Page 7 - Banking Finance November 2017

BANK UPDATE

BANKING

NEWS
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NEWS
NEWS
NEWS

Kotak Bank completes Bank customer details on sale online for just Rs. 500

buyout of stake from life Madhya Pradesh Police cyber cell has discovered that details on Indian Bank
customers are up for sale on the Internet for just Rs
insurance subsidiary 500. Police in Indore found that the sale after bust-
Kotak Mahindra Bank has completed ing an international gang, led by a Pakistan national
the acquisition of and operated from Lahore, involved in it. A detec-
26 percent equity tive had posed as a customer and bought debit card
stake in its subsid- details of an Indore-based woman in exchange for Bitcoins. The trail led to the
iary Kotak arrest of two members of gang from Mumbai.
Mahindra Old Mutual Life Insurance MP cyber cell got on the case after Jaykishan Gupta, a banking professional, filed
from Old Mutual Plc for Rs. 1,293 a complaint that Rs 72,401 was debited from his credit card on August 28. "Our
crore, the bank informed the bourses. investigation revealed that the card was used to buy air tickets for one Rajkumar
In April 2017, Kotak had inked an Pillai of Mumbai. Pillai and his accomplice Ramprasad Nadar were rounded up,"
agreement to purchase the entire 26 said MP cyber cell SP Jitendra Singh. "Pillai was a former employee of US-based IT
per cent equity stake held by Old service provider Cognizant and Nadar was employed with HDFC bank," he added.
Mutual Plc, UK (OM), in Kotak
Mahindra Old Mutual Life Insurance. Banks to provide funds to rural women Self Help
Following the acquisition, Kotak Groups at 7 percent
Mahindra Bank now holds 100 per
RBI has said banks will provide funds to women SHGs in rural areas at 7 % under
cent stake in the subsidiary. the Deendayal Antyodaya Yojana - National Rural Live-
Kotak Mahindra Bank in March lihoods Mission (DAY-NRLM) in the current fiscal. RBI is-
raised over Rs. 5,000 crore by issu- sued the revised guidelines on interest subvention
ing up to 6.2 crore equity shares to scheme under DAY-NRLM, as received from the Minis-
pursue consolidation opportunities in try of Rural Development for implementation by 21
the Indian financial services space. public sector banks and 19 private banks. "All women
SHGs will be eligible for interest subvention on credit upto Rs 3 lakh at 7 per
Kotak Mahindra Bank and its affili-
ates held 74 per cent stake in Kotak cent per annum," it said.
Life before the deal. The net worth PNB set to hire insolvency professionals
of Kotak Life stands at Rs. 1,825
crore as on March 31, 2017. Shares Punjab National Bank is going to hire insolvency resolution professionals for 2017-
of Kotak Bank ended at Rs. 1,082.35, 18, according to a notification by the bank. The bank has invited applications for
up 2.3 per cent on the NSE. empanelment of insolvency resolution professionals (IRP) for 2017-18, the noti-
fication said.

BANKING FINANCE | NOVEMBER | 2017 | 7

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