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The 60.72% stake in IDBI Bank is being sold by the government and Life Insurance Corporation (LIC), for which they had invited bids for in October. The last date for which was set for December 16 and later extended to January 7.
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The government, which owns 45.48% of IDBI Bank, is looking to divest a 30.48% stake in the lender, alongside state-owned Life Insurance Corp of India (LIC), which will sell a 30.24% stake from its holding of 49.24% in the bank.
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Investment banking in India decreased in fees by 16% in 2022, making it the lowest annual tally since 2018. Fees collected by investment bankers in 2022 from activities tied to equity markets was 989 million, which was less than the 12 billion fees collected in 2021 and 11 billion fees collected in 2020.
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The regulator will not grant permission to any of the six consortiums to commence business as all of them have fallen short of the RBI's expectations, said people familiar with the matter.
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At the peak of the pandemic, rates had dropped to as low as 5.5% due to excess liquidity in the banking system and many had locked into 2-3-year deposits to make the best in a depressed market. Now with some private banks offering 8% and public sector banks giving over 7.5%, savvy elders are looking at premature withdrawals to make fresh deposits at higher rates.
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Speaking at an event organised by the International Monetary Fund (IMF), the central bank chief said policy challenges in the region have sharpened due to the Covid-19 pandemic and the war in Ukraine.
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After the successful launch of the wholesale pilot, the Reserve Bank of India (RBI) on December 1, last year, began its retail CBDC pilot project.
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As per the report, private insurers like Kotak Mahindra General Insurance, Niva Bupa, and Star Health saw huge growth of sale in policies in rural areas.
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Mutual funds are pools of money that are invested by many people in order to make money. The NAV (net asset value) is the value of the mutual fund at any given time. This value is decided by the mutual fund's trustees (usually a group of people who are responsible for the fund's management) and is based on the fund's assets (money that is invested in the fund) and liabilities (money that the fund owes to investors).
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How to decide which type of mutual fund scheme out of the two will be more suitable to your investor profile than the other. See more to know.
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Max Life Insurance launched the second largest ESG Fund in the life insurance sector in India, which has helped to increase its visibility within the millennial customer segment.
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The rupee was little changed against the US dollar on Thursday as state-run banks bid for the greenback, traders said, keeping the local currency under pressure despite a plunge in oil prices.
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Public sector banks-owned National Asset Reconstruction Company (NARCL) has emerged as the highest bidder for the twin SREI companies. According to sources, the bad bank has bid Rs 5,555 crore for the two companies — Srei Infrastructure Finance (SIFL) & Srei Equipment Finance (SEFL).
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The doom-to-bloom story of the PSBs can be attributed to the initiatives and spate of reforms undertaken by the government led by PM Narendra Modi, along with the then FM Arun Jaitley and Financial Services Secy Rajiv Kumar. As part of the strategy, the government infused an unprecedented Rs 3,10,997 crore to recapitalise PSBs during the last five financial years
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Public sector Indian Overseas Bank (IOB) on Wednesday said Sanjay Mudaliar has joined the bank as its executive director with immediate effect.Prior to taking up this responsibility, he was in Bank of Baroda serving as its chief general manager and chief technology officer.
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Mashreq Global Network (MGN), a wholly owned subsidiary of Mashreq Bank, is looking to ramp up its presence in India. The capability centre was established in 2012 to support the bank’s global expansion through digitalisation, innovation, and customer experience. MGN started off as a global hub for technology solutions fueling Mashreq’s digital transformation and customer experience.
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The government-backed National Asset Reconstruction Company Ltd has taken lead in taking over two stressed entities of the Srei group as it submitted the "highest net present value bid of Rs 5,555 crore" among bidders. NARCL's net present value bid, submitted in the 10-hour-long "challenge mechanism" conducted by the committee of creditors (CoC) on Tuesday, constitutes Rs 3,200 crore in cash, a Rs 1000-crore jump from the previous plans offered
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Under the model, fintech companies will conduct all preliminary credit checks through a third-party application platform interface (API) and account aggregators. They will then upload the completed loan application onto this digital platform. Individual banks can access these loan requests and fund them based on their internal credit risk parameters, sharing a commission or fee with the originating fintech company.
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Bank of Maharashtra said that its gross advances grew nearly 22% year-on-year to Rs 1.57 lakh crore, reflecting improved demand for loans with the Indian economy showing stability despite global headwinds.
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Data available till November 18, 2022, show the outstanding loans to the services sector at ₹33.15 lakh crore, up 21.3% in one year. Outstanding loans to the industrial sector rose 13.8% in the same period to ₹32.94 lakh crore.
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A five-judge Constitution bench headed by Justice S A Nazeer, which upheld the Centre's 2016 demonetisation of Rs 1,000 and Rs 500 currency notes by a 4:1 majority verdict, said a statute must be construed having regard to the legislative intent.
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In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for Reliance Capital Ltd (RCL) with a net present value of Rs 8,640 crore, while Hinduja's offer was Rs 8,110 crore.
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Public sector banks have outperformed private banks in the recent past. Banks also expect margin trajectory to remain robust, while an improving asset-quality resolution should provide further fuel to profitability.
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The bank asked the field functionaries to ensure that the branches conduct need-based selling of insurance products with strict compliance to the Assessment of Suitability and Appropriateness Framework (ASAF) and sourcing of business is undertaken for 100 per cent KYC compliant accounts.
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