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Private sector lender Yes Bank has partnered with Government of Maharashtra to onboard PDS shops which are popularly referred to as ration shops onto the electronic PDS initiative through which they can become agents of the bank. Under the partnership, Yes Bank will empower more than 20,000 ration shops which can offer last mile basic […]

IDBI Bank said LIC has completed the acquisition of a 51 per cent controlling stake in the bank, making it the majority shareholder. The deal, conceptualised in June 2018, is envisaged as a win-win situation for the bank and LIC, with an opportunity to create enormous value for shareholders, customers, and employees of both entities […]

In a spate of acquisitions, Nasdaq-listed Ebix has acquired four Indian companies, a move that will position as it as the largest financial exchange in India and strengthen its travel division. The company’s Indian subsidiary EbixCash World Money acquired two financial firms, Essel Forex and Weizmann Forex, for a total of about $57 million (about […]

The board of directors of Indiabulls Consumer Finance (formerly IVL Finance and Shivshakti Financial Services) approved a proposal for raising ₹3,000 crore by way of private placement and / or public issue of secured redeemable non-convertible debentures (NCDs) and / or unsecured redeemable NCDs in the nature of subordinated debt, subject to receipt of necessary […]

Private sector lender Yes Bank has inked a pact with Kia Motors for finance and banking solutions. According to the memorandum of understanding (MoU) inked between both the companies, Yes Bank will offer financing and banking solutions to Kia car dealers with products such as term loans, cash credit and inventory funding.

AXA Investment Managers, one of Europe’s biggest fund managers, may sell its stake in the Indian mutual fund joint venture with Bank of India. The asset management unit of French insurer AXA Group, which holds 49% in BoI AXA Mutual Fund, has sounded out its domestic partner about its plan.

Northern Arc Capital has closed India’s first Persistent Securitisation (PerSec) transaction of Rs 38 crore after the issuance of the Securitisation Guidelines in 2012. The underlying assets are vehicle loans originated by EssKay Fincorp Limited. Northern Arc Capital, erstwhile IFMR Capital, had earlier executed a similar structure in 2011 for microfinance loans.

Bandhan Bank Ltd will buy mortgage provider Gruh Finance Ltd in a share-swap deal to build up its housing loan portfolio. Under the merger cooperation agreement, shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held.

Payment solutions provider AGS Transact Technologies has initiated a pilot of cardless cash withdrawals based on quick response (QR) code on its white-label ATMs (WLAs). AGS Transact, which operates WLAs under the ‘OnGo’ brand name, will launch QR-based cardless withdrawals on ATMs once the National Payments Corporation of India (NPCI) gives its approval.

Mahindra & Mahindra Financial Services is planning to raise up to Rs 3,500 crore through a non-convertible debenture issue of various maturities. The base issue size is Rs 500 crore with an option to retain oversubscription up to Rs 3,000 crore.