Govt declares ICICI, HDFC, NPCI’s IT resources as critical information infra

The government has declared the IT resources of ICICI Bank, HDFC Bank and UPI managing entity NPCI as ‘critical information infrastructure’, implying any harm to them can have an impact on national security and any unauthorised person accessing these resources may be jailed for up to 10 years, according to an official notification. The Ministry … Read more

DHFL-Yes Bank case: CBI searches premises of prominent realtors in Mumbai, Pune

The CBI on Saturday began searches at the premises of some prominent builders, including Ashwini Bhonsale, Shahid Balwa and Vinod Goenka, at eight locations in Mumbai and Pune in connection with the DHFL-Yes Bank corruption case, officials said. The CBI suspects that their companies were used to channel alleged illicit money in the Yes Bank-DHFL … Read more

Bandhan wins the bid to acquire IDFC’s mutual fund business

The bid has been won by the consortium led by Bandhan Financial Holdings Limited (BFHL) and includes GIC and ChrysCapital. Key factual points on the acquisition –  BFHL is the non-operative financial holding company of the Bandhan group. It is the promoter of Bandhan bank and currently owns ~40% stake in the Bank. IDFC mutual … Read more

HDFC Limited decides to merge into HDFC Bank. Key points to note.

After years’ of speculation, HDFC group today finally announced reverse merge of HDFC Limited (HL – the mortgage arm) into HDFC Bank (HB). Listed below are some key factual points for your perusal. Shareholders of HL will receive 42 shares of HB (FV Re. 1/- each) for every 25 shares of HL (FV Rs. 2/-each). … Read more

Axis acquires Citi’s Indian Consumer Business. Retention is the key.

Finally after months of speculation, Axis has formally announced the acquisition. What is Axis acquiring? Consumer banking businesses of Citibank India – credit cards, retail banking, wealth management and consumer loans. Citi’s non-banking financial company, Citicorp Finance (India) Ltd – Commercial Vehicle loans, Construction Equipment Loans and Personal Loans. Access to Citi’s 7 offices, 21 … Read more

‘Paytm got customers by way of cashbacks, not by rendering services’

Veteran banker Aditya Puri on Tuesday raised questions about Paytm’s business model, saying the recently listed financial services company has earned customers not by rendering services but by way of cashbacks.   Puri, who led HDFC Bank from inception and made it into the largest in the private sector space by the time he retired … Read more

ICICI’s Sandeep Bakshi: Business Standard’s ‘Banker of the Year’

ICICI Bank’s Managing Director and Chief Executive Officer Sandeep Bakhshi was chosen as the Business Standard Banker of the Year 2020-21 for turning around the private sector lender both in terms of performance and perception during his tenure of the past three and a half years. A jury of five members chaired by former RBI … Read more