Banking/Finance

Merger of LVB DBS | Lakshmi Vilas Bank: Cabinet approves DBS acquisition of Lakshmi Vilas Bank

That Cabinet are you okay DBS India’s rescue of Lakshmi Vilas Bank. Following the approval, DBS Group Holdings – Singapore’s largest bank – takes over Lakshmi Vilas Bank in an agreement pushed by RBI. This also marks the first time India has approached a foreign entity to rescue a struggling domestic bank. Lakshmi Vilas is …

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AIBEA joins unions in nationwide general strike on 26 November

MUMBAI: The All India Bank Employees Association ( AIBEA) on Tuesday it said it would be a day nation-wide strike on November 26 called by central Act unions to protest against the government anti-labor policies. Has central Act unions, except Bharatiya Mazdoor Sangh, will observe nation-wide general strike on November 26. “Lok Sabha in its …

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S&P skeptical about letting companies into Indian banking

S&P Global Ratings on Monday rejected the recommendation of a committee Indian Central Bank to permit large industrial conglomerates establishing banks, as part of the proposed changes for the country’s banking sector, is fraught with risks. A working group of the Reserve Bank of India recommended a number of changes, the details of which were …

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Bank of Maharashtra expects that only Rs 1,000-1,500 crore loan book will be restructured

MUMBAI: State-run Bank of Maharashtra expects only Rs 1,000 to 1,500 crore of its total progress to reach one-off structuring during Indian Reserve Bank‘s scheme before December 31, said its CEO and CEO A S Rajeev. The lender had previously estimated around Rs 3,000-4,000 crore from its moratorium book to come under one-off structuring. However, …

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RBI calls on UVARCL to explain abused norms; RCom, Aircel resolution plans in balance

Mumbai: Reserve Bank of India has warned UV Asset Reconstruction Company (UVARCL) that its registration certificate can be annulled unless it is explained next week why it did not inform the insolvency court that the regulator had immediately rejected its winding-up plan for Aircel. The bank regulator said in a statement that UVARCL had violated …

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RBI’s internal working group recommends initiators to hold larger shares in private banks

MUMBAI: The Indian Reserve BankThe internal working group set up to review the ownership of Indian private banks has recommended that initiators hold 26% in banks over a period of 15 years. In its proposal, the working group has also taken advantage of allowing industrial houses as bank promoters only after making legislative changes to …

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Mastercard, USAID joins Project Kirana to empower women through financial inclusion

New Delhi: Major payment technology Mastercard you have joined hands with the development agency YOU SAID to Project Kirana that will help increase revenue streams, expand the financial inclusion and adoption of digital payments by kirana stores owned or operated by women. To begin with, as many as 3,000 such women are targeted to be …

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DBS Bank: AIBOC opposes merger of LVB with DBS Bank; places for merger with state-owned bank

A day later RBI publish a draft merger plan for Lakshmi Vilas Bank (LVB) with subsidiary of Singapore-based DBS, banks’ official trade union AIBOC on Wednesday, said the merger is not in the national interest and required consolidation with any PSB. The proposed merger of the money-tightened LVB with DBS Bank India seems to be …

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Yes Bank launches co-brand prepaid card with Neokred for cashless payment

NEW DELHI: Yes Bank Tuesday, it said it has launched a co-branded prepaid card in partnership with Neokred Technologies to facilitate cashless payments. The card offers can be adapted to suit the requirements of companies applying for payroll or expense cards for their employees. Yes Bank in partnership with Neokred Technologies has launched the ‘Yes …

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