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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:12 PM - Jan 14, 2019 ( ) Views: 137

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The Government is readying steps to reward top-performing employees of PSBs, apart from a board-driven appraisal of the top management and governance reforms, while identifying banks such as Indian Overseas Bank  and Punjab & Sind Bank for focus on niche banking, a top government official said.
-Economic Times

The government will slowly reduce its stake in PSBs to 52% in the coming months after a series of recapitalisation pushed up its shareholding, financial services secretary Rajiv Kumar told. While the next round of capital will be given after the parliamentary sanction for disbursal of additional funds is received, the sale of non-core business and closing down of overseas operations of some of the banks will help them meet funding requirements, he said.
-Economic Times

The finance ministry and the RBI are expected to soon work out some relaxation in the prompt corrective action (PCA) framework for stressed banks. This will be available only to those banks that have shown considerable improvement in addressing  bad loans.
-Economic Times

The RBI is working on a set of rules that would link remuneration of banks CEOs to parameters like balance sheet size of a bank, loan delinquency, profits and governance record. The proposed framework is expected to provide a broad template to the board of directors of banks while approving increase in salary, performance bonus and stock options to the senior most executive. The regulatory guidance that exists today is a general directive on the remuneration of senior officials in broad functions like ‘business’, ‘control’ and ‘risk’. What is being considered is one that specifically relates to CEO compensation.
-Economic Times

The finance ministry and the RBI are expected to soon work out some relaxation in the prompt corrective action (PCA) framework for stressed banks.This will be available only to those lenders that have shown considerable improvement in addressing bad loans.
-Economic Times

The State Bank of Mauritius (SBM) has filed a complaint with the Singapore police to track down unknown  hackers  who allegedly withdrew Rs 19 crore from its branch in Mumbai. A complaint about the hack was first filed with the Mumbai police in Nov 2018. SBM had alleged then that its SWIFT payment gateway had been hacked on October 2 in an attempt to transfer Rs 147 crore. Although the attempt was stopped after one of the 4 remitting foreign banks raised queries about the transaction with SBM, the bank had lost close to Rs 19 crore by then, the police said.
-Economic Times

Nepal SBI Bank, a subsidiary of SBI, has posted a net profit of Rs 202.35 crore in 2017-18 and mobilised total deposit of Rs 8,422.73 crore, the bank announced at its Annual General Meeting concluded here today. During the 25th Annual General Meeting, the bank announced 10.79% cash dividends and 5% bonus shares to its shareholders out of the profit earned last year.
-Moneycontrol.com

Kotak has come out with its third quarter (Oct-Dec 18) earnings estimates for the Banks & Diversified Financials sector. The brokerage house expects Canara Bank to report net profit at Rs. 330 crore up 162.4% year-on-year (up 10.2% quarter-on-quarter). Net Interest Income is expected to decrease by 6.7% Y-o-Y (up 4.6% Q-o-Q) to Rs. 3,432.9 crore, according to Kotak. Pre Provision Profit (PPP) is likely to fall by 22.2% Y-o-Y (down 5.4% Q-o-Q) to Rs. 2,202.8 crore.
-Moneycontrol.com

The Bombay High Court today questioned the Enforcement Directorate's request to stay the demolition order for fugitive jeweller Nirav Modi's illegal bungalow at Alibaug in the adjoining Raigad district. A division bench of Chief Justice N H Patil and Justice N M Jamdar was hearing a public interest litigation (PIL) filed in 2009 by Shambhuraje Yuvakranti of the Akhil Bhartiya Maratha Seva Sangha on the issue.
-Economic Times

Inflation based on wholesale prices fell to a 8-month low of 3.80% in Dec, 2018, on softening prices of fuel and some food items. The Wholesale Price Index (WPI)-based inflation stood at 4.64% in Nov, 2018, and 3.58% in Dec 2017.
-Business Line

Petrol price breached the Rs 70 a litre-mark and diesel crossed Rs 64-mark on Monday after rates were hiked for the fifth consecutive day on rising input cost.
-Business Line

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