Andhra Bank proposes to raise Rs 800 cr in FY'15: CMD

State-owned Andhra Bank has proposed to raise Rs 800 crore during the next financial year to fund its growth plans, a top official said today."We are planning to raise (funds) through QIP (Qualified Institutional Placements) or from Government of India. We require about Rs 800 crore..," Andhra Bank Chairman and Managing Director C VR Rajendran told reporters here.It would be decided by third quarter of 2014-15 financial year, he added."Right now the Government share holding is 60 per cent. Last year we got about Rs 200 crore. Initially we will...

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ICICI-led Infradebt fund inks Rs 50 cr loan pact for road project promoted by Jaypee group

ICICI Bank-led India Infradebt Fund today signed a Rs 50-crore tripartite loan pact for a road project promoted by Jaypee group."Today the Infradebt company signed the first tripartite agreement. The agreement has been created in the road sector and paves the way for many more such road projects to have access funding through tripartite agreement. The funding would be to the tune of Rs 50 crore for this project," ICICI Bank Managing Director and CEO Chanda Kochhar told reporters here. The tripartite agreement was signed today between the IDF,...

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RuPay Card base to touch 25 mn by Mar: NCPI

The National Payment Corporation (NPCI) plans to almost double the number of RuPay Cards, the homegrown rival to Visa and MasterCard, to 25 million over the next two months."We have so far issued 14 million RuPay cards, and this will touch 25 million by the end of March," NPCI Managing Director and Chief Executive Abhay P Hota told PTI.NPCI is the nodal agency under the Reserve Bank that manages the national payment switch and has developed the RuPay Cards.RuPay Card, Reserve Bank and domestic lenders-promoted NPCI's answer to Visa and the...

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Canara Bank to revamp units as fee income stagnates

Canara Bank is looking at revamping its subsidiaries to improve fee income and maximise the investments it has made in the units.The government-owned bank, which has units engaged in businesses such as mutual funds, insurance and housing finance, has appointed consultant KPMG as advisor."The mandate to the consultant is to advise... on how the bank can improve its fee income with the help of subsidiaries," said RK Dubey, CMD of Canara Bank. "The consultant will also advise the bank on measures to improve returns on investments made in the subsidiaries."Non-interest...

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