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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:36 PM - Jun 11, 2019 ( ) Views: 79

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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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