Banking Notes

Thu, Nov 5 03:56 AM

SBI-State Bank of Indore merger swap ratio

State Bank of India has received the central board's approval for the proposed scheme of State Bank of Indore acquisition and the merger swap ratio has been set at 34 shares of State Bank of India for every 100 shares of State Bank of Indore held.

Punjab & Sind Bank cuts rates

Punjab & Sind Bank has cut its peak interest rate on fresh farm loans by 200 basis points to 11.5%. Farm equipment loans up to 50,000 rupees will attract an interest rate of 8.75% and 11.5% for loans above that.

PNB JV with FIM Bank of Malta

Punjab National Bank on Wednesday said it has entered into an agreement with FIM Bank of Malta and Italy-based Banca IFIC for setting up a factoring service. The bank has entered into the JV for providing factoring, forfeiting and trade finance related business, PNB informed the Bombay Stock Exchange. Factoring business is a type of financial service whereby a firm sells or transfers title to its accounts receivable to a factoring company, which then acts as principal, not as an agent.

Trade confidence in India high

Small and mid-market businesses in India that engage in export and import activities continue to be optimistic about their trade outlook over the next three months, according to the latest HSBC Trade Confidence Index. Indian businesses continue to be confident with an Index of 117 — an increase of two points over the seconnd quarter index of 115. To tackle the problem of buyer default, the strategies they intend to put in place include greater use of trade finance solutions provided by banks, export credit insurance and doing less business with certain buyers as well as accept smaller orders to reduce exposure,it said.

Karvy appoints Ramachandran

Karvy Private Wealth, the wealth management arm of the Karvy Group, has named K Ramachandran as head of products & investments. Earlier, Ramachandran had worked for Barclays Wealth India as head of investments & product office. Prior to Barclays, he had worked with BNP Paribas as head of its advisory desk, a company press release said. He has a rich experience of over 24-years in the fields of private banking, portfolio management services, treasury management, securities research, fund management and advisory services, the release said. "Ramachandran's expertise and experience will help us offer better products and advice which our HNI and family office practice customers can benefit from," Karvy Private Wealth's chief executive oficer Hrishikesh Parandekar said.

ItzCash, Vayu Seva tie up

Cash card company ItzCash Ltd has tied up with Vayu Seva Tours and Travels to facilitate online booking of domestic air tickets. With this tieup, all Vayuseva customers can now book their tickets online even if they do not have any banking instruments like credit card or debt cards. "This tie will increase our presence in the digital space and the travel sector, which is a fast growing and where most consumers are looking at digital transactions," ItzCash Card Ltd managing director Naveen Surya said.

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