INDIAN NEWS & TIMES

Wednesday, November 22, 2017

ESAF Small Finance Bank, the first bank from Kerala to win a banking license since independence, is all set to open its first branch in the metro city of Mumbai, on Nov 22, 2017.  With an aim to build a pan India presence, ESAF bank will open 145 new banking outlets by March next year. Speaking at a press conference organised, Mr. K. Paul Thomas, Managing Director and CEO, ESAF [...]

Categories: Finance

Granules India Ltd., a growing pharmaceutical manufacturing company, announced today financial results for its second quarter ended 30th September, 2017. The Company’s standalone sales during the quarter were INR 374 Cr. In this quarter the Company recorded EBITDA and PAT of INR 82 Cr. and INR 36 Cr. respectively. The Company’s Board of Directors has approved second interim dividend of 25 paise per share of face value of Rs. 1 [...]

Categories: Finance

Federal Bank has obtained approval of The Reserve Bank of India to open representative offices at Kuwait and Singapore. Federal Bank has been the preferred banker to NRIs. The NRI friendly measures taken by the Bank have resulted in the continuously increasing inflow of foreign remittances unhindered by economic tumults in various parts of the world. Last financial year, the Bank handled around 15% of the total personal inward remittances to [...]

Categories: Finance

As per Directives of Central Vigilance Commission (CVC), Government of India, Bank of Baroda has observed Vigilance Awareness week from 30.10.2017 to 04.11.2017 across all its offices.  Bank’s Corporate Office at BKC, Mumbai, also conducted several activities to spread out the message of GOI to fight against corruption amongst their employees and to follow of ethics, morale, transparency and integrity in their working. In the beginning of week on 30.10.2017, Executive [...]

Categories: Finance

Manappuram Finance Ltd., the Kerala based NBFC, released its second quarter results today. Consolidated Net Profit for the quarter ended September 30, 2017 stood at Rs.160.37 crore, an increase of 3.5 percent over Rs.155.01 crore recorded in the preceding quarter. Net profit was reported at Rs.192.40 crore in the year ago quarter. Total consolidated operating income during the quarter stood at Rs.830.03 crore as against Rs.830.74 crore reported in the [...]

Categories: Finance

Business: Global Business grew by 8.8 per cent to `695978 crore as on September 30, 2017 from `639822 crore as on September 30, 2016. Domestic business grew by 8.1 per cent to `656046 crore as on September 30, 2017 from `606649 crore as on September 30, 2016. Total deposit of the bank grew from `361454 crore as on September 30, 2016 to `386025 crore as on September 30, 2017 showing [...]

Categories: Finance

Central  Bank  Of India Revises  Interest  Rates  On FCNR-B DEPOSITS w.e.f. 01.11.2017. The Bank now offers interest of 3.09 % for USD Deposit of  5 Years, 1.60 % for GBP Deposit of  5 Years, 0.71% for EURO Deposit of  5 Years, 2.54% for CANADIAN DOLLAR Deposit of  5 Years  & 2.94% for  AUSTRALIAN  DOLLAR Deposit of  5 Years. These rates are revised based on the rates announced by FEDAI on [...]

Categories: Finance

MSE (Metropolitan Stock Exchange of India), today announced that it has raised Rs. 209 crore in just over a year and has tied up further funding of Rs.95 crore with few large investors and merchant bankers. With this, the liquid net worth of its clearing corporation subsidiary MCCIL (Metropolitan Clearing Corporation of India Limited) will be Rs. 300 crore, meeting SECC requirements. Excess funds will strengthen MSE’s own net-worth besides being invested in its [...]

Categories: Finance

The Board of Directors of Central Bank of India approved the Bank’s results for the second quarter and half year ended September 30, 2017 at their meeting held in Delhi on Monday, October 30, 2017. PROFITABILITY: Non-Interest Income of the Bank increased to Rs. 730 crore for the quarter ended September 30, 2017 as against Rs. 660 crore for the quarter ended June 30, 2017, registering increase of 10.61% on [...]

Categories: Finance

Everything around us has changed drastically in the last 150 years. But our education system has not evolved much. With the focus still on theoretical teaching with very little that prepares the students for real life in the real world.  No wonder graduates coming out of most our colleges and universities finish a ritual and get their degrees but are highly unemployable, according to various studies.  Often employers end up [...]

Categories: Finance

Bank of Baroda, India’s international bank, inaugurated its new eco-friendly Head Office building, the Baroda Bhavan in Varodara on Sunday, October 22nd at the hands of Honourable Prime Minister of India, Shri Narendra Modi, who unveiled the new structure. The occasion was graced by Shri Vijay Rupani (Honourable Chief Minister of Gujarat), Shri Nitinbhai Patel (Honourable Deputy Chief Minister), Mrs. Ranjanben Bhatt (Member of Parliament), Shri Bharat Dangar (Mayor of [...]

Categories: Finance

Federal Bank announced the Unaudited Financial Results for the quarter ended 30thSeptember 2017. The key highlights of the results on a Y-o-Y basis are as follows: Ø  Net profit grows by 31%,at Rs.264 Cr Ø  Total Business increases by 17.80% Ø  Asset quality improves significantly, GNPA at 2.39% & NNPA at 1.32% Ø  Retail deposits grow by 16% Ø  NRE Deposits increases by 17.86% Ø  CASA grows by 19.52% Ø  [...]

Categories: Finance

Driving the rollercoaster wave of India’s Digital transformation, Union Bank of India has launched trailblazing innovation with the big launch of its app Union Sahyog, which will bring entire customer facing banking on the mobile. The Union Sahyog App facilitates easy viewing of the bank’s extensive product offerings in both English and Hindi language; seeking to serve hands-on convenience to Union Bank customers and others on their mobile devices. While [...]

Categories: Finance

Union Bank of India has entered into agreement with Delhi Municipal Corporation, North (DMC-North) for Digital salary disbursement to all employees through Union Bank’s Centralized Salary Management System. The salary for 57000 employees (approx.) will be processed and disbursed in a single day without any manual intervention. The system will facilitate seamless transfer of funds electronically with complete MIS facility. It will help DMC-North for better management of funds, tracking [...]

Categories: Finance

Shri B.S. Shekhawat has been appointed as Executive Director in Central Bank of India by Government of India with effect from 09.10.2017. Shri Shekhawat is an Agriculture Science graduate with Hons., CAIIB and have completed post graduate certificate course in Management from IIM Bangalore.  He started his career with Central Bank of India in the year 1986 as an Agriculture Finance Officer. During his long career of 31 years, he [...]

Categories: Finance

Bank of Baroda, one of the largest Public Sector Lenders, has reviewed its benchmark lending rates i.e. MCLR across various tenors at the level declined by 5 BPS as compared to existing level. The reviewed MCLR will be effective from 7th October 2017 and will be applicable to all new and renewed borrowal accounts. With the above review, various tenor based MCLRs of the Bank will be as under:    [...]

Categories: Finance

General Insurance Corporation of India (“Company”/ the “Corporation”),will be launching its initial public offering (“IPO” or the “Offer”) which is scheduled to open on October 11, 017 and close on October 13, 2017, with a price band of ` 855 to ` 912 per Equity Share of face value of ` 5 each of the Company (the “Equity Shares”). The IPO comprises a fresh issue of 17,200,000 equity shares by [...]

Categories: Finance

MAS Financial Services Limited’, (“Company”), a Gujarat-headquartered NBFC with more than two decades of business operations will be launching its initial public offering (“IPO” or the “Offer”) which is scheduled to open on October 06, 017 and close on October 10, 2017, with a price band of ₹456 to ₹459per Equity Share of face value of ₹ 10 each of the Company (the “Equity Shares”). The Anchor Investor Bid/Offer Period [...]

Categories: Finance

Bank of Baroda organized its Annual Official Language Function 2017 at its Corporate Office in Mumbai. The event was chaired by Bank’s Managing Director and Chief Executive Officer Shri P.S. Jayakumar. Noted Actor, poet and lead character of TV serial “Tarak Mehta ka Ooltah Chasma” Shri Shailesh Lodha was the Chief Guest of the event. Chairman of Hindi Sangam Prathisthan, New York Shri Ashok Ojha and Bank’s Executive Directors Shri [...]

Categories: Finance

Envestnet | Yodlee, a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced its partnership with Home Credit India one of India’s leading consumer finance provider that is committed to driving credit penetration and financial inclusion. The tie-up has enabled Home Credit India to digitize its loan approval process with Envestnet | Yodlee Aggregation API, a technology that enhances traditional credit reports with [...]

Categories: Finance