business

Malhotra to head Investment Banking of HSBC

15 : The Hongkong and Shanghai Banking Corporation Limited (HSBC) has appointed Amitabh Malhotra as the Head of Investment Banking for HSBC India. Amitabh will lead the Investment Banking and Equity Capital Markets business. Prior to HSBC, Amitabh worked at Rothschild India, where he was the co-head and managing director of the Global Investment Bank, based in Mumbai.

AP tops ease of doing business ranking

Andhra Pradesh has topped the ease of doing annual business ranking of states and Union Territories by the World Bank and Department of Industrial Policy and Promotion. Telangana and Haryana are at the second and third positions respectively. DIPP in collaboration with World Bank conducts an annual reform exercise for all States/UTs under the Business Reform Action Plan (BRAP).

HDFC Group’s market cap crosses ? 10 trillion

Market capitalisation of Deepak Parekh-led financial services conglomerate – HDFC Group has crossed the ?10 trillion mark. HDFC group is the 2nd Indian business house after the Tata group to achieve this feat. The group has 4 listed companies – Housing Finance Development Corp, HDFC Bank, HDFC Standard Life & Gruh Finance. HDFC Bank is India’s 3rd most valued firm in terms of market cap.

Cryptocurrency transactions to be ceased

No transactions in cryptocurrencies will be made by the commercial banks from 6th July onwards as per the RBI directive. RBI had already barred all its regulated entities in order to curb money laundering and other financial irregularities and protect consumers. All the regulated entities have been given 3 months to exit their relationship with businesses and individuals.

YES Bank to launch Mutual Fund Business

Private lender YES Bank announced that it has received final regulatory approval from the Securities & Exchange Board of India (SEBI) to start mutual fund business. This approval is subsequent to the Reserve Bank of India’s (RBI) approval. YES Asset Management (India), a wholly owned subsidiary of YES Bank, will launch fund offerings across the spectrum in both debt and equity markets.

The committee on NPAs submits its report

The Sunil Mehta committee formed to tackle Non-Performing Assets (NPAs) & creating credit capacity submitted its report. The Sunil Mehta panel presented project ‘Sashakt’ and has recommended a five-pronged strategy. The plan will result in creating additional jobs by reviving businesses and will bring in credible long term external capital to limit the burden on the domestic banking sector.

Tata Steel approves JV with Thyssenkrupp

The board of Tata Steel has approved the terms to create a 50:50 joint venture of Tata Steel’s European steel businesses and Thyssenkrupp AG. The JV would create it second-largest steelmaker after steel tycoon Lakshmi N Mittal’s ArcelorMittal in Europe. The company plans to produce 35,000 million tonnes steel used in transformers for power sector against the current capacity of 10,000 mt.

Economic sanctions on Russia

European Union leaders have agreed at a summit in Brussels to extend economic sanctions against Russia over the conflict in Ukraine for a further six months. The sanctions target whole sectors of the Russian economy including its oil businesses. The EU first imposed the sanctions on Russia in July 2014 after Malaysia Airlines flight MH17 in July 2014 was shot down over Ukraine.

PSB’s account for 85% of bank fraud cases

Public Sector Banks accounted for a staggering 85% of nearly 6,500 fraud cases, amounting to more than Rs 30,000 Cr. Top 10 banking frauds in 2018 alone lead to a financial loss of ` 10,000 Cr. Banks had reported nearly 5,000 frauds amounting to ` 20,000 Cr in the fiscal year 2017. The PSB’s have a disproportionate share of over 85%, exceeding their business share of about 65% to 75%.

ICICI Bank Names Sandeep Bakhshi As COO

The ICICI Bank board has appointed ICICI Prudential Life Insurance CEO Sandeep Bakhshi as whole-time director and chief operating officer (COO). It is a new top position at India’s second largest private bank, to steer all its businesses. Chanda Kochhar, ICICI Bank’s managing director and CEO will remain on leave until a committee investigating allegations of impropriety completes its work.