yatheendradas c.k.
View Profile

FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:10 PM - May 28, 2019 ( ) Views: 99

1

For its ambitious target of reaching 40
billion digital transactions in the FY
ending in March 2020, ministry of
electronics and information technology
(MeitY) has asked about 7.7 billion of
such transactions to come from SBI. Additionally, SoftBank and Alibababacked Paytm has been given a target of 5 billion transactions through its
payments bank and popular mobile
wallet. HDFC Bank and ICICI Bank are
expected to chip in with about 2.5 billion
and 2.8 billion transactions respectively
-Economic Times


Punjab National Bank today returned to
red with net loss of Rs 4,750 crore in the
fourth quarter ended March 31, 2019.
This net loss was much lower than the
net loss of Rs 13,417 crore recorded in
the same quarter last fiscal. The bank had
recorded a net profit of Rs 247 crore in
the third quarter ended Dec 30,2018. -Business Line


The chairman of Punjab National Bank,
Sunil Mehta, said that the Bank has not
classified Jet Airways as a NPA yet. He
said the bank's exposure to Jet Airways is
less than ₹900 crore. -Livemint


Indian Overseas Bank announced that it
has launched ‘Bank on Wheels’ facility in
14 of its lead districts in Tamil Nadu and
Kerala, besides Vijayawada. The bank
said the mobile van facility will enable
the public, especially senior citizens,
conveniently get door-step banking
facility available at identified locations of
the lead districts. -Business Line


Karur Vysya Bank has contributed ₹5
crore to the Army Welfare CSR Fund. PR
Seshadri, MD, KVB, handed over the
amount to General Bipin Rawat, Chief of
the Army Staff, in New Delhi recently. This is part of the bank’s corporate social
responsibility initiatives, the bank said in
a release. -Business Line


In the backdrop of the current slowdown,
the RBI is expected to cut the policy repo
rate by 35-50 basis points (bps) in the
forthcoming monetary policy review,
according to the SBI’s ‘Ecowrap’ report. -Business Line


International Finance Corporation(IFC), a
member Co of the World Bankgroup, will
invest $35 million in Manappuram
Finance in a bid to tap the Indian gold
loan market in their first such foray. “We
are making our first investment in
a gold-loan finance co to create
opportunities for the rural and poor
households to transition from informal to
formal forms of credit,” s
IFC Country Head for India. -Economic Times


The Competition Commission has
dismissed a complaint alleging unfair and
discriminatory trade practices by
Indiabulls Housing Finance and several of
its employees pertaining to loan
agreement. While dismissing the
complaint, the fair trade regulator said it
found no contravention of the
Competition Act by Indiabulls Housing
and its employees. -Moneycontrol.com


Foreign direct investment (FDI) in India
declined for the first time in the last 6
years in 2018-19, falling by 1% to $44.37
billion as overseas fund inflows subsided
in telecom, pharma and other sectors,
official data showed. According to the
latest data of the DPIIT, FDI in 2017-18
was a record $44.85 billion. -Business Line
TCS has been recognized in DiversityInc's
"2019 Top 50 Companies for Diversity" in
the US. TCS was selected as one of
DiversityInc's Top 50 Companies -- out of
more than 1,800 assessed organizations - for its sustained investments and efforts
in diversity and inclusion, the Co said in a
statement. -Livemint


The Kerala Government will impose a
cess of up to 1% on inter-state movement
of goods and services to final customers
from June to provide relief and
rehabilitation to those affected by flood
in the state last year. -Business Standard


USD/INR 69.68
SENSEX 39749.73(+66.44)
NIFTY50 11928.75(+4.00)


Login to participate in discussion.