Money & Banking
India Post Payments Bank receives certificate of incorporation
The India Post Payments Bank Limited (IPPB) has received the certificate of incorporation from the Registrar of Companies that will help it to roll out pan-India branches by September 2017, an official statement said here on Thursday.
 
“With the incorporation the board of the India Posts Payments Bank Limited is likely to be constituted soon. The incorporation of the IPPB Limited is a significant step forward as this also paves the way for the bank to begin hiring of banking professionals to set up the bank and begin its operations in 2017,” the statement said.
 
The Department of Posts is expected to complete the roll out of its branches all over the country by 2017, it added.
 
The aspiration of the IPPB is to become the most accessible bank in the world riding on state-of-the-art banking and payments technology. It aims to become a powerful vehicle of financial inclusion in the country.
 
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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SBI board gives consent for acquiring 4 banks
In a move that can potentially trigger a major consolidation in India's state-run financial services space, the board of the State Bank of India (SBI) on Thursday approved the acquisition of four other entities in the industry subject to a host of approvals.
 
The entities are: State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT) and the Bharatiya Mahila Bank (BMB).
 
The news of this development came after the close of trading hours of Indian bourses.
 
According to Religare Capital Markets, barring SBM shareholders, the share allotment ratio is broadly even for all the holders. "In our view, even if the allotment ratio is favourable / unfavourable for shareholders of associate banks, it is unlikely to make any difference since SBI holds 75-90% in these banks," it said in a research note.
 
 
Religare says asset quality of SBI is better than its peers. "However," it added, "we do not see any material improvement in SBI's asset quality upon merger since the asset quality of its associate banks is weak. In addition, the clean-up exercise should continue for associate banks in Q2FY17 since their AQR list is substantially different from SBI. This would further deteriorate their asset quality."
 
 
In mid-June, the government gave an in-principle approval to the proposal for the merger of six banking entities with the country's largest lender, which State Bank of India chairperson Arundhati Bhattacharya hailed as a "win-win" for all.
 
The other two banks that have not figured in Thursday's list are: State Bank of Hyderabad and the State Bank of Patiala.
 
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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Health Insurance Premium Can Be Revised Yearly
The Insurance Regulatory and Development Authority of India (IRDAI), in its final norms on...
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