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21 June 2021
21:28 hour

Federal Bank partners with Mashreq Bank

Money Works 4 Me

11/05/2021 - 08:37

The partnership will support Mashreq's faster payment product, QuickRemit


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  1. Federal Bank enters into tie-up with UAE’s Mashreq Bank (10/05/2021 - Financial Express)
    The partnership will support Mashreq’s faster payment product, QuickRemit, which was launched in 2017.
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  2. Federal Bank’s deposits grow 13% in Q4 (05/04/2021 - Financial Express)
    Federal Bank’s deposits rose 13% year-on-year (YoY) during the fourth quarter of the previous fiscal, while gross advances reported a 9% Y-o-Y growth, the bank said in a regulatory filing.
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  3. RHFL defaults on interest payment of Rs 31.32 crore (25/05/2021 - Financial Express)
    The list of lenders includes Bank of Baroda, Punjab National Bank, ICICI Bank, HDFC Bank, Canara Bank, Bank of India and Indian Bank, among others.
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  4. SME lending, procurement startup OfBusiness gets $110M from Falcon Edge, Matrix Partners, others (11/04/2021 - Financial Express)
    Credit and Finance for MSMEs: Over the last year, OfBusiness secured $200 million in debt from over 40 lending partners including IDFC First, Kotak, SBI, Bank of Baroda, Bank of India, Punjab National Bank, ICICI, HDFC, and others.
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  5. Federal Bank board approves Rs 148 crore rights issue subscription of FFSL (18/05/2021 - Financial Express)
    FFSL is a non-deposit taking systemically important NBFC, which acquired the Reserve Bank of India’s licence in 2010. It was incorporated on April 17, 1995. Federal Bank holds 74% stake in the NBFC, which had a turnover of Rs 697.22 crore in 2020-21.
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  6. Federal Bank reports highest-ever quarterly net profit of Rs 477.81 crore (17/05/2021 - Financial Express)
    “We have been provisioning significantly in the first three quarters without taking NPA. As the NPA recognition came through in March, it shifted from standard asset provision to credit provision,” Shyam Srinivasan, MD & CEO of Federal Bank, said.
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  7. Adani Green raises $1.35 bn to fund 1.7 GW hybrid renewable projects (18/03/2021 - Financial Express)
    The 12 international banks which have committed for the revolving credit facility are Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, Sumitomo Mitsui Banking Corporation, Cooperative Rabobank, DBS Bank, Mizuho Bank, BNP Paribas, Barclays, Deutsche Bank, Siemens Bank, and ING Bank.
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  8. Federal Bank launches digital platform for savings bank accounts (25/02/2021 - Financial Express)
    Federal 24 7 enables a complete, paperless and instant digital savings account opening sitting anywhere in India with just PAN and Aadhaar number.
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  9. Dalal Street surges higher on Monday helped by bank stocks; will Nifty regain 15,000 this week? (17/05/2021 - Financial Express)
    Banking stocks were among the top performers with IndusInd Bank zooming 7%, followed by a 6% jump recorded by State Bank of India. ICICI Bank, HDFC Bank, and Axis Bank followed close.
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  10. Federal Bank gets nod for Rs 148 crore capital investment into subsidiary (18/05/2021 - Money Works 4 Me)
    FFSL is a non-deposit-taking systemically important NBFC, which was set up in 1995 by the bank
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  11. Awaiting RBI directions on lifting curbs: HDFC Bank (18/06/2021 - Financial Express)
    The bank continued to face glitches even after RBI was conducting audit of the bank’s IT infrastructure. Earlier this week, the customers of the bank faced issues with mobile banking app on Tuesday. However, the bank was able to restore normalcy within one hour of the reported issue.
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  12. Union Bank of India, Syndicate Bank post highest UPI failure rates; Paytm sees lowest decline rate (21/02/2021 - Financial Express)
    SBI, HDFC Bank, Axis Bank, and ICICI Bank were among the top remitter banks witnessing the highest UPI transaction volume in January. Among beneficiary banks, CITI Bank saw zero transactions failing due to technical reasons.
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  13. In ‘no rush’ to become an small finance bank: Fino Payments Bank (17/05/2021 - Financial Express)
    The bank will decide on converting itself into an SFB after the Reserve Bank of India comes up with the specific guidelines and the overall banking ecosystem, especially the asset side, stabilises.
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  14. Central Bank of India, Indian Overseas Bank shares jump 20% each on privatisation rumours (18/02/2021 - Financial Express)
    Central Bank of India, Indian Overseas Bank, Bank of Maharashtra, and Bank of India all hit their respective upper circuits during Thursday’s trading session.
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  15. NHAI raises Rs 9,731 crore to part-fund 1,276-km Delhi-Mumbai expressway (31/03/2021 - Financial Express)
    “The major share of the funding came from the largest bank in India, the State Bank of India, which contributed Rs 5,000 crore. Punjab National Bank, Bank of Maharashtra and Axis Bank are the other investors in the SPV,” NHAI said in a statement.
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  16. Nifty PSU Bank index zooms over 4%; Central Bank of India, IOB, J&K Bank share prices hit 20% upper circuits (21/06/2021 - Financial Express)
    Central Bank of India, Indian Overseas Bank and J&K Bank share prices hit 20 per cent upper circuit in intraday deals on BSE.
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  17. Pharma, bank stocks help D-Street rally today; watch out for these levels ahead of weekly expiry (05/05/2021 - Financial Express)
    Index heavyweights such as ICICI Bank, HDFC Bank, and Kotak Mahindra Bank gained and pulled Dalal Street higher.
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  18. Indian Bank to divest ASREC stake (05/03/2021 - Financial Express)
    Apart from Indian Bank, LIC of India, Bank of India, Union Bank of India and Deutsche Bank are the other shareholders in the company.
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  19. Fix systems to reduce failures, banks urge non-bank partners (18/03/2021 - Financial Express)
    In 2020, massive on-boarding of new digital users onto payment platforms was accompanied by outages in bank systems and resultant transaction failures.
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  20. Govt to infuse Rs 14,500 crore in 4 PSU banks through recapitalisation bonds (31/03/2021 - Financial Express)
    The four lenders in which government will infuse capital include Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank.
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  21. Federal Bank partners with neobank Fi to issue a savings account (22/04/2021 - Financial Express)
    The partnership will enable to issue a savings account, equipped with a debit card, in under three minutes.
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  22. Stocks in focus: Indian Overseas Bank, Future Enterprises, Central Bank, UCO Bank, Axis Bank, Adani Green, HAL (01/04/2021 - Financial Express)
    Nifty futures were trading at 14,856, up 110 points or 0.75 per cent, on Singaporean Exchange, suggesting a gap-up opening for BSE Sensex and Nifty 50 on the first trading day of FY22.
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  23. UCO Bank aiming at growth of 7-10% in current fiscal (29/05/2021 - Money Works 4 Me)
    The bank also allotted 203.76 lakh shares to the government at Rs 12.76 per share against Rs 2,600 crore infusion in the bank
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  24. Interview: We are poised for growth now, says Padmaja Chunduru, MD & CEO, Indian Bank (30/03/2021 - Financial Express)
    The Covid-19 crisis struck in the middle of the process to merge Allahabad Bank with Indian Bank, forcing us to bring to bear all the experience and skills one had acquired over the years. For this expertise, I would like to thank SBI and Indian Bank which served as my training ground.
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  25. Clean-up: IDBI Bank to mull setting off accumulated losses as on April 1, 2021 (10/02/2021 - Financial Express)
    As per the Reserve Bank of India’s (RBI) rules, IDBI Bank is classified as a private bank but it is still effectively public-sector in nature, majority-owned as it is by the Life Insurance Corporation (LIC) of India.
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  26. Capitol Report: There are signs of stubbornly high inflation on the horizon, former Bank of England chief says (07/06/2021 - Market Watch)
    There are signs that inflation will be above the Federal Reserve's target for a lengthy period, former Bank of England Governor Mark Carney said Monday.
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  27. CSB Bank reports highest-ever net profit of Rs 218.40 crore for FY21 (08/05/2021 - Financial Express)
    C VR Rajendran, managing director & CEO of the bank, said the bank can now fully focus on growth in FY 22 without any baggages of the past.
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  28. HDFC Bank mobile app down for 1 hour; issues resolved (15/06/2021 - Financial Express)
    The bank’s IT infrastructure is under the Reserve Bank of India (RBI) audit for a series of technical problems reported earlier.
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  29. Sensex, Nifty gain for second consecutive trading session; check key support, resistance levels  (07/04/2021 - Financial Express)
    State Bank of India, ICICI Bank, Nestle, and IndusInd Bank were the top gainers, surging over 2% each.
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  30. : HSBC pulls out of U.S. retail banking, as it continues to pivot to Asia (27/05/2021 - Market Watch)
    Europe’s second-largest bank by assets said on Wednesday it would sell most of its branches on the U.S. east and west coast to Citizens Bank and Cathay Bank, respectively.
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  31. Rupee Co-op Bank granted extension of banking licence (01/06/2021 - Financial Express)
    The bank is earning profit consecutively for the last five years. Till March-2021, bank had paid Rs 366.54 crore to 92602 depositors under the Hardship Scheme.
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  32. The Wall Street Journal: Sen. Pat Toomey presses regional Fed banks on race-related work (24/05/2021 - Market Watch)
    A Republican senator sent letters to three regional Federal Reserve bank leaders on Sunday seeking information about their recent work on racial economic equality, which he said he views as politicized activity that stands at odds with the central bank’s mandate.
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  33. PM SVANidhi: Covid 2.0 disrupted ‘ambitious’ 30 lakh annual loan disbursement target, says MoHUA Jt Secy (03/06/2021 - Financial Express)
    Among the top banks disbursing maximum applications in 12 months under the scheme were SBI (6.15 lakh), Union Bank of India (2.37 lakh), Bank of Baroda (2.03 lakh), Bank of India (1.63 lakh), and Punjab National Bank (1.54 lakh).
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  34. Zimbabwe Bank Lending Rate (22/05/2021 - Trading Economics)
    Bank Lending Rate in Zimbabwe increased to 32.65 percent in January from 32.11 percent in December of 2020. Bank Lending Rate in Zimbabwe averaged 13.17 percent from 2011 until 2021, reaching an all time high of 32.65 percent in January of 2021 and a record low of 8.86 percent in September of 2017. In Zimbabwe, the Bank Lending Rate is the sum of minimum nominal lending rates weighted by individual bank’s loan book sizes and published by the Reserve Bank of Zimbabwe. This page provides - Zimbabwe Bank Lending Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.
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  35. Market Snapshot: Dow futures edge up early Wednesday, with benchmark aiming for 5th straight gain (02/06/2021 - Market Watch)
    U.S. stocks are seen making muted moves Wednesday morning, with few available catalysts to drive trading in the session other than comments from members of the Federal Reserve and the central bank's Beige Book, an anecdotal account of conditions in the central bank's 12 business districts.
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  36. Will continue to be MD & CEO of bank till Dec 2023: Uday Kotak (03/05/2021 - Financial Express)
    The comments from Kotak came after the Reserve Bank of India (RBI) issued guidelines that the MD and CEO of a private bank cannot have a tenure of more than 15 years. RBI had earlier approved the re-appointment of Uday Kotak as MD & CEO of Kotak Mahindra Bank for three years in December 2020.
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  37. Growth, earnings, asset quality to be top priorities for Indian Bank (02/04/2021 - Financial Express)
    Padmaja Chunduru, MD & CEO, Indian Bank, said the bank’s primary focus will be on customer service and satisfaction
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  38. PNB, Bank of Baroda shares upgraded: Morgan Stanley raises more PSU bank target prices after SBI (04/03/2021 - Financial Express)
    Weeks after upgrading State Bank of India’s target share price, global brokerage firm Morgan Stanley has now upgraded other two large PSU bank stocks to ‘equal weight’.
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  39. Will the proposed Bad Bank cure India’s banking sector? Here’s how it may shape up (04/06/2021 - Financial Express)
    A Bad Bank, or even a network of bad banks, will not make the losses disappear. The losses, or non-performing loans, transferred to a bad bank will still exist.
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  40. Reliance Power defaults on repayment to lenders (04/03/2021 - Financial Express)
    As per regulatory disclosures, the company has defaulted on repaying Rs 78 lakh to Axis Bank, Rs 1.09 crore to Yes Bank, and Rs 1.25 crore to Lakshmi Vilas Bank.
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  41. Airtel Payments Bank increases interest on deposits over Rs. 1 lakh – Check details (03/05/2021 - Financial Express)
    With an Airtel Payments Bank account, one can deposit and withdraw cash, transfer funds to other 's Airtel Payments Bank Account and even other bank accounts.
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  42. Markets end flat, HDFC Bank top drag (10/02/2021 - Financial Express)
    Index heavyweight HDFC Bank was the biggest laggard in the Sensex pack, shedding 1.77%, followed by Bharti Airtel, Axis Bank, ONGC, Nestle India, L&T, Infosys and SBI.
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  43. HDFC Bank: Maintain ‘buy’ with price target of Rs 1,860 (14/06/2021 - Financial Express)
    Getting back to business: Mr. Jagdishan highlighted that, while the bank had taken a cautious view over the past 1-1.5 months in the light of Covid & its impact on staff & clients, the falling infection rates and vaccination are supporting the opening-up of the bank.
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  44. PM SVANidhi: 84% sanctioned loans disbursed to street vendors since launch of scheme; SBI top lender (18/04/2021 - Financial Express)
    Credit and Finance for MSMEs: Among leading lenders, State Bank of India has led the tally with over 6 lakh loans disbursed. Union Bank of India, Bank of Baroda, Bank of India, and Canara Bank were other top lenders with 2.36 lakh, 2.03 lakh, 1.61 lakh, and 1.51 lakh loans disbursed respectively.
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  45. Seven of top-10 most valued firms add over Rs 1.15 lakh cr to m-cap; RIL lead gainer (06/06/2021 - Financial Express)
    Reliance Industries, HDFC Bank, Hindustan Unilever, HDFC, State Bank of India, Bajaj Finance and Kotak Mahindra Bank witnessed rise in their valuation.
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  46. RBI’s CEO tenure cap: Here’s how it will impact Uday Kotak; HDFC Bank, ICICI Bank, Axis Bank safe (28/04/2021 - Financial Express)
    RBI circular stated that the upper age limit for MD and CEO and WTDs in the private sector banks would continue and no person can continue as MD and CEO or WTD beyond the age of 70 years.
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  47. Yes Bank to raise fund via bonds in Indian/foreign currency (07/06/2021 - Financial Express)
    A meeting of the board of directors of Yes Bank will be held on Thursday, June 10, 2021, to consider, approve and seek shareholders' approval for borrowing/raising funds, the bank said in a regulatory filing without quantifying the amount.
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  48. Q4 performance: ICICI Bank net profit up 261% y-o-y (25/04/2021 - Financial Express)
    Sandeep Batra, executive director, ICICI Bank, said, “The growth in business banking continued to be robust,leveraging the bank’s distribution network and digital platforms such asInstaBIZ and Trade Online.”
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  49. RIL, Kotak Bank, TCS, Maruti Suzuki, Yes Bank, SBI Life, IndusInd Bank, autos, Adani group stocks in focus (03/05/2021 - Financial Express)
    Analysts expect markets to remain range bound as the fear of the continuous rise in covid caseload and extended lockdowns in various states, may cap the upside
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