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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:15 PM - Jun 12, 2019 ( ) Views: 83

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The RBI has set up a committee of experts to reduce prices for customers on ATM transactions, with a broader objective to improve rural penetration of teller machines. The 6-member committee will be headed by IBA chief executive V G Kannan with a specific mandate to review the existing interchange fee and pricing structures, RBI said in a statement today. -Economic Times


The Bimal Jalan panel may recommend transferring up to Rs 3 lakh crore of excess RBI capital to the government and the money should be used for recapitalising struggling PSBs, says a report. The report of the 6-member committee on economic capital framework for RBI headed by former Governor Jalan is likely to submit its report by late this month, according to media reports. -Economic Times


After enhancing the recapitalisation amount for PSBs to Rs 1.06 lakh crore in the last financial year, the Finance Ministry is not in favour of infusing more funds in PSBs so soon, and is unlikely to seek provision for it in the forthcoming Union Budget, an official source said today. "The reviews of their funding needs are usually done in third quarter onwards, so we don't know the assessment as of now," the source said. -NDTV


In a set back to Yes Bank, global rating agency Moody's has placed it under review for a downgrade. “The review for downgrade takes into account Moody's expectation that the ongoing liquidity pressures on Indian finance companies will negatively impact the credit profile of Yes Bank, given the bank's sizeable exposure to weaker companies in the sector," it said in a statement today. -Business Line


Within days of anti-corruption bureau action against J&K Bank, the IT Department today initiated probe into
the alleged irregularities and conducted searches at 10 premises on a business firm of a senior Srinagar municipal corporation functionary, officials said. -Economic Times


Yes Bank’s independent director Mukesh Sabharwal is said to have quit the board of directors, making it the second board level exit in as many days leading to uncertainty ahead of its shareholders meet on Wednesday, said people familiar with the matter. Yes Bank has seen a spate of resignations in the past year amid regulatory glare on its founder Rana Kapoor who was denied another term. -Economic Times


Jammu & Kashmir Bank has now decided to split the CMD post. "The board of directors, in their meeting held on 8th June, 2019, had inter alia recommended splitting of the post of chairman and managing director (CMD) of the bank in compliance to the SEBI regulations and RBI guidelines,” the bank said. -The Hindu


Oriental Bank of Commerce has cuts the MCLR by up to 0.10% for various tenors with effect from June 11. -Moneycontrol.com.


The National Housing Bank (NHB) has  asked deposit-taking housing finance companies (HFCs) to slightly increase their liquid assets, stepping in as some sector players face a liquidity crisis. The NHB, through a notification issued on May 25, has asked HFCs to keep 6.5% of the public deposits in debt-free securities, instead of the 6% limit earlier. -Business Standard


Barrack No 12 of Arthur Road jail may well be renamed as Billionaires’ Barrack if the Centre’s extradition attempts go to plan. The state prisons department has informed the Centre that, if extradited to the country, Nirav Modi will be lodged in Barrack 12 of Arthur Road jail in Mumbai, the same barrack where Vijay Mallya will be lodged in case the former liquor baron is also extradited to India. -Economic Times


Arvind Subramanian, former Chief Economic Adviser, has deduced that India’s economic growth rate has been over estimated by around 2.5% points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP. -Business Line


Claiming investments in post office savings schemes on death of the holder where there is no nomination or legal evidence have been revised. As per the revised rules, in case of death of depositor where nomination is not registered, the authorities are competent to sanction claims without production of legal evidence up to the below mentioned monetary limits. -Economic Times


The Government has removed incentives for export of fresh and chilled onions. Exporters of onion were earlier availing incentives under Merchandise Exports from India Scheme (MEIS) at the rate of 10%. -Business Line


Labour ministry has extended the public utility service status to services engaged in the iron and steel industry under the Industrial Disputes Act, 1947. The Government had earlier granted extension to the iron and steel industry for a period of 6 months, starting from Dec 20, 2018. This has now been extended for another 6 months with effect from June 20, 2019. In case of strike or lockout in respect of industries declared as public utility services, prior notice is compulsory either by employees or by management, respectively to the Government. -Economic Times


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