No comments could be obtained from either ICICI Bank or Bank of Rajasthan. Pravin Tayal, the key promoter of the Bank of Rajasthan, could not be contacted for comments.
Chairman of the Bank of Rajasthan, Praveen Tayal, was arrested on Friday in connection with alleged irregularities in allotment of shares of a company of which he was a director.\n\n\n\n
Bank of Rajasthan Ltd plans to seek creditorsÂ’ approval for merging its arm Rajasthan Bank Financial Services Ltd with the bank.
Pravin Kumar Tayal, promoter of Bank of Rajasthan, is all set to acquire another 5 per cent stake in the bank by this fiscal to increase his total holding to 48 per cent.
Bank of Rajasthan is planning to expand its branch network to 600 by opening 258 more branches countrywide in the next three years, its chairman P K Tayal said on Monday.
Amid uncertainty about the validity of voting conducted by Bank of Rajasthan shareholders on Monday, the bank said it has sought the legal opinion on the matter.
The Reserve Bank of India has ordered a special audit of private sector lender Bank of Rajasthan's accounts, suspecting violation of operational norms by the lender, including transparency in lending.
ICICI Bank's move to amalgamate Bank of Rajasthan (BoR) with itself at a 1:4.72 ratio indicates the bank would pay a premium of 89.4 per cent to Bank of Rajasthan's closing stock price on Tuesday.
Axis Bank reduced its prime lending rate by 0.5 per cent to 15.25 per cent, while Bank of Rajasthan slashed it by 0.25 per cent to 9.75 per cent. The private sector banks' lowering of their benchmark rates came close on the heels of another private sector lender, HDFC, responding to the repeated monetary measures introduced by the Reserve Bank of India this year.
Kotak Mahindra Bank's acquisition of ING Vysya Bank is the country's first ever amalgamation of a profit earning entity post the global financial meltdown in 2008.
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
The deal is the first major bank takeover in 4 years
Bank of Rajasthan is keen on increasing its stake in Bharat Overseas Bank (BhOB) as part of its efforts to become a national level bank.
Without giving specific details, Sebi said that SBI was being probed for 'alleged violation of regulations' contained in as many as 11 sections, sub-sections and clauses, including those related to the Code of Conduct, of the Securities and Exchange Board of India (Debenture Trustees) Regulations.
Unlike the new private sector lenders, BoR employees' wages are still governed by the industry wage package negotiated by the Indian Banks Association with bank staff unions.
ICICI Bank, which will see its presence in western India grow with the acquisition of Bank of Rajasthan, has said no to foreign takeovers as it wants to focus on becoming India's top bank in terms of profitability and productivity.
All 463 branches of BoR has started functioning as ICICI Bank's as per the directive of the Reserve Bank of India.
The meeting to approve the merger of Udaipur-based BoR with the country's largest private sector lender ICICI Bank got off to a chaotic start.
The boards of ICICI Bank and Bank of Rajasthan put their seal of approval on the share exchange formula arrived at last week, when India's largest private sector lender announced the move to amalgamate BoR with itself.
The Tayal family, which has promoted companies such as Bank of Rajasthan and KSL Realty and Infrastructure, is foraying into high-end luxury retail with flagship store K Lifestyle.
Four banks -- Bank of Rajasthan (16 per cent), ING Vysya Bank (14.66 per cent), South Indian Bank (10 per cent) and Karnataka Bank (8.67 per cent) -- have sold their stakes aggregating 49.33 per cent in BhOB to IOB.
The interest rates for lending as well as on deposits should be brought down further to reduce the cost of funds for industry and consumers in the country, Union Minister of State for Finance Anandrao Adsul said on Saturday.
Private lender Kotak Mahindra Bank Ltd said on Thursday its board had approved the acquisition of local rival ING Vysya Bank Ltd, in which Dutch lender ING Groep NV owns about 43 per cent, in an all-stock deal.
Short sellers may capitalise on the weak sentiment owing to the dispute between co-founders Rana Kapoor and Madhu Kapur.
The promoters, instead, raised it to 63.15 per cent, while reporting they'd brought it down to 28.6 per cent.
Under U K Sinha, Sebi became a pan-India organisation with local offices in 16 cities
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