For which bank Reserve Bank of India has slapped a penalty of Rs 2 crore for non-compliance of regulatory directions?

The Reserve Bank of India on May 3, 2019 announced that it has imposed penalties on five prepaid payment instrument (PPI) issuers, including Vodafone m-pesa and PhonePe, for violation of regulatory norms.

ICICI Prudential Mutual Fund launched ICICI Prudential Bharat Consumption Scheme to get advantage from the Indian consumption market, which is considered as one of the fastest growing consumption markets globally. Nifty India Consumption Index is the benchmark for the Scheme. It will be managed by Rajat Chandak, Dharmesh Kakkad and Priyanka Khandelwal will manage the overseas investments. Minimum investment of this scheme is Rs 5,000 and in multiples of one rupee thereafter. Penalty for leaving the scheme is 1 percent if investments are redeemed within 12 months from the date of allotment.

Karur Vysya Bank announced that it has raised Rs 487 crore through Basel-III compliant bonds for funding its growth plans. The decision was taken in the Capital Raising Committee of the board. The committee allotted 48,700 BASEL-III compliant unsecured, redeemable, non-convertible tier-II bonds of Rs 1,00,000 each, totalling to Rs 487 crore and the capital raising was done on private placement basis. The instrument will be listed on NSE.

HDFC Bank Ltd crossed the Rs6 trillion market capitalization mark for the first time, making it only the third Indian firm-after Tata Consultancy Services Ltd (TCS) and Reliance Industries Ltd (RIL)-to achieve the milestone. RIL is the most valued company in India with a market cap of Rs8.50 trillion, followed by TCS at Rs7.48 trillion.

National Thermal Power Corporation (NTPC), the State-run power giant, has signed a term-loan agreement with Canara Bank to raise Rs 2,000 crore. The agreement would be used to part finance its capital expenditure. The loan has a door to door tenure of 15 years and will be utilised to part finance the capital expenditure of the NTPC.

For the 1st time, private lender YES Bank Ltd, in terms of market valuation, has slipped by 3 levels to come down to the 10th spot. The position of the bank has come down due to its shares collapsing over 30% in the last 4 sessions after YES bank had reported a net loss of Rs. 1500 crore in its March quarter earnings. The most valued Indian bank with a market cap of Rs. 6.34 trillion is HDFC Bank Ltd. This is followed by (SBI) State Bank of India and Kotak Mahindra Bank with market cap of Rs 2.76 trillion and Rs 2.68 trillion, respectively. Shares of YES Bank were down 5.3% at Rs.166.30 on the 6th of May, 2019 and its market capitalization was Rs. 38,515.71 crore.

The Reserve Bank of India (RBI) has given its in-principle approval to Housing Development Finance Corporation (HDFC) Ltd for acquiring 9.9 per cent stake in Bandhan Bank following the Gruh Finance deal. Gruh Finance, the affordable housing finance arm of HDFC Ltd, was taken over by Bandhan Bank in a share-swap deal in January. After the deal was announced, HDFC made an application to the RBI for holding shares in Bandhan Bank. Recently RBI gave its approval to HDFC to acquire the shareholding of up to 9.9 per cent of the paid-up capital of Bandhan Bank upon the effective date of the scheme of amalgamation.

Fincare Small Finance Bank (SFB) honoured with the prestigious Celent Model Bank 2019 Award in Financial Inclusion category, for 'Redesigning Lending to Reach Small Businesses'. The award recognizes LAP (Loans against Property) D.Lite, which is a tab-based solution designed and developed in-house by Fincare SFB for instant underwriting of loans against property targeted at micro and small enterprises. The Award was announced on its 12th anniversary in 2019 and was organized by Celent in New York. The other banks to receive the award in other categories were Bank of America, CIBC, Fidor Bank, HSBC, Rabobank, and Santander.

National Company Law Tribunal (NCLT) approved merger of private sector lender IndusInd Bank with Bharat Financial Inclusion (BFIL), a microfinance company. Last year, IndusInd Bank received 'No Objection' from Reserve Bank of India, National Stock Exchange and Bombay Stock Exchange As per the report, the merger is expected to complete within 2-4 weeks. IndusInd Bank Ltd's share price is currently at Rs1,686.85, up by Rs32.25 or 1.95%, from its previous close of Rs1,654.60 on the BSE. The current market cap of the company is Rs 99,750.17crores.

State-owned Allahabad Bank announced a reduction in benchmark lending rate by 0.05 percentage points across various tenors. The marginal cost of funds-based lending rate (MCLR) for a one-year loan has been reduced to 8.60% from 8.65% effective May 14. Most of the loans including housing loans are benchmarked against MCLR for one year.