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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:10 PM - Jun 27, 2019 ( ) Views: 107

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In a bid to promote MSME sector, the Government today asked banks to appoint a general manager-level official to resolve the problems being faced by micro and medium enterprises which contribute significantly towards employment generation and exports. -Economic Times


Finance Minister Nirmala Sitharaman today said she is looking into demands of MPs from southern states such as Karnataka for conducting bank recruitment exams in local language as well. -Livemint


The RBI has appealed to members of the public not to give credence to rumours regarding the genuineness of coins of 50 paise, ₹1, ₹2, ₹5 and ₹10 denomination of various sizes, theme and design. It asked them to continue to accept these coins as legal tender in all their transactions without any hesitation. -Business Line


Arun Kumar Panda, Secretary, Ministry of MSMEs, while speaking to the occasion of the World MSME day, reiterated the Government's resolve in bringing more MSME players into the formal fold. -Economic Times
Union Finance ministry has demanded the social security and pension fund cuts the 8.65% annual return it was planning to offer about 85 million member workers, according to a ministry memorandum. EPFO, which is administered by the labour ministry, announced just before the recent April-May general election that it would pay the rate for the last FY ending March 31, 2019, up from 8.55% in the previous year. -Economic Times


The Government is not keen to provide any additional capital to IDBI Bank, which requires around Rs 7,000 crore to meet regulatory requirements and enhance its lending book. The bank has indicated that it will need this money in the current fiscal itself, according to officials aware of the development. -Business Standard
Canara Bank GM Sarada Kumar Hota has been appointed as the MD of the National Housing Bank (NHB), the finance ministry said. -Economic Times


Axis Bank is considering raising at least $1.3 billion through a share sale to institutional investors, according to the sources, as the bank seeks to bolster capital ratios and expand lending  capacity. The bank is talking to potential advisers about the fundraising, sources said. -Business Line


In a fresh hit for the IL& FS, HSBC has issued a notice to the former's arm ITNL Offshore (P) LTD asking it to pay 1 billion Chinese Yuan ($145 million). -Economic Times


The Switzerland authorities today froze 4 bank accounts of Nirav Modi and his sister Purvi Modi, on Enforcement Directorate’s request. The official statement said the accounts, at present, have deposits totalling ₹283.16 crore and they have been frozen on the request of the Enforcement Directorate after it informed Switzerland authorities that the money kept in them are “proceeds of crime” of a bank fraud perpetrated by the duo. -Business Line


Nirav Modi, was today further remanded to judicial custody until July 25. Judge Jonathan Radway presided over the short remand hearing at Westminster Magistrates' Court via videolink from Wandsworth prison and re-confirmed July 29 as the date for the next case. -Economic Times


The Government has proposed to enhance the wage ceiling for dependent parents to become eligible for coverage under the ESI scheme. As per draft notification, the income limit for availing medical benefit for the dependent parents of an insured person covered under ESI Scheme has been proposed to increase from the existing Rs 5000 per month from all sources to Rs 9000 per month. -Economic Time


US President Donald Trump today demanded India withdraw retaliatory tariffs imposed by New Delhi this month, calling the duties “unacceptable” in a stern message that signals trade ties  between the two countries are fast deteriorating. -Business Line


The SEBI today tightened disclosure norms for promoter share pledges, imposed royalty payment rules on companies and lowered sectoral cap on liquid mutual funds. The SEBI’s board, which met in Mumbai today, also approved a framework for issuance of shares with differential voting rights (DVRs) for tech startups keen on listing on Indian bourses. -Economic Times


WhatsApp has set up data storage  facilities within India for its payments business, according to people in the know, paving the way for a full fledged commercial launch of digital payment services by the messaging app. -Economic Times


The Government has setup a working group under Niti Aayog member Ramesh Chand to revise the current series of Wholesale Price Index (WPI) with base 2011-12 and a new Producer Price Index (PPI). -Economic Times


India is considering developing and using a chat application similar to WhatsApp  and other homegrown secure communication networks, at least for government agencies, to insulate the country from future vulnerabilities stemming from geopolitical developments, two officials said. -Economic Times


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