BUSINESS
Emirates NBD likely top contender for IDBI Bank stake, DIPAM said to have explored valuations with potential bidders
Dubai-headquartered bank Emirates NBD is willing to shell out $6-7 billion in an all-cash deal for a 61 percent stake in IDBI Bank, Moneycontrol has learnt. This emerged after an informal conversation between DIPAM and potential bidders over valuation for IDBI Bank’s divestment.
BUSINESS
MC Exclusive: Forensic audit believed to be underway at Spandana Sphoorty to assess cash position
RBI’s inspection found irregularities in branch cash accounting, triggering a forensic audit. Disbursements were paused across most branches since mid-December, with limited operations now resuming.
BUSINESS
India vital to BofA’s strategy; plans to expand its GPS business in the country
India's rapid evolution of payments infrastructure — a combination of scale, digitisation and regulatory maturity — makes it one of the most sophisticated markets globally, Winnie Chen, head of Asia Pacific Global Payments Solutions at BofA, tells Moneycontrol
BUSINESS
For IndusInd Bank, MFI issues are larger than derivative woes
March quarter financials take a hit of Rs 4,975 crore, which includes accounting adjustments and reversals on account of derivative instruments as well as rectifying lapses in the bank’s microfinance portfolio. Auditors say incorrect accounting of derivatives started as back as FY16.
BUSINESS
RBL Bank evaluating opportunities in wealth management, says CEO
In an exclusive conversation, R Subramaniakumar, MD & CEO of RBL Bank said the bank’s interest in wealth management stems from its shift towards a customer-centric rather than a product-centric approach.
BUSINESS
RBL Bank's MD and CEO sees balance sheet risk reducing, plans to leverage scale across products
Whether microfinance, credit cards, mortgages or other secured loans, Kumar is clear that all segments will continue to remain relevant for the bank and contribute amply to the bottom line.
BUSINESS
TransUnion CIBIL's Bhavesh Jain makes a case for daily submissions of borrowers' credit records
TransUnion CIBIL said the credit growth has been significant and the portfolio qualities too have remained stable because of the credit infrastructure, availability of information and objective underwriting. The CIC does not see unsecured delinquency transmitting to secured loans.
BUSINESS
Sebi may delay Hinduja’s Invesco acquisition amid IndusInd Bank fiasco
While the capital market regulator has given a preliminary go ahead to the deal, the nod for sponsor approval, due by April 2025, is still pending and may be withheld till there is finality in IndusInd Bank investigations
BUSINESS
RBI mulls describing IndusInd Bank’s forex lapses as fraud
According to sources, the regulator is in conversation with the forensic auditor, Grant Thornton, on this matter and is evaluating whether lapses identified in treasury operations should be classified as case of fraud.
BUSINESS
Yes Bank's board initiates search for new chief executive
According to sources, the bank’s board has roped in Egon Zehnder to shortlist candidates for CEO position
BUSINESS
SMBC to meet RBI this week for Yes Bank stake purchase
The Japanese financial major is expected to file an application with the Reserve Bank of India to acquire a controlling stake in Yes Bank this week. After acquiring 20 percent from SBI and other banks, SMBC will increase its stake by another 31 percent in two more tranches, sources indicate.
BUSINESS
Bank of Baroda plans to scale up all subsidiaries before listing, says MD and CEO
Bank of Baroda holds 64.98 percent stake in the IndiaFirst Life Insurance and has a shareholding of over 98 percent in Nainital Bank.
BUSINESS
BoB World app's new version coming this fiscal, says MD and CEO, as the lender steps up on digital banking
There are 3.27 crore users on the BoB World mobile application as on March 31, 2025, an increase of seven percent from FY24.
BUSINESS
There is room to grow on high-yielding products: BoB chief Debadatta Chand
Given the opportunity, the bank can take more risks on its books in personal loans, non-mortgage-based retail loans, loan against property and auto loan, Chand explained.
BUSINESS
CoC likely to join JSW Steel in seeking review of Supreme Court’s Bhushan Steel verdict
JSW Steel is expected to file a review petition within 30 days from the judgment and the only possible remedy for lenders is to join the company in appealing the verdict
BUSINESS
Grant Thornton identifies 25 IndusInd Bank staff involved in derivative accounting lapses: Sources
Sources say not all employees may be terminated as some involved in the lapses may have flagged the consequences of improper accounting practices to senior management. Such employee could be moved to other departments internally, while the rest may be asked to quit.
BUSINESS
Japan’s SMBC in talks with SBI for Yes Bank stake acquisition
State Bank of India, which holds a 23.97 percent stake, and Sumitomo Mitsui Banking Corporation have reinitiated talks for a stake sale in Yes Bank
BUSINESS
Bhushan Steel - JSW SC Verdict: CoC, Govt working on likely remedies
On May 5, secretary of Department of Financial Services, M. Nagaraju said that the government is studying the judgement and may finalise the next step after consultation with government advocates
BUSINESS
No disconnect between any parts of the bank: Yes Bank MD & CEO Prashant Kumar
This was in response to reports of differences surfacing between Kumar and the retail banking team. Kumar also reiterated that the restructuring of senior management that recently happened was done keeping in mind the 5-year plan for the bank.
BUSINESS
Yes Bank’s deposits costs to be at par with larger peers in 2–3 years, says MD & CEO Prashant Kumar
Speaking to Moneycontrol, Yes Bank's Prashant Kumar said the lender is now at a stage where it does not have to make fresh provisioning for asset quality issues of the past.
BUSINESS
It was a calculated decision to grow a less risky retail book: Prashant Kumar, MD & CEO, Yes Bank
Growing the retail book was the only option available to Yes Bank after being placed under a moratorium, says Kumar. The bank opted for a safer but less rewarding path to avoid imposition of the prompt corrective action by the RBI.
BUSINESS
IndusInd Bank presses pause button on onboarding new MFI customers
The decision to pause onboarding new MFI customers may have come after the RBI's feedback. However, the bank has denied the same.
BUSINESS
Banks say new LCR norms a mixed bag, 2.5% run-off rate on IMB deposits disappointing
According to an analyst, the central bank's norms will improve LCR of banks by of 6 percent, which can boost credit deployment by 1.4-1.6 percent
BUSINESS
MC Exclusive | RBI asks banks to show prudence with banking apps
Banks have been asked to reassess their strategy on apps. According to sources, suggestions pertaining to efficacy of digital offerings are being made by the regulator to banks following frequent outrageous in banking apps.
