Bandhan Bank IPO kicks off; Here’s All You Need To Know

At IPO price, the microfinance-focused bank is valued at nearly Rs 450 billion.

bandhan bank

IPO News : Bandhan Bank is set to become the latest listed lender in India as it looks to raise Rs 4,473 crore via an initial public offering that opens on Thursday.

In the three-day offer, the company will issue up to 11.93 crore equity shares at a price band of Rs 370-375 apiece. At the upper end, it will command a valuation of Rs 44,730 crore, according to BloombergQuint’s calculations.

That makes it larger than not only non-banking finance company-turned banking entities such as AU Small Finance Bank, Ujjuvan Financial and Equitas Holdings, but also private banks such as RBL Bank, Federal Bank and IDFC Bank in terms of market capitalisation.

The IPO is a combination of fresh issue worth Rs 3,662 crore and an offer for sale of Rs 811 crore by existing investors – World Bank arms International Finance Corp (IFC) and IFC FIG Investment Company. Post the offer, the promoter holding in Bandhan Bank will come down to 82.3 percent from the current 89.6 percent.

An erstwhile microfinance company, Bandhan Financial Services Ltd., the country largest at the time, Bandhan Bank commenced banking operations in August 2015 after receiving a universal banking licence from the Reserve Bank of India.

Investment bankers are, however, confident that the issue will garner good response.

“Markets will always show some volatility. The bank’s fundamentals are very strong. It has a differentiated business model. Despite the market corrections, the issue will do well,” said Vishal Kampani, MD, JM Financial Group.

Bandhan Bank and IDFC Bank are among the latest entities to be awarded bank licenses by the RBI. The two received the central bank’s “in-principle” in April 2014 and a final nod a year later.

Bandhan Bank IPO ←


Samajwadis end Yogi raj in Gorakhpur: 5 facts why BJP lost prestige war

The fact that the BJP lost both the seats – Gorakhpur was vacated by Adityanath and Phulpur by his deputy Keshav Prasad Maurya – is a reason for review.

UP Bypoll Results 2018

Latest News : Less than a year after its spectacular victory in UP, the BJP has lost the key seats of Phulpur and Gorakhpur to the Samajwadi Party. Gorakhpur was won five times by Yogi Adityanath until he became Chief Minister last year. Phulpur was vacated by Keshav Prasad Maurya, who became his deputy.

The loss in the backyards of the two heavy hitters of the BJP — Yogi Adityanath and Keshav Prasad Maurya — can be a game-changing event in Indian politics with the state witnessing new political alignment in the form of SP-BSP alliance.

The Gorakhpur and Phulpur Lok Sabha by-election results were a “lesson”, Uttar Pradesh Chief Minister Yogi Adityanath said today, citing over-confidence and the inability to understand the understanding between SP and BSP as prime reasons for the BJP’s defeat.

The fact that the BJP lost both the seats — Gorakhpur was vacated by Adityanath and Phulpur by his deputy Keshav Prasad Maurya — was a reason for review, the chief minister added.

“When the candidates were declared, the SP, BSP and Congress were not together…they had not joined hands then. But suddenly in the middle of the election, the SP and the BSP forged an electoral understanding,” he told the media from his residence. “The over-confidence and inability to understand the electoral understanding between the SP and the BSP led to the defeat,” Adityanath stressed. Political bargaining has started in the state and people of the state will understand it, he said.

Here’s why BJP lost to SP-BSP in Uttar Pradesh 1. Yogi Adityanath, BJP’s overconfidence Uttar Pradesh Chief Minister Yogi Adityanath, whose hometown Gorakhpur went to the Samajwadi Party today in a staggering upset for the ruling BJP in bypolls, blamed “overconfidence” and conceded that his party underestimated the potency of an Akhilesh Yadav-Mayawati combo.

→  Bihar Bypoll Results 2018UP Bypoll Results 2018  ←

Flipkart pulls down Samsung Galaxy S9, Galaxy S9+ before sale on March 16

A tweet has been marked to Flipkart’s official handle seeking the reason behind missing details; but the company has yet to respond to the query.

Galaxy S9

Technology News : Home-grown e-commerce major Flipkart seems to have removed the Samsung Galaxy S9 and Galaxy S9 Plus from its portal before the start of the smartphones’ official sale on March 16. The flagship smartphones were first announced a day before the Mobile World Congress and unveiled in India on March 6.

The pre-orders for the Samsung Galaxy S9 and Galaxy S9+ began in India through Samsung online stores soon after the international unveiling at the MWC.

However, Samsung’s partner for online sales, Airtel online store and Flipkart, had started taking pre-orders after the official launch on March 6.

Starting March 6, Flipkart not only started taking the pre-orders but also listed the two smartphones as bundled with offers like Rs 5,000 additional discount on exchange, cashback of Rs 6,000 for HDFC credit and debit card holders and no-cost equated monthly instalments removing the interest component from EMIs paid to banks on the purchase of devices using a credit card.

The online shopping portal also ran a promotional #special9 offer, which assured free devices – the Galaxy S9 and Galaxy S9+ – to 9 lucky winners who pre-ordered units before March 10, and one day advance delivery, along with a “special surprise”, before the official sale on March 16.

“The 9 winners will be declared on S9 store page on 12th/13th/14th March,” stated the company’s frequently asked questions section on the offer’s terms & conditions page. However, the online shopping portal not only pulled down the Galaxy S9 and Galaxy S9+ product listing page –it says the products are ‘temporarily unavailable’ – but also failed to upload the list of winners.

Galaxy S9 Flipkart Sale , Galaxy S9 Price ←

Buying ‘mineral’ water? There’s a 30% chance it will be contaminated

Junior consumer affairs minister reveals 224 of 743 bottles tested by FSSAI contained impurities; action against 131 manufacturers taken.


Health News : In what would come as a jarring statistic for the billion-dollar packaged water industry, three out of ten units of so-called mineral water sold across India have been found to be contaminated. This was stated by Minister of Consumer Affairs, Food and Public Distribution C R Chaudhary while replying to a question in Lok Sabha.

Chaudhary stated that the Food Safety and Standard Authority of India (FSSAI) had undertaken an exercise to test 743 samples in 2016-17. Out of these samples, almost a third, or 224 samples of packaged water were found to be not conforming to safety standards set in India.

After finding such large samples to be contaminated, FSSAI launched cases against 131 manufacturers of these packaged water bottles. In the end, 33 were convicted and penalties were imposed on 40.

The minister did not elaborate on the nature of the penalties. The Food Safety and Standards Authority of India (FSSAI), which is the regulator for ensuring food quality, states “No person shall manufacture, sell or exhibit for sale packaged drinking water and mineral water except under Bureau of Indian Standards (BIS) certification mark”.

According to FSSAI guidelines, packaged water is deemed safe if, after being procured from sources, it is disinfected to a level where it does not adversely affect health. It can be disinfected by means of chemical agents or physical methods such as distillation, which will reduce the number of micro-organisms to a level scientifically acceptable for food safety.

Manufacturers were not just guilty of producing contaminated water by not following the prescribed standards, some were even found to be flouting Bureau of Indian Standards (BSI) ‘Standard Mark’ guidelines. As per the government, the BIS has received 55 complaints in the past three years. Till February 2018, twenty-three complaints about packaged drinking water were established and action taken. Complaints were also received over misuse of BIS mark by the sellers.

Income Tax department attaches benami properties worth Rs 39 billion

Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases.

benami property

Business News : Income tax department has provisionally attached benami properties of over Rs 39 billion in more than 1,200 cases, the Finance Ministry informed the Rajya Sabha today.

In a written reply, Minister of State for Finance Shiv Pratap Shukla also said the tax department has identified more than 1,600 benami transactions till end-February.

“Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases and provisional attachment has been made in over 1,200 cases.

The value of properties under attachment is over Rs 39 billion,” he said.

In another reply, Shukla said till date, in three phases of ‘operation clean money’, the income tax department has identified around 22.69 lakh persons whose tax profile was found to be inconsistent with the case deposits made by them during the demonetisation period.

“Total case to the tune of Rs 5.27 lakh crore has been found to be deposited in bank accounts in case of these 22.69 lakh taxpayers during demonetisation period,” Shukla said.

However, the unaccounted income in such transactions, if any, can be quantified only after completion of the verification/assessment process.

Benami Property Act ←

Stephen Hawking, the physicist who reshaped cosmology, dies at 76

Hawking suffered from amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease, and was confined to an electric wheelchair for much of his adult life.

Stephen Hawking.png

International News : Stephen Hawking, the British physicist and black-hole theorist who brought science to a mass audience with the best-selling book A Brief History of Time, has died. He was 76.

Hawking died peacefully at his home in Cambridge in England in the early hours of Wednesday morning, a spokesman for his family said in an emailed statement.

“We are deeply saddened that our beloved father passed away today,” his children Lucy, Robert and Tim said in the statement. “He was a great scientist and an extraordinary man whose work and legacy will live on for many years. His courage and persistence with his brilliance and humor inspired people across the world. He once said, ‘It would not be much of a universe if it wasn’t home to the people you love.’ We will miss him forever.”

Hawking suffered from amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease, and was confined to an electric wheelchair for much of his adult life. Diagnosed at age 21, he was one of the world’s longest survivors of ALS.

A Cambridge University professor, Stephen Hawking redefined cosmology by proposing that black holes emit radiation and later evaporate. He also showed that the universe had a beginning by describing how Albert Einstein’s theory of general relativity eventually breaks down when time and space are traced back to the Big Bang about 13.7 billion years ago.

“Stephen’s remarkable combination of boldness, vision, insight and courage have enabled him to produce ideas that have transformed our understanding of space and time, black holes and the origin of the universe,” James Hartle, professor of physics at the University of California, Santa Barbara, said in 2002.

 → A Brief History of TimeStephen Hawking ←

UP Bypoll Results 2018 LIVE: BJP leads in Gorakhpur, SP in Phulpur; Adityanath sure of win

Lok Sabha by-elections in Uttar Pradesh’s Gorakhpur, Phulpur and Bihar’s Araria, being viewed as yet another test for BJP ahead of 2019 general elections.

UP Bypoll Results 2018

Breaking News : The counting of votes for the Lok Sabha by-election 2018 for the two constituencies of Uttar Pradesh — Gorakhpur and Phulpur and Bihar’s Araria will begin on Wednesday amid tight security arrangements. The results are expected to be declared by Thursday afternoon, according to an Election Commission official.

Uttar Pradesh by-elections 2018

The voter turnout was 47.45 per cent in Gorakhpur and 37.39 per cent in Phulpur in Sunday’s polling. Ten candidates were in the fray from Gorakhpur, while 22 candidates contested from Phulpur. According to the Election Commission, there are 1.96 million (19.61 lakh) voters in Phulpur parliamentary constituency, while the Gorakhpur Lok Sabha seat has a 1.95 million (19.49 lakh) electorate.

Uttar Pradesh by-polls 2018 were necessitated after Chief Minister Yogi Adityanath and Deputy Chief Minister Keshav Prasad Maurya vacated the Gorakhpur and Phulpur Lok Sabha seats, respectively, following their election to the state legislative council.

Bihar by-elections 2018

Fifty-seven per cent polling was registered in Araria, Bihar’s Chief Electoral Officer Ajay V Nayak said. In the Bhabua and Jehanabad Assembly constituencies in Bihar, where by-polls were also held, the voter turnout was 54.03 per cent and 50.06 per cent respectively, he said.

Bihar by-polls 2018 for the Araria seat was necessitated by the death of RJD MP Mohd Taslimuddin.

Bihar Bypoll Results 2018UP Bypoll Results 2018 ←

Supreme Court on Aadhaar linking deadline, Aadhaar mandatory for bank accounts, phone and subsidies

For now, you can safely ignore persistent messages from telecom service providers and banks to link your Aadhaar to your phone number and account.


Business News India : Haven’t linked your Aadhaar number with your mobile phone yet? Breathe easy. The Supreme Court on Tuesday indefinitely extended the March 31 deadline for linking Aadhaar with existing bank accounts, PAN, mobile phone numbers, and various other services. However, according to the Unique Identification Authority of India (UIDAI), your Aadhaar would still be required for opening new bank accounts or applying for Tatkal passports.

For now, you could safely ignore persistent messages from telecom service providers and banks to link your Aadhaar to your phone number and account.

The apex court also ruled that the government could continue to seek beneficiaries’ Aadhaar, the 12-digit national biometric identifier number, for the transfer of benefits under schemes funded from the consolidated fund of India. “We direct that the interim order passed on December 15, 2017, shall stand extended till the matter is finally heard and the judgment is pronounced,” a five-judge Constitution bench, headed by Chief Justice Dipak Misra, said. The judgment provided relief to hundreds or thousands of people who have not yet linked their bank accounts or mobile phones with Aadhaar.

The Aadhaar linking deadline has been extended till the apex court delivers its judgment on a batch of petitions challenging the constitutional validity of the biometric identification scheme. The current deadline for linking Aadhaar with bank accounts, mobile phone numbers, and other services was March 31, after it had been extended by the apex court on December 15 last year.

As Chief Justice Deepak Misra said their interim order stood extended, the Attorney General told the court that the government was prepared to extend the deadline in the last week of March because arguments in the matter would have concluded by then. “We were prepared for extension in last week of March,” he told the court in a bid to stall the extension.

The Constitution Bench, which also includes Justice A K Sikri, Justice A M Khanwilkar, Justice D Y Chandrachud, and Justice Ashok Bhushan, had on March 7 ruled that the Central Board of Secondary Education (CBSE) would not insist on Aadhaar-only identification for NEET and other all-India examinations.

Read More On  → Aadhaar Linking Deadline ←

IndiGo, GoAir cancel 70 flights today over DGCA’s aircraft grounding order

Aviation regulator had grounded 8 IndiGo planes, 3 of GoAir yesterday due to a recurring engine malfunction.


Breaking News : IndiGo and GoAir cancelled around 70 flights on Tuesday as the two airlines grapple with aircraft grounding by aviation regulator Directorate General of Civil Aviation (DGCA). IndiGo cancelled around 50 flights, whereas Go Air cancelled 20 flights. The airlines said the affected passengers will be accommodated in other aircraft but there will be a change in their schedule.

The flights that have been cancelled are from Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bangalore, Patna, Srinagar, Bhubaneswar, Amritsar, Srinagar and Guwahati, among others, according to news agency PTI.

Yesterday, DGCA had grounded 11 planes (eight of IndiGo and three of Go Air) due to a recurring malfunction in their engines. The malfunction had occurred with certain sub-population of engines manufactured by Pratt and Whitney (PW). The problem stems from a component in the engine that can show early signs of wear and is located in an area that must withstand high pressure. Due to this, hundreds of passengers were stranded across the country yesterday.

ALSO READ: Grounding of 11 IndiGo, GoAir planes leaves hundreds of passengers stranded

A senior airline official explained that the grounding is taking a toll because the airlines have little scope in alteration of their network as they had taken the planes into consideration while making the schedule. “There will be cancellations till the start of new schedule on 25 March. We have a large network and multiple flights from one point to other, so we can accommodate the passengers in other planes. Necessary information is being shared with affected flyers,” a senior IndiGo official said.

PW said the issue will be resolved only by the end of June. “The corrective action has been approved and we have already begun to deliver production engines with the upgraded configuration.

We are working to mitigate the AOG situation by the end of the second quarter,” the engine manufacturer said in a statement.

→  IndiGo , GoAir  ←


SBI slashes penalty for not maintaining minimum balance from Rs 50 to Rs 15

The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month to Rs 15, excluding GST.


Business News India : SBI on Tuesday said that it has reduced the penalty for non maintenance of the stipulated average minimum balance (AMB) in a customer’s account.

The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month to Rs 15, excluding GST.

Similarly, the charges for semi-urban and rural centres have been revised from Rs 40 to Rs 12 and Rs 10 respectively.

The bank, in a press release, said the cut in fines will benefit 250 million account holders out of its 410 million savings account holders.

The breakdown of previous and new charges are as follows:

sbi 2

SBI made Rs 18 bn on charges:

The largest Indian bank suffered a huge backlash last December when finance ministry data revealed that it netted a windfall of Rs 17.72 billion, more than its second-quarter profit, from customers for non-maintenance of monthly average balance in savings accounts in eight months of 2017-18.

While SBI’s current Rs 3,000 minimum balance requirement for urban areas is highest among all PSBs, it is the lowest compared to all large private banks.

State Bank of India has close to 405 million savings account customers. SBI, after a gap of six years, had reintroduced the monthly average balance (MAB) charges from April 1, 2017.

After criticism by customers, it reduced those charges with effect from October 1, 2017.

SBI Minimum Balance Penalty ←