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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:31 PM - Jun 28, 2019 ( ) Views: 165

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The Govt has no proposal to increase the amount provided under the Pradhan Mantri Awaas Yojana, the Minister for Rural Development
informed the Rajya Sabha today.
-Economic Times

India’s financial system remains stable against the backdrop of improving resilience of the banking sector, even though the emerging trends in global economic as also geopolitical environment pose challenges, the RBI said.
-Business Line

The RBI is reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report.
-Livemint

The RBI today set an average base rate of 9.18% for non-banking financial companies and micro finance institutions to be charged from their customers for the quarter beginning July 1. “The applicable average base rate to be charged by non-banking financial companies and micro finance institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2019 will be
9.18%” RBI said in a release.
-Business Line

In a staggering revelation indicating that Indian banks have been under-reporting frauds. The Data released by the RBI in its latest edition of the Financial Stability Report, suggests that nearly 40% of the under-reported frauds actually took place in 3 years between 2013 to 2016.
-Economic Times

Gross NPAs of NBFCs have risen from 5.8% in 2017 -18 to 6.6% of their loans in 2018-19 even as net NPAs declined by 10 basis points from 3.8 to 3.7 per cent in the same period, the RBI’s Financial Stability Report has said.
 -Business Standard

After taking a hit on account of loans to IL&Fs, Bandhan Bank will stay away from big corporate loans, and will remain focused on micro-loans in the short term, C S Ghosh, MD & CEO of the bank said.
-Business Standard

IndusInd Bank has now become 2.58% owner of micro -finance firm Satin Creditcare following allotment of 13.43 lakh equities against  preference shares.
-Economic Times

United Bank of India is targeting an NPA recovery of around Rs 4,000 crore in the 2019-20 fiscal on the back of a one-time settlement (OTS) scheme, a top official said. In the April-June quarter, the bank is expecting a recovery of Rs 300-400 crore, which would mainly accrue from the retailing sector, MD and CEO Ashok Kumar Pradhan said.
-Business Line

As per latest NPCI data, 33.5 million transactions worth Rs 9,000 crore happened over micro ATMs in May. The Aadhar-Enabled Payments Channel (AEPS), which falls under the broader category of micro-ATMs, has emerged as one of the fastest growing payments systems in the country, second only to the UPI system in terms of annual volume growth.
-Economic Times

The SBI today revealed the names of 10 new big-ticket firms from the pharmaceuticals, gems and jewellery and power sectors and also their top officials as it declared them 'wilful defaulters'. Mostly based in Mumbai, the outstandings from these loan defaulters are pegged at nearly 1,500 crore, and they have been served repeated reminders to clear their borrowings.
-Livemint

Bank of Maharashtra said it will raise up to Rs 3,000 crore equity capital through various modes, including follow-on public offer or preferential issuance of shares. The decision was taken at the bank's annual general meeting held on June 27, 2019.
-Moneycontrol.com

SIDBI has committed Rs 3,123.2 crore to 49 SEBI registered Alternative Investment Funds (AIFs), who in turn have invested Rs 1,625.73 crore into 247  startups, commerce and industry minister Piyush Goyal said today.
-Economic Times

In a first-of-its-kind initiative, a Jet Airways Employee Consortium and  AdiGroup  today announced a partnership to bid for 75% of the airline through the NCLT process, members of the consortium said.
-Economic Times

Union Minister for MSME Nitin Gadkari said that his vision is to increase MSMEs contribution to India’s GDP to over 50% from the current 29% and that for the Indian economy to scale the $5 trillion mark
-Economic Times

PM Modi and US President Donald Trump  today "aired" their concerns over the bilateral trade disputes and agreed for an early meeting of their commerce ministers to sort out the issues, a day after the US leader demanded withdrawal of the "very high" tariffs levied by India on American goods.
-Economic Times

India has received USD 1.81 billion  FDI from China during April 2014 to March 2019, Parliament was informed Friday.
-Economic Times

India's foreign exchange reserve touched a life-time high of $426.42 billion after it surged by $4.215 billion in the week to June 21, RBI data showed. Forex reserves had scaled a record high of $426.028 billion in the week to April 13, 2018.
-Livemint

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