BUSINESS
New business verticals, foreign transfers in store for merging bank employees: PNB
PNB has identified 23 internal working groups and will soon float Request for Proposals (RFPs) to appoint a consultant for restructuring products and services that are best-suited for the customers of the merged entity.
BUSINESS
Banking wrap: NBFCs diversify funding sources; IBBI releases Q4 update on insolvency cases
Borrowing costs for NBFCs soared by 75-100 basis points in the second half of last financial year as lenders were forced to freeze fresh lending to the sector after the IL&FS default.
BUSINESS
Bank lending to NBFCs picks up, cost of funds likely to ease in FY20
Banks lent over Rs 70,000 crore to NBFCs in January-March period, which was 12.3 percent higher than the loans extended in the previous quarter.
BUSINESS
Retail NCD issuances soar in FY19, trend likely to continue
Public debt issuances grew multi-fold to Rs 33,715 crore in 2018-19.
BUSINESS
359 cases admitted for insolvency resolution in Q4; highest since rollout of IBC
Financial creditors took lead in initiating insolvency proceedings in the fourth quarter.
BUSINESS
Weekly wrap: Axis Bank looks up, YES Bank enters uncharted territory under new heads
While Axis Bank managed to go back to making profits, YES Bank slipped in red and posted its biggest quarterly loss ever.
BUSINESS
YES Bank Q4: Ravneet Gill adopts calibrated approach
Gill said that apart from some senior hirings, the bank also plans to increase its headcount by 2600 in FY20.
BUSINESS
Muthoot Capital to raise Rs 200-400 crore equity in FY20, loan growth pegged at 28%
Borrowing cost is likely to further go up by 20-30 basis points in the April-June quarter, before stabilizing in the coming quarters.
BUSINESS
Jet Airways: Lenders tie hopes to stake sale for recovery of dues
Getting binding bids from the potential investors in the stake sale is the “best way forward for the survival of Jet Airways,” the lenders said.
BUSINESS
No sight of funds, uncertainty hangs heavy at Jet Airways
Even as oil marketing companies may cut fuel supply by evening, banks want to first study the bids before committing more funds
BUSINESS
Jet Airways stake sale: Who are the bidders?
Four prospective bidders have been shortlisted for the stake sale.
BUSINESS
Jet Airways suspends international operations until April 15; receives some more EoIs as deadline ends
There are no funds to continue the international operations, say company officials
BUSINESS
Bank of Baroda to hire advisory firm for board evaluation review
The advisory firm is expected to analyse findings and share preliminary feedback with select members of the board.
BUSINESS
Bank of Baroda hikes bulk deposit rates by up to 75 bps
The lender has increased its one-year bulk deposit rate to 7.3 percent
BUSINESS
Bank of India cuts 6-month MCLR by 5 basis points, other rates unchanged
The bank's six-month MCLR has been reduced to 8.55 percent from 8.6 percent earlier. The new rate is effective from April 10.
BUSINESS
RBI may bless the Lakshmi Vilas Bank-Indiabulls Housing Finance merger
While IBH’s past experience with RBI is a concern, there are chances that the deal will receive approval in the current scenario
BUSINESS
HDFC Bank cuts MCLR by 5-10 bps across tenors
The bank has reduced its one-year MCLR from 8.75 percent to 8.70 percent, effective April 8
BUSINESS
RBI directors on Lakshmi Vilas Bank's board did not present their views on merger
The board of LVB, on April 5, had approved the merger with IHB, in a share swap deal. Post the notification to exchanges, it's managing director and chief executive officer Parthasarathi Mukherjee told media on a concall that the decision of the board was "unanimous."
BUSINESS
Emergency funding for Jet Airways put on hold until further clarity
Bankers are concerned if the airline can maintain the current fleet to stay operational until new investors are found
BUSINESS
Banking sector weekly wrap: Jet Airways on sale; RBI's woes over stressed assets and big ticket bank mergers
For customers, the wait for lower monthly loan installments just got longer.
BUSINESS
Despite RBI rate cut, banks find it difficult to pass benefits to customers, say experts
According to experts, tight liquidity conditions are likely to keep banks' cost of funds elevated, limiting their ability to cut lending rates.
BUSINESS
Jet Airways' lenders start stake sale process; to invite EOI on April 6
The SBI-led consortium to invite Expressions of Interest on April 6, with the deadline for submissions set on April 9.
BUSINESS
Supreme Court order has not taken away any powers from RBI: Shaktikanta Das
The central bank will issue a revised circular to ensure expeditious and effective resolution of stressed assets.
BUSINESS
RBI cuts policy rate by 25 basis points, keeps CRR unchanged
The six member Monetary Policy Committee, headed by RBI Governor Shaktikanta Das, noted that inflation remains firmly within the comfortable range and will likely persist below 4 percent throughout 2019-20.
