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Banking & Financial Awareness GK Digest : April 2024

Published on Wednesday, May 08, 2024
Banking & Financial Awareness GK Digest : April 2024

ICICI Securities Delists its Share and Merges with ICICI Bank

Current Context: ICICI Securities has indeed delisted its shares and merged with ICICI Bank on 28th March 2024.

Details

  • ICICI Securities secured the necessary votes to delist its stock, despite opposition from some retail investors.
  • About 71.9% of the brokerage’s minority shareholders voted in favor of the delisting and merger with ICICI Bank, exceeding the regulatory requirement of a two-thirds majority.
  • ICICI Bank, which holds roughly a 75% stake in ICICI Securities, said its shareholder outreach was important to explain the proposal and maximize participation.

RBI: Reserve assets surge by USD34.8 billion, net claims of NRI declined by USD12.2 billion

Current Context: On April 1, 2024, the Reserve Bank of India (RBI) released the latest figures for India’s International Investment Position (IIP) as of December 2023.

About

  • The report showed a significant rise in reserve assets by USD 34.8 billion during the third quarter of 2023-24, which constitutes over 85% of the increase in foreign assets held by Indian residents.
  • This decline is primarily attributed to a substantial surge in Indian residents’ overseas financial assets, amounting to USD 40.7 billion, outpacing the increase in foreign-owned assets within India, which stood at USD 28.5 billion.

Fincare merges with AU Small Finance Bank

Current Context: AU Small Finance Bank (AU SFB), the largest Small Finance Bank (SFB) in India, has announced the merger with Fincare Small Finance Bank (Fincare SFB) effective from April 1, 2024.

Key Points

  • The merger aims to establish a robust pan-India retail banking franchise by leveraging complementary geographic footprints and product offerings.
  • The consolidation strengthens the customer base and enhances the distribution network, focusing on seamless integration and exceptional customer service post-merger.
  • The focus is to ensure a smooth and seamless integration within the next 9-12 months and deliver exceptional banking services and value to the customers.

This digest is not complete. Read the complete digest on the Financial Awareness Course.
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