State-owned Punjab National Bank is aiming to sell up to 13% of the total 23% stake in Canara HSBC Life Insurance Co. Ltd. through an offer for sale when the life insurer launches its initial public offering, Ashok Chandra, managing director and chief executive officer of the bank, said. "The insurance company is likely to launch its IPO in Oct-Dec," Chandra told Informist.Register to read
The Reserve Bank of India Tuesday announced a variable rate reverse repo auction after more than two weeks of speculation over when, not if, the central bank would deploy the tool. The move is seen mopping up an excessive build-up of liquidity and does not immediately threaten overnight call money market rates heading to the repo rate of 5.50%, according to market participants.Register to read
The Reserve Bank of India has extended the call money market timing to 1900 IST starting Jul. 1, the central bank said Wednesday. The timing for tri-party repo and market repo has also been extended to 1600 IST, effective Aug. 1, the central bank said.Register to read
The Union Cabinet Wednesday approved the extension of the Pune Metro Rail project. The estimated cost of Phase-2 of the project is INR 36.26 billion, which will be equally shared by the central government, the Maharashtra government, and external agencies, the Centre said in a release.Register to read