Financial Services

Nabard launches Centre for Climate Change

Nabard launches Centre for Climate Change
NABARD has launched a centre for accelerating concerted action on climate change by various stakeholders including government, private and financial sectors. The Centre for Climate Change has been set up in Lucknow. It would also support capacity building and project preparation effort in developing countries in the region as also in Africa.

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.

IFC invests $100 mn in M&M arm

World Bank Group members IFC has invested $100 million in Mahindra & Mahindra Financial Services Ltd. This would enable the Mahindra group company to augment its growth by extending loans to individuals along with financing small and medium enterprises. The investment will be through secured non-convertible debentures.

Paytm’s initiative to educate women

Paytm has announced a programme called Paytm AshaKiran, which aims at educating rural women about financial services. It will help in creating new job opportunities in small towns & cities of India. In the first phase, the bank has partnered with United Nations Development Program under its Disha project to mobilize self-help groups and organize workshops.

India Post customises affordable life policies

India Post plays an important role in financial services, reaching out in the rural areas with its large and efficient network. Postal Life Insurance extended insurance cover to the rural population under the banner ‘Rural Postal Life Insurance’ (RPLI) in 1995. This scheme is primarily meant for people residing in rural areas, especially women and small and marginal farmers.

RBI eases setting up of IFSC Banking Units

RBI modified the norms for setting up IFSC Banking Units. In April 2015, the Reserve Bank had formulated a scheme for setting up of International Financial Services Centres (IFSC) Banking Units (IBUs) by banks in IFSCs. To enable IBUs to start their operations, the parent bank will be required to provide a minimum capital of USD 20 million. The government has set up an IFSC in Gujarat.

Yes Bank got RBI’s nod to open offices

Yes Bank has received the Reserve Bank of India’s approval to open two representative offices in London and Singapore.The opening of these new offices will help in further diversification and expansion of financial services to the NRI diaspora. Yes Bank opened its first representative office in Abu Dhabi in April 2015.

IndusInd Bank got RBI nod to acquire IL&FS

Private sector lender IndusInd Bank has received RBI’s approval to buy the securities services arm of IL&FS.In March 2017, the bank entered an agreement with Infrastructure Leasing and Financial Services (IL&FS) to acquire 100% stake in ISSL. Infrastructure Leasing and Financial Services (IL&FS) is the promoter shareholder of IL&FS Securities Services Ltd (ISSL).

Edelweiss calls off deal to acquire Religare

Edelweiss Group has dropped the plan to acquire of Religare Enterprises‘ securities. The move was shelved because of the seller‘s inability to get requisite clearances within the required timeline. Edelweiss had earlier announced its plan to buy Religare‘s securities business, which includes securities and commodities broking, and depository participant services.

Pankaj Jain becomes IIFCL MD

Pankaj Jain, Joint Secretary in the Department of Financial Services (DFS), has assumed charge as the Managing Director of India Infrastructure Finance Company Ltd (IIFCL).He will be holding additional charge of IIFCL along with his present position as Joint Secretary at DFS.IIFCL is a state-owned company focused on infrastructure financing and development.

RBI Issues Licence to Ujjivan

Ujjivan Financial Services Ltd subsidiary Ujjivan Small Finance Bank Ltd has got RBI licence to set up Small Finance Bank business. Ujjivan Financial Services is the promoter company. Ujjivan Small Finance Bank is in the process of seeking necessary approvals, prior to the commencement of the banking business. On receipt of mandatory approvals, it will commence operations.