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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:19 AM - Sep 15, 2017 ( ) Views: 285

Bank employees and officers under the umbrella
of United Forum of Bank Unions will march to
Parliament tomorrow opposing the government’s
new banking policies. The protest will be held
against the government’s decisions such as
merger of banks, privasaon
of PSBs and
write‐off of corporate bad loans. The UFBU urged
the government to stop write‐off of corporate
bad loans and start their recovery. According to
the body, 80% of the loan defaulters are from 89
top borrowers, which are the corporate houses.
According to UFBU, government’s decision to
merge banks is not in public favour. Aer
the agitaon,
members from the forum will also
submit their memorandum of demands to the
Prime Minister’s Office and Finance Minister.
‐The Stateman


The IBA will meet on Saturday a core group for
officers proposed by the UFBU, as part of ongoing
wage negoaons.
S.K. Kakkar, Senior Advisor,
HR and IR, IBA, said this in a leer
to the UFBU
leadership. The previous meeng
of the IBA core
group (officers) was held on Aug 1. Meanwhile,
the IBA sub‐commiee
negoang wages for
staff other than officers had met with
representaves
of 5 unions on Sep 6 in Mumbai.
The IBA side was represented by Rakesh Sharma
(MD & CEO, Canara Bank), Chairman of the
sub‐commiee.
The meeng took into account a
number of the demands listed but proved
inconclusive. The next meeng
is slated to be
held on Oct 3. Among the demands were
addional
casual leave for physically challenged
employees; accumulaon
of privilege leave of up
to 300 days and encashmnent; improvement in
sick leave benefits; relook at maternity and
paternity leave; sick leave for lady staff when
children fall ill; case for child care leave; handling
absence during curfew and other exigencies;
leave bank system; simplified overme
wage calculaon;
and problems on the NPS front.
‐Business Line


HDFC Bank retained its No 1 posion in the
BrandZ India top 50, doubling its brand value
since 2014 with a sustained focus on improving
services. The leading private sector lender
improved its brand value from USD 9.4 billion to
USD 18 billion since 2014, said research agency
Kantar Millward Brown in a statement here. The
bank has retained the top slot for the fourth year
in a row. There were seven newcomers to the
ranking, the report said. Other new entrants
included DMart, Whirlpool, Bajaj Allianz, Canara
Bank and Sun Direct and DishTV. The financial
services category increased its value by 26%. And
the fastest rising banks were Punjab Naonal
Bank and Kotak Mahindra Bank, the report said.
‐Moneycontrol.com


IDBI Bank today said it has sold 12.5 lakh equity
shares in Clearing Corporaon
of India (CCIL) for
an undisclosed amount.
“IDBI Bank has sold
12,50,000 equity shares constung
2.5% of the paid up capital of Clearing Corporaon
of India Ltd on 13 September 2017,” the bank said in a
regulatory filing.
‐Live Mint


Vijaya Bank has bagged the first prize under the
Rajbhasha Ki Puraskar (Region C) for the year
2016‐17. It got the award for acve
implementaon of Hindi in its day‐to‐day acvies.
President Ram Nath Kovind gave away
the award to the MD and CEO, R. A. Sankara
Narayanan.
‐Business Line


CRISIL Rangs
today said banks have only
recognised two‐thirds of their stressed loans as
NPAs, and esmated
the bad loan rao to rise by
1% point to 10.5% by March 2018. The 9.5% NPA
figure for March 2017 includes only two‐thirds of
the overall stressed assets, it said.
‐Business Standard


HSBC has entered into an agreement
with microfinance industry associaon
Sa‐Dhan to develop digital ecosystem for India's
unbanked segment.
“To digisethe microfinance
ecosystem and render it cashless, the pilot with
HSBC will provide us a path to empower MFI
clients, " P Sash,ED at Sa‐Dhan said.
‐Economic Times


30% banking jobs will disappear in the next 5
years, Cibank ex CEO Vikram Pandit said inSingapore.
"Arficialintelligence and robocs
reduce the need for staff in roles such as
back‐office funcons," said Pandit.
‐Business Today


India Post Payments Bank is gearing up to provide
its financial services through all of 1.55 lakh post
offices and 3 lakh employees by the end of 2018
— which will create India’s second‐largest
payments bank in terms of reach.
“We will have
post bank footprint in every district by March
2018, and before the end of the calendar year, all
1.55 lakh post offices and every postman and
grameen dak sevak, which is another 3 lakh, will
be equipped with a device which will provide full
range of payment soluons
that we will be
hosng,” India Post Payments Bank (IPPB) CEO A
P Singh said.
‐Business Line


Google plans to introduce a localised digital
payment service in India as early as next week.
The payment service, called Google 'Tez'
, will offer payment opons
beyond the exisng ones
like Google Wallet or Android Pay, the report
said. Tez, meaning fast in Hindi, will include
support for the government‐backed Unified
Payments Interface (UPI) and other consumer
payment services, according to the report.
‐Business Line


Country's GDP is likely to remain below 6% in the
second quarter of 2017‐18 owing to muted
agriculture growth and sluggish performance of
manufacturing and mining sector, says a SBI
research report.
‐NDTV Profit


Wholesale prices in August rose at the fastest
pace in 4 months as vegetables, onions and fuel
became more costly. Official data released today
showed that the Wholesale Price Index (WPI)
based inflaon
rose to 3.24% in Aug as against
1.09% a year ago. It stood at 1.88% in July this year.
‐Business Line


The AIBEA is offering a helping hand to banking
job aspirants, as part of an outreach iniave.
This is aimed at benefing
deserving candidates
constrained by inadequate financial background
who want to sit for the IBPS recruitment
examinaon. AIBEA will provide them study
material free of cost as also online test papers,
C.H. Venkatachalam, General Secretary, said.
AIBEA has demanded recruitment to ensure
adequate staff and, thus, open up opportunies
for young educated persons to get employment in
banks. AIBEA is aware that a number of training
instutes have come up to train the candidates
but collect heavy amounts in fees. It would now
like to reach out to those who do not have the
resources to aendthese coaching centres. To
start with, AIBEA would supply books/ material
to about 3,000 candidates. All of them will be
provided a book each, free of cost, dealing with
topics such as reasoning, general knowledge,
numerical ability and English. They will also be
allowed access (through AIBEA’s website) to
online model tests. Details will be announced
shortly, Venkatachalam added.
‐Business Line


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