Public sector banks across India are waiving all ATM transaction charges beyond standard free limits for customers from September 28 to 30 to minimize public inconvenience during the upcoming three-day nationwide strike called by employee unions. Led by major state-owned lenders like the State Bank of India, Punjab National Bank, and Bank of Baroda, institutions…
Axis Bank Ltd. is considering splitting its Mumbai workforce across multiple offices as it prepares to vacate its eight-storey headquarters in Worli for reconstruction. The bank has reportedly been unable to find a single office large enough to accommodate the roughly 3,000 employees currently based at Axis House. The premises are expected to be vacated…
The United Forum of IDBI Officers and Employees has urged the Standing Committee on Finance to thoroughly examine the valuation methodology for the proposed divestment of IDBI Bank, arguing that the bank’s value extends beyond its quoted equity. In its representation to the parliamentary panel, the Forum highlighted IDBI’s nationwide branch network, deposit base, customer…
Bank of Baroda (BoB), India’s second-largest state-run lender by assets, has successfully raised $400 million through the reissuance of its 5.3180% August 2031 U.S. dollar-denominated bonds at a yield of 5.3890%. This latest issuance makes BoB the second state-owned bank and the fifth issuer overall to cross the $1 billion threshold under the Reserve Bank…
State Bank of India (SBI) is confident of mobilising around $9–10 billion from non-resident Indians and foreign investors by the end of August, as the Reserve Bank of India’s concessional FCNR-B deposit swap window closes on August 31. SBI Chairman C S Setty said the mobilisation would come predominantly through deposits, with additional visibility for…
HDFC Bank is returning to the dollar bond market for the second time in two months, with plans to raise at least $1 billion through overseas debt issuance as Indian banks accelerate fundraising ahead of the Reserve Bank of India’s special foreign-exchange swap window closing on August 31. The lender plans to issue at least…
The Reserve Bank of India (RBI) has proposed a streamlined, one-time approval mechanism allowing eligible institutional investors to increase their stakes in commercial banks without seeking fresh regulatory clearance for every transaction. Under current rules, mutual funds, insurance companies, and pension funds must get prior RBI approval whenever acquiring a major shareholding of 5% or…
HDFC Bank has increased the interest rate on its three- to five-year Foreign Currency Non-Resident (Bank), or FCNR(B), US dollar deposits by 25 basis points, raising the rate from 6.00 per cent to 6.25 per cent with effect from August 1. The move comes as banks intensify efforts to attract foreign currency deposits under the…
The initial public offering (IPO) of SBI Funds Management, India’s largest asset management company by assets under management (AUM), received a strong response from investors, becoming fully subscribed on the second day of bidding on Wednesday. The ₹9,812.91 crore IPO, which opened on July 14, received bids for 16.12 crore shares against 12.45 crore shares…
The initial public offering (IPO) of SBI Funds Management has received a positive response from brokerages, with analysts highlighting the company’s strong market position, profitability, and long-term growth potential. India’s largest asset management company (AMC) is set to enter the primary market with an aim to raise ₹9,812.91 crore through the issue. The IPO is…
