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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:06 PM - Apr 14, 2019 ( ) Views: 73

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The RBI's revised stress assets resolution circular is likely to be out after the elections to clear the model code of conduct, and also the regulator may need time to have consultations with legal experts, industry and Govt before bringing the framework out, official sources said.
-Business Line

Bank of Baroda is likely to complete the process of merger of Dena Bank and  Vijaya Bank with it in 2 years, said a senior official.
Information technology platform integration alone will take about 12 months and other processes and systems may take another year or so, the official said. The branding of the 3 entities will be retained in the interim period and will be transitioned to the new brand in a phased manner
-Economic Times

Bank of Baroda will undertake evaluation of its board and has invited bids from consultancy firms by early-May. The Bank seeks to appoint an advisory firm for 'Review of Board Evaluation', the bank said in a request for proposal document. SEBI has studied the practices of board evaluation prevalent among listed entities in India.
-Economic Times

The board of Lakshmi Vilas Bank has given approval for raising funds through issue of 1.68 Crore equity shares with a face value of ₹10 each to Indiabulls Housing Finance Ltd. (IBHF). The allotment of shares to IBHF would be made subject to shareholders’ approval, the bank said in a regulatory filing.
-The Hindu

Nearly half of their total admitted claims worth over Rs 1.42 lakh crore have been recovered by financial and  operational creditors from as many as 88 debt-ridden companies under the insolvency law, according to official data.
-Economic Times

Payments network NPCI is considering using highly scalable  blockchain solution to further strengthen digital payments, which have seen an exponential growth in recent times. A blockchain or distributed ledger is a continuously growing list of encrypted transactions called blocks. A block may contain any type of data such as unique digital identifiers of physical products.
-Economic Times

The RBI remained a net buyer of the US dollar for the third consecutive month in Feb, when it bought $825 million from the spot market, according to the data from the central bank. In the reporting month, the RBI bought $2.086 billion and sold $1.261 billion in the spot market as the rupee was under pressure.
-Business Standard

Tata Consultancy Services (TCS) is "hungry" for acquisitions and is scouting for assets that can bring in intellectual property and widen market reach to further accelerate growth, Chief Operating Officer N Ganapathy Subramaniam said.
-Moneycontrol.com

Rajshree Pathy, an independent director of the Jet Airways' has resigned from the post, the Co said on today, according to a regulatory filing by the airline.
-NDTV News

SpiceJet appears to be making the most of the crisis at Jet Airways. Spice jet is now hiring engineers and pilots at much lower pay than their current salaries at the financially-troubled Jet. Pilots from Jet Airways are being asked to take salary cuts of 25-30% while engineers have been advised to settle at 50% of their current pay package.
-NDTV

Around 1,100 pilots belonging to Jet Airways’ pilots body National Aviator’s Guild have decided not to fly from 10 AM on Monday in protest against “non-payment of salary dues”, a source said today.The pilots, along with engineers and senior management, have not received salaries since January.
-Business Line


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