28.08.2024 - Today's Banking / Financial News at a Glance
BoB mops up ₹5,000 crore via 10-year infra bond at 7.30% : Bank of Baroda (BoB) has raised ₹5,000 crore through 10 year infrastructure bonds at a coupon rate of 7.30 per cent. The public sector bank received a total of 146 bids amounting to ₹15,020 crore against the total issue size of ₹5,000 crore (base issue of ₹2,000 crore and greenshoe option to retain over-subscription up to ₹3,000 crore). “This (over-subscription) translates into subscription of 7.5 times the base issue size and 3 times the total issue size. These bonds are senior, unsecured, listed, rated, taxable bonds, having a fixed maturity of 10 years from the date of allotment. The allotment of the bonds took place on 27th August, 2024,” BoB said in a statement. The bonds are rated ‘AAA’ with a Stable outlook by CRISIL and India Ratings, it added. - Business Line.
Yes Bank ties up with Newtap Finance to Offer Financing Solutions : Private sector lender Yes Bank, has entered into a co-lending partnership with Newtap Finance to provide personalised financing solutions to creditworthy individuals on CRED. Dreamplug Technologies Private Limited (DTPL), which operates CRED, will serve as the Lending Service Provider (LSP) for Yes Bank and Newtap Finance in this partnership. “The collaboration with Newtap Finance and CRED aligns perfectly with our strategy of leveraging fintech partnerships to drive quality growth,” said Rajan Pental, Executive Director, Yes Bank. “With this collaboration, we are poised to deliver unparalleled value to our customers, particularly in the affluent and emerging affluent segments. This partnership is not just a testament the Bank's digital prowess, but also a step forward in enhancing our personal loan portfolio with a robust and efficient low Opex model.” - economic times.
Paytm Money appoints NV Srinivasan as Independent Director : Paytm Money Ltd (PML), a wholly-owned subsidiary of One97 Communications Ltd (OCL), has appointed Narasinganallore Venkatesh Srinivasan as Non-Executive Independent Director. With a career spanning over four decades, Srinivasan brings extensive experience in finance, risk management, capital markets and banking strategy. He was previously the Chief Executive Officer of the Association of Mutual Funds in India (AMFI). - Business Line.
Will open 30 million Jan-Dhan accounts this FY, says FM Sitharaman : On the eve of the 10th anniversary of Pradhan Mantri Jan-Dhan Yojana (PMJDY), Union Finance Minister Nirmala Sitharaman announced that the government aims to open over 30 million new PMJDY accounts during 2024-25. Briefing reporters, Sitharaman revealed that as of August 14, 2024, a total of 531.3 million Jan-Dhan accounts have been opened since the scheme’s launch a decade ago, with a cumulative deposit balance of Rs 2.3 trillion. The average balance per account has increased from Rs 1,065 in March 2015 to Rs 4,352 as of August 16, 2024. Roughly 80 per cent of these accounts are currently active. PMJDY has played a crucial role during the pandemic, especially for women,” said Sitharaman. - Business Standard
Shriram Finance plans to raise up to $1.5 bn from overseas, CEO says : Indian non-banking lender Shriram Finance plans to raise up to $1.5 billion from the overseas market in the current fiscal year in a bid to diversify its borrowings, its chief executive told Reuters on Tuesday. "We are targeting to raise anywhere between $1.25 billion to $1.5 billion (in fiscal year 2024-25)," CEO and Managing Director Y S Chakravarti said. The fundraise will be through a combination of loans and bonds, he said. - economic times.
By: ۞ A X i T D S H A H ۞ via AlliesFinServe #StockMarket #Bharat Telegram.me/AlliesFin
