Finance Ministry identifies five banks requiring special focus to arrest NPAs finance-ministry-identifies-five-banks-requiring-special-focus-to-arrest-npas

  • The finance ministry has identified five banks – Bank of India, IDBI, Indian Overseas BankBSE 3.59 %, Bank of MaharashtraBSE -0.16 %, UCO BankBSE -0.11 %, and United Bank of IndiaBSE 0.00 % – which require special focus to arrest their bad loans.
  • As per the finance ministry data, the slippages in these banks continue to be higher than the reduction and there has been an increase in impaired assets.
  • “These banks require special focus and discussions were held with these banks on how to step up the recovery efforts,” said a finance ministry official.

IDBI Bank becomes first commercial state-owned bank to raise $350 million via selling green bonds IDBI Bank

  • IDBI BankBSE -1.97 % has become the first commercial state-owned bank to raise $350 million via selling green bonds, where proceeds are used for clean energy projects.
  • “We have got huge oversubscription more than $1.10 billion,” said Kishor Kharat, managing director & chief executive director of IDBI Bank. “We have a pipeline of more than $1 billion clean energy projects requiring credit lines. In futures, we may sell more such bonds depending on those project status.”
  • IDBI Bank had to decline the oversubscription in excess of $350 million, which the lender mopped up from 60-70 investors.

Axis Bank, Vistara to launch travel credit card Axis bank

  • Private lender Axis BankBSE 0.25 % today said it has joined hands with Tata-SIA joint venture airline Vistara to launch a travel credit card next year under a strategic partnership.
  • The co-branded travel credit card, to be unveiled early next year, will offer a host of privileges and benefits to the business and leisure travellers of Vistara, Axis Bank said in a release today.
  • “The card will be unveiled early next year. The Axis Bank Vistara co-branded credit card will provide preferred privileges and benefits for business and leisure travellers under the carrier’s Club Vistara frequent flyer program,” it said.