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FINANCIAL NEWS IN A NUT SHELL 27/01

Yatheendradas C.k. at 09:53 AM - Jan 27, 2017 ( ) Views: 169

 

Interoperability issues are temporary glitches and the issue would be sorted out soon, said A P Hota, MD and CEO, NPCI. "Interoperability already exists because you can use your credit or debit card at any ATM or point-of-sales (PoS) terminal. You can also send money from any bank account to any other through NEFT/RTGS/IMPS. The recent instances are temporary glitches and part of the growing process. They are being addressed. Interoperability has been the main plank of RBI's development work, '' he said.

-Business Standard

The quantum of new currency notes of Rs 2,000 and Rs 500 printed before the announcement of demonetisation on November 8 cannot be disclosed as it may affect interests of the State, a subsidiary of RBI responsible for printing currency, has said. The response of the subsidiary came following an RTI query sent to RBI under the Right to Information Act seeking to know the preparedness of the Bankers' Bank to handle the cash crisis arising out of sudden announcement by PM Modi to demonetise Rs 1,000 and Rs 500.

-NDTV

With the cash crunch situation easing, the RBI may do away with the weekly withdrawal limits from banks as well as ATMs by the end of next month - said, Bank of Maharashtra Executive Director R K Gupta. It is entirely RBI’s decision and the central bank would decide after making a holistic assessment of the situation, he said.

-Business Line

Karnataka Bank Ltd has signed a MOU with the Rajkot-based Tirth Agro Technology Pvt Ltd (manufacturer of agricultural equipment and implements) for financing agricultural mechanisation.

-Business Line

Renewal premium rates of the family floater group medi-claim policy for retirees of SBI may go up by 300% or more. The family floater policy had replaced the SBI Retired Employees Medical Benefit Scheme that gave assured benefit of ₹7 lakh to pensioners/ spouse/ dependants during their lifetime by paying ₹62,000. The family floater was launched on Jan 16, 2016, and was due for renewal on Jan 15, this year. According to the terms, the rates for renewal would be negotiable if the claims ratio exceeded 140%. United India Insurance had conveyed to the bank that the claims ratio had exceeded this level as early as on Nov 15, 2016.

-Business Line

HDFC Bank let go of nearly 4,500 employees in the Oct-Dec quarter as earnings growth fell to an 18-year low and costs became a big focus area. The bank indicated that future hiring pace could slow as it focusses on productivity through various measures including accelerated automation.

-Economic Times

Banks Board Bureau Chief Vinod Rai has said there will be no witch hunt against bankers for loan defaults and that investigation agencies cannot take action without merit in cases. Rai’s assurance came after bankers expressed concern over the arrest of IDBI Bank officials in respect of loans given to Kingfisher Airlines.

-Economic Times

Vijay Mallya has hit out at the SEBI for barring him from securities market with regard to alleged fund diversion from United Spirits and termed the charges “baseless. ” Mr. Mallya, in a series of tweets, called the allegations of fund diversion concerning now-defunct Kingfisher Airlines a “joke” and said he is getting used to “witch hunts coming from all directions with no legal basis whatsoever. ”

-The Hindu

The country's trade deficit which improved by 25% in the first 9 months of financial year 2016-17 compared to last year, is likely to be in the range of USD 100-110 billion by March-end - Care Ratings said in a report. -

Moneycontrol.com 


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