Finance News

PNB raises Rs 582 cr through Basel III compliant Additional Tier-I bonds Public sector lender Punjab National Bank (PNB) has raised Rs 582 crore by issuing bonds on a private placement basis. The bank has issued and allotted Basel III compliant Additional Tier I bonds at a coupon of 8.40 per cent per annum, aggregating ...

P N Vasudevan to continue as Equitas Small Finance Bank MD, CEO After announcing earlier this year that he would step down from his post, P.N. Vasudevan, founder of Equitas said on Friday that he decided to continue as managing director and chief executive officer of Equitas Small Finance Bank. “Equitas Small Finance Bank is ...

Several insurance companies exceed limit on expenses in FY22: Irdai report In FY22, several insurance companies, both in the life and non-life segment, have exceeded the expense of management limits prescribed by the insurance regulator in its guidelines laid down in 2016, the annual report released by Irdai for 2021-22 revealed. As far as life ...

Canara Bank crosses business milestone of Rs 20 trn, stock down by 6.54% Canara Bank on Friday said it has crossed the business milestone of Rs 20 lakh crore. “Canara Bank has achieved a milestone of crossing the total global business of Rs 20,00,000 crore as on 22nd December, 2022,” the bank said in a ...

ICRA downgrades PTC Financial Services short-term rating over operations Rating agency ICRA has downgraded short term ratings for PTC Financial Services (PFS) from “A1+” to “A1”, citing significant moderation in the company’s operations, weakness in asset quality and moderate profitability indicators. PFS, a Delhi-based non-banking finance company (NBFC), was placed under watch in January 2022 ...

RBI’s forex reserves fall for first time in five weeks to $563.50 bn: Data The Reserve Bank of India’s (RBI’s) foreign exchange reserves declined for the first time in five weeks to $563.50 billion in the week ended December 16. The $571-million fall in the RBI’s reserves was primarily due to a decline in the ...

Public sector Indian Bank ties with Honda Cars to offer financing solutions Public sector Indian Bank has tied up with automaker Honda Cars India Ltd towards offering financing solutions to its customers, the city-headquartered bank said on Friday. This partnership would allow customers to bring home their favourite Honda vehicles through financing options provided by ...

FinMin asks banks not to use unethical practices to sell insurance policies Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and ...

India, Bangladesh discuss trade settlement in rupee, free trade agreement Union minister of Commerce and Industry Piyush Goyal and his Bangladeshi counterpart Tipu Munshi discussed the settlement of trade in Indian rupees in New Delhi on Thursday. The two countries will also likely develop a free trade agreement (FTA) soon. “A joint feasibility study on ...

Top Indian banks battle for no 1 bond spot as credit demand surges Competition among India’s biggest local-currency bond arrangers has heated up to the most intense in 13 years, as credit growth stronger than in many other major economies spurs more rupee debt offerings. Indian businesses are hungry for credit, despite rising interest rates, ...