21st Mar 17 IndusInd Bank raises Rs. 1,000 crore via bonds
Private sector lender IndusInd Bank has raised Rs 1,000 crore by issuing bonds compliant with Basel III standards. The boards of directors have passed the resolution for issuance of Basel III compliant bonds towards non-equity additional tier I capital for cash aggregating to Rs 1,000 crore on private placement. The bonds have been rated stable AA both by Crisil and India Ratings and Research.
21st Mar 17 SBI associate banks branches to become SBI branches from April 1
Branches of all five associate banks namely State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBoP), State Bank of Travancore (SBoT) are merging with parent bank State Bank of India and will begin functioning as SBI branches from April 1, 2017.With the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. SBI alone has nearly 20,000 branches, including 191 foreign offices spread across 36 countries.
20th Mar 17 ICICI Bank launches Mera iMobile app for rural customers
ICICI Bank has announced the launch of its mobile app named Mera iMobile. This is an exclusive mobile banking app for rural customers that will help them to access banking services as well as agri services. Banking services will offer customers gold loan, Kisan credit card, farm equipment loan and loan to self-help groups. It is the first banking app offering agriculture associated information. The app will be available in English and 11 different Indian languages.
19th Mar 17 Cabinet Nod for Merger of Bhartiya Mahila Bank with SBI
The Union Cabinet has given his final approval to the merger of Bhartiya Mahila Bank with India’s largest lender State Bank of India. The cabinet has approved the amalgamation of five associates with the parent company last month. Integration process of all the five associates with SBI would start from April 1 as part of the largest consolidation exercise in the banking history of India.