RBI Directs Banks To Quantify Satyam Exposure Whilst Citi Freezes Satyam Bank Accounts
India’s central bank the Reserve Bank of India (RBI) has asked for information from Indian banks and the Indian subsidiaries of international banks regarding their direct or indirect loan and equity exposure to financially tainted Satyam Computer Services, its related companies or subsidiaries.
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SBI To Open A Whopping 2000 Branches Next Year
State Owned Lender and Indian Banking Major plans to open a phenomenal 2,000 branches in the next financial year, which would mean it opens 166 branches a month or 5 new branches every day for a year.
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State Bank of India To Tap Up To Rs 18,000 Crore From Bond Market
State Bank of India (SBI) India’s largest bank said it intends to raise Rs 18,000 crore or US$ 3.8 billion by March 2010, in order to meet its capital requirement and fuel business growth the bank said on Tuesday just a day ahead of its Rs 2,000 crore or US$ 400 million bond issue.
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ONGC Formal Bid For Imperial Approved by Indian Government Despite Falling Oil Price
The Congress led Central Government today allowed state owned ONGC Videsh to make its £ 1.4 billion Rs. 10,150 crore bid for 100 per cent equity in UK listed Imperial Energy formal. The Government has extended its permission for the acquisition of the energy company which has numerous fields in Russia despite falling crude oil prices and a valuation which resulted from a price of a barrel far higher than it is today.
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HDFC Wants To Raise Funds Overseas. Issues Rs 800 Crore in Domestic Bonds
HDFC, India’s largest mortgage lender and not to be confused with HDFC Bank, is keen to raise funds in overseas markets and is awaiting the Reserve Bank of India’s clarification on the matter.
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Moody’s Downgrades ICICI UK’s Long Term Debt
Moody’s, the global rating agency, last week downgraded ICICI Bank UK, the British subsidiary of ICICI Bank. The ratings agency downgraded supported long term bank deposits, senior unsecured debt and also revised the ratings for subordinated and junior subordinated debt issued by the bank.
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Reliance Stops Making New Consumer Loans
Anil Ambani controlled Reliance Consumer Finance; the consumer lending division of ADAG unit Reliance Capital stopped making fresh loans effective last week the Reuters news agency reported citing the Hindustan Times as its source.
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HDFC Overtakes ICICI Market Cap
HDFC Bank India’s second largest private bank by assets overtook ICICI Bank the largest private lender in India in terms of market capitalisation at the end of October, making it the largest Indian private bank based on market capitalisation.
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Tata Sons Sells 26% Telecoms Stake to DoCoMo. Chairman Concerned Over Financing
Japanese mobile phone major NTT DoCoMo acquired a 26% stake in Tata Teleservices for Rs. 13, 311 crores ($ 2.7 billion) according to a joint statement issued by both companies on Thursday. NTT will along with Tata Sons also be making a tender offer to buy 20 per cent of the outstanding shares of Tata Teleservices (Maharashtra) not owned by the holding company in accordance with SEBI guidelines. No financial details of the offer were provided in their statements.
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