India's stock of soured bank loans shank slightly
in the quarter to September last year, the first
pullback since a drive to clean up record levels of
bad debt began in 2015 and signalling that ghter
rules and a new bankruptcy code may be starting
to show results. Stressed loans ‐ which include
non‐performing as well as restructured or
rolled‐over loans ‐ eased 0.4% from 3 months
earlier to Rs 9.46 lakh crore ($148.3 billion) at the
end of September, according to unpublished
central bank data reviewed by Reuters.
The RBI is understood to have declined
government’s demand for the addittional dividend
reported. It was earlier reported that the central
government has sought Rs 13,000 crore additional
dividend from the RBI. In August, the
RBI had paid a dividend of Rs 30,659 crore for the
fiscal ended June 2017 which was less than half
the Rs 65,876 crore it had paid in 2015‐16.
The RBI has warned banks about
cryptocurrencies, telling them to step up scrituny
of financial transactions by companies and
exchanges involved in the trade of bitcoins and
similar digital tender, said people aware of the
Usha Ananthasubramanian, MD & CEO,
Allahabad Bank, has been elected as the first
woman Chairman of Indian Banks' Associaon
(IBA). Ms Usha was elected IBA Chairman for the
year 2017‐18 by its Managing Committee today.
IBA Chairman's posion
was vacant following the superannuation
of Jander Bir Singh, who was
Chairman & Managing Director of Punjab & Sind
Bank, on December 31, 2017. Rajnish Kumar,
Chairman, State Bank of India was elected as
Deputy Chairman of IBA for the year 2017‐18.
PSBs have kick‐started the review of their
overseas opertiaons by identifying 41 units for
"raonalisation" as part of the larger reform
process, a top official said today. Raonalisation
could be in terms of consolidation of opertiaons,
trimming of staff strength, exsting some of the
non‐core and non‐profit activies or closing down
some of unviable overseas offices. "Many banks
entered the overseas markets. This activity has to
be looked into. Banks have started the process
already and about 41 operations they have
decided to rationalise, " Financial Services
Secretary Rajiv Kumar told.
ICICI Bank predicts the naotin's rate‐cut cycle has
ended and traders should brace for tightening in
the coming months. "Reducon in the interest
rate cycle has stopped now. We should be
prepared for an increase over a period."
CEO Chanda Kochhar said.
The government’s Rs 88,139‐crore capital infusion
in struggling PSBs should help in part to migate
risks but resolution of bad assets and connued
high credit costs hinder the sector’s near‐term
performance, Fitch Ratings said.
IMF chief Christine Lagarde today said the
multttilateral financial instituon is looking into
issues relating to crypto currencies to understand
potential risks and benefits, even as the US made
it clear it will not allow any illicit trade through
this route. Speaking at a session on remaking of
global finance at the World Economic Forum
(WEF), US Treasury Secretary Steven Mnuchin
said, "We will make sure crypto currencies are
not used for illicit activities."
As per the recommendations of the council, for
the housing sector, there will be less incidence of
GST for homes purchased under the Credit Linked
Subsidy Scheme (CLSS). For under‐construcon
homes that form a part of CLSS will now be
charged GST at 8% instead of 12%, a cut of 4%.
SBI Lifetoday announced the launch of a term
policy with critical illness cover for 36 diseases.
The critical illness cover increases as the term of
the policy progresses over the years.
LIC Mutual Fund has introduced a daily SIP
scheme, a move which will help it achieve 30%
growth in its SIP portfolio. Under the plan, LIC MF
is offering investors the option to invest in SIPs
with as low as Rs 300 per day which would be
available in 5 equity schemes. These are LIC MF
Equity Fund, LIC MF Growth Fund, LIC MF Midcap
Fund, LIC MF Infrastructure Fund and LIC MF
The Ministry of Finance today said that one crore
taxpayers have been registered under total
revenue collections under GST. GST so far ll 24th
Jan, 2018, and the collections for the month of
Dec 2017 was at Rs. 86,703 crores, as on 24th Jan
2018. Further, of the 1 crore taxpayers that have
been registered under GST so far till
24th Jan, 2018 17. 11 lakh are Composition
Dealers which are required to file returns every quarter.
Petrol and diesel prices rose to fresh levels in
Delhi and other cities in the country on Thursday.
Petrol prices in the national capital were at Rs
72.49 per litre‐ the highest in over three years,
data from the Indian Oil Corp showed. The
previous record was Rs 72.51 in Aug 2014. Petrol
price in Kolkata, Mumbai and Chennai was at Rs
75.19, Rs 80.39 and Rs 75.18 per litre respectively
‐‐ all 3‐year highs.
Gold prices soared Rs 350 to trade at over
14‐month high of Rs 31,450 per 10 gram, tracking
a firm trend overseas amid pick‐up in buying by
local jewellers. Silver regained the Rs
41,000‐mark by jumping Rs 1,100 on increased
offtake by industrial units and coin makers.
PSU bank stocks fell up to 7% on profit‐booking a
day after the government said it will infuse Rs
88,139 crore capital in 20 PSBs before March 31.
Shares of Punjab National Bank tanked 7.07%,
Syndicate Bank 6.92%, Bank of Baroda 6.09%, SBI
4.96% and Oriental Bank of Commerce 4.83% on
BSE. SBI was the worst hit among the 30‐Sensex
constituents. Allahbad Bank fell 3.76%, Bank of
Maharashtra 2.36%, Bank of India 2%, United
Bank of India 1.11%, Central Bank of India 1%,
Indian Overseas Bank 0.85% and Dena Bank 0.19%.