Japanese banking giant Sumitomo Mitsui Banking Corp (SMBC) is rumored to be back on the table for acquiring a significant stake in Yes bank (YB). (Deal talks with Mitsubishi UFJ Financial Group (MUFG), another Japanese player, and SMBC did not fructify last year, as both financial majors were seeking dispensation on the voting right limits) … Read more
In a somewhat surprise announcement, IDFC First bank (IDFB) has announced a significant fund raise. Rs 7,500 cr raise has been announced for 15% dilution. Rs 4,876 cr from Warburg Pincus for 9.8% Rs 2,624 cr from Abu Dhabi Investment Authority (ADIA) for 5.1% Instrument is Convertible Cumulative Preference Shares of face value of Rs … Read more
Banks are implementing new RBI guidelines for unclaimed deposits and inactive accounts, effective April 1. (AI image) Banks across India will introduce a new format to help account holders or nominees recover unclaimed deposits exceeding ₹78,213 crore, according to informed sources. Banks are implementing new RBI guidelines for unclaimed deposits and inactive accounts, effective April … Read more
IndusInd continues to face headwinds. Now in a public disclosure it has informed to have found discrepancies in certain account balances related to its derivative transactions. Internal review was conducted in response to RBI’s September 2023 directions on investment portfolios for lenders, focusing on their ‘Other Asset and Other Liability’ accounts. The estimated impact is … Read more
As against the requested tenure extension of 3 years, RBI has only granted a one year extension to Sumant Kathpalia as MD & CEO of IndusInd Bank. Bank had sent the request to RBI in September 2024 for 3 years. RBI has given the approval for one year from March 24, 2025 till March 23, … Read more
Reserve Bank of India’s (RBI) decision to introduce exclusive domains for banks will make it easier to identify genuine banking websites and avoid phishing scams. Customers can verify a bank’s authenticity by checking if its website has the ‘bank.in’ extension before making transactions. RBI governor Sanjay Malhotra said rising fraud in digital payments is a … Read more
Milind Nagnur, Chief Technology & Operations Officer at Kotak Mahindra Bank (KMB) has resigned. He is not an old timer and had joined the bank only couple of years bank in August 2022. Reason for resignation is cited as personal reasons (to move back to US to care for the family members). Resignation is effective … Read more
The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds. All … Read more
Mitsubishi UFJ Financial Group Inc. is bullish on India, where it’s actively looking for acquisition targets that will help boost its presence in the world’s most populous nation. The goal for Japan’s largest lender is to push up its buyouts and investment in India, and increase annual returns from them to 20% in 10 years, … Read more