Here is today’s important banking news to keep you updated and help you prepare for IBPS and other bank exams:
Important Banking News: Yes Bank, Canara Bank Raise Rs 1,500 Crore Each Via Bonds
- State-run Canara Bank and private lender Yes Bank announced raising Rs 1,500 crore each by issuing Basel III compliant tier-II bonds.
- “Bank has successfully raised Rs 1,500 crore of Basel III compliant tier-II bonds. The issue was closed on December 31, 2015,” Yes Bank said in a regulatory filing.
- Canara Bank in a filing said the Bond Committee has decided to raise Basel III compliant tier-II bonds amounting to Rs 1,500 crore by way of private placement.
- “Accordingly, the Bank has successfully raised Rs 1,500 crore under BASEL-III compliant Tier-II Bonds on December 31, 2015 with a coupon of 8.40 per cent per annum,” Canara Bank said in the filing.
Important Banking News: IDBI Bank to Raise Rs 3,771 Crore via QIP
- IDBI Bank on Thursday said it will raise Rs 3,771 crore by way of qualified institutional placement (QIP).
- Informing about the government’s approval for raising the equity capital, it said the money will be raised at an “appropriate time during the year”.
- “The government has conveyed its approval to IDBI Bank to raise capital to the tune of Rs 3,771 crore, through QIP route, at an appropriate time during the year,” it said in a regulatory filing.
- Shares in the public sector lender, on Thursday, ended 1.44 per cent higher at Rs 88.90 apiece on the BSE, whose benchmark Sensex index finished up 0.61 per cent.
Important Banking News: Arun Jaitley to Begin Pre-Budget Consultations From January 4
- Finance Minister Arun Jaitley will start pre-Budget consultations with different stakeholders such as industry, trade unions and economists from January 4.
- Mr Jaitley, who would be presenting his second full-year Budget at the end of February, will hold discussions with agriculture group and trade unions on Monday, followed by economists and industry on January 6 and the IT sector the next day.
- He would seek views of financial sector regulators on January 11, and of social sector, banks and financial institutions on January 12, the Finance Ministry said.
- Customary pre-Budget consultations are considered important as they help government in formulating policies.
- The government has also invited suggestions from the public for Budget 2016-17 in its bid to make the exercise more broad. The suggestions can be posted on the mygov portal (mygov.nic.in).
- Government has already begun a budgetary exercise with the Department of Expenditure holding meetings with officials of other ministries and departments.
- The meetings were aimed at firming up Budget estimates for 2016-17 for Plan and non-Plan expenses.
- Mr Jaitley in his second Budget, third if the interim presentation of 2014 is counted, is likely to focus on steps to accelerate economic growth that seems to have stagnated in 7-7.5 per cent range amid global slowdown.
- The Finance Minister’s Budget team comprises Minister of State for Finance Jayant Sinha, Chief Economic Advisor Arvind Subramanian and NITI Aayog Vice Chairman Arvind Panagariya.
- The official team is led by Finance Secretary Ratan Watal, DEA Secretary Shaktikanta Das, Revenue Secretary Hasmukh Adhia and Disinvestment Secretary Neeraj Gupta.