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15 Oct

Canada’s Fairfax Financial Acquires 60.72% Stake in IDBI Bank for Rs 52,878 Crore in Landmark FDI Transaction

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The recent announcement regarding the government and the Life Insurance Corporation of India divesting a combined 60.72 percent stake in IDBI Bank to Canada-based Fairfax Financial Holdings Limited for Rs 52,878 crore has marked a historic milestone as India's largest foreign direct investment in the financial sector, yet the agreed deal price of Rs 81 per share has come as a major disappointment to market participants who anticipated valuations ranging between Rs 100 and Rs 110 apiece based on pre-West Asia conflict trading levels earlier in the year. Analysts point out that despite this sharp pricing discount and the significant…

03 Sep

RBI Swap Facility Boosts International Banking Activity at GIFT City

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Indian banks operating through International Banking Units (IBUs) at GIFT City’s International Financial Services Centre (IFSC) have sanctioned loans worth $54.02 billion under the Reserve Bank of India’s swap facility for FCNR(B) deposits as of August 31, 2026. The amount has risen sharply from $4.1 billion sanctioned by 14 IBUs on July 15, reaching $18.87 billion by July 31 and accelerating to $54.02 billion by the end of August, with 20 IBUs now participating in the scheme. The rapid increase highlights growing demand for foreign currency funding through GIFT IFSC and the expanding role of its financial services infrastructure. IBUs…

21 Aug

Fairfax’s IDBI Bank Bid Moves Closer as CSB Stake Issue Emerges

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Canada’s Fairfax Financial, a frontrunner for acquiring the government and LIC’s stake in IDBI Bank, may be given up to two years to consolidate its existing banking interests in India, according to sources. The proposed transaction, valued at more than $5 billion, would be the largest foreign investment in an Indian bank and is currently in the final stages of approval. Under Reserve Bank of India rules, an entity cannot own and operate two separate banks. Fairfax owns around 40% of CSB Bank, creating a regulatory requirement if it acquires control of IDBI Bank. Sources said Fairfax could either sell…

20 Aug

HDFC Bank Eyes $1 Billion Overseas Debt Raise Through Dollar Bonds

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HDFC Bank is returning to the dollar bond market for the second time in two months, with plans to raise at least $1 billion through overseas debt issuance as Indian banks accelerate fundraising ahead of the Reserve Bank of India’s special foreign-exchange swap window closing on August 31. The lender plans to issue at least $500 million each through three-year and five-year bonds via its GIFT City branch, with final pricing expected by Friday. Bankers said the issue could exceed $1 billion depending on investor demand. If completed, the latest transaction would take HDFC Bank’s total proceeds from dollar bond…

18 Aug

Axis Bank Hikes FCNR(B) Rates as Banks Step Up Overseas Fund Mobilisation

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Axis Bank, India’s third-largest private sector lender, has raised the interest rate on FCNR(B) deposits of more than $1 million to 6.40% for three- to five-year maturities, effective August 17, making it the highest rate offered by a large Indian bank. The move follows the Reserve Bank of India’s decision to shorten the concessional swap window for FCNR(B) deposits. Axis Bank had earlier offered 6.25% on deposits above $1 million, while the rate for deposits below $1 million now stands at 6.25%. In comparison, HDFC Bank and ICICI Bank continue to offer 6.25%, while State Bank of India offers 6%…

14 Aug

ICICI Bank Leads Offshore Fundraising Wave Driven by Central Bank Incentives

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ICICI Bank Ltd. has launched a $1.45 billion syndicated offshore loan, joining a growing wave of Indian lenders tapping international debt markets to benefit from lower hedging costs. The nation’s second-largest private bank initially signed a $1 billion agreement with Bank of America Corp. and is now expanding the four-year deal—priced at a margin of 110 basis points over SOFR—to lenders including Mizuho Bank, Mashreqbank, and United Overseas Bank. This borrowing follows ICICI Bank’s $1 billion five-year bond sale last month, its first international issuance in nearly a decade, alongside talks for an additional $500 million in offshore bonds. The…

04 Aug

HDFC Bank Offers Higher Dollar Deposit Rates to Attract Overseas Funds

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HDFC Bank, India’s largest private sector lender, has increased the interest rate on its three- to five-year Foreign Currency Non-Resident (Bank) [FCNR(B)] dollar deposits by 25 basis points to 6.25 per cent from 6 per cent. The revised rate came into effect from August 1 as banks step up efforts to attract foreign currency deposits under the Reserve Bank of India’s (RBI) concessional swap scheme. The rate hike comes at a time when the RBI’s special swap window is entering its final two months, a period expected to witness increased mobilisation of FCNR(B) deposits. Banks are focusing on attracting overseas…

25 Jul

SBI Life Posts Healthy Q1 Growth as Premium Income and VNB Increase

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SBI Life Insurance reported a strong financial performance for the first quarter of FY2026-27, with net profit rising 22% year-on-year to ₹720 crore, supported by healthy growth in premium income and new business. Net premium income increased 16.88% to ₹20,078.2 crore, while the insurer’s annualised premium equivalent (APE) surged 36% to ₹5,380 crore, reflecting strong demand for its insurance products. Investment income also recorded solid growth, rising 20.7% year-on-year to ₹25,977 crore. The company’s value of new business (VNB), a key profitability indicator for life insurers, increased 29% year-on-year to ₹1,410 crore. However, the VNB margin moderated slightly to 26.2%…

14 Jul

ICICI Pru AMC Sees Strong Growth as Income Rises 18% in June Quarter

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ICICI Prudential Asset Management Company (AMC) has reported a strong financial performance for the June quarter, with its net profit rising 23 per cent year-on-year to ₹965 crore. The company had recorded a net profit of ₹784 crore during the same quarter of the previous financial year. The growth in profitability was supported by an 18 per cent year-on-year increase in total income, which stood at ₹1,745 crore during the quarter. The company’s expenses increased by 11.7 per cent to ₹464 crore, while maintaining steady operational performance. ICICI Prudential AMC managed average assets under management (AUM) of ₹11.2 trillion through…

08 Jul

Axis Bank Faces Senior-Level Exits as Corporate Teams Undergo Reorganization

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Axis Bank, one of India’s leading private-sector lenders, is witnessing a major leadership reshuffle after three senior executives resigned from key positions. The departures include Anil Agarwal, President and Group Head of Institutional Clients Coverage; Vikas Shinde, former head of the debt capital markets team; and Jimmy Tavadia, Group Head of Trading. According to people familiar with the matter, the resignations come as the bank reorganizes important functions across corporate banking and other business divisions. The individuals, who spoke on condition of anonymity, said the changes are part of a broader restructuring process within the lender. Anil Agarwal had spent…