New Delhi: CSB Bank’s Rs 410 crore initial public offering (IPO) will open for subscription on Friday. The lender, which was founded in 1920, is one of the oldest private sector banks in India. The bank, which was earlier known as, The Catholic Syrian Bank, has a strong base in Kerala along with a significant presence in Tamil Nadu, Karnataka and Maharashtra. The IPO price band has been set at Rs 193-195 per share. The issue will close on November 26. The IPO involves a fresh issue of shares of face value Rs 10 each to raise up to Rs 24 crore, and an offer for sale of 1.97 crore shares by existing investors through which it will raise Rs 385 crore. CSB has a customer base of 13 lakh as of September 30, with a focus on SME, retail, and NRI customers. Financial Performance CSB posted a total income Rs 1,617.50 crore in FY17, Rs 1,422.27 crore in FY18 and Rs 1,483.43 crore in FY19. It incurred a net loss of Rs 57.99 crore, Rs 127.09 crore and Rs 65.69 crore, respectively, … [Read more...] about CSB Bank IPO to open on Friday; should you subscribe?
Banks offering bonus opening new account
Email By business editor Ian Verrender Updated November 27, 2017 19:56:53 Photo: The Prime Minister has repeatedly rejected the idea of a banking royal commission. (ABC News: Nick Haggarty) Related Story: Banking royal commission snub could fuel 'wipe-out' at next election, Liberal warns Related Story: What is a royal commission and why does Labor want one? Related Story: Turnbull cancels sitting week to deal with same-sex marriage vote Map: Australia The onslaught has begun.The television ads are in overdrive, the tame media commentators are barking and even the bankers themselves are putting on a parade, gracing as they did the stage at a "summit" last Thursday.And all within a week since rumblings from Coalition members threatening a private members bill to bring on a royal commission into banking.Those bloated profits from our financial institutions, they benefit all of us, we're told in soothing tones by reassuringly ordinary looking Aussies staring benignly from … [Read more...] about Royal commission into banking: The inquiry that could kill the Government
MUMBAI: In a detailed affidavit filed before the Bombay High Court on Tuesday, the Reserve Bank of India (RBI) has virtually admitted that it was 'cheated' by the management of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank. The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, states that PMC Bank had submitted fraudulently manipulated data to the central bank for sample checks, but "the sample of accounts picked for inspection did not contain undisclosed HDIL accounts." While the HDIL accounts shown by PMC Bank were seen by the RBI inspection team, a majority of them were declared as non-performing assets. It added that the PMC Bank had also sanctioned mortgage limits to a wholly-owned subsidiary of the HDIL when the bank's Chairman, the now arrested S. Waryam Singh, was also a director of the company -- a clear conflict of interests and violation of the RBI's Master Circulars to the effect of July 2010 and … [Read more...] about RBI affidavit details how it was ‘cheated’ by scam-hit PMC Bank
Email By Philippa McDonald Updated November 21, 2019 17:10:06 Photo: Human Group director Helen Rosamond is accused of paying millions in kickbacks to secure lucrative contracts from NAB. (AAP: Peter Rae) Related Story: 'Serious breach of trust': Police arrest woman accused of fraud against NAB Related Story: NAB linked to investigation into multi-million-dollar corporate fraud Map: Potts Point 2011 A Sydney woman is facing 74 separate charges of bribery and corruption after she allegedly defrauded one of the nation's biggest banks to the tune of $26.7 million. Key points:Ms Rosamond allegedly bribed the NAB's former chief of staff with luxury travel and renovationsProsecutors claim she secured lucrative contracts with NAB for her companyIt is alleged Ms Rosamond's invoices to NAB were as high as $3.3 million Helen Rosamond, 44, allegedly paid millions of dollars in kickbacks, which included first-class air travel, to secure lucrative contracts from the National … [Read more...] about Woman who allegedly defrauded big bank tens of millions facing new charges
Indian stock markets opened in the green on Thursday, i.e. 21 November, but later erased initial gains to trade in the negative zone. At 10:45 am, the benchmark S&P BSE Sensex fell 74.30 points, or 0.18%, to 40,577.34, while the Nifty 50 index was down 24 points, or 0.2%, to 11,975.10. Zee Entertainment, BPCL, Bharti Airtel, UCO Bank, DHFL, Tata Motors, Coffee Day Enterprises and Reliance Capital were among the key stocks in news today. Read on to know more: Zee Entertainment: Zee Entertainment Enterprises Ltd shares surged 18.5% after Essel Group said it is planning to sell a 16.55 stake in the company to financial investors. BPCL: Shares of Bharat petroleum Corp. Ltd fell 3.2% after the Cabinet approved the privatisation of the state-owned oil marketing company. The government will sell its entire 53.29% stake in the company to a strategic buyer along with giving up management control. Bharti Airtel: Bharti Airtel Ltd shares declined 2.6% even as the Cabinet late on Wednesday … [Read more...] about Zee Entertainment, BPCL, Bharti Airtel, UCO Bank Among Key Stocks in Focus Today