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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:50 AM - Apr 12, 2017 ( ) Views: 162

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The RBI is sll calculang and taking stock of the currency that was returned to banks post demonesaon, Finance Minister Arun Jaitley said today. In the Rajya Sabha, Jaitley said that the RBI was taking stock of the currency that returned to the banks and would come out with an "exact figure" in due course. "The money that was being returned to banks (during the window given by Government) went to currency chests and then came to RBI. It periodically gave some figures of the money that was coming in, " Jaitley said.

‐Economic Times

Worried over rising cases of fraud in the banking sector, IBA is looking for reputed CA firms to undertake forensic audit of banks with a view to recover money and curb such pracces. As part of the forensic audit, shortlisted Chartered Accountant firms will have to book debt analysis, credit appraisal, documentary analysis in foreign trade, foreign trade finance mechanism and SWIFT (remiance) trail tracking tools.

‐Economic Times

NABARD today described farm loan waivers as a “moral hazard” and said such facilies should be targeted only to the needy. “Debt waivers create a moral hazard from a credit repayment perspecve and we cannot have omnibus waivers, ” Chairman Harsh Kumar Bhanwala told reporters.

Hindustan Times SBI is seeing a huge opportunity in merchant acquiring business (MAB) in the wake of the Government’s push for digital and card payments to build a ‘less cash’ economy following demonesaon. It is planning to form a joint venture company to ramp up its merchant acquiring business. This comes in the backdrop of the bank seng an ambious target of scaling up its point‐of‐sale (PoS) terminal network from over 5.50 lakh now to 10 lakh in the next two‐three years.

‐Business Line

Department of Posts has joined hands with SBI to promote 'SBI buddy e‐wallet' and POS machines for cashless transacons at post office counters while booking speed post and registered post items. P K Swain, Chief Postmaster General, Punjab Circle and Anil Kishora, Chief General Manager, SBI, Chandigarh today dedicated SBI buddy e‐wallet and SBI POS machines at Chandigarh General Post Office for the general public, an official release said here.

‐Economic Times

Federal Bank has crossed $200 million in total business at its IFSC Banking Unit (IBU) in Gi City, Gujarat, the bank said here today. Federal Bank commissioned its IFSC Banking Unit (IBU) in India's first Internaonal Financial Service Centre (IFSC) in GIFT City (Gujarat) in November 2015.

‐Economic Times

United Arab Emirates‐based Aster DM Healthcare has agreed a $295 million credit facility with India's Axis Bank, the healthcare company said in a statement. Aster had a $276 million loan outstanding with a consorum of 8 banks, and it had drawn $176 million out of that facility, it said. The new loan offers "aracve terms and condions, which the exisng consorum of eight banks are unable to match, " the statement said.

‐Economic Times

In its efforts to promote digital financial transacons, the Kerala‐based NBFC Manappuram Finance will launch its own co‐branded prepaid card in e‐up with YES Bank. The 'Manappuram YES Bank Prepaid Money Card' can be pre‐loaded up to a maximum amount of Rs 50,000 and then be used to withdraw money from all ATMs. As the card works on the popular MasterCard and RuPay networks, it can also be used for online transacons and at merchant establishments with PoS terminals.

‐Business Line

A Parliamentary commiee said that the objecve of Central Government's decision to demonese Rs 500 and Rs 1,000 currency notes may have been to curb corrupon but in the process "honest, hardworking and tax paying cizens of India were made to suffer. " In its 233rd report tabled in the Rajya Sabha today, the Commiee on Subordinate Legislaon also said that the decision was an effort to combat corrupon, tax evasion, counterfeing and black money. But it was "inevitably" the low income and rural households that were hardest hit by the currency reform.

‐Business Standard

The RBI today imposed a monetary penalty on Shriram City Union Finance and Hinduja Leyland Finance of Rs 20 lakh and Rs 5 lakh respecvely. The penalty was imposed for violaon of direcons/orders issued by RBI from me to me, RBI said on its website.

‐Moneycontrol.com

Indian consumers are showing good repayment behaviour when comes to paying off their monthly credit card bills, credit informaon firm TransUnion Cibil said in a report. It said that about 92% of credit card holders oen pay a greater amount than the minimum due, following its survey of 1,100 consumers across eight metro cies. What's more, India tops the ranks in the percentage of credit card holders that oen make payments in excess of their minimum due on their revolving debts each month as compared to other countries included in the study.

‐Economic Times

Chiefs of the IMF, WTO and OECD vowed on April 10 in a joint statement to defend free trade against creeping proteconist trends, amid growing global alarm over US President Donald Trump's “America First” call. “Disappoinng trade growth figures and the danger of increasing proteconist tendencies give us a clear incenve to support the internaonal trading system even more, ” said the statement, also signed by the heads of the World Bank and the ILO, as well as host of the meeng, German Chancellor Angela Merkel

‐The Statesman

Employees at three units of steel major SAIL went on day‐long strike today to protest against the Government proposal to divest stake in them. "All the exisng unions, at SAIL's three units ‐‐ Alloy Steel Plant in Durgapur, Salem Steel Plant and a steel plant in Karnataka ‐‐ has begun their strike from 6 am today" . INTUC Naonal President G Sanjeeva Reddy told. Tapan Kumar Sen MP had yesterday said in the Rajya Sabha that a strike call has been given for Tuesday by all major trade unions to protest against the "dangerous game of pung the whole naonal manufacturing capability...to the process of privasaon" .

‐Economic Times

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