Capital First to merge with IDFC Bank in all-stock deal; V Vaidyanathan to be CMD

Private-sector lender IDFC Bank and Capital First, a leading provider of debt to micro, small and medium enterprises and retail consumers, on Saturday said the two companies have agreed to merge their businesses to create a combined entity with assets under management of Rs 88,000 crore and a customer base of 50 lakh. The scheme of amalgamation, to be effective from April 2018, requires IDFC Bank to issue 139 shares for every 10 shares of Capital First, the two companies said in a joint statement. The arrangement, which is subject to regulatory and shareholder approvals, implies a discount of about 12% to IDFC Bank’s valuation, based on its market capitalisation of Rs 23,019 crore on Friday....

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Government to invite fresh applications for RBI deputy governor post

The government will soon invite fresh applications for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra retired on completion of his three-year term on July 31, 2017. Although interviews were conducted on July 29 last year, the government has decided to start the process all over again, sources said without giving reasons. Advertisements seeking application from eligible bankers would be issued soon, they added. The Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by the Cabinet Secretary will select a suitable candidate to succeed Mundra. The central bank has four deputy governors — two from within the ranks, one commercial banker and one...

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