Page 579 - Finance News
Bank employee unions demand 5-day working week to lessen Covid-19 exposure
The association noted that while whole world is carving for four-day working, the country is still looking for a way to opt for five-days banking.
 "Bank employee unions demand 5-day working week to lessen Covid-19 exposure")
HDFC Bank net profit up 20% in April-June, provisions increase by 49%
The bank's net revenue grows 8% from Rs 18,264.5 in the same quarter last year to Rs 19,740.7 crore
 "HDFC Bank net profit up 20% in April-June, provisions increase by 49%")
Indian Bank to focus on consolidation and profitability, says MD & CEO
The amalgamation of Allahabad Bank into Indian Bank has placed Indian Bank as the seventh-largest bank in India
 "Indian Bank to focus on consolidation and profitability, says MD & CEO")
YES Bank FPO sails through; subscription crosses the mandatory 90% level
The FPO generated bids for 8.5 billion shares, 93% of the 9.1 billion on offer, the data provided by the stock exchanges at 6 pm showed
 "YES Bank FPO sails through; subscription crosses the mandatory 90% level")
PSBs lend Rs 19,668 cr to 71 MSME hubs under credit guarantee scheme
The scheme is the biggest fiscal component of the Rs 20-trillion Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month
 "PSBs lend Rs 19,668 cr to 71 MSME hubs under credit guarantee scheme")
Federal Bank gets RBI nod to reappoint Shyam Srinivasan as MD, CEO
Federal Bank on Friday said it has received the Reserve Bank of India's approval for the reappointment of Shyam Srinivasan as Managing Director and Chief Executive Officer till September 22, 2021
 "Federal Bank gets RBI nod to reappoint Shyam Srinivasan as MD, CEO")
Access to funds still a challenge for small, mid-sized NBFCs: FIDC
To address the liquidity challenges faced by NBFCs, HFCs and MFIs, the government had announced a special liquidity scheme of Rs 30,000 crore
 "Access to funds still a challenge for small, mid-sized NBFCs: FIDC")
RBI draft governance code undermines bank chief executive officers: IBA
Says move to make board executive in nature will not fly; some independent directors expected to move on
 "RBI draft governance code undermines bank chief executive officers: IBA")
M&A up 14.55 % in H120 led; Jio Platforms investments up deal value
As many as 183 deals generated $43.54 billion in 1H20, says report by financial data company.
 "M&A up 14.55 % in H120 led; Jio Platforms investments up deal value")
Adopt fair practices to prevent illicit debt recovery methods: RBI to ARCs
RBI asked ARCs to adopt a board-approved 'Fair Practices Code', which, among other things, should prohibit the use of uncivilised, unlawful and questionable behaviour for recovery of loans
 "Adopt fair practices to prevent illicit debt recovery methods: RBI to ARCs")
Bandhan Bank's pre-tax profit drops 40% in Q1 on higher provisioning
Pre-tax profit of the bank in Q1FY21 stood at Rs 735 crore
 "Bandhan Bank's pre-tax profit drops 40% in Q1 on higher provisioning")
Private banks stare at washed-out Q1; moratorium, Covid-19 provisions eyed
Extension of moratorium, ICICI Securities points out, till August would push recognition of pain points, thereby leading to benign slippages and stable headline non-performing asset (NPA) numbers
 "Private banks stare at washed-out Q1; moratorium, Covid-19 provisions eyed")
Federal Bank's Q1 PBT declines 8.9% to Rs 537.76 cr on rise in provisions
Its net profit for the quarter under review rose to Rs 400.77 crore compared to a net profit of Rs 384.21 crore in Q1FY20
 "Federal Bank's Q1 PBT declines 8.9% to Rs 537.76 cr on rise in provisions")
Yes Bank FPO: Anchor demand indicates Rs 15,000 crore a tall ask for lender
LIC, SBI asked to chip in to meet demand shortfall, says sources
 "Yes Bank FPO: Anchor demand indicates Rs 15,000 crore a tall ask for lender")
Point-of-sale terminals yet to fire despite repeated nudges by RBI
It's important to note that unlike ATMs, the scheme is not advertised or visible to the general public
 "Point-of-sale terminals yet to fire despite repeated nudges by RBI")
Banks stockpile billions as they prepare for things to get worse
Collectively, JPMorgan Chase, Citigroup and Wells Fargo have put aside $25 billion during the second quarter, they said. As a result, their quarterly profits plunged.
 "Banks stockpile billions as they prepare for things to get worse")
IDBI Bank seeks shareholders' nod for raising Rs 11,000 cr in share capital
Proceeds will be used to strengthen the lender's Capital Adequacy Ratio; bank to hold AGM on August 17 exclusively via video conferencing, other audio-visual means
 "IDBI Bank seeks shareholders' nod for raising Rs 11,000 cr in share capital")
SBI to raise Rs 25,000 crore in AT1, tier II capital in current fiscal
The capital is expected to strengthen the bank's capacity to growth business and create buffers to withstand shocks
 "SBI to raise Rs 25,000 crore in AT1, tier II capital in current fiscal")
State-run banks will need Rs 35,000-40,000 crore of additional capital: S&P
Government-owned banks in India, in aggregate, will be able to absorb the estimated credit losses without breaching the regulatory minimum, but these banks need capital to grow
Banks approve bonds, CPs worth over Rs 14,000 crore issued by NBFCs
About 46 per cent of this sum for purchase by public sector banks is for bonds or CPs rated below 'AA'