Four large private lenders may add about 1,500 branches between them, growing their physical presence by a tenth this fiscal.
Reserve Bank of India data showed that bank loans grew 9.2% year-on-year in the fortnight ending April 29, the slowest since December last year.
The Kolkata-based lender reported a net loss of Rs 581 crore for the March quarter, on account of a four time rise in provisions and contingencies to Rs 2,487 crore.
Canara HSBC Oriental Bank of Commerce Life Insurance reports 22% rise in net profit at Rs 126 crore for FY16
Canara HSBC Oriental Bank of Commerce Life Insurance Company reported Rs 126 crore net profit in 2015-16, a 22% rise over Rs 103 crore netted in the previous financial year.
The Kolkata-based lender has seen a 50% dip in its volume of rupee-deposits it receives from local oil companies buying Iranian crude, following the lifting of western sanctions on the middle east oil exporter.
Promoters hold 35% in Satin while overseas investors such as ShoreCap, MV Mauritius and SBI-FMO hold 49%. The balance 16% is held by general public.
Rajan suggested that IMF should continue to try to persuade countries to fill gaps in the global safety net where they are and when they occur.
These foreign institutional investors along with Women’s World Banking Capital Partners are exiting Ujjivan, which is in the process of diluting foreign holding to below 49%, a mandatory rule for its transformation into a small finance bank.
Mauritius Unitus Corp and WCP Holdings III, a private fund of former president of World Bank James Wolfensohn, will offload their shares in Ujjivan Financial Services fully as the micro lender goes public on Thursday.
The micro lender with 11% market share is in the process of transforming itself into a small finance bank, which will give the lender access to low cost deposits.
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