Banking Sector

Homegrown RuPay is also likely to benefit and grow its network further, experts said. The issuance of cobranded cards with Mastercard will also stop due to the RBI restriction. If a particular Mastercard cobranded credit card has high contribution to the overall mix of a credit card player, it will have a higher impact on the issuer's business growth, said an ICICI Securities report.

Netradyne will use the new funding to advance its core technology, expand into new geographies and accelerate hiring across R&D, marketing and customer support. Netradyne provides fleets of all sizes with an advanced video safety camera and fleet performance analytics tracking, as well as driver awareness tools to help reduce risky driving behavior and reward safe driving decision-making.

The central bank released a draft circular for issue and regulation of share capital and securities of primary (urban) co-operative banks. "UCBs are permitted to raise equity share capital, as hitherto, by way of issue of equity shares to persons within their area of operation enrolled as members, in accordance with the provisions of their bye-laws, and issue of additional equity shares to the existing members," it said.

According to banking sources, leading banks, including State Bank of India (SBI), Bank of Baroda (BOB), and Union Bank of India (UBI) have approached different benches of NCLT to invoke the personal guarantee of 17 big defaulters including Atul Punj of Punj Lloyd (Rs 3,000 crore), Sanjay Singal of Bhushan Power and Steel (Rs 47,150 crore), and Wadhawans of DHFL (Rs 79,000 crore).

Further, the deadline for submission of bids for legal adviser has also been extended by nine days till July 22. The bid submission for transaction advisor and legal advisor ends at 3.30 p.m. and 4 p.m., respectively on July 22, and the bids will be opened 3.50 p.m. and 4.30 p.m. on July 23, respectively, said the Department Of Investment & Public Asset Management (DIPAM).

In FY21, the bank's net revenues grew by 85 per cent to Rs 2,673 crore (including Rs 134 crore from the Lakshmi Vilas Bank (LVB). The results also include the LVB's performance since November 20, 2020, the date when it amalgamated with the DBIL. The bank's profit before tax rose to Rs 679 crore from Rs 170 crore in FY 2020. This is despite absorbing the LVB's pre-tax losses of Rs 341 crore.

The Ministry of Micro, Small and Medium Enterprises through an office memorandum had said that retail and wholesale trade would be classified as MSMEs for the limited purpose of priority sector lending and they would be allowed to be registered on Udyam Registration Portal. The beneficiary segments of the change in norm would be wholesale and retail trade and repair of motor vehicles and motorcycles,

The bench last week questioned the alacrity being shown by the lead lender IDBI Bank as CBI has charged C Sivsasankaran in a loan fraud case of IDBI Bank. The bench also asked the bank consortium in what capacity did the proposer give the settlement plan and the "real intent" behind the one-time settlement offer.

Sources said that the high level panel of secretaries met in the middle of last week to thrash out the regulatory and administrative issues concerning the PSU bank privatisation and have identified banks that would be put up disinvestment. The panel will now send the names of the shortlisted PSU banks to the group of ministers on disinvestment or Alternative Mechanism (AM) for approval.

On June 23, the banks sold 15 per cent of Vijay Mallya's shares in United Breweries to Heineken international and recovered  Rs 5,800 crore. Earlier, the banks had sold Rs 1,357 crore worth of Mallya's shares in United Breweries (UB) and United Spirits Ltd (USL). They are also planning to sell another Rs 800 crore worth of shares by June 25, according to media reports.