Sector: Banks & FIs
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
SPCPL repays Rs 12,450 crore to all its lenders to achieve an early OTR exit
Shaoorji Pallonji and Co has repayed Rs 12,450 Cr to all its lenders to achieve an early OTR exit according to an official press statement from the company. “SPCPL on 31st March repaid all its lenders Rs 12,450 Cr to achieve an early exit from the COVID One-Time-Resolution (OTR) plan” the statement said. SPCPL’s OTR … 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
This CEO of bank gifts 5 lakh shares worth ₹2.1 cr to deceased colleague’s kin
IDFC First Bank MD and CEO V Vaidyanathan, known for his generosity and innovative style of banking, has gifted 5 lakh shares of the private lender held by him to family members of a deceased colleague, the bank said in a regulatory filing. As per the current price, the shares amount to over ₹2.1 crore. … 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
RBI stops Paytm Payments Bank from onboarding new customers
Paytm Payments Bank (PPB) is a joint venture between Paytm founder Vijay Shekhar Sharma and the listed holding company One97 Communications, the parent of Paytm. Sharma owns 51% in the bank in his personal capacity. It had started operations in 2017 and claims to have 60 million bank accounts with 4 lakh users added every … Read more
Sachin Bansal’s Navi Tech files draft papers for ₹3,350 cr IPO
Sachin Bansal-led Navi Technologies has filed draft papers for an initial public offering (IPO) with Sebi. The IPO comprises of fresh equity issue of up to ₹3,350 crore, according to the draft offer document. Sachin Bansal’s Navi Technologies is a technology-driven financial products and services company in India focusing on the digitally connected young middle-class … Read more