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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:43 PM - Jan 05, 2019 ( ) Views: 131

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A section of PSU bank employees would
go on a 2-day strike on January 8 and 9 in
support of the nation-wide strike call
given by 10 central trade unions against
the government's alleged anti-worker
policy. The AIBEA and BEFI has informed
the IBA of the 2-day naonwide strike on
January 8-9, 2019, Banks said in a filing to
the BSE. Ten central trade unions -- AITUC, INTUC, HMS, CITU, AIUTUC,
AICCTU, UTUC, TUCC, LPF and SEWA -- have also called for a nationwide general
strike on January 8-9, against the
"anti-people" policies of the Centre Govt
and have placed a charter of 12 demands
before the Central Government. -Business Standard


Commerce and industry minister Suresh
Prabhu will meet the banking and
financial services secretaries next week
to resolve the huge decline in bank credit
to exporters. There has been a huge
decline in bank credit to exporters off
late after the RBI last March banned
banks from issuing leers of undertaking
to exporters following the Nirav Modi
scam, which saw PNB being defrauded to
the tune of around Rs 14,000 crore. -Moneycontrol.com


The double whammy of Asset Quality
Review (AQR) and Prompt Corrective
Action (PCA) is having a telling impact on
the PSBs. According to the basic
stascal returns data of scheduled
commercial banks, released by the RBI,
PSBs’ market share in overall bank credit
declined to 63.2% at the end of FY18,
against 65.8% in FY17 and 68.1% in FY16. On the other hand, private sector banks’
market share in overall bank credit rose
to 29.3% at the end of FY18, against
26.9% in FY17 and 24.1% in FY16. -Business Line


In what could boost trust among users
while making a transaction through
instruments such as a a mobile wallet,
the RBI has issued fresh guidelines on
limiting the customer liability for
unauthorised electronic payments
involving Prepaid Payment Instruments
(PPIs). Customers who carry out
transacons on mobile wallets such as
Paytm, PhonePe, Mobikwik, among
others, will not lose their money in case
of a cyber attack or negligence of the
platform on which the transacon is
taking place. So far, the facility was only
provided for banks and NBFCs -Business Line


The Centre has amalgamated 3 RRBs -- Punjab Gramin Bank, Malwa Gramin
Bank and Sutlej Gramin Bank -- into a
single RRB with effect from January 1. In
a filing to BSE, Punjab and Sind Bank said
the central government, after consulng
the sponsor banks of the 3 RRBs, felt that
in the interest of the banks and the areas
served by them, they should be
amalgamated into a single RRB. -Business Line


A special court in Mumbai today declared
absconding Vijay Mallya a fugitive
economic offender (FEO) on a plea of the
Enforcement Directorate. Mallya has
become the first businessman to be
declared FEO under the provisions of the
new Fugitive Economic Offenders Act
which came into existence in August last
year. -Business Line


Nirav Modi, a prime accused in the PNB
fraud case, told a court here Saturday
that he cannot return to India due to
safety concerns and also because his case
has been politicised. Modi's lawyer filed
his reply to the Enforcement
Directorate's plea seeking to declare him
under the Fugive Economic Offenders
Act before the special court for cases
filed under the Prevenon of Money
Laundering Act (PMLA). -Economic Times


The RBI's decision to allow a one-time
restructuring of some loans to small
businesses is bound to foster indiscipline
among borrowers. That’s the view of
India Ratings and Research Pvt., a Fitch
group company, on the relaxation
extended to the so-called MSMEs. -Economic Times


Economic affairs secretary SC Garg today
blamed the lack of real-time data for the
ongoing crisis in the shadow banking
sector and also called for sound
regulaons to help develop the sector in
an orderly manner. -Economic Times


Outstanding loans against wilful
defaulters of the PSBs have almost
doubled. It has risen 92% to Rs 1.47 trn
over a two-and-a-half-year period ended
September 30, 2018, shows data given in
a written reply in the Lok Sabha,
yesterday. A fourth of the total amount
was owed by these defaulters to SBI on
Sep 30, 2018, followed by PNB. -Business Standard


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