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New India Co-operative Bank shareholders approve conversion to small finance bank

New India Co-operative Bank shareholders approve conversion to small finance bank

Finance
MUMBAI: The New India Co-operative Bank (NICB) on Monday said its shareholders have decided to convert it into a small finance bank. The move comes after a slew of regulatory changes by the RBI following the Rs 4,500-crore PMC Bank fraud and to ensure better regulation of such lenders which are heavily influenced by regional political heavyweights. NICB shareholders passed the resolution at a special general body meeting on Saturday. It will now be approaching the RBI and Central Registrar of Societies for further action, the bank said in a statement. The decision has been taken under Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) dated September 27, 2018, it said. Its vice chairman Hiren Bhanu said has a networth of Rs 230 crore as compar...
Bank of Maharashtra cuts MCLR by up to 45 bps

Bank of Maharashtra cuts MCLR by up to 45 bps

Finance
Mumbai: State-owned Bank of Maharashtra Monday said it has reduced its marginal cost of funds based lending rates (MCLR) by up to 45 basis points across various tenors, effective from January 7. The lender has slashed its one-year MCLR to 8.25 per cent from 8.40 per cent earlier. Overnight rate has been reduced to 7.60 per cent from 8.05 per cent. The new one-month and three-month MCLR rate now stands at 7.70 per cent and 7.75 per cent, respectively. The bank has also revised its base rate by 10 basis points to 9.40 per cent. Last week, mortgage player HDFC reduced its benchmark lending rate by 0.05 per cent. New rates will now range between 8.20 per cent and 9 per cent, and the change will benefit all existing customers, HDFC had said. Recently, SBI had slashed in its external bench...
Karur Vysya Bank CEO, MD resigns

Karur Vysya Bank CEO, MD resigns

Finance
NEW DELHI: Karur Vysya Bank Ltd on Monday said its Managing Director & CEO P R Seshadri has submitted his resignation citing personal reasons. "Board of Directors of the Bank in their meeting held Monday has accepted the resignation of P R Seshadri," Karur Vysya Bank said in a regulatory filing. He will be "relieved from the services of the Bank at the close of working hours on 31st March 2020 as per his request," the filing added. Seshadri, submitted his resignation vide letter dated January 4, 2020 citing personal reasons. Shares of Karur Vysya Bank were trading at Rs 56.85, down 4.85 per cent on the BSE. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times
Consolidating environment presents growth opportunities for Kotak Mahindra Bank: Uday Kotak

Consolidating environment presents growth opportunities for Kotak Mahindra Bank: Uday Kotak

Finance
MUMBAI: Only the fittest will survive the difficult financial sector landscape and the "consolidating" environment presents Kotak Mahindra Bank (KMB) growth opportunities, its head Uday Kotak said on Wednesday. In a New Year message to employees, Kotak urged everyone to be on the toes in the current environment where Charles Darwin's 'Survival of the Fittest' is most applicable and also gave examples of sectors like telecom, airlines, real estate and finance, where there have been troubles. "It is a great opportunity for Kotak to grow in an environment which is consolidating? he said. The well-capitalised private sector lender's name has constantly featured in speculation as the entity looking out for acquisitions. Possibly taking cue from the same, heads of its peers SBI and Axis Bank las...
Bank of England chief Mark Carney issues climate change warning

Bank of England chief Mark Carney issues climate change warning

Business
The world will face irreversible heating unless firms shift their priorities soon, the outgoing head of the Bank of England has told the BBC.Mark Carney said the financial sector had begun to curb investment in fossil fuels – but far too slowly. He said leading pension fund analysis "is that if you add up the policies of all of companies out there, they are consistent with warming of 3.7-3.8C".Mr Carney made the comments in a pre-recorded BBC Radio 4 Today interview.The interview, by presenter Mishal Husain, is one of several items on the programme which are focusing on climate change, on the day the show is guest edited by environmental campaigner Greta Thunberg.Mr Carney added that the rise of almost 4C was "far above the 1.5 d