Fitch downgrades PNB’s Viability Rating by two notches

Fitch downgrades PNB’s Viability Rating by two notches

2018-06-04T16:09:32+00:00 On

Fitch Ratings has downgraded the ‘viability rating’ of scam-hit Punjab National Bank by two notches to ‘b’ from ‘bb-‘, citing a sharp rise in loan defaults. However, the bank’s ‘default rating’ has been kept at BBB-, given the high probability that the…

ICICI Banks denies asking Kochhar to go on leave, no search committee

ICICI Banks denies asking Kochhar to go on leave, no search committee

2018-06-01T10:19:53+00:00 On

ICICI Bank said it did not ask its managing director, Chanda Kochhar, to go on leave nor has it appointed any search committee to find her successor. “She is on her annual leave which was planned in advance,” it said in response…

SBI posts pretax loss of Rs 12,213 cr on NPA provision of Rs 24,000 cr

SBI posts pretax loss of Rs 12,213 cr on NPA provision of Rs 24,000 cr

2018-05-22T14:32:42+00:00 On

State Bank of India, the country’s largest bank, reported a sharp increase in its quarterly net loss in Jan-Mar after setting apart a whopping Rs 24,080 cr in the three months to cover bad loans extended by the company in the past….

Axis Bank swings to loss on lower non-interest revenue, rising costs, provisions

Axis Bank swings to loss on lower non-interest revenue, rising costs, provisions

2018-05-16T14:39:59+00:00 On

Private sector lender Axis Bank reported a loss of Rs 2,189 cr for the Jan-Mar quarter, hit by costs that rose faster than revenues as well as higher provisions to account for eventualities. For the quarter, the company’s interest income increased by…

Anmol Ambani impresses dad with his change mantra; nominated to two more boards

Anmol Ambani impresses dad with his change mantra; nominated to two more boards

2018-04-25T15:19:30+00:00 On

Anil Ambani today praised his son Anmol Ambani for bringing about a “cultural change” in his business group, and said the 26-year-old has been added to the director boards of two more of his group companies. Anmol Ambani will join the director…

Jaitley blames ‘sudden and unusual’ demand for cash crunch

Jaitley blames ‘sudden and unusual’ demand for cash crunch

2018-04-17T12:35:33+00:00 On

Finance minister Arun Jaitley blamed a ‘sudden and unusual’ increase in the demand for cash for causing a scarcity in currency notes in some states. Commenting on the reports that banks are running short of cash in many states such as Andhra…

Fitch says Chanda Kochhar issue raises governance concerns at ICICI Bank

Fitch says Chanda Kochhar issue raises governance concerns at ICICI Bank

2018-04-09T15:42:01+00:00 On

The ongoing allegations around the sanction of a loan by ICICI Bank to the Videocon Group and the bank’s reluctance to support an independent probe into the matter has created doubts about the bank’s internal governance standards, global ratings agency Fitch said….

Tata Steel declared successful bidder for Bhushan Steel

Tata Steel declared successful bidder for Bhushan Steel

2018-03-23T09:12:17+00:00 On

Tata Steel said it has been declared as the successful resolution applicant by the Committee of Creditors of Bhushan Steel Limited, laying the ground for one of the biggest acquisitions in India’s iron and steel sector. Tata Steel said it has has…

Kotak Mahindra Bank grows customer base by 50% in 9 months with Aadhaar eKYC

Kotak Mahindra Bank grows customer base by 50% in 9 months with Aadhaar eKYC

2018-03-20T16:35:11+00:00 On

Kotak Mahindra Bank said its customer base increased by 50% in nine months after it launched a mobile app to facilitate quick opening of bank accounts using Aadhaar. The company launched an app called 811 on March 29, 2017, three months after…