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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:20 PM - Jun 17, 2019 ( ) Views: 142

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The Ministry of Corporate Affairs is expected to move court for freezing the bank accounts and properties of some of the past directors of IL&FS group.The ministry would soon apply before the NCLT to widen the net in the IL&FS probe, said persons familiar with the matter. -Economic Times


Communication will continue to remain a key tool in the RBI’s arsenal to manage financial stability, governor Shaktikanta Das said. “From the perspective of the RBI, we will continue to focus on effective communication and coordination with all stakeholders to achieve broader macroeconomic
objectives of price stability, growth and financial stability,” Governor Das said. -Business Standard


India is considering selling controlling stakes in some of the smaller PSBs in a bid to raise funds to boost spending on programs for the poor, people with knowledge of the matter said. The details are still being worked out and, if approved, it could be included in the budget to be unveiled on July 5, the people said. -Business Line


Private sector banks are offering higher rates on deposits compared with their
public sector peers that traditionally have a higher share of domestic savings. The weighted average deposit rate for private lenders is 51 basis points higher than stateowned lenders with the differential hitting a six-year high. This implies that the competition to garner deposits is likely to heat up further for state-run banks, which may be sluggish in passing on rate-cut benefits. -Economic Times


ICICI Bank today approached the NCLAT, seeking a direction to expedite the hearing on its insolvency petition against Jaypee group firm Jaiprakash Associates Ltd. -Economic Times


Lenders to Jet Airways today decided to drag the airline to NCLT after failing to find an investor. A meeting of lenders was held to consider the way forward in respect of Jet Airways. Lenders led by SBI have been taking efforts to find a resolution for Jet Airways outside the IBC. -Business Line


Yes Bank plans to raise $1.2 billion over 18 months to bolster its capital buffer through a mix of public and private share sales, CEO Ravneet Gill said. -Livemint


Canara Bank is raising Rs 6,000 crore through a qualified institutional placement (QIP) and has invited bids to hire 5 merchant bankers for the process. Canara Bank's equity capital as on 31 March 2019 was Rs 753.24 crore, of which the government held 70.62% and the public held the balance 29.38%. -Moneycontrol.com


Fitch today lowered India’s growth forecast to 6.6% for the current fiscal from 6.8% projected earlier, as manufacturing and agriculture sectors showed signs of slowing down over the past year. In its latest Global Economic Outlook, the global rating agency retained its GDP growth forecast for the
next fiscal (2020-21) at 7.1% and 7.0% for 2021-22. -Business Line


The Asian Development Bank (ADB) has approved a project worth Rs 1,650 crore to develop infrastructure in 7 district headquarter towns of Tripura, a senior official has said. -Business Line


Facebook is set, on Tuesday, to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of Governments and financial giants. The FB is expected to outline details of a virtual currency  launching next year that it hopes will avoid the rollercoaster volatility of “blockchain” technologies such as bitcoin. -Business Line


According to the Randstad Employer Brand Research 2019, released today, Amazon India is the most attractive employer brand in the country followed by Microsoft India and Sony India. Others in top 10 include Mercedes-Benz at 4th position, IBM (5th), Larsen & Toubro (6th), Nestle (7th), Infosys (8th), Samsung (9th) and Dell (10th). -Economic Times


Restructuring of the $ 216-million loan given by the World Bank for Phase II of the WB-funded Kerala State Transport Project (KSTP) has been expedited to make available $ 45 million for the upgrade of 300 km of road damaged in last year’s floods. The World Bank has agreed in principle to restructure the loan to make available $ 19 million to the Local Self-Government Department, $ 23 million to the Public Works Department and $3 million as technical assistance. -The Hindu


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