New Delhi, State-owned Canara Bank on Thursday said it has raised Rs 1,500 crore by issuing Basel-III compliant bonds. “Our bank came out with issuance of Rs 1,500 crore of additional tier I bonds on 30th November 2021.
“The bank received total bid amount of Rs 4,699 crore, out of which full issuance of Rs 1,500 crore was accepted at 8.05 per cent,” Canara Bank said in a regulatory filing.
To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.
These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.
Shares of Canara Bank closed at Rs 207.10 apiece on BSE, up 0.15 per cent from the previous close.
New Delhi, Bank officers’ union on Tuesday launched nationwide movement against proposed privatisation of stat-owned lenders. ‘Bank Bachao Desh Bachao Rally’ was held at New Delhi’s Jantar Mantar on Tuesday attended by officers and other stakeholders from various parts of the country, the All India Bank Officers’ Confederation (AIBOC) said in a statement.
Addressing the rally, AIBOC General Secretary Soumya Datta appealed to the government to withdraw the Banking Laws (Amendment) Bill, 2021, which has been listed for introduction and passing in the winter session of Parliament.
“In case the government tables and passes the bill paving the way for the privatisation of the public sector banks, the bank officers will unite all the stakeholders of the banking sector and launch a nationwide agitation,” he said, urging the bankers to draw inspiration from the farmers movement.
Finance Minister Nirmala Sitharaman while presenting Budget 2021-22 earlier this year had announced the privatisation of public sector banks (PSBs) as part of disinvestment drive to garner Rs 1.75 lakh crore.
The Banking Laws (Amendment) Bill, 2021, to be introduced during the session is expected to bring down the minimum government holding in the PSBs from 51 per cent to 26 per cent.
In the last concluded session, Parliament passed a bill to allow privatisation of state-run general insurance companies.
The General Insurance Business (Nationalisation) Amendment Bill, 2021, removed the requirement of the central government to hold at least 51 per cent of the equity capital in a specified insurer.
The Act, which came into force in 1972, provided for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business.
New Delhi, Centre’s specialised groups will address banking challenges faced by exporters, said Union Minister of State for Finance, Dr Bhagwat Kishanrao Karad.
Speaking at the ‘Banking Conclave on Exports’ organised by FIEO in Mumbai on Friday, the minister announced formation of various groups to address the problems raised by exporters and other stakeholders consisting of FIEO, leading banks, IBA, Ministry of Commerce and Ministry of Finance including one on challenges of e-commerce retail exports.
He highlighted the importance of banking sector in promoting and facilitating exports.
He informed that several reforms related to the banking sector have taken place in the recent past, and all the banks have implemented it in a successful manner.
Besides, he said that the Centre is keen on extending the due support to the trade, and therefore the decision on the extension of Emergency Credit Line Guarantee Scheme (ECLGS) was taken “well in time”.
Furthermore, he assured the government is open for discussions and meetings to understand the challenges faced by the exporters, so as to strengthen and support the export trade.
NEW DELHI: Nearly 81% women in urban India and 77.4% in the country’s rural area own a bank account that they operate themselves, as per the National Family Health Survey-5 (2019-21), the findings of which were released on Wednesday. Overall, there has been a big jump in numbers, with 78.6% women across India owning bank accounts as compared to 53% recorded in NFHS-4 (2015-16)
The survey also brought out data on how much of a “voice” women have in key household decisions. NFHS-5 assesses this by taking into account how many married women usually participate in three household decisions – healthcare for herself, making major household purchases, and visits to her family or relatives. NFHS-5 data shows that most women participate in these decisions and the percentage is quite high at 91% in urban India and 87.7% in rural parts.
The all-India percentage is 88.7% and is an increase over 84% in 2015-16. In terms of property ownership, there is still a long way to go even though there is an overall increase from 38.4% in 2015-16 to 43.3% in NFHS-5. Clearly the percentage of women owning a house and or land alone or jointly with others remains low. A notable fact here is that a much higher percentage of women in the country’s rural part (45.7%) have a property in their name compared to women in urban India (38.3%).
Women having a mobile phone that they themselves use has also gone up with 69.4% women in urban and 46.6% in rural India using a phone of their own. Overall, there has been an increase of 8% over the two NFHS periods from 45.9% to 54%.
It also showed how many women aged 15-24 years use hygienic methods of protection during their menstrual period – it is 89.4% in urban India and 72.3% in rural parts. Overall, compared to 57.6% women using hygienic methods of protection during menstruation in 2015-16 as per NFHS-4, 77.3% women use locally-made napkins, sanitary napkins, tampons and menstrual cups.
New Delhi [India], November 12: Prime Minister Narendra Modi on Friday lauded the use of Unified Payments Interface (UPI) across the country and said the digital transactions in India has jumped 19 times in the last seven years.
“UPI has become the world’s leading country in terms of digital transactions in a very short span of time. In just seven years, digital transactions in India has jumped 19 times. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country,” the Prime Minister said while speaking at the launch of two customer-centric initiatives of RBI.
PM Modi said, “Till 6-7 years ago, banking, pension, insurance, everything used to be like an ‘exclusive club in India’. Common citizens of the country, poor families, farmers, small traders-businessmen, women, Dalits-deprived-backwards, all these facilities were far away for all of them.”
The Prime Minister further pointed out that earlier, there were no bank branches, no staff, no internet, no awareness in the banking sector.
“The people who had the responsibility of taking these facilities to the poor also never paid any attention to it. Rather, various excuses were made for not changing. It was said that there is no bank branch, no staff, no internet, no awareness, no idea what were the arguments,” the Prime Minister said.
The Prime Minister also lauded the role of cooperative banks in strengthening the banking sector.
“To further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger even among the lakhs of depositors who are there,” he said.
Earlier today, PM Modi launched two innovative customer-centric initiatives of the Reserve Bank of India.
The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the Government of India and the State Governments. Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.
The Reserve Bank – Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI. The central theme of the scheme is based on ‘One Nation-One Ombudsman’ with one portal, one email and one address for the customers to lodge their complaints.
There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback. A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.
New Delhi, Shares of Fino Payments Bank Ltd made a tepid market debut on Friday, listing with a discount of nearly 6 per cent from its issue price of Rs 577. The stock made its debut at Rs 548, a decline of 5 per cent from the issue price on the BSE. It later dipped 7.15 per cent to Rs 535.70.
At the NSE, it listed at Rs 544.35, lower by 5.65 per cent.
The Rs 1,200.3-crore IPO had a price range of Rs 560-577 per share for the offer.
Fino Payments Bank or FPBL is a scheduled commercial bank serving the emerging Indian market with its digital-based financial services.
The company is a fully-owned subsidiary of Fino Paytech, a pioneer in technology-enabled financial inclusion solutions.
Fino Paytech is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).
New Delhi, The Indian IT services market grew by 7.3 per cent in the first half of 2021, compared to the 5.7 per cent growth in the same period last year, as enterprises continued to invest in digital transformation initiatives, a new report showed on Wednesday.
Overall, the Indian IT and business services market was valued at $6.96 billion and recorded a 6.4 per cent year-over-year (YoY) growth in the January-June period, compared to 5.1 per cent in the first half of 2020, according to the International Data Corporation’s (IDC) worldwide semi-annual services tracker.
“Verticals like government and manufacturing, which delayed IT investments in 2020, hiked up their IT spend in H1 2021, and enterprises in the country continued to increasingly depend on IT service providers for solutions in areas like cloud, security, artificial intelligence, analytics, etc.,” said Harish Krishnakumar, senior market analyst, IT Services, IDC India.
The IT and business services market is projected to reach $19.93 billion by the end of 2025, growing at a CAGR of 8.2 per cent between 2020-2025, the report said.
“H1 2021 turned out to be the year that showcased enterprise resiliency strengthen at a remarkable pace. Most enterprises witnessed a bounce back with business reaching the pre-pandemic situation,” said Shweta Baidya, senior research manager, enterprise software and ICT services, IDC India.
While large enterprises continued to take long strides towards transformation initiatives, the mid-market segment adopted a cautious approach towards technology investments, with a focus on investments that provided quick returns in the form of customer acquisition, talent retention or financial returns, she added.
New Delhi [India], November 10 (ANI): Terming the ‘Services’ sector as the key driver of India’s economic growth, Union MinisterPiyush Goyal on Tuesday said that India is poised to achieve the Services Export target of USD 1 trillion by 2030.
Goyal while speaking at the ‘ Export PromServicesotion Council- Global Services Conclave 2021′ at the national capital said, “Services sector provides employment to nearly 2.6 crore people and contributes approximately 40 per cent to India’s total global exports. The services trade surplus was USD 89 billion in FY 2020-21 and it has been the largest FDI recipient.”
Lauding India’s commitment to enabling ‘work from Home‘ during the pandemic, Goyal said “While services trade remained depressed in other countries, India’s services sector showed immense resilience. Sectors like tourism and hospitality, which suffered due to COVID-19 is showing revival signs” he said.
The Union Minister also highlighted the central government’s initiatives Aatmanirbhar Bharat Package, collateral-free Automatic Loans for Businesses and MSMEs and initiatives in Skill development and said, “Rs 56,027 crore was released under various Export Promotion schemes.”
The theme of the Global Services Conclave 2021 was ‘India Serves: Exploring Potential Growth Sectors Beyond IT/ITes’.
New Delhi, Even as more than 3,000 global businesses from over 120 countries and regions are keenly showcasing their products and services at the China International Import Expo (CIIE) in Shanghai and eying potential business deals, no Indian company is listed as participant in the world’s largest fair that focuses on imports, the Global Times reported.
India’s absence from the event that kicked off on Thursday, for unclear reasons, also contrasts with robust growth in China-India bilateral trade this year, a trend that is increasingly irresistible for the South Asian economy despite its growing political hostility toward China, experts said, as per the report.
The number of Indian companies that attend the CIIE has been decreasing progressively in recent years and dropped to zero at this year’s CIIE, according to an official catalog of participants for the event.
The catalog of 4th CIIE exhibitors displayed at the exhibition halls showed that no Indian company is listed. A search for Indian exhibitors in the expo’s digital catalogue, presented on the CIIEs’ official website, also showed no results.
At the second CIIE, India was one of the 15 guest-of-honour countries.
The Global Times then saw around 10 small Indian pharmaceutical firms displaying their products at one of the expo venues. The booths were also crowded with visitors who asked about those products.
Last year, the Global Times only found three Indian companies at the CIIE, one of which was a manufacturer of gift products.
While lingering tensions between the two countries might leave a trail of clues, there are no clear answers to India’s shrinking profile at the major import expo, observers said.
Border disputes and New Delhi’s intention to follow in the US’ footsteps could by no means suppress India’s reliance on a variety of Chinese goods such as auto parts and various small commodities, Wang Dehua, a senior South Asian affairs expert in Shanghai, told the Global Times on Thursday.
In the first three quarters of 2021, China’s trade with India soared 49.3 per cent to $903.75 billion, according to Chinese customs data.
The strong reading is believed to have paved the way for bilateral trade to top $100 billion for the first time, achieving a target the two countries set in 2010, the report said.
FILE PHOTO: Chinese President Xi Jinping is seen on a giant screen at a media centre as he delivers a speech via video at the opening ceremony of the China International Import Expo (CIIE) in Shanghai, China November 4, 2021. REUTERS/Andrew Galbraith/File Photo
New Delhi: Private sector IndusInd Bank on Friday said it has raised Rs 2,800 crore by issuing bonds on private placement basis.
The Finance Committee of the board of the bank in its meeting approved allotment of 2,800 rated, listed, non-convertible, subordinated and unsecured Basel III compliant bonds in the nature of debentures towards non-equity regulatory tier 2 capital (T2 bonds) for cash aggregating to Rs 2,800 crore, the bank said in a regulatory filing.
The bonds, sto mature in 10 years, bear a coupon rate of 8.11 per cent payable annually.
The bonds are rated AA+ by Crisil and India Ratings.
IndusInd Bank stock traded at Rs 1150.50 apiece on BSE, down 2.12 per cent from previous close.