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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 11:18 PM - Dec 31, 2018 ( ) Views: 174

Finance Minister Arun Jaitley today said
the government was not seeking
RBI surplus to meet fiscal deficit but to
ulise them for accelerating poverty
alleviaon programmes and
recapitalising the state-owned banks. The
House later passed supplementary
demand for grants for the current fiscal
to provide addional expenditure of Rs
85,948.86 crore, about half of which is for
capital infusion in public sector banks. -Economic Times


The banking sector is on "course to
recovery" as the afflicng NPAs recede,
but state-run lenders need reforms in
governance, Governor Shakkanta Das
said. The weaker ones among the PSBs
need to be supported through
recapitalisation, the Governor said in his
foreword to RBI's half-yearly financial
stability report (FSR). -Economic Times


The asset quality of banks showed
improvement with gross NPAs ratio
declining to 10.8% in Sep 2018 from
11.5% in March 2018, a RBI report said
today. The net Boss ratio also witnessed
a fall at 5.3% in Sep 2018 as against 6.2%
in March 2018, RBI said in its Financial
Stability Report. -Economic Times


Banks lending to and borrowing from all
other enes in the financial system
stood at 46.5% of total lending and
borrowings in the financial system, as on
Sep 2018, RBI report showed. Financial
institutions establish links with other
financial institutions for efficiency gains
and risk diversificaon, but these same
links lead to risk transmission in case of a
crisis, RBI said in its Financial Stability
Report released today. -Economic Times


The IL&FS crisis points out to risk to
systemic stability from financial
conglomerates (FCs) and there is a need
for "closer attenon" on their oversight
framework, the RBI said today. -Economic Times


In a bid to encourage voluntary transition
of eligible urban co-operave banks
(UCBs) into small finance banks (SFBs),
the RBI, in a report, said that scheduled
UCBs (SUCBs) were comparable with SFBs
in terms of net worth and gross loans and
advances as of March-end 2018. In
keeping with the fast-paced changes in
the banking space and in order to
facilitate growth, the RBI, in Sep 2018,
announced a scheme for voluntary
transion of UCBs into SFBs. -Business Line


The lending and other restrictions
imposed on 11 banks under the prompt
correcve action (PCA) framework has
helped in reducing contagion losses on
the banking system in case these lenders
fail, according to a RBI report. -Economic Times


Frauds in the banking industry increased
by 72% to Rs 412 billion in 2017-2018,
against Rs 239 billion in the previous
year. This jump was mainly on account of
the Rs 140 billion Punjab Naonal Bank
fraud, said a report by the RBI. The
number of fraud cases stood at 5,917
cases in 2017-18 against 5,076 cases in
2016-2017. This was a rise of 16.5% over
the previous year with an incremental
841 cases. -Business Standard


State-owned Allahabad Bank has tied up
with SBI Life Insurance to sell the policies
of the insurer from over 3,200 branches. Allahabad Bank and SBI Life Insurance
came together and signed a
bancassurance pact, to offer a holistic
financial planning solution to consumers,
SBI Life said in a release. -Economic Times


The finance ministry has exempted rupee
payments made to the Naonal
Iranian Oil Co (NIOC) for crude oil imports
from a steep withholding tax, according
to a government order reviewed by
Reuters. -Economic Times


Subscribers of the retirement fund body
EPFO may get an opon in the new year
to invest more of their savings in equity
market, besides a host of other social
security benefits and digital tools to
manage their funds. Labour Minister
Santosh Gangwar who is also Chairman
of the CBT told PTI, "By way of
supplementing the employer’s share of
contribuon at the rate of 12%, a good
number of approximately 90 lakh new
employees are extended the benefit of
social security net through the EPFO,” he
said. -Business Line


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