FirstRand Bank to infuse Rs.120-cr capital:
FirstRand Bank is bringing in Rs.120 crore of capital to bolster its balance sheet, Rohit Wahi, Chief Executive Officer and country Manager of the bank said. The capital base of the bank would now go up to about Rs.390 crore. The infusion of capital is being done to compensate for the partial erosion of capital following losses during the past few years as well as building its retail banking infrastructure in the country. FirstRand Bank started operations in India five years ago. It has presence chiefly in the corporate and investment banking segments, and concentrates on the India-Africa trade corridor.
§ Canara Bank, NCML tie up for agriculture finance:
Canara Bank has entered into a partnership with National Collateral Management Services Ltd (NCML) for collateral management and warehousing services. The main objective of the partnership is to assist industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to the marketing and export stages. NCML is promoted by IFFCO, Rabo Equity, IFC, Karur Vysya Bank, HAFED, NCDEX, Punjab National Bank, Corporation Bank, Bank of India, Canara Bank, HDFC Bank, ACE Geneva, Indian Bank and YES Bank to provide risk management solutions in the areas of commodity and inventories.
§ To check fraudulent schemes, RBI examining credentials of nearly 35,000 firms: MCA:
The Reserve Bank is examining the credentials of nearly 35000 entities whose particulars were shared with it by the Ministry of Corporate Affairs (MCA) because of raising instances of fraudulent investment schemes. The Ministry had shared a list of 34,754 companies, which carry out financial business but don’t appear to have been registered with the RBI as non-banking finance companies (NBFCs). The central bank regulates NBFCs while all companies have to be registered with the MCA. Corporate Affairs Minister Sachin Pilot said that Serious Fraud Investigation Office (SFIO) has submitted a status report to the government on alleged fraudulent money pooling schemes being run by 54 ‘chit fund companies’.
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