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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 07:27 AM - Aug 06, 2018 ( ) Views: 81

President Ram Nath Kovind has given his
assent to a Bill that will deter fugitive
economic offenders from evading the legal
process in India and fleeing the country. A fugitive
economic offender is any individual
against whom warrants for arrest are issued
for his involvement in select economic
offences, involving an amount of at least Rs
100 crore or more, and has leftnIndia so as to
avoid criminal prosecution. ‐Business Line


PM Modi on August 21 will launch
long‐awaited India Post Payments Bank
(IPPB) that will have at least one branch in
every district and focus on financial
services in rural areas, a senior official said.
IPPB will leverage reach of 1.55 lakh post
office branches to provide banking and
financial service to people in rural area. ‐Economic Times


India has handed over a request to Angua
for extradition  of bank fraud fugitive Mehul
Choksi who has obtained cizenship of the Caribbean nation,
an official source said. Official sources said a team from India was
sent to Angua few days back to pursue the
authorities there to extradite Choksi. ‐Economic Times


SEBI never gave any clean chit report on
Mehul Choksi to Angua's
citizenship ‐for ‐investment authority, a senior official said
today. It is continuing with its probe into
alleged violation of capital market regulations
by Mehul Choksi‐Nirav Modi duo
and their associates including some brokers
in connection with two listed firms ‐‐ PNB
and Gitanjali Gems, the official added. ‐Economic Times


Bank credit grew by 12.44% to Rs 86,13,164
crore in the fortnight to July 20, according to
the RBI data. In the year‐ago period, bank
credit had stood at Rs 76,59,898 crore. During the reporting
fortnight, deposits increased by 8.15% to Rs 1,14,38,121 crore
from Rs 1,05,75,615 crore a year ago,
according to the data. ‐Economic Times


As many as 21 public sector banks and 3
major private sector lenders collected a
whopping Rs 5,000 crore from customers for
non‐maintenance of minimum balance in
their accounts in 2017‐ 18, according to
banking data. The SBI, collected nearly half
the amount raised by the 24 banks put
together (Rs 4,989.55 crore). ‐Economic Times


With surplus liquidity in the banking system,
the banks should not rush to increasing their
lending and deposit rates despite the RBI
raising the benchmark, repo rate, the
ASSOCHAM has said. ‐Economic Times


In a first‐of‐its kind criminal case aimed to
choke cyber banking fraudsters, the
Enforcement Directorate has launched a
money laundering probe against a clutch of
alleged conmen based in a Jharkhand town
who make fake calls to gullible people and
steal monies from their accounts. The agency
has filed as many as 3 Enforcement Case
Information  Reports (ECIRs). ‐Economic Times


Union Minister Piyush Goyal has proposed a
higher rank and pay scale for Railway
general managers, making them equivalent
to secretaries in the Central government and
at par with the state chief secretaries, a
source in the ministry said. ‐Economic Times


Jet Airways has secured the support of its
pilots’ union to trim its current high‐cost
structure. In a letter, the National Aviator’s
Guild committee, the highest
decision‐making body of the airline’s pilots’
union, has urged its members to cooperate
with the management in a bid to tide
over the crisis. ‐The Hindu


5 of the 10 most valued Indian companies
together added Rs 77,784.85 crore in market
valuation last week, with Reliance Industries
Ltd (RIL) emerging as the biggest gainer. The
gainers from the top 10 pack are TCS, RIL,
HUL, ITC, and SBI, while HDFC Bank, HDFC,
Infosys, Maruti Suzuki India and Kotak
Mahindra Bank suffered losses in their
market capitalisation (m‐cap) for the week
ended Friday. ‐Business Line

 


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