Thousands transferred at SBI, many branches closed, yet no protest

India’s largest lender, State Bank of India (SBI), has rationalised 716 offices (594 branches and 122 administrative offices) and several thousands of employees have been transferred beginning this fiscal, but, strangely, there have been no major protests, top officials said. Several hundreds of offices would be closed and thousands of staff would be moved in… Continue reading Thousands transferred at SBI, many branches closed, yet no protest

ICICI Bank to raise Rs 10,000 crore via bonds

I CICI Bank plans to raise up to Rs 10,000 crore via tier-1 bonds for its capital base and business growth. Rating agency ICRA has assigned an ‘AA+ (hybrid)’ rating to the proposed offering of the private bank. It is described as a hybrid subordinated instrument, with equity-like loss-absorption features. The distributable reserves that can… Continue reading ICICI Bank to raise Rs 10,000 crore via bonds

Govt to initiate PSBs’ consolidation process after Q1 results

The finance ministry is expected to initiate the process of consolidation of public sector banks (PSBs) once the first quarter results of the current fiscal have been announced, a senior official has said. There are various things including financial performance which have to be looked at before a merger decision is taken, said the official… Continue reading Govt to initiate PSBs’ consolidation process after Q1 results

Irdai to work with govt to create simple platform for KYC

Insurance Regulatory and Development Authority of India (Irdai) on Monday said though Aadhar is not a mandatory requirement for Know Your Customer (KYC) in the insurance sector, it is the most simple form of KYC document. “Aadhar is not mandatory for the (insurance) sector but is the most simple one. On the government level they… Continue reading Irdai to work with govt to create simple platform for KYC

Lenders take stock of progress in NCLT cases

Lenders will work out procedures to follow timelines and coordination in cases taken for resolution at the National Company Law Tribunal (NCLT). Senior public sector bank executives called Monday’s meeting a routine exercise where top bankers reviewed the progress made in work (for cases filed at NCLT). Banks will put in place necessary mechanism to… Continue reading Lenders take stock of progress in NCLT cases

Go electronic to pay credit card bills

Since the beginning of the financial year, banks have been increasing their charges for the services they offer at the branch, especially for cash deposits and withdrawals. Most banks now also charge a fee for payment of credit card bill made in cash at a branch. By thus punishing customers for credit card bill payments… Continue reading Go electronic to pay credit card bills

Lenders meet today to review insolvency cases

Bank representatives are to meet here on Monday for a review of the work done on the resolution process under the Insolvency and Bankruptcy Code (IBC). It would be the first such exercise since the Reserve Bank of India (RBI), on June 13, directed action on 12 big-size bad loan cases. The aim is to… Continue reading Lenders meet today to review insolvency cases