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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:20 PM - Jun 06, 2019 ( ) Views: 108

The RBI today slashed the repo rate , which is its policy rate, by 25 basis points for the third straight time amid growth concerns over domestic growth, uncertain global scenario and a sharp drop in crude oil prices. The repo rate now stands at 5.75%, a 9-year low since July 2010. The central bank also changed its stance to ‘accommodative’ from neutral, suggesting rate hike is off the table now and there could instead be further easing of interest rates. -Economic Times


The RBI said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers. -Business Line


The RBI today said that it will constitute a committee to review the ATM interchange fee structure. In its statement on developmental and regulatory policies, the RBI said that a Committee involving all stakeholders, under the chairmanship of the CEO, IBA will examine the “entire gamut of ATM charges and fees”. -Moneycontrol.com


The RBI today said that it will come out with certain guidelines for the issuance of ‘on tap’ licences to small finance banks in  August 2019. This is aimed at promoting banking facilities for small borrowers and encourage competition. -Business Line


The RBI today said it will create a foreign exchange trading platform for SME exporters and importers. Unveiling its second Bi-monthly Monetary Policy Statement, 2019-20, the Central Bank also decided to widen the ambit of small finance banks and get more players to extend such banking facilities. -Economic Times


The RBI lowered the economic growth forecast for the current fiscal to 7% due
to slowdown in domestic activities and escalation in global trade war. -Business Line


The RBI will issue a new set of guidelines for bad loan resolution, replacing the Feb 12 circular that was quashed by the Supreme Court, "within the next 3-4 days", governor Shaktikanta Das said today. -Business Standard


The RBI is looking into potential internal lapses in monitoring IL&FS and its units after a federal probe agency pointed to oversights that may have played a role in causing the localised debt problem at
the infrastructure financier to snowball into an industry-wide crisis. -Economic Times


In a statement on Wednesday, Indian Bank said its board doesn’t have any such proposal, showing its intent against any such potential merger into OBC should the government ask for its view. “There is no such proposal with the board of the bank,” it said. “The bank has a well-laid out business plan for the next 3 years, with a clear visibility on growth, earnings and asset quality that create significant value for all its stakeholders.” -Financial Express


A large number of PSBs, 14 out of 19, posted a consecutive losses in 2018-19. The 14 public-sector lenders, which included 5 banks, still within the prompt corrective action framework, posted an aggregate loss of Rs 74,277.77 crore for FY19 against Rs 65,723.52 crore in FY18. -Financial Express
Wipro today announced that Azim Premji will be retiring from the Co on July 30. Premji currently serves as the executive chairman and MD of the Co. -Economic Times


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