Bank mergers will happen but no point doing it only for size: Arun Tiwari

Financial News Arun Tiwari, about to complete 42 months as chairman and managing director of government-owned Union Bank of India, to Abhijit Lele on current challenges. Edited excerpts: Union Bank has been able to report net profit for all quarters during and after the Asset Quality Review in 2015-16. Beside handling of stressed accounts, did… Continue reading Bank mergers will happen but no point doing it only for size: Arun Tiwari

SBI chief Bhattacharya earned Rs 2.37 cr less than ICICI Bank chief in FY17

Financial News SBI, one of the world’s 50 largest banks, pays only a small fraction to its top management as compared to private sector players like ICICI Bank and HDFC Bank. Former RBI governor Raghuram Rajan had flagged the low remuneration issue last August saying it makes difficult for state-owned banks to “attract top talent,… Continue reading SBI chief Bhattacharya earned Rs 2.37 cr less than ICICI Bank chief in FY17

Brexit effect? RBS to cut over 400 UK jobs, plans to move them to India

Financial News British lender Royal Bank of Scotland said today that it is cutting 443 UK jobs dealing with business loans, and plans to shift many of the roles to India. The UK’s largest government-owned bank said it was moving the jobs, which help handle loans for small businesses, as part of an ongoing cost-cutting… Continue reading Brexit effect? RBS to cut over 400 UK jobs, plans to move them to India

RBI lifts restriction on foreign investment in IDFC

The Reserve Bank of India (RBI) has removed the restriction on foreign investment in IDFC Ltd after the shareholding of overseas investors fell below the prescribed level. “The foreign shareholding by foreign institutional investors/foreign portfolio investors in IDFC have gone below the prescribed FII/FPI investment limit. Hence, the restrictions placed on the purchase of shares… Continue reading RBI lifts restriction on foreign investment in IDFC

Govt loosens norms for auditor rotation at unlisted companies

The government has relaxed conditions for unlisted companies that do not have loans, from banks, financial institutions or deposits from the public, of more than Rs50 crore on rotation of auditors. Currently, these companies can’t appoint individual auditors for five consecutive years and auditor firms for two straight terms of five years, if their paid… Continue reading Govt loosens norms for auditor rotation at unlisted companies

Axis Bank plans to raise Rs 35,000 cr to fund expansion

Private sector Axis Bank has planned a capital raise of up to Rs 35,000 crore in about a year’s time in line with its growth projection in domestic as well as overseas operations. In its annual report for 2016-17, Axis Bank said it may need to raise additional funds in one or more tranches from… Continue reading Axis Bank plans to raise Rs 35,000 cr to fund expansion

MPC meeting minutes: Dholakia argued for at least 50-bp rate cut

Ravindra H Dholakia’s proposition, that plunging inflation called for a drastic rate cut of 50 basis points (bps) or more, clearly did not find other buyers in the six-member Monetary Policy Committee (MPC) that met on June 6 and 7. As the statements of the minutes show, they favoured a wait-and-watch. The MPC voted five… Continue reading MPC meeting minutes: Dholakia argued for at least 50-bp rate cut