BUSINESS
Axis Bank reappoints Shikha Sharma as CEO and MD for another 3 years
Earlier this week, a news report suggested that Tata Sons’ Chairman N Chandrasekaran has sounded out Sharma to hire her as head of Tata’s financial services vertical. The bank had strongly denied the reports
BUSINESS
Rs 909-cr exposure to Essar Steel spikes HDFC’s non-performing assets
Keki Mistry said HDFC will file the red herring prospectus for HDFC Life IPO by October and aims to launch the issue this year itself
BUSINESS
HDFC Bank, Axis earmark higher provisions for cos in iron, steel & telecom sectors
This will increase more capital outgo for banks impacting their profitability in the upcoming three quarters ahead. RBI has also asked to make additional provisions towards accounts referred to insolvency courts
BUSINESS
Axis Bank expects profitability turnaround in Q2; CFO denies Shikha Sharma's exit reports
In Q1FY18, Axis Bank’s net profit dipped for the sixth straight quarter by 16 percent to Rs 1,306 crore
BUSINESS
HDFC Bank sets aside Rs 206 cr provisions for agri, telecom, iron & steel sectors
The bank witnessed a 60 percent rise in its incremental NPAs from the agriculture sector as loan waivers across states impacted the credit discipline among borrowers. The bank expects the stress to continue
BUSINESS
Bankers pessimistic on recovery of loans after insolvency process
A month after the insolvency and bankruptcy process kick-started, three companies -- Jyoti Structures, Monnet Ispat and Energy and Alok Industries -- have been admitted into proceedings by the National Company Law Tribunal (NCLT), the company court.
BUSINESS
Banking Wrap: Essar Steel plea against RBI dismissed, ICICI Bank offers ATM loans
After a series of whatsapp messages circulated on various groups on closure of nine banks, the Finance Ministry and the Reserve Bank asked consumers not to get swayed by such rumours. And more such news.
BUSINESS
SBI, Carlyle to buy out GE Capital’s 26% stake in SBI Card
Following the transaction, SBI and Carlyle will own 74 percent and 26 percent, respectively in each of the two entities. According to reports, Carlyle was in talks to buy the 26 percent stake for Rs 2,000 crore.
BUSINESS
Now, ICICI Bank customers to get personal loans of up to Rs 15 lakh at ATMs
The facility will offer multiple eligible loan amount options up to Rs 15 lakh for a fixed tenure of 60 months based on pre-checked CIBIL scores
BUSINESS
Axis Bank launches digital invoice discounting platform, seeks govt push
Invoicemart, a digital invoice discounting platform, allows SMEs to post their receivables on the system and get them financed. This will not only give them greater access to finance but also put greater discipline on corporates to pay their dues on time
BUSINESS
Don’t panic on that WhatsApp message! No bank is closing down
Whatsapp messages on closure of 9 public sector banks are baseless, ridiculous and incorrect, confirms Finance Ministry and Reserve Bank of India
BUSINESS
Merger of big banks may not wipe out weakness in banks: Bank Union
Government is looking at merging some of the 21 public sector banks to create 10-12 banks in the medium term. As part of a three-tier structure, it plans to build at least 3-4 banks of the size of SBI.
BUSINESS
NCLT to begin insolvency process against Monnet Ispat; JSW steel to revise offer
SBI counsel clarified the claim amount as Rs 1,539 crore, which is the default by the company as on today in SBI’s books. The balance 704 crore will be claimed before the creditors' committee
BUSINESS
Fino Payments Bank aims to make profits in the next 3 years, says MD Rishi Gupta
The firm plans to build a network of over 100,000 access points from 25,000 at present, and open more than 1,000 branches in 3-5 years
BUSINESS
DCB Bank posts 38% rise in Q1 FY18 at Rs 65 crore; NPAs inch up
Gross non-performing assets (NPAs) showed a slight uptick the ratio at 1.74 percent of total advances while net NPA ratio edged up to 0.92 percent
BUSINESS
Is Axis Bank on the lookout for a successor to Shikha Sharma?
Axis Bank’s gross bad loans have jumped the steepest in the industry by over 350 percent in the last five quarters.
BUSINESS
This week in banking: RBI Guv talks on demonetisation, 2 pvt banks post results; insolvency hiccups continue
Apart from two private sector banks reporting their financial results, resolution of NPAs in the insolvency courts met with a lot of action during the week with Essar Steel in focus for future course of action for other stressed companies.
BUSINESS
SBI cautions NCLT hearing delay may hike losses, reduce chances of resolution
SBI Managing Director Rajnish Kumar referred to the Essar Steel case being fought in the Gujarat High Court against the NCLT proceedings
BUSINESS
More promoters may take up managerial roles to be part of NPA resolution process
In the last couple of weeks, at least three of the 12 companies including Bhushan Steel, Amtek Auto, Era Infrastructure Engineering have seen immediate changes in their top management.
BUSINESS
Former Justice AP Shah seeks action against PwC for involvement in 'scams' and 'violations'
The copies of the letter have been sent to the Central Bureau of Investigation (CBI), retired Justice M.B. Shah who is the chairman of SIT on black money, Reserve Bank of India and the Enforcement Directorate.
BUSINESS
Payments must be like Google Maps, look for best routes in existing infrastructure: Innoviti
Innoviti Payment Solutions backed by Infosys co-founder N.R. Narayana Murthy-promoted Catamaran Ventures, has raised Rs 120 crore (about USD 18 million) in its second round of funding from SBI-FMO and Bessemer Venture Partners
BUSINESS
Gujarat High Court to continue hearing Essar Steel insolvency case tomorrow
The Gujarat High Court will be hearing Essar Steel's plea today challenging the Reserve Bank of India's order directing lenders to refer the debt-laden company to the National Company Law Tribunal.
BUSINESS
Lanco Infra's contractors may move court against encashment of bank guarantees
Lanco with a debt of about Rs 44,000 crore, is one of the 12 stressed companies identified by RBI to be taken to the insolvency courts for failing to pay bank dues.
BUSINESS
Banks' Q1 earnings to be hit by higher NPA provisions, low credit growth: Analysts
Provisions may witness a slight uptick after the RBI's diktat in June. Positive trends on asset quality will, however, continue with the pace of slippages into NPAs declining for all banks.
