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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:01 PM - Aug 09, 2019 ( ) Views: 83

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Finance Minister Nirmala Sitharaman today assured industry leaders that the RBI and the Govt are on the "same page" and making efforts to boost the economy.
-Moneycontrol.com

The Delhi High Court today rapped the RBI for its "callous", "careless" and "negligent" attitude in not filing a response, from Feb till date, to a PIL seeking to stop banks from sharing the PAN and financial transaction data of clients with credit rating agencies without the customers' formal consent. The bench directed the deputy governor of the RBI to be personally present before it on Oct 11, the next date of hearing, if no response and "vakalatnama" were filed on the bank's behalf by then.
-Economic Times

In a bid to develop a deep and liquid onshore foreign exchange market, a RBI panel has recommended that onshore market hours may be suitably extended to match the flexibility provided by the offshore market. This is aimed at incentivising non-residents to hedge in the onshore market.
-Business Line

Andhra Bank announced a cut in the MCLR by 25 basis points across all 5 tenors- overnight, 1 month, 3 months, 6 months and 1 year.
-Economic Times

Bank of Maharashtra and IDBI Bank have cut their MCLR across select tenors by 10 basis points (bps) and 5-15 bps, respectively.
-Business Line

To pass on the benefit of reduction in interest rates effected by the RBI, Canara Bank has cut its MCLR by 10 basis points across all tenors, effective from Aug 7. With this revision, the Bank has cumulatively reduced its MCLR by 20 bps during the last 6 months and thus, 1-year MCLR has come down to 8.50% per annum from 8.70% earlier.
-Business Standard

Indian Bank today signed a corporate agency agreement with Cholamandalam MS General Insurance Co for distribution of its insurance products to bank customers.
-Business Line

DBS Bank India has tied up with technology business incubator Social Alpha to mentor enterprises that focus on sectors such as inclusion, healthcare, and environment. DBS Bank will also give an annual programme grant of ₹1 crore.
-Business Line

Axis Bank has settled a case related to alleged violation of debenture trustee norms with SEBI, after paying₹2.43 crore towards settlement charges. The adjudication proceedings against Axis Bank were initiated after the regulator sent a show cause notice in June 2018 on observing violations of debenture trustee regulations.
-Livemint

RBL Bank and digital healthcare platform Practo have partnered to launch an industry first co-branded health credit card. This credit card is powered by Mastercard.
-Livemint

NCLT today rejected an appeal by the auditors of IL&FS, challenging the court's jurisdiction to ban them for alleged abetment of financial fraud. The Govt has asked for a 5-year ban on Deloitte Haskins & Sells LLP and a  KPMG  affiliate for allegedly aiding and abetting a financial fraud at IFIN, a unit of IL&FS.
-Economic Times

Industrial production growth dropped to 2% in June, mainly on account of poor show by mining & manufacturing sectors, according to official data released on August 9.
-The Hindu

Shares of YES Bank turned volatile, falling 12% from intra-day high tiday, after the bank announced opening of the qualified institutional placement (QIP) issue on Thursday.
-Business Standard

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