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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:24 PM - Jul 17, 2019 ( ) Views: 102

The Government today cleared the introduction of 7 amendments to the Insolvency and Bankruptcy Code (IBC) in the Parliament, including raising maximum resolution time frame limit to 330 days from the current 270 days. Accordingly, the Government is now expected to introduce the IBC (Amendment) Bill, 2019.
-Economic Times

The Bimal Jalan committee, constituted to assess the optimum size of capital reserves that the RBI  should hold, today finalised its report, sources said. The RBI should transfer its surplus cash to the Govt over the next 3-5 year period, Jalan Committee is believed to have recommended in its report.
-Economic Times

Punjab & Sind Bank said today, it has reported a 2.38 billion rupee ($34.58 million) fraud to the RBI, relating to allegations of diversion of funds by the indebted Bhushan Power & Steel Ltd.
-Economic Times

Yes Bank today reported a slump of over 92.4% in its consolidated net profit to ₹95.56 crore in the first quarter ended June this fiscal. The bank had reported a net profit of ₹1,265.67 crore in the April-June quarter of the previous fiscal ended March 2018.
-Business Line

ICICI Bank today announced the launch of a new digital platform targeted at MSMEs and self- employed customers to enable them to undertake their business banking transactions digitally and instantly. The platform called InstaBIZ offers over 115 products and services online through the mobile and internet banking channel.
-Business Line

Dhanlaxmi Bank today reported a net profit of ₹19.84 crore for the first quarter of fiscal year 2019- 20. The bank had posted a net loss of ₹45 crore in the same period of 2018-19.
-Business Line

The NCLAT today directed IDBI Bank, the lead lender of debt-ridden Jaypee Infratech, to file an affidavit listing out new terms and conditions if a fresh round of bidding is conducted
-Economic Times

Bank of Baroda is planning to bolster its capital base by raising up to ₹ 13,000 Cr by Dec to support a 15% business growth and maintain a capital adequacy ratio, that is 1% above the regulatory minimum
-Business Line

DCB Bank has reported a 16.63% increase in net profit at ₹81.06 crore for the first quarter of the fiscal, with net interest income witnessing a robust growth. The bank had registered a profit of ₹69.50 crore in the year-ago period.
-Business Line

The Payments Council of India, an industry body that represents non banking payments service providers (PSPs), is seeking compensation from the Govt for losses incurred while processing online payments, in its attempt to escalate the debate on “zero” charges on digital payments.
-Economic Times

The IRDAI has tweaked some of the key norms pertaining to life insurance products. As per the Gazette notification, issued by the regulatory, the minimum death benefit in the non-linked policy has been decreased from 10 times to seven times. In the non-linked policy, policyholders will get a fixed amount if the policy is surrendered after two years. The revival period for this policy has been increased from 2 years to 5 years.
-Business Line

The Government today extended the 15th Finance Commission's term by a month till Nov 30, an official statement said.
-Economic Times

Wipro's net profit rose 12.6% to Rs 2,388 crore for the first quarter on a year on year basis. Revenues grew 5.3% to Rs 14,716 crore for the same period.
-Business Line

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