Reliance Jio and State Bank of India today announced further deepening of their financial relationship, including deeper penetration of SBI services into Jio’s customer care app MyJio. “MyJio, one of India’s largest over-the-top (OTT) mobile applications will now bring in financial services capabilities of SBI...
FINANCE
IDBI Bank tops list of banks with high NPAs
IDBI Bank, which is the target of an acquisition move by the Life Insurance Corporation of India, has emerged as the bank with highest proportion of bad loans among public sector banks in India. As of the end of 2017-18, IDBI Bank had a gross...
No final decision on LIC-IDBI merger yet – Govt
The finance ministry has clarified that it is yet to take a final decision on the proposed acquisition of IDBI Bank by India’s largest insurer Life Insurance Corporation or LIC. Responding to concerns of “hard earned money of the LIC policy holders sinking” in the...
Reliance Industries 10 rupees away from $100 bln market cap, after TCS
Three months after Tata Consultancy Services became the first Indian company to achieve a market capitalization of $100 bln (Rs 6.85 lakh cr), Reliance Industries is close to the $100 bln mark as well. At present, there are only around 100 companies in the world...
Generali to invest 960 cr in insurance JV with Future Group
Italian insurer Generali Group said it will increase its stake in Future Generali, its insurance joint venture with Future Group of India, to 49% from 25.5% at present at a cost of 120 mln euros (Rs 960 cr). Future Group is a pioneer in the...
Temasek investment to boost growth – AU Bank MD
AU Small Finance Bank said it received its shareholders approval for Singapore-based Temasek to invest around Rs 1,000 cr in the bank for a stake of around 5%. “This is the largest primary capital infusion in AU Bank and its first ever since their last...
Yes Bank gets SEBI approval for starting FII services
YES BANK, India’s 4th largest private sector Bank, said it has received approval from Securities and Exchange Board of India (SEBI) for acting as Custodian of Securities, allowing it to act as an intermediary for foreign institutional investors or FIIs. “The Custody business will allow...
Fitch downgrades PNB’s Viability Rating by two notches
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 government of India...
ICICI Banks denies asking Kochhar to go on leave, no search committee
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 to media queries....
Yes Bank approved a ‘clearing bank’ with NSE
YES BANK said it has been approved as a clearing bank for the National Stock Exchange, adding to similar status with other exchanges like the BSE, MCX and NCDEX. India’s fourth largest private sector bank said it will provide “comprehensive settlement & clearing services” under...
Bhushan Steel: Yes Bank recovery at 66% thanks to Tata Steel buy
Yes Bank said it recovered 66% of its total claim of Rs 325 cr from bankrupt steelmaker Bhushan Steel after it was taken over by Tata Steel. “With this recovery, the Bank now has an exposure to only one account, aggregating to only Rs 23.4...
SBI posts pretax loss of Rs 12,213 cr on NPA provision of Rs 24,000 cr
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. Even excluding the...
Axis Bank swings to loss on lower non-interest revenue, rising costs, provisions
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 Rs 603 cr...
Anmol Ambani impresses dad with his change mantra; nominated to two more boards
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 boards of Reliance...
Cash Crunch: Govt says currency demand up by Rs 45,000 cr in 13 days
The government of India has blamed a sudden spurt in currency demand, to the tune of Rs 45,000 cr in 13 days, for the ongoing cash crunch reflected in ‘dry’ ATMs in many parts of the country. In a statement, the finance ministry said the...
Jaitley blames ‘sudden and unusual’ demand for cash crunch
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 Pradesh, Uttar Pradesh,...
DCB Bank reports all-round improvement in fourth quarter
Private sector lender DCB Bank reported all-round improvement in the bank’s financial performance for the final quarter of FY2018, at a time when the sector is undergoing major stress over bad loans. The bank’s net profit rose to 64 cr for the final quarter from...
AU Small Finance Bank offers 6.5% interest on high-value savings deposits
AU Small Finance Bank, which was formed a little over two years ago, said it has started offering interest of 6.5% for its savings account holders with balance above Rs 1 lakh. This makes the bank the only one to offer such a high interest...
Fitch says Chanda Kochhar issue raises governance concerns at ICICI Bank
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. “..the presence of...
Bank of Baroda increases lending rates by 10 basis points
Bank of Baroda, India’s second biggest bank by assets, raised its lending interest rate by 10 basis points across all tenures up to one year. With this, the one-year marginal cost of funds based lending rates or MCLR has been raised to 8.4% from 8.3%...