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Demanding protection of their interests following <keyword id="6797213" type="CITY" weightage="20" keywordseo="ING-Vysya-Bank">ING Vysya Bank</keyword>’s merger with <keyword id="6407278" type="COMPANY" weightage="20" keywordseo="Kotak-Bank">Kotak Bank</keyword>, employee unions of ING Vysya Bank have threatened to go on strike on January 7, 2015. 
 SA Sridhar of the ING Vysya Bank officers' association has sought signing of a ‘tri-partite agreement’ between <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> (KMB), ING Vysya Bank and employees. "We have an apprehension as the new management at KMB does not have a Union and believes in outsourcing its work. What will be the fate of our employees after the merger?" Ramkrishna Reddy, general secretary of the employees union said. 
 ING Vysya employees and officers want internal memorandums of understanding (MoUs) to continue even after the merger. They also want perks and benefits decided by the <keyword id="109886" type="ORGANIZATION" weightage="20" keywordseo="Indian-Banks-Association">Indian Banks Association</keyword> (IBA) to continue. 
 
Kotak Mahindra Bank spokesperson Rohit Rao said, "The merger process entails as per the Banking Regulation Act, approval of the shareholders and thereafter approval from the RBI in addition to CCI's approval. All protection related to employees have already been captured in the scheme of amalgamation which upon approval by RBI, Kotak Mahindra Bank shall fully standby and are obligated to comply with including sections relation to employees job security, wages, pension, gratuity etc." 
 
Image: Thinkstock

ING Vysya Bank Staff Threaten To Go On Strike On 7 January

<a href="http://www.businessinsider.in/searchresult.cms?query=Kotak+Mahindra+Bank">Kotak Mahindra Bank</a>’s net profit slipped 25.8% at Rs 516.57 Crores for first quarter ended June 2015 owing to higher provisioning for bad loans. The bank had reported a profit of Rs 696.70 Crores in the April-June quarter of the last fiscal. 
 Kotak's total revenue has increased to Rs 6,384.63 Crores in the April-June quarter from Rs 5,006.63 Crores in the same period of last fiscal. <keyword id="46013" type="CITY" weightage="100" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> shares closed 1.36 per cent down at Rs 716.15 per unit on the BSE. 
 
These are the first quarterly numbers after <a href="http://www.businessinsider.in/searchresult.cms?query=ING+Vysya+Bank">ING Vysya Bank</a> merged with Kotak Mahindra Bank. RBI agreed on the amalgamation on April 1, 2015. 
 
Image credit: Indiatimes

Kotak Mahindra Bank’s Q1 profit falls 26%

<keyword id="6797213" type="CITY" weightage="60" keywordseo="ING-Vysya-Bank">ING Vysya Bank</keyword>'s net profit for the quarter ended June reported a drop 18% at Rs 143.4 crore against Rs 175.1 crore in the corresponding quarter of the previous year. 
 The <keyword id="466771" type="UNKNOWN" weightage="80" keywordseo="net-interest-income">net interest income</keyword> (NII) for the quarter increased by 8.8% to Rs 463.1 crore as compared to Rs 425.4 crore in same period last fiscal. The increase in NII resulted after interest reversal of Rs 20.5 crore in a few large stressed accounts. The net interest income was increased by 13.7% after adjusting for the interest reversals. The adjusted net interest margin is 3.52% as compared to 3.56% in the year-ago quarter and the total income increased to Rs 690.7 crore against Rs 669.9 crore. 
 <keyword id="350010" type="PERSON" weightage="80" keywordseo="Shailendra-Bhandari">Shailendra Bhandari</keyword>, managing director, <keyword id="45373" type="COMPANY" weightage="80" keywordseo="ING-Vysya">ING Vysya</keyword>, said, "We have been indicating for some time that the challenging macroeconomic environment would at some stage also impact our asset quality. We had a few accounts slip to <keyword id="127693" type="ORGANIZATION" weightage="80" keywordseo="NPAs">NPAs</keyword> (non-performing assets) this quarter.” 
 
"However, with these large flows, we see stability return to asset quality and believe that fresh movements to NPAs should revert to the levels we have normally experienced in the past. We have seen a strong pick-up in our core business," he added.

ING Vysya’s Net Profit Dips 18% In First Quarter

FIPB has adjourned its decision on <keyword id="46013" type="CITY" weightage="80" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>'s proposal for raising FII limit to 55% for a second time. 
 The <keyword id="62529" type="ORGANIZATION" weightage="60" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) has reportedly suspended it’s verdict in the absence of any comments from the Department of Financial Services (DFS). The Finance ministry is expected to post it’s comment by end of June. 
 
Earlier, the FIPB had shelved its order on in the 217th meeting held on April 30. 
 Kotak is seeking the approval to increase its foreign investment limit. The RBI has restricted overseas investments in the private sector after foreign shareholding in hit the permissible limit after <keyword id="45373" type="COMPANY" weightage="80" keywordseo="ING-Vysya">ING Vysya</keyword> merged with Kotak Bank. 
 
(Image credit: Indiatimes)

FIPB delays Kotak Mahindra Bank's FII limit proposal again

<keyword id="6376194" type="CITY" weightage="20" keywordseo="Kotak-Mahindra">Kotak Mahindra</keyword> has denied the recent media reports, which stated that the company has taken a decision pertaining to ING Vysya acquisition or merger. The company clarified its stance on a plausible takeover of ING Vysya by Kotak Mahindra today. 
 “No decision has been made by our bank in relation to any merger or acquisition transaction. If the bank takes a decision to undertake such a transaction, the same being unpublished price sensitive information, the bank shall make a disclosure…,” said the company in a clarification sought by <keyword id="53581" type="CITY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword>. 
 
According to the media reports on Wednesday, Kotak Bank was likely to merge ING Vysya with itself in the 2:2.5 ratios. The deal was expected to be signed within a month. The news of the merger has resulted in the shares of Kotak bank and ING Vysya to rally by 7% each on Thursday.

Kotak Bank Declines Taking Decision On ING Vyasa

New Delhi, Feb 19 () Private sector Kotak Mahindra Bank on Wednesday said the Reserve Bank has granted its final approval for reducing promoters' stake in the bank to 26 per cent.On January 30, the bank had informed about RBI's in-principle acceptance for reducing promoters' shareholding to 26 per cent of the paid-up voting equity share capital (PUVESC) of the bank within six months from the date of final approval of the regulator. The RBI had asked the bank to cut promoters' shareholding to 20 per cent of paid-up capital by December 31, 2018, and 15 per cent by March 31, 2020."Further to our intimation dated 30th January 2020,...the Reserve Bank of India has granted its final approval vide its letter dated 18th February 2020 in the matterrelating to dilution of promoters' shareholding in the bank," Kotak Mahindra Bank said in a regulatory filing.With this, the bank is also moving towards withdrawing a case concerning dilution of promoters' shareholding in the bank which it had filed against the RBI in the Bombay High Court."Our board of directors has resolved to abide by the above. The bank is withdrawing writ petition No. 3542 of 2018 filed by it in the High Court of Bombay," Kotak Mahindra Bank had said in late January filing.As on date, the promoter and promoter group's shareholding in the bank stands at 29.96 per cent.Uday Kotak, also a promoter, is the managing director and CEO of Kotak Mahindra Bank.In August 2018, it had proposed the issuance of perpetual non-cumulative preference shares (PNCPS) to cut promoter holding to 19.70 per cent, which the RBI rejected.The bank then challenged the RBI's contention in the Bombay High Court.The RBI's bank licensing rules mandate that a private bank's promoter will need to pare holding to 40 per cent within three years, 20 per cent within 10 years and to 15 per cent within 15 years.In 2003, Kotak Mahindra Group's financial arm Kotak Mahindra Finance had received banking licence from the RBI, becoming the first NBFC in India to convert into a bank.Effective April 2015, another private sector lender ING Vysya Bank was merged into Kotak Mahindra Bank.Shares of Kotak Mahindra Bank traded at Rs 1,709 apiece on the BSE, up 1.06 per cent from their previous close. KPM MKJ

Kotak Mahindra Bank gets RBI nod for trimming promoters' stake

<ul><li>Billionaire Uday Kotak is all set to get wealthier after he ended a long-pending issue with the country’s banking regulator RBI. </li><li>The latter finally allowed them to keep 26% stake in <keyword id="46013" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>, though it curtailed the voting rights of the founding family. </li><li>As of today, the shares of Kotak Mahindra Bank were already trading 4% higher in the morning and the business is valued at <a href="https://www.bseindia.com/stock-share-price/kotak-mahindra-bank-ltd/kotakbank/500247/">₹3.23 lakh crore. </a> </li></ul>Billionaire Uday Kotak is all set to get wealthier after he ended a long-pending issue with the country’s banking regulator RBI. The latter finally allowed them to keep 26% stake in Kotak Mahindra Bank, though it curtailed the voting rights of the founding family. Voting rights however will not have an effect on his stake in the bank which has been one of the best performing stocks in the <a href="https://economictimes.indiatimes.com/markets/stocks/news/icici-kotak-among-top-bank-bets-itc-in-play-too/articleshow/70237611.cms?from=mdr">last few years</a>. As of today, the shares of Kotak Mahindra Bank were already trading 4% higher in the morning and the business is valued at <a href="https://www.bseindia.com/stock-share-price/kotak-mahindra-bank-ltd/kotakbank/500247/">₹3,2 lakh crore. </a> The family also has six months time to offload some of its stake to meet RBI guidelines, as they now hold 29.9%. “Promoters’ shareholding in the Bank to be reduced to 26% of PUVESC of the Bank within six months from the date of final approval of the RBI,” <a href="https://www.bseindia.com/corporates/anndet_new.aspx?newsid=43988164-1451-4051-a947-10be65e1f28c">said a company statement on BSE. </a> According to Forbes, Kotak now has a networth of $15 billion as of <a href="https://www.forbes.com/profile/uday-kotak/#40bf3bbd74c2">January 31,2020. </a> Kotak has fewer legal problems at hand too as he withdrew a case concerning dilution of his stake, in Bombay High Court. The legal troubles started over a decade back in 2008. Then, Kotak was given a six month deadline to take action against his shareholding in the bank as per <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-agrees-kotak-mahindra-banks-proposal-on-dilution-of-promoter-equity-bank-to-withdraw-case/articleshow/73766930.cms">changed regulations. </a> Kotak tried to do so by issuing preference shares worth $7million and retaining his stake. The RBI was unhappy with it, and the case landed in courts. Kotak has been gaining in spite of the war with the regulator. His net worth has been zooming ahead<a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms"> after the bank acquired ING Vysya Bank for $2.4 billion</a>. Not only did it boost the bank’s market value, it also left him with a lion’s share of a larger pie. His <a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">net worth grew by a whopping 268%</a> from $3 billion in 2010 to $11.8 billion in 2019. Most of this came from his shareholding in Kotak Mahindra Bank. And now, it looks like that is secure. See also: <a href="https://www.businessinsider.in/business/corporates/article/escorts-share-price-and-inside-story-of-how-market-value-nearly-doubled-in-a-new-book/articleshow/73763872.cms">The inside story of how Escorts turned around to become a nearly ₹10,000-crore company</a> <a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade</a>

Billionaire Uday Kotak all set to get richer after RBI relaxes stock holding rules

<ul><li><keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">Crude oil prices</keyword> fell to a 6-week lows last week on account of slowing demand.</li><li>The Israel-Hamas conflict can possibly drive prices back to the above $90 per barrel zone, analysts worry.</li><li>If crude stays above $90 per barrel, it will affect Rupee, wholesale price inflation and more. </li></ul>As <keyword id="6355882" type="General" weightage="50" keywordseo="israel" source="Orion">Israel</keyword> and Palestinian group <keyword id="39745" type="General" weightage="80" keywordseo="hamas" source="Orion">Hamas</keyword> attack each other, it has shaken up the world crude oil market yet again. The price of Brent crude oil spiked by $4 in early trade on Monday and is trading at $87 per barrel. This war has undone a smidgen of relief seen last week by the Indian markets, as its prices slipped sharply on account of demand concerns. The commodity had posted its biggest weekly loss since March 2023 – and slipped to 6-week lows. With escalating tensions in West Asia where the world gets a third of its crude oil from might drive it back towards the $90 per barrel zone. It can have devastating effects on India and other crude importing nations. “If it goes back to $90 per barrel, oil prices will move, and will affect the currency. RBI will have to intervene with bond market sales that can stiffen bond yields. It will also impact Wholesale Price Index (WPI) inflation,” Madan Sabnavis, chief economist at Bank of Baroda told Business Insider India. The pump prices can be controlled by the government, so its impact on retail inflation can be varied. Last week, airlines introduced a fuel surcharge due to rising jet fuel prices – making flight tickets pricier. The Indian rupee rose 4 paise in the morning trade on Monday as it opened at 83.24 against the US dollar. What are the odds? Economics and analysts are closely watching the developments. The medium term prices will be guided by how long drawn out the war will be. The Ukraine-Russia war has been ongoing for over a year-and-a-half and is showing few signs of winding down. The length of the Israel-Hamas war will depend upon the support Hamas might receive from its allies. “We will have to wait for a week to see if other Arab nations will stand aside and take a neutral position or join Hamas,” said Madan Sabnavis, chief economist at Bank Of Baroda. If Iran, which is known to be a supporter of Hamas, is drawn into the war, it might actually turn into a long-drawn war. Iran also controls the sea routes of oil supply and if it enters the war, it can have devastating effects, experts say. “Presently, it is unlikely to cause major disruption in oil supplies thereby impacting major oil importers like India. But the situation will change if Iran, a major Hamas supporter, is drawn into the war. That can disrupt oil supplies causing a spike in crude,” said Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services. Saudi and Russia to keep cut their cuts The crude oil prices have been on an upswing ever since March this year on account of many factors. The most important of which is voluntary production cuts taken by two of the world’s largest oil producers — Saudi Arabia and Russia. Between both of them, they have cut oil production by 1.3 million barrels per day. Oil producing cartel OPEC+ did not make any changes to its policy in its recent meeting. Also, both the countries reaffirmed that their additional voluntary cuts will continue through to year-end. The move drove up prices, but also affected demand. “US gasoline inventories increased by almost 6.5 MMbbls over the week – the largest increase since January 2022. This move has helped to take total US gasoline inventories back above the five-year average for this time of year,” said a report by ING Vysya which predicted Brent to average to $92 per barrel ahead of the Israel-Hamas conflict. This week’s developments on the war will guide the price movements from here and a clearer picture might emerge this week, experts opine.

You Searched For "ING Vysya Bank" and got 8 results

ING Vysya Bank Staff Threaten To Go On Strike On 7 January

BI India Bureau

Kotak Mahindra Bank’s Q1 profit falls 26%

BI India Bureau

ING Vysya’s Net Profit Dips 18% In First Quarter

BI India Bureau

FIPB delays Kotak Mahindra Bank's FII limit proposal again

BI India Bureau

Kotak Bank Declines Taking Decision On ING Vyasa

Purba Das

Kotak Mahindra Bank gets RBI nod for trimming promoters' stake

PTI

Billionaire Uday Kotak all set to get richer after RBI relaxes stock holding rules

Preeti Soni

Crude spikes on Middle East tensions but Iran’s entry will guide its movement say analysts

Katya Naidu

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