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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 06:22 AM - Jan 13, 2018 ( ) Views: 249

The existing deposit insurance coverage of ₹1lakh
will continue till it is revised, the Centre has
assured the Joint Committee of Parliament on
the Financial Resolution and Deposit Insurance
(FRDI) Bill. This was in response to queries by
stakeholders, including the RBI, during their
interactions with the members on the panel. The
Centre is learnt to have told the panel that Clause
29(1) of the Bill gives scope for enhancement of
the deposit insurance level of a depositor. The
Clause says that the proposed Resolution
Corporation (RC) shall, in consultaon with the
appropriate regulator, specify the total amount
payable by the Corporation with respect to any
one depositor, as to his deposit insured under this Act.
‐Business Line


The RBI and the NABARD have raised certain
objecotins to including ‘eligible cooperave
banks’ under the purview of the FRDI Bill. As per
Clause 120 of the FRDI Bill, ‘eligible cooperative
banks’ are deemed ‘insured service providers’ for
2 years, extendable by one year. The Bill also
provides for the liability of the proposed Resolution
Corporation (RC) to insured depositors
of eligible cooperative banks. The RBI said that
according to the Bill, an eligible co‐operative bank
is defined as a co‐operative bank other than a
mul‐state co‐operative bank, and if the RC
wants the power to supersede the board of a
bank or to wind one up, the State cooperative
law will have to be amended.
‐Business Line


Historically, the banking sector has played a
preeminent role in facilitang flow of resources
to the commercial sector in India. However, this is
currently under challenge as credit disintermediation,
bypassing banking channels, has attained a critical
mass, highlights a study by the RBI.
‐Business Today


The Karnataka bank registered a net profit of
₹87.38 crore in the third quarter of 2017‐18 as
against a profit of ₹68.52 crore in the
corresponding period of 2016‐17, recording a
growth of 27.52 per cent.
‐Business Line


ICICI Bank today virtually acknowledged the
presence of a malware in its mobile banking
application, but underplayed its impact on its
customers. "Whatever we have seen, the
malware seems to be not very significant, " bank's
chief technology and digital officer B Madhivanan
told reporters.
‐Economic Times


IBM is awaiting regulatory clearance to take
blockchain deployment to a consorum of
general insurance companies nationally, after
a pilot designed to facilitate easy transfer of
medical records between insurance companies,
said Jitan S Chandanani, partner–blockchain
leader, IBM ISA.
‐Business Standard


Continuing rising trends, country's foreign
exchange reserves surged by USD 1.758 billion to
mount a new record high of USD 411.124 billion
in the week to Jan 5, the RBI said today.
‐Moneycontrol.com


Reliance Jio Infocomm Ltd plans to create its own
cyptocurrency, JioCoin. “The Co plans to hire 50
young professionals with average age of 25 years
for Akash Ambani to lead. There are multiple
applications of blockchain. The team would work
on various blockchain products, ” the source said.
‐Livemint


The NCLT has approved the proposed merger
between Idea Cellular and Vodafone ‐‐ a move
that brings both the companies closer to culmintiang
the deal.
‐Economic Times


Infosys Ltd posted a 38.3% jump in third‐quarter
profit, helped by tax benefits from the firm’s deal
with US Internal Revenue Service. Profit rose to
Rs5,129 crore in the quarter ended 31 Dec 2017
from Rs3,708 crore in the year‐ago period, Infosys
said today.
‐Livemint


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