Banking Sector

HDFC Bank topples SBI in market cap sweepstakes

HDFC Bank topples SBI in market cap sweepstakes

According to the most recent BSE statistics, a 0.23 percent gain in the share price of HDFC Bank has helped the bank attain a market capitalisation of Rs1,10,288 crore; thereby toppling State Bank of India (SBI), which controls nearly 25 percent of bank loans and deposits in India.

ICICI CEO: “Worrying” global economic scenario could affect capital flows to India

 “Worrying” global economic scenario could affect capital flows to IndiaIn conversation with reporters on the sidelines of the India Economic Summit on Sunday, Chanda Kochhar –Managing Director and CEO of ICICI Bank – said that the "worrying" trends in the economic scenario worldwide could have a notable effect on the capital flows to India.

Government to Inject Billions of Funds in SBI

Government to Inject Billions of Funds in SBI

SBI, Asia’s largest bank, has been passing from a strenuous period. Therefore, the government has decided to help the state-run bank.

The Government has announced that it would inject somewhere around 45 billion to 80 billion rupees in the bank as a part of its fund scheme, which would initiate by March 2012.

All-India Bank Officers' Confederation Questions Financial Status of Dhanlaxmi Bank

All-India Bank Officers' Confederation Questions Financial Status of Dhanlaxmi B

"The allegations are baseless and we do not know from where they have pulled out these numbers. None of these numbers match with our internal numbers", said Bipin Kabra, the Chief Financial Officer of Kerala-based Dhanlaxmi Bank, in a statement soon after a noteworthy market deviation where the bank shares recovered 5% during afternoon trade.

Dhanlaxmi Bank Faces Manipulation Charges

Dhanlaxmi Bank Faces Manipulation Charges

Dhanlaxmi Bank Ltd. is thinking to drag the All-India Bank Officers Confederation (AIBOC) to courts after its shares fell down due to fabricated report submitted by the AIBOC to Reserve Bank of India.

AIBOC prepared a faulty report and without verifying it with the bank’s management they submitted it to RBI, who in turn asked to submit Rs100 crore as a fine for crossing net worth limit and for showing unaccounted expenses.

Axis Bank Introduces “Nischint” Scheme

Axis Bank Introduces “Nischint” Scheme

If you take home loan from Axis Bank, you have to pay interest rate at 11.75% for the whole tenure: this is the new scheme started by the bank.

By this scheme, Axis Bank has become the only bank which would charge interest rate at an even rate. The loan for the property would be available for 85% and at 20 lakhs and 80% loan would only be available if the loan is above 20 lakhs.

Analysts Doubt SNB Monetary Action

Analysts Doubt SNB Monetary ActionRecently, following the Swiss National Bank’s (SNB) deeds regarding restricting franc's rise, some of the topmost analysts declared that they doubted if the Bank’s action would work in the expected manner.

However, SNB officials asserted that the franc restricted rise should reasonably help the euro zone banks and government officials to recover from their financial crises.

RBI Guarantees Rupee Liquidity

According to reports, India's central bank officials recently announced that it would guarantee the sufficient rupee and forex liquidity.

The announcement was made because in the past few months, due to the rising rupee problems, U. S markets recorded downgrade ratings, which created a lot of panic among the investors, and also resulted in the rolling of a depressing world economy.

However, immediately after this announcement, the trade market jitters and shares fell by 3%, while in the past 5 weeks, the rupees was also recorded to be destabilized.

PNB Buys MetLife’s Ventures

PNB Buys MetLife’s Ventures

Sources have revealed that finally the Punjab National Bank (PNB) after buying 30% MetLife India shares would be entitled with a new name of PNB MetLife India.

They further claimed that after the deal, PNB would be recognized as the single largest shareholder in the private insurance company because MetLife India has paid-up assets of Rs 1,997 crore.

RBI’s Repo Rate Hike Becomes a Matter of Concern for Corporates

On Tuesday, the Reserve Bank of India (RBI) raised its repo rate which has now become matter of concern for corporates. They have claimed that the new move of the bank will terribly affect the industry and will also slow down the country's growth.

The RBI has raised its repo rate by 50 basis points, which has increased the benchmark rates by 325 basis points in 11 moves in the past 16 months.