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Read more about IDBI Bank jumps after exit from PCA on Business Standard. IDBI Bank surged 13.86% to Rs 43.55 after the Reserve Bank of India took the bank out of the Prompt Corrective Action (PCA) Framework subject to certain conditions and continuous monitoring.
The finance ministry is likely to infuse Rs 14,500 crore mainly in the banks that are under the RBI s prompt corrective action framework in the next few days to improve their financial health. Indian Overseas Bank, Central Bank of India and UCO Bank are currently under this framework that puts several restrictions on them, including on lending, management compensation and directors fees. The ministry has almost finalised its names of probable candidates for capital infusion, sources said. The infusion will be made in the next few days, the sources said, adding the biggest beneficiary of this round of capital infusion would be the banks that are under the prompt corrective action (PCA).
The Reserve Bank Of India (RBI) has reported that currency in circulation expanded by 0.2% on the week to stand at Rs 28.43 lakh crore as on March 5th 2021. The central bank stated further that the overall reserve money gained 1.6% on the week to stand at Rs 34.32 lakh crore.
Currency in circulation rose around 20% on a year ago basis compared to 11.40% growth at the same time last year. In the current fiscal, the currency in circulation has expanded by 16.2% so far while the reserve money has increased by 13.30%.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Magma Fincorp hit an upper circuit of 5% at Rs 136.40 after the company received shareholders approval for acquisition of controlling stake by Rising Sun Holdings through preferential issue.The company plans to raise up to Rs 3,456 crore by issuing preference equity shares to Rising Sun Holdings, a company controlled by Adar Poonawalla and two members of the promoter group.
Shareholders of Magma Fincorp at an extraordinary general meeting of on Tuesday approved the proposed preferential allotment of 49,37,14,286 equity shares of face value Rs 2 each of the company at an issue price of Rs 70 per equity share aggregating up to Rs 3,456 crore, to Rising Sun Holdings and existing promoters, Sanjay Chamria and Mayank Poddar.