Page 21 - Banking

Fino Payments Bank IPO to open on Oct 29; price band set at Rs 560-577

Fino Payments Bank on Tuesday said it has fixed a price band of Rs 560-577 a share for its Rs 1,200-crore initial public offering, which will open on October 29. The three-day initial share-sale will conclude on November 2, the company announced in a virtual press conference. The initial public offer (IPO) includes a fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of 15,602,999 equity shares by the promoter Fino Paytech. The offer includes a reservation of Rs 3 crore worth of shares for the company's eligible employees. At the upper end of the price band, the initial share-sale is expected to fetch Rs 1,200.3 crore. Proceeds from the fresh issue would be used towards augmenting the bank's Tier-1 capital base to meet its future capital requirements. Investors can bid for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter. The company said that up to 75 per cent of the total offer has been reserved for qualified institutional

ICICI Bank: Rally spurred by Q2FY22 results likely to sustain, say analysts

Most analysts are very optimistic, and believe it is the best pick among private banks

Nadir B. Godrej funds MergerDomo - tech based investment banking marketplace supporting startups and SMEs

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Govt appoints seven executive directors for public sector banks

Many of these executives, in their early 50s, who stand to serve a full five-year term, will be eligible for extension

YES Bank to take 2 more years to stabilise, says former SBI chief

In his book titled 'The Custodian of Trust', Rajnish Kumar said that SBI was reluctant to play the lender of last resort role for YES Bank but circumstances compelled it to rescue the private lender

Top headlines: IPO-bound Ola to see top-level exits; CRED valued at $4 bn

Moody's upgrades outlook on Indian banking from 'negative' to 'stable'

Google halts plans for Google Pay-based banking service: Report

The service was supposed to let users sign up for checking or savings accounts offered by a variety of traditional banks that the user would then manage through the app

Improve governance and rules instead of privatisation: Raghuram Rajan

Rajan was also critical of the government for not focusing enough on healthcare and education, and cutting down on expenditure

Ind-Ra retains 'stable' outlook on Indian banking sector in FY22

The rating agency has kept its FY22 credit growth estimates unchanged at 8.9% for FY22

Google-Equitas Small Finance Bank deposits deal under RBI's watch

Panel on digital lending may focus on marketplace for banking products

Ending weeks of financial disruption, Afghanistan banks resume operations

Businesses in Afghanistan were also being hampered due to the recent disruption in the country's banking system.

Axis Bank begins issuing debt securities under Rs 35,000 cr-debt raise plan

Axis Bank on Monday said it has started issuing debt securities under its Rs 35,000 crore-debt raise plan announced earlier this year

RBI's Index on financial inclusion: A very timely initiative

The index includes 97 attributes that are extensive and one assumes that they cover capital markets insurance and other banking services

City Union Bank Q1 net up 12% at Rs 173 cr on lower provisioning

The bank had posted a net profit of Rs 154 crore in the same quarter a year ago.

RBI's new rules on interchange fee, 24/7 bulk clearing facility functional

The Reserve Bank of India's new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from Sunday onwards.

Bandhan Bank Q1 net profit falls 32% to Rs 373 cr, asset quality weakens

Bandhan Bank stock settled 0.43 per cent up at Rs 291.30 on BSE.

Hear no evil, see no evil: How Credit Suisse ignored Archegos warnings

The Swiss bank suffered by far the most of all peers from financing the fund's risky market bets

RBI cancels licence of Madgaum Urban Co-operative Bank Ltd, Margao

The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits

Punjab & Sind Bank reports first quarter net profit at Rs 174 crore

State-owned Punjab & Sind Bank on Thursday reported a net profit of Rs 173.85 crore for the first quarter ended June 30. The bank had posted a net loss of Rs 116.89 crore a year ago. Sequentially, it had registered a net profit of Rs 160.79 crore in the March 2021 quarter. The total income of the bank during Q1FY22 rose to Rs 2,039.61 crore from Rs 1,954.39 crore in Q1FY21, Punjab & Sind Bank said in a regulatory filing. Provisions for bad loans and contingencies for the quarter fell to Rs 77.30 crore from Rs 382.56 crore in the year-ago period. The bank's asset quality showed an improvement and the gross non-performing assets (NPAs or bad loans) came down to 13.33 per cent of the gross advances as of June 30, 2021, against 14.34 per cent a year ago. In absolute value, the net NPAs stood at Rs 9,054.96 crore, up from Rs 8,848.06 crore. The net NPAs ratio fell to 3.61 per cent (Rs 2,206.70 crore), from 7.57 per cent (Rs 4,326.41 crore). The bank said it has kept the account of .

IPOs of India's Paytm, South Korea's Kakao reveal Gen Z's banking vision

Internet-based businesses are raising funds at a record pace, making use of the boost given by the pandemic to all things digital