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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:54 AM - Jul 05, 2017 ( ) Views: 339

The UFBU has decided to observe July 19, the
48th anniversary of naonalisaon
of major
banks, as 'Save public sector banks' day. All
members will wear a commemorave
badge on
the day, display posters in front of all branches,
distribute leaflets and hold
rallies/demonstraons
at all centres across the
country. PSBs are made to bear the cross for the
sins of the private corporate defaulters, CH
Venkatachalam, General Secretary, AIBEA, said.
‐Business Line


The Supreme Court today granted the Centre and
the RBI 2 weeks to consider the opon
of
granng
a window to those who could not
deposit their demonesed
Rs 500 and Rs 1,000
currency notes for a compelling reason. The
bench asked Solicitor General Ranjit Kumar,
represenng
the Centre, to take instrucons
on
the issue.
‐Moneycontrol.com


Restricons
on cash dealings of Rs 2 lakh or more
will not apply to credit card bill payments,
business correspondents appointed by banks and
issuers of prepaid instruments, the revenue
department has said. The Finance Act 2017
banned cash transacon
of Rs 2 lakh or above
with effect April 1, 2017. However, some
excepons
were made. Through a noficaon,
the IT Department has exempted 5 enes
from
the purview of this Secon.
These include receipts
by a business correspondent on behalf of a
banking company or co‐operave
bank; and
receipt by a company or instuon
issuing credit
cards against bills raised in respect of one or
more credit cards. Receipt from an agent by an
issuer of pre‐paid payment instruments, receipt
by a white label ATM operator from retail outlet
and receipt which is not includible in the total
income under clause (17A) of secon
10 of the I‐T
Act, 1961, have been excluded from the purview
of the Secon
269ST.
“The noficaon
shall be
deemed to have come into force with effect from
the April 1, 2017,
” the revenue department said.
The noficaon
is dated July 3.
‐Business Line


The financial sector registered a loss of Rs 16,770
crore in 2016‐17 owing to banking frauds. This
was a rise of 72% over the last 5 years, finds an
RBI report.
"During the last 5 financial years,
frauds have increased substanally
both in
volume and value terms. During this period, the
volume of frauds has increased by 19.6 percent
from 4,235 to 5,064,
" RBI said in the biannual
Financial Stability Report (FSR) released on
Friday.
‐Moneycontrol.com


Canara Bank said it has made required changes
in its core banking system to provide
GST‐compliant services to customers. To help the
customers, the bank has formed a GST help desk .
The email address of the helpdesk is:
gsthelpdesk@ canarabank.com. With effect from
July 1, all the branches of the bank can accept
GST across the counter and also online through
the bank’s portal.
‐Business Line


Central Bank of India today said it has received
shareholders nod for raising up to Rs 6,500 crore
from public offer. Shareholders of the bank
approved this in the annual general meeng
held
on June 30, Central Bank of India said in a
statement today.
‐Moneycontrol.com


Axis Bank will seek shareholder approval to raise
up to Rs 35,000 crore by issuing debt securies
in
India or abroad in the current fiscal year, the
bank said in a noce
to the stock exchange. The
bank said it may raise long term bonds, green
bonds, non‐converble
debentures, perpetual
debt instruments and Tier II capital bonds as
permied
under the RBI guidelines in the next
one year in the local or overseas market.
‐Economic Times


Former RBI Governor Y V Reddy has said that the
idea of Government first restructuring PSBs and
then selling a stake in them is a flawed idea as
restructuring invariably comes with a cost.
‐Business Standard
PSBs are likely to require an addional
Rs 25,000
crore in recapitalisaon
funds as RBI's direcve
on higher provisioning is seen weighing heavily
on their finances, reports CNBC‐TV18.
‐Moneycontrol.com
India's GDP growth of 7.1% achieved last fiscal is
not as encouraging as it might seem despite the
expansion rate being beer
than all developed
countries, according to Bajaj Auto
Chairman Rahul Bajaj.
‐Economic Times


IndoStar Capital Finance, a NBFCl controlled by
private equity firm Everstone Capital, is all set to
acquire a majority stake in ICICI Home Finance at
an equity valuaon
of Rs 3,000 crore for the ICICI
Bank subsidiary.
‐Business Standard


The Financial Stability Board (FSB), an
internaonal
body for global financial system,
has placed India in the league of countries that
are 'compliant or largely compliant' on
implementaon
of priority area reforms. The
report listed India as a 'compliant' jurisdicon
with regard to Basel III reforms in risk‐based
capital and as 'largely compliant' on liquidity
coverage ratio.
‐Business Standard
More than half of India’s populaon is
unacquainted with the GST, according to a
naonwide
survey conducted by Way2Online.
The survey shows 55% of the Indian populaon
having no knowledge of GST.
‐Moneycontrol.com


In pursuance of the proposed sale of a part of its
shareholding in ICICI Lombard General Insurance
Company (ICICI General) via an IPO, ICICI Bank
today said its joint venture agreement with
Canada‐based investment firm Fairfax Financial
Holdings has been terminated.
‐Business Line
Domesc
cooking gas (LPG) price has been hiked
by up to Rs 32 per cylinder — the steepest
increase in six years — following implementaon
of the GST. Subsidised LPG rates have been
increased to Rs 477.46 per 14.2—kg cylinder from
Rs 446.65 in Delhi aer
GST was implemented
from July 1.
‐Business Line


The RBI's decision to appoint a chief financial
officer (CFO) is facing sff
opposion
as its
officers’ associaon
has quesoned
the move on
the grounds that such a requirement is neither a
statutory nor a legal mandate. In a leer
to
Governor Urjit Patel, RBI Officers’ Associaon
said the move to induct a CFO came as an
“unpleasant shock” as they were not clear about
the intended purpose for the move.
‐The Hindu


AIBEA has wrien
to the Centre seeking
clarificaons
over the reported transfer of ₹2,026
crore from Punjab Naonal
Bank Employees
Pension Fund to the bank’s profit and loss
account.
“We are receiving anxious queries from
bank employees and rerees
about the fund
transfer effected to allegedly enable the bank
show arficial
profit,
” C H Venkatachalam,
General Secretary, AIBEA, wrote to the Secretary,
Financial Services. The leer
quoted from item 5
of the auditor’s independent report which
menoned
that: “
...we draw aenon
to Note 6
regarding change in valuaon
of plan assets of
long‐term benefits from book value to fair value,
resulng
in increase in the value of plan value
assets by ₹388.07 crore in respect of pension fund
and by ₹53.08 crore in gratuity fund.
”‐Business Line


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