The Industrial Development Bank of India will start its retail banking operation with 100-odd branches from April this year, its chairman M Damodaran said in New Delhi on Tuesday.
IDBI Bank's acting chief executive officer and country head of retail banking Ajay Bimbhet has resigned.\n\n\n\n
The government-appointed Satyam board had recently said that it secured Rs 600-crore (Rs 6-billion) bank loans, which would help it fulfil its immediate fund requirements. The lender's board, which met on January 23 to take a call on the IHFL sale, had deferred the decision, citing the need for more information about prospective buyers.
IDBI Bank has hiked interest rate by 0.25 per cent on fixed deposits having maturity of 365 days and above, effective from Monday.
Information technology (IT) companies have been on the road to revival in the past one year. From being the worst-hit sector in 2022 with a loss of 26 per cent, the Nifty IT index closed 2023 with gains of 24 per cent. So far in 2024, the index is up around 7 per cent against the nearly flat Nifty 50 benchmark index. The IT index has been on a continuous decline in the last three sessions.
Sources said Mallya has also been asked to furnish documents related to his personal finances
As the fight for deposits intensifies, the cost of money will rise and the margin will be under further pressure, points out Tamal Bandyopadhyay.
After getting the go-ahead from the Reserve Bank of India (RBI), IDBI Bank is all set to apply to the Securities and Exchange Board of India (Sebi) for a mutual fund licence.
The recent price correction in broader markets has hit cement companies hard. So far in the current month, smallcap firms like Visaka Industries, Andhra Cements NCL Industries, Sahyadri Industries, and KCP have lost 19.7 per cent, 14.3 per cent, 13.8 per cent, 13.5 per cent, and 11.5 per cent, respectively. On the contrary, largecap companies, while registering losses for the month, have seen a softer blow.
Two more leading public sector lenders, Central Bank of India and IDBI Bank, on Friday joined the rate hike spree following the Reserve Bank's recent hike in interest rates by announcing a hike of 75 basis point in their base rates.
The special court on Monday rejected Kingfisher's plea challenging ED's claim that Rs 430 crore (Rs 4.3 billion) was siphoned off and used to acquire properties abroad.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
Chairman of Industrial Development Bank of India, V P Shetty, was on Friday arrested for allegedly making casteist remarks against IDBI General Manager B W Ramteke.
The government is believed to have approved the proposal of granting tax benefits to IDBI in the first five years after its conversion into a bank to ensure that it continues its development financing role.
IDBI Bank on Thursday opened its first Currency Chest for the Eastern region at Kolkata and said it will open 28 more branches in urban as well as semi-urban areas during the next six months as part of its multi-pronged aggressive expansion plans.
The CBI has launched an initial probe over the loan against both companies, a spokeswoman for the agency said on Saturday.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
IDBI on Wednesday hiked retail lending rates by 25 basis points.
Industrial Development Bank of India chairman M Damodaran has resigned from the board following his appointment as the Securities and Exchange Board of India chief.
After acquiring United Western Bank three years ago, IDBI Bank is now once more on the prowl for acquisitions.
The bank expects to grow loan book by 10 per cent in the current financial year with calibrated exposure to corporate accounts and thrust on the retail segment.
IBM Global Services has bagged a Rs 56 crore (Rs 560 million) contract from IDBI Ltd to consolidate the latter's IT infrastructure, including building and providing service support for a state-of-the-art data centre and disaster recovery site.\n\n
The bank is open to float a rights offer, subject to government approval, IDBI Chairman and Managing Director Yogesh Agarwal said in a response to a shareholder's query at its annual general meeting in Mumbai today.'We need capital to grow. Rights issue is definitely on the cards. We are hopeful of bringing the rights issue by the end of the financial year, Agarwal said.
The charge sheet has now paved way for the CBI to approach authorities in the UK for deportation of Mallya.
Days after the Parliament repealed the IDBI Act, Industrial Development Bank of India is believed to have decided to remain a "stand-alone" entity initially and a merger with a big PSU bank may be considered later.
IDBI Bank on Wednesday said it has an exposure of around Rs 300 crore (Rs 3 billion) to the Raju family-owned Maytas companies and is willing to consider any proposal for loans to Satyam Computer if the company approaches it.
IDBI has hired human resource consultancy firm Hewitt & Associates for advice on introducing cost-to-company approach and an integrated compensation package for employees, chairman and managing director M Damodaran said on Friday.
M Damodaran, chairman and managing director of UTI Asset Management Company, and administrator of UTI's specified undertaking, on Wednesday assumed the office of the CMD of Industrial Development Bank of India as a temporary measure.
Industrial Developemnt Bank of India, the principal lender to the Dabhol Power Company, has finally declared the 2,184 mw power project as a non-performing asset.
>It's not easy to predict the market. But there are at least two positive factors to back the PSU banks, explains Tamal Bandyopadhyay.
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