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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 06:31 AM - Jun 04, 2019 ( ) Views: 104

The Monetary Policy Committee headed by RBI Governor Shaktikanta Das today started deliberations on the second bi-monthly policy review of the current fiscal, amid expectations of a 25 basis points cut in lending rate to boost the slowing economy.
-Business Line

Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 crore have been reported in 2018-19, the RBI has said. A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore, it said. As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal (increase of over 73% in the fraud amount), the RBI said.
-Business Line

Timely intervention by the RBI could have led to the crisis at the IL&FS being detected earlier, the Serious Fraud Investigation Office has said in its chargesheet. Crucially, IL&FS subsidiary IFIN— the entity at the heart of the investigation — was allowed to continue operations despite adverse RBI inspection reports, as per the SFIO. The chargesheet suggests the RBI should conduct an internal probe and take “appropriate action”.
-Economic Times

Axis Bank today said the RBI has approved appointment of Rakesh Makhija as chairman of the bank. The board of the bank in March had approved the appointment of Makhija as chairman subject to RBI clearance.
-Economic Times

Yes Bank, facing investor wrath over the actual amount of its stressed assets, is in talks with 2 private equity investors to raise equity funds to build investor confidence after attempts for a share sale to a broader set of institutional investors did not materialise, said people familiar with the matter.
-Business Line

Lakshmi Vilas Bank is preparing a Plan B just in case its merger plan with Indiabulls Housing Finance gets. delayed. The bank is seeking investment of as much as Rs 1,000 crore from private equity funds in the event of a regulatory hitch.
-Economic Times

Digital payments Co Paytm is in talks to acquire Mumbai-based insurance marketplace  Coverfox for $100-120 million in an allcash deal, said people aware of the matter. 
-Economic Times

Payments made through the Unified Payments Interface have fallen 6% month-on-month in May against April, the second consecutive decline in terms of number of transactions. As per the data shared by the NPCI, UPI transactions reached 733 million in May, as against 781million in April and around 799 million in March, the highest ever.
-Economic Times

Indicating a recovery in the industrial sector, the Purchasing Managers’ Index (PMI) for manufacturing sector expanded in May and rose to 52.7 as against 51.8 in April. This shows strongest improvement in the health of the manufacturing sector during last 3 months.
-Business Line

The microfinance 
industry's gross loan portfolio  (GLP) stood at Rs 1,87,386 crore at the end of March, up 38% year-on-year, said a MFIN report today. The total number of microfinance accounts was 9.33 crore at the end of March 2019, showing a growth of 21.9%, said  Microfinance Institutions Network (MFIN).
-Economic Times

Industry chamber ASSOCHAM has demanded cut in effective corporate tax to 25%, doing away with dividend distribution tax and indexing of allowances and deductions under personal Income Tax with inflation.
-Moneycontrol.com

Domestic equity indices settled at fresh all-time highs on today. BSE's flagship index Sensex ended at 40,268, up 553 points or 1.39%. The 30-pack Sensex scaled an intraday high of 40,309. Meanwhile NSE  Nifty ended at a peak of 12,089, 166 points or 1.39% higher. The index touch a high of 12,103 during the day.
-Economic Times

USD/INR 69.26
SENSEX 40267.62
NIFTY50 12088.55


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