Singapore’s Heliconia to buy 2.6% in Kotak Bank for Rs 1,296 cr

Private sector Kotak Mahindra Bank today said Singapore’s Heliconia Pte Ltd will buy 2.6 per cent stake in the bank for Rs 1,296 crore.The board of directors has approved Heliconia Pte Ltd, an affiliate of GIC of Singapore, to subscribe to two crore equity shares, or about 2.6 per cent shareholding in the bank for Rs 1,296 crore, Kotak Bank said in a statement.The price of Rs 648 per share offered by Heliconia Pte Ltd values Kotak Mahindra Bank at about Rs 49,000 crore.Shares of Kotak Bank were trading at Rs 635 apiece, up 1 per cent on the...

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IRDA cautions people against fake insurers

The Insurance Regulatory and Development Authority (IRDA) has asked the general public to be wary of some logistic services providers selling insurance illegally.“It has come to the notice of the IRDA that a few entities under the banner of cargo carriers, couriers, logistic providers and transporters are charging consideration from their clientele towards their contractual liabilities using the term insurance,’’ IRDA said in a circular.Only licensed entities can offer an insurance product and collect or charge insurance premium towards consideration.The...

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SBI hits global bond market to raise $1 b

State Bank of India (SBI) today hit the international bond market to raise about $1 billion (Rs 5,430 crore) in a five-year dollar bond sale programme.“The State Bank today hit the overseas bond market with a benchmark issue ($500 million or above). The initial pricing of the fixed rate, five-year senior unsecured bond is fixed at US treasury plus 275 basis points,” a merchant banker involved in the deal said late this evening.SBI chairman Pratip Chaudhuri confirmed the sale programme and said they should be able to close the issue by late...

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Ratnakar Bank raises Rs 324 cr

Private sector lender Ratnakar Bank has completed its second round of capital infusion of Rs 324 crore by issuing 3 crore new shares to domestic and global investors.The bank had last raised capital in January 2011.With the latest round of funding, the bank has raised total equity capital of Rs 1,100 crore in two years, the bank said in a statement.Investors in this round of capital raising are International Finance Corporation, a member of the World Bank Group, Aditya Birla Private Equity, ICICI’s Emerging India Fund, IDFC S.P.I.C.E. Fund...

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IDBI Bank’s fee income from govt biz doubles in FY13

With fees earned from facilitating tax collections doubling, IDBI Bank plans to step up its focus on government business.In fiscal 2012-13 (FY13), the public sector bank earned Rs 60 crore fee income (Rs 30 crore in FY12) from government business, which includes facilitating collection of direct and indirect (Central) taxes, State sales tax and treasury business.Direct tax includes corporate and personal income-tax while indirect tax includes Customs duty, excise duty and service tax.IDBI Bank facilitated central tax collections aggregating...

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RBI to release Rs 10 banknotes bearing rupee symbol

The Reserve Bank of India (RBI) said it will soon issue Rs 10 denomination banknotes incorporating the newly-devised rupee symbol.The new notes would bear the inset letter ‘M’ in both the numbering panels of the Mahatma Gandhi series, 2005.The note will also bear the signature of RBI Governor D Subbarao and the year of printing ‘2013’ printed on the obverse side, a RBI release said.All banknotes of Rs 10 denomination, which have been issued in the past, will continue as legal tender, according to a release today. Source: thehindubusinessli...

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Federal Bank redesigns Web site

Federal Bank has launched its redesigned corporate Web site, which comes with updated content, easy-to-use features, innovative tools and a design that’s easy on the eyes.Armed with a modern GPS-supported branch/ATM locator, users can locate any of the over 2,250 branches/ATMs within seconds.Facility to apply for business loans online, value-added services for NRI customers, tools and calculators with enhanced features, interactive wizards for product search, virtual 360 degree view of its key branches are among the principal features.Customers...

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Union Bank to recruit 336 specialist credit officers

Public sector lender Union Bank of India is looking for 336 specialist credit officers, according to advertisement given by the bank.Under its recruitment drive, the bank has notified about 349 vacancies in the specialist officers’ category with 336 for the position of credit officers and two positions for the economists, according to a notification on the bank’s website.The bank’s online registration for application closes on April 23. Source: thehindubusinesslin...

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Srei, Vakrangee Software get approval to set up ATMs

Srei Infrastructure Finance and Vakrangee Software have received the Reserve Bank of India’s nod for setting up automated teller machines or ATMs that will not be proprietary to a particular bank.The two companies join Tata Communications and nine other players that now have the authorisation to set up ‘white label ATMs’ for reaching out to the un-banked and under-banked pockets. Unlike the over one lakh ATMs in the country, the white label ones will not display any bank logos and they will serve customers from all banks for the same fee.At...

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Indian Bank bags excellence award

Chennai-headquartered Indian Bank has been conferred with the National Excellence Award in Micro Enterprises lending by the Union Ministry of Micro, Small and Medium Enterprises for 2012.According to a release from the bank, T.M. Bhasin, Chairman and Managing Director, received the award from the President of India Pranab Mukherjee recently at Vigyan Bhawan, New Delhi. Source: thehindubusinesslin...

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SBI to discontinue free accident cover for loan customers

The country’s largest bank SBI will discontinue a free accident insurance cover given to its home and car loan customers from July this year.In a notification to its customers, the State Bank of India said the complimentary group personal accident insurance cover (death only) for home and car loan customers will be discontinued on the expiry of current Master Policy on July 1, 2013.“Hence, in case of accidental death of any Home/Car loan borrower on or before July 1, 2013, claims may be lodged for the outstanding amount in the loan account...

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