1. Financial Intelligence Unit-India (FIU-IND) has been admitted as a member of the Egmont Group at its recent Plenary Session at Hamilton, Bermuda.The Egmont Group is the international organisation for stimulating cooperation amongst FIUs across the globe and has FIUs of more than 100 countries as its members.
2. Even as it is awaiting Government of India's nod for converting into a commercial bank, Repco Bank has set up a NBFC subsidiary exclusively for SME financing.Repco Bank, originally set up to help repatriates (not refugees!) from Myanmar and Sri Lanka, is today a multi-state co-operative bank.
3. Cashing in on the banking community's enthusiasm for reverse mortgage products, Nucleus Software plans to launch a reverse mortgage solution for banks and financial organisations in the next three months.
4. Global rating agency Standard & Poor's assigned its `BB' rating to State Bank of India's proposed $225-million Hybrid Tier I perpetual bonds indicating it as non-investment grade.The bonds would be issued under its $5-billion Medium Term Notes (MTN) programme. The bonds will be perpetual notes with a call option of 10 years from the date of issue, said a press release from Standard & Poor's. The rating differential between the `BBB-' counter party credit rating and the `BB' rating on the Hybrid Tier I notes reflects the junior subordinated nature of the notes and the embedded interest deferral feature.
5. Centurion Bank of Punjab has identified Gangtok as a high growth region.The bank hopes to tap the potential with its products and services, including personal loans, mortgages, wealth management products such as life and general insurance through its partners and a range of select mutual funds.It has opened its first full-fledged branch office.
6. PNB has decided against making any equity offering this fiscal that could lead to trimming of the Government stake from 57.8% to 51%.The bank, however, plans to raise tier-II capital and even look at innovative perpetual debt to fund business growth this fiscal.
7. All international operations of ICICI Bank, comprising branches and wholly owned subsidiaries outside India (except its wholly owned Canadian subsidiary), have broken even. It has a presence in 17 countries.ICICI Bank's foreign operations accounted for 19 per cent of its consolidated balance sheet.
8.Forex reserves virtually make up the Reserve Bank of India's entire assets. From a position of shipping gold to London to borrow a few millions to the $200-billion reserves today, it has been a remarkable journey. A debate on making funds available for infrastructure projects has ensued.To sustain the booming economy there is need for huge investments in infrastructure, but the prospects of rationing of funds and increased costs would act as a dampener. When scarce resources have to be deployed judiciously, some selectivity and rationing are inevitable. Though costlier, opening the LAF or repos window by the RBI would lead to more efficient use of resources. Using borrowed funds would also mean stringent scrutiny of their application.
9. The Centre's buyout of the Reserve Bank of India's entire holding in State Bank of India (SBI) would be done as per SEBI specified pricing formula. The price is likely to be the 26-week average of the quoted price of SBI calculated from a day prior to the date of transfer. The pricing will be as per the SEBI formula.
2. Even as it is awaiting Government of India's nod for converting into a commercial bank, Repco Bank has set up a NBFC subsidiary exclusively for SME financing.Repco Bank, originally set up to help repatriates (not refugees!) from Myanmar and Sri Lanka, is today a multi-state co-operative bank.
3. Cashing in on the banking community's enthusiasm for reverse mortgage products, Nucleus Software plans to launch a reverse mortgage solution for banks and financial organisations in the next three months.
4. Global rating agency Standard & Poor's assigned its `BB' rating to State Bank of India's proposed $225-million Hybrid Tier I perpetual bonds indicating it as non-investment grade.The bonds would be issued under its $5-billion Medium Term Notes (MTN) programme. The bonds will be perpetual notes with a call option of 10 years from the date of issue, said a press release from Standard & Poor's. The rating differential between the `BBB-' counter party credit rating and the `BB' rating on the Hybrid Tier I notes reflects the junior subordinated nature of the notes and the embedded interest deferral feature.
5. Centurion Bank of Punjab has identified Gangtok as a high growth region.The bank hopes to tap the potential with its products and services, including personal loans, mortgages, wealth management products such as life and general insurance through its partners and a range of select mutual funds.It has opened its first full-fledged branch office.
6. PNB has decided against making any equity offering this fiscal that could lead to trimming of the Government stake from 57.8% to 51%.The bank, however, plans to raise tier-II capital and even look at innovative perpetual debt to fund business growth this fiscal.
7. All international operations of ICICI Bank, comprising branches and wholly owned subsidiaries outside India (except its wholly owned Canadian subsidiary), have broken even. It has a presence in 17 countries.ICICI Bank's foreign operations accounted for 19 per cent of its consolidated balance sheet.
8.Forex reserves virtually make up the Reserve Bank of India's entire assets. From a position of shipping gold to London to borrow a few millions to the $200-billion reserves today, it has been a remarkable journey. A debate on making funds available for infrastructure projects has ensued.To sustain the booming economy there is need for huge investments in infrastructure, but the prospects of rationing of funds and increased costs would act as a dampener. When scarce resources have to be deployed judiciously, some selectivity and rationing are inevitable. Though costlier, opening the LAF or repos window by the RBI would lead to more efficient use of resources. Using borrowed funds would also mean stringent scrutiny of their application.
9. The Centre's buyout of the Reserve Bank of India's entire holding in State Bank of India (SBI) would be done as per SEBI specified pricing formula. The price is likely to be the 26-week average of the quoted price of SBI calculated from a day prior to the date of transfer. The pricing will be as per the SEBI formula.
