As per the disclosure to the stock exchanges, Ujjivan Small Finance Bank gets board approval for raising upto Rs. 1,500 Crores by issuance of non-convertible debt securities on private placement basis. The bank may raise the funds in one or multiple trenches within one year from the date of receiving shareholders and regulatory approvals.
One of India’s oldest private sector bank “Tamilnadu Mercantile Bank (TMB)” got the stock market regulator SEBI’s approval on 30th May 2022 for coming up with their IPO.
Tamilnadu Mercantile Bank has over 500 branches with nearly 50 lakh customer base and has its existence for close to 100 years now. TMB branches are wide spread across the state with mix of metro/urban and semi-urban/rural. The bank offers almost all banking products/services and enjoys high brand presence among its customers.
The bank has filled the DRHP sometime during September 2021, which states that the public offer of the bank will comprises a fresh issue of 1,58,27,495 Equity Shares and an Offer for Sale (OFS) of up to 12,505 Equity Shares. TMB will utilize the IPO funds from the fresh issue of shares towards increasing its Tier–I capital requirements and meeting the expenses of the bank.
After initial gains, Indian markets ended the day with flat/marginal losses.
SENSEX – Closed @ 55,769.23 | -48.88 points | -0.09% change
NIFTY 50 – Closed @ 16,584.30 | -43.70 points | -0.26% change
NIFTY BANK – Closed @ 35,275.05 | -338.60 points | -0.95% change
NIFTY IT – Closed @ 29,903.80 | 111.50 points | 0.37% change
FIIs net sold Rs. 3,770.51/- , DIIs net purchased Rs. 2,360.51/-.
TOP Gainers of the day
Reliance – Closed @ 2,779.50 | 55.20 points | 2.03% change
Larsen – Closed @ 1,652.05 | 14.90 points | 0.91% change
Infosys – Closed @ 1,521.70 | 13.70 points | 0.91% change
Sun Pharma – Closed @ 865.10 | 5.55 points | 0.65% change
TCS – Closed @ 3,440.15 | 17.15 points | 0.50% change
Top Losers of the day
Grasim – Closed @ 1,339.45 | -93.10 points | -6.50% change
UltraTech Cements- Closed @ 5,678.85 | -329.00 points | -5.48% change
Shree Cements – Closed @ 20,638.00 | -996.75 points | -4.61% change
Hero Motocorp – Closed @ 2,583.75 | -79.35 points | -2.98% change
Maruti Suzuki – Closed @ 7,705.05 | -220.35 points | -2.78% change
Source : BSE & NSE.
Union Bank of India & Small Industries Development Bank of India (SIDBI) signed Memorandum of Understanding (MoU) for Co-Financing arrangement for MSMEs. Shri Lal Singh – Chief General Manager, Union Bank of India and Shri Vivek Kumar Malhotra – Chief General Manager, SIDBI signed the MOU on 1st June 2022 for this new initiative.
As per this the MoU, Union Bank of India would consider Joint financing/ Co-Financing with SIDBI for MSME Projects/Units. This initiative will help the Bank to increase their Customer base, while helping the MSMEs to meet their funding requirements. The key highlights of the arrangement include joint identification of viable projects, term loan funding and working capital financing to MSMEs.
As per the bank’s disclosure, initially the arrangement would be at specific centers and once the arrangement stabilizes at these centers, more locations would be covered.
As per disclosure of Union Bank of India on their website, speaking on the occasion Shri Lal Singh-CGM (MSME), Union Bank of India, said “MSME is one of the key sectors of our Indian Economy contributing to GDP, Exports, Manufacturing Output, Employment, Women Empowerment etc.. MSME is one of the focused areas of the Bank and bank aims to become Bank of 1st choice for MSMEs. This tie-up with SIDBI aids in realizing the Bank’s vision to have increased credit flow to the MSME sector and extend operational convenience to the MSME clientele. Under partnership, Union Bank of India through its Pan India branch network can provide general Banking products like Current Accounts, Savings Accounts, Working Capital facilities and other related services to the MSME Customers of SIDBI. Also, speaking on the tie-up arrangement, Shri Vivek Kumar Malhotra, CGM, SIDBI reiterated SIDBI’s commitment towards timely financing for MSMEs across all Sectors.
SIDBI is India’s principal financial institution engaged in Promotion, Financing and Development of Micro, Small and Medium Enterprises (MSME).
State Bank of India is making its salary savings account holders happy. The bank has recently announced to offer personal loans to its salary account holders in simple online quick process. State Bank of India will be offering real time Xpress Credit personal loan of up to Rs. 35 Lakhs under this new scheme. Salary account customers will be able to apply for this personal loan completely online via the SBI mobile banking application YONO. For this personal loan only apply via the YONO mobile application and there is no need to visit the bank’s branch. State Bank of India has branded this product/offer as Real Time Xpress Credit (RTXC) on YONO.
Central Government employees, PSU employees, various State Government employees, defence staff who has their salary accounts with SBI will be eligible for applying this express paperless personal loan. The process of RTXC application is simple end-to-end 8 step process which involves application-credit check-sanction-disbursement all in digital format.
By offering Xpress Credit, SBI aims to offer faster approval and instant credit to its customers for meeting their personal financial obligations that may arise from time to time. This will definitely enhance the Digital India initiatives.
