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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 10:14 PM - Dec 27, 2018 ( ) Views: 145

The government is likely to infuse Rs
28,615 crore into 7 PSBs through
recapitalisation bonds by the end of this
month, sources said today. Its
disbursement might take place before
Dec 31, sources said. Out of these 7 PSBs,
Bank of India is likely to get the highest
amount of Rs 10,086 crore, followed by
Oriental Bank of Commerce, which might
get Rs 5,500 crore through
recapitalisaon bonds, sources added. Other banks that are likely to receive
capital infusion in this round included
Bank of Maharashtra which may get Rs
4,498 crore, UCO Bank (Rs 3,056 crore)
and United Bank of India (Rs 2,159 crore). -Business Line


RBI Governor Shakkanta Das has met
private sector lenders today to take stock
of issues affecng banks. It was a general
meeting to understand key issues. RBI
Governor discussed issues around
liquidity, asset quality and MSMEs. -Economic Times


In the backdrop of the government
reportedly seeking transfer of excess
capital from the RBI so that the same can
be producvely deployed, the RBI has
constituted a 6-member expert
commiee, chaired by former Governor
Bimal Jalan, to review the extant
Economic Capital Framework. -Business Line


Public sector banks reported recovery of
Rs 60,713 crore against NPAs in the first
half of the current year, which is double
of the amount recovered in the
corresponding period last year and more
significant returns on high-value accounts
are expected, the government has said. -Economic Times


The Centre Govt has appointed
Birupaksha Mishra as an Execuve
Director of Corporaon Bank. He has
taken over the charge on Dec 26. Prior to
this appointment, he was General
Manager in Central Bank of India. -Business Line


The Corporate Affairs Ministry's
inspection of the books of 6 companies
linked to the ICICI Bank controversy is at
an "advanced stage", according to a
senior official. On April 23, the ministry
ordered inspecon of 6 companies,
including NuPower Renewables. There
are allegaons of involvement of former
ICICI Bank chief Chanda Kochharand her
family members in a loan provided
to Videocon Group on a quid pro quo
basis. It was alleged that Videocon
pumped money into NuPower
Renewables, a firm owned by Deepak
Kochhar, husband of Chanda Kochhar. -Economic Times


Allahabad Bank is expecng ₹600- 800
crore from divestment before March 31,
2019. The bank is also expecting the
government to infuse addional capital
into it. “We have already received a
capital investment of ₹3,054 crore from
the government last month,” said S S
Mallikarjuna Rao, MD & CEO of
Allahabad Bank. -Business Line


The RBI has modified its direcve in the
case of the Mumbai-based The City
Co-operative Bank, allowing its
depositors to withdraw a sum not
exceeding Rs 5,000 of the total balance in
every savings bank or current account or
any other deposit account, against Rs
1,000 earlier, the RBI said in a statement. -Business Line


NBFCs knocked at the Centre’s doors
seeking a credit line or a ‘liquidity
window’ to restore confidence in the
sector and help energise the credit
market. They also submied that
‘systemically-important’ NBFCs should be
allowed to access public deposits and
more licences should be granted to those
aspiring to be banks. -Business Line


The Insurance Ombudsman has directed
ICICI Prudenal Life Insurance to pay ₹23
lakh as refund of premium, along with
interest, to a Hyderabad-based customer
for terminang his policy and refusing to
review its decision. -Business Line


The country’s fiscal deficit touched
114.8% of the full-year target of Rs 6.24
lakh crore at the end of Nov on account
of lower revenue collecons, showed
government data.The fiscal deficit, or gap
between expenditure and revenue, stood
at Rs 7.16 lakh crore during April-November of the current financial year,
reflecng deterioration in public
finances. -Business Line


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