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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 05:49 AM - Jul 24, 2017 ( ) Views: 201

Despite increasing number of students not paying
back their educaon
loans spiking NPAs to over
10%, lending connues
for higher educaon
with
the disbursals topping Rs 20,000 crore in fiscal
2017, according to a report by credit informaon
company Crif High Mark. Banks and other lenders
together disbursed around Rs 20,000 crore in
educaon
loans in FY17, up from around Rs
17,000 crore a year ago, while total outstanding
grew 1.6% to Rs 81,600 crore. NPAs within the
educaon
loan book of the system ballooned 21%
in the reporng
year, spiking the NPA rao
to
10.2% as of March 2017.
‐Economic Times


The Government appointees on the powerful
Monetary Policy Commiee
will be paid Rs 1.5
lakh per meeng
along with air travel and other
reimbursements, but will need to observe a
“silent period” 7 days before and aer
the rate
decision for “utmost confidenality“
. The silent
period and confidenality
requirements will also
apply to the 3 RBI members, including the
Governor, on the panel that has been deciding on
policy rates since October last year, the RBI has
said. The members of the RBI Governor—chaired
panel, which has to hold meengs
at least 4 mes
in a year, are also required to be mindful of any
conflict between their personal and public
interest while interacng
with profit making
organisaons
and making personal financial
transacons,
the RBI said in its newly nofied
regulaons
for funconing
of the commiee.
‐Business Line


The Reserve Bank will hire 12 currency
verificaon
systems for 6 months to help it
segregate fake ones from scrapped notes of Rs
500/1000 denominaon.
The RBI is currently
engaged in counng
huge pile of old Rs 500/1000
notes which were scrapped following
demonesaon
on Nov 9, 2016. Earlier in May,
the it had floated a global tender for leasing of 18
‘Currency Verificaon
and Processing System
(CVPS)’ However, the tender was later cancelled
and now a fresh one has been floated to lease 12
such systems.
‐Business Line


A search panel headed by the Cabinet Secretary is
scheduled to interview candidates on July 29 to
find a successor for RBI Deputy Governor SS
Mundra, who is compleng
his 3 year term this
month end. The Financial Sector Regulatory
Appointment Search Commiee
has shortlisted
about 10 names who have been called for
interview on July 29, sources said.
‐Business Line


A Canara Bank‐led consorum
of lenders is
scoung
for a buyer for a 270 Mw power plant in
Maharashtra which came under CDR plan. IDBI
Capital Markets & Securies
Ltd has invited an
expression of interest to take over the thermal
power project on behalf of the consorum
of
lenders led by Canara Bank.
‐Business Standard


Dena Bank's CMD Ashwani Kumar has said the
PSB consolidaon
would bring about several
benefits. Without commenng
on whether Dena
Bank was also on the block for a merger with a
bigger lender, Kumar said that consolidaon
would curb the duplicaon
of resources in the
PSB space.
‐Business Standard


Introducon
of Rs 200 note will fill in the "missing
middle" even as the new currency in circulaon
has already reached 84% of the pre‐
demonesaon
level, says the SBI Ecowrap
report. Cash with banks, a CIC component, has
however witnessed a decline over Nov 2016 level,
the report said.
‐Economic Times


The Central Government told the Supreme Court
that searches, seizures and surveys conducted by
the Income Tax (IT) department over the last 3
years have detected close to Rs 71,941 crore in
“eundisclosed income”
. In its affidavit, the
Finance Ministry further said that during the
demonesaon
period from Nov 9 last year to
Jan 10,
“the total undisclosed income admied
was more than Rs 5,400 crore and the total
quanty
of gold seized stood at 303.367
kilograms.
”‐News ɚ


India is likely to clock a 7.5% economic growth in
the current fiscal, NITI Aayog Vice Chairman
Arvind Panagariya has said, even as he
acknowledged that creaon
of "good jobs" in the
country remains a big challenge.
‐D News & Analysis


India’s labour laws are an‐employment,
Singapore’s Deputy PM Tharman
Shanmugaratnam said. He suggested giving real
authority to cies
and states to ‘move the
boundaries’ of contenous
labour and land
legislaons.
‐The Hindu


The CBDT has warned IT Dept officers against
using any "polical"
or outside influence to push
for their transfer and posng
issues, saying such
acts will invite acon.
It has issued a stern
advisory (office memorandum) aer
it observed
that a number of officers were "aempng
to
bring polical
or outside influence" in maers
of
transfer and posng.
‐Economic Times


Jet Airways has asked junior pilots to furnish
surety bonds worth up to Rs 1 crore and serve the
airline for at least 5 to 7 years, union sources
said. The development comes at a me
when
many of its junior pilots have been asked to take
10 days off every month, a move that would
result in up to 30% pay cut, as part of cost saving
measures.
‐Economic Time


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