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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:32 PM - May 15, 2019 ( ) Views: 83

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The Govt has written to  banks highlighting their dismal performance in deploying point of sales (PoS) terminals to promote cashless transactions, having achieved only 44% of last year’s target by the end of January. While 41% of the target was attained in the northeast, in the rural areas it was worse at 16%, a key official in the Ministry of Electronics and Information Technology (MeitY) said in a letter addressed to top executives of banks.
-Economic Times

The RBI annual inspection found the Union Bank of India had under-provided, also known as ‘divergence’ in banking parlance, in 2017-18. The divergence is also because of its exposure to troubled infrastructure conglomerate — Infrastructure Leasing and Financial Services — which turned bad.
-Economic Times

The RBI has appointed its former Deputy Governor, R Gandhi, on the board of private sector lender YES Bank as an additional director.
-Business Line

Karur Vysya Bank  today reported a rise of 18.7% in March quarter net profit at Rs 60.02 due to healthy income from retail banking even as bad loans spiked. The bank clocked a profit of Rs 50.56 Cr during the corresponding Jan-March period of 2017-18, as per a regulatory filing.
-Moneycontrol.com

Canara HSBC OBC Life Insurance has wiped off its accumulated losses of Rs 160 Cr, posting a net profit of Rs 165 crore in FY19. The Co's focus on traditional products (especially protection plans) helped in profitability, Anuj Mathur, CEO, Canara HSBC OBC Life Insurance told. The Co's gross written premium increased by 26% to Rs 3,491 crore in FY19 from Rs 2,781 Cr in FY18. The insurer declared an embedded value of 2,575 crore as on March 31, 2019
-Economic Times

IIFL Holdings posted a rise of 30% in net profit at Rs 373 Cr for March quarter 2018-19. The Co’s net profit in the year-ago period stood at Rs 286.1 crore.
-Business Line

Housing finance major HDFC LTD has partnered with India Mortgage Guarantee Corporation (IMGC) to offer a mortgage-guaranteed home loan product.
-Business Line

Former ICICI Bank CEO & MD Chanda Kochhar and her husband Deepak Kochhar today deposed before the Enforcement Directorate for the third consecutive day for questioning in connection with the Rs 1,875-Cr Videocon loan case.
-Business Line

India’s exports rose marginally by 0.64% in April to $26 billion while imports increased by 4.5% to $41.4 billion compared to the corresponding month last year, according to official data released today. Trade deficit, the difference between exports and imports, widened to $15.33 billion in April 2019 from $13.72 billion in April 2018.
-Business Line

Home buyers will have to pay 12% GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said. Builders who have received a completion certificate for an ongoing project before April 1, 2019, will have to charge 12% GST from buyers on the balance amount due towards the purchase of the flat.
-Business Line

The IT Dept, investigating cases of tax evasion during demonetization, is stepping up a probe into gains made in agriculture income by farmers and other assessees. Under the IT Act of 1961, agriculture income is exempt from taxes. But during the demonetisation period, IT Dept officers suspect that excess non-agriculture income or black money was declared as agriculture income.
-Business Line

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