YES Bank case: HC reserves final order till May 12

The nearly two-year-long legal family dispute between YES Bank's two largest shareholders – Rana Kapoor and Madhu Kapur – may come to an end on Tuesday, May 12.Without passing the judgment, the High Court has suggested that both the shareholders should reduce their stake to below 10 per cent. The judgment will be passed on Tuesday.According to the High Court, if the shareholding is brought down below this threshold limit, the conflict of nomination of IP (Indian Partners) Representative Director gets resolved as they both will lose their rights...

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United Bank net drops 78% to Rs. 105 cr on increased provisioning

Kolkata-based United Bank of India (UBI) reported a near 78 per cent decline in net profit to Rs. 105 crore for the quarter ending March 31, 2015.The PSU lender had reported a net profit of Rs. 469 crore in the corresponding quarter last fiscal.Increased provisioning by over 153 per cent to Rs. 676 crore during the fourth quarter dragged down profits. Provisioning in the corresponding quarter in the last fiscal stood at Rs. 267 crore.Total income earned during the quarter moved up to Rs. 3,153 crore (a near 6 per cent increase) over the Rs....

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Muthoot Fincorp eyeing for PE funds

Muthoot Fincorp, the flagship company of Muthoot Pappachan Group, is looking at private equity (PE) funding of Rs. 600-800 crore this fiscal.The company is also planning to come up with public issue of bonds worth Rs. 550 crore sometime in June. For the full fiscal year 2016, it may do public issue of bonds up to Rs. 1,000 crore.The funds will be deployed in growing the existing business towards income generation for the wider segment of the population at the bottom of the pyramid.Thomas John Muthoot, Chairman of the Group said, “Our financial...

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Over 2 lakh enrolled for social security schemes in Gujarat

Even before its scheduled launch on May 9, two of the ambitious social security schemes - Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyothi Beema Yojana (PMJJBY) have received overwhelming response in Gujarat, informed bank officials here. As per the data shared by Dena Bank's Gujarat region office, total over 2,82,000 enrolments have taken place in PMSBY, while over 72,500 for PMJJBY since May 1.The insurance schemes that will enable the every citizen to get a life insurance under PMJJBY and an accident insurance...

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SBI to auction retail store Loot (India)’s property

State Bank of India (SBI) is set to auction the outlets of Loot (India) - the retail store that gained popularity few years ago for selling multi- branded apparel at 25% to 50% discount. The company has stopped paying dues amounting to Rs 43 crore to country;'s largest bank which has prompted them to auction the property. The bank has issued a notice to e-auction Loot (India) property located in Mumbai at Mahim for a reserve price of Rs 7.5 crore.In 2010-11, Loot (India) Ltd promoted by Jay Gupta has close to 145 outlets in 82 cities which...

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Federal Bank, New India Assurance tie up to offer insurance

Kerala-based Federal Bank has tied up with New India Assurance Co. Ltd to implement Pradhan Mantri Suraksha Bima Yojana, the personal accident insurance scheme announced by the Government for savings bank account holders in the age group of 18 to 70 years.“The Insurance scheme provides a cover of Rs. 2 lakh against death/permanent disability caused due to accident, at an annual premium of Rs. 12.All Savings Bank account holders in the age group of 18 to 70 years are entitled to join the scheme. The scheme commences from June 1, 2015. Customers...

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PNB cuts lending rate by 0.25%

Joining its peers, Punjab National Bank on Wednesday cut its base rate by 0.25 per cent to 10 per cent, which will lead to lower EMIs for its customers.The bank has revised downwards the base rate or minimum lending rate to 10 per cent from 10.25 per cent, effective May 7, PNB said in a statement.All loans linked to its base rate will now come down by at least 0.25 per cent.Yesterday, Bank of Baroda, too, had cut base rate by 0.25 per cent to 10 per cent.The country’s largest lender, SBI, had reduced its base rate by 0.15 per cent to 9.85 per...

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Kotak Mahindra Bank Q4 net jumps 29%; board approves 1:1 bonus issue

Kotak Mahindra Bank has posted a 29 per cent jump in net profit for the fourth and last quarter ended March 31, 2015 at Rs. 527 crore against Rs. 407 crore in the three-month period a year ago.Total income has increased 27 per cent to Rs. 3,249 crore during the quarter from Rs. 2,553 crore during the quarter ended March 31, 2014.The board has approved the issue of bonus shares in the ratio of 1 equity share for every 1 share held subject to the approval of the shareholders at its annual general meeting.The board has also recommended a dividend...

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South Indian Bank reports 40% drop in FY’15 net

South Indian Bank has registered a 40 per cent drop in its annual net profit at Rs.307.20 crore ended March 31, 2015 against Rs.507.50 crore in the previous fiscal year.The operating profit has also shown a 7.55 per cent decrease in the fourth quarter at Rs.816.27 crore against Rs.882.89 crore.The decline in operating profit was due to increased provisioning requirements towards employee benefits based on the recently concluded industry-wide wage settlement and actuarial liability on superannuation benefits due to softening of market yield,...

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