Open PPF Account Online Instantly: ICICI Bank Launches New Facility

Customer needs to enter his/her Aadhaar number followed by the Aadhaar OTP to confirm online PPF account opening.

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ICICI Bank has announced the launch of a digital service that enables the bank's customers to open a Public Provident Fund (PPF) account instantly, in a completely online and paperless manner. With this new facility, customers of the bank are no longer required to visit a branch and submit physical documents to open a PPF account. They can now conveniently open a PPF account anytime, anywhere using the bank's digital channels of internet and mobile banking. PPF is one of the most popular small savings schemes and currently fetches an interest rate of 7.8 per cent. 

ICICI Bank said it has worked closely with the Ministry of Finance to offer a completely online proposition for opening a PPF account. ICICI Bank is the first in the country to introduce a fully digital and paperless procedure for opening a PPF account, the bank said. Apart from post offices, many banks, including SBI and ICICI, offer PPF facilities.  

Here is how to open PPF account instantly through ICICI Bank's internet banking:

1) Login into the bank's retail internet banking account: Customer needs to login to his/her retail internet banking account > Click on open PPF account in 'My Accounts' section 
2) Confirm details and deposit amount: The customer is required to confirm auto populated details like PAN, address among others and enter initial deposit amount. He/she can also choose to add more money to the account via a monthly standing instruction.

3) Authenticate using Aadhaar: Customer needs to enter his/her Aadhaar number followed by the Aadhaar OTP to confirm online PPF account opening. 
On submission of the above, the customer's PPF account is created instantly within a few seconds. The account number of PPF is displayed instantly to the customer. For the convenience of customers, the statement of transaction as well as the annual statement of the PPF account is available on internet banking. Customers can follow similar steps to open the PPF account from their mobile banking as well. 

Customers can also transfer funds online to PPF account via linked savings account and view account statement online. 

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SBI ATM Daily Maximum Withdrawal Limit, Types Of Cards And Other Details

SBI customers are allowed withdrawals of up to Rs 2 lakh per day (both national and international) and online purchases of up to Rs 5 lakh through SBI ATM cards.

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State Bank of India (SBI) account holders are allowed transactions free of cost at its ATMs with certain limits. Using the ATM-cum-debit card, SBI customers can also transact at the bank's wholly-owned subsidiaries such as SBI Commercial and International Bank Ltd. SBI offers a variety of debit/ATM cards to its customers. SBI customers are allowed withdrawals of up to Rs 2 lakh per day (both national and international) and online purchases of up to Rs 5 lakh through SBI ATM cards. However, the daily cash withdrawal limit for SBI account holders varies depending on the type of card.

Explained below are some of SBI's ATM-cum-debit cards and their respective cash withdrawal limits:

SBI ATM cards and their withdrawal limits

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SBI Classic Debit-cum-ATM Card

SBI's Classic debit card allows cash withdrawals from Rs 100 up to Rs 40,000 per day, according to SBI's website - sbi.co.in. For transacting at a point of sales or via e-commerce, this SBI debit card has a daily limit of Rs 50,000. This includes online transactions.

SBI Pride Debit-cum-ATM Card

State Bank Pride card provides a daily cash withdrawal limit of Rs 1 lakh for both domestic and international withdrawals. However, this limit varies "from country to country, subject to a maximum of the foreign currency equivalent of the Domestic limit", SBI noted on its website. For online transactions - PoS as well as e-commerce, a daily limit of Rs 2 lakh limit is applicable, it noted.

SBI Platinum International Debit Card

This card allows cash withdrawals up to Rs. 50,000 per day (both domestic and international withdrawal). This limit varies from country to country, subject to a maximum of foreign currency equivalent of Rs. 50,000, SBI added. SBI Gold International Debit Card also allows online transactions of up to Rs. 2 lakh per day, it noted. 

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Bank of Baroda Recruitment – 427 Specialist Officers in Various Department – Salary Rs. 23700- 66070/-

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Bank of Baroda – (BOB ) has published an Employment notification for the post of 427 Specialist Officers in various discipline. Apply Online before 05th December 2017. All interested candidates are require to check eligibility details for Recruitment sach as Pay Scale, Education Qualification, apply and selection process. For more detail advertisement check the links given below.

No of Vacancies :- 427 Post.

          Post Name :-

 Specialist Officers.
~> 1. Head – Credit Risk (Corporate Credit) (SMG/S- V) : 01 Post

~> 2. Head – Enterprise & Operational Risk Management (SMG/S– V) : 01 Post

~> 3. IT Security (SMG/S-IV) : 05 Posts

~> 4. Treasury – Dealers/Traders (MMG/S-III) : 03 Posts

~> 5. Treasury – Relationship Managers (Forex/Derivatives) (MMG/S-II) : 02 Posts

~> 6. Treasury – Product Sales (MMG/S-II) : 20 Posts
~> 7. Finance / Credit (MMG/S -III) : 40 Posts

~> 8. Finance / Credit (MMG/S -II) : 140 Posts

~> 9. Trade Finance (MMG/S -II) : 50 Posts

~> 10. Security (MMG/S -II) : 15 Posts

~> 11. Sales (JMG/S-I) : 150 Posts

Job Location :- All Over India.

Last Date to Apply or submit job application :- 05th December 2017.

Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.It is the second largest bank in India, next to State Bank Of India.

Educational Qualification :- All Interested Candidates should have MBA or equivalent post graduation degree/diploma, with specialization in Marketing/Sales/Retail or equivalent qualification from a recognized Board/University.

Age Limit :- Applicants Minimum & Maximum age limit is 21 to 30 years.

Selection Process : After sorting the all candidate’s application form interviewer panel will further Select candidate by Online examination followed by GD/Interview.

Application Fee :- Application fees require to pay at the time of online form submission Or Demand draft for offline job application. For this job application SC/ST/PWD/ Candidates fees : Rs. 100/- & For All Others Candidates : Rs. 600/-.

Pay Scale :- Applicant will get Salary Scale :-
JMG/S I : Rs.23700 -42020/-
MMG/S II : Rs.31705 -45950/-
MMG/S III : Rs. 42020-51490/-
SMG/S IV : Rs. 50030-59170/-
SMG/S-V : Rs. 59170- 66070/-.

How to Apply :- All Eligible and Interested candidates may apply online through Website www.bankofbaroda.com/.in from 14.11.2017 to 05.12.2017.

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Paytm Aims To Be World's Largest Digital Bank With 500 Million Accounts

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Paytm Payments Bank was launched formally yesterdayIt will operate a mobile-first bank with zero fees on online transactionsPaytm was one entities that secured permit to start payments banks.

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Paytm Payments Bank aims to create the world's largest digital bank with 500 million accounts, envisioning an online financial services provider of everything from wealth management to credit cards and stock market trading.
The bank, backed by the country's largest digital wallet of the same name, launched formally yesterday and is targeting people who don't have access to professional financial services. That aligns with Prime Minister Narendra Modi's ambition to broaden access for the under-banked in the nation of 1.3 billion people.

"We are unveiling our money market fund, launching our debit card and we'll have the capabilities to allow enterprises to open business accounts," Paytm founder Vijay Shekhar Sharma said in a phone interview that coincided with a formal inauguration in Delhi attended by Finance Minister Arun Jaitley. "Digital payments was our entry point, we want to become a vertically-integrated financial services company."

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The government is supporting financial technology with incentives and a string of initiatives such as digital lockers and user-authentication based on its digital identity program, Aadhaar. Paytm was one of fewer than a dozen entities that secured permits to start payments banks, which can accept deposits and remittances but cannot lend.

It said it will operate a mobile-first bank with zero fees on online transactions and no minimum balance. Paytm Payments Bank is majority-owned by Sharma. One97 Communications, which operates Paytm and is backed by Alibaba Group Holding Ltd. and Jack Ma's Ant Financial, holds the remaining 49 percent. The bank grew out of Paytm's digital wallet, which amassed over a hundred million customers after India took high-denomination bills - or nearly 90 percent of the value of cash - out of circulation last November.


Sharma may have found a way around the regulatory hurdles that bar lending.  One97 Communications will introduce a charge card and offer monthly installment-based loans, he said. "We will launch share trading and insurance products very soon," he added. "We want to become an internet-age financial services company."

In India, the traditional banking system veers heavily toward those with wealth as poorer citizens struggle to pay bills or transfer money to relatives. "Buying insurance and investing through our wealth management products will become widely accessible through the payments bank," said Sharma.

Despite the proliferation of smartphones and cheap data rates bringing internet access to millions, traditional lenders have yet to build large digital banking capabilities. And Indian consumers aren't yet entirely comfortable with digital financial startups. Sharma said that works in Paytm's favor.

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All-India bank strike on December 27 over wage revision in IDBI Bank

Banking union AIBEA has been demanding a wage revision for employees and officers of the IDBI Bank, allegedly due for the period from November 1, 2012 to October 31, 2017.

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The All India Bank Employees' Association (AIBEA) and All India Bank Officers' Association (AIBOA) - two of the biggest unions in the banking sector - have called for an all-India strike on December 27, demanding the implementation of the long overdue wage revision in IDBI Bank. The United Forum of Bank Unions, an umbrella body of nine bank unions, has reportedly support the strike call.

AIBEA has been demanding a wage revision for employees and officers of the IDBI Bank, allegedly due for the period from November 1, 2012 to October 31, 2017. According to media reports, all other banks have not only completed and implemented the wage revision in May 2015, but have also commenced negotiations for the next revision due from November 2017. Even the likes of the Reserve Bank, Life Insurance Corporation, General Insurance Corporation, and Regional Rural Banks have reported completed the exercise. So the miffed trade unions again discussed the issue at a joint central committee meeting held in Delhi, according to The Hindu Business Line, and took the decision for the sector-wide strike. In a joint statement, the two unions said they have been taking up the matter repeatedly with IDBI Bank management and the central government but it's been dragging on endlessly.

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The bank's management on it part has been steadfastly pinning the blame on its bad loans. During the September quarter, IDBI Bank reported a loss of Rs 197.84 crore - its fourth straight quarterly loss - against a profit of Rs 55.52 crore a year back. The percentage of gross non-performing assets (NPAs) to total assets rose to 24.98 per cent, the highest among all lenders currently. That's really bad news for the employees seeking wage revision.

Incidentally, the associations had previously gone on a two-day strike in October to protest the "inadequate response" to their long-pending demand. The management had reportedly offered a hike of only 7-8 per cent against a demand of 15 per cent, on the lines of the industry-level 10th Bipartite Settlement. Will the coming strike succeed where all other efforts have failed?

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Axis Bank to raise Rs 11,626 crore from Bain, LIC

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Gross NPAs of Axis Bank stood at Rs 27,402.32 crore as of September 2017

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In one of the largest private equity investments in the Indian banking sector, Axis Bank, the third largest private sector bank in India, has decided to raise equity and equity-linked capital of Rs 11,626 crore from a set of investors including entities affiliated with Bain Capital Private Equity and the bank’s promoter Life Insurance Corporation. Entities affiliated with Bain Capital propose to invest Rs 6,854 crore and LIC proposes to invest Rs1,583 crore, the bank said on Friday.

The bank proposes to raise Rs 9,063 crore through issuance of equity and the remaining Rs 2,563 cr through issue of warrants. The bank has received approval for the capital mobilisation from its board of directors on Friday. Axis bank shares rose by 0.72 per cent to Rs 544.50 on Friday.

The bank proposes to issue 1.72 crore equity shares on preferential basis at a price of Rs 525 per share (at a premium of 2.4 per cent to the SEBI floor price as of the relevant date) and 4.5 crore warrants convertible into equity shares at a price of Rs 565 per share (at a premium of 10.2 per cent to the SEBI floor price), adding Rs 43.6 crore to the paid up capital of the bank. This would entail a dilution of 8.23 per cent for existing shareholders.

“The capital raised will bolster the capital adequacy of the bank, thereby providing growth capital for the core business of the bank and its subsidiaries. Once approved, this would be one of the largest private equity investments in the Indian banking sector,” it said.

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Sanjiv Misra, Chairman, Axis Bank said, “banking in India is at an inflection point right now. The credit growth trajectory in the country is turning. Axis is well positioned to participate in this development. This significant capitalization of Axis Bank, and the interest shown by marquee investors, positions us for even greater strength.”

Stephen Pagliuca, Co-Chairman of Bain Capital, said “in India’s banking industry we believe reach, scale and analytics driven underwriting will become increasingly important. Axis Bank’s leadership team is very well positioned to take advantage of the same, in what promises to be an exciting growth phase for private sector banks in the country. We are particularly excited about Axis Bank’s strong and differentiated retail franchise that we believe will be an important driver of future growth.”

The bank reported a profit of Rs 432.38 crore, compared with Rs 319.08 crore a year ago and Rs 1,305.60 crore a quarter ago. Its gross NPAs rose to Rs 27,402.32 crore as of September from Rs16,378.65 crore a year ago and Rs 22,030.87 crore in Q1.

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Bank of Baroda Recruitment – Chief Technology Officer Vacancies – Graduates Apply – No Fees

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Bank of Baroda – (BOB ) has published an Employment notification for the post of Chief Technology Officer. Apply before 24 November 2017. All interested candidates are require to check eligibility details for Recruitment sach as Pay Scale, Education Qualification, apply and selection process. For more detail advertisement check the links given below.

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• No of Vacancies :- 01 Post.
• Post Name :- Chief Technology Officer.
• Job Location :- All Over India
• Last Date to Apply or submit job application :- 24th November 2017.

Bank of Baroda  is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.It is the second largest bank in India, next to State Bank Of India.

• Educational Qualification :- All Interested Candidates should have Engineering Graduate in Computer Science/ Information Systems/ other related fields or MCA or equivalent qualification from a recognized University/ Institution.
• Age Limit :- Applicants Age Limit will be As Per Bank Of Baroda Rules.
• Selection Process :- After sorting the all candidate’s application form interviewer panel will further Select candidate by an Interview.
• Application Fee :- Application fees require to pay at the time of online form submission Or Demand draft for offline job application. For this job application you have to pay No Application Fees.
• Pay Scale :- Applicant will get Salary As per Bank Rules.
• How to Apply :- All Eligible and Interested candidates may apply along with Scan copy of relevant documents send by email to recruitment@bankofbaroda.co.in on or before 24.11.2017.

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Rs 2.11-lakh crore recapitalisation plan: To help fund bank cash infusion, Government looks to tap RBI’s reserves

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The discussions, an official said, are at a “nascent stage” and depending on the response of the RBI, the Finance Ministry will work on creating a mechanism for capital infusion that is in consonance with fiscal responsibility regulations.

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The government is weighing the option of getting the Reserve Bank of India (RBI) to part-finance the capital infusion plan for public sector banks and has initiated discussions with the central bank to deploy a portion of its foreign exchange or other reserves for this purpose, sources have told Aapkasamachar. Com

The discussions, an official said, are at a “nascent stage” and depending on the response of the RBI, the Finance Ministry will work on creating a mechanism for capital infusion that is in consonance with fiscal responsibility regulations.

Also Read :-Note ban anniversary: RBI says still verifying returned notes

“We are looking at various options for funding recapitalisation bonds. One of the options is the RBI providing partial funding,” the official said. The government last month announced plans to inject Rs 2.11 lakh crore of equity in PSU banks — Rs 1.35 lakh crore through recapitalisation bonds, Rs 18,000 crore from budgetary resources and Rs 58,000 crore to be raised by banks from the market.

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The official said the government will stick to the timeline of capital infusion announced earlier and a significant portion of the equity can be injected in a couple of months.

With foreign exchange reserves crossing $400 billion, there is a view within the government that a portion can be used for capitalising banks without adversely affecting the country’s import cover and macro-economic stability. As of September 22, the RBI’s foreign exchange reserves were $402. 24 billion. The forex reserves comprised foreign currency assets of $377.751 billion, gold of $20.69 billion, special drawing rights of $1.51 billion and reserve tranche position of $2.29 billion with the International Monetary Fund, RBI data shows.

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Emails sent Wednesday to the Finance Ministry and RBI for comments did not elicit any response.

In 2007, the RBI had approved a proposal to invest up to $5 billion out of its forex reserves to fund a wholly-owned UK-based subsidiary of the India Infrastructure Finance Company Ltd (IIFCL). The IIFCL subsidiary used these funds to lend to Indian companies executing infrastructure projects in India, or to co-finance their external commercial borrowings for such projects for expenditure outside India for infrastructure projects.

Earlier this year, the Economic Survey 2016-17 had suggested that the government use a part of the extra capital available with the RBI to capitalise banks. “Even at current levels, the RBI is already exceptionally highly capitalised. In fact, it is one of the most highly capitalised central banks in the world. So, it would seem to be more productive to redeploy some of this capital in other ways. Assuming that the RBI returns Rs 4 lakh crore of capital to the government, what are the uses to which this capital can be put? It could be used in several good ways: First, for recapitalising the banks and/or recapitalising a Public Sector Asset Rehabilitation Agency (PARA); Second, for extinguishing debt to demonstrate that the government is serious about a strong public sector fiscal position,” the Survey suggested in Volume I released in January.

ways: First, for recapitalising the banks and/or recapitalising a Public Sector Asset Rehabilitation Agency (PARA); Second, for extinguishing debt to demonstrate that the government is serious about a strong public sector fiscal position,” the Survey suggested in Volume I released in January.

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The government plans to adopt a differential and selective approach for capital infusion in the public sector banks. While strong banks will get greater capital, weak banks may have to either shrink in size or not grow from the current position. Of the total 22 PSU banks, as many as eight PSU banks currently have gross non-performing assets (GNPAs) above 15 per cent and 14 banks have GNPA of more than 12 per cent.

The government had earlier hoped to reap significant windfall gains from the decision to withdraw Rs 500 and Rs 1,000 notes. The amount of currency that was not be deposited with the banks could have been a gain to the Centre — after extinguishing the RBI’s liability — which could have been used to capitalise PSU banks. But with over 99 per cent of the demonetised currency coming into the banks, the government took the recapitalisation bonds route to fund the banks.

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Note ban anniversary: RBI says still verifying returned notes

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NEW DELHI: Nearly a year after Prime Minister Narendra Modi announced demonetisation, the Rs 500 and Rs 1,000 bills returned to banks are still being "processed in all earnest" through a sophisticated currency verification system, the RBI has said.

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In reply to an RTI query, the central bank said it has processed about 1,134 crore pieces of Rs 500 notes and 524.90 crore pieces of Rs 1,000 junked notes, having face value of Rs 5.67 lakh crore and Rs 5.24 lakh crore respectively, as on September 30.

The combined value of the processed notes is Rs 10.91 lakh crore approximately, according to the reply.

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"Specified Bank Notes are being processed in all earnest in double shift on all available machines (sophisticated counting machines)," the Reserve Bank of India (RBI) said in reply to the RTI query filed by a PTI correspondent.



The central bank was asked to provide details of demonetised notes counted so far.

Replying to a question on providing the deadline for completing the counting exercise, it said, "The verification of notes withdrawn from the circulation is an ongoing process".

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The RBI said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of junked Rs 500 and Rs 1,000 notes that were deposited with various banks post demonetisation.



The government had on November 8 last year banned the use of old Rs 500 and Rs 1,000 notes and allowed the holders of these currency bills to deposit them with banks or use them at certain notified utilities.

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The notes deposited or collected are being verified by the central bank at its offices to establish the total number of currency bills returned and to weed out those that are fake.

Several opposition parties including the Congress and Mamata Banerjee's TMC have announced that they would observe November 8, the first anniversary of demonetisation, as 'Black Day' and would hold protests across the country to highlight its "ill-effects" on the economy.

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To counter the opposition protest, the ruling BJP has decided to observe the note ban anniversary as "anti- blackmoney day".

In its annual report for 2016-17 released on August 30, the RBI had said Rs 15.28 lakh crore, or 99 per cent of the demonetised Rs 500 and Rs 1,000 notes, have returned to the banking system.



In the annual report, which was for the year ended June 30, 2017, the central bank said only Rs 16,050 crore out of the Rs 15.44 lakh crore in old high-denomination notes have not returned.

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As on November 8, 2016, there were 1,716.5 crore pieces of Rs 500 and 685.8 crore pieces of Rs 1,000 notes in circulation, totalling Rs 15.44 lakh crore, it had said.

"Subject to future corrections based on verification process when completed, the estimated value of specified bank notes received as on June 30, 2017, is Rs 15.28 trillion," RBI had said in the report.

While the counterfeit currency notes made for a minuscule number, RBI post-demonetisation spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 bills and notes of other denominations, more than double the Rs 3,421 crore spent in the previous year, it said.

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HDFC Bank Q2 profit rises 20% to Rs 4,151 cr despite sharp spike in provisions

Provisions for bad loans nearly doubled to Rs 1,476.2 crore in Q2FY18, compared with Rs 748.99 crore in Q2FY17 but declined 5.3 percent on sequential basis.

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HDFC Bank's July-September quarter earnings matched analysts' expectations on Tuesday as profit grew by 20 percent year-on-year to Rs 4,151 crore despite sharp increase in provisions and tax expenses. The growth was driven by operating profit, other income and net interest income.

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The country's second largest private sector lender had reported profit at Rs 3,455.33 crore for corresponding quarter last fiscal.

Net interest income during the quarter rose by 22 percent year-on-year to Rs 9,752 crore, which was ahead of analysts' estimates, driven by average asset growth of 17.6 percent and a core net interest margin for the quarter of 4.3 percent.

HDFC Bank said total deposits grew by 16.5 percent to Rs 6.89 lakh crore YoY, with both savings account and current account deposits each growing 23.6 percent over the previous year.

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Total advances growth was 22.3 percent at Rs 6.04 lakh crore, compared with corresponding quarter last fiscal, it added.

Domestic advances grew by 26.8 percent YoY while retail loans (which contributed 55 percent to total loan book) grew by 21.6 percent and wholesale loans growth was 23.6 percent in Q2 YoY.

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Profit was estimated at Rs 4,143.5 crore and net interest income at Rs 9,664.1 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

Provisions and contingencies nearly doubled to Rs 1,476.2 crore in Q2FY18, compared with Rs 748.99 crore in Q2FY17 but declined 5.3 percent on sequential basis.

"Provisions consisted of specific loan provisions of Rs 1,078.8 crore and general & other provisions of Rs 397.4 crore," the bank said.

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Asset quality was largely stable for the quarter as gross non-performing assets (NPA) increased mildly to 1.26 percent (from 1.24 percent QoQ) but net NPA fell to 0.43 percent (from 0.44 percent QoQ).

In absolute terms, gross NPA increased 6.35 percent sequentially to Rs 7,703 crore and net NPA rose 2.72 percent to Rs 2,597 crore for quarter ended September 2017.

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Other income (non-interest income) grew by 24 percent to Rs 3,606 crore and operating profit rose by 29.8 percent to Rs 7,817.9 crore compared with same quarter last year.

HDFC Bank said the core cost-to-income ratio for the quarter was at 42.6 percent against 45.9 percent for corresponding quarter ended September 2016.

Tax cost for the quarter stood at Rs 2,190.7 crore, higher by 20.4 percent year-on-year.

At 12:50 hours IST, the stock price was quoting at Rs 1,861.95, down Rs 0.70, or 0.04 percent on the BSE, after hitting a record high of Rs 1,876.95 per share intraday.

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Bharat Financial approves merger with IndusInd Bank

Former’s shareholders to get 639 shares of latter for every 1,000 shares held

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Bharat Financial Inclusion Ltd, formerly known as SKS Microfinance, has decided to merge with Hinduja-promoted IndusInd Bank “to create a stronger and more sustainable platform for financial inclusion”. As part of the deal, which was approved by the boards of both the entities on Saturday, Bharat Financial’s shareholders will receive 639 shares of IndusInd for every 1,000 shares of Bharat Financial Inclusion Limited. This implies a premium of 12.6 per cent to Bharat Financial over two-week volume weighted price (VWAP).

After the merger, IndusInd will have 3,600-plus banking points (excluding ATMs). IndusInd Bank’s 10-million strong customer base will stand enhanced through the addition of Bharat Financial’s 6.8 million borrowers. All the employees of Bharat Financial — a leading microfinance company with presence across 16 states covering one lakh villages — will become part of IndusInd Bank. SKS Mcrofinance was originally promoted by Vikram Akula who resigned from its board in November 2011. The company that spread the concept of microfinance in India listed its shares on the exchanges in 2010

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The merger will be effected through an all-stock transaction of Bharat Financial into IndusInd through a Composite Scheme of Arrangement. The scheme contemplates transfer of Bharat Financial’s Business Correspondent operations into a wholly owned subsidiary of IndusInd, which will be incorporated after receipt of requisite regulatory approvals. All the assets and liabilities originated by the subsidiary will be booked in the balance sheet of IndusInd.

There will be a preferential allotment of warrants to the promoters of IndusInd in accordance with the applicable RBI and Sebi guidelines as an anti-dilutive measure. “Bharat Financial fits with the rural banking and microfinance theme of IndusInd’s Planning Cycle-4 strategy, and will provide IndusInd access to best in class micro-lending capabilities and domain expertise in microfinance,” it said. Bharat Financial has 1,408 branches across 347 districts while IndusInd Bank has a branch network of 1,210 bank branches (including 250 rural branches) and 999 vehicle finance outlets.

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Bharat Financial had posted a revenue of Rs 1,553 crore a net profit of Rs 289.69 crore for fiscal 2016-17. Its shares closed 0.38 per cent higher at Rs 1003.45 on the BSE on Friday. IndusInd Bank reported a revenue of Rs 14,405 crore and a net profit of Rs 2,867 crore in 2016-17. The bank’s shares closed 0.43 per cent higher at Rs 1750.15 on the BSE

R Seshasayee, chairman, IndusInd Bank, said: “The board of the bank believes that the composite scheme of arrangement relating to the merger of these two illustrious institutions will add value to all stakeholders and the Bank.” The merger is expected to be value accretive from inception given IndusInd Bank’s lower cost of funds, ability to monetize excess PSL qualifying assets, efficient capital utilisation and optimal resource utilisation.

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P H Ravikumar, chairman, Bharat Financial Inclusion, said: “The transaction will bring immense benefits to Bharat Financial Inclusion’s vast customer base, staff and shareholders.” Once the merger scheme becomes effective, Bharat Financial will stand merged into IndusInd and shareholders of Bharat Financial will receive shares of IndusInd in exchange for shares held by them in Bharat Financial, said Romesh Sobti, MD and CEO of IndusInd Bank.

Deloitte Haskins & Sells and S R Batliboi and Co LLP, the independent valuers appointed by IndusInd and Bharat Financial respectively, recommended the swap ratio, which has been accepted by the respective boards. Morgan Stanley India provided a fairness opinion to IndusInd and Credit Suisse Securities provided a fairness opinion to Bharat Financial.

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