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Yatheendradas C.k. at 10:08 PM - Sep 10, 2019 ( ) Views: 74


Amid the economic slowdown indicating further worsening of demand and investment, FM Nirmala Sitharaman today shrugged off questions on the GDP growth declining in the first quarter, saying the ups and down are part of the growth process and the Government is responding to the current economic challenges to revive demand and consumption in the country. She said a dip in the GDP is part of the growth cycle and the Government is conscious that it has to respond. The Q1 GDP growth has fallen to 5%, slowest in 6 years. Growth is down compared to the 8% that the Indian economy hit one year ago in Q1 FY 19. -Economic Times

The Centre’s holdings in PSU Banks have seen a steep Rs 1.6 lakh crore erosion in value over the past 5 years, even as it pumped in a massive Rs 2.5 lakh crore of capital into these banks. But aside from costing the Centre dearly, the huge capital infusion has also led to a peculiar situation. Over the past 5 years, the stake of the government  in many PSU Banks has shot up from 60-70% to over 90%. -Business Line

The RBI has alerted all banks of instances where ‘intermediary’ or transitory accounts in banks have been misused to hide bad loans or mask money laundering. The RBI has directed banks to carry out internal review of such unauthorised transactions and submit their findings by Oct. -Economic Times

SBI is “examining” a proposal from the National Highways Authority of India to lend as much as ₹ 35,000 crore through securitisation of toll receipts to part-fund highway projects this year, Chairman Rajnish Kumar has said. -Business Line

On the heels of the big-bang merger announcement involving Punjab National Bank, Oriental Bank of Commerce and United Bank of India, the management of PNB has now embarked on a massive drive
to engage banking industry experts as consultants and advisors to ensure that the 3-way amalgamation proceeds smoothly. External consultants and advisors will be engaged in as many as 21 banking domain areas, said sources. Such consultants and advisors will be responsible for steering the bank in facing the issues that may arise during the course of amalgamation, they added. -Business Line

SBI and Bank of Baroda are looking outside their ranks to hire nearly 500 people for specialist roles, ranging from information technology to managing the small business segment. While SBI will hire 477 candidates for Information Technology roles, Bank of Baroda will hire 15 sector specialists to market its MSME products, two separate newspaper advertisements today showed. -Livemint

Axis Bank is focussing on rural markets as part of a strategy to deepen its retail business, said Pralay Mondal, Executive Director. -Business Line

IDBI Bank is planning to launch a co-branded credit card, which will be marketed to customers, agents, and employees of the corporation and its subsidiaries. The co-branded credit card will be launched in association with LIC’s wholly-owned subsidiary, LIC Credit Cards Services, before the festival season of Diwali gets underway, said Jorty M Chacko, Executive Director, IDBI Bank. -Business Line

Oriental Bank of Commerce has cut its MCLR by up to 25 basis points across tenors. With this move, the overnight MCLR has come down to 7.90% from 8.15% now. -Business Line

Digital payments major Paytm is in discussions to buy stake in Yes Bank from co-founder Rana Kapoor, according to sources. They said the structure of the deal would depend on the approval from the RBI, given that Paytm founder Vijay Shekhar Sharma already owns stake in Paytm Payments Bank. -Business Line

The RBI mandating banks to link certain loans to the external benchmark-based interest rate from Oct 1 is credit negative to the lenders as it will limit their flexibility in managing risks, Moody’s Investors Service said today. -Business Line

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