No power supply to discoms without bank guarantees

NEW DELHI: Power companies will mandatorily have to snap supplies to state electricity distribution companies that fail to open or maintain bank guarantees with effect from August 1, the Centre said in on order on Wednesday.Financially weaker distribution companies can open letters of credit for even one day, one week or a fortnight of electricity supply and keep renewing them, said the order issued by the power ministry.

Standard Chartered to be first foreign bank to launch ops at GIFT IFSC; may open branch this year

NEW DELHI: The GIFT City Thursday said UK-based Standard Chartered will be the first foreign bank to launch operations at International Financial Services Centre (IFSC).The UK-based lender is expected to start operations at IFSC by the end of this year, a GIFT City spokesperson said.

HDFC Bank, CSC launch credit card for small traders, village entrepreneurs

Personalised cards were handed out to a few women entrepreneurs during the occasion, the statement said.NEW DELHI: HDFC Bank and CSC Tuesday launched a co-branded ''Small Business MoneyBack Credit Card'' for small traders and village level entrepreneurs (VLEs).

Société Générale Sued Over Seized Cuban Bank

The logo of Société Générale SA on the bank headquarters in Paris.The Cuban-American heirs of a bank nationalized by Cuba's communist government have filed suit against France's Société Générale for allegedly profiting from the confiscated property.

Syndicate Bank cuts MCLR across tenors by 5 bps from June 15

50 per cent, while the benchmark prime lending rate (BPLR) also stands unchanged at 13.85 per cent.

Public or private: Law ministry may help government on classifying IDBI bank

NEW DELHI: The government may seek the opinion of the law ministry on whether the now privatised IDBI Bank should be considered a state-run financial institution, or be treated on a par with private banks as classified by the Reserve Bank of India, a senior official said.The development comes after the Central Vigilance Commission, in response to a finance ministry query, said IDBI Bank will continue to come under the government’s vigilance oversight.

Syndicate Bank looks to make profit, grow loan book by 13% in FY20

Stock Analysis, IPO, Mutual Funds, Bonds & MoreThe bank has a fortnight back received board clearance for raising Rs 500 crore during 2019-20 by way of qualified institutional placement or any other instrument.KOLKATA: State-owned lender Syndicate Bank said it would require Rs 700 crore of fresh capital this fiscal as it aims to grow lending book by around 13%.

Axis Bank eyes bigger credit card pie, eyes 1 million new sales

The new co-branded card comes weeks after American lender Citi launched a similar offering by tying up with payments major Paytm.Axis Bank, the fourth largest credit card issuer in the country, Thursday tied up with e- commerce major Flipkart to launch a co-branded credit card and is aiming to sell 1 million of the new card in a year.

Bank of Baroda to foray into e-commerce business

The bank said it will offer various kinds of banking services and farm-related products on its e-commerce platform.56 PM ISTBCCLThe online platform partner will be required to provide assistance to merchants on catalog management, purchase management fulfilment, pricing, promotion and other similar services.

Deutsche Bank Layoffs Begin as Workers Feel Turnaround Plan’s Impact First

Business|Deutsche Bank Layoffs Begin as Workers Feel Turnaround Plan’s Impact FirstImageDeutsche Bank’s Manhattan offices on Monday, when the bank began a round of layoffs that will ultimately total 18,000 worldwide.The job cuts, hours after the bank announced a “radical” turnaround plan, were a show of decisiveness at the expense of workers and a tacit answer to the question most asked by analysts and investors Monday: Deutsche Bank’s plan looks good on paper, but can managers pull it off?

Turkey’s President Removes Head of Central Bank

Business|Turkey’s President Removes Head of Central BankImageMurat Cetinkaya, the governor of Turkey’s central bank, in 2016.CreditCreditAdem Altan/Agence France-Presse — Getty ImagesANKARA, Turkey — President Recep Tayyip Erdogan removed the governor of Turkey’s central bank on Saturday as differences between them deepened over the timing of interest rate cuts to revive the economy.

In Firing Central Bank Chief, Turkey’s Leader Trades Credibility for Growth

Business|In Firing Central Bank Chief, Turkey’s Leader Trades Credibility for GrowthImageMurat Cetinkaya, the governor of Turkey’s central bank, in 2016.In the face of that crisis, the central bank has lifted interest rates to increase the returns for investors who keep their money inside Turkey, halting the plunge in the currency.

Deutsche Bank, in a Last-Ditch Effort to Stop Its Spiral, Could Lay Off 20,000

CreditCreditFelix Schmitt for The New York TimesNext year is Deutsche Bank’s 150th birthday.The public unveiling of turnaround plans has become an almost-annual rite for Deutsche Bank.

Government not keen to provide any additional capital to IDBI bank

59 AM ISTBCCLAccording to officials, LIC and IDBI are discussing capital-raising plans with the government.NEW DELHI: The government is not keen to provide any additional capital to IDBI Bank, which requires around Rs 7,000 crore to meet regulatory requirements and enhance its lending book.

LIC cuts 2 per cent stake in Axis Bank

25 crore shares, representing about 2 per cent stake, of Axis Bank through open market transaction.2 per cent from 12.

The Week in Business: Stocks Hit a Record High, and Facebook Wants to Replace Your Bank

Business|The Week in Business: Stocks Hit a Record High, and Facebook Wants to Replace Your Bankwith interestPlus, tensions with Iran reach a boiling point and Trump’s meeting with China’s president.Same Rates, New StoryThe stock market hit a record high on Thursday after the Federal Reserve chairman, Jerome H.

Indiabulls Housing Finance: Indiabulls Housing Finance-Lakshmi Vilas Bank merger gets CCI nod

The combined entity, with employee strength of 14,302, will have a loan book size of Rs 1.11 PM ISTBCCLIndiabulls Housing Finance Friday said the Competition Commission of India (CCI) has approved the proposed merger of the company with Lakshmi Vilas Bank.

Maruti Suzuki partners Bank of Baroda for vehicle finance

The partnership with Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers, the company said.12 PM ISTAgencies"We are confident that this collaboration with one of India's largest public sector bank will offer new-age banking and finance solutions for our customers and dealer partners," MSI Executive Director, Marketing and Sales Shashank Srivastava said.

Will Bank Overdraft Fees Spread Again? Consumer Agency Is Reviewing the Rule

If customers don’t accept overdraft coverage, banks simply decline transactions that would drop an account balance below zero.If customers do “opt in” to overdraft coverage, the bank approves the purchase or cash withdrawal and charges a fee — typically about $35.

RBI slaps Rs 10 lakh fine on South Indian Bank

The penalty follows references from a government department and a private party alleging non-payment of invoked bank guarantees by the lender.26 PM ISTReutersNEW DELHI: The RBI Wednesday said it has imposed a fine of Rs 10 lakh on South Indian Bank for violating norms regarding bank guarantees.