, including large private sector banks like HDFC Bank and Axis Bank, are currently our bancassurance partners, he says.
Eveready’s outstanding ICDs to stressed Williamson Magor almost same in Q1, Q2
For dry cell battery major Eveready Industries, the amount of outstanding inter-corporate deposits (ICDs) to stressed Williamson Magor group companies remained almost the same for the first and the second quarters.
United Bank of India looks to sell more NPA accounts
The state-run bank is looking to sell more bad loans to ARCs to clean up the balance sheet before the proposed merger with PNB and OBC.
NCLT orders insolvency proceedings against Apeejay Tea; firm to move NCLAT
He contended that the company, in its reply to the bench, did not mention disputes regarding the quantum and quantity (of goods supplied).
McNally creditor withdraws insolvency petition after out-of-NCLT settlement
Earlier, in a big jolt to the ongoing restructuring efforts for the Williamson Magor group, the tribunal on Wednesday had ordered commencement of the insolvency resolution process for MBE on a plea of the financial creditor T
Banks see ‘some growth’ in corporate loans
The government had directed public-sector banks (PSBs) to hold loan outreach programmes in 400 districts ahead of Diwali festivities to stimulate loan growth.
Upcoming merger: Allahabad Bank puts property sales on hold
Rao said the bank has already restructured loans of Rs 285 crore and further identified Rs 200 crore to stressed MSMEs under the RBI’s debt recast scheme during FY20. The bank’s total exposure to the MSME sector stands at
Expect cabinet nod for all bank mergers will happen simultaneously, says Allahabad Bank’s SS Mallikarjuna Rao
After valuation we were thinking of diluting the stake. But in the meantime there were some developments. In February we got capital from the government and our bank came out of the RBI’s PCA framework.
Relief for McLeod Russel: NCLT modifies status quo order on company’s assets
The company had earlier sold its tea estates in Assam and the Dooars to reduce huge debt. Currently, its short and long-term debts stand at around Rs 1,700 crore.
Ponzi scam: NCLT orders winding up of 68 Saradha Group firms
Notably, in December last year, the NCLT Kolkata Bench had ordered winding up of 13 companies of Saradha Group, directing the official liquidator to take possession of assets and properties of all these companies.
McLeod Russel urges NCLT to quash ‘status quo’ order
The order was passed after one of the company’s financial creditors, Techno Electric & Engineering, apprehended disposal of the assets of the corporate debtor (McLeod) for defeating its interest.
Srei seeks Sebi, RBI nod to buy back NCDs from retail investors
According to Srei, the proposed step to consolidate its lending business into one entity is an attempt to create a long-term structure to be ready for “merger or conversion into a bank” and roping in strategic investors i
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