The Finance Ministry is likely to soon clear the first round of capital infusion in public sector banks that has been slated for the current financial year. The proposal for capital infusion is expected to get approval from F M Arun Jaitley shortly, sources said, adding that the first tranche is likely to be less than Rs20,000 crore. -Economic Times
SEBI barred banks from using their own Fixed Deposit Receipts (FDRs) as collateral in their function as trading or clearing members of stock exchanges, directly or through associate entities. -NDTV Profit
Syndicate Bank today said it has raised Rs 930 crore by issuing Basel III compliant bonds."In respect of invitation pertaining to series III, potential investors have placed bids for Rs 1,800 crore (1.95 times) and the bank decided to exercise the green shoe option and retain the total amount of Rs 930 crore and alloted on pro rate basis," it said in a regulatory filing.-Business Standard
ICICI Academy aims to train one lakh youth in the country by 2017 as part of its skill development programme and financial inclusion drive. "It is crucial to bridge the critical gap between manpower availability and employability by providing sustainable livelihood opportunities for all to grow and prosper. ICICI Foundation aims to reach the milestone of training over 1 lakh youth by March 2017," ICICI Bank's MD and CEO Chanda Kochhar said.
In an effort to improve customer service, the RBI asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of ₹5,000 over the counter. free of charge. However, if the number of notes to be exchanged is more than 20, banks can levy service charge. The facility of exchanging mutilated or imperfect notes is available at designated bank branches and also non-chest branches.
Private lender Lakshmi Vilas Bank is looking to raise Rs 400-500 crore by issuing fresh equity shares to shore up depleting capital and meet funding needs for the next two fiscals.
The proposed Kerala Bank, an ambitious project by Kerala Government, would function as a full-fledged bank and not a non-banking financial institution, Kerala's Chief Minister Pinarayi Vijayan informed the state assembly. He also said that the proposed bank has great potential in view of the merger of SBT and SBI.
As many as 74 schemes of 17 government Ministries have signed up for the Direct Benefit Transfer scheme, said Finance Minister Arun Jaitley.
Country's foreign exchange reserves declined by USD 1.228 billion to USD 361.943 billion in the week to July 8 due to a fall in foreign currency assets, the RBI said today. Last week, the reserves had surged by USD 2.374 billion to USD 363.171 billion.
-Money Control Com
The pensions regulator has announced a series of improvements in the National Pension System (NPS) scheme. to make it more friendly for subscribers and others to become members.
On Friday, the Pension Fund Regulatory and Development Authority (PFRDA) launched a mobile application for subscribers and unveiled an Aadhar-based authentication module for subscribers to update details and change scheme v preferences. At present both NPS and Atal Pension Yojana have 1.29 crore subscribers with total asset under management (AUM) of 1.34 lakh crore.
The United India Insurance Company is in the initial stage of initiating a public offer of Rs 1,500 crore. The bdecision is the first step in line with finance minister Arun Jaitley's announcement while presenting the Union Budget for 2016-17. The board has taken an in-principle decision to list the shares and it has to go through various processes, including fixing a valuation by an external agency and other procedures, said official sources.
Reliance Industries Ltd reported a 18 per cent increase in first-quarter profit on higher margins from its core refining business. Consolidated net profit rose to Rs 7,113 crore ($1.1 billion) for the three months to June 30, from Rs 6,024 crore a year earlier, Reliance, controlled by India's richest man Mukesh Ambani, said in a statement.
LIC Housing Finance has posted a 6.7% rise in net profit for the quarter ended June 30, 2016. The company posted profit after tax of Rs 407.84 crore for Q1 FY16 compared to Rs 382.13 crore posted in same quarter last fiscal.
Infosys Ltd reported a 13% jump in its June quarter (Q1) net profit on new client addition, but cut its annual sales forecast that sent the stock crashing. Consolidated net profit of Rs.3,436 crore in the April-June quarter was 13.4% higher than Rs.3,028 crore in the same period a year ago.
Infosys has relaunched its employee stock option plan (ESOP) for junior to middle level management staff as it looks to rein in rising attrition that stood at 21 per cent in the April-June 2016 quarter.