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FINANCIAL NEWS IN A NU SHELL

Yatheendradas C.k. at 10:37 PM - Jun 05, 2019 ( ) Views: 102

The Govt has strongly refuted claims of a spike in bank frauds in recent times and said it has already taken steps to address laxity in the banking system through comprehensive reforms. The finance ministry’s statement, comes in response to reports citing recent RBI data that over 6,800 cases of bank fraud involving Rs 71,500 crore have been reported in 2018-19 “The fact is that this data is by the year of reporting and not the year of occurrence of the fraud or sanction of loan, letter of undertaking etc., which in many cases is of an earlier period,” the finance ministry’s statement noted.
-Economic Times

Finance Minister Nirmala Sitharaman will attend the 2-day meeting of G-20 Finance Ministers and central bank governors in Japan beginning June 8, said a Govt official.
-Business Line

A high-level Nandan Nilekani-led panel has suggested the RBI rope in local business correspondents and local retail stores to act as cash points in semi-urban centres. With banks already cutting down on their ATM deployment, such a model may replace teller machines as the primary source of cash in semiurban centres, say bankers and industry experts.
-Economic Times

With a heavy mandate to push reforms, the Central Govt may soon kick-start the next phase of consolidation in the PSBs with an amalgamation of 3 lenders — Oriental Bank of Commerce (OBC), Indian Bank and Corporation Bank. Banking sources told that OBC has sought the finance ministry’s approval to combine with Indian Bank and Corporation Bank. The ministry will consider OBC’s proposal and take a view soon, one of the sources said. However, there is no formal announcement from the finance ministry on the matter yet.Another source said the Govt may infuse 40,000-50,000 crore into PSBs this fiscal, having already provided 1,06,000 Cr in FY 19.
-Financial Express

The RBI has said that the decline in usage of cheques in India has been the lowest among 21 countries that include advanced economy nations, Asian countries and BRICS where payment systems are “considered robust, diverse and efficient.” Turkey remained the only country following India that saw cut in its cheque volume lower than India — at a compound annual growth rate (CAGR) of -1% during 2012- 17, RBI said in the report.
-Financial Express 

Dighi Port LTD (borrower), Vishal Vijay Kalantri (director and guarantor) and Vijay Goverdhandas Kalantri, (director and guarantor) in Mumbai have been declared a “wilful defaulter” by the Bank of Baroda. They owe approximately Rs 3,334 crore to a consortium of 16 Indian banks led by Bank of India, for loans given to develop the port. Kalantri also heads Balaji Infra Projects, which is developing the port, and he is the Honorary Consul of the Consulate of Uzbekistan in India.
-Economic Times

Bank of India has put up 55 NPA accounts for sale, as part of its plans to sell Rs 30,000 crore of bad debts in the current FY.
-Business Standard

Allahabad Bank, which posted a loss of Rs 8,334 crore last fiscal, hopes to return in the black going forward on the back of tight recovery mechanism and arrest of fresh slippages, according to its annual report 2018-19.
-Business Line

Syndicate Bank’s efforts to increase growth in rural and semi-business branches has finally paid off with both deposits and advances growing substantially. “Business in our semi-urban and rural branches, which today constitute roughly about 64 per cent of the bank’s branch network, was significantly better compared to the metro and urban branches,” said Mrutyunjay Mahapatra, MD & CEO.
-Business Line

The manufacturing sector’s performance failed to enthuse the service sector after the Purchasing Manager's Index (PMI) for services in May dropped to 50.2 as against 51 in April. This is the weakest expansion in a year. If the index is on or above 50, it implies that there is an expansion, while a score that is below 50 denotes contraction.
-Business Line

Prime Minister  today constituted 2 new Cabinet committees under his chairmanship to spur economic growth and investment and employment. The 5-member Cabinet Committee on Investment and Growth includes Home Minister, Finance Minister, Road Transport and Highways and of MSME Minister & Railway Minister Piyush Goyal. Another 10-member Cabinet Committee on Employment and Skill Development has also been formed.
-Economic Times

A rate cut by the  RBI in the second bi-monthly monetary policy statement for 2019-20 is unlikely to stimulate demand in the near term due to the absence of quick resonance in the financial market, India Ratings said in a- report.
-Financial Express

L&T Financial Services’ (LTFS) ‘Digital Sakhi’, an educational programme aimed at digital financial inclusion of rural women, was launched in 20 villages of Villupuram district in Tamil Nadu.
-Business Line

Confederation of Indian Industry (CII) has launched a Fiscal Performance Index (FPI) to assess state and central budgets. The Index incorporates qualitative assessments of revenue expenditure, capital expenditure, revenues, fiscal prudence and the level of public debt arrive at a more holistic picture of fiscal performance than the fiscal deficit to GDP ratio according to the CII.
-Economic Times

Female employees of LIC will now get three more months of maternity leave during their service period. According to the revised rules for maternity leaves notified by the Finance Ministry, an employee will get a maximum of 15 months of maternity leave during her service period. According to the notification, the maternity leave may be granted for a period which may extend up to 6 months at a stretch, subject to a maximum of 15 months during the entire period of the employee’s service.


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