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Wednesday, February 19, 2020

IL&FS proposes InvIT for road assets

The group, whose management was superseded by the government in 2018, has submitted the proposal to the Securities and Exchange Board of India (Sebi) but experts say approval could take some time as there are no rules governing the creation of the kind of InvIT proposed by IL&FS.

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New-age bankers get a technology upgrade

Technology has transformed the way banks function. Conventional wisdom is to have men with accounting skills. But as machines take over many functions, the human resources need at banks is shifting to engineers and behavioural scientists.

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Bank funding for large projects may gain momentum

Going ahead, planned or envisaged capex from all sources based on the pipeline projects sanctioned in all preceding years point to a noticeable improvement in 2019-20. The investment cycle appears to be poised to gain momentum in the short to medium term, but its sustainability needs to be watched closely, RBI said.

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India’s media space set to raise awareness with ‘UPI Chalega’ campaign

The UPI, which is a real time fund transfer interface, has significantly scaled since its launch in August 2016 when 92,000 transactions worth Rs 3.1 crore were processed on the NPCI operated platform to over 1.3 billion transactions worth Rs 2.16 trillion in January 2020.

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INTERVIEW: We’d like to target 5,000 corporates for SAP Concur software, says Parag Rao, country head – payments business & marketing, HDFC Bank

HDFC Bank and SAP Concur’s expense management solution will be targeted at 5,000 of the bank’s largest corporate clients in the next three years, says Parag Rao, country head - payments business & marketing, HDFC Bank.

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Tuesday, February 18, 2020

HDFC Bank completes 25 years of operations

HDFC Bank, the most valuable Indian lender, completed 25 years on Tuesday. The bank observed the anniversary celebrations by committing to plant 25 l

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Human touch, differentiated customer experience to help bankers in age of tech

A differentiated customer experience and the human touch bankers provide their customers in a world of digital assistants are important, according to

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Kerala HC orders govts, KIIFB, RBI to file affidavit

A division Bench of the Kerala High Court on Tuesday asked the State and Central governments, the Kerala Infrastructure Investment Fund Board (KIIFB)

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Canara Bank Financial Literacy Week

Canara Bank observed Financial Literacy Week 2020 at its SME Kumbalagodu Branch recently. The RBI has decided to observe Financial Literacy Week 2020

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HDFC Bank, Mastercard, SAP Concor join hands to manage spending in corporate sector

HDFC Bank will offer a corporate credit card for business travellers, providing a one-stop solution for payment and expense management during business trips. The card will enable seamless integration of all business-related spend into SAP Concur offerings, enhancing employee experience, increasing visibility, saving money, and improving efficiency.

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Defying the normal, 5 private banks offer interest rates more than 7% on FDs

Amid declining interest rates, YES Bank, Lakshmi Vilas Bank, RBL Bank, DCB Bank and IDFC First Bank have emerged as outliers, quoting interest rates n

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HSBC takes $73-billion charge in restructuring; to axe 35,000 jobs

HSBC Holdings Plc is taking about $7.3 billion of charges and exiting several business units in its most ambitious restructuring plan since the globa

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Mahindra Finance forays into consumer durables, personal loan for existing borrowers

The company is also optimistic about the revival of auto sales by October

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Government will meet fiscal deficit targets: Shaktikanta Das

Throwing his weight behind finance minister Nirmala Sitharaman's Budget numbers, Reserve Bank of India (RBI) governor Shaktikanta Das said that there is no reason to doubt that the government will be able to cut fiscal deficit to 3.5 per cent of the GDP in the fiscal beginning April 1.

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Small finance banks seek relaxation in RBI norms for branch opening

Incumbent small finance banks (SFBs) have sought relaxation of norms from the Reserve Bank of India for opening new branches. This could bring them at

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IOB raises lending target for home, MSME loans: CEO

He expressed hope that the bank will turn profitable soon

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Chief labour commissioner tells IBA and bank unions to resolve difference in 15 days

The issue of delay in bipartite wage settlement was discussed Monday at a joint meeting between IBA, bank unions and officers from department of financial services held in Mumbai. IBA and the unions have failed to finalise the wage deal despite several rounds of talks over the last one-a-half years.

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IOB raises lending target for home, MSME loans; hopes to be profitable soon: CEO

The Public sector bank, which is under the RBI's prompt corrective action (PCA) currently and has been incurring losses for the past 18 quarters, posted large losses because of huge non-performing assets (NPAs) for the past 7-8 years, caused mainly on account of large exposure in the corporate sector, its CEO Karnam Sekar said.

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IRDAI says it is ‘yet to get’ proposal from LIC on IPO

Insurance watchdog Insurance Regulation and Development Authority of India (IRDAI) is yet to get any proposal from life insurance behemoth LIC on an

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SBM Bank (I) will focus on rural markets through collaborative approach, says Sidharth Rath

We will look at expanding our footprint in a very structured manner, says CEO and MD Sidharth Rath

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Bank strike: IBA advised to resume talks ahead of reconciliation meet on March 5

Vinson Kurian

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HSBC to slash 35,000 jobs, shed assets worth $100 billion

HSBC Holdings said on Tuesday it would shed $100 billion in assets, slashing the size of its investment bank and revamping its US and European businesses - in a drastic overhaul that will mean 35,000 jobs cut over three years.

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2018 Malware Attack: Cosmos bank recovers ₹5.73 crore from frozen account of Hong Kong-based bank

Our Bureau

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Visa says OTP not needed for ‘routine’ transactions

Global card network provider Visa aims to phase out the twofactor authentication (2FA) process on routine card transactions during digital checkouts and replace the scrutiny layer with a riskbased prompt.

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RBI gets Rs 1.94 lakh crore bids for maiden Rs 25,000 crore LTRO

Deploying an out-of-the-box tool to ensure permanent and deeper liquidity in the system, which hovers over Rs 2.5 lakh crore on a daily basis now, the Reserve Bank on February 6, had announced Rs 1 lakh crore of long-term reverse repo operations beginning this Monday.

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No proposal to merge LIC Housing Finance with any other entity: LIC

IDBI Bank, in which LIC holds 51 per cent stake, had reported widening of its standalone net loss to Rs 5,763.04 crore due to higher bad loans.

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Indian Overseas Bank mulls FPO next fiscal

The centre holds nearly 95 per cent stake while LIC has three per cent and others-two per cent in the bank, which is currently under the Prompt Corrective Action (PCA) framework of the Reserve Bank.

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Monday, February 17, 2020

NABARD projects ₹27,989 cr credit potential for Assam

The National Bank for Agriculture and Rural Development (NABARD) has projected a credit potential of ₹27,989.04 crore for Assam in the 2020- 21 fisca

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Government must continue reforms: RBI governor

Reserve Bank of India (RBI) governor Shaktikanta Das on Monday said the government will have to use structural reforms to revive demand and support the sagging economy, and green shoots of the recovery visible now need to be sustained to pull India out of its worst slowdown in 11 years.

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Indian Overseas Bank to step up its MSME focus

Indian Overseas Bank (IOB), which conducted an MSME customer outreach programme in Hyderabad, outlined its efforts to step up exposure to the MSME s

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Thanks to policy switch, tide turns for Indian bonds in just two weeks; global funds rush in

Just a month ago, global funds could not wait to dump India’s sovereign bonds. Now, they are rushing back at the fastest pace in more than two years.F

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Now, RBI may turn to BoE for ideas to boost growth

First it was the Federal Reserve. Then the European Central Bank. Now, the Reserve Bank of India may look to the Bank of England for ideas to revive

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RBI’s long-term repo operation gets ‘overwhelming’ response

Banks bid almost eight times more than the notified amount of ₹25,000 crore

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Technology helps ICICI Pru settle death claims in one day

Our BureauTechnology solutions have helped private sector ICICI Prudential Life Insurance settle death claims in one day. Called ‘Claim for Sure’, it

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No proposal to merge LIC Housing Finance with any other entity: LIC

The statement came after some reports suggested that insurance behemoth LIC might expedite the process of merging LICHFL with its banking arm IDBI Bank. "There was absolutely no proposal to merge LICHFL with any other entity and all such rumours floating in the market are not based on facts," LIC said in a clarification.

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IBC check: In 3 years, just 6 per cent of 3,312 cases have seen resolution

In December 2019 quarter, lenders have taken an 88% haircut on resolution

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Banks lured by record-low borrowing costs binge on bonds

Rupee bond sales by Indian banks are off to the best start in five years as the lenders lured by record-low borrowing costs seek funds to bolster lo

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DHFL used bizman Sudhakar Shetty as conduit to siphon off Rs 3,000 crore

The brothers, who are being probed separately by the Serious Fraud Investigation Office and the Enforcement Directorate (ED), had used several conduits to float a maze of shell companies though which the money was channelled out.

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Resolutions via IBC see a big fall in third quarter

Data from the Insolvency and Bankruptcy Board of India (IBBI) showed that financial creditors realised just 12% of their claims in the quarter-ended December, down from 34% in the quarter-ended September. Bankers said falling recoveries from the IBC and delays in resolution have pushed them to seek solutions out of the courts.

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Sunday, February 16, 2020

RBI study sees boost in planned capex of pipeline projects

There has been a noticeable improvement in 2019-20 in the planned or envisaged capital expenditure (capex) from all sources based on the pipeline pro

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Non-life insurers register 7.2 pc rise in Jan premium income at Rs 17,226 cr

The 35 insurers' gross premium collection stood at Rs 16,076.28 crore in the same month a year ago. Among these, the 25 general insurance providers had a collective premium of Rs 14,643.26 crore during the month, up 2.2 per cent from the same period of 2019, as per the Insurance Regulatory and Development Authority of India's (Irdai) data.

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Non-life insurers register 7.2% rise in January premium income at Rs 17,226 cr

India’s non-life insurance companies registered a 7.2 per cent rise in their combined new premium collection at Rs 17,225.75 crore in January this fi

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Govt to infuse ₹1,300 cr in Exim Bank next fiscal

The government has decided to pump ₹1,300 crore into state-owned Export-Import Bank of India (Exim Bank) to fund its business growth. Last year, the

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Corporation Bank cuts MCLR by 5-15 bps

Corporation Bank has cut its marginal cost of funds-based lending rate (MCLR) by 5-15 basis points (bps) across different tenors with effect from Feb

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Govt to infuse Rs 1,300 cr in Exim Bank next fiscal

The government has decided to pump Rs 1,300 crore into state-owned Export-Import Bank of India (Exim Bank) to fund its business growth.

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Delays in debt recoveries irk Bombay HC; asks Finance Ministry to enhance Debt Recovery Tribunal

DRTs are constituted under the Finance Ministry to enable banks and other financial institutions recover their debt from borrowers in a speedy manner.

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No going back on decision to merge 10 PSBs, says FM Nirmala Sitharaman

The government had in August last year announced that Oriental Bank of Commerce and United Bank would be merged into Punjab National Bank (PNB) to create the country's largest state-run bank after SBI, with a total business of close to Rs 18 lakh crore.

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No going back on decision to merge 10 PSBs, says FM Nirmala Sitharaman

The government had in August last year announced that Oriental Bank of Commerce and United Bank would be merged into Punjab National Bank (PNB) to create the country's largest state-run bank after SBI, with a total business of close to Rs 18 lakh crore.

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Saturday, February 15, 2020

Will mobilise 1 crore investors for LIC IPO: ANMI President

Promising a strong support to the Government in making the LIC IPO a grand success, the Association of National Exchanges Mmebers of India (ANMI) on S

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Government closely monitoring agriculture credit given by banks: FM Nirmala Sitharaman

The government in Budget 2020-21 has raised the farm loan disbursal target by 11 per cent to Rs 15 lakh crore for the next fiscal and allocated Rs 1.6 lakh crore to implement various plans in agriculture and allied sectors as it chases the goal of doubling farmers income by 2022.

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Reserve Bank of India re-draws its financial year

Fiscal 2019-20 will end on June 30, 2020 while fiscal year 2020-21 will begin on July 1, 2020 but ends on March 31, 2021

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SBI aggressively pushes RBFBG scheme to Bengaluru builders

State Bank of India (SBI) aggressively pushed its ‘Residential Builder Finance with Buyer Guarantee Scheme (RBFBG) to Bengaluru-based builders.The Sch

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Govt monitoring agriculture credit given by banks: FM

The government in Budget 2020-21 has raised the farm loan disbursal target by 11 per cent to Rs 15 lakh crore for the next fiscal and allocated Rs 1.6 lakh crore to implement various plans in agriculture and allied sectors as it chases the goal of doubling farmers income by 2022.

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China cleans, locks banknotes to stop virus spread

Banks use ultraviolet light or high temperatures to disinfect yuan bills, then seal and store the cash for seven to 14 days -- depending on the severity of the outbreak in a particular region -- before recirculating them, China's central bank said at a press conference.

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Any telco shutting shop not good for economy: SBI Chairman

Amidst speculation that SC verdict on AGR dues could lead to shutdown of a leading telecom player, State Bank of India Chairman Rajnish Kumar on Satur

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Transmission of rate cuts to improve further; credit growth momentum gathering pace: Shaktikanta Das

Reserve Bank Governor Shaktikanta Das on Saturday said momentum is gathering pace on credit growth and expressed hope that transmission of rate cuts

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Govt closely monitoring agriculture credit given by banks: FM

The government in Budget 2020-21 has raised the farm loan disbursal target by 11 per cent to Rs 15 lakh crore for the next fiscal and allocated Rs 1.6 lakh crore to implement various plans in agriculture and allied sectors as it chases the goal of doubling farmers income by 2022.

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Transmission of rate cuts to improve further, says Shaktikanta Das

RBI governor Shaktikanta Das on Saturday said transmission of rate cuts is expected to improve further in the coming days and that momentum is gathering pace on credit growth. Earlier this month, the central bank opted for a status quo on the benchmark interest rate, amid signs of hardening inflation and an uncertain global environment.

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Government may look at division of shares for retail push

The government is examining suggestions to allow fragmentation of shares for greater retail participation, while also seeking a review of the limits on bank loans against shares.

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Telco distress call: SBI says it’s prepared for the worst

State Bank of India (SBI) chairman Rajnish Kumar on Friday said the bank was prepared for the worst following the Supreme Court order asking telecom companies to immediately pay adjusted gross revenue (AGR) dues to the government. SBI has Rs 29,000-crore loan exposure to telecom, the largest among Indian banks.

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Telco distress call: SBI says it’s prepared for the worst

Shares of SBI fell 8%, while other lenders with large exposure to telcos like Yes Bank and IndusInd Bank also dropped up to 5% on Friday. Analysts fear that the SC order could lead to a Vodafone Idea shutdown. “It may result in Rs 1.2-lakh-crore debt default, large-scale job losses and subscriber churn,” said Motilal Oswal in a report.

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Lakshmi Vilas Bank cuts loss to Rs 334 crore in Q3

The capital-stressed LVB had hit the headlines recently when reports of some foreign funds evincing interest in the bank to pump in funds as strategic investors broke out.

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Lenders set to recover 43.1% from insolvency proceedings

Resolutions in the quarter through December 2019 yielded only around 12.2%, or about Rs 2,879 crore, of the admitted claims of Rs 23,668 crore. In the preceding quarter, lenders recovered around 34.4% of their total claims of Rs 78,592 crore. Many large cases have already been resolved and smaller companies undergoing resolution process are finding fewer suitors.

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YONO largest consumer platform after e-commerce companies, says SBI Chief

“Today, outside the ecommerce players, we are the largest ecommerce platform,” Kumar said at the Nasscom Technology and Leadership Conference in Mumbai on Friday. “I have more than 100 partners and they are growing. Today, I do a huge number of redirections to Amazon, IRCTC, Flipkart."

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ATM operators seek higher fees on withdrawals

The contention of these operators is that the RBI’s increased compliance standards on security and maintenance have increased the cost of running the teller machines without a corresponding increase in the revenues these companies make through fees accrued. The current interchange fee is Rs 15 per transaction with a cap of 5 free transactions per customer.

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With AGR ruling, banks fear surge in bad loans

Bank stocks slumped on Friday after the Supreme Court refused to give relief to telecom companies on adjusted gross revenues (AGR) dues, putting at risk the nearly .Rs 30,000 crore loans to Vodafone Idea, which has repeatedly been saying that its survival will be under threat if the government does not give any relief on payment of past dues.

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PMC scam: Two jailed HDIL promoters withdraw bail plea from SC

The fraud at PMC Bank came to light in September last year after the Reserve Bank of India discovered that it had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to HDIL.

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IOB focuses on MSME, to lend more in two years, says official

To focus on the MSME, which is the need of the hour, the bank has converted 250 branches, including 100 in Tamil Nadu, into MSME-centric branches and given training to 700 employees for the purpose, IOB managing director and CEO Karnam Sekar said.

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Friday, February 14, 2020

IOB focuses on MSME, to lend more in two years, says official

To focus on the MSME, which is the need of the hour, the bank has converted 250 branches, including 100 in Tamil Nadu, into MSME-centric branches and given training to 700 employees for the purpose, IOB managing director and CEO Karnam Sekar said.

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PMO to banks: NCLT cannot be escape route, refer only NPAs of over ₹200 cr

Move to prevent closure of firms and job losses

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Indian Overseas Bank to focus on MSME-lending: CEO

Laying more focus on the MSME segment, Indian Overseas Bank (IOB) will increase its lending to the sector from ₹31,000 crore at present to ₹50,000 cr

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Forex reserves soar to record $473 b

India’s foreign exchange reserves rose by $1.701 billion to a lifetime high of $473 billion in the week to February 7 on account of the increase in fo

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Not approached by any telco to finance AGR dues, says SBI chairman

It is incumbent on the telcos to find money and will be safe to presume that they would have made some arrangements for it by now, SBI chairman Rajni

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LIC Housing Fin refers 14 projects to AIF

Our BureauLIC Housing Finance has referred 14 projects to the Alternative Investment Fund (AIF) set up by the government last year to revive unfinishe

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LIC adopts Google Cloud for digital platform

The new mobile application will enables LIC Housing Finance to reach a broader audience of customers it will also fasttrack the loan process by assessing the eligibility of each applicant online. It will reduce the lengthy paper-based loan application process.

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IRDAI to set up common electronic platform to settle health insurance claims

Our BureauThe Insurance Regulatory and Development Authority of India (IRDAI) is looking at setting up a common electronic platform for settling healt

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Muthoot Finance Q3 profit rises 46%

Our Bureau Muthoot Finance has registered a 46 per cent growth in net profit at ₹803 crore in Q3 of FY20 against ₹485 crore in the corresponding per

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Lakshmi Vilas Bank posts ₹334-cr loss in Q3

Our Bureau Private sector lender Lakshmi Vilas Bank (LVB) posted a net loss of ₹334 crore in the third quarter of FY20 when compared to the ₹373-crore

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SBI not approached by any telco to finance AGR dues, says chairman

The comments on telecom companies come on a day when the Supreme Court made it clear that they will have to cough up the Rs 1.47 lakh crore in adjusted gross revenue (AGR) dues and also questioned why contempt proceedings should not be initiated against those who are coming in way of implementing its order.

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Indian banks' loans rise over 7% in two weeks to January 31: RBI

Outstanding loans rose 989.26 billion rupees ($13.86 billion) to 101.03 trillion rupees in the fortnight to Jan. 31. Non-food credit rose 1.02 trillion rupees to 100.24 trillion rupees, while food credit fell 32.02 billion rupees to 788.99 billion rupees.

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Irdai expresses concern over high hospital tariffs, plans to standardise charges

"Hospitals keep on changing tariffs on a regular basis. There is no body to check that. The regulator does not allow insurance companies to raise premium every year though there is around 10-15 per cent inflation of hospital charges at present," Irdai member (non-life) T L Alamelu said.

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JM Financial gets shareholders’ nod to raise up ₹850 cr

JM Financial Ltd on Friday said it has received shareholders’ approval to raise up to ₹850 crore through issuance of securities. In a regulatory fil

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NIP may come to rescue: Low bank lending worsens fund woes of construction sector

India Ratings has changed its outlook for the sector to ‘negative’ for 2020-21 from ‘stable’

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RBI’s new asset recognition norms for realty sector credit negative for banks: Moody’s

Under new guideline, banks can extend the principal repayment period by 1 year if the project is delayed for reasons beyond the control of real estate developers.

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RBI’s new asset recognition norms for realty credit negative for banks: Moody’s

The real estate sector has been facing challenges as NBFCs (non-banking finance companies), the key lenders to the sector, are also under stress. Further, stagnating property sales have resulted in a large stock of unsold inventory.

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Banks, PEs and NBFCs line up for DHFL's retail book

The Shriram Group, Edelweiss Financial Services, Adani Capital, a consortium led by the Piramal Group-Bain Capital and Indostar Capital are among those that have shown interest in buying the portfolio. Morgan Stanley, Goldman Sachs and Deutsche Bank are the foreign banks in the race along with private equity funds such as Warburg Pincus, AION Capital, Lone Star and SSG Capital.

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Thursday, February 13, 2020

Zeta aims to partner with more banks through the API platform

Fintech start-up Zeta India, which has moved into the banking space, is in talks with several banks and start-ups for its various products, including

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YES Bank sells 9.47% stake in Eveready Ind

Private sector lender YES Bank has sold a 9.47 per cent stake in Eveready Industries. The lender had, in July last year, picked up a 9.47 per cent sta

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CII-IBA financial conditions index declines to 60.5 in Q4

Sub-indices such as cost of funds index and external financial linkages index fall

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IL&FS fallout: CARE Ratings chief resigns

SB Mainak has resigned as Chairman of CARE Ratings, which could be a fallout of the collapse of Infrastructure Leasing and Financial Services (IL&

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RBI new asset recognition norms credit negative for banks: Moody’s

The Reserve Bank of India’s (RBI) recent asset recognition norms that allows banks not to treat real estate loans as restructured for one year is cre

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Ind-Ra maintains stable outlook on affordable HFCs, negative outlook on large players for FY21

Our BureauIndia Ratings and Research (Ind-Ra) has maintained a stable outlook on affordable housing finance companies (HFCs) and a negative outlook on

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Yes Bank shares jump over 6% on fund raising buzz

Shares of Yes Bank on Thursday jumped over 6 per cent after the company said the management is “deeply engaged” in fundraising exercise.The scrip gai

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American Express partners Hype to provide luxury cars on rent

American Express has tied up with Bengaluru-based Hype, a luxury mobility solutions provider, to enable its Platinum and Centurion cardmembers to hire

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LIC IPO: Correct valuation tops agenda, says Chairman

LIC Act will have to be amended ahead of offering, says MR Kumar

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LIC gains market share with individual new business premium growing 44% in January

Growth has been driven by LICs products that were closed and re-launched in February

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Allahabad Bank cuts MCLR by 5 bps across tenors

Allahabad Bank has cut the marginal cost of funds based lending rate (MCLR) by 0.05 percentage points across tenors, effective February 14. The Asset

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City Union Bank Q3 net up 8%

Marginally impacting the asset quality slightly, the gross NPA increased to 3.50% in Q3, against 2.91% in the year-ago period and 3.41% in Q2.

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Indian Overseas Bank chief Sekar expects bank to turn profitable in March quarter

The bank, which posted a loss of over Rs 6,000 crore in the December quarter, expects to grow at 5-10% in the coming financial year.

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Recruitment bias: West Bengal Finance Minister writes to RBI Governor

West Bengal Finance Minister Amit Mitra has written to Reserve Bank of India Governor Shaktikanta Das highlighting what he described as the alleged r

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Start an SIP with ELSS to reap maximum benefits

Most of us have a tendency to wait until the last moment in the financial year to start making tax saving investments, and more often than not, we end up maki...

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Regulatory sandbox will promote digital innovation in the industry: IRDAI Chairman

Insurance Regulatory and Development Authority of India (IRDAI) Chairman Subhash Chandra Khuntia stressed on the importance of digital innovation in t

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ESAF SFB to float IPO based on market conditions: CEO

Hopes to get SEBI clearance by next month, says K Paul Thomas

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City Union Bank Q3 net up 8%

Marginally impacting the asset quality slightly, the gross NPA increased to 3.50% in Q3, against 2.91% in the year-ago period and 3.41% in Q2.

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Indian Overseas Bank chief Sekar expects bank to turn profitable in March quarter

The bank, which posted a loss of over Rs 6,000 crore in the December quarter, expects to grow at 5-10% in the coming financial year.

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Include Videocon foreign arms in insolvency process: NCLT

Lender State Bank of India had appointed Deloitte as advisor for sale of Videocon’s stake in the Indonesia and Brazil blocks in August last year. SBI opposed inclusion of the assets as part of local insolvency proceedings at NCLT.

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Ex-directors of DHFL seek to be part of Committee of Creditors

“The administrator of DHFL is not allowing us with the arguments that the board is not replaced like normal corporate insolvency resolution process (CIRP) but it was superseded by the Reserve Bank of India (RBI),” said senior counsel JJ Bhat who was appearing for the former directors of the company.

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Mutual Funds’ investments HFCs, NBFCs see steep fall

Investments in housing finance companies (HFCs) by MFs also come down from Rs 1.75 lakh crore in August 2018 to Rs 95,900 crore, a fall of 45%.

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Yes Bank to delay Q3 results till mid-March, says management ‘deeply engaged’ in fundraising

Troubled lender Yes Bank on Wednesday said the financial results for the third quarter ended December 2019 will be delayed and is expected by mid-March as the management is "deeply engaged" in fundraising exercise.

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Wednesday, February 12, 2020

Ind-Ra downgrades long-term issuer ratings of YES Bank

With YES Bank delaying its capital-raising plans, India Ratings and Research, on Wednesday, downgraded the long-term issuer rating of the bank and ke

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RBI’s enhanced role will deter malpractices, add credibility to financial system: President

Banks must take prudential measures to ensure that the public’s trust is not betrayed, says Ram Nath Kovind

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₹2,500-crore capital boost for three state-owned general insurers approved

The Union Cabinet on Wednesday gave its in-principle nod for immediate capital infusion of ₹2,500 crore in three state-owned general insurers — Orien

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Govt okays proposal to infuse Rs 2,500 cr into 3 PSU general insurers for improving financial health

Briefing reporters here, Union Minister Prakash Javadekar said the capital has been infused in the light of the critical financial position and breach of regulatory solvency requirements of the general insurers. The capital infusion in these companies comes ahead of their proposed merger by the end of March 2020.

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Star Health launches outpatient care policy

It offers for customers in the age group of 18 to 50 years and also covers dependent children up to the age of 25 years.

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SoftBank’s Q3 operating profit plunges 99%, weighed down by Vision Fund losses

The fund has invested in troubled tech companies such as Oyo, Uber and WeWork

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PFC Q3 net down 12 per cent to ₹3,386 cr

State-run Power Finance Corporation reported a 12 per cent dip in consolidated net profit at ₹3,386.72 crore in the December quarter. The company’s

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JM Financial to raise ₹300 cr in debt

Mid-sized non-banking lender JM Financial will hit the debt market with a ₹100 crore NCD issue on Thursday. This is the third tranche of its planned

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City Union Bank posts Q3 profit of ₹192 crore

Our BureauPrivate sector lender City Union Bank (CUB) posted an 8 per cent year-on-year growth in net profit at ₹192 crore in the third quarter of FY2

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'Centre, RBI making efforts to boost consumption'

Union finance minister Nirmala Sitharaman on Wednesday said that the Centre and the Reserve Bank of India (RBI) are making constant efforts to boost consumption.

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Allahabad Bank Q3 loss widens over two-fold

Retail credit grew by 10% y-o-y as on December 31, 2019 to Rs 21,634 crore, up from Rs 19,595 crore as on December 31, 2018, the bank said in a release.

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RBI's enhanced role to deter malpractices: Prez

President Ram Nath Kovind on Wednesday said the Reserve Bank of India's (RBI's) enhanced regulatory role will deter malpractices and make the nation's financial system more credible.

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City Union Bank Q3 profit up 8% at ₹192 cr

City Union Bank on Wednesday posted 8.04 per cent rise in net profit at ₹192.43 crore for the quarter ended December 31, 2019. It had logged a profit

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IDBI Bank’s Q3 net loss widens on switch to new tax regime

Shares of IDBI Bank ended at Rs 37 on the BSE on Tuesday, up 2.07% from their previous close. The results were declared after the close of trade.

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Government may not be able to cut small savings scheme interest rate, says SBI report

If the current high rates persist, banks, too, will be unable to cut deposit rates

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IDBI Bank’s Q3 net loss widens on switch to new tax regime

Shares of IDBI Bank ended at Rs 37 on the BSE on Tuesday, up 2.07% from their previous close. The results were declared after the close of trade.

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Bengaluru key to Goldman's consumer bank Marcus

Goldman Sachs' Bengaluru office is at the heart of tech development for its digital bank Marcus. Three years since its launch, Marcus is shaping up as the consumer bank of the future. The Marcus platform has around 1,700 employees across the US, UK and India, and over 200 of them are based in Bengaluru.

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Microfinance troubles back in focus: Blame it on greed alone!

The issue of over-indebtedness came back to haunt the industry exactly a decade after the controversial Andhra Pradesh Microfinance Institutions Ordinance, which clamped down on unregulated lending by micro lenders.

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Govt overdraft from RBI hints at worries on finances

The Ways and Means Advances, or WMA, is a facility that allows the Centre to borrow from the Reserve Bank of India (RBI) and meet payment obligations in the event of cash-flow mismatches. Simultaneously, increasing reliance on the WMA in the peak revenue reason doesn’t paint a pretty picture of government finances.

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IDBI Bank’s Q3 net loss widens on switch to new tax regime

Shares of IDBI Bank ended at Rs 37 on the BSE on Tuesday, up 2.07% from their previous close. The results were declared after the close of trade.

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IDBI Bank’s Q3 net loss widens on switch to new tax regime

Shares of IDBI Bank ended at Rs 37 on the BSE on Tuesday, up 2.07% from their previous close. The results were declared after the close of trade.

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RBI issues draft framework for setting up competitor to NPCI

The NUE will be a company authorised by the central bank under Section 4 of the Payment and Settlement Systems (PSS) Act, 2007.

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Moody’s downgrades IndusInd Bank’s outlook to negative

The ratings firm said that the bank has a relatively higher exposure to the stressed real estate sector, compared to other banks, at around 8% of its loan book as on 31 December 2019.

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Tuesday, February 11, 2020

Aye Finance to get into co-lending with public sector banks this year

Fintech firm looks to raise second round of capital this year

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LVB arranges meeting of Tilden Park with the RBI

Our BureauLakshmi Vilas Bank, which has been scouting for an investor, on Tuesday said it has arranged a meeting between US-based Tilden Park Capital

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KVGB launches programme to boost entrepreneurship at polytechnics, ITIs

Karnataka Vikas Grameen Bank (KVGB), a regional rural bank headquartered in Dharwad district, has come out with plans to boost entrepreneurship among

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IDBI Bank reports net loss of Rs 5,763 crore in Q3 of FY20

IDBI Bank reported a huge net loss of Rs 5,763 crore in the third quarter against a net loss of Rs 4185 crore in the year ago period.The LIC promoted

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Syndicate Bank Q3 profit zooms to Rs 435 crore

Overall provisions and contingencies stood at Rs 1,044.98 crore

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PNB Gilts Dec quarter profit down 52%

Mumbai, Feb 11 PNB Gilts has informed the BSE that its December quarter net profit was down ₹44.10 crore as against ₹93.28 crore reported in the cor

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India Inc's foreign investment jumps 40% in Jan

Investments by Indian firms in foreign countries in January 2020 rose by nearly 40 per cent to $2.10 billion on a yearly basis, according to data by the Reserve Bank.

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Now could be the right time to invest in IDFC Emerging Businesses Fund

For investing in Small Caps, ‘timing’ and ‘time in the market’, both are extremely important for generating superior returns. Small Caps have witnessed signi...

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Muthoot Pappachan Group ties up with UST Global for ‘digital transformation’

The Muthoot Pappachan Group (MPG), a diversified financial services conglomerate, is tying up with digital solutions and services company UST Global.

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Merchant payments are the primary business model of Paytm: Founder & CEO

Vijay Shankar Sharma talks about Paytm’s latest initiatives, its revenue growth, and how it plans to take on Flipkart and Amazon

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Budget proposal is unlikely to affect to life insurance policy sales, say experts

Data suggest that people buy life insurance policies at the fag end of the financial year

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Partial credit guarantee won’t fully solve liquidity problem: Hemant Kanoria, chairman, Srei Infrastructure Finance

The government has a clear vision for infrastructure investments in the medium to long term. However, in the short term, there are certain hurdles which the government is aware of and is consciously trying to address.

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RBI tables draft framework for pan-India New Umbrella Entity for retail payment systems

NUE can be set up as company incorporated in India; should have minimum paid-up capital of Rs 500 crore

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ICICI moves NCLT to get dues from Mercator

ICICI Bank has moved the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Mercator Limited for recovering dues. Mercator, once the second-largest private shipping company in India, owes over Rs 50 crore to the banking giant.

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Sundaram Finance Q3 PAT rises 4% to Rs 253 cr

Non-banking finance company Sundaram Finance Ltd on Tuesday reported a 3.8 per cent rise in consolidated profit after tax (PAT) at Rs 252.90 crore fo

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Crisis-hit cooperative bank looks to raise Rs 300 crore in fresh capital

Sri Guru Raghavendra Sahakara Bank’s management proposes measures to RBI for a speedy turnaround

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DHFL shows risks faced by lenders: Axis Bank chief

Axis Bank managing director & CEO Amitabh Chaudhry, said the DHFL default has turned lenders risk-averse and that reforms are needed to generate funds required for the Rs 100-lakh-crore infrastructure projects planned by the government.

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IOB's Q3 loss up at 6,076 cr due to higher provisioning

However, its net non-performing assets (NPAs) dropped below 6% of advances to 5.81%.The bank is under RBI's prompt corrective action framework, which imposes certain restrictions on its functioning.

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RBI offers banks CRR exemption for auto, home and MSME loans

The Reserve Bank of India (RBI) on Monday said the amount equivalent to incremental credit disbursed by banks to specific sectors will be eligible fo

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Bank deposits in Goa up by over Rs 6000 cr: Economic Survey

Bank deposits in Goa have increased by Rs 6,272 crore during the current financial year as compared to the last fiscal, according to the Economic Sur

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Sensex jumps over 400 points; Nifty above 12,100

Top gainers in the sensex pack include Tata Steel, Ultracemco, Axis Bank, ITC, SBI and IndusInd Bank -- with their shares rising as much as 2.39 per cent. All 30 stocks were trading in green.

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Think tank urges SC to stop trial of WhatsApp Pay

WhatsApp Pay has been running a pilot with 1 million users for nearly two years. It has yet to receive permission to do a full rollout with all its 400 million Indian users because it has not yet completed storing all data within the country’s borders. CASC said that, according to RBI’s affidavit to Supreme Court in November, WhatsApp had not yet fully complied with the rules.

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US fund house eyes big stake: Lakshmi Vilas Bank and Tilden Park Capital Management seek RBI’s blessings

An official of the New York-headquartered asset manager and senior members of LVB management recently met RBI to explore the possibility. Tilden was introduced to LVB by Cantor Fitzgerald, the New York-based financial services firm where former Deutsche Bank co-CEO Anshu Jain is part of the top leadership team.

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