Strike call: IBA invites bank unions for discussions post-noon

The Indian Banks' Association (IBA), which represents the management of banks, has said the all-India strike call given by the unions on August 22 is "totally unwarranted".S.K. Kakkar, Senior Advisor, Human Resources and Industrial Relations, IBA, made this observation in a communication to Sanjeev K Bandlish, convenor of the United Forum of Bank Unions (UFBU).'BEYOND IBA BRIEF'Kakkar acknowledged receipt of UFBU's letter to the Chairman, IBA, informing him of the decision of member unions - AIBEA, AIBOC, NCBE,AIBOA, BEFI, INBEF, INBOC, NOBW...

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Muthoot Finance Q1 net up 30%

Muthoot Finance posted a 30 per cent increase in net profit at Rs.351 crore in the first quarter of FY18 against Rs.270 crore in the previous year.The company’s loan assets rose Rs.574 crore during the quarter. Its loan assets stood at Rs.27,852 crore as at end-June.The board has decided to acquire the remaining 11.73 per cent in Muthoot Homefin (India), which is held by other shareholders, at an aggregate price of Rs.38.72 crore. With this acquisition, MHIL will become a wholly-owned subsidiary of Muthoot Finance.Further, the board has decided...

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HDFC Bank increasing its term financing exposure riding on demand

HDFC Bank, India’s most valuable private sector bank, is slowly increasing its term financing exposure riding on demand for financing from the road and power transmission sector as it seeks to diversify its balance sheet.Though working capital loans still dominate the bank’s corporate balance sheet, it is increasing looking at term loans especially refinancing opportunities, executive director Kaizad Bharucha said.“Though 80% to 85% of our loans were working capital loans, it was not as if we were averse to term financing. But as our balance...

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Axis Bank cuts interest rate on savings bank account

Private sector lender Axis Bank reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh.However, the bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh.Axis Bank is the fourth lender to reduce the interest rate after market leader State Bank of India (SBI) begun the process of reducing interest rate on savings bank account."... the bank has revised the interest rate downward on Savings Account balance by 50 bps to 3.50 per cent per annum on balance of up to Rs...

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