IDFC First Bank does a preferential issue

With the objective to take advantage of the upcoming growth opportunities, IDFC First Bank has announced a Rs 3,200 cr preferential issue (current mcap of the Bank is around Rs 55,000 cr). The issue is priced at Rs 80.63/ share. It’s close to the current market price of Rs 77-78/ share. Subscribers to the preferential … Read more

Creditors recovered ₹3.36 trillion under IBC: Nirmala Sitharaman

Creditors have recovered ₹3.36 trillion owed by defaulting corporations under the Insolvency and Bankruptcy Code since 2016 when the bankruptcy reform was introduced, finance and corporate affairs minister Nirmala Sitharaman said on Thursday. The minister said in a social media post that the recovery, a significant improvement over the previous regime—the Board for Industrial and … Read more

NBFCs: RBI updates guidance note on operational risk management, extends it to NBFCs

The Reserve Bank of India on Tuesday updated its “guidance note” on operational risk management for the financial sector, and also extended it to the NBFCs, including housing finance companies. The 2005 ‘Guidance Note on Management of Operational Risk’ covered only commercial banks. The Reserve Bank of India (RBI) said an operational disruption can threaten … Read more

Why ICICI Bank has blocked thousands of credit cards

ICICI Bank has blocked credit cards of 17,000 new customers after their data was reportedly exposed and reached “wrong users”. The bank said that it is issuing new cards to the customers. An ICICI Bank spokesperson told news agency IANS about 17,000 credit cards that were issued in the past few days “were erroneously mapped … Read more

RBI puts restrictions on Kotak Bank

Reserve Bank of India (RBI), has directed Kotak Mahindra Bank (KMB) to cease and desist, with immediate effect from onboarding new customers through the Bank’s online and mobile banking channels; and issuing fresh credit cards. “These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the … Read more

RBI fines SBI, Canara, City Union banks for violations

\RBI has penalised three major lenders – SBI, Canara Bank, and City Union Bank – for violating RBI norms. These fines come after an inspection of their books as of March 2022. SBI has been fined Rs 2 crore for holding shares exceeding 30% of certain companies’ paid-up share capital, violating RBI regulations, and for … Read more

Axis Bank open to partnering with Paytm for new business: CEO Amitabh Chaudhry

Axis Bank, which claims leadership in the merchant acquiring space, is in talks with Paytm regarding partnerships across business lines. The bank, which has partnered with Paytm earlier, is now discussing newer areas for collaboration following RBI’s action against Paytm Payments Bank in Jan. Axis Bank MD & CEO Amitabh Chaudhry told reporters that any … Read more

Paytm taps ex-Sebi boss, others for advice

Paytm’s parent One 97 Communications Ltd on Friday said it has formed an advisory committee chaired by M. Damodaran, former chairman of the Securities and Exchange Board of India (Sebi). The committee will work with the One97 board on strengthening compliance and regulatory matters. The committee will also include M.M. Chitale, former president of the … Read more