Banking & Finance

Union Bank of India to raise Rs 700 cr from stake sale in six firms

In the quarter ended June, Union Bank had raised Rs 194 crore from sales of investments, down 70.3% year-on-year and 47.3% sequentially.

PNB sells credit card outstandings worth 3% of its card portfolio

Punjab National Bank (PNB) sold non-performing credit card outstandings worth over 3% of its portfolio in the category in September, according to people aware of the development.

Yes Bank hires headhunter Korn Ferry to assist search panel for new CEO

Yes Bank Thursday appointed US-based headhunter Korn Ferry to assist an expert panel searching for a successor to outgoing MD and CEO Rana Kapoor.

IL&FS default undermines asset backed securities market, highlights continuity risks: Fitch

In the next six months period – October 29 to March 13, 2019 – IL&FS group has to repay about Rs 1,085 crore worth of commercial papers. The beleaguered group has a total debt of about Rs 91,000 c

IDBI Bank appoints Rakesh Sharma as new top boss; here are 2 key challenges before him

The state-run IDBI Bank, which is nearing its merger-completion with country’s largest insurer LIC, announced on Wednesday that veteran banker Rakesh Sharma has taken charge as the new MD and CEO of

No respite for payments firms! RBI sticking with plans to force to store data locally

Firms such as Mastercard, Visa and American Express have in recent months met with Indian policymakers, including Finance Minister Arun Jaitley, to push for an extension of the RBI's deadline.

Bandhan Bank Q2 net rises 47% on interest income

The bank added 7.6 lakh customers during the quarter, at the end of which its total customer base stood at 144 lakh.

Bandhan Bank yet to submit promoter stake cut plan to RBI

Bandhan Bank’s shares ended 5.6% higher compared to their previous close at Rs 512.05 on the BSE.

Rakesh Sharma takes charge as MD & CEO of IDBI Bank

State-run IDBI Bank Wednesday said Rakesh Sharma has taken charge as the managing director and chief executive officer of the bank, effective today.

IL&FS default: SBI offers to buy Rs 45,000 crore worth assets from cash-strapped NBFCs; here’s why

Hit by a series of defaults by debt-ridden IL&FS group, the largest lender in the country SBI has offered to purchase good quality assets worth Rs 45,000 crore from NBFCs.

SBI reports 1,329 fraud cases worth Rs 5,555 cr in Apr-Sep 2018

As many as 1,329 cases of fraud, involving an amount of Rs 5,555.48 crore, came to light in country's largest bank State Bank of India (SBI) in first six months of the current fiscal year, an RTI quer

Bank of Baroda-Vijaya-Dena merger gets a step closer; board approval done, proposal sent for government nod

BoB-Vijaya-Dena merger: The next step for the merger is getting government's formal approval, followed by the swap ration, Bank of Baroda MD and CEO PS Jayakumar told reporters.

India Post aims to increase market share in parcel business segment to 10% in 2 years, says Manoj Sinha

India Post handled 618 crore mail articles, 46 crore speed post articles and 18 crores registered articles in the last financial year 2018.

Over 77,000 payments bank accounts opened in Maharashtra, Goa postal circle, says official

The Maharashtra and Goa Circle of India Post has got 77,339 customers for its payments bank since the facility was launched nationwide on September 1, a senior postal department official said Tuesday.

WhatsApp to meet RBI norm: Messaging platform sets up system to store payments-related data locally in India

Messaging platform WhatsApp Tuesday said it has set up a system in India that stores payments-related data locally in the country to comply with RBI regulations.

After failing to get single bid from banks, debt-struck Air India plans this to raise Rs 500 crore loan

Unable to get a single bid from banks for more than a month to raise Rs 500 crore, debt-struck national carrier Air India has extended the deadline of its tender till October 31.

PNB Housing Finance raises first ECB of $200 million

The fund raising through the automatic route is a first for the company after the RBI had earlier allowed housing finance companies to borrow through ECB under the automatic route.

PNB says on track to bounce back, recovers Rs 13,000 cr in first two quarters

Punjab National Bank on Monday said it is well on its course in recovery and loan upgradation initiatives for the current fiscal with almost Rs 13,000 crore recovered and upgraded in the first two qua

Bank Unions to protest against PSU banks’ merger decision on Tuesday

A bank employee unions' federation has called upon bank unions to hold demonstrations Tuesday to protest against the merger of three state-run lenders --Bank of Baroda, Vijaya Bank and Dena Bank, a un

NHB enhance refinance limit to Rs 30,000 cr to help mortgage firms tide over liquidity crunch

The National Housing Bank (NHB) has increased the refinance limit to Rs 30,000 crore for housing finance companies for 2018-19 in view of the current liquidity position of the sector, according to an

Supreme Court seeks RBI response on plea over banks not passing benefits of low interest rates

The Supreme Court Monday directed RBI to communicate its decision on the representation over banks delaying passing on the benefit of lower interest rates to those who have taken loans at floating int

What protection is available to a depositor if bank fails: Delhi HC asks Centre

What is the protection available to customers having deposits of over Rs 1 lakh if a bank fails, the Delhi High Court asked the Centre on Monday, saying this was a matter of public importance.

Federal Bank gets RBI nod to sell 45% stake in NBFC arm to True North

Federal Bank Monday said the Reserve Bank has approved proposal to sell up to 45 per cent stake in NBFC arm Fedfina to private equity firm True North.

RBI wants public data to be stored in India: What it means, how it will impact mobile wallet companies

With nearly USD 3 billion being transacted through digital payments alone in India, it is estimated that by 2022, the digital economy is likely to contribute nearly 20% of the GDP of India.

Bankruptcy Code will deepen Indian corporate bond market: Assocham

The successful resolution of issues of banks' non-performing assets (NPAs) or bad loans through the Insolvency and Bankruptcy Code (IBC) will help deepen India's corporate bond market that is highly c

Punjab National Bank MD rules out acquiring other public sector banks

Ruling out possibility of inorganic expansion, Punjab National Bank Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy.

Bank of Baroda launches fortnight programme dedicated to farmers

State-owned Bank of Baroda (BoB) has launched a fortnight programme dedicated for the farming community with a view to give a push to lending to the segment.

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