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Bloomberg
14 hours ago
- Business
- Bloomberg
India's Bank Frauds Need a Sensible Response
Bank frauds in India have tripled in value. But that's only because some of the cases reported previously were reinvestigated and appeared in the new data. More worrying than the surge in the amount, however, is the rise in the number of payment scams over the past couple of years. The solution lies in rewarding better security. Most of the stealing from banks occurs the traditional way: via loans obtained with the help of forged documents or bribes. Customers, though, are increasingly at risk of being cheated when they make payments. According to the central bank's latest annual report, more than half of frauds took place in digital or card-based transactions, even though they accounted for only 1.4% of the $4 billion in scams.
Reuters
04-06-2025
- Business
- Reuters
India's Yes Bank to raise up to 160 billion rupees via equity, debt
June 4 (Reuters) - Indian lender Yes Bank ( opens new tab has approved proposals to raise up to 160 billion rupees ($1.87 billion) through equity and debt issuances, it said late on Tuesday. It plans to raise up to 75 billion rupees in equities and 85 billion rupees by issuing debt in Indian or foreign currency, the bank said, with the overall equity dilution - including any future conversion of debt into shares - capped at 10%. The private lender did not specify what it would use the funds for. Last month, Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) agreed to acquire a 20% stake in the Indian lender from eight existing shareholders, including the State Bank of India ( opens new tab. The Sumitomo deal, valued at 134.8 billion rupees ($1.58 billion), marked the largest cross-border merger and acquisition deal in India's financial sector. ($1 = 85.6480 Indian rupees)
