The promoters of Kotak Mahindra Bank will bring down their equity by 11 per cent to 49 per cent by 2004 in order to comply with the Reserve Bank of India's stipulations
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The Reserve Bank on Friday accepted most of the recommendations of its working group on corporate ownership of private sector banks, by allowing unrestrained promoter shareholding in the first five years of operations and hiking the same to 26 per cent after 15 years from the extant 15 per cent and also the new capital requirements. The move will benefit leading banks like Kotak Mahindra Bank and IndusInd Bank, among others, which have been seeking more time from the regulator to divest their stakes for many years now. Accepting 21 of the 33 recommendations of the internal working group, the central bank said the remaining suggestions are under its consideration.
Bandhan Bank has filed a draft red herring prospectus with Sebi for an IPO of up to 119 million equity shares, with face value of Rs 10 each.
Mukesh Ambani continues to remain the richest man in India.
Banks are expected to cut lending rates from April 1.
Enthused by the upbeat mood visible about India at the World Economic Forum in Davos, eminent banker Uday Kotak said investors now want to see some real action on the ground.
The housing finance major issued non-convertible debentures and warrants to raise another Rs 4,000.03 crore.
Retail inflation remained above the RBI's comfort level for the second consecutive month despite slipping slightly to 6.26 per cent in June while the factory output recorded a growth of 29.3 per cent in May, mainly on account of the base effect, the government data showed. The marginal slippage in the Consumer Price Index (CPI)-based inflation was noticed despite little firmness witnessed in the food inflation which inched up to 5.15 per cent in June from 5.01 per cent a month ago. Retail inflation based on Consumer Price Index (CPI) was 6.3 per cent in May 2021 and 6.23 per cent in June 2020.
From offering office premises that can be converted into isolation wards to earmarking funds to be used for procuring kits, ventilators as well as personal protective equipment for health care workers, India Inc has put a united front to combat the unprecedented crisis facing the country.
It recorded total income of Rs 54,606 crore (Rs 546.06 billion) and net profit of Rs 9,810 crore (Rs 98.10 billion) on stand-alone basis.
Fund transfer through Facebook is meant for tech-savvy customers.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
A day after its bigger rival ICICI Bank cut its lending rate, the third-largest private lender, Axis Bank, on Friday lowered its base rate by 0.10 per cent to 9.85 per cent, effective June 30.
Besides the dairy business, the transaction also involves sale of 100 per cent shareholding in Sunfresh Agro Industries, a step-downsubsidiary of Prabhat, via a share purchase agreement, the company said.
Donald Trump, accompanied by US First Lady Melania Trump, was received by Kovind at the forecourt of majestic Rashtrapati Bhavan along with his wife Savita.
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
Rather than focusing on profits, market should look at the inherent strength of the balance sheet whether it can withstand difficulties, he said.
The reserves rose to $501.70 billion helped by a whopping rise in foreign currency assets, the latest data from the Reserve Bank of India.
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
Since January this year, RBI has cut the repo rate - at which it lends to commercial banks -- to a gross of 1.25 per cent.
The yield on the 10-year bond may fall to 8.70 per cent due to FII flows in debt.
On February 11, 2009, Subhiksha announced that it was closing down all its 1,600 outlets till May 2009.
Isn't it time to review the 'fit and proper' criteria for banking licence, particularly with reference to individuals applying for it, asks Tamal Bandyopadhyay?
Before taking such loans, compare the interest rates charged by various players, advises Sanjay Kumar Singh.
In the past four months, $7.5 billion has flowed back into domestic stocks, helping the benchmark indices bounce back more than 40 per cent from their 2020 lows.
The grief-stricken mother wishes for death penalty for the guilty.
The government had last sold 5 per cent stake in ONGC in 2012 for Rs 14,000 crore (Rs 140 billion).
In April, RBI had to issue a warning about a mobile application.
'Markets are likely to remain choppy for the next 6 months.'
Of the six-member rate-setting monetary policy committee, five members voted for a 25 bps cut while one by 40 bps, the RBI said.
Chances of a rate cut in April improve if core inflation continues to ease, growth falling below the projected 7.2% for FY19 and if the global trade slowdown exacerbates.
'Long-term retail investors should not worry about these sharp dips and jumps if they have chosen their stocks wisely.' 'Short-term volatility is a given and a rise and fall of two-three per cent should not worry them.'
A combination of bank guarantees, letters of credit, buyer's credit for computer servers have been provided to the two local operational arms by Kotak Mahindra Bank and Deutsche Bank.
Franklin Templeton Mutual Fund, which has closed six debt schemes, has said the winding-up process will be delayed in the absence of authorisation from investors and further steps will be possible only after seeking fresh approval from them. It further said that investors who do not have an e-mail ID or mobile number registered with the fund house will not be able to participate in the voting process. The date on which the voting would start has not been disclosed yet.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
