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Equitas Small Finance Bank (SFB)’s ₹ 518 crore initial public offer (IPO) closes for bidding at 5:00 pm today i.e. October 22. As of 12:00 pm, the IPO was subscribed 1.15 times. The public issue attracted subscription of 1.64 times in the retail category, 1.58 times in qualified institutional buyer (QIB) segment and 0.07 times in the non institutional investor (NII) category. The shares will be credited into demat accounts on October 29 and are likely to be listed on the bourses on November 2. The public offering consists of fresh issue of 8.5 crore shares and offer for sale of 7.2 crore shares by Equitas Holdings Limited. As a result of the sale offer, the stake of Equitas Holdings Limited, which is the holding company of Equitas Small Finance Bank will come down to around 82 per cent. The shares are being offered in the price band of ₹ 32-Rs 33 per share. Applicants can place bids for a minimum one lot of 450 equity shares (bid amount: ₹ 14,850 at the higher end of the price band), a

State Bank of India on Wednesday announced a concession of up to 20 basis points – or 0.20 percentage point – on home loans, in a bid to attract homebuyers in the ongoing festive season. The scheme is applicable to loans for houses worth more than ₹ 30 lakh and up to ₹ 2 crore. The latest scheme doubles the concession offered by SBI in an existing festive season offer. SBI said the concession will now also be applicable to customers borrowing up to ₹ 3 crore in eight metro cities.  Under the scheme, SBI will provide a concession of 20 basis points (0.2 percentage point) on home loans above ₹ 75 lakh, and an additional 5 basis points on applications made through the YONO app. Therefore, those applying for a home loan during the applicable period using the mobile app will get an effective concession of 25 basis points.  In other words, borrowers will get a 25-bps concession in the applicable interest rate on home loans of more than ₹ 75 lakh if applied through mobile app YONO, subject to

Equitas Small Finance Bank’s ₹ 517.6 crore initial public offer (IPO) opens for subscription on October 20. The IPO will remain open till October 22. The IPO comprises fresh issue of 8.5 crore shares and offer for sale of 7.2 crore shares by Equitas Holdings. Post the IPO, the stake of Equitas Holdings Limited, the holding company of Equitas Small Finance Bank, will decline to about 82 per cent. The shares are likely to be listed on the BSE and NSE on November 2, 2020. Equitas Small Finance Bank has fixed the price band of the share sale at ₹ 32- ₹ 33 per share. Applicants can bid for a minimum one lot of 450 equity shares and in multiples of 450 equity shares thereafter, up to 13 lots. The bank will utilize the IPO proceeds to augment its Tier I capital base to meet future capital requirements. Equitas Small Finance Bank is a micro-finance institution incorporated in Chennai in 1993. It provides microfinance loans, housing finance and vehicle finance. But unlike other micro-finance in

HDFC Bank on Saturday reported a net profit of ₹ 7,513.11 crore in the quarter ended September 30, marking an increase of 18.41 per cent compared to the corresponding period a year ago. The slowdown caused by the coronavirus pandemic may lead to a rise in the number of customer defaults and, consequently, an increase in provisions, the country’s largest lender by market capitalisation said in a regulatory filing. HDFC Bank said its total income increased 6.86 per cent to ₹ 36,069.42 crore in the second quarter of current financial year, from ₹ 33,755 crore in the year-ago period. Net interest income – or the difference between interest earned and interest expended – came in at ₹ 15,776.39 crore, up 16.73 per cent compared to ₹ 13,515.04 crore in the year-ago period. The bank’s board approved the appointment of Sashidhar Jagdishan as managing director and CEO for a period of three years starting October 27. The coronavirus pandemic and related restrictions have led to changes in custome

The Covid-19 pandemic will produce lasting shifts to global growth, pushing China even more to the forefront. The proportion of worldwide growth coming from China is expected to increase from 26.8 per cent in 2021 to 27.7 per cent in 2025, according to Bloomberg calculations using International Monetary Fund data. That’s more than 15 and 17 percentage points, respectively, higher than the US share of expected global output. India, Germany and Indonesia round out the top five largest growth engines, next year. The fund now forecasts world gross domestic product to shrink 4.4 per cent this year, an improvement from the 4.9 per cent drop seen in June, according to the latest World Economic Outlook released this week. Next year, the IMF sees growth of 5.2 per cent. The IMF estimates China will grow by 8.2 per cent next year, down a full percentage point from the IMF’s April estimate but strong enough to account for more than one-quarter of global growth. The US is expected to rally to a 3.

India’s economic growth forecast was slashed further by the International Monetary Fund (IMF) today, with the country now facing the biggest contraction of major emerging markets in the wake of the coronavirus pandemic. Gross domestic product (GDP) will shrink 10.3% in the fiscal year to March 2021, the Washington-based lender said in its World Economic Outlook, far worse than the 4.5% decline predicted in June. The 5.8 percentage-point downgrade was the biggest of the world’s main economies. In the group of emerging economies “revisions to the forecast are particularly large for India, where GDP contracted much more severely than expected in the second quarter,” the IMF said in its report. India’s lockdown at the end of March was the world’s largest, causing the economy to contract 23.9% in the June quarter from a year ago as businesses and jobs were devastated. Authorities have failed to get the pandemic under control since then, with the number of coronavirus cases exceeding 7 milli

The Reserve Bank of India’s Governor Shaktikanta Das announced the Monetary Policy Committee (MPC)’s decisions at 10.00 am today. The central bank has kept repo rates unchanged at 4 percent and reverse repo rate at 3.35 percent. Das said the stance has also been maintained as “accommodative” for “as long as required” for growth. The RBI Governor also announced a host of new measures to be undertaken by the central bank. The Monetary Policy Committee kept the repo rate – or the key interest rate at which it lends short-term funds to commercial lenders – at 4.0 per cent. Consequently, the reverse repo rate – at which the RBI borrows from lenders – stood at 3.35 per cent. That was in line with economists ‘ expectations. All 66 respondents in a poll by news agency Reuters had predicted a status quo on the repo rate. A large majority in that poll saw no cuts until the fourth quarter (January-March) of current financial year. The central bank retained its “ accomodative ” stance on monetary

RBI Governor Shaktikanta Das-led Monetary Policy Committee will today reveal its policy decision at the end of talks that began on Wednesday. Most economists expect the central bank to keep policy rates at existing levels as inflation has remained above its comfort zone for five straight months, amid a jump in food prices, despite strategic removal of COVID-19-related restrictions. The RBI’s six-member panel has three new external members, whose delayed appointment by the government had forced the central bank to delay its bi-monthly review originally scheduled for September 29-October 1. When Governor Shaktikanta Das addresses the media at 10 am today, all eyes will be on any hints of further monetary easing in the coming months, at a time when global financial markets are divided over the prospect of further stimulus to support economies against COVID-19.  The RBI is expected to maintain the repo rate at the existing 4 per cent, according to all 66 respondents in a poll by news agenc

HDFC Bank Managing Director and Chief Executive Officer Aditya Puri has assured employees of the country’s largest private sector lender that their jobs and bonuses are secure. Even as the COVID-19 pandemic rages on, Puri, who retires later this month, said the bank is doing well, has sufficient capital and does not have any strain in the loans that it has made. He also hinted that the bank may post a strong set of quarterly numbers in the recently ended July-September period and quarters ahead as well. The COVID-19 pandemic has resulted in job losses, especially in the organised sectors, as businesses suffered due to economic activity coming to a halt in lockdowns. HDFC Bank and its private sector competitors have met hikes and bonuses commitments since the start of the pandemic. “Not only are your jobs secure, your increment is also secure. Your bonus and your promotion are secure,” Puri told over 1.15 lakh employees of the bank, in a video message last week. Puri, who has led the ba

The government named Shashanka Bhide, Ashima Goyal and Jayanth Varma as its nominees on the central bank’s monetary policy committee (MPC) late on Monday. The Reserve Bank of India was forced to delay the bi-monthly committee meeting set to take place from September 29 to October 1, as it required at least four MPC members to proceed and the government had failed to name replacements for three previous appointees whose tenure ended in September. The committee, of three government nominees and three RBI members, had been scheduled to announce the country’s key interest rates and monetary policy for the next two months on October 1. The new members have been appointed for a four-year term, according a government notification. Ashima Goyal is a member of Prime Minister Narendra Modi’s economic advisory council. Ms Goyal is a professor at the Indira Gandhi Institute of Development Research in Mumbai and was a visiting fellow at Yale University. Shashanka Bhide is a senior advisor at the Na

Government should stick with its flexible inflation targeting framework, which has worked well, to reap the benefits over the long term, former Reserve Bank of India (RBI) deputy governor Viral Acharya said. The central bank and the government agreed in 2015 on a policy framework that stipulated a primary objective of ensuring price stability while keeping in mind the objective of growth. That framework is due for a review in early 2021. “Evidence seems to suggest this is a good disciplining framework with good democratic accountability. We should persevere with it,” said Mr Acharya. He said the benefits, such as lower borrowing costs, will only be seen over time. “I would not enter into policy adventurism by changing this right now. It’s too risky,” Mr Acharya told Reuters in an interview late on Wednesday. The RBI has by and large been successful in keeping inflation within the mandated 2 per cent-6 per cent range. But the flexible inflation targeting policy has faced criticism recen

The CBI has filed a fresh charge sheet against Gokulnath Shetty, the Punjab National Bank Deputy Manager who allegedly helped Nirav Modi and Mehul Choksi perpetrate ₹ 13000-crore fraud, and his wife for amassing disproportionate assets worth ₹ 2.63 crore, officials said Friday. The agency has charged Mr Shetty and his wife Asha Latha Shetty, a clerk in Indian Bank, under corruption charges for amassing assets worth over ₹ 4.28 crore during the period 2011-17 when the scam was being perpetrated at the Brady House branch of PNB in Mumbai where he was posted, they said. Of the total assets, the CBI alleged they could not provide satisfactory explanation for assets worth ₹ 2.63 crore, which were 2.38 times disproportionate to their known sources of income. The CBI looked into the relationship between Mr Shetty and Mr Modi-Choksi during which it dug into the assets amassed by the retired deputy manager, they said. The agency has registered a separate FIR in November, 2018 against Mr Shetty

Stock markets are expected to consolidate in near-term due to economic uncertainty and a host of factors such as RBI monetary policy, car sales and macroeconomic data and global cues would dictate the direction in this holiday-shortened week, analysts said. They said that despite a relief rally on Friday markets are likely to remain volatile amid resurging coronavirus cases in Europe. The RBI’s monetary policy review on October 1 and auto sales numbers would be among the key events for investors. The RBI’s monetary policy committee will be meeting for three days from September 29. Indian equity benchmark index Sensex declined by 3.83 per cent or 1,457.16 points and the broad-based Nifty tumbled 4.04 per cent last week. The stock indices declined for six straight sessions to Thursday, plunging by more than 7 per cent due to growth concerns after resurgence in coronavirus cases globally. The markets, however, cut short their losses and rallied over 2 per cent on Friday after reports that

The Reserve Bank of India will keep rates on hold until early next year in a delicate balancing act between curbing high inflation and lifting the economy from its worst recession on record, a Reuters poll of economists showed. August inflation, at 6.69 per cent, held above the top end of the RBI’s medium-term target range of 2-6 per cent for the fifth consecutive month amid supply disruptions, while coronavirus infections spread in India at the fastest pace anywhere in the world. The central bank held its main repo rate at 4.0 per cent at its meeting last month and said it would keep policy accommodative to support an economy which nosedived 23.9 per cent last quarter, the weakest performance on record. All 66 respondents expected no change at the September 29-October 1 meeting and the consensus showed rates would remain on hold in December, according to the poll which was conducted over the last few days. That compared with a quarter-point cut in the fourth quarter predicted a month

State Bank of India (SBI) said it will allow its customers to make OTP- or one-time passcode-based withdrawals from its ATMs round the clock from Friday. OTP-based withdrawals of ₹ 10,000 and above will be available 24×7 at its ATMs with effect from September 18, the country’s largest bank said in a statement, urging its customers to get their mobile number registered or updated, in order to use the facility. The move is aimed at safeguarding customers from frauds and minimizing unauthorised transactions, SBI said. SBI had introduced OTP-based cash withdrawals for 12 hours a day (from 8 am to 8 pm) with effect from January 1.  From September 18, this facility will be available 24 hours a day, across all State Bank of India ATMs in the country. The introduction of round-the-clock OTP-based cash withdrawals has further strengthened the security system in ATMs, SBI said. “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvi

For depositors of the tainted Punjab and Maharashtra Cooperative (PMC) Bank, the situation is not very different from what it was almost a year ago when the RBI placed withdrawal restrictions on the bank after the mega scam involving misreporting of loans with senior bank officials” involvement came to light. Exactly one year ago, on September 23, 2019, the Reserve Bank of India had superseded the board of the multi-state urban cooperative bank and placed it under various regulatory restrictions after detection of certain financial irregularities. Initially, the RBI had allowed depositors to withdraw ₹ 1,000 which was later raised to ₹ 1 lakh per account to mitigate their difficulties. In June this year, the RBI had extended the regulatory restrictions on the cooperative bank by another six months till December 22, 2020. PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back

State Bank of India (SBI) has announced recruitment of specialist cadre officers. Application forms are available on the website, sbi.co.in. Candidates can fill and submit it on or before October 8. Candidates with work experience are eligible for these posts. There will be no written exam and selection to these posts will be through interview. Vacancy Details Deputy Manager Security: 28 posts Manager (Retail Products): 5 posts Data Trainer: 1 post Data Translator: 1 post Senior Consultant Analyst: 1 post Assistant General Manager (Enterprise & Technology Architecture): 1 post Data Protection Officer: 1 post Deputy Manager (Data Scientist): 11 posts Manager (Data Scientist): 11 posts Deputy Manager (System Officer): 5 posts Risk Specialist- Sector (Scale-III): 5 posts Risk Specialist- Sector (Scale-II): 5 posts Portfolio Management Specialist (Scale-II): 3 posts Risk Specialist- Credit (Scale-III): 2 posts Risk Specialist- Credit (Scale-II): 2 posts Risk Specialist- Enterprise (Sca

Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said the country’s economic recovery will be gradual as the impact of Covid-19 has still not subsided. While addressing the FICCI National Executive Committee Meeting, Das said the economic recovery has not yet been fully entrenched and went on to add that the GDP data in the first quarter of FY21 is a reflection of how the pandemic disrupted the country’s economy. “Recovery is not yet fully entranched. In some sectors, the optic noticed in June and July appear to have levelled off. By all indications, the recovery is likely to be gradual as efforts towards reopening of the economy are confronted with rising infections,” he said. The RBI governor's comments come at a time when India's economy is going through a period of severe economic crisis. However, Das said that some high frequency indicators have improved and indicate “some stabilisation” of economic activity in the second quarter of the current fiscal year

SBI General, one of India’s leading General Insurance Companies and, YES BANK, a leading private sector bank, signed a Corporate Agency Agreement for the distribution of retail products of SBI General Insurance Company for its corporate and retail customers. The products of SBI General Insurance Company will be offered to YES BANK’s customers across 28 states and 8 Union Territories. SBI General – YES BANK corporate agency agreement SBI General has been doing meaningful associations with banks, payments apps, eCommerce players, brokers, etc. to strengthen its distribution footprint across the country. This partnership will be committed to offering customers a broad range of non-life insurance products and services and deploying technology across the customer value chain to facilitate superior experiences for them. Commenting on the tie-up, Amar Joshi, Chief Business Officer, SBI General Insurance, said, “Our alliance with YES BANK is an important milestone and allows us to collaborate

Mangal Credit and Fincorp Limited (MCFL), a leading non-banking financial company (NBFC) promoted by industry veteran Mr. Meghraj Jain, has announced its’ entry into the loan against gold and diamond jewellery market with the launch of its’ maiden retail branch in the Mumbai suburbs of Vile Parle followed by the launch of five more outlets in Andheri, Kandivali, Mira Road, Dombivali and Bhandup by March 2021. The plan to enter the growing gold and diamond jewellery loan business is a natural extension of the company to leverage the promoter’s two decades plus experience in the fine jewellery business as well as the company’s sustained success in providing loans to SME & MSME sectors since 2012. Additionally, the company has brought forward its’ plans to enter the secured loan segment for a year, taking into account of the possible surge in demand for asset-based personal finance in post-COVID recovery phase. Around 75 per cent of MCFL’s assets will be from gold and diamond jeweller