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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:14 PM - Jul 10, 2019 ( ) Views: 91

The Government is in favour of banks lowering their interest rate spreads which would help reduce the cost of capital and boost the economy, India’s principal economic advisor Sanjeev Sanyal said. -Economic Times


The SBI has been found flouting several rules in its attempt to cover up NPAs, according to the RBI's annual inspection report. The report said that the SBI, among several banks from 2012 to 2015, was found to be flouting anti-money laundering rules, engaging in 'evergreening' of loans, suppression of data and sidestepping KYC norms, as reported by Moneylife. -Economic Times


Deposits in bank accounts opened under the Jan Dhan scheme, launched about 5 years ago by the Central Government, have crossed the Rs 1 lakh crore mark. According to the latest Finance Ministry data, the total balance in over 36.06 crore PMJDY accounts was at Rs 1,00,495.94 crore as on July 3. The deposits in the accounts of the beneficiaries, which has been steadily rising, was Rs 99,649.84 crore on June 6 and Rs 99,232.71 crore in the week before. -Business Line


Stake sale by PSBs in their insurance entities is facing valuation hurdles even as they have been asked by the finance ministry to de-focus on non-core investment.Banks like Allahabad Bank, Andhra Bank, Bank of India, Indian Overseas Bank and Oriental Bank of Commerce are some of the PSU entities looking to exit their joint ventures. -Moneycontrol.com


Just 448 entities withdrew over ₹ 100 crore each taking the cumulative withdrawal to ₹ 5.56 lakh crore in cash from bank accounts in one year, prompting the government to clamp down with a TDS on withdrawals of more than ₹ 1 crore. Almost 2 lakh individuals and business entities withdrew more than ₹ 1 crore in cash from bank accounts in 2017-18, official data showed. -Business Line


The NABARD sees a trend of consolidation in the rural financial institutions space this fiscal and the number of RRBs may shrink further to 38 from 45 at present. Also, some States have initiated the merger of district central co-operative banks with State co-operative banks. It is also laying the foundations for ushering in a risk-based supervision (RBS) regime for RRBs. -Business Line
Oriental Bank of Commerce has cut the MCLR by up to 10 basis points (bps) for various tenors with effect from Thursday. MCLR for overnight and 1-month loan tenor has been reduced by 10 bps to 8.20% and 8.25%, respectively. -Business Line


Private sector lenders are fast becoming the lead bankers to large corporate groups as PSBs continue to struggle with issues of their own, says a report by the advisory firm Greenwich Associates. -Economic Times


HDFC Ltd will raise up to Rs 3,000 crore by issuing bonds on a private placement basis to shore up its long-term capital needs. The 'HDFC Series V-006 11th July, 2014' secured redeemable non- convertible debentures will have an issue size of Rs 2,000 crore with an option to retain oversubscription up to Rs 3,000 crore, HDFC said in a regulatory filing. -Moneycontrol.com


Bengaluru-based Fincare Small Finance Bank plans to hit the stock markets by mid- 2020 with its Rs 1,200-crore IPO, said people aware of the development. 4 merchant bankers - ICICI Securities, Nomura India, IIFL and Axis Bank - have been hired for the initial share sale. -Economic Times


A probe commissioned by SBI has flagged transactions worth Rs 5,500 crore in the books of Reliance Communications and 2 other Anil Ambani-led Reliance bGroup entities for further investigation, people with direct knowledge of the matter told. -Economic Times


Deutsche Bank’s move to lay off employees across its global operations has seen an impact closer home. An unknown number of employees from its Bengaluru operations are known to have received pink slips on Monday. The German multinational investment bank and financial services company plans to shut its equity trading businesses in the Asia-Pacific region, and, according to wire sources, will be laying off about 18,000 employees across the world. -Economic Times


The Union Cabinet today approved a bill that seeks to merge 13 Central Labour laws into a single code which would apply on all establishments employing 10 or more workers. The proposed Code on Occupational Safety, Health and Working Conditions Bill, 2019, would enhance the coverage of workers manifold, an official release said. -Economic Times


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