The National Company Law Appellate Tribunal on Friday issued notices to Zee Entertainment Enterprise Ltd (ZEEL) over the petitions filed by IDBI Bank and AXIS Finance against an NCLT order that approved the media company's merger with Culver Max Entertainment. However, a two-member NCLAT bench comprising chairman Justice Ashok Bhushan and Member Arun Baroka declined to grant any stay over the merger process during the pendency of the hearing. The appellate tribunal (NCLAT) has directed to list both petitions on January 8 for hearing, directing Zee Entertainment Enterprise Ltd to file a reply.
While IDBI Bank's 140 million customers and 1800-odd branches will come in handy for LIC to hawk insurance, the bank can use LIC's massive agent network to sell its retail loans. But if it is run the same way it had been in the past and LIC is a proxy of the government, then it has no future, says Tamal Bandyopadhyay.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books, points out Tamal Bandyopadhyay.
There is churning at the top in IDBI Bank's two group entities.
It has Rs 20,500 crore of standard stressed pool outstanding as of June 2018. Thus, the entire stressed book (net NPAs and standard stressed pool) is nearly two times its net worth.
Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector banks (PSBs), offer consistency in reporting by banks to the Reserve Bank of India (RBI), and provide for an increase in the tenure of directors in cooperative banks.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
Dewan Housing bid below advisor's valuation; high exposure posing problems.
Global rating agency Standard & Poor's said on Thursday United Western Bank's huge bad loans may affect IDBI's financial profile negatively.
'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
In one go the merger will solve issues like size of balance sheet, reach and capital adequacy.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
The much-awaited foray of IDBI in housing finance is to fructify shortly with Tata Finance Ltd deciding to sell its entire stake in Tata Homefinance Ltd to the financial institution for an undisclosed amount.\n\n\n\n
The next step for the Life Insurance Corporation of India is to approach market regulator Sebi, as the bank, which is also state-owned, is a listed entity.
The CBI has shared its findings with the Enforcement Directorate.
The investigating agency is examining the documents.
Government is considering conversion of the country's biggest financial institution, IDBI, into a bank, Minister of State for Finance Anandrao Adsul said on Monday.
Paying for facilities like issuance of demand drafts, cheque books, credit or debit cards and ATM interchange may soon become passe as public sector lender IDBI Bank on Wednesday waived-off all service charges on current and savings accounts (CASA), the first by any bank.
The agency has stated in detail in the charge sheet how funds of about Rs 400 crore were moved abroad in alleged violation of rules.
As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and the fourth one an economist to head the monetary policy department.
In a major move after becoming a universal banker from a development financial institution, IDBI Ltd was in the process of floating an insurance company in the life category, its chairman V P Shetty said.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
The Industrial Development Bank of India is all set to foray into insurance business as a corporate agent.
Bank claims it wasn't quizzed by CBI, only financial information was sought.
Ignoring a government advisory, IDBI Bank has moved to a variable pay structure for its officers, who will now have a 70 per cent fixed salary component.In the process, it has become the first public sector bank to shift to this structure, while the other banks, that are part of a negotiated wage structure, gave up the plan in the wake of opposition from employee unions.
IDBI may have to rework its $500 million external commercial borrowing proposal after the government tightened the norms last week.
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