Finance News

ESAF Small Finance Bank plans to set up Asset Hubs across India: Official ESAF Small Finance Bank has planned to strengthen presence of its Asset Hubs across the country aimed at serving the small and medium enterprises and agriculture segments, a top official said on Tuesday. Asset Hub offered by ESAF Small Finance Bank is a specialised ...

Union Bank raises Rs 2,200 cr in tier II capital for business growth State-owned Union Bank of India has raised Rs 2,200 crore in capital through tier II bonds to replace maturing instruments and support business. The Mumbai-based lender is working on details for issuing tier I bonds worth Rs 700 crore before the financial year closes ...

‘Financial creditors forego Rs 790 cr under insolvency resolution process’ With the debt recoverable rate going down to 30.8 per cent or Rs 243,452.5 crore (lenders foregoing Rs 70 per cent of their admitted claims of Rs 790,626.2 crore) the number of cases admitted for Corporate Insolvency Resolution Process (CIRPs) has increased since the launch of the Insolvency and ...

SBI Govandi suburban branch in Mumbai changes weekly off to Friday In a move that has raised eyebrows in some quarters, the public sector State Bank of India’s Govandi Branch is understood to have changed its weekly off from Sundays to Fridays, with effect from December 1. A notice to the effect went up outside the branch ...

Rupee gains 8 paise to 81.60 against US dollar as foreign capital inflows The rupee appreciated 8 paise to 81.60 against the US dollar in early trade on Tuesday as foreign capital inflows and a firm trend in the domestic equity market boosted investor sentiments. Besides, a weak American currency in the overseas market helped the local ...

Can India’s new finance hub in Gujarat become the next Singapore or Dubai? India’s newest financial hub is rising from scrubland near the banks of the Sabarmati River once dominated by marsh birds and grazing buffalo. In the state of Gujarat, just a few glass-fronted towers greet the 20,000 employees of companies such as JPMorgan Chase & ...

Budget 2023-24: Stay on fiscal glide path, economists advise FM Sitharaman The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on ...

RBI imposes Rs 1.25 crore penalty on Zoroastrian Co-operative Bank The Reserve Bank of India has imposed a penalty of Rs 1.25 crore on Zoroastrian Co-operative Bank, Mumbai for non-compliance with certain directions, including one related to discounting of bills. In a release, the RBI said the bank had failed to comply with its directions on ‘Discounting ...

Kotak Mahindra Bank arm to raise up to $1 billion for data centres A Kotak Mahindra Bank arm plans to raise up to Rs 1 billion to invest in its data centre business. Kotak Alternate Assets, a division of Kotak Investment Advisors (KIAL), on Friday announced the appointment of Subhamkar Das as the chief operating officer for ...

Max Life partners with Tamilnad Mercantile Bank to offer life insurance Max Life Insurance Company and Tamilnad Mercantile Bank have collaborated to offer the former’s life insurance products to the bank’s customers. Through this partnership, Max Life and TMB aim to financially secure the lives of TMB’s customers across 500 bank branches by offering a comprehensive suite ...