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With an aim to garner more deposits, IDBI Bank on Tuesday increased its fixed deposit rate to 7.85 per cent for 444-day tenure for a limited period. The bank now offers a peak rate of 7.85 per cent and 7.75 per cent per annum on tenures of 444 days and 375 days, respectively, IDBI Bank said in a statement. This enhancement makes the Utsav Fixed Deposit an even more compelling option for customers seeking higher yields, it said. This offer is valid till September 30, 2024, it said, adding, customers can open an Utsav Fixed Deposit conveniently through the bank's website or mobile banking application or at any branch of the bank. Besides this, IDBI Bank continues to offer competitive rates on other special tenures under the Utsav Fixed Deposit scheme. The 700-day tenure offers a peak rate of 7.70 per cent, while the 300-day tenure provides 7.55 per cent, it said. Both Finance Minister and RBI Governor have expressed concern over slow pace in deposit growth as compared to credit ...
The National Company Law Appellate Tribunal (NCLAT) on Wednesday adjourned its hearing to December 6 over the plea of IDBI Bank seeking to initiate insolvency proceedings against Zee Entertainment. A three-member NCLAT bench deferred the hearing after the counsel appearing in the matter sought an adjournment to complete the pleadings. IDBI Bank in its plea has challenged the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which, on May 19, 2023, had set aside the insolvency plea against the media major, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). In its order, the NCLT bench had said that ZEEL, which was the corporate guarantor for the loan availed by Siti Networks -- the principal borrower of IDBI Bank -- has committed a default. However, the default was committed during the timeline specified under section 10A of the IBC. Section 10A mandates no application for initiation of a corporate insolvency resolution ..
The Bombay High Court on Thursday granted interim stay on two notices issued by IDBI Bank to Jet Airways founder Naresh Goyal and his wife Anita under provisions of the RBI's master circular to declare them as wilful defaulters. A division bench of Justices GS Patel and Neela Gokhale stayed the operation of the notices, related to a loan disbursed by the bank to the airline that was grounded in 2019, till July 24 when it would hear a petition filed by the Goyals. The 73-year-old businessman and his wife, in their plea, have challenged the notices, claiming they violated principles of natural justice. The petition stated that the bank had failed to provide the Goyals with the documents which they relied upon to pass the orders. The couple also claimed they had not been granted a hearing. "The (IDBI Bank) orders are in derogation of the intent behind the RBI master circular in that under the circular, the decision taken to classify a borrower as a wilful defaulter should be well ...
IDBI Trusteeship Services Ltd (ITSL) on Tuesday said it has commenced operations at the Gujarat International Finance Tec-City (GIFT City). In a statement, Padma Betai, MD and CEO of IDBI Trusteeship Services Ltd, said operating business from GIFT City tends to be cost-efficient as against high costs attached to maintaining overseas offices and will be a game changer in terms of revenues for the trusteeship business. Going forward, the entity will also offer facility agent services to IFSC banking units for their External Commercial Borrowings (ECB) transactions, trusteeship services to Non-Convertible Debentures (NCDs) and Alternative Investment Funds (AIFs), and escrow agency services for cross border Mergers and Acquisitions (M&A) transactions. "We are witnessing significant interest from distinctive business verticals to set up their operations in GIFT City and creating benchmarks in providing a conducive business ecosystem to financial institutions at par with global ...