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FINANCIAL NEWS I A NUTSHELL

Yatheendradas C.k. at 10:36 PM - Jun 25, 2019 ( ) Views: 103

The amount lost in bank frauds of Rs 1 lakh and above has been on a decline since 2016- 17, Parliament was informed today. Banks and select financial institutions reported to RBI that frauds of Rs1 lakh above amounting to Rs 25,884 crore occurred during 2016-17. The amount involved in such frauds in 2017- 18 and 2018-19 stood at Rs 9,866 Cr and Rs 6,735 Cr, respectively, as per a written reply by Finance Minister Nirmala n Sitharaman in Rajya Sabha. -Economic Times


Currency notes in circulation stood at Rs 21.71 lakh crore at May-end 2019, showing an increase of more than 22% over the pre-demonetisation level. As per a written reply given by Finance Minister in thel Rajya Sabha today, the notes in circulation as on Nov 4, 2016 were Rs 17,74,187 crore, which have now increased to Rs 21,71,385 crore as on May 31, 2019. -Economic Times


The Government and the RBI are closely monitoring the rupee exchange rate against the dollar on an on-going basis, Finance Minister said today. The rupee has depreciated from Rs 60.50 to a dollar in 2013-14 to Rs 69.74 to a dollar in April-Dec of 2018- 19, the minister said in a written reply to the Rajya Sabha. -Moneycontrol.com


The RBI today issued a report of the expert committee on MSME. The panel in the detailed report recommended a government-sponsored Fund of Funds (FoF) of Rs 10,000 Cr to support Venture Capitalists or PE firms investing in the MSME sector. It also recommended setting up a distressed asset fund of Rs 5,000 Cr to assist units in clusters where a change in the external environment has led to a large number of MSMEs becoming NPA. -Economic Times


The RBI launched a ‘Complaint Management System (CMS)’, which will enable members of the public to lodge their complaints on its website against any of the regulated entities with public interface such as commercial banks, urban co-operative banks, and non-banking financial companies, among others. The system will be accessible on desktop as well as on mobile devices. -Business Line
Higher recoveries and slowdown in fresh bad loans are likely to reduce banks NPAs to nearly 8% by March 2020, Crisil said in a note. NPA in the banking system had peaked at 11.5% in March 2018 and then declined to 9.3% in March 2019. -Business Line


Bank customers are increasingly getting comfortable making payments through debit cards on swipe machines at kirana stores and local retail outlets. Latest data from the RBI show that over a third of all debit card transactions were made at point of sale(PoS) terminals in April this year for the first time since demonetisation. -Economic Times


ICICI Bank today said it aimed to grow its retail loan disbursement in Kerala by over 20% to Rs 3,100 crore in FY20. The bank planned to achieve this growth by rapidly expanding disbursement of consumer loans and mortgage loans, the two main pillars of retail loans, its Executive Director Anup Bagchi said. -Business Line
Corporation Bank will bankroll 340 km Purvanchal Expressway, one of the flagship infrastructure projects of the Government in UP, with advances of Rs 1,000 crore. So far, the state has already tied up with financial institutions, including Corporation Bank and Punjab National Bank, for loans totalling Rs 8,800 crore. -Business Standard


LIC has sold over 5.25 crore shares, representing about 2% stake, of Axis Bank through open market transaction.  With the sale of these shares, stake of LIC in the bank has now come down to 10.2% from 12.21% earlier, as per the BSE filing by Axis Bank. -Livemint


Federal Bank plans to double its business to ₹5-lakh crore in the next 4 years by stepping up focus on lending to MSME, retail, and agriculture sectors, Shyam Srinivasan, MD and CEO, Federal Bank, said. -Business Line
The National Housing Bank’s (NHB) new framework for housing finance companies (HFCs) will structurally
strengthen the sector and increase investor confidence at a time of liquidity stress among non-banks, according to credit rating agency Crisil. -BusIness Line


Mehul Choksi may extradited to India after Antigua’s Prime Minister Gaston Browne said his citizenship will be revoked by the Caribbean country after he exhausts all his legal options, according to a media report. Mehul Choksi and his nephew Nirav Modi, who is currently in a London jail, are wanted by the Enforcement Directorate (ED) and the CBI for allegedly defrauding the Punjab National Bank (PNB) to the tune
of ₹13,400 crore. -Business Line


Bajaj Allianz Life Insurance Co plans to get into ‘health and fitness’ and ‘pension’ products in a big way after a survey conducted by the insurer threw up retirement, fitness, and health among the key life goals of Indians, a top Co official said, Tarun Chugh, MD & CEO told. -Business Line


A day after the RBI announced resignation of deputy governor Viral Acharya, the central bank's employees association has called for a collegium of experts to select new governor and deputy governors so as to ensure autonomy of the central bank. -Economic Times


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