Top Banking news of the day

Round up of the major headlines that dominated the banking sector, nationally and internationally

The Central Bureau of Investigation (CBI) conducted searches at 50 locations and started questioning of some of the suspects in its probe into alleged black money transfer of Rs.6000 crore to Hong Kong through Bank of Baroda camouflaged as payments for “non-existent imports”. People familiar with the matter said most of the 59 account holder companies, which had allegedly sent these remittances in the garb of payments for suspected non-existent imports, have given wrong addresses.

Local investment banks (i-banks) have won most of the mandates to manage initial public offerings (IPOs), propelling them to the top of the 2015 IPO league table in a boom year for primary market activity. Their global rivals are likely to make a strong comeback in the last three months of the year when bigger IPOs are expected to hit the market. 

Altico Capital India Pvt. Ltd, the non-banking financial company (NBFC) of Asia-focused investor Clearwater Capital Partners LLC, has provided Rs.450 crore of debt financing to an upcoming residential project in Mazgaon, south Mumbai, company executives said.

Newly opened private sector lender Bandhan Bank is looking to raise Rs 500 crore from existing investors by the end of the ongoing fiscal to fund its business expansion plans.

Finance Ministry has invited stakeholder comments on the three reports of the empowered committee of state finance ministers on Goods and Services Tax (GST) by the end of this month.

The three reports of the Empowered Committee, pertains to registration, payment process and refunds in the GST regime.

Private lender Yes Bank has exited debt-ridden Lanco Infratech, a move which may have been prompted by UBS' recent research report that expressed concern about the bank's exposure to highly leveraged companies. Yes Bank, which is among the 27 bankers to Lanco Infratech, has a superior loan structure, with an exposure of about Rs 250 crore that enabled it to exit the account.

It is not often that you see the management at IDBI Bank using its discretionary powers to sanction a loan. But when Kingfisher Airlines sought short-term funding, there was probably unprecedented haste.