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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:29 PM - Feb 08, 2019 ( ) Views: 151

Bad loans of PSBs declined by more than
Rs 31,000 crore to Rs 8,64,433 crore in
the first 9 months of the current fiscal as
compared to end of March 2018, the
government said today. NPAs of the
banks stood at Rs 8,95,601 crore at the
end of previous fiscal, Minister of State
for Finance Shiv Pratap Shukla said in a
written reply to Lok Sabha. -Moneycontrol.com


The Delhi High Court today sought
response of the Centre Govt and the RBI
on a PIL seeking to stop banks from
sharing PAN and financial transaction
data of clients with credit rating agencies
without their formal consent. The bench
issued notice to the Ministry of Finance
and the RBI, seeking their stand on the
plea. -Economic Times


As many as 54 overseas operations were
identified for rationalisation, while 29
have been rationalised for cost
efficiencies, as of January 15, this year,
the Parliament was informed Friday. Banks pursue right sizing and
rationalisation of their branch network
and other operations for cost efficiency
and synergy benefits, and invest in and
monetise non-core assets as per business
strategy, Minister of State for Finance
Shiv Pratap Shukla told the Lok Sabha. -Economic Times


Allahabad Bank today said the RBI has
imposed a penalty of Rs 1.5 crore on the
bank for not monitoring end use of
funds, among other violations, the bank
said in a regulatory filing. -Economic Times


SBI today reduced home loan interest
rate by 5 basis points. The bank will cut
interest rates for all home loans up to Rs
30 lakh, said SBI chairman Rajnish Kumar. -Economic Times


UCO Bank today reported a marginal
drop in its net loss at Rs 998.74 crore for
third quarter ended Dec 31, 2018. The
bank had posted a net loss of Rs 1,016.43
crore in the same quarter of the previous
fiscal. -Business Line


In a breakthrough in the massive
Syndicate Bank fraud, the Enforcement
Directorate has filed a Supplementary
Prosecution Complaint under the
Prevention of Money Laundering Act,
2002 (PMLA) against several persons. -Business Line


The Union Finance Ministry’s Department
of Financial Services (DFS) has given
in-principle approval for the
amalgamation of the Mysuru-
headquartered Kaveri Grameena Bank
(sponsored by SBI) and the
Bellary-headquartered Pragathi Krishna
Grameena Bank (sponsored by Canara
Bank) in Karnataka. Canara Bank will be
the sponsor bank for the amalgamated
entity. -Business Line


Vijay Mallya had no intention of paying
back loans of over Rs 5,500 crore to a
consortium of banks even though
creditors agreed to restructure debt for
his Kingfisher Airlines offering a lifeline to
the now defunct airline. -Economic Times


The Government pushed regulatory
forebearance post the global financial
crisis of 2008 may be the root cause of
the NPA mess. The RBI sop was abused
by banks and industry giving rise to NPAs,
according to former RBI governor Y V
Reddy. But as India is going to be an
important player in the global economy,
he called for the need for the
government and RBI to address the root
causes of the recent standoff between
them. -Economic Times


Tata Motors’ Dec quarter loss of Rs
26,961 crore took the market by surprise.
It was the highest-ever quarterly loss
reported by any company till date.
-Economic Times


In a surprising move, the Employees'
Provident Fund Organisation(EPFO) has
withdrawn its circular dated Jan 22, 2019
where it had relaxed the rules regarding
joint option form with employer. -Economic Times


There were only 61 individuals who
declared an income of more than Rs 100
crore during AY 2017-18, though the
number has risen sharply from 38 in the
previous year. This information was
provided by Minister of State for Finance
Pon Radhakrishnan to the Lok Sabha. -Economic Times


The foreign exchange reserves increased
by $2.063 billion to $400.24 billion in the
week to Feb 1, on account of rise in
foreign currency assets, according to RBI
data. In the previous week, the reserves
had increased by $1.497 billion to
$398.178 billion. -Moneycontrol.com


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