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 | Indian Financial Institutions |
Lakshmi Vilas Bank to focus on retail banking, NPA recovery
Lakshmi Vilas Bank will focus on retail banking and recovery of non-performing assets, according to its new Managing Director and Chief Executive Officer Rakesh Sharma.
Sharma took charge of the Karur-headquartered bank on March 7.
Earlier, Sharma had worked with the SBI for over 33 years.
IDFC appoints banker Avtar Monga as COO
Infrastructure finance company IDFC has appointed Avtar Monga as its Chief Operating Officer. Monga will be responsible for building the operating architecture for the new businesses that IDFC Group will launch.
Monga has more than three decades of experience in the banking and financial industry. Prior to joining IDFC, he was a senior executive with Bank of America and was responsible for running its Global Delivery Centres of Expertise globally. He has also worked as part of GE Capital’s India management team. At GE, he led their Transport Financial Services business as its Chief Executive Officer.
SBI launches online aggregator service
State Bank of India has launched “SBIePay”, an online aggregator service, to facilitate e-Commerce/ m-Commerce transactions between merchants, customers and various financial institutions for all kinds of payments.
The service (domain name: sbiepay.com) will provide payment facilities to a large number of customers for undertaking online transactions.
SBIePay is also in the process rolling out Electronic Bill Presentment and Payment platform (EBPP) and IVRS for making payment over phones.
Manappuram Finance acquires Milestone Home Finance
Manappuram Finance Ltd, a major gold loan NBFC, has decided to enter the housing finance sector by acquiring Milestone Home Finance Company Private Ltd from Jaypee Hotels Ltd for an undisclosed sum.
Manappuram believes that this is a natural progression because of the great synergy between the two activities-gold finance and home finance.
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 | Market Updates |
Sensex tanks 82 points
Sensex tanked 82 points to 21,775. The mood turned bearish after mid-session and hectic selling was witnessed across board.
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| 13.3.2014 | | Currency | Rate (Rs.) | Change | | USD | 61.02 | 0.07 | | Euro | 85.02 | -0.37 | | GBP | 101.65 | -0.06 | | Yen (100) | 59.46 | -0.07 |
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| 13.3.2014 18.00 | | | Index | Change | | NIFTY | 6,493 | -24.00 | | SENSEX | 21,775 | -84.00 |
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