Banking and Financial News

IndusInd Bank has announced the launch of ‘green fixed deposits’, whereby the deposit proceeds will be used to finance projects and firms supporting the United Nations Sustainable Development Goals (SDGs). These deposits will be offered to both retail and corporate customers, the bank said in a statement. -Business Line Bank of Maharashtra (BoM) has entered into a strategic co-lending partnership with MAS Financial Services to offer loans to MSME borrowers. “This co-lending arrangement will result in greater expansion of portfolio for both the entities,” BoM said in a regulatory filing. -Business Line AU Small Finance Bank on December 28 said it has appointed Harun Rashid Khan as Non-Executive Independent Director (Additional Director) on the Board, for a period of 3 years, effective immediately. Khan is a former Deputy Governor and the Executive Director at the RBI and has over four decades experience in Banking & Finance, Payment and Settlement systems, Economics and Financial Markets, said AU in a stock exchange announcement. -Moneycontrol.com HDFC Life Insurance Co on announced a bancassurance tie-up with South Indian Bank (SIB). This bancassurance arrangement will enable customers of SIB to avail HDFC Life’s life insurance products, including solutions for protection, savings and investment, retirement and critical illness. -Business Line RBL Bank announced the signing of an agreement with Bajaj Finance Ltd (BFL) for the extension of the partnership of co-branded credit cards for 5 years to Dec 2026. -Business Line Enforcement Directorate (ED) has seized assets worth ?293.91 Cr of Nesamanimaran Muthu alias MGM Maran, former chairman of Tamilnadu Mercantile Bank Ltd, under the provisions of Foreign Exchange Management Act (FEMA), 1999. The seized assets are in the form of shareholdings in four Indian companies - Southern Agrifurane Industries Private Limited; Anand Transport Private Limited; MGM Entertainment Private Limited and MGM Diamond Beach Resorts Private Limited, says a release from ED. -Business Line USD / INR 74.66 Sensex 57897.48 (+477.24) BSE Bankex 40026.93 (+135.42) Nifty 50 17233.25 (+147.0) Nifty Bank 35183.80 (+125.9)