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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:41 AM - Aug 31, 2017 ( ) Views: 229

The RBI in its annual report released today
revealed that about 99% of the banned 500‐ and
1,000‐rupee currency notes returned. According
to RBI esmates,
a total of Rs 15.28 lakh crore in
banned 500‐ and 1,000‐rupee currency notes
were returned by June 30, 2017, out of the
esmated
15.40 ‐15.5 lakh crore in 500‐ and
1,000‐rupee notes in circulaon
before the notes
ban. Expense of Rs 7,956 crore incurred for
prinng
new notes, RBI said.
Business Standard


The RBI’s income for the year 2016‐17 decreased
by 23.56% while its expenditure increased by
107.84%, according to its annual report. The year
ended with an overall surplus of Rs 30,659 crore,
a decline of 53.46% from Rs 65,876 crore in the
previous year. This surplus was transferred as
dividend to the government.
‐Moneycontrol.com


The RBI, sources say, has instructed banks to
maintain the December deadline for compleng
the bankruptcy proceedings on their largest
NPAs, in addion
to the 12 named in June and the
ones in various stages of similar operaons.
‐Business Standard


Recruitment for bank jobs will be hit badly due to
the proposed consolidaon
of PSBs, and a few
banks have already put their fresh hiring plans on
hold. The recruitment to be conducted this year,
7 banks have indicated zero hiring. 4 others have
not reported any intenon
to recruit yet.
“We
expect the recruitment to come down or be
delayed considerably because of the
consolidaon
move, the impact of which is
already being seen,
” CS Vepa, Director, Naonal
School of Banking, told. According to CH
Venkatachalam, General Secretary, AIBEA, the
developments aer
consolidaon
of SBI are a
case in point.
“There are 7,000 branches that are
being closed aer
SBI’s consolidaon.
This will be
more in the case of other naonalised
banks as
they have a thicker presence in many areas than
SBI. Their consolidaon
will surely hit recruitment
of clerks and officers in a big way,
” he said.
‐Business Line


Canara HSBC Oriental Bank of Commerce Life
Insurance Company (CHOICE) has come up with a
‘Point‐of‐Sale’ product targeted at the
mass‐market segment. The product —
‘PoS ‐ Easy
Bima Plan’
— is the first PoS product for the
company and is a pure term insurance plan that
not only gives life cover but also returns all
premiums paid during the payment term on
survival ll
maturity, Anuj Mathur, Chief
Execuve,
CHOICE, told. While this product has
inially
been launched through a regional rural
bank of Canara Bank, it would be available in the
bank branches of Canara Bank and Oriental Bank
of Commerce (OBC) in the next two months,
Mathur said.
‐Business Line


Ujjivan Small Finance Bank Ltd, a wholly‐owned
subsidiary of Ujjivan Financial Services Ltd, has
been given scheduled bank status by RBI. Ujjivan
SFB commenced its operaons
as a Small Finance
Bank with effect from February 1, 2017.
Currently, Ujjivan SFB has 65 full‐fledged brick
and mortar branches in eight states and two
Union Territories.
‐Business Line


Almost 9% of educaon
loans disbursed by banks
have turned into NPAs, according to a study by
credit bureau Transunion Cibil. But small cket
educaon
loans upto Rs 4 lakh generally
borrowed for studying in middle ranked instutes
are prone to turning bad compared to large sized
loans upto Rs 15 lakh, it said.
‐Economic Times


FM Arun Jaitley today indicated that an
expedious
decision would be taken on Air India
disinvestment, with at least two pares
having
formally expressed interest in buying stake in the
naonal
carrier.
‐Times of India


Government will announce the new industrial
policy in October this year. In a press statement,
Department of Industrial Policy and Promoon
said the government wants to formulate “an
outcome oriented aconable
industrial policy
that provides direcon
and charts a course of
acon
for a globally compeve
Indian industry
which leverages skill, scale and technology.
”‐Economic Times


Contrary to the Centre's claims, contracts signed
with foreign firms by the UIDAI, custodian
of Aadhaar data, show that they got "full access"
to classified data including fingerprints, iris scan
info, and personal informaon
like date of birth,
address and mobile number of the applicants.
They were also allowed to store the data for
seven years.This was revealed through an RTI
applicaon.
‐Times of India


Bangladeshi Nobel Laureate and the founder of
Grameen Bank Mohd Yunus has said his Grameen
Bank model has now reached nearly 300 million
borrowers across the world.
‐Economic Times


Odisha Chief Minister Naveen Patnaik today
announced implementaon
of the seventh Pay
Commission recommendaons
for 8 lakh
employees and pensioners.
‐The Indian Express


Addressing a press conference, Finance
Minister Arun Jaitley gave a detailed statement
on the real aim of the
demonesaon
exercise.
"The government has
been successful in expanding the base of both
direct and indirect taxaon.
The expansion of the
economy through digised
mechanism has taken
place and we are working to strengthen that
process. Quantum of cash operaon
in the
system which must come down, has actually
borne dividends''
, said Jaitley.
‐Economic Times


The Opposion
pares
cricised
the Government
aer
the RBI revealed that Rs 15.28 lakh crore or
99% of the Rs 15.44 lakh crore scrapped currency
notes, came back into the system aer
demonesaon.
Sitaram Yechury termed
demonesaon
as an "an‐naonal
act"
.
"99.9%
of the notes back in the banking system. 100s
died in queues. Lives & livelihoods lost, the
economy got a shock and workers lost their jobs.
The poor suffered the most,
" He said. Former
Finance Minister P Chidambaram said "RBI
'gained' Rs 16000 crore, but 'lost' Rs 21000 crore
in prinng
new notes.
"Was demonesaon
a
scheme designed to convert black money into
white ?"
, He asked.
‐Moneycontrol.com


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