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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 08:24 AM - May 22, 2019 ( ) Views: 61

The RBI's central board today decided to create a specialised supervisory and regulatory cadre within the RBI to strengthen the supervision and regulation of commercial banks, urban cooperative banks and non-banking financial companies. A decision to this effect was taken at a meeting of the Central Board here under the Chairmanship of RBI Governor  Shaktikanta Das.
-Economic Times

Punjab National Bank could take control of 2-to-3 small PSBs, that could include Oriental Bank Of Commerce,  Andhra Bank  and Allahabad Bank, according to sources familiar with the situation. PNB could start the process of taking control of the banks in the next 3 months, according to the sources.
-Economic Times

ICICI Bank is set to acquire a 9.9% stake in India International Exchange for ₹30.5 crore. The bank, in a regulatory filing, said it has entered into an agreement with the BSE and India International Exchange (INX) for the proposed investment in the exchange. INX is an exchange located in GIFT City in Gandhinagar, Gujarat.
-Business Line

To deal with the issue of banks diverging from the prescribed asset classification norm and consequent under-provisioning, the RBI has kickstarted the process of holding structured meetings with their statutory central auditors (SCAs) at the end of every quarter. The move comes in the backdrop of the central bank flagging divergence in asset classification and loan-loss provisioning in respect of certain accounts as reported by banks, and its own assessment in the last couple of years.
-Business Line

Diversified Hinduja Group is evaluating the opportunity to invest in Jet Airways, which has been grounded for more than a month now.
-Business Line

Corporation Bank, which was in Feb this year taken out of RBI's prompt corrective action framework, has said it would reduce slippages to up to Rs 4,000 crore in the FY ending March 2020.  Slippages, or standard assets becoming bad loans, were around Rs 2,000 Cr every quarter in FY19. This means the bank would reduce slippages by almost 50%.
-Economic Times

The Supreme Court stayed the Delhi High Court order which had held that the 2016 black money law cannot be allowed to operate with retrospective effect from July 2015 to book and probe offenders. A vacation bench also stayed the May 16 order of the high court, which had restrained the I-T Department from taking any action against VVIP chopper scam accused Gautam Khaitan, against whom a black money case has been lodged.
-Business Line

Net employment generation in the formal sector was higher at 8.14 lakh in March 2019 against 7.88 lakh in Feb this year, according to the latest EPFO payroll data. Around 67.59 lakh jobs were generated in the entire 2018- 19 fiscal, the payroll data based on members joining the schemes of the EPFO showed.
-Economic Times

Muthoot Finance said it has expanded its personal loan scheme for customers in Delhi and NCR in which it will offer up to Rs 10 lakh to the salaried class. Under this,  Muthoot  Finance will give unsecured loans of Rs 1-10 lakh at an interest rate of 13.5-23% to salaried class only, the Co said.
-Economic Times

The AIBOA has asked the Kerala Govt to restrain its representatives from making unjustified remarks against bank officers taking legitimate action to recover loans. The recent public outcry against legitimate action taken by the officers of Canara Bank working at Neyyattinkara branch to recover a home loan is unjust and improper, said S Nagarajan, General Secretary, AIBOA. He alleged that without knowing the details of the whole episode, responsible representatives of the Govt in the State made derogatory remarks against the bank officers. Further, they also demanded initiation of police action against the officers.
-Business Line

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