Page 897 - Finance News
Moody's downgrades IDBI bank; lender says govt support continues
Bank has crafted a turnaround strategy to augment capital base, recover from NPAs
 "Moody's downgrades IDBI bank; lender says govt support continues")
IDBI Bank crafts turnaround plan
In the year ended March 31, 2017, the bank posted a net loss of Rs 5,158 crore
 "IDBI Bank crafts turnaround plan")
HDFC among top 10 consumer financial services companies globally
American Express topped the list, followed by Capital One Financial and Visa in second, third place
 "HDFC among top 10 consumer financial services companies globally")
IDBI Bank plans to raise extra capital, sell non-core assets for turnaround
The firm expects to improve its financial position and reassure investors through these measures
UN, WB to enjoy tax exemptions
Govt to soon release list of such agencies
 "UN, WB to enjoy tax exemptions")
Low investor appetite may dampen bank fundraising plan: Morgan
Eight public sector banks have taken board approvals to raise fresh capital, says a report
 "Low investor appetite may dampen bank fundraising plan: Morgan")
Hunt for Mundra's successor begins
May have a first DG from private sector
 "Hunt for Mundra's successor begins")
Govt capital infusion in IDBI on course
Bank is also readying an agenda for monetising of stake in some subsidiaries, strategic investments
SBI jumps onto hackathon bandwagon with Code For Bank
Hackathon is open to developers, start-ups and students in teams of up to five members
 "SBI jumps onto hackathon bandwagon with Code For Bank")
SBI launches national hackathon 'Code For Banks'
IT solutions firm NIIT Technologies said it will be integrating Arago's AI technology
 "SBI launches national hackathon 'Code For Banks'")
PSBs gain approval to raise capital but investors unsure, says report
Banks are looking to raise money up to 90 per cent of market cap, according to Morgan Stanley report
SBI extends deadline for filing nomination for directors' post to May 29
Applications were supposed to close today; elections for the posts to take place on June 15
Euronet's Ria Money Transfer enters into new partnerships in India
Company claims to be the world's third largest money transfer company
 "Euronet's Ria Money Transfer enters into new partnerships in India")
Rating agencies to assess viability, recommend haircuts in NPA cases
RBI had outlined an action plan including role for rating agencies in resolution of stressed loans
 "Rating agencies to assess viability, recommend haircuts in NPA cases")
Bankruptcy law to be tabled in Parliament during upcoming monsoon season
The law will help safeguard the interest of depositors
 "Bankruptcy law to be tabled in Parliament during upcoming monsoon season")
More trouble for IDBI Bank, as Icra downgrades its debt instruments
The agency has also kept the lender's ratings under watch with negative implications
RBI defies Supreme Court order, refuses to disclose list of loan defaulters
In 2015, court stated that RBI is supposed to make this information public
 "RBI defies Supreme Court order, refuses to disclose list of loan defaulters")
Bad loans crisis: RBI to expand oversight committee, rating agencies role
Reserve Bank action plan to expand role of rating agencies
 "Bad loans crisis: RBI to expand oversight committee, rating agencies role")
RBI to expand oversight committee to deal with increasing bad loan cases
RBI says it sought information from banks on the current status of large stressed assets
RBI may issue framework for bringing NPA ordinance online within 15 days
About 10-12 cases, including Bhushan Steel and GVK Power, will be taken up in the first go
 "RBI may issue framework for bringing NPA ordinance online within 15 days")