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THE FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:32 PM - Jun 01, 2019 ( ) Views: 101

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The pace of credit expansion in retail
segment covering areas like housing,
credit card and personal loans slowed
down in April. Retail loans grew by 15.7%
(Year-on-Year) in April 2019, down from
increase of 19.1% in April 2018. Credit
card loans rose by 26.4% in April 2019,
down from 35.2% in same month in 2018,
according to RBI data. -Business Standard
SBI has made a proposal to appoint a
single resolution professional to run the
bankruptcy process of Reliance
Communications and two of its
subsidiaries, people with knowledge of
the. development said. Chinese lenders
to the Anil Ambani-controlled telecom Co
have, however, objected to the proposal. -Economic Times


The performance of India’s banking
sector is likely to be below average for
the next 2 years because it is struggling
with poor asset quality and weak core
capitalisation, said rating agency Fitch. -Business Standard


Even as the consolidation plan of the 3
public sector general insurance
companies is back in the spotlight of the
Government, Senior finance ministry
officials said the plan to consolidate the 3
companies is ready in the form of a
cabinet note and will be taken up
immediately once the new new
Government takes charge. -Business Standard


Even after slowdown in industrial
activity, the Government managed to
collect more than ₹1 lakh crore plus in
May. This is third consecutive month of
₹1 lakh crore plus mobilization. However,
collection in May was lower than all-time
high of April. -Business Line


The Enforcement Directorate has
summoned former aviation minister
Praful Patel next week as part of its
money laundering probe related to
alleged losses suffered by Air India in a
multi-crore aviation scam during the
UPA-era, officials said today. -Business Line


Reacting to the US decision of
withdrawing the Generalised System of
Preferences (GSP) scheme for India that
allowed duty free export of over 3,000
products from the country, the
Commerce & Industry Ministry has said
that it was “unfortunate” that the
resolution offered by New Delhi on the
matter was not acceptable to
Washington. -Business Line


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