RBI allays concerns on note quality

The Reserve Bank of India (RBI) on Friday said that it maintained the quality of bank notes “well within the various tolerance parameters for dimension, placement of design, print features, etc,” and that its currency printing presses were state-of-the-art and well-documented. The RBI’s clarification came after the opposition Congress alleged that the RBI was printing… Continue reading RBI allays concerns on note quality

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

HDFC Bank looks at refinancing to build corporate loan book

At a time when many large banks are putting brakes to growing corporate lending, due to capital constraint and exposure limits, HDFC Bank is aiming to expand its wholesale loan book through refinancing. Term loans constitute about 30 per cent of its corporate banking book, which grew by over 20 per cent to Rs 125,000… Continue reading HDFC Bank looks at refinancing to build corporate loan book

Axis Bank cuts savings bank deposits rate to 3.5% on deposits below Rs 50 lakh

Private sector lender Axis Bank has reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh. However, the bank will continue to pay four per cent interest on deposits of above Rs 50 lakh. The new interest rates will be effective from August… Continue reading Axis Bank cuts savings bank deposits rate to 3.5% on deposits below Rs 50 lakh

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

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