The government is planning an urgent infusion of more capital into public sector banks to push credit flow as it worries that liquidity constraints faced by non-banking finance companies may have hit growth. The amount to be given to the banks could exceed the Rs 42,000 crore left under the capitalisation plan currently being implemented, said a government official aware of the deliberations. “The cabinet may take up the issue on Wednesday. We want to give growth capital to banks so that they can lend to meet and support the demands of the economy,” the official said. The government may increase the capital support to Rs 80,000-100,000 crore so that most banks will benefit. Year-on-year credit growth was 14.9% as of November 9, but the industry has complained that vital sectors such as real estate and micro, small and medium enterprises (MSMEs) have been denied funds. These sectors got the bulk of their credit from NBFCs, which saw their funding drying up after defaults … [Read more...] about More fund infusion likely in public sector banks
Shares of YES Bank advanced as much as 10 per cent in Friday’s trade after media reports that TPG Capital’s Indian private equity arm and Advent International Corporation are among institutional investors that may infuse fresh capital into the lender. In another report by ET on Thursday, WestBridge Capital Partners, Farallon Capital and GIC, Singapore’s sovereign wealth fund, are likely to be among the top investors in the upcoming share sale by cash-starved lender Yes Bank. The private lender is looking to raise $350-400 million through a qualified institutional placement (QIP), which is expected to open within the next two weeks. The bank is looking to shore up its capital base due to a spike in bad loans. In June, Yes Bank chief executive Ravneet Gill said that it plans to raise $1.2 billion over 18 months to bolster capital through a mix of public and private share sales. In the quarter ended June, the bank’s gross non-performing asset (NPA) ratio … [Read more...] about YES Bank shares rally 10% on fund infusion buzz
HONG KONG/SYDNEY (Reuters) - Investment bankers the world over are paying close attention to court hearings in Sydney in a landmark legal case that alleges cartel activity by Citigroup and Deutsche Bank employees, with JPMorgan witnesses appearing for the prosecution. FILE PHOTO: A sign is seen outside the headquarters of JP Morgan Chase & Co in New York, United States, September 19, 2013. REUTERS/Mike Segar Many fear the proceedings could lead to increased scrutiny and tougher measures from regulators worldwide. Australian authorities filed criminal charges in June 2018 against the local units of Citigroup (C.N), Deutsche Bank (DBKGn.DE), Australia and New Zealand Banking Group (ANZ.AX) and six bankers over a A$2.5 billion stock sale. JPMorgan (JPM.N), which also advised on the 2015 deal, has been collaborating with the Australian Competition and Consumer Commission(ACCC) since as early as March 2016 in return for immunity from prosecution, a pre-trial hearing heard … [Read more...] about Explainer: Why are banks watching Australia cartel case involving JP Morgan, Citi & Deutsche?
For Quick Alerts Subscribe Now Rahul attacks PM Modi, says from 'Make in India' to now 'Rape in India' View Sample For Quick Alerts ALLOW NOTIFICATIONS For Daily Alerts Just In 5 min ago I will not apologize, says Rahul Gadhi over 'rape in India' remark 10 min ago Citizenship Act: BJP to launch public awareness, outreach programme from Dec 14-18 24 min ago Rahul attacks PM Modi, says from 'Make in India' to now 'Rape in India' Must Watch Don't Miss Finance Tata Motors Shares Surge 6% On Boris Johnson's UK Win Movies Meghna Gulzar: Laxmi Agarwal’s Pics Before The Attack Are Strikingly Similar To Deepika Padukone Lifestyle Chata, The Cute Munchkin Kitten With The Cutest Sleeping Poses! Sports 76ers hand Celtics first home loss, Doncic stars again Technology Oppo Reno 3 Processor Confirmed, Reno 3 Pro To Arrive With VOOC 4.0 Automobiles Tata Altroz India Launch Date Confirmed: To Rival The Maruti Suzuki Baleno Travel 10 … [Read more...] about Have banks been put on alert: This is what RBI says
Shares of Bank of Baroda on Friday climbed over 3 per cent after the company signed a share purchase agreement with Ansa Merchant Bank to sell the business of Bank of Baroda Trinidad & Tobago. The scrip jumped 3.42 per cent to Rs 101.25 on the BSE. On the NSE, it gained 3.47 per cent to Rs 101.30. Bank of Baroda (BoB) Trinidad & Tobago started its operations in October 2007 as a wholly-owned overseas subsidiary. "We have had a long and successful tenure in Trinidad & Tobago and will look forward to a disruption-free service to our valued customers of in that market," Executive Director Murali Ramaswami said in a statement. The sale will need an approval from Central Bank of Trinidad & Tobago. BoB had decided to exit the business way back in May 2017. … [Read more...] about BoB climbs 3% after share purchase agreement with Ansa Merchant Bank