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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 09:56 PM - Jun 18, 2019 ( ) Views: 107

Amid a slowing economy and a crisis in the shadow banking sector, Prime Minister is likely to meet chief executives of Indian banks on June 21 to chalk out a blueprint for the banking sector for the next 5 years. According to the bankers, they have been informed about the meeting, though a formal communication is yet to be received. -The Hindu


The Central Government has set the ball rolling for providing capital support to regional rural banks, indicating its urgency to address the credit gaps at the grassroots. RRBs are facing fresh stress, putting them into risk of eroding capital and ability to lend to the sector which needs attention the most amid farm distress. People familiar with the development told that these banks have been asked to make finalisation of their accounts a priority and complete statutory audit so that their capital requirement can be assessed soon. -Economic Times
The RBI will examine concerns around its strict data localisation rules that require storing of customer data exclusively in India without creating mirror sites overseas, the Central Government said today. The RBI, in April last year, asked payment firms to ensure their data are stored exclusively on local servers, setting a tight 6-month deadline for compliance. -Business Line


The RBI today set up an 8-member expert committee under the leadership of former chairman of SEBI UK Sinha to review the current framework for the MSME sector. The committee will suggest long-term solutions for the economic and financial sustainability of the MSMEs, RBI said in a statement, adding the panel will submit the report by the end of June. -Moneycontrol.com


RBI Governor Shaktikanta Das expects a reversal of the current weaknesses in some of the indicators in the economy  following the end of political uncertainty associated with the election season and continuation of economic reforms. -Business Line


The consortium of 26 banks led by SBI today took the grounded Jet Airways to the NCLT to recover their dues of over Rs 8,500 crore. The tribunal will hear the matter Wednesday. -Economic Times
Axis Bank has set a target of achieving 18% Return on Equity (ROE) on sustainable basis as cost of funds is on decline. The ROE of the bank stood at 8.09% at the end of March 2019. -Moneycontrol.com


Bandhan Bank on June 17 said it has slashed the interest rate on micro loans by 70 basis points. The revised rate will be applicable to new disbursements from June 18, the bank said in a statement. -Moneycontrol.com
Canara Bank, as part of ‘Go Green’ initiative, has installed and commissioned 50 KWp rooftop solar power plant at its Corporate Office in Bengaluru. With the intention to take forward the initiative to the next level, the bank now plans to set up similar rooftop solar power plants at all of its  properties spread across the country. -Business Line


India Ratings and Research (Ind-Ra) has downgraded Punjab National Bank's additional tier I (AT1) perpetual bonds worth Rs 6,750 crore by one notch to A/negative outlook from A+/negative. However, the rating agency has affirmed the bank's overall long-term issuer rating at AA+ and the short-term issuer rating at A1+. -NDTV
Debt-ridden Reliance Communications (RCom) owes Rs 57,382.5 crore to debtors, including new entities, with the Interim Resolution Professional (IRP) admitting claims worth Rs 49,223.88 crore. The Co’s Chinese lenders - China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China – have claimed a total of Rs 15,053.23 crore from the Co, while claims worth Rs 8,158.62 crore are “under verification”, RCom said in a regulatory filing. -Business Line


FacebookInc revealed plans today to launch a cryptocurrency called Libra. Facebook has linked with 28 partners in a Geneva-based entity called the Libra Association, which will govern its new digital coin set to launch in the first half of 2020, according to marketing materials and interviews with executives. -Economic Times


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