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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 06:49 AM - Oct 28, 2018 ( ) Views: 159

Finance Minister Arun Jaitley on
Friday met heads of top PSBs to
review the cash position in the system
amid concerns of a liquidity crunch
being faced by some sectors, sources
said. Banks said they have enough
cash to take care of the liquidity
crunch being faced by the NBFCs, they
added. The meeting was also aended
by the Department of Financial
Services Secretary and Department of
Economic Affairs Secretary. Heads of
six large PSBs have assured the
government of adequate liquidity in
the system even as sectoral concerns
prevail, the sources said. -Economic Times


There is surplus liquidity in the system
and no cause for concern over that, an
official said on Friday after the
government held a meeting with
bankers to take stock of the situaon,
especially for NBFCs. “Banks said they
are buying portfolios of NBFCs and
there is no shortage of liquidity,” the
government official said, adding that
most NBFCs have also said they have
surplus reserves. -Economic Times


The Internaontial Finance Corporation
(IFC) is setting up 3 funds to acquire as
much as a fifth of the stressed assets
that emerge from India’s ongoing
resolution of bank debt that’s gone
bad. The World Bank’s private finance
arm will aim to revive such assets so
that they become profitable and jobs
can be protected. -Economic Times


Axis Bank sold 4.95% stake in NSDL to
its peer HDFC Bank for a consideration
of Rs 1.63 billion.Post the sale, Axis
Bank would be left with 0.05% holding
in NSDL, the bank said in a filing. -Business Standard


Payments major Visa said it has begun
storing data of local users within India,
signalling partial compliance with the
mandate of the RBI, which has been
steadfast in its demand that all
payments companies — global and
local — retain transaction data of
Indian users on local servers. Visa has
also submitted a status update to RBI,
including a plan on how it will tweak
its existing global processing systems
to fully comply with the requirement
to store data only in India, the co’s
chief CEO told. -Economic Times


The Enforcement Directorate has
effected record attachmentsof assets
worth over Rs 33,500 crore and filed
390-odd charge sheets in connecon
with its money laundering probes in
the over 3-year tenure of its chief
Karnal Singh who retires Sunday,
officials said. -Economic Times


The IRDAI notified new draft product
guidelines for linked and non-linked
life insurance policies. One of the
significant changes brought under
these draft guidelines includes
increasing the minimum death benefit
to 7 times for regular premium
products and to 1.25 times for single
premium products for all ages. -Business Standard

 


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