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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:30 PM - Feb 24, 2019 ( ) Views: 107

PM Modi today launched the ambitious Rs 75,000 Crore PM Kisan Samman Nidhi Yojana (PM-Kisan) in Gorakhpur in UP by digitally transferring the first instalment of Rs 2,000 to the accounts of over 1 crore small and marginal farmers.
-Business Line

The recent capital infusion of Rs 48,239 Crore in 12 PSBs will help Corporation Bank & Allahabad Bank to come out of the PCA framework in the next few weeks, sources said. Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 Cr. This infusion will help these 2 banks meet requisite capital thresholds of 7.375 CET-1 ratio, 8.875% Tier I ratio, 10.875% of CRAR and the net NPA ratio threshold of below 6%.
-Business Line

As technological shifts make more inroads into banking, the SBI has decided to replace only 75% of its retiring workforce over a 5-year period, a senior official has said.
-Economic Times

To recover its loans from Jet Airways, SBI is mulling moving NCLT as it feels the airline is running out of funds for operations, even as shareholders of the airways have approved a debt rejig plan, officials said.
-Moneycontrol.com

More companies are coming forward to bid for bankrupt companies after the Supreme Court removed a major deterrent in relation to tax demands made by the tax dept vis a vis write back of loan waivers or haircuts, Lenders said.
-Business Standard

The GST Council today slashed tax rates on under-construction housing properties to 5% without input tax credit, from the existing
12%, Finance Minister Arun Jaitley said. The Council also cut GST rates on affordable housing to 1% from the current 8% and expanded the scope of affordable housing to those costing up to Rs 45 lakh and measuring 60 square metre in metros and 90 square metre in non-metro cities. The new tax rates will come into effect from April 1, 2019.
-Business Line

Faced with diminishing returns from ransomware and cryptojacking, cyber criminals are now raking in millions with formjacking, a new report has said. Formjacking attacks are essentially virtual ATM skimming where cyber criminals inject malicious code into retailers' websites to steal shoppers' payment card details. On an average, more than 4,800 unique websites are compromised with formjacking code every month globally, said cyber security research firm Symantec in its report "Internet Security Threat Report (ISTR)".
-Economic Times

The regulator PFRDA is working on a minimum assured return scheme (MARS) for subscribers of the National Pension System (NPS), according to a document of the PFRDA.
-Economic Times

The Government's plans for the mega merger of three general insurance firms to create one large and strong entity seems to have hit a roadblock. The Department of Financial Services (DFS), which oversees the operations of state-owned insurance firms, has written to the DIPAM not to proceed with the merger plan in haste and let it examine the proposal afresh and untangle complex operational issues first.
-Economic Times

7 of the top 10 most valued companies of the country together lost Rs 67,980.60 crore in market valuation last week, dragged down by TCS which took the sharpest hit.While RIL, TCS, HDFC Bank, HUL, ITC, Infosys and Kotak Mahindra Bank witnessed fall in their market capitalisation  (m-cap) for the week ended Friday, rest 3 -HDFC, SBI and ICICI Bank- made gains.
-Economic Times


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