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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:31 PM - Jun 14, 2019 ( ) Views: 79

The fifth Governing Council meeting of the NITI Aayog will be chaired by Prime Minister and will be held at the Rashtrapati Bhavan on June 15. Water, drought and relief, and transforming agriculture are some of the items on the agenda.
-Business Line

The Govt, on Thursday, reduced the contribution under the  ESI Act from from 6.5% to 4% which it claimed will benefit 3.6 crore workers and 12.85 lakh employers. Trade unions have condemned Govt's move to reduce ESI contribution  saying it will benefit employers and make it difficult for ESIC to meet the social security obligation. While the CITU says it is in gross violation of the decision of the tripartite governing body of ESI and would lead to benefits up to Rs 10,000 crore to the employers, the AITUC  said the reasons cited for this decision are patently false, as inspection for coverage has been abolished.
-Econonic Times

The RBI said said it will infuse ₹ 12,500 Cr into the financial system through bond purchases on June 20. The decision has taken based on a review of the evolving liquidity conditions and assessment of the durable liquidity needs going forward, the central bank said in a statement.
-The Hindu

Responding to an RTI filed by Pune-based activist, the SBI has refused to disclose any communication it received from the government or the RBI on electoral bonds, terming it “personal information” and held in “fiduciary capacity”.
-Business Line

Amid the growing fears of defaults by NBFCs, SBI  today said it will continue to funds to the sector as it feels the problems facing the industry are not very grave and system-wide.
-Economic Times

Corporation Bank  today said it has reduced MCLR for 1-year tenor loan by five basis points to 8.85%.
-Business Line

HDFC said it has sold over 4.22% stake in subsidiary Gruh Finance Ltd, which is proposed to be amalgamated with Bandhan Bank for ₹ 899.43 crore.
-Business Line

The boards of IndusInd Bank  and Bharat Financial Inclusion could meet next week, hopefully, to complete the formalities of the proposed merger, said Romesh Sobti, MD & CEO of IndusInd Bank, adding that the June-quarter results will include consolidated financial statements of the two banks.
-Moneycontrol.com

Wholesale price-based inflation slipped to 22-month low at 2.45% in May helped by falling prices of food articles, fuel and power items, according to an official data released today. The WPI-based inflation was at 3.07% in April.
-Business Line 

India has decided to impose retaliatory duties on 29 items imported from the US including apples, walnuts and chemicals worth over $200 million, according to a Govt official. These duties are in response to penal duties imposed on Indian aluminium and steel at 10% and 25% respectively by Washington last year.
-Business Line

IndusInd Bank has lost an over Rs 9,000 Cr market capitalisation (market-cap) in the past 2 trading days after foreign brokerage UBS downgraded the stock to ‘sell’ from ‘neutral’ on expectations of higher credit costs. Shares of the bank were down 5% at Rs 1,412 today, falling 10% in 2 days.
-Business Standard

USD/INR 69.79
SENSEX 39452.07
NIFTY50 11823.30


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