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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 10:15 PM - Oct 24, 2018 ( ) Views: 162

The RBI’s IT arm has asked banks to have
a protocol in place to ensure quick
response to a cyberheist and to effect
recovery. The directive comes in the
wake of mulple attempted heists in
Indian banks in recent years. “While prevention
is where most of the work is, prevention
will remain a wish point
because cybercrimes will happen,” said
Reserve Bank Information Technology
(ReBIT) CEO Nandkumar Saravade. -Economic Times


The overseeing committee(OC) that is
being set up under the inter-creditor
agreement for resolution of stressed
assets will have 6 members, including
Janki Ballabh (former Chairman, SBI),
MBN Rao (former Chairman & MD,
Canara Bank ), M Damodaran (former
Chairman, SEBI) and HR Khan (former
Deputy Governor, RBI). The OC, which is
being formed under the aegis of the IBA,
will approve resolution plans for stressed
assets submitted by lead banks. -Business Line


The RBI may look at relaxation of its
prompt corrective action (PCA)
framework, said a senior government
official. The government also expects
some lenders to come out of the PCA
framework on their own after recent
recoveries made through the Bankruptcy
process, the above quoted official added. At present there are 11 banks under the
RBI’s PCA framework and the minimum
common equity (CET) Tier I ratio as
prescribed by RBI stands at 5.5% as
against 4.5% under Basel III norms. -Economic Times


The major reason for the crisis being
faced by banks is the absence of a
developed bond market in the country,
Comptroller and Auditor General Rajiv
Mehrishi said. -Economic Times


Karur Vysya Bank has reported a 10.7%
increase in its standalone net profit at Rs
83.74 crore for the quarter ended Sep 30,
2018. It had posted a net profit of Rs
75.65 crore in the corresponding July-Sep
period of the previous fiscal. -Business Line


Kotak Mahindra Bank said it has stopped
new account openings under a popular
route that relied on a person's Aadhar
details. The bank, however, said it has
achieved its 18-month target of doubling
the number of accounts to 16 million,
courtesy the "8/11" offering which relied
on the controversial biometric project. Its
joint MD Dipak Gupta said the bank has
stopped new account openings after the
Supreme Court judgement that
prevented private companies from using
the biometrics-based e-KYC norms.-Economic Times


SBI has moved the Supreme Court
seeking implementation of a high power
panel's recommendation to amend the
PPAs between various discoms and 3
Gujarat-based electricity producers who
were running losses as they could
not hike tariffs to compensate for the rise
in cost of coal imported from Indonesia. SBI is part of a consortium
of banks that funded the three power producers -- Tata
Mundra, Adani and Essar -- who were not
allowed by the apex court to charge
compensatory tariff in lieu of the
increase in cost of coal they were
importing from Indonesia. -Business Line


Wipro said it had appointed former SBI
chairman Arundha Bhatacharya as an
independent director beginning January
1, 2019. -Economic Times


The RBI lifted its ban on adding new
customers for Fino Payments Bank. The
ban had been placed by the RBI in May
because of non-compliance of
operational guidelines, particularly
certain accounts having deposits in
excess of the allowed amount. -Business Standard


Fake apps of SBI, ICICI, Axis Bank, Citi and
other leading banks are available on
Google Play, which may have stolen data
of thousands of bank customers, claims a
report by IT security firm Sophos Labs. These fake android apps have logo of
respective banks which makes it difficult
for customers to differentiate between
the fake and original apps, it said. The
report further said that the deceptive
malware in these apps may have stolen
thousands of customers' account and
credit card details. -Business Standard


SBI General Insurance posted a 64.4%
increase in its net profit to Rs 217 cr for
the first half of the current fiscal as
compared to Rs 132 crore a year ago. -Business Line


HDFC Standard Life Insurance posted a
20.3% increase in its net profit to ₹286.98
crore for the quarter ended Sep 30, 2018,
compared with ₹236.49 crore in the same
period a year ago. -Business Line


ICICI Prudential Life Insurance on
Tuesday reported a 28.5% fall in its net
profit at Rs 300.87 crore in the second
quarter of the fiscal against Rs 421.21
crore in the same period a year ago. -Business Line


The government has finally put its stamp
on the long-awaited pension scheme
for regional rural bank employees but
they may have to wait at least another 6
months to get their dues. The final shape
of the scheme has failed to satisfy the retired
employees as their demand for
arrear payment has not been considered. The government approved revised
pension only from April this year
while RRB employees were demanding
higher pension at par with their
counterparts in naonalized banks for
the past 2 decades. -Economic Times


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