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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:31 PM - Jun 19, 2019 ( ) Views: 113

An expert committee of the RBI on
MSMEs has suggested doubling
collateral-free loans for these units. This
should be applicable to Micro Units
Development and Refinance Agency
(Mudra) and Self-Help Groups (SHGs),
too, the committee said. -Business Line
Punjab National Bank recovered Rs
20,000 crore of bad loans during the FY
ended March 2019, almost double the
recovery amount in the preceding year,
its Chairman Sunil Mehta has said. -Moneycontrol.com


IndusInd Bank today said 4 July, 2019 will
be the effective date of the merger with
Bharat Financial Inclusion Ltd. M R Rao,
current CEO of BFIL, will become the CEO
of IndusInd Financial Inclusion Ltd. -Livemint
RBI Tuesday fined HDFC Bank Rs 1 crore
for not reporting frauds and
non-compliance with other directions. -Economic Tomes


HDFC today said it will buy a 51.2% stake
in Apollo Hospital Group's joint venture,
Apollo Munich Health Insurance Co for Rs
1,347 crore ($193.40 million). -NDTV
Syndicate Bank is planning to seek legal
advice with respect to the resolution of
its loans to Mumbai Metro One under
the RBI's June 7, 2019 circular, according
to sources privy to the development. The
bank’s Rs 1,928-crore exposure to the
public-private partnership (PPP) is
understood to have been classified as a
NPA in 2018 and it is currently assessing a
restructuring proposal developed by EY
India for the Co. -Financial Express


Federal Bank today announced plans to
raise up to Rs 500 crore by issuing Basel
III-compliant bonds on private placement
basis. -Financial Express


The RBI has fallen short of meeting
tougher requirements set by the Basel III
norms, according to a report by the Basel
Committee on Bank Supervision (BCBS). -Livemint
IDBI Bank has entered a bancassurance
corporate agency agreement with Tata
AIG. This is to provide the general
insurer’s products to the bank’s
customers through its branches. -Business Line


The Finance Ministry is preparing a fresh
proposal for sale of Air India. The
ministry's proposal, to be placed before
Air India Specific Alternative Mechanism,
will also include option of selling either
100% or 76% government stake in Air
India. -Economic Times


The Government will not allow foreign
companies to operate in multi-brand
segment and necessary action will be
taken against people indulging
in predatory pricing, Commerce and
Industry Minister Piyush Goyal said
Wednesday. -Economic Times


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