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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 09:15 AM - Jun 05, 2019 ( ) Views: 119

The Govt may infuse around Rs 40,000 crore into PSBs in 2019-20 as it looks to strengthen their balance sheets to enable them to step up lending. An announcement to this effect is expected in the Budget on July 5. A Senior Govt official told that a plan is being firmed up to help banks expand credit offtake further.
-Economic Times

As the Govt gets down to prepare its first Budget, North Block, which houses the Finance Ministry here, will be in ‘quarantine’ from Monday until the presentation of the Budget on July 5. The Ministry will be out of bounds for visitors and media as it gets down to prepare the Budget for 2019-20 fiscal year.
-Business Line

The RBI modified the guidelines on large exposures for banks with a view to reduce concentration of risk and align them with the global norms. The modified 'Large Exposures Framework' provides exclusion of entities connected with the sovereign from definition of group of connected counter -parties. As per the revised norms, the sum of all the exposure values of a bank to a single counter-party must not be higher than 20% of the bank's available eligible capital base at all times. In exceptional cases, board of banks may allow an additional 5% exposure of the bank's available eligible capital base. In case of groups of connected counter-parties, the sum of all the exposure values of a bank to a group of connected counter-parties must not be higher than 25% of the bank's available eligible capital base at all times, the revised LEF said.
-Moneycontrol.com

The Supreme Court today allowed Serious Fraud Investigation Officer to reopen and recast the accounts of IL&FS, IFIN abd IL&FS Transportation Networks Limited (ITNL) of the past 5 years. The order by the top court came on a plea moved by the Ministry of Corporate Affairs, which had sought to examine the books of the Co between FY 2012- 13 and 2017-18.
-Business Standard

ICICI Bank today launched a center in Bengaluru to provide business solutions exclusively to start-ups and MSME sector, all under one roof.
-Business Line

The SBI has targeted to grow 10%-12% in the current FY, on the back of green shoots of revival in credit demand and better recoveries of loans.
-Economic Times

Axis Bank promoted Axis Trustee Services LTD has become the first trustee to start operations at Gujarat International Financial Tec-City (GIFT) City's International Financial Services Centre (IFSC).
-Business Standard

Fitch Ratings has downgraded the ratings of ICICI Bank and Axis Bank due to ‘challenges’ faced by them and lowering of India’s operating environment. It has downgraded ICICI Bank’s Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-’ and its Viability Rating to ‘bb+’ from ‘bbb-’. The outlook on the IDR is Stable. Fitch has also affirmed ICICI Bank’s Support Rating at 3 and Support Rating Floor at ‘BB+’, it said in a statement late.
-Business Line

Having initiated a crackdown on a suspected coterie of fraudsters in the IL&FS case, the government's financial fraud probe agency SFIO has recommended necessary action against the guilty auditors and also a detailed internal investigation by the RBI to identify reasons for the delay in detecting the lapses.
-Economic Times

The RBI has banned audit firm Batliboi & Co. LLP to conduct audit of commercial bank for one year starting April 1, 2019, due to lapses.
-The Hindu

The Delhi High Court has imposed Rs 10 lakh cost on online insurance aggregator, Policybazaar, for concealing facts to obtain an ex-parte injunction in a trademark infringement case filed by it against an insurance Co.
-Economic Times

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