Tag: New Delhi

Canara Bank raises Rs 1,500 cr through bonds, BFSI News, ET BFSI

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New Delhi, State-owned Canara Bank on Monday said it has raised Rs 1,500 crore by issuing Basel-III compliant bonds. The bank has issued and allotted Basel-III compliant additional tier I bonds amounting to Rs 1,500 crore, Canara Bank said in a regulatory filing.

The bank said as many as 16 allottees have been issued the non-convertible, perpetual, taxable, subordinated bonds bearing a coupon of 8.40 per cent, it said.

Stock of Canara Bank closed 1.71 per cent up at Rs 201.95 on BSE. PTI KPM RUJ RUJ

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Yes Bank Q2 profit jumps 74% to Rs 225 crore, BFSI News, ET BFSI

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New Delhi, Yes Bank on Friday reported a 74 per cent increase in standalone net profit to Rs 225 crore for the second quarter ended September. The private sector lender had earned a profit of Rs 129 crore in the corresponding quarter of previous fiscal.

Total income slipped to Rs 5,430.30 crore during the July-September period from Rs 5,842.81 crore in the same quarter last year, the bank said in regulatory filing.

Gross bad loans declined to 14.9 per cent of gross advances as on September 30. The same stood at 16.9 per cent in the year-ago period.

However, net Non-Performing Assets (NPAs) or bad loans rose to 5.55 per cent in the quarter under review from 4.71 per cent a year ago.

The bank has made prudent provisioning of Rs 336 crore on a single telecom exposure in the latest quarter. PTI DP RAM

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Federal Bank Q2 consolidated net profit jumps 55 pc to Rs 488 cr, BFSI News, ET BFSI

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New Delhi, Private sector lender Federal Bank on Friday reported nearly 55 per cent jump in its consolidated net profit at Rs 488 crore for the second quarter of this fiscal ended September 30. The bank had posted a net profit of Rs 315.70 crore in the year-ago period.

Total income (consolidated) during the July-September period of 2021-22, however, was down at Rs 4,013.46 crore, as against Rs 4,071.35 crore in the same period of 2020-21, Federal Bank said in a regulatory filing.

The bank’s asset quality showed an impairment with the gross non-performing assets (NPAs or bad loans) rising to 3.22 per cent of the gross advances as of September 30, 2021 from 2.80 per cent in the year-ago period.

Likewise, the net NPAs were also higher at 1.15 per cent as against 0.99 per cent.

In absolute value, the gross NPAs stood at Rs 4,558.19 crore by the end of September 2021 quarter, up from Rs 3,591.72 crore in the corresponding period a year ago.

Value of net NPAs were at Rs 1,595.78 crore, up from Rs 1,249.85 crore.

Provisions for bad loans and contingencies for the reported quarter came down to Rs 264.53 crore, from Rs 565.46 crore in the year-ago quarter.

Shares of Federal Bank were trading at Rs 100.80 apiece on BSE, up 4.40 per cent from the previous close.



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Microsoft launches new initiative to empower AI startups in India, BFSI News, ET BFSI

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New Delhi, Tech giant Microsoft on Wednesday launched a new programme Microsoft AI Innovate for nurturing and scaling startups that are leveraging Artificial Intelligence (AI). The 10-week initiative will support startups in India leveraging AI technologies, helping them scale operations, drive innovation, and build industry expertise.

Both B2B and B2C startups from various industries, including financial services, healthcare, education, agriculture, space, manufacturing and logistics, retail, and e-commerce can participate in the quarterly cohorts of this programme.

“AI is increasingly transitioning from artificial intelligence into augmented intelligence that ensures efficient, faster, more targeted experiences for everybody.

“AI has a tremendous potential to empower people and institutions to do better, understand customers more deeply, share information more quickly and enable scientific breakthroughs,” Microsoft India President Anant Maheshwari said at a virtual event.

He added that India has the third-largest AI startup ecosystem in the world.

“AI adoption can add more than USD 90 billion to the Indian economy by 2035…to maximise AI’s potential and mitigate its risks, we need to develop AI in a way that is responsible and fosters trust.

“As creators, users and advocates of technology, it is important for us to make careful choices so that technology ultimately translates into benefits and opportunities for all,” Maheshwari said.
Trust is non-negotiable and everyone is accountable for creating a responsible, trusted and ethical tech ecosystem, he noted.

Through its latest initiative, Microsoft will focus on providing tech and business opportunities to startups for improving their solutions, transforming organisations and building responsibly to make AI accessible to everyone, Maheshwari said.

The programme will also enable startups to reach out to newer customers and geographies with Microsoft’s sales and partner networks.

The selected startups in each of the cohorts will have access to industry deep-dive sessions and AI masterclasses by industry experts, mentoring by unicorn founders, skilling and certification opportunities, among other benefits.

Catering to technical and business audiences, the programme will bring together leading-edge tech know-how, global GTM (go to market) partnerships as well as engineering and research experts from Microsoft.

Qualified seed to series B startups will be provided with technical enablement benefits, including Azure benefits (in addition to free cloud credits) and product engineering support among other benefits. They will also receive support with business and sales acceleration needs such as marketplace onboarding.
Startups with enterprise-ready solutions will be provided opportunities to build their solutions alongside a dedicated team of professionals.

They will get go-to-market support as well as co-selling benefits with Microsoft’s sales team and partner ecosystem. The startups will also get access to top partner and customer events to strengthen their networking reach.



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Union Bank of India bags pension disbursal mandate from NDMC, BFSI News, ET BFSI

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New Delhi, Union Bank of India on Tuesday said it has bagged pension disbursement mandate from North Delhi Municipal Corporation. Union Bank of India has entered into an agreement with North Delhi Municipal Corporation (NDMC) for pension disbursal of their retired employees, the lender said in a release.

A memorandum of understanding was signed at the Civic Centre, the headquarters of NDMC.

The agreement will come into effect immediately.

“Union Bank of India is committed to ensure timely, accurate and reliable disbursement of monthly pension to the pensioners of North Delhi Municipal Corporation (NDMC), along with serving the pensioners in a better manner.

“Our collaboration is a step forward in our relationship with NDMC and going to benefit Union Bank of India, NDMC and people at large,” R K Jaglan, GM, Government Business said.

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Freezing bank accounts could affect right to life, says Karnataka high court, BFSI News, ET BFSI

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BENGALURU: Freezing of bank accounts will affect the right to life under Article 21 of the Constitution, the high court has said.

Justice Mohammed Nawaz made this observation while allowing a petition filed by Narayana Yadav, a New Delhi-based businessman, and directed CEN police station at Yadgir to intimate banks to defreeze his accounts. The defreezing is subject to the businessman abiding by his commitment to give a bank guarantee for a sum of Rs 3.7 lakh, the court said. Yadav had challenged the June 22, 2020 notice issued by police, directing the manager of Axis Bank to freeze his account and linked account numbers, four in all.

The action was based on a complaint from Ludra Mary, a resident of Shahpur in Yadgir, who alleged that she received an email on May 27, 2020 stating that she had won Rs 48.5 lakh lottery. To get hold of the same, she had to log in to a website. She entered the password and the user name provided and filled up the information requested. In response, she was asked to deposit an amount to the account numbers provided. Until June 10, 2020, a total of Rs 3.7 lakh was deposited in those accounts, but Ludra did not get the money. Ludra approached police, who ordered the freezing of Yadav’s account on the ground that his Axis Bank account had received Rs 99,999 from her.

Yadav claimed he is not involved in the alleged crime and was surprised by the intimation about freezing of his accounts. He said he’s running electronics stores in Delhi and proceeds of his business were transferred to the company account that was maintained at Axis Bank, Dwarka Branch, Delhi, and all transactions are legitimate.

Police defended the action, saying it was necessary to freeze the accounts for probe and also to avoid the petitioner transacting further.



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Yes Bank to float asset reconstruction company, invites bids from investors, BFSI News, ET BFSI

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Yes Bank has proposed to set up an asset reconstruction company (ARC) and invited interest from prospective investors to be a part of the company as the lead investor. The prospective investor should have a strong financial capability and should have substantial experience in the distressed asset space, Ernst & Young (EY) said in an expression of interest (EOI) floated on behalf of Yes Bank.

“The prospective investor would be the lead partner/sponsor of the ARC, with the bank as the other significant partner/sponsor, for conducting the business of asset reconstruction,” as per the EOI.

EY is the process advisor to Yes Bank for floating the ARC.

The bank said the interested investor(s) or their sponsors should have a minimum asset under management (AUM) and fund deployed, globally, of at least USD 5 billion (over Rs 37,186 crore) in the immediately preceding completed financial year.

The interested investors can submit their EOIs by 5 pm on August 31, 2021, by sending an email to projectmodak@in.ey.com.

Foreign institutional investors, foreign portfolio investors, private equity, venture capital funds, FIIs, NBFCs, asset management companies, banks and ARCs can take part to be a lead sponsor of Yes Bank’s proposed asset reconstruction company.



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Bank of Baroda clocks Q1 profit of Rs 1,209 crore, BFSI News, ET BFSI

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New Delhi, State-owned Bank of Baroda (BoB) on Saturday reported a standalone profit of Rs 1,208.63 crore during the quarter ended June 2021, helped by decline in bad loans provisioning. The bank had posted a net loss of Rs 864 crore in the same quarter a year ago.

Total income moderated marginally to Rs 20,022.42 crore from Rs 20,312.44 crore in the same quarter a year ago, BoB said in a regulatory filing.

The bank’s asset quality improved with the gross non-performing assets (NPAs) falling to 8.86 per cent of the gross advances as on June 30, 2021, from 9.39 per cent by the end-June 2020. However, net NPA ratio rose to 3.03 per cent from 2.83 per cent as on June 30, 2020, the bank said.

As a result, total provisions and contingencies for the quarter eased to Rs 4,111.99 crore from Rs 5,628 crore a year ago.

Provisioning Coverage Ratio including floating provision stood at 83.14 per cent as on June 30, 2021.

A penalty of Rs 41.75 lakh has been imposed on the bank by Reserve Bank of India for the quarter ended June 30, 2021, it said.

As per the Reserve Bank of India (RBI) circular, the bank has opted to provide the liability for frauds over a period of four quarters, it said.

Accordingly, the carry forward provision as on June 30, 2021 is Rs 349.45 crore which is to be amortised in the subsequent quarters by the bank, it said.



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Bank of Baroda clocks Q1 profit of Rs 1,209 crore, BFSI News, ET BFSI

Banking & Finance

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New Delhi, State-owned Bank of Baroda (BoB) on Saturday reported a standalone profit of Rs 1,208.63 crore during the quarter ended June 2021, helped by decline in bad loans provisioning. The bank had posted a net loss of Rs 864 crore in the same quarter a year ago.

Total income moderated marginally to Rs 20,022.42 crore from Rs 20,312.44 crore in the same quarter a year ago, BoB said in a regulatory filing.

The bank’s asset quality improved with the gross non-performing assets (NPAs) falling to 8.86 per cent of the gross advances as on June 30, 2021, from 9.39 per cent by the end-June 2020. However, net NPA ratio rose to 3.03 per cent from 2.83 per cent as on June 30, 2020, the bank said.

As a result, total provisions and contingencies for the quarter eased to Rs 4,111.99 crore from Rs 5,628 crore a year ago.

Provisioning Coverage Ratio including floating provision stood at 83.14 per cent as on June 30, 2021.

A penalty of Rs 41.75 lakh has been imposed on the bank by Reserve Bank of India for the quarter ended June 30, 2021, it said.

As per the Reserve Bank of India (RBI) circular, the bank has opted to provide the liability for frauds over a period of four quarters, it said.

Accordingly, the carry forward provision as on June 30, 2021 is Rs 349.45 crore which is to be amortised in the subsequent quarters by the bank, it said.



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Sebi allows payments banks to act as investment bankers, BFSI News, ET BFSI

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NEW DELHI: To provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator Sebi on Tuesday allowed payments banks to carry out the activities of investment bankers.

Non-scheduled payments banks, which have prior approval from the Reserve Bank of India (RBI), will be eligible to act as a banker to an issue (BTI), Sebi said in a circular.

This is subject to fulfilment of the conditions stipulated in the BTI rules.

Further, payments banks registered as a BTI will also be permitted to act as self-certified syndicate banks, subject to the fulfilment of the criteria laid down by the Sebi in this regard from time to time.

“The blocking/movement of funds from the investor to issuer shall only be made through the savings account of the investor held with the payments bank,” Sebi said.

In a notification dated July 30, the regulator amended the Bankers to an Issue rules, thereby permitting such other banking company, as may be specified by the Sebi, from time to time, to carry out the activities of Bankers to an Issue (BTI), in addition to the scheduled banks.

Bankers to an issue mean a scheduled bank or such other banking company as may be specified by Sebi carrying activities, including acceptance of application money, acceptance of allotment or call money, refund of application money and payment of dividend or interest warrants.



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