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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 05:46 AM - Oct 25, 2017 ( ) Views: 149

The Indian government approved today a PSB
recapitalisaon plan of Rs 2.11 lakh crore over
the next 2 years, in a bid to clean banks' books
and revive investment in a slowing economy. Of
the planned sum, recapitalisaon
bonds will account for Rs 1.35 lakh crore, while Rs 76,000
crore will come from budgetary support and
equity issuance, said Rajiv Kumar, India's financial
services secretary. Finance Minister Arun Jaitley
said the recapitalisaon of PSBs would be
followed by a series of reforms. He did not give
details. The nature of the bonds and details of the
bonds would be made public during course of me, he said.
‐Business Standard


Central Vigilance Commissioner K V Chowdary today laid emphasis on adherence
to standard operang procedures ( SOPs) by banks to check frauds.
"Banks have lost a lot of money. When I say banks have lost the money
that means the naon has lost a lot of money and
public in turn has lost a lot of money. Banks have
been in a bad light, " Chowdary said. Various
banks reported 4,851 cases of fraud involving
about Rs 23,902 crore during 2016‐17, according
to a reply given by the finance ministry in Parliament in July this year.
‐Economic Times


The Maharashtra government, which is
implemenng an ambious Rs 34,000 crore farm
loan waiver scheme, has asked the banks to use
their own funds to sele farmers' loans, and
promised them a reimbursement later. As it has
not specified a meline for reimbursement, the
state cooperaon department has received
queries from banks, seeking clarity on the issue, a
senior government official today said.
‐Economic Times


The RBI said it has set up a high‐level task force
on a Public Credit Registry for India with an aim
to improve ease of doing business and control
delinquencies. The 10‐member panel headed by Y
M Deosthalee, former CMD of L&T Finance
Holdings, will review the current availability of
informaon on credit in India.
‐Economic Times


Canara Bank plans to hire investment bankers to
help it sell stakes in some assets that are
unrelated to its main lending business. The idea
behind the sale of its so‐called non‐core assets is
to unlock the value of its strategic investments,
according to a tender noce on the bank’s
website. The Bank has invited bids and plans to
empanel a minimum of 3 bankers who will
procure the maximum valuaon for its stake in
various non‐core assets as well as scout potenal buyers.
‐Live mint


HDFC Bank reported a 20% increase in second
quarter net profit at Rs 4,151 crore against Rs
3,455 crore in the year ago period.
‐Business Line


CanFin Homes, the housing finance arm of
Canara Bank, today reported 36.3% rise of in net
profit to Rs 75 crore for the second quarter ended
Sep 30, 2017‐18. Its net profit during the July‐Sep
quarter of 2016 ‐17 stood at Rs 55 crore.
‐Moneycontrol.com


Yes Bank and IDFC Bank have been fined a
penalty of Rs 6 crore and Rs 2 crore, respecvely,
by the RBI for non‐compliance with the direcons
issued by it, RBI said in a statement on its website.
‐Moneycontrol.com


The Engineering Export Promoon Council (EEPC)
of India has signed a MOU with Punjab Naonal
Bank to provide easy access to finance to SMEs
and merchant exporters of the council. Punjab
Naonal Bank will provide finances with
assurance that loans up to Rs 10 crore would be
provided within 6 to 7 weeks at compeve
rates, said a press statement issued by EEPC India.
‐Business Line


The ongoing rounds of nonperforming loan
resoluons iniated by the RBI hold the key to
the SBI's credit profile, said Moody's Investors Service.
‐Business Standard


Catholic Syrian Bank (CSB) hopes to conclude its
fundraising exercise by December.T S
Anantharaman, chairman, said the second half of
the exercise would be concluded by then. CSB
needs Rs 400 ‐600 crore.
‐Business Standard


Hiring acvity in the banking and financial
services sector witnessed a 21% growth during
Sep this year compared to the same period last
year, a report by job portal Naukri.com said. Even
as the job market in the country remains
"volale"  Naukri Jobspeak Report, a monthly
analysis of job lisngs on the portal, shows the
overall job market has seen 3% growth in Sep,
compared to the same period last year
‐Economic Times


Infosys reported a 7% QoQ growth in net profit at
Rs 3,726 crore for the Sep quarter. The IT firm had
reported a net profit of Rs 3,483 crore in the June
quarter. On YoY basis, profit rose 3.4%, the Co
said in a BSE filing.
‐Economic Times


The government has collected Rs 92,150 crore as
GST in September from 42.91 lakh business, the
finance ministry said today. Of this, Rs 14,042
crore is on account of Central GST, while State
GST is to the tune of Rs 21,172 crore. Integrated
GST collecons stood at Rs 48,948 crore, of which
Rs 23,951 crore was on account of imports.
‐Moneycontrol.com


The RBI is recruing 'Assistants' for its various
offices in the country. About 623 such vacancies
are open and the bank has invited applicaons
from eligible Indian cizenswho are graduates
and who are in the age group of 20 to 28 (as on Oct 1, 2017).
‐Business Line


Several opposion parties announced that they
would observe November 8, the first anniversary
of demonesaon, as 'Black Day' and would hold
protests across the country to highlight its
"ill‐effects" on the economy. Rajya Sabha MP
D.Raja said the they had planned a series of
protest acons starng from the last week of Oct.
Beginning Nov 8, for 3 days central trade unions
plan to demonstrate against the government's
economic policies and its impact on both
organised and unorganised workers.
‐The Hindu 
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