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The Economic Times

Reliance Infra pares debt to Rs 475 crore after settlement with ARCs, LIC

Reliance Infrastructure Ltd, controlled by Anil Ambani, has significantly reduced its debt from Rs 3831 crore to Rs 475 crore after settling dues with multiple creditors. The company cleared outstanding amounts with Invent Assets Securitisation and Reconstruction, LIC, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders.

The Economic Times

We will not spare you: Nitin Gadkari fumes at poor upkeep of EPE, warns operators

Union Road Transport and Highways Minister Nitin Gadkari criticized agencies and contractors for poorly maintained roads, particularly the Eastern Peripheral Expressway. He warned that bad operators would face blacklisting and forfeiture of bank guarantees, while good performers would be rewarded. The minister emphasised the need for well-maintained roads and highlighted ongoing environmental initiatives.

Business Standard

IDBI Caps invites counter bids on NARCL's base bid for Govindraja Mills

The consortium of lenders includes Indian Bank, State Bank of India, DBS Bank, Punjab National Bank, Bank of Maharashtra, Karur Vysya Bank, and City Union Bank apart from Canara Bank

CNBC TV18

Top stock picks | Bajaj Finserv, City Union Bank, Birlasoft, Oberoi Realty, Graism and OFSS on the radar

On Monday, market tech analyst Mitessh Thakkar and F&O analyst Chandan Taparia recommended these stocks for the short term.

Business Standard

Indian Overseas Bank bags Rajbhasha Kirti Puraskar for 2nd consecutive time

Public sector Indian Overseas Bank has secured the Rajbhasha Kirti Pratham Puraskar first prize for the second consecutive year in the Official Language Implementation category for 2023-24 by the Ministry of Home Affairs. The recognition underscores the commitment of the city-headquartered bank in promoting the use of Hindi language and enhancing the implementation of official language policies across its operations. Union Home Minister Amit Shah presented the award to the bank's Managing Director and CEO Ajay Kumar Srivastava in New Delhi at a function to mark the Hindi Day Celebrations and the Diamond Jubilee of Official Languages, a press release from the Bank said. Indian Overseas Bank currently has 3,264 branches, 3,500 ATM network and 7,251 business correspondents. It also offers its service in Singapore, Hong Kong, Thailand and Sri Lanka. The Ministry of Home Affairs introduced the Rajbhasha Kirti Puraskar award scheme to encourage the implementation of the official language

Mint

EU Should Let Mobile Operators Merge, Draghi Report Says

The European Union should encourage more mergers in the telecommunications sector, according to a long-awaited report written by former European Central Bank President Mario Draghi on how the bloc can keep its economy competitive.

The Economic Times

Union Bank of India becomes first major Indian Bank to sign PCAF

Union Bank of India has joined the Partnership for Carbon Accounting Financials (PCAF) to align with global climate risk management efforts. This move follows the Reserve Bank of India's draft guidelines on climate risk disclosures, emphasizing the importance of tracking financed emissions. The bank aims to measure and manage its indirect emissions from lending and investment activities.

The Economic Times

AU Small Finance inks pact with United India Insurance Co for distribution of insurance products

AU Small Finance Bank and United India Insurance Company have announced a strategic partnership to offer general insurance solutions to the bank's customers. This collaboration aims to provide reliable and affordable insurance options across various categories, leveraging UIIC's extensive network and AU SFB's expanding infrastructure, covering 21 states and 4 union territories.

Business Standard

Toyota Kirloskar, Union Bank of India partner for vehicle loaning solutions

Toyota Kirloskar Motor on Friday said it has signed a memorandum of understanding (MoU) with Union Bank of India for providing vehicle financing solutions. Under the partnership, customers can get up to 90 per cent financing on the on-road price of any Toyota vehicle purchased for private use, exempting them from any foreclosure, or part-payment charges, the company said in a statement. Besides, private vehicle customers can opt for flexible tenures up to 7 years with interest rates starting from 8.8 per cent per annum. At present, commercial vehicle customers can opt for flexible tenures up to 5 years with competitive rates, it added. "This collaboration signifies our dedication to providing exceptional customer experiences by simplifying and making vehicle financing more accessible. Our goal is to streamline financing options, offer seamless experiences, and provide timely support to make the vehicle purchase process enjoyable," Toyota Kirloskar Motor (TKM) Vice President, ...

The Economic Times

Banking liquidity has declined to Rs 0.95 lakh cr from a peak of Rs 2.86 lakh cr: Union Bank report

Liquidity in the Indian banking system has fallen significantly this month, according to a Union Bank of India report. It has dropped from a peak of Rs 2.86 lakh crore to Rs 0.95 lakh crore by August 28. This decline continues despite government and RBI appeals for banks to boost liquidity.

Business Standard

Home Minister Shah receives Rs 19.08 crore dividend from Repco Bank

A cheque for Rs 19.08 crore was received by Union Home Minister Amit Shah on Thursday as dividend of the Repco Bank, a Government of India enterprise functioning under the administrative control of the Ministry of Home Affairs. Shah congratulated the Repco Bank on achieving the remarkable feat of registering a stellar 11-per cent growth rate in the financial year 2023-24. "Today, on behalf of the MHA, received a cheque for Rs 19.08 crore from the Chairman of Repco Bank, Shri E Santhanam, and the Managing Director, Shri O M Gokul, as a dividend on the Government of India's share capital. The bank, under the administrative jurisdiction of the MHA, has proven what commitment to serving the nation can achieve," the home minister said in a post on X.

The Economic Times

RBI penalises CSB Bank, Union Bank of India, others

The Reserve Bank of India (RBI) has imposed penalties on five entities, including CSB Bank, Union Bank of India, and Muthoot Housing Finance, for non-compliance with regulatory norms. The penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into entities.

Business Standard

Union Bank invites EoIs to sell Rs 2,316 crore NPAs across 45 accounts

Some of the accounts in the list include those which went unsold in an auction in June

Hindustan Times

Union Budget 2024: Focus on citizen welfare and manufacturing, says former World Bank chief economist

The government must focus on citizen welfare and give more funds for the manufacturing sector to boost small businesses and create more jobs, said Kaushik Basu.

The Economic Times

NBCC eyes Supertech's troubled projects amid legal and financial turmoil

NBCC has informed IRP and lender Union Bank of India that it is ready to take all the projects of Supertech, provided it is given complete access to the details of the projects and all the data related to them.

Business Standard

Swiss challenge auction: Union Bank gets sole counter bid for Jaypee Health

Bank called for a Swiss auction for 5 accounts after receiving binding bids from a list of 25 accounts for sale

Business Line

Tech Query: What is the outlook for Rail Vikas Nigam Ltd (RVNL), Union Bank of India, Jain Irrigation Systems?

We zoom in on the prospects of Rail Vikas Nigam Ltd (RVNL), as also the prospects of two other stocks — Union Bank of India, Jain Irrigation Systems

The Economic Times

Tight liquidity forces banks to tap debt markets, shell out more

"To a certain extent, the year-on-year rise in the bank borrowing numbers is a reflection of the merger between HDFC and HDFC Bank. But apart from that, it is clearly a reflection of the tightness in the liquidity and that was, to a certain extent, exacerbated in the month of May because government spending was restricted during the Union election," said Soumyajit Niyogi, director at India Ratings & Research.

Business Line

Tech Query: What is the outlook for City Union Bank, Ircon International, Amba Enterprises?

We zoom in on the prospects of City Union Bank, as also the prospects of two other stocks — Ircon International and Amba Enterprises