HDFC Bank to Sell Stake in HDFC Education and Development Services, RBI Authorizes Banks to Import Gold and Silver, NTPC Discontinues Operations at Barauni Thermal Power Station, and More
In the world of finance and business, several major developments have taken place recently that are worth noting. From HDFC Bank’s plan to sell its stake in HDFC Education and Development Services to the RBI authorizing banks to import gold and silver, here are some of the key highlights:
HDFC Bank, one of India’s leading lenders, has announced its intention to sell its 100% stake in HDFC Education and Development Services through the Swiss challenge method. Once the Swiss challenge process is completed, the bank will decide on the purchaser, marking a significant move in its strategic portfolio management.
In another significant development, the Reserve Bank of India (RBI) has authorized 11 banks to import both gold and silver in the financial year 2025 starting from April 1. Banks such as Axis Bank, HDFC Bank, SBI, and Karur Vysya Bank are among the eligible buyers for both gold and silver, while Indian Overseas Bank, PNB, and Union Bank of India can buy only gold.
Meanwhile, NTPC, India’s largest power utility company, has permanently discontinued operations at its 2×110 MW Barauni Thermal Power Station Stage-I. This decision reflects the company’s strategic focus on optimizing its operational efficiency and resource allocation.
On the industrial front, JSW Steel’s unit JSW Vijayanagar Metallics has commissioned a 5 MTPA capacity hot strip mill at its Vijayanagar plant, further enhancing its production capabilities and market competitiveness.
In the financial services sector, Muthoot Microfin has raised $75 million via external commercial borrowings, earmarked for on-lending and financing eligible social loans, underscoring its commitment to inclusive finance and sustainable development.
However, not all news is positive, as Bank of India has received a tax demand of Rs 564.4 crore from the income tax department for the assessment year 2018-19, highlighting the challenges faced by financial institutions in navigating regulatory and compliance issues.
In a bid to strengthen its capital base, Punjab National Bank’s board has approved raising capital up to Rs 10,000 crore via compliant bonds in one or more tranches during the financial year 2025, signaling its proactive approach to capital management.
These are just a few of the many developments shaping the financial landscape in India and beyond, reflecting the dynamic and evolving nature of the business environment. Stay tuned for more updates on the latest news and trends in the world of finance and business.
