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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:53 AM - Oct 12, 2017 ( ) Views: 231

India could slightly delay the implementaon
of global risk norms Basel III as the banking sector is
already under stress due to demonesaon
and the GST roll out, a SBI report said today. An
extended meline to meet the capital needs
under the norms would provide the necessary
breather to banks to lend more while they
grapple with several issues, it said.
‐Economic Times


Canara Bank plans to raise about $300 million
through bonds under Medium Term Notes
(MTNs) mostly for refinancing business and buffer
to repay bonds maturing in near future. Banking
sources said this is follow‐on fund raising after it
raised $400 million in August. The size and pricing
for the tap bond issuance is yet to be finalised
and would depend on market response. Rang
agency Moody's in a statement said Canara
Bank's proposed senior unsecured tap bond
issuance under $2 billion MTN program is being
carried out from its London branch. The issuance
has no impact on Canara Bank, London Branch's
Baa3 foreign currency senior unsecured debt
rang. The outlook on the rangs, where
applicable, is stable, Moody’s said.
‐Business Standard


SBI Chairman Rajnish Kumar has created a special
division headed by a MD to tackle the issue as
part of his restructuring of the top‐ and mid‐level
management to beer run the bank.
‐Business Standard


HDFC Bank’s customers who own an
Alexa‐enabled device will be able to check
balances, find out when bills are due, and even
pay bills through Amazon’s virtual assistant in the
near future. “Alexa is a device that is meant to
funcon as a concierge for customers. As of now
what we have is a simplisc version of fetching
informaon for customers, that is then converted
to voice and begins a conversaon.
The same concept can get expanded in terms of carrying
out a transacon. It will recognize your voice,
which becomes the mode of secure authencaon;
it will then give an alert on your
mobile and maybe then you can ask the device to
make a bill payment, ” explains Nin
Chugh, Country Head – Digital Banking, HDFC Bank.
‐Economic Times


Allahabad Bank's share issue and allotment
commiee of the board of directors will consider
the modalies of raising equity capital of up to Rs
2,000 crore on Oct 13 through various modes of
securies.The Bank's proposed capital raising up
to a ceiling of Rs 2,000 crore is inclusive of
premium, according to a regulatory filing.
‐Business Standard


A consorum of banks led by SBI has ordered a
forensic audit of construcon group Punj Lloyd’s
accounts aer the borrower failed to service its
loans for eight successive quarters.
‐Economic Times


Lakshmi Vilas Bank today reported a 83.4% fall in
its net profit at Rs 10.5 crore during the second
quarter ended Sep due to higher provisioning for
bad loans. The bank had reported a net profit of
Rs 64.84 crore in the corresponding July‐Sep
period of 2016‐17.
‐Business Line


The HDFC Ltd will raise Rs 2,500 crore by issuing
bonds on private placement basis to augment its
housing finance business. The security 7.40%
HDFC, 17 Nov 2020' are secured redeemable
non‐converble debentures.
‐Moneycontrol.com


Abu Dhabi Global Market (ADGM) and Yes Bank
have entered into a pact to help fintech
companies venture into cross‐border markets.
"Abu Dhabi Global Market (ADGM), the Internaonal
Financial Centre in Abu Dhabi, and
Yes Bank have signed an MOU to further foster
cross‐border exchange between the fintech
ecosystems of the UAE and India,
" Yes Bank and ADGM said in joint statement.
‐Moneycontrol.com


Bank‐to‐bank transfers and debit card payments
at point of sales terminals significantly drove
digital payments for August, showing a 9.5% and
3.5% month‐on‐month growth, respecvely.
According to transacon data released by the
RBI, IMPS — which includes UPI and BHIM, rose
majorly to reach 75.6 million transacons
in August against 69 million in July and 65.8 million
in June. General card swipes at ATMs and PoS
terminals together reached almost 1.1 billion in
August against 1.07 billion in July.
‐Economic Times


FM Arun Jaitley has defended the Govt's decision
to maintain secrecy over demonesaon,
saying transparency in this case would have been the
"greatest instrument of fraud".

‐Times of India


Welcoming the slew of measures taken by the
government in the recent past to clean up bad
loans, the IMF today said that though the steps
are in the posive direcon more needs to be
done as the Indian banking sector as well as
Indian corporate sector remain vulnerable.
“A combinaon of weak banks and weak corporates,
which are highly leveraged leaves India
vulnerable,” said Ali Al‐Eyd, Deputy Division
Chief, Global Market Analysis Division at the IMF,
adding that more measures are required for
adequate capitalisaon and further reducing bad
debts is required.
‐ Business Line


LIC has seen a growth of 23.68% year‐on‐year in
new business premium collecon in the April to
Sep 2017 period compared to 14.42% growth
posted by private sector players, according to
data from Life Insurance Council. Data showed
the life insurance companies collected Rs
92,065.01 crore as new premium for the first 6
months of FY18, showing a growth of 21.14%. LIC
collected new premiums of Rs 68,224.29 crore
while private insurers collected Rs 23,840.72
crore during the period.
‐Moneycontrol.com


Despite a sharp fall in inequality around the
world, the US, China and India have witnessed
upward trends in its level, the IMF said today.
‐Financial Express


The Employees' Provident Fund Organisaon
will go paperless in another year as part of Digital
India iniave, Union minister Santosh kumar Gangwar said today.
‐Economic Times


Petrol pump dealers today called off their
proposed day‐long strike on Friday aer
state‐owned oil firms warned them of strict
acon, including cancelling their contracts.
‐Economic Times


In a major decision by the Cabinet, 7.58 lakh
teachers of Central, State universies and aided
colleges will get the benefits of the 7th Pay
Commission. Around 58,000 professors of 213
central universies, including IITs, will get full
funding from the Centre, said Prakash Javadekar,
Union Minister for Human Resource Development.
‐The Hindu


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