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…

Edelweiss abandons acquisition of Religare’s securities business

Edelweiss abandons acquisition of Religare’s securities business

2018-03-16T09:09:04+00:00 On

Edelweiss Financial Services Ltd said it abandoned the deal to acquire the securities business of Religare Enterprises, including the company’s securities and commodities broking and depository participant services. “Due to the seller’s inability to obtain the requisite clearances within the agreed timeline,…

PNB revamps SWIFT system, to deploy Infosys’ Finacle 10 software

PNB revamps SWIFT system, to deploy Infosys’ Finacle 10 software

2018-03-13T09:47:46+00:00 On

Punjab National Bank, in the eye of a storm after a couple of employees issued unauthorized credit guarantees worth $2 bln to clients, said it has put in place procedural and technological changes required to prevent a repeat of the incident. Two…

Preparations in ‘final stage’ for launch of India Post Payments Bank next month

Preparations in ‘final stage’ for launch of India Post Payments Bank next month

2018-03-07T14:50:29+00:00 On

Preparations for the commencement of operations of India Post Payments Bank, scheduled for next month, is in the final stages, communications minister Manoj Sinha said, adding that one branch will be opened nearly all districts of India. “The preparatory works for roll…

Edelweiss offers investors 8.75% – 9.25% interest per year via NCDs

Edelweiss offers investors 8.75% – 9.25% interest per year via NCDs

2018-03-07T10:05:51+00:00 On

Edelweiss Financial Services Ltd said its subsidiary Edelweiss Retail Finance is offering interest rates of 8.75% to 9.25% to retail investors who want to put in Rs 1,000 or more in the company’s debentures. Debentures are like bonds, and are issued by…

Religare promoter shareholding falls sharply

Religare promoter shareholding falls sharply

2018-03-07T10:09:04+00:00 On

Promoters, including Malvinder Singh and Shivinder Singh, saw their combined shareholding in financial services provider Religare Enterprises Ltd come down by 2.16 percentage points due to the invocation of pledges, they said in a regulatory filing. The filing comes in the wake…

SC orders examination of auditing practices in India

SC orders examination of auditing practices in India

2018-02-23T11:53:08+00:00 On

The Supreme Court has directed the government of India to set up a committee to suggest reforms in rules and regulations governing accounting and auditing services companies in India. The three-member committee has been asked to suggest a revamped regulatory mechanism for…