Yes Bank shares down 4% after 0.86% equity change hands

           HDFC Bank merger catalyzed loan growth, need to raise funds to keep pace: MD Jagdishan : The recent merger of HDFC Bank and HDFC Ltd has brought forward the loan growth of the combined entity, triggering the need for the private bank to raise funds, said MD and CEO Sashidhar Jagdishan. “There is a need to mobilise sustainable deposits in order to replace the maturing bonds,” Jagdishan said at an investor conference hosted by Goldman Sachs on February 19. The bank’s deposit growth will not match loan growth overnight but will rather follow a glide path, he said. "We realise that we have preponed our loan growth and so we need a transition time to warm up the engine and raise sustainable funding which will substitute some of the bond maturity," said Jagdishan. He further stated that this will enable the bank to match its share of loans and deposits. Despite this transition, the bank aims to maintain financial stability and continue its trajectory of profitable growth, said Jagdishan. - moneycontrol.

           Karnataka Bank to complete ₹1,500 cr capital raise this fiscal: Karnataka Bank is planning to complete capital raise of ₹1500 crore during the current financial year, according to Srikrishnan H, Managing Director and Chief Executive Officer of the bank. Speaking at the centenary celebration of the bank in Mangaluru on Sunday evening, he said the bank completed the first tranche of capital raise of ₹800 crore by October 2023. “We are in the process of doing the follow-up round of ₹700 crore totalling ₹1500 crore, which will be completed within this financial year,” he said. The bank’s market cap has gone significantly higher closer to ₹10,000 crore, he said. - Business Line.

           Yes Bank shares down 4% after 0.86% equity change hands : Yes Bank shares were down 4.58 percent on February 19 after 0.86 percent of the bank's equity changed hands during the trading session. Around 24.78 crore shares worth Rs 674 crore changed hands on February 19 on the exchanges. Yes Bank shares closed 4.58 percent lower at Rs 27.1 on the National Stock Exchange. Global investment firm Carlyle Group on February 15 pared a 1.3 percent stake in Yes Bank for Rs 1,057 crore through an open market transaction. The US-based Group, through its affiliate CA Basque Investments, offloaded 39 crore shares of Yes Bank on the Bombay Stock Exchange. - moneycontrol.

           Kotak Mahindra Bank announces changes in senior management, re-designates KVS Manian as Joint MD : The Kotak Mahindra Bank on Monday announced changes in the senior management of the company. In an exchange filing, the company announced re-designated KVS Manian as the new Joint MD with effect from March 1, 2024. Manian was serving as the whole-time Director and a key managerial personnel of the bank. Shanti Ekambaram, who is currently a whole-time Director, has been appointed as the Deputy MD with effect from March 1, 2024. - economic times.

           ED has not yet found forex breaches at Paytm unit, source says : An investigation into possible foreign exchange violations at Patym Payments bank by India's financial crime fighting agency has not yet found any breaches, a government source directly aware of the matter said on Monday.  Last week, India's Enforcement Directorate announced the investigation into overseas transactions by Paytm Payments Bank, a unit of One 97 Communications, popularly known as Paytm. - economic times.

  After shifting nodal accounts to Axis, Paytm to seek third-party app licence from NPCI : After shifting its nodal accounts to Axis Bank last week, One 97 Communications, or Paytm, is now in the process of applying for a Third Party Application Provider (TPAP) licence with the National Payments Corporation of India (NPCI), sources told businessline. Government-backed NPCI oversees and regulates the Unified Payments Interface (UPI) platform and allied financial services that work on the network. Payment Service Providers (PSPs) need to obtain a TPAP license from NPCI to run UPI services and facilitate merchant transactions through partner banks.  - Business Line.

   IEPFA and DBS Bank ink MoU to spread awareness on investment and fraudulent schemes : Investor Education and Protection Fund Authority (IEPFA) and Singapore-headquartered DBS Bank on Monday signed a Memorandum of Understanding (MoU) to spread awareness on investment and fraudulent schemes. Under the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms.  Leveraging DBS Bank’s extensive network of branches and ATMs in 19 States, as well as its digital infrastructure, will significantly increase the reach of IEPFA’s investor awareness and protection messages to end users. - Business Line.

  Pradeep Kumar Sinha to take over as Non-Executive Part-time Chairman of ICICI Bank : Former Cabinet Secretary Pradeep Kumar Sinha will take over as Non-Executive Part-time Chairman of ICICI Bank after G. C. Chaturvedi’s term ends on June 30, 2024. In the run-up to the aforementioned appointment, the Bank’s Board (at its meeting held from February 15-17, 2024), has approved the appointment of Sinha as an Additional (Independent) Director for a period of five years, with immediate effect, subject to the approval of shareholders. The Bank, in a regulatory filing, said G. C. Chaturvedi would retire as Non-Executive Part-time Chairman on close of business hours of June 30, 2024. - - Business Line.

   Paytm ready for all options for bank’s survival, including acquisition : One 97 Communications is resigned to losing its associate, Paytm Payments Bank, the entity at the centre of the crisis surrounding the fintech. However, it feels that if there is even a slight chance of its survival through an acquisition, then it is ready to take it. Sources said that the outlook for the bank looked bleak at the present, but there is still hope to eventually convince the regulator through ‘good behaviour’ to ease some restrictions. If the bank is given a chance to survive through acquisition, if there is a way for it to thrive, Paytm is willing for that to happen. Having worked hard to establish and create a thriving ecosystem, it wants the bank to continue to exist, even if it changes hands. - Business Line.

   Paytm nodal account: Axis Bank to get “fee and float” boost : Axis Bank’s income will get a “fee and float” boost as One 97 Communications Limited (OCL), which owns the Paytm brand, has decided to move its nodal account to the bank. The private sector bank will earn a fee from OCL due to merchant settlements happening through the nodal account. Further, the float (funds) available in this account can be deployed by the bank for a day or two in the money markets to earn income. Following the Reserve Bank of India’s severe strictures against Paytm Payment Bank Ltd. (PPBL), OCL has decided to move its nodal account to Axis Bank. - Business Line.

   SBM Bank India appoints veteran banker Ashish Vijayakar as MD & CEO : SBM Bank India on Monday announced the appointment of Ashish Vijayakar as the Managing Director & Chief Executive Officer (MD & CEO) of the Bank for a period of 3 years, with effect from February 17, 2024. This appointment has been made as per the approval accorded by the Reserve Bank of India (RBI) vide its letter dated 6th February 2024.  - financial express

   CBDT sets Rs 1 lakh threshold per assessee for withdrawal of old tax demands : The Income Tax department has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till Assessment Year 2015-16, in accordance with a scheme announced in Budget. The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman. The Budget had announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn. Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement. The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished "subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee". - moneycontrol.

        Kotak Mahindra Bank announces Devang Gheewalla as CFO, Milind Nagnur as COO from April 1 : Kotak Mahindra Bank on Monday announced a bevy of changes at its top management. Devang Gheewalla has been appointed as the new Chief Financial Officer with effect from April 1, 2024. Gheewalla's predecessor Jaimin Bhatt, currently Group President and Group Chief Financial Officer, will retire on March 31, 2024.Milind Nagnur, currently the Chief Technology Officer of the bank, has been appointed as the Chief Operating Officer of the Mumbai-headquartered lender, with effect from April 1, 2024. "It may be noted that Mr. Nagnur shall continue to be the Bank’s Chief Technology Officer and will also be responsible for Operations of the Bank as also the Group Technology Architecture and Cyber Security," said Kotak Mahindra Bank in a stock exchange filing. - Business Line.

         RBI grants payment aggregator licence to Mswipe Technologies : The Reserve Bank of India (RBI) has granted the payment aggregator (PA) licence to digital payments platform Mswipe Technologies, which joins the likes of Zomato, Decentro, Zoho, Juspay  and Razorpayto get the regulator's nod to offer the service. The licence comes almost two years after the company received an in-principle nod in the middle of 2022. "The payment aggregator licence solidifies the company's objective to enhance its suite of offerings while delivering secure, efficient, and user-friendly payment technology to banking partners, enterprises, and merchants across categories," the company said in a statement on February 19. - moneycontrol.

   Religare Finvest case: Rs 400 crore diverted to Hong Kong via ICDs :  A money laundering investigation by the Directorate of Enforcement (ED) into Religare Finvest (RFL) has revealed that ₹400 crore was allegedly diverted to Hong Kong, said people in the know. The case pertains to the alleged embezzlement of ₹2,036.69 crore from RFL in 2014-18. The agency has charged former Fortis promoters Malvinder and Shivinder Singh and co-accused under provisions of the Prevention of Money Laundering Act (PMLA) and accused them of fund diversion. The brothers have denied any wrongdoing. Four shell companies were allegedly used by the Singh brothers and other co-accused to send the amount to Hong Kong. The PMLA probe has revealed that this was largely in the form of inter-corporate deposits (ICDs). - Economic Times.

       Rupee moves up 4 paise to 83.01 against dollar in early trade: The rupee rose 4 paise to 83.01 against the US dollar in early trade on Friday, tracking positive cues from the domestic equity markets. Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit. At the interbank foreign exchange, the domestic currency opened at 83.03 and inched up to 83.01 against the greenback in initial deals, registering a gain of 4 paise from its previous close.- Business Line.

         Nifty settles at 22,122 after hitting fresh highs, Sensex gains 281 pts; Grasim rises 3%: Sensex, Nifty updates on 24th July 2023: Stock markets closed higher for the fifth consecutive day on Monday with the benchmark Sensex rising 281 points and Nifty scaling its fresh lifetime high driven by gains in financial and FMCG shares. The BSE Sensex rose by 281.52 points or 0.39 per cent to close at 72,708.16. As many as 17 Sensex shares advanced while 13 closed in the red. After a firm start, the index hit a high of 72,881.93 in a day trade. The broader Nifty closed at its all-time high of 22,122.25 points, up by 81.55 points or 0.37 per cent from the last close. - Business Line.