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Kotak Mahindra Bank chief Uday Kotak has assured that there will not be "any dramatic" reduction immediately in the number of employees following the merger of ING Vysya Bank.
"The Reserve Bank of India... has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls," Yes Bank said in a regulatory filing.
Tech Mahindra and United Spirits will replace them in the 50-share index of the National Stock Exchange with effect from March 28.
There is no immediate plan, either in terms of employees or branches, said Uday Kotak on the merger deal.
US bank Citigroup on Wednesday announced the sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets.
NSE's Ramakrishna and ING Vysya Bank's Bhandari front runners for the post.
Financial services firm AnandRathi analysed the key points of the policy soon after it was announced.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
In continuation of the interim order dated April 27, 2006 relating to IPO scam, G Anantharaman, whole-time member of Securities & Exchange Board of India passed an interim order on Tuesday.
HDFC Bank had opened multiple demand accounts which were used for manipulation of the IPO allotment process in the last few years, but those were not held in benami names.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The exchange had earlier said that DLF would move out from Group A.
When you talk about sports and business, you do see the parallels between each
The All India Bank Officers Association (AIBOA) on Monday said it has launched a wing to deal with issues faced by those working for private sector lenders.
Ramesh Gelli, then 37, was the youngest chairman in Indian banking industry when he headed Vysya Bank in 1983. Now 58, he plans to retire from banking for ever.
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.
Currently, the investor and his family's net worth in listed firms stands at Rs 8,517 crore, compared to Rs 8,388 crore as of March 31, 2020.
After taking over the home loan arm of ING Vysya Bank last year, Dewan Housing Finance now targets to double its business to Rs 900 crore this fiscal and increase its assets to Rs 5,000 crore by 2007.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
The 30-share Sensex provisionally ended up 366 points at 27,275 and the 50-share Nifty ended up 132 points at 8,235.
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.
In separate letters to the two banks, located at Mylapore area, he said that under the relevant party laws, he continued to be the AIADMK treasurer.
The size of the Indian financial services market could touch around $340 billion in the next few years.
Rediff readers tell us how they spent their first salaries.
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