Money & Banking
HSBC to shut down 21 retail branches in India
HSBC on Thursday announced closure of its 21 retail branches in India to reshape its business around digital capabilities.
 
The decision was taken as a part of the strategic review of its retail banking and wealth management (RBWM) business in India, the company said in a statement. 
 
"The network will consolidate from 50 branches across 29 cities to 26 branches across 14 cities. This change reflects changes in customer behaviour, who are increasingly using digital channels for their banking," it said.
 
HSBC said that in the consolidation process, most of the staff will be re-deployed and absorbed in various other departments. 
 
The statement cited HSBC India group general manager and CEO Stuart P. Milne as saying that the move "aims to position our RBWM business for the future, with the right mix of digital versus physical branch distribution."
 
"India is a priority market for HSBC and we will continue to invest to achieve
sustainable growth by supporting the needs of our customers," it said.
 
"The consolidation of the branch network will take place over the coming months in a phased manner," it added.
 
The branches being consolidated account for less than 10% of HSBC’s retail customer base in India, the company said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Jitendra Parikh

6 months ago

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SEBI for changes in infrastructure investment trusts regulations
The Securities Exchange Board of India (SEBI) on Thursday decided to publish a consultation paper, proposing changes and clarification in the Infrastructure Investment Trusts (InvIT) Regulations.
 
"The paper will propose changes and provide clarification on InvIT process to invest in two-level special purpose structure," the market regulator said in a statement here.
 
At a meeting earlier in the day here, the board also decided to consider reducing to 10% from 25% on mandatory sponsor holding in InvIT norms.
 
"The consultation paper will also consider increasing sponsors to five from three and other operational needs in line with the provisions of Companies Act, 2013 and filing of project implementation agreement with other documents.
 
"The paper will be placed on the official website for public comments," the statement added.
 
The board also approved to set up two SEBI chairs at its National Institute of Securities Markets by contributing some corpus to it.
 
"The chairs will provide research-based policy inputs and help in increasing academic interest and awareness about the regulator's activities," the statement noted.
 
Selection of chairs will be with academic council of NISM.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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SEBI nod for dividend distribution policy disclosure
The Securities and Exchange Board of India on Thursday accepted the proposal of top 500 listed firms (market cap) to disclose their dividend distribution policy in their annual reports.
 
"The policy should include circumstances under which their shareholders can or cannot expect dividend, financial parameters and other factors for declaring dividends and how to utilise retained earnings," the market regulator said in a statement after its board meeting here.
 
The board also directed the firms to disclose the basis of declaring dividend or change in distribution policy with the rationale.
 
"Disclosure of the policy will help investors in taking well informed investment decisions," the statement added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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