Correct Answer :   Bank of Baroda

The Bank of Baroda board has approved up to 49 per cent divestment in subsidiary BoB Financial Solutions, the company said in a regulatory filing on Thursday (9th March 2023).

"We advise that the Board of Directors of Bank of Baroda (BOB) have approved for divestment up to 49 per cent of Bank's shareholding in its 100 per cent owned subsidiary i.e. BOB Financial Solutions Ltd. (BFSL), and issuance of an advertisement inviting Expressions of Interest, from Suitable Investors/Strategic Partners to acquire shareholding of BOB in BFSL," the filing said.

BOB currently holds 100 per cent of the total equity share capital of BFSL.

"The details about the process of transaction and other relevant details will be published on March 10, 2023 for inviting EOI from the Suitable Investors/Strategic Partners," the filing Added...

Source : Economic Times

Correct Answer :   Axis Bank

The third largest private sector lender in India, Axis Bank on Thursday (9th March 2023) joined hands with FMCG giant ITC to offer lending products and services to farmers who are a part of ITC's agriculture eco-system.

The partnership is expected to enable Axis Bank in reaching out to the unserved and under-served farmers based across rural regions.

Axis Bank will offer a host of credit facilities for rural lending products like Farmer Funding loans & Gold Loans with easy access.

Under the tie-up, the bank will leverage ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a full-stack Agri-tech application for reaching out to the farmers and addressing their financial requirements.

Axis Bank will offer an extensive range of products and services to the farmers through its rural-urban and semi-urban (RUSU) branches located across 656 districts of India.

On this development, Munish Sharda - Group Executive & Head - Bharat Banking, Axis Bank said, "This partnership is in alignment with our Bank’s Bharat Banking mission of extending our reach in the remote regions and providing them with seamless customer experience. With the help of ITCMAARS strong and enduring relationship with over millions of farmers, we believe that we can make a significant contribution in uplifting financial situation of the community thereby unlocking the true potential of Bharat...’’

While Rajnikant Rai, Divisional Chief Executive, Agri Business Division, ITC Ltd said, “ITC has over the years spearheaded multi-dimensional interventions to transform the lives of farmers, powered by the ITC e-Choupal eco-system that connects with over 4 million farmers.

Taking a step forward, to bring the power of digital revolution to farmers, we have now implemented ITCMAARS a phygital eco-system that provides a range of solutions through Hyperlocal and personalised advisory, Agri- Inputs, Financial services, and Market linkages."..

Source : Mint

Correct Answer :   SEBI

Capital markets regulator SEBI on Wednesday (8th Mar 2023) imposed restrictions on the placement of bids, price and volume for the companies undertaking share buyback through the stock exchange route.

* Under the restrictions, a company will not be able to purchase more than 25 per cent of the average daily trading volume (in value) of its shares in the 10 trading days preceding the day in which such purchases are made, Sebi said in a circular.

* Among others, the company will not place bids in the pre-open market, first 30 minutes and the last 30 minutes of the regular trading session and the firm's purchase order price should be within the range of 1 per cent on either side from the last traded price.

* Sebi asked companies as well as appointed brokers to ensure compliance with the provisions. The stock exchange will monitor their compliance and in case of any instance of such non-compliance will impose appropriate fines or other enforcement actions as deem fit.

* Currently, for share buyback, companies have both the options of stock exchange and tender offer...

Source : Business Standard

Correct Answer :   HDFC Bank

Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and HDFC Bank on Wednesday (1st March 2023) announced a partnership to launch a co-branded travel credit card.

* Known as the IRCTC HDFC Bank Credit Card, the co-branded card is in a single variant and is available on NPCI's Rupay network.

* This is the third tie-up of IRCTC after State Bank of India and Bank of Baroda.

* The card will provide exclusive benefits and maximum savings on bookings of train tickets booked through the IRCTC's ticketing website and through IRCTC Rail Connect app, HDFC Bank Group Head (Payments, Consumer Finance, Digital Banking and IT).

* Additionally, he said, IRCTC HDFC Bank Credit cardholders will enjoy an attractive joining bonus, discounts on bookings and access to the several executive lounges at railway stations across the country.

* Commenting on the association, IRCTC chairman and managing director "Rajni Hasija" said the co-branded card offers exclusive access to newly opened lounges available at most of the major railway stations..

Source : Business Standard

Correct Answer :   Citi Bank

Axis Bank has completed the acquisition of the consumer business of Citibank. India's third largest private sector bank has acquired the consumer businesses of Citibank in India.

The deal is part of a global business strategy by Citigroup to expand its operations in 13 countries, including India by the year 2021.

This was followed by the announcement of the decision to wind up retail banking operations. For this Axis Bank will pay up to Rs 12,325 crores to Citibank.

Correct Answer :   16.8%

Indian banks' credit growth doubled to 16.8% in the October-December quarter from a year earlier (2022-2023), data released by the Reserve Bank of India (RBI) on Monday (27th Feb 2023) showed.

* Bank credit had expanded by 8.4% in the quarter ended December 2021 and 17.2% in the quarter ended September 2022, as per the data.

* The growth in credit was led by bank branches in metropolitan centres, which accounted for nearly 60% of the total credit by banks, the RBI said. Urban, semi-urban and rural centres also recorded double-digit credit growth, it added.

* The growth of state-owned lenders' credit portfolios jumped, rising by 15.7% during 2022 as compared with 4.7% in 2021. Corresponding growth for private banks remained higher, however, at 19.1%, from 13.1% in 2021, as per the data.

* With India's economy on the mend following the COVID pandemic, credit offtake has improved and most banks now expect double-digit credit growth for the current financial year ending in March 2023.

* Deposit growth, on the other hand, has lagged credit growth for most banks, despite the RBI's rate-setting panel increasing the policy repo rate by 250 basis points since May last year.

* Banks' aggregate deposits increased by 10.3% year-on-year in the December quarter, up from 9.6% in the same quarter of the previous year, led by growth in term deposits, the data showed.

* Deposit mobilisation by state-run banks recorded an 8.8% year-on-year growth in the December quarter, lower than the 13.2% growth in deposits with private sector banks.

* Banks' credit-deposit (C-D) ratio rose further to 75.9% in the December quarter, up from 74.8% in the previous quarter and 71.6% in the quarter ended December 2021, according to the data..

Source : Business Standard

Correct Answer :   RBL Bank

Private lender RBL Bank on Monday (27th February 2023) announced it has entered into an agreement with Export-Import Bank of India (India Exim Bank) under Trade Assistance Programme (TAP) to support cross-border trade transactions.

Under trade assistance programme (TAP) for cross-border transactions, Export-Import Bank of India (India Exim Bank)

Aim : To facilitate India’s exports globally by providing credit enhancement to trade instruments.

* With Exim Bank’s support, RBL Bank will be able to gain footholds in nations, where trade lines are constrained, said RBL Bank in its filing.

* Through the programme, India Exim Bank will extend trade lines into the participating overseas banks/institutions in the emerging markets. The credit enhancements to trade instruments provided under TAP, will help mobilise trade finance and would increase support to Indian exporters.

* On February 27, 2023, in the presence of Ms. Harsha B. Bangari, Managing Director – India Exim Bank, and Mr. R. Subramaniakumar, MD & CEO, RBL Bank, the agreement was signed at India Exim Bank’s headquarters in Cuffe Parade.

RBL Bank Shares :

* RBL Bank Limited shares were last seen trading on the BSE for Rs. 152.40, down from the previous close of Rs. 153.15.

* A total of 352441 shares were moved in roughly 3021 trades during the day.

* The stock’s intraday high and low were Rs. 154.40 and 150.70, respectively. The daily net turnover was Rs. 53685938.00.

* The company’s stock ended the day on the BSE down 0.098 percent to 153...

Source : Mint

Correct Answer :   $2.5 Billions

* The World Bank on Friday (24th Feb 2023) announced $2.5 billion in additional grant financing from the U.S. Agency for International Development (USAID) to support Ukraine's budget and maintain essential services.

* The latest financing under the World Bank's Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project lifts the total to $20.6 billion and will support salaries in core government functions and sectors such as healthcare and education while allowing Kyiv to pay pensions and support internally displaced people.

* "One year into Russia’s invasion of Ukraine, the world continues to witness the horrific destruction inflicted on the country and its people," said World Bank Group President David Malpass.

* He said that $18.5 billion of the total funds mobilized had been disbursed, reaching more than 12 million Ukrainians.

* The additional funding was announced a day after U.S. Treasury Secretary Janet Yellen said that Washington was preparing an additional $10 billion in economic assistance for Ukraine and called on the International Monetary Fund to pull together a loan programme for Ukraine.

* Ukraine is seeking a $15 billion multi-year IMF package.

* The World Bank-facilitated financing under the PEACE program is set up to minimize the risk of corruption. The World Bank transmits funds to cover Ukraine’s expenditures a month after they are made, once it has verified that the money has gone to the government employees, pensioners and other recipients.

* The latest USAID funds will be transmitted to the government of Ukraine after the World Bank verifies eligible expenditures.

* The total of $20.6 billion in emergency financing comes from commitments and pledges from, the United States, Britain, the Netherlands, Spain, Norway, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland, Belgium, and Japan...

Source : Mint

Correct Answer :   Federal Bank

Federal Bank, a leading private sector bank in India, has inaugurated Thursday (23rd Feb 2023) a 100KWp on-grid solar power plant at its corporate office, Federal Towers in Aluva.

The solar plant was inaugurated by the Bank’s MD & CEO, Shyam Srinivasan, in the presence of other senior executives of the Bank.

Speaking at the inauguration, Shyam Srinivasan said, “We are delighted to inaugurate the solar power plant, which is a significant milestone in our sustainability journey. This initiative is in line with our commitment to reducing our carbon footprint and promoting clean energy. With this installation, we will be able to reduce emissions by 129 tCO2 every year.”

* Federal Bank has been committed to promoting renewable energy and reducing its carbon footprint.

* With the inauguration of this solar power plant, the total capacity of solar plant installations at Federal Bank has increased to 300KWp.

* The units being generated out of this powerplant will reduce the consumption of power by 20%.

* The Bank has also installed solar panels at several of its branches and offices across the country. The Bank is strengthening its Rishta with the environment with these initiatives

The event was attended by the Bank’s executives, including Venkatraman Venkateswaran, Group President & CFO, Ajith Kumar K K, President & CHRO, Damodaran C, SVP & Chief Risk Officer, and Hema Sivadasan, DVP & Head Corporate Services, who expressed their support for the Bank’s sustainability initiatives.

Correct Answer :   Karnataka Bank

Karnataka Bank and Paisalo Digital Ltd, a non-deposit-taking NBFC registered with the Reserve Bank of India, have entered into a co-lending arrangement to provide financial support to the small income segment and to give impetus to the micro and small enterprise segment of the country.

The arrangement will leverage Karnataka Bank’s low cost of funds and its end-to-end digital capabilities and Paisalo to help the sourcing, servicing and recovery of small-ticket priority sector loans.

* Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said, Co-lending model is one of the innovative avenues of lending to priority sector.

* This tie-up shall create a dynamic synergy between the two sets of lenders — Paisalo Digital Ltd and Karnataka Bank.

* As per RBI’s co-lending norms, this arrangement will help us in extending credit to the priority sector and promoting financial inclusion by providing necessary financial support to micro-entrepreneurs.”

* Santanu Agarwal, Deputy Managing Director of Paisalo Digital Ltd, said, Paisalo sees a huge opportunity and is well positioned to capitalise on the ₹8-lakh crore market of small-ticket loans for its 365 million under-banked and under-serviced population.

* Karnataka Bank and Paisalo co-lending product is a big step towards Paisalo’s goal of creating the most competitive and seamless banking solution for India’s bottom of pyramid population..

Source  : The Hindu Businessline