Banking and Finance Newsletter - September 19 to 23, 2016

India Infoline News Service | Mumbai | September 23, 2016, 15:49 IST

This week saw Union Bank of India complete stake buy in two JVs. IIFL presents a weekly snapshot of all the major happenings in the banking and finance industry.

TOP STORIES
 
Union Bank of India completes stake buy in two JVs
Union Bank of India has completed the acquisition of 49% shareholding in Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participants Renta Read more
 
Yes Bank continues to be the only Indian bank on the Dow Jones Sustainability Indices for the 2nd year in a row
YES BANK, India’s fifth largest private sector bank, continued to be the First and Only Indian Bank to be selected as an index component of the Dow Jones Sustainability Indices (DJSI) in the Read more
 
Highways Tolls across India to go cashless with Paytm-enabled FASTag
India’s largest payment and commerce platform, Paytm has partnered with the National Highways Authority of India (NHAI) to enable cashless transaction on highway tolls Read more
 
MCX and Mozambique Commodities Exchange sign MoU for strategic co-operation
Multi Commodity Exchange of India Limited (MCX), India's no. 1 commodity exchange, and the Mozambique Commodities Exchange (also known as Bolsa De Mercadorias De Mocambique, or BMM), today Read more
 
Edelweiss Group to acquire Ambit Alpha Fund
Edelweiss and Ambit announced today that an Edelweiss group entity has agreed to acquire Ambit AlphaFund, a category III Alternate Investment Fund with an AUM of over INR 1,100 crore, and will Read more
 
NEWS IN FOCUS
 
Mergers no quick fix for public sector banks; they need autonomy
Asserting there are no quick fixes for grave problems facing the public sector banks, mainly centered around close to Rs.5 lakh crore non-performing assets Read more
 
Asset quality cycle is bottoming for Indian banks, supporting stable system outlook: Moody's
Moody's Investors Service says that India's (Baa3 positive) banking system is moving past the worst of its asset quality down cycle, supporting its stable outlook for the sector over the Read more
 
DOMESTIC NEWS
 
Karur Vysya Bank to consider sub-division of equity shares
Karur Vysya Bank Ltd has informed BSE that the meeting of the Board of Directors of the bank will be held on September 19, 2016, inter-alia, to consider the feasibility of Read more
 
Paytm ties up with Indusind Bank to launch two wheeler financing
Paytm, India's largest mobile payment and commerce platform have announced the availability of financing options on two-wheelers booked on its platform. The  company Read more
 
FINO PayTech's microfinance business targets Rs.1000 crore AUM
The growth of microfinance business in the last few years has been encouraging.  The trends indicate a huge potential for growth owing to micro credit demand from the hinterlands of the country. Riding on  this wave is payments technology Read more
 
CRISIL assigns A+/Stable rating for Asirvad Microfinance Ltd
Leading credit rating agency, CRISIL has assigned its “A+/Stable” credit rating for Asirvad Microfinance Ltd, said to be the highest current rating given by CRISIL to a microfinance Read more
 
Oriental Bank of Commerce raises Rs.1,000 cr via Additional Tier 1 Bonds
Oriental Bank of Commerce has now informed BSE that the Issue of Basel III Compliant Additional Tier 1 Bonds (Private Placement) was opened on September 16, 2016 (for one day). The Issue was fully subscribed to the extent of Rs.1000 crore and Bonds were allotted Read more
 
INTERNATIONAL NEWS
 
Federal Reserve keeps key rate unchanged
Information received since the Federal Open Market Committee met in July indicates that the labor market has continued to strengthen and growth of economic activity has picked up from the modest pace seen in the first  Read more
 
Goldman Sachs seeking to sell Max Financial Services’ 15% shares
In a Rs 2,400 crore deal expected through the route of secondary market trades, a Goldman Sachs-managed private equity fund is looking to sell its 15 per cent stake in Max Financial Services Read more
 

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