Expressions of Interest (EoIs) from likely bidders will be invited on October 7, said the Department of Investment and Public Asset Management (DIPAM). The Centre has decided to divest 30.48 per cent stake, meanwhile, Life Insurance Corporation of India (LIC) will divest 30.24 per cent in the bank. Currently, LIC holds 49.24% stake while the GoI holds 45.48% in IDBI Bank.
"The company has received an intimation from Inditrade Microfinance Limited (IMFL), a debt listed company and a material subsidiary of the company, informing that the board of directors of IMFL at its meeting held today (October 7) has, inter alia, approved the scheme of amalgamation of Janakalyan Financial Services Private Limited with Inditrade Microfinance Limited with effect from 1st July, 2022," filing said.
Yes Bank agreed to sell 480 billion rupees ($5.9 billion) of a bad loan portfolio last month to JC Flowers’ ARC, a move Kumar said will help boost its profitability. The sale is a major step by the bank toward shedding the mountain of stressed loans that led to its shock rescue by India’s central bank in March 2020.
"We would like to inform that RBI vide its letter dated October 6, 2022, has approved the appointment of Prashant Kumar as the MD &CEO of the Bank for a period of three years effective from today i.e. October 6, 2022," Yes Bank said in a regulatory filing on Thursday.
The bank's country head for payments, consumer finance, technology and digital marketing, Parag Rao told reporters that between 50-60 per cent of the journey on the digital transformation is over.
The directions, issued by the Reserve Bank of India, include the appointment/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the Internal Ombudsman. All complaints that are partly or wholly rejected by CreditInformation Companies will be reviewed by the IO before the final decision of the CIC is conveyed to the complainant, it said, adding that the IO will not entertain any complaints directly from the members of public.
Home loan rates have risen sharply in the past fi ve months, from 6.5% to 8.25%. A 20-year home loan taken in 2019 at 6.7% will get repaid in 21 years, even though EMIs have been paid for three years.
The 15-month delay after the National Company Law Tribunal (NCLT) had approved the plan has made lenders wary of the consortium's promises.
The chamber also suggested that the bank should make payment of bounced cheque first before making any other payment from the account of the cheque issuer, if possible within the banking system. For bounced bank cheques, the payee needs to start litigation, which hardly results in the payment, it said.
While the RBI is already using AI and ML in supervisory processes, it now intends to upscale it to ensure that the benefits of advanced analytics can accrue to the Department of Supervision in the central bank. The department has been developing and using linear and a few machine-learnt models for supervisory examinations.
"During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said.
That could create scarcity in the world's second-biggest market for gold, and force Indian buyers to start paying hefty premiums for supplies in the approaching peak-demand season.
RBL Bank, which has seen slow growth in liabilities, is also set to offer attractive rates of interest on deposits to grow CASA deposits up to 40% as it weans itself away from the fickle bulk deposits.