Page 6 - BANKING FINANCE NOVEMBER 2023

BANK UPDATE

Central Bank of India's Chandigarh, Karnataka and New Delhi. IndusInd Bank unveils mo-
He has also worked at Canara Bank,
new executive director Shanghai Branch, for3 years. bile banking app 'INDIE'
Mahendra Dohare has taken charge as IndusInd Bank has launched 'INDIE', a
On becoming general manager in
the Executive Director of the Central mobile banking app designed for cus-
2018, he was posted to the head of-
Bank of India. Before his elevation, he tomers seeking a personalised digital
fice of the bank in Bengaluru and was
was Chief General Manager of Punjab banking experience. 'INDIE' utilises
National Bank, according to a Central heading the gold loan wing of the analytics to offer tailored financial in-
Bank of India statement. bank. He was promoted to Chief Gen- sights. The app introduces industry-first
eral Manager in 2022 and headed the
features, including ultra-flexible prod-
Delhi Circle Office with a business of
IDFC First Bank eyes Rs. more than Rs. 2.5 lakh crore until he ucts that users can customize to meet
3,000 crore in debt capital was elevated to the post of Executive their specific requirements.
After raising Rs 3,000 crore in equity Director. It offers an instant line of credit of up
to Rs. 5 lakh, providing flexibility com-
capital recently, IDFC First Bank plans pared to standard personal loans. Us-
to raise a similar amount through debt State-run Banks to work ers can choose the desired amount and
capital (Tier-II bonds) to support busi- withdraw only what they need at a
ness growth. on climate risk metrics
India's state-run lenders are eyeing co- given time, paying interest solely on
The bank said it had recently obtained the amount utilized. Additionally, the
lending strategies and climate risk as-
an additional rating for Rs 3,000 crore app has a transparent rewards pro-
sessment metrics as part of a broader
from CRISIL for its Tier-II bonds. This is gram, allowing customers to select
only an enabling rating to raise Tier-II strategic roadmap outlined by the gov- preferred brands from leading e-com-
capital in the future based on growth ernment to maintain their growth and merce platforms and earn rewards of
prospects. There are no immediate profitability momentum. up to 3 per cent per Rs. 100 spent.
plans for the same, as capital adequacy The finance ministry is likely to hold a
is already high. review, on performance of public sec- Market capitalisation of
tor lenders in the backdrop of a three-
Rating agency CRISIL has assigned an year strategic roadmap, a government PSU banks rises by up to
"AA+/Stable" rating to the proposed
official told.
Tier-II Basel III compliant bond offer- 91% in Q3
ing and reaffirmed the same rating for Nine public sector banks reported an
the other debt instruments. SBI chief Khara's tenure increase in market capitalisation in the
extended until Aug 2024 range of 25-91 per cent in the Septem-
Canara Bank appoints ber quarter, according to S&P Global
The government has extended State
new Executive Director Bank of India chairman Dinesh Kumar Market Intelligence.
Canara Bank has appointed Bhavendra Khara's tenure till August next year Midsize state-owned banks saw a
Kumar as the Executive Director, as per while offering a two-year extension to surge in market capitalisation in the
the Department of Financial Service the bank's Managing Director Ashwini third quarter, catching up with the
notification. Kumar Tewari. rally in the stocks of bigger rivals due
to improving metrics and a solid eco-
He joined Canara Bank in 1997 as a In a notification issued, the govern- nomic growth outlook, S&P said.
probationary officer and holds a Bach- ment said that Khara is given the ex-
elor of Arts (Hons) degree and is a Cer- tension till he turns 63. Khara was born Indian Overseas Bank saw its market
capitalisation nearly double during the
tified Associate of the Indian Institute on August 28, 1961.
of Bankers (CAIIB). Khara took charge at the country's larg- July-to-September quarter, according
to S&P Global Market Intelligence
During his banking career, he has est lender on October 7, 2020, for data. A 91.60 per cent gain propelled
worked in different capacities in Tamil three years. His current term is com- the lender to eighth place in the top
Nadu, Gujarat, Uttar Pradesh, ing to an end on October 6. 20 Indian banks by market

6 | 2023 | NOVEMBER | BANKING FINANCE