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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:51 AM - Jun 15, 2017 ( ) Views: 253

The Financial Resoluon
and Deposit Insurance
Bill, 2017, which aims to insll
discipline in
financial service providers in the event of a
financial crisis by liming
the use of public money
to bail out distressed enes,
was approved by
the Union Cabinet chaired by PM Modi today, an
official statement said. The proposed Bill will
provide for a comprehensive resoluon
framework to handle any bankruptcy situaon
in
banks, insurers and financial sector enes.
According to the statement, the Bill when
enacted will pave the way for seng
up of the
Resoluon
Corporaon.


‐Economic Times


The Finance Ministry today said names of the 12
big defaulters idenfied
by the RBI for iniaon
of bankruptcy proceedings will soon be made
public.


‐Deccan Chronicle


4 large banks that met an inter‐ministerial group
(IMG) today expressed concern over "stress" in
the telecom sector and flagged the possibility of
loan default by operators. The IMG met officials
from 4 leading banks ‐‐ SBI, PNB, Axis Bank and
HDFC Bank on financial difficules
being faced by
the telecom industry, whose debt burden stand at
a whopping Rs 4.6 lakh crore.
"They say that the
telecom sector may be in stress and there can be
defaults,
" sources said.


‐Economic Times


The RBI has placed Central Bank of India under
prompt correcve
acon
which puts restricts
on banking acvies
such as from lending, hiring
and expanding branches. The RBI has said that
the PCA has been triggered in view of negave
return on assets and high rao
of bad loans. So
far, RBI has triggered PCAs for four banks – IDBI
Bank, UCO Bank, Dena Bank and Indian Overseas
Bank


‐Economic Times


ICICI Bank increased its authorised capital by Rs
775 crore to Rs 2,500 crore.
"The authorised
capital of the company shall be Rs 2,500 crore
divided in to 1000 crore equity shares of Rs 2
each, Rs 150,00,000 shares of Rs 100 each and
350 shares of Rs 100,00,000 crore each with
rights privileges and condions
aached
thereto...,
" the company said in a regulatory
filing.


‐Moneycontrol.com
Yes Bank has partnered with mobile payments
switch TerraPay to enable real me
money
transfer to bank accounts in India.


‐Economic Times


According to the Code Compliance Rang
of
banks done by the Banking Codes and Standards
Board of India (BCSBI) 2017, only 1 out of 26 PSBs
and 8 out of 17 private sector banks got ‘high’
rang
for their adherence to code compliance.
IDBI Bank was the only PSB that got ‘high (H)’(85
and above score out of 100) rang
in 2 successive
surveys. The 8 private sector banks that got ‘high’
rang
are — Axis Bank, DCB Bank, HDFC Bank,
ICICI Bank, IndusInd Bank, Kotak Mahindra Bank,
RBL Bank and YES Bank. The three foreign banks
Cibank,
HSBC and Standard Chartered Bank
that were surveyed got ‘high’ ranking. The code
compliance rang,
which is based on five
parameters — informaon
disseminaon,
transparency, grievance redressal,
customer‐centricity, and customer feedback —
may be considered an indicator of the level of
implementaon
of important code provisions at
the grassroot level of a bank.


‐Business Line


Bank of Maharashtra and Corporaon
Bank have
slashed their MCLR rates in the range of 0.05 to
0.35%.


‐Economic Times


Syndicate Bank, Canara Bank, Vijaya
Bank and Dena Bank — have made presentaons
to the finance ministry on their consolidaon
plans. Government think tank Ni
Aayog has also
been asked to offer its suggesons
on the
amalgamaon
of of PSBs. A senior government
official confirmed both developments.


‐Economic Times


Japanese brokerage Nomura esmated
over 65%
of the total Rs 9.50 lakh crore of agri debt may
potenally
get wrien‐off.
"With expectaons
of
a waiver now increasing in other states, there is a
possibility of agri stress increasing elsewhere,
especially poll‐bound states,
" it added.


‐NDTV Profit


The Enforcement Directorate today filed its first
chargesheet against Vijay Mallya and others in
connecon
with its money laundering probe in
the IDBI‐KFA bank loan case. The 57‐page
chargesheet or prosecuon
complaint, with
voluminous annexures, was filed under various
secons
of the PMLA before a special an‐money
laundering court.


‐Times of India


Rail travellers can now book ckets
by mVisa
payment method which allows them to scan a QR
code and pay.


‐Moneycontrol.com


Petrol pump owners today called off their
proposed strike over daily revision of petrol and
diesel prices from Friday aer
the Government
agreed to change the ming
to 6 am everyday
instead of midnight.


‐The Hindu


Dena Bank's share price rallied nearly 15%
intraday today on buzz of it merging with a
stronger PSB. Bank of Baroda and Canara
Bank are top 2 contenders to absorb smaller
PSBs, the official said, adding that PNB and
Bank of India's balance sheets are too weak at
the moment to absorb other lenders.


‐Moneycontrol.com


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