United Bank of India to raise up to Rs 3,000 cr ahead of PNB merger

United Bank of India said its board of directors has approved in principle a plan to raise ‘up to Rs 3,000’ cr via a preferential sales of shares ahead of its merger with two other banks. A preferential sale of shares, as distinct from a private placement, is a quicker form of selling shares to […]

ICICI Bank tops in banking fraud hits; SBI, HDFC Bank follow

ICICI Bank, one of India’s top three lenders, has emerged as the No.1 target of bank fraudsters last year in terms of the sheer number of such incidents, overtaking bigger rival State Bank of India. ICICI Bank reported 374 medium and large sized incidents of fraud, beating back SBI, which came in with 338 such […]

‘We’re cleaning up the banks’ – FinMin gives the numbers

Finance ministry on Thursday gave detailed numbers to detail the efforts that the Narendra Modi government has been making to overcome the problems created by corruption and bad loans in India’s public sector banks. Finance Minister Nirmala Seetharaman pointed out that a review in 2015 found that a huge chunk of loans issued in previous […]

Electronics, Apparel, Retail & Telecom best courses for jobs -PMKVY

‘How to get a job’ may be the most pressing question for youngsters in India today, and going by PMKVY data, the best courses for getting a job today are electronics and hardware, apparel, retail, telecom and logistics. This insight is based on the placement and salary data collected by National Skill Development Corporation, the […]

Mahindra Finance sells 49% of asset management arm to Manulife

Singapore-based investment management company Manulife has bought a 49% stake in the asset management arm of Mahindra Finance, marking yet another collaboration between an Indian financial company and a foreign asset management company for operations in India. The transaction has been structured as an investment of $34.9 million, or about Rs 2,000 cr, into the […]

HDFC to acquire majority stake in Apollo Munich at Rs 1,347 cr

HDFC said it has agreed to buy a 51% of Apollo Munich Health Insurance Company Ltd for around Rs 1,347 cr. Apollo Munich will be merged with HDFC’s general insurance subsidiary, HDFC ERGO General Insurance Company Limited, even as Munich Re continues to remain invested in the new, merged entity. HDFC already has a joint […]

IndusInd Bank to merge with Bharat Financial Inclusion on July 4

lnduslnd Bank said it will give effect to its take over of Bharat Financial Inclusion Limited — formerly known as SKS Microfinance Limited — on July 4. The private sector bank said it received the approval of National Companies Law Tribunal or NCLT last Thursday. With the merger, “all the assets and liabilities of Bharat […]

Edelweiss ties up with Bank of Baroda for MSME loans

Edelweiss Financial Services said its unit ECL Finance has signed an agreement with Bank of Baroda to explore co-lending or co-origination of loans to small businesses. The two will offer loans and expertise to MSME (micro, small and medium enterprises), self-employed persons as well as “priority sector groups”. “Under the arrangement, both partners can widen […]

Reliance Capital to raise Rs 6,000 crore from Reliance Nippon Life Asset Management Limited stake monetisation

Anil Ambani owned Reliance Capital Ltd said that it signed binding definitive agreements with Nippon Life Insurance, one of the largest life insurance companies in Japan to increase its stake in investment management firm Reliance Nippon Life Asset Management Limited (RNAM) to 75%. Reliance Capital said that it will receive Rs 6,000 crore from the […]

Way2Wealth: SAT stays SEBI order in NSE leased line case

The Securities Appellate Tribunal has stayed an order by the stock markets regulator imposing strict restrictions on stock broker Way2Wealth in the ‘NSE leased line’ case. The Securities and Exchange Board of India had, two weeks ago, imposed penalties and restrictions on several parties, including the National Stock Exchange, for facilitating or indulging in unfair […]

Wipro helps Thailand move towards fully digital economy via blockchain

Wipro Ltd said it has helped deploy a new information technology system to kick off the digitization of the currency in Thailand. The achievement marks a small, but crucial step in what many consider the inevitable evolution of money into a more convenient digital format. DIGITAL PAYMENT vs BLOCKCHAIN At present, digital money is handled […]

NSE seeks clarification from Jet Airways on Brit entrepreneur’s interest

The National Stock Exchange on Wednesday sought a clarification from Jet Airways regarding reports that a British entrepreneur has expressed interest in acquiring it. The NSE has asked Jet Airways whether such negotiations were taking place and whether it was aware of any information that has not been informed to both NSE and BSE. This […]

Nucleus Software Q4 FY 2019 revenue up by 14%, net profit after tax reports slight dip

Banking services and solutions provider Nucleus Software reported a consolidated revenue of Rs 127 crore in the fourth quarter of FY 2019, compared to the Rs 111 crore it generated in the corresponding quarter of the previous year. This is also higher than the Rs 123 crore it posted three months ago and the Rs […]

CCI approves Bandhan Bank merger with GRUH Finance

Regulatory body Competition Commission of India (CCI) approved the merger of Kolkata-based Bandhan Bank with affordable housing finance company GRUH Finance. On January 7, 2019, board of directors of both the companies had approved the merger and said that it would be completed within six months. The merger comes after the Reserve Bank of India […]

TCS Deploys Core Banking Software At ChinaTrust Commercial Bank In Taiwan

IT firm Tata Consultancy Services (TCS) said that it has deployed its core banking product TCS BaNCS at ChinaTrust Commercial Bank (CTBC) in Taiwan. BaNCS is TCS’ main product for banks, and offers various solutions for core banking, internet banking, treasury, wealth management, mobile banking and insurance. “We chose TCS BaNCS as our preferred solution […]