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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 09:05 AM - Oct 21, 2017 ( ) Views: 205

In order to encourage savings, the government
has allowed banks, including top 3 private sector
banks, to accept deposits under various small
savings schemes like NSC, RDs and monthly
income plan. Until now, most of the small savings
schemes were sold through post offices.
According to a recent government noficaon,
banks can also sell Naonal Savings Time Deposit
Scheme 1981, Naonal Savings (Monthly Income
Account) Scheme 1987, Naonal Savings
Recurring Deposit Scheme 1981 and NSC VIII
issue. As per the noficaon, all PSBs and top 3 in
the private sector — ICICI Bank, HDFC Bank and
Axis Bank — to receive subscripon
from the expanded porolios. So far, these banks were
allowed to receive subscripon under PPF, Kisan
Vikas Patra‐2014, Sukanya Samriddhi Account,
Senior Cizen Savings Scheme‐2004.
‐Financial Express


Only about 2,300 branches of private and PSBs
have opened Aadhaar enrolment and updaon
centres within their premises as against the
targeted 15,300 branches month to October 31,” the source told PTI.
‐Financial Express


An RTI query has revealed that the RBI has
processed 9,711.62 million demonesed
notes of Rs 500 and 4,709.72 million of Rs 1,000 notes. The
RBI also said that it doesn’t have any data on
counterfeit notes, according to Times of India
report. In its reply, the RBI has said that
“Processing of notes is in progress. ”
‐Financial Express


Disinvestment‐bound Air India has sought
proposals for short term loans worth Rs 1,500
crore to meet “urgent” working capital needs,
according to a document. This is the second me
in lile over a month that the flagship carrier has
floated tenders for short tenure loans even as the
government is working on the modalies for the stake sale.
‐Business Line


India's foreign exchange reserves touched a
record high in September and the current stock is
sufficient to cushion India against unexpected
global risks, says a report. India's foreign
exchange reserves touched a record high in
September and the current stock is sufficient to
cushion India against unexpected global risks,
says global financial services major DBS. India's
total foreign reserves touched a record high of
USD 402.5 billion in September this year.
‐Deccan Chronicle


China’s central bank chief today issued a stark
warning about asset bubbles in the its economy,
which looks set to clock its first acceleraon
in annual growth since 2010, driven by public
spending and record bank lending. Speaking on
the sidelines of the closely‐watched,
twice‐a‐decade Communist Party Congress,
People’s Bank of China Governor Zhou Xiaochuan
spoke of the risks of a “Minsky moment” in the
economy, referring to a sudden collapse in asset
prices aer long periods of growth, sparked by
debt or currency pressures.
‐The Hindu


India’s fuel demand surged 9.9% in Sep, the
biggest expansion in more than one year, aer
petrol and diesel consumpon
soared. The world’s fastest growing oil consumer used 16.25
million tonnes of petroleum products in Sep as
compared to 14.78 MT in the same period a year
ago, according to data released by the oil ministry.
‐Financial Express


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