Rupee slumps to all-time low of 92.18 per dollar; spike in crude oil and disruption of trade flows leads to prospects of inflation and current account deficit being impacted.
IDFC First Bank pays entire principal and interest amount of Rs 583 crore to departments of Haryana government.
RBI Governor Sanjay Malhotra assures that Rs 590-crore fraud at IDFC First Bank is not a “systemic issue”; says central bank is keeping a watch on the developments around it.
IDFC First Bank is all out to ‘get to the bottom of it’ and ‘no one will be spared’, says CEO V Vaidyanathan; the fraud is an isolated case and is confined to one client and one branch in Chandigarh.
IDFC First Bank flags fraud at Chandigarh branch involving accounts linked to Haryana govt; among other measures, suspends four suspected officials and appoints KPMG to conduct forensic audit.
AU Small Finance Bank starts internal probe and puts certain employees off duty until investigations after Haryana state de-empanels it from undertaking govt business.
SBI will soon formulate policy for M&A financing and get board nod, says Chairman CS Setty; banks to work together to fund large transaction deals.
Amended ECB framework expands eligible borrowers, rationalises borrowing limits and restricts average maturity period; also removes restrictions on cost of borrowing and reviews end-use restrictions.
The Hello Cashback Credit Card aims at individuals looking to build their credit history; credit limit is equal to FD value and it offers tiered cashback on various types of spending.
Bain Capital will classify as a promoter and jointly control Manappuram Finance; if open offer sails through, its stake will go up to 41.66% and existing promoters will hold 28.9%.
RBI issues final guidelines on acquisition financing, allowing domestic banks to fund up to 75% of deal value. Other rules include firms having minimum Rs 500 crore net worth.
Banks can lend to only listed REITs, running a minimum three years of operations and having a positive net distributable cash flows in the preceding two financial years, RBI said in its draft guidelines.
RBI’s approval is valid for one year; ICICI group entities currently hold 4.07% stake in HDFC Bank.
RBI is tightening rules on way banks conduct loan recovery process from borrowers and use recovery agents.
RBI proposes banning incentives offered to bank staffers by third parties for selling their insurance and mutual fund products and services.
