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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:52 AM - Oct 10, 2017 ( ) Views: 205

The government plans to set up 650 India Post
Payments Banks and is gearing up fast to provide
financial services through all the 1.55 lakh post
offices to fulfil the PM’s vision of financial
inclusion. This was disclosed by Minister for
Communicaons  Manoj Sinha in New Delhi today.
‐Financial Express


ICICI Bank today commied financial assistance
of Rs 10 crore to the Indian armed forces. The
contribuon, payable in 2 equal tranches this
year and next year, will be ulised towards
welfare acvies and betterment of the families
of ex‐servicemen, who lost their lives guarding
the nation, the bank said in a statement. Chanda
Kochhar, MD & CEO, ICICI Bank, today handed
over a cheque for Rs 5 crore to Defence Minister
Nirmala Sitharaman at a funcon
in the Raksha Mantralaya
‐Business Line


Vijaya Bank has entered into an MoU with
Hindustan Petroleum Corporaon Ltd for
providing all its retail outlets with BHIM/UPI
merchant soluons. “Customers can make
payments by scanning a payment QR code, using
BHIM Vijaya or any BHIM app that supports
payments via UPI, ” said Vijaya Bank MD and CEO
RA Sankaranarayanan.
‐Business Line


Kotak Mahindra Bank Ltd today crossed Rs2
trillion market capitalizaon for the first me,
making it only the fourth listed bank and 21st
company to achieve this milestone in India. Data
from BSE showed that Kotak Mahindra Bank had
a market capitalizaon of Rs2 trillion, after its
shares rose 1.34% higher to hit a record high of Rs1,051.
‐Livemint


The Development Bank of Singapore ( DBS)
expects policy fine‐tuning from the Indian Govt ‐‐
on the lines of the GST‐‐ in coming weeks.
According to DBS, incoming high‐frequency data
are likely to improve. The index of industrial
producon for August ‐‐ due this week ‐‐ is poised
to extend gains from July's 1.2%, said DBS in its
daily economic report today.
‐Economic Times


On the first day of taking charge at SBI, chairman,
Rajnish Kumar has directed the frontline staff to
be polite and courteous to the customers, follow
the highest standard of ethics and maintain work life balance.
‐Economic Times


A probe by the government’s Serious Fraud
Invesgaon Office (SFIO) has alleged that
Kingfisher Airlines understated losses to the
extent of Rs 7,151.18 crore for financial years
2008‐09 to 2011‐12 by changing accounng
pracces, some of which were in violaon of
Accounng Standards. By presenng better than
actual financials, Kingfisher was able to obtain
higher bank loans, some of which were used to
meet connuing cash losses, the report alleged.
‐The Indian Express


Global digital payments processing Co Visa and
the Government of Andhra Pradesh, enabled
digital payments for various state owned service
providers starng from bus rides to water tax
payments under the Vizag Digital Dhan Sankalp
(VDDS) project. Visa said that the digitisaon of
various other payments like educaonal instuons,
small and micro merchants, etc, is under way.
‐Economic Times


Jio Payments Bank, a 70:30 joint venture
between Mukesh Ambani‐owned Reliance
Industries Ltd (RIL) and SBI, will begin operaons
in Dec, people aware of the plans said.
‐Live mint


The RBI has said that online market places need
to adhere to its 2009 guidelines on selement
of payments for electronic payment transacons
involving intermediaries, a clarificaon
that came after a vendors’ body complained to the RBI
alleging late payments by ecommerce companies.
The RBI also asked the All India Online Vendors
Associaon, which had submied its complaint in
August, to raise specific cases of violaons
with it for evaluaon. The associaon had complained
about delayed payments by ecommerce plaorms
such as Flipkart, Amazon and Paytm.
‐Economic Times


The Government will disqualify any co convicted
for fraud and serious corporate offences from
parcipang in the privasaon PSUs, the
Department of Investment and Public Asset
Management (DIPAM) said in a office
memorandum.
‐Economic Times


Tata Teleservices (TTSL), the telecom unit of Tata
Sons, is preparing an exit plan for most of its
5,000‐odd employees, which includes a noce of
3 to 6 months, severance packages for those
willing to leave earlier, a VRS for elders, while
transferring only a small part of its employees to
other group companies.
‐Economic Times


A government‐appointed commiee
has said the privasaon of Air India will have serious
consequences on Haj flights and suggested the
minority affairs and civil aviaon ministries
prepare their response in case the proposed
privasaon goes through.
‐Live mint


Tata Sons Ltd execuve chairman N.
Chandrasekaran has said the group will look at
Air India Ltd disinvestment being executed by the
government currently.
‐Livemint


The Kerala government is expanding the use of
computers and internet in state‐run schools aer
scoring early success with a project to introduce
technology in schools. If all goes well, roughly
45,000 class rooms will have computers and
broadband internet by April, a senior government
official said.
‐Live mint


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