SEBI's proposed steps are aimed at safeguarding the investors' interest and ring-fencing the IPO market from possible over-pricing of the public offers through a nexus between the company promoters and merchant bankers
Oriental Bank of Commerce has revised its interest rate downward to 7% from existing 7.25% on term deposit with maturity period of 31-45 days
New Delhi: State-owned Oriental Bank of Commerce (OBC) has slashed fixed deposit rates by up to 0.5% on select maturities, reports PTI.
The bank has decided to revise the interest rate downward from existing 7.25% to 7% on term deposit with maturity period of 31-45 days, OBC said in a statement.
Term deposits of 46-90 days will attract 0.5% lesser interest rate of 7% from existing rate of 7%.
The new rates for fixed deposits of Rs15 lakh but less than Rs1 crore would be effective from Monday, it added.
However, interest rates on other maturities remain unchanged.
Last month, the bank reduced its base rate by 0.1% to 10.40%. Base rate is the minimum rate below which banks cannot lend to their borrowers.
HSBC has garnered an estimated Rs2,800 crore through sale of its shares in Yes Bank, Axis Bank and Federal Bank, while its 4.46% stake in Karnataka Bank is worth about Rs70 crore as per current market valuations
New Delhi: Banking major HSBC is looking to offload its entire 4.46% stake in private sector lender Karnataka Bank, after having exited from three other Indian lenders -- Axis Bank, Yes Bank and Federal Bank, reports PTI.
HSBC had invested in all these banks as part of its investment portfolio and began selling these shares about three months ago. This was part of a global exercise to shore up its capital by liquidating non-strategic holdings.
HSBC has garnered an estimated Rs2,800 crore through sale of its shares in Yes Bank, Axis Bank and Federal Bank, while its current holding of 83.99 lakh shares (4.46% stake) in Karnataka Bank is worth about Rs70 crore as per current market valuations.
Investment banking sources said the UK-based banking giant would soon look at selling its Karnataka Bank shares, which is held through one of its investment arms, HSBC Bank (Mauritius).
The shares are most likely to be sold through open market transaction, similar to the sale of shares in other three Indian banks.
While Axis Bank and Yes Bank shares were sold on the same day earlier in June this year, HSBC sold its Federal Bank shares in late-August.
It had sold its holding of nearly five% stake in Kerala-based private sector lender Federal Bank for a little over Rs341 crore.
Prior to that, HSBC had sold its 4.75% stake in Axis Bank for about Rs1,880 crore and its 4.76% holding in Yes Bank for about Rs545 crore.
Meanwhile, it may be recalled that HSBC has come under scanner in the recent past for allegations of inadequate control measures in the US against money laundering and terrorist financing related activities.
Certain Indian authorities, including RBI and Financial Intelligence, are also looking into the role of HSBC and another UK-based global banking major Standard Chartered for alleged lapses on their part.
While Standard Chartered has settled a case with banking regulator of New York, which had charged it of secret transactions involving $250 billion with Iran, HSBC has also set aside $700 million to cover for any possible penalties against it in the US.
The two banks are being probed by some other regulators as well in the US.