Skip to main content

Catholic Syrian Bank sends list of CEO-MD probables to RBI

CSB has been struggling with bad loans and operational losses for many years.
Private sector lender Catholic Syrian Bank (CSB) is set to get a new managing director and chief executive soon. The names of three former officials from public sector banks have been sent to the Reserve Bank of India for its approval, said CSB chairman S. Santanakrishnan.
The names before RBI are C.V.R. Rajendran, chief executive of the Association of Mutual Funds of India and former chairman and managing director of Andhra Bank; M.S. Raghavan, former chairman and managing director of IDBI bank; and Jeevan Das Narain, former managing director of the State Bank of Travancore. CSB is also looking for a candidate to replace Santanakrishnan after he retires early next year, said a person in the know.
CSB has been struggling with bad loans and operational losses for many years. The bank had planned to raise Rs400 crore through an initial public offering last year, but dropped the plan due to weak financial performance. According to an Economic Times report, Canada-based Fairfax Financial Holdings Ltd is looking to acquire more than 10% stake in CSB. Fairfax with investments in IIFL, ICICI Lombard, and Bangalore International Airport Ltd (BIAL) has committed close to $1 billion in India so far. 
CSB reported net profit of Rs5.3 crore for the six months ended September 2016 as against a loss of Rs40.5 crore a year ago. CSB’s gross non-performing assets dropped to Rs462.7 crore for the period, from Rs503.6 crore in the year- ago period. In percentage terms, NPAs dropped to 5.7% from 5.76% of total assets. The bank’s capital adequacy stands at 10.69% as of September compared to 10.21% during the same period last year.

Comments

  1. Thanks for the wonderful post. I assure this would be beneficial most of the people. I was searching information about Public Limited Companies In India

    ReplyDelete

Post a Comment

Please leave your name and email id along with the comment .
Get the updates from this blog direct to your inbox . Fill in your email id on the home page.

Popular posts from this blog

TCS merger with TCS e serve

The board of Tata Consultancy Services (TCS) in its meeting on 18 October 2012 has approved the composite scheme of arrangement between TCS, TCS e-Serve (e-Serve) and TCS e-Serve International (TEIL). The composite scheme of arrangement provides for merger of e-Serve into TCS and demerger of TEIL's special economic zone (SEZ) undertaking(s) to TCS. The appointed date proposed for this scheme is 01 April 2013. TCS holds 96.26% of the paid up equity share capital of e-Serve. TEIL is a wholly owned subsidiary of e-Serve. As per the terms of the scheme of arrangement, shareholders of e-Serve (other than TCS) will receive 13 equity shares of Re 1 each of TCS for every 4 equity shares of Rs 10 each of e-Serve held by them. The board has approved the scheme of merger of Computational Research Laboratories (CRL) and Retail FullServe (RFL) with TCS. The proposed appointed date for the merger of CRL is 01 October 2012 and for the merger of RFL is 01 April 2012. Computational Res

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p

Zomato, Swiggy score 1/10 on working conditions for their workers – ET Retail

Some of India's biggest startups have ranked near the bottom when it comes to  working conditions  for their gig  workers , according to a report released Wednesday. While  Swiggy ,  Zomato  and Uber India scored 1/10, Urban Company and Flipkart’s logistics arm EKart scored the highest 8/10 and 7/10, respectively, ‘ Fairwork India Ratings  2020: Labour Standards in the Platform Economy’  showed . The report assessed the companies on five principles: fair play, fair conditions, fair contracts, fair management, and fair representation. Deepinder Goyal, chief executive officer of Zomato Media Pvt. Ltd., acknowledged the ratings on Twitter. “Zomato ranked at the bottom of 2020 Fairwork India scores. We knew we had things to work on, but we didn’t know that there is so much room for improvement.” The company takes full responsibility and “will leave no stone unturned to perform better in the rankings next year,” he added. Zomato received a 4/10 in last year's report. According t