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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 06:07 AM - Sep 22, 2017 ( ) Views: 227

Finance Minister Arun Jaitley today promised
“appropriate acons ” at the “right me” to revive
the slowdown‐hit economy and said the
government is seized of the problem of private
investment not picking up.
‐The Hindu


The SBI today alerted customers holding accounts
in its subsidiary banks to get new cheque books
along with the India Financial System (IFS) code.
SBI asked all customers of its subsidiary banks
and the Bharaya Mahila Bank, in a tweet, to
apply for new cheque books and IFS codes as
soon as possible.
‐Economic Times


Yes Bank has eliminated about 2,500 jobs — more
than 10% of its workforce — citng
increased redundancy, poor performance and the
impact of digisaon. The reducon in Yes Bank’s
21,000‐strong workforce marks the second recent
cut in India’s private‐sector banking space. HDFC
Bank has trimmed its workforce by about 11,000
over 3 quarters to March 2017.
“As part of the bank’s regular human capital management
pracces,o ensure higher producvity and
improved efficiencies, the bank undertakes some
performance‐linked actons
on a periodic basis, ”Yes Bank said in an e‐mailed response.
‐Economic Times


Investors should pay a premium to own financial
instuonsthat work toward stable, inclusive
growth, SBI Chairman Arundha Bhaacharya said.
“There needs to be a rethinking from the
point of view of investors as to what they are
going to give a premium on and what they’re
going to discount, ” Bhaacharya said.
‐Economic Times


Indian Bank today said it has raised Rs 2,000 crore
to finance infrastructure and affordable housing.
The amount raised through issuance of long term
bonds is part of the bank's Rs 5,000 crore fund
raise plan to support infrastructure and
affordable housing in the country, it said in a regulatory filing.
‐Economic Times


SBI Card is all set to offer pre‐approved cards to
customers of its parent SBI. It has entered into a
triparte agreement with SBI and India’s first
credit bureau TransUnion Cibil to this end. The
agreement will allow the credit bureau to check
the credenals of SBI customers and SBI Card to
leverage the data.
‐Economic Times


Private banks' share in banking sector advances
will reach 38‐40% by March 2020, from 27.5% in
March 2017, according to ratng agency ICRA.
‐Business Standard


Given the lack of considerable space both on the
monetary and fiscal front to support economic
growth, part of the country's forex reserves can
be used to support GDP numbers, says a
Deutsche Bank report. According to the global
financial services major, forex reserves could be
used for funding growth‐crical
public infrastructure projects and the macro backdrop is
also suitable for this.
‐Business Standard


The UIDAI has slapped noces on Bhar Airtel
and Airtel Payments Bank over its retailers
allegedly opening payments bank accounts
without taking "informed consent" of customers
who go for Aadhaar‐based mobile SIM
verificaon. The Aadhaar‐issuing body, UIDAI, in
the notces seen by , stated that acts of not taking
consent and informing the purpose of authencaon
was a violaon of rules and
punishable with financial penales.
It also asked both Bhar
Airtel and its payments bank enty
to take immediate correcve
measures and report
back to the authority on the same.
‐Economic Times


The Board of NPCI today announced the
unanimous appointment of B Sambamurthy as
interim Chairman of the Board. Sambamurthy
replaces rering Chairman, Balachandran M,
NPCI said in a statement. It said Sambamurthy
was formerly Director and CEO of IDRBT and
Chairman and MD of Corporaon Bank prior to that.
‐Economic Times


Shareholders of Tata Sons, the holding co of the
$103 billion Tata group, voted in favour of turning
it into a private limited co despite vehement
opposion from ousted chairman Cyrus Mistry's
family firms that own a minority stake. This will
mean that Mistry’s Shapoorji Pallonji group won’t
be able to sell its minority stake in Tata
Sons without board approval.
‐Economic Times


There are some prominent names among the
thousands of directors of defaulng companies
disqualified by the government. Malayalam film
star Mohanlal, former Jammu and Kashmir chief
minister Omar Abdullah, Maharashtra sales tax
commissioner Rajeev Jalota and leading
consultant Rama Bijapurkar are among those in
the list released by the corporate affairs ministry.
The directors have been disqualified under
Secon 164 (2)(A) of the Companies Act. Enes
named by the govt include state govt‐owned
firms such as Jammu and Kashmir State Power,
where Abdullah is said to be on the board.
‐Economic Times


USD/INR 64.82
SENSEX 32370.04 (‐30.47)
NIFTY50 10121.90(‐19.25)


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