Banking updates: February 2019

Thursday, February 28, 2019

Banking

The policy offers a cover against risks including fire, earthquake, burglary, holdup or any act of terrorism.

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Cabinet approves promulgation of Ordinance allowing trusts to setup units in SEZs

The ordinance seeks to amend the definition of a person under the SEZ Act 2005 which will enable a trust to be considered for grant of permission to setup a unit in these units.

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Cabinet clears procedure, mechanism to monetise enemy properties, CPSE's non-core assets

Enemy property refers to the assets which were left behind by people who migrated to Pakistan or China and are no longer citizens of India.

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Cabinet approves National policy for software products

This policy has a scope of giving employment to nearly 65 lakh people and will have enormous revenue benefit, Prasad said.

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Cabinet clears Rs 10,000 crore FAME II scheme

The FAME scheme with an outlay of Rs 10,000 crore over a period of three years will be implemented with effect from April 1, 2019.

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Rice Knowledge Bank launched under World-bank funded Assam Agribusiness & Rural Transformation (APART) project

Dr. K.M. Buzarbarua, Vice Chancellor, AAU stated that there is need to convert this essential knowledge to different local languages for encouraging large scale adoption.

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India set to see lower productivity, weak demand, inching inflation in the coming weeks: D&B

Industrial production is expected to remain subdued over moderate demand and uncertainty around the outcome of upcoming general election.

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Banking

PNB has shown "strong performance" in the parameters like customer responsiveness, responsible banking, credit off-take and financial inclusion.

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India's October-December quarter GDP at 6.6%

The real GVA at Basic Constant Prices (2011-12) is anticipated to increase from Rs121.04 lakh cr in 2017-18 to Rs129.26 lakh cr in 2018-19.

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Fraud-hit PNB ranks highest in implementation of 'reforms agenda' in 2018: Study

Hyundai, Kia recall over 5 lakh vehicles in US

Hyundai and Kia are recalling more than a half million vehicles in the U.S. due to new problems that can cause engine fires. Documents posted on Thur

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Eight Core Industries at 1.8% in January

Coal production increased by 1.7% in January, 2019 over January, 2018. Its cumulative index increased by 7.1% during April to January, 2018-19 over corresponding period of the previous year.

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Indias Q3 GDP grows at 6.6% vs.7.1% in Q2

The domestic economy had grown 8.2% in the first quarter, logging 7.6% for the first half.

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Indias October-December quarter GDP at 6.6%

The real GVA at Basic Constant Prices (2011-12) is anticipated to increase from Rs121.04 lakh cr in 2017-18 to Rs129.26 lakh cr in 2018-19.

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India's GDP growth slips to 6.6 per cent in Q3

Weaker domestic and external demand are key factors behind the sub-7 percent growth.

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Storage of Notes and Coins

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Auction of State Government Securities

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RBI to conduct 4-day Variable rate Reverse Repo Auction under LAF on March 1, 2019

The Reserve Bank of India will conduct the following Variable rate Reverse Repo auction on March 1, 2019, Friday, as per the revised guidelines on Term Repo Auctions issued on February 13, 2014.

Sl. No.	Notified Amount (₹ billion)	Tenor (day)	Window Timing	Date of Reversal
1.	600	4	3.30 pm to 4.00 pm	March 5, 2019 (Tuesday)

Successful offers will get accepted at their respective offered rates.

Offers at or above the repo rate will be rejected.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2068

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RBI approves Amalgamation of DBS Bank Ltd., India with DBS Bank India Limited

The Reserve Bank of India has sanctioned the Scheme of Amalgamation of the entire undertaking of DBS Bank Ltd., India with DBS Bank India Limited which has been granted licence by the Reserve Bank to carry on the business of banking in India through Wholly Owned Subsidiary (WOS) Mode under section 22(1) of the Banking Regulation Act, 1949. The Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949.

The Scheme will come into force with effect from March 01, 2019. All the branches of DBS Bank Ltd. in India will function as branches of DBS Bank India Limited with effect from March 01, 2019.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2064

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GDP growth falls to 6.6% in Q3, slowest in five quarters

A poll conducted by news agency Reuters had predicted that the economy likely grew at 6.9 per cent in the third quarter ended in December. Forecasts for GDP ranged between 6.3 per cent to 7.9 per cent and suggested a significant fall from a more than two year high of 8.2 per cent in April-June 2018.

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Core sector growth slows down to 1.8% in January

Eight infrastructure sectors had expanded by 6.2 per cent in January 2018.

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FSSAI to increase testing, enforcement activities to ensure food safety

The Food Safety and Standards Authority of India (FSSAI) has done a survey on milk recently and it would like to conduct surveillance across all the food categories, CEO Pawan Kumar Agarwal said.

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RBI Working Paper No. 01/2019: Inflation Expectations of Households: Do They Influence Wage-Price Dynamics in India?

The Reserve Bank of India today placed on its website a Working Paper titled “Inflation Expectations of Households: Do They Influence Wage-Price Dynamics in India?” under the Reserve Bank of India Working Paper Series*. The Paper is authored by Sitikantha Pattanaik, Silu Muduli, and Soumyajit Ray.

This paper examines the usefulness of survey based information on inflation expectations of households in the analysis of inflation dynamics in India. Hybrid versions of New Keynesian Phillips Curve (NKPC) are used to study whether inflation expectations of households work as proxy of forward looking expectations to predict inflation. Both three months ahead and one year ahead inflation expectations emerge statistically significant in explaining and predicting inflation, but they effectively work as substitutes of backward looking expectations given that household expectations are found to be adaptive. When transmission of inflation expectations to inflation is assessed through wage dynamics, no robust evidence is found on expectations induced wage pressures influencing CPI inflation. Short-term food and fuel shocks explain significant part of variations in inflation expectations of households. Notwithstanding limited evidence on spillover of inflation expectations of households to wages and prices, the high degree of observed inflation persistence and significant sensitivity of inflation expectations to food and fuel shocks warrant sustained emphasis of monetary policy on well anchored inflation expectations.

* The Reserve Bank of India introduced the RBI Working Papers series in March 2011. These papers present research in progress of the staff members of the Reserve Bank and are disseminated to elicit comments and further debate. The views expressed in these papers are those of authors and not of the Reserve Bank of India. Comments and observations may kindly be forwarded to authors. Citation and use of such papers should take into account its provisional character.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2065

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RBI constitutes the Task Force on Offshore Rupee Markets

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Banking

Finance minister Arun Jaitley said the NPA situation of PSU banks has improved in the last 2-3 quarters.

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Sectoral Deployment of Bank Credit – January 2019

Data on sectoral deployment of bank credit collected from select 41 scheduled commercial banks, accounting for about 90 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of January 2019 are set out in Statements I and II.

Highlights of the sectoral deployment of bank credit are given below:

On a year-on-year (y-o-y) basis, non-food bank credit increased by 13.1 per cent in January 2019 as compared with an increase of 9.5 per cent in January 2018.
Credit to agriculture and allied activities increased by 7.6 per cent in January 2019 as compared with an increase of 9.4 per cent in January 2018.
Credit to industry rose by 5.1 per cent in January 2019 as compared with an increase of 1.1 per cent in January 2018. Credit growth to ‘infrastructure’, ‘chemical and chemical products’, ‘all engineering’, ‘food processing’ and ‘petroleum, coal products & nuclear fuels’ accelerated. However, credit growth to ‘basic metal & metal product’, ‘textiles’, and ‘gems & jewellery’ decelerated/contracted.
Credit to the services sector expanded by 23.9 per cent in January 2019 as compared with an increase of 13.2 per cent in January 2018.
Personal loans increased by 16.9 per cent in January 2019 as compared with an increase of 20.0 per cent in January 2018.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2063

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RBI releases 'Quarterly Statistics on Deposits and Credit of SCBs: December 2018’

Today, the Reserve Bank released its web publication entitled Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs), December 2018 on its Database on Indian Economy (DBIE) portal (web-link: https://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications#!3). Data on deposits, disaggregated by type and total credit are classified by states, districts, centres, population groups and bank groups, are collected from all SCBs, including regional rural banks (RRBs) and small finance banks (SFBs), under the basic statistical return (BSR) – 7 system.

Highlights:

Bank credit growth (y-on-y) remained in double digits across all population groups (rural/ semi-urban / urban / metropolitan).
Private sector bank group recorded over 20 per cent credit growth (y-on-y) for the fifth successive quarter; whereas it was recorded at 8.4 per cent for public sector banks.
Aggregate deposits growth (y-on-y) continued to accelerate; it increased for all population groups and all bank groups (except for RRBs) in the latest quarter.
Private sector banks continued to lead deposit mobilisation; deposit growth for public sector banks remained low, though it has been picking up gradually.
Metropolitan bank branches contribute more than half of aggregate deposits (51.3 per cent) and have the largest share of total bank credit (63.9 per cent).
The share of current account and savings account (CASA) deposits of SCBs remained stable at 41.3 per cent.
Seven states (viz., Maharashtra, National Capital Territory of Delhi, Tamil Nadu, Karnataka, Uttar Pradesh, Gujarat and West Bengal) accounted for about two-thirds of deposits as well as credit.
The banking system’s all-India credit-deposit (C-D) ratio improved to 77.6 per cent in December 2018 (76.4 per cent a quarter ago); metropolitan branches had the highest C-D ratio of 96.6 per cent.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2062

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Govt keen on amalgamation of PSBs to create globally competitive, healthy large banks: Arun Jaitley

Finance minister Arun Jaitley said the NPA situation of PSU banks has improved in the last 2-3 quarters.

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BMW, Daimler team up on automated driving technology

BMW and Daimler announced on Thursday that they will work together on developing the automated driving technology expected to transform the industry

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Iran gets a little sweet relief from oil-money headache in India

Iran is struggling to spend the rupees it’s made from oil sales to India that are sitting in the south Asian nation’s banks. Meanwhile, sugar stockpiles are stacking up in India after a bumper crop. Now the two have struck a deal that eases each other’s woes -- albeit only to some extent.

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Sensex, Nifty end marginally lower on F&O expiry

The 30-share index took off on a strong footing, advancing to a high of 36,085.85 in early session largely on the back of sustained foreign fund inflows and covering-up of short positions by speculators.

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Trump says he walked out on Kim after US demands rejected

The president said he hasnt committed to another summit with Kim and that he would call the leaders of South Korea and Japan from Air Force One after he leaves Hanoi.

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Auto stocks end lower led by Eicher, Maruti Suzuki

Auto stocks will be in focus as the company will be announcing their sales data for the month of February on March 01.

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Results of OMO purchase auction held on February 28, 2019 and Settlement on March 01, 2019

I. SUMMARY RESULTS

Aggregate Amount (Face value) notified by RBI	: ₹ 125.00 billion
Total amount offered (Face value) by participants	: ₹ 173.26 billion
Total amount accepted (Face value) by RBI	: ₹ 125.00 billion

II. DETAILS OF EACH ISSUE

Security	6.84% GS 2022	7.59% GS 2026	8.60% GS 2028	7.88% GS 2030	6.68% GS 2031
No. of offers received	95	67	24	38	41
Total amount (face value) offered (in ₹ billion)	74.67	56.54	4.02	25.68	12.35
No. of offers accepted	75	51	17	21	28
Total amount (face value) accepted by RBI (in ₹ billion)	61.76	45.79	3.70	4.80	8.95
Cut off yield (%)	6.9178	7.4008	7.6806	7.6834	7.7376
Cut off price (₹)	99.73	100.99	105.99	101.44	91.60
Weighted average yield (%)	6.9724	7.4354	7.7035	7.7118	7.7672
Weighted average price (₹)	99.55	100.81	105.83	101.23	91.38
Partial allotment % of competitive offers at cut off price	35.97	NA	NA	NA	NA

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2061

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Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – The CKP Co-operative Bank Ltd, Mumbai, Maharashtra

The CKP Co-operative Bank Ltd, Mumbai, Maharashtra, was placed under directions vide directive dated April 30, 2014, from close of business on May 2, 2014. The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive dated November 27, 2018 and was valid upto February 28, 2019 subject to review.

It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated April 30, 2014, as modified from time to time, issued to the above bank, the validity of which was last extended upto February 28, 2019 shall continue to apply to the bank for a further period of three months from March 01, 2019 to May 31, 2019, vide Directive dated February 26, 2019 subject to review.

A copy of the directive dated February 26, 2019 notifying the above extension is displayed at the bank’s premises for the perusal of public.

The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2059

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Increasing exports can lead to better jobs, higher wages in India: World Bank-ILO report

Increasing exports would boost the average wages, according to the report titled 'Exports to Jobs: Boosting the Gains from Trade in South Asia'.

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Arrest Amrapali group CMD, 2 others: SC to cops

A bench of Justices Arun Mishra and U U Lalit said: "We had never stopped any agency from arresting the directors, who are presently housed at a hotel under the detention of UP police." The apex court also directed attachment of personal properties of Sharma and other directors.

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Liquidity Adjustment Facility: Fixed Rate Repo Operations

The result of the RBI Fixed Rate Repo Operations held on February 28, 2019 is as under:

Amount (face value in ₹ Billion)
Items		Overnight Repo Operations 6.25% Fixed Rate
1. Bids received
(i)	Number	6
(ii)	Amount	30.01
2. Bids accepted
(i)	Number	6
(ii)	Amount	30.01

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/2060

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Nifty Futures end Feb expiry lower by 0.39%

Broader markets outperform

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European stocks trade flat; FTSE down ~1%

Miners led the drop in the Stoxx Europe 600 Index and copper declined after underwhelming Chinese manufacturing data underscored concerns about the global economy.

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Lupin gets USFDA nod for Azacitidine for Injection

With this approval, Lupin strengthens its complex generics portfolio in injectables, as per BSE filing.

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Time Technoplast signs MOU with Confidence Petroleum India

The two companies have inked a deal to manufacture and sell "Go gas elite".

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Underwriting Auction for sale of Government Securities for ₹ 12,000 crore on March 01, 2019

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Scheduled Banks’ Statement of Position in India as on Friday, February 15, 2019

(Amount in Billions of ₹)
		SCHEDULED COMMERCIAL BANKS (Including RRBs)			ALL SCHEDULED BANKS
		16-FEB-2018	01-FEB-2019*	15-FEB-2019*	16-FEB-2018	01-FEB-2019*	15-FEB-2019*
I	LIABILITIES TO THE BKG.SYSTEM (A)
	a) Demand & Time deposits from bks.	1436.29	1597.52	1581.85	1484.75	1641.17	1626.07**
	b) Borrowings from banks	716.75	761.47	819.11	720.33	761.95	819.72
	c) Other demand & time liabilities	74.05	105.01	87.81	75.53	105.76	88.68
II	LIABILITIES TO OTHERS (A)
	a) Deposits (other than from banks)	110022.74	121227.03	121211.77	112986.18	124313.44	124339.07
	i) Demand	11277.65	12439.02	12877.19	11548.52	12722.58	13162.78
	ii) Time	98745.09	108787.93	108334.63	101437.66	111590.79	111176.34
	b) Borrowings @	3600.04	3595.51	3611.68	3638.92	3636.22	3652.65
	c) Other demand & time liabilities	5065.65	5085.62	5182.14	5148.61	5181.9	5288.88
III	BORROWINGS FROM R.B.I. (B)	660.93	998.45	1245.28	660.93	998.45	1245.28
	Against usance bills and / or prom. Notes	0	0	0	0	0	0
IV	CASH	608.53	675.85	680.69	625.32	692.38	696.93
V	BALANCES WITH R.B.I. (B)	4504.29	4984.34	4918.43	4624.13	5108.79	5042.58
VI	ASSETS WITH BANKING SYSTEM
	a) Balances with other banks
	i) In current accounts	150.96	141.44	123.13	171.66	163.53	147.07
	ii) In other accounts	1669.02	1971.98	2052.23	1807.43	2151.19	2232
	b) Money at call & short notice	228.04	270.65	288.25	379.28	418.3	437.7
	c) Advances to banks(i.e. due from bks.)	278.04	316.28	304.45	282.12	324.71	313.56 £
	d) Other assets	244.58	353.53	385.6	284.65	388.86	423.63
VII	INVESTMENTS (At book value)	34028.05	33581.21	33542.99	34933.18	34526.74	34477.68
	a) Central & State Govt. securities+	34013.89	33557.84	33531.01	34902.87	34448.52	34411.12
	b) Other approved securities	14.17	23.37	11.96	30.3	78.21	66.55
VIII	BANK CREDIT (Excluding Inter Bank Advance)	82232.08	94295.28	94034.99	84745.77	97082.86	96838.45
	a) Loans, cash credits & Overdrafts $	80114.17	92045.76	91748.09	82566.13	94786.44	94502.88
	b) Inland Bills purchased	179.84	217.31	223.98	202.33	230.83	238.12
	c) Inland Bills discounted	1307.73	1439.62	1448.67	1334.46	1465.03	1474.52
	d) Foreign Bills purchased	239.43	230.17	240.45	242.49	233.35	243.61
	e) Foreign Bills discounted	390.91	362.47	373.74	400.35	367.26	379.26

NOTE
*	Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
(A)	Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
**	This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
@	Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
(B)	The figures relating to Scheduled Commercial Banks' Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo/ Term Repo/MSF are reflected under "Borrowings from RBI".
£	This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
+	Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
$	Includes advances granted by Scheduled Commercial Banks and State Co-operative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).

Food Credit Outstanding as on
(₹ in Billions)
Date	16-Feb-18	1-Feb-19	15-Feb-19
Scheduled Commercial Banks	475.52	677.3	617.4
State Co-operative Banks	191.47	230.27	230.27

The expression ' Banking System ' or ' Banks ' means the banks and any other financial institution referred to insub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

No. of Scheduled Commercial Banks as on Current Fortnight: February 15, 2019: 148

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2057

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Record rice output to propel India’s foodgrain production to 281.37 million tonnes in 2018-19

According to the second advance estimate, pulses production is likely to be 24.02 million tonnes, lower than the target of 25.95 million tonnes.

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RBI releases data on ECB/FCCB/RDB for January 2019

The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB) and Rupee Denominated Bonds (RDB) both, through Automatic Route and Approval Route, for the month of January 2019.

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/2055

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Future Retail stock spurts 4.5% after agreement with 7-Eleven

The first 7-Eleven convenience store in India is expected to open in 2019, as per filing.

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Future Retail to operate US-based 7-Eleven's foray into India

Future Retail, which operates local retail chains such as Big Bazaar, Foodhall and Nilgiris, plans to set up 7-Eleven stores as well as convert some of its existing operations into the US brand, the company said.

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Foodgrains production may fall 1% to 281.37 million tonne: Agriculture Ministry

The country had produced 284.83 million tonne (MT) in the 2017-18 crop year (July-June).

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BSE Oil & Gas index up by ~1% led by ONGC, GAIL

GAIL contributed most to the index's gain, trading higher by 2%.

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India, Latin American nations have huge potential to boost trade ties: Commerce Ministry

Quoting Commere and Industry Minister Suresh Prabhu, it said there is a need for a multi-pronged strategy to enhance bilateral trade in merchandise and services.

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Result of the Overnight Variable Rate Reverse Repo Auction held on February 28, 2019

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Animal spirits suggest tame start for India economy this year

With exports continuing to trail imports, India’s trade deficit widened in January from a month ago.

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Link PAN with bank for refunds: I-T to taxpayers

The department said refunds will be sent to bank accounts as it will issue "only e-refunds from March 1, 2019." Link your PAN (permanent account number) with your bank account to get your refund directly, swiftly and securely, the department said in a public advisory issued Wednesday. It added the bank account could be either savings, current, cash or overdraft.

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Wednesday, February 27, 2019

Dassault Aviation eyes growth for 2019 as 2018 profits rise

Adjusted net profits rose 66% to 681 million euros.

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Pharma, banking stocks gain; IT stocks slip

The Nifty Metal index gains 0.72% led by gains in NMDC, Vedanta, Coal India, and Hindustan Copper.

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Odisha Cement slumps 5% on reports of illegal transactions

The company has already reported the matter to National Securities Depository Limited, National Stock Exchange, and other appropriate authorities including SEBI.

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Jet Airways drops ~3% on grounding 7 more planes

In this month itself, 13 air planes have been grounded owing to non-payment of lease rentals.

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UK commits over £150 million to power India’s energy ambitions

Ayana is well poised to play an important role in India’s ambition to build 175 GW of renewable energy capacity.

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Bharat Dynamics stock extends gain for second day

The company experienced a spurt in volumes by more than 4.45 times.

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New CBDT boss asks I-T dept to maximise revenue collection, get more taxpayers

P C Mody, the new chairman of the Central Board of Direct Taxes (CBDT), has asked the taxman to work with greater transparency and accountability.

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NCLAT directs NCLT Ahmedabad to take call on ArcelorMittal’s Essar Steel bid by March 8

The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the NCLT Ahmedabad Bench to take a decision on the ₹42,000-crore resolution

from The Hindu - Industry https://ift.tt/2H7l6tq

Indians now use 12x more mobile data than in 2015

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Term Repo Auctions under Liquidity Adjustment Facility

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Government may offer up to Rs 2.5 lakh subsidy for 60,000 e-cars

Going by this formula, which is linked to the battery capacity, a buyer of Mahindra E-Verito may get a subsidy of around Rs 1.5 lakh, while a buyer of a good quality electric two-wheeler could get around Rs 40,000. For electric buses, the subsidy would be up to Rs 60 lakh.

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Creditors on RCom dues: Co can’t use tax refunds

A two-member bench of the NCLAT headed by Justice S J Mukhopadhaya has directed the financial creditors of the company, including the State Bank of India, to file their reply on the issue by March 8.

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RIL in talks for majority stake in startup Grab

Known as Grab, the startup provides third-party, last-mile logistics services for food delivery companies, online pharmacy and grocery delivery, among others. “Grab has been talking to potential suitors for the last six-seven months. The company had also held talks with Paytm for an acquisition,” said one of the sources mentioned earlier.

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Trai will not recommend reduction in 5G prices

Telecom regulator Trai said that it will not recommend any reduction in 5G spectrum reserve prices even as Bharti Airtel said it will not participate in the auction of the airwaves due to excessive pricing. “There is no question at all of making any changes to the prices, which we have recommended for 5G spectrum,” Trai chairman said.

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Wipro to exit Workday, Cornerstone OnDemand

In 2016, Wipro acquired the Workday and Cornerstone OnDemand business as part of its Appirio buyout. The Indian IT firm bought US-based cloud consultancy firm Appirio for $500 million some three years ago.

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Tata Metaliks to spend Rs555cr on capacity expansion; stock up 2%

The company's current production capacity is 2 LTPA of Ductile Iron Pipes (DIP) and 3 LTPA of Pig Iron (PI).

from India Infoline News Service https://ift.tt/2NwP5fA

Meet Elon Tusk: Tesla CEO changes name on Twitter

In a series of tweets to his 25 million followers following charges from the US Securities and Exchange Commission earlier this week, Elon Musk accused the regulator of failing to read Tesla's annual reports and said its oversight was "broken".

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ARSS Infra wins EPC contract worth Rs429cr

The scope of the work includes widening and up-gradation to 2-lane of a highway with paved shoulder configuration and geometric improvements for 41 kms on Aizawl-Tuipang section of NH-54 in the state of Mizoram.

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Lupin launches Generic Ranolazine ER tablets in US

According to data released by IQVIA MAT in December 2018, Ranolazine ER Tablets, 500mg, and 1000mg had annual sales of ~$945mn in the US.

from India Infoline News Service https://ift.tt/2tE1cyk

Quick Heal Technologies stock rallies 9% on buyback plan

The company said that a meeting of the board of directors of the company is scheduled to be held on March 05, 2019, to inter alia consider and approve the proposal for buyback of equity shares of the company.

from India Infoline News Service https://ift.tt/2H5dQhH

IL&FS sees management collusion, fraud in IFIN’s bad loans

“We have initiated legal action against companies that have defaulted on due payment to IFIN, after giving them adequate notice to make payment. We also propose to take legal action in cases where loans have been sanctioned in collusion — by concerned committee of office bearers — with the borrowers,” said an IL&FS spokesperson in response to a query from TOI.

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Sensex, Nifty open in green ahead of F&O expiry

Investors are covering their pending short positions on the last trading session of February futures and options (F&O) expiry in the derivatives segment, brokers said. Market is also awaiting GDP numbers and fiscal deficit data scheduled for release later in the day.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2H4JtrL

RBI to conduct Overnight Variable rate Reverse Repo Auction under LAF on February 28, 2019

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IL&FS sees management collusion, fraud in IFIN’s bad loans

This is after discovering large-scale irregularities, which includes ever-greening of loans and funds being routed to entities that are ineligible to borrow.

from Banking/Finance-Industry-Economic Times https://ift.tt/2GOsISv
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Banking

Rupee trades higher by 8 paise against US Dollar

The Indian rupee gained in the morning hours on mild selling of the greenback by exporters and a higher opening in the domestic equity market.

from India Infoline News Service https://ift.tt/2tHnCi4

Allahabad Bank to raise Rs6,896cr via preferential allotment of equity shares

The amount will be raised by the Government of India against their capital infusion of Rs6896cr into the bank, subject to requisite approval of shareholders and other statutory authorities.

from India Infoline News Service https://ift.tt/2tIzFvI

Flight delayed, cancelled? Here's what you can get

If you're at the airport and the flight is delayed by 2-6 hours (depending on the travel time), the airline needs to offer you free meals and refreshments. For delays more than six hours for flights scheduled between 8pm and 3am and a delay of over 24 hours for other flights, airlines should inform passengers a day in advance and also offer them free hotel accommodation, the charter said.

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Sensex, Nifty trade flat ahead of Feb F&O expiry; Wipro, Jet Airways stocks slip

Selling pressure was seen in media, metal, realty, and auto indices.

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Vascon Engineers gets work order worth Rs83.5cr; stock rallies 11.5%

The work has to be completed within 12-months from the 10th date of issue of work order (i.e. February 26, 2019).

from India Infoline News Service https://ift.tt/2TjGzpx

Tata Metaliks to spend Rs555cr on capacity expansion; stock up 3%

The company's current production capacity is 2 LTPA of Ductile Iron Pipes (DIP) and 3 LTPA of Pig Iron (PI).

from India Infoline News Service https://ift.tt/2Swva12

Lupin clarifies on reports of ban on Gluconorm

The Delhi High Court has remanded the said order to Drugs Technical Advisory Board to examine the issue as per the Supreme Courts direction.

from India Infoline News Service https://ift.tt/2XsEqaw

Jet Airways: Additional 7 aircrafts grounded

The company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity.

from India Infoline News Service https://ift.tt/2Swv89q

Signing of the Bilateral Swap Arrangement between Japan and India

The Bank of Japan (BOJ), acting as the agent for the Minister of Finance of Japan, and the Reserve Bank of India (RBI) signed a Bilateral Swap Arrangement (BSA) that takes effect from today (February 28, 2019). The BSA enables both countries to swap their local currencies (i.e., either Japanese yen or Indian rupee) against US dollar for an amount of up to USD 75 billion.

The authorities of both countries believe that, by enhancing financial cooperation, the BSA will contribute to the stability of financial markets, thereby further developing the economic and trade ties between the two countries.

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/2052

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Money Market Operations as on February 27, 2019

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SBI records fraud worth Rs7,951.29cr in Apr-Dec: Media report

The bank shared data with RTI on February 25.

from India Infoline News Service https://ift.tt/2BXWvUw

Asian markets trade lower as trade optimism slides

Australian stocks were down 0.1% percent, South Korea's KOSPI and Japan's Nikkei lost 0.5% each, Jakarta Composite slipped 0.68%, while Shanghai Composite is marginally up.

from India Infoline News Service https://ift.tt/2UbxiNB

Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on February 27, 2019 is as under:

Amount (face value in ₹ Billion)
Items		Overnight Reverse Repo Auction 6.00% Fixed Rate
1. Bids received
(i)	Number	67
(ii)	Amount	183.71
2. Bids accepted
(i)	Number	67
(ii)	Amount	183.71

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/2050

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IDBI Bank, LIC of India sign BANCA agreement

Further, the Bank will become the preferred bank for LIC premium payments and function as premium point to boost sale of LIC products thereby gaining from fees and float income.

from India Infoline News Service https://ift.tt/2T3ZMw1

Alight to acquire Workday and Cornerstone from Wipro for $110mn

The transaction is subject to receipt of regulatory approvals and customary closing conditions and is expected to close during the quarter ending March 31, 2019.

from India Infoline News Service https://ift.tt/2EkIvof

Broker Radar for February 28

Check out the stock commentaries and recommendations from brokerage houses.

from India Infoline News Service https://ift.tt/2T6Qy26

Dalmia Bharat group claims MF units of subsidiaries illegally transferred

SGX Nifty indicates a flat opening for the Indian markets

Expect another volatile day as February series derivative contracts expiry coupled with border tension dictates the trend today.

from India Infoline News Service https://ift.tt/2EC2PD5

Top stocks in focus: Wipro, Dalmia Bharat, Aurobindo, Jet Airways

Check out the companies which will be in focus during trade today based on recent and latest news developments.

from India Infoline News Service https://ift.tt/2VorYXe

What not to miss today

Here are the important news to watch out for today.

from India Infoline News Service https://ift.tt/2tHd8PW

Isn’t It Romantic review: Trapped in tropes

Helmed by an acerbically witty Rebel Wilson, Isn’t It Romantic lacks observational details that make for a successful parody

from The Hindu - Reviews https://ift.tt/2XtigF1
February 28, 2019 at 12:44AM

Buhari’s return: on Nigeria elections

The Nigerian President’s re-election has raised hopes for economic reform

from The Hindu - Editorial https://ift.tt/2VlffEM
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Calming Arunachal

The polity must foster a civic consciousness to allow equality of opportunity for all residents

from The Hindu - Editorial https://ift.tt/2EAIE8u
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Cartoonscape - Feb 28, 2019

from The Hindu - Cartoon https://ift.tt/2Vpb0YG

Govt. detects ₹20,000 cr. GST evasion, ₹10,000 cr. recovered

Talks soon on transition issues faced by realty sector

from The Hindu - Economy https://ift.tt/2GO7AM4
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All about the Unregulated Deposit Schemes Ordinance

The govt has promulgated the Unregulated Deposit Schemes Ordinance 2019 to curb ponzi schemes that dupe people.

from Economy-News-Economic Times https://ift.tt/2IEJuFl
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View: Don’t deride PM-KISAN yet, data shows it will help rural India’s poorest

For poorest beneficiaries, the transfers under PM-KISAN make a significant contribution to their purchasing power.

from Economy-News-Economic Times https://ift.tt/2IG2CCS
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India’s GDP growth seen at 6.7-7.2% in 3rd quarter

The economy had grown 7.1% in the second quarter and 8.2% in the first quarter, logging 7.6% for the first half.

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India Inc. lauds Operation Balakot

Proud of action in retaliation to suicide attack: Ratan Tata

from The Hindu - Industry https://ift.tt/2EjF94K

Nasscom wants U.S. to provide level-playing field for Indian firms

‘Indian IT companies get less than 12% of H-1B visas, not taking away U.S. jobs’

from The Hindu - Industry https://ift.tt/2Vqo0O0

ICRA downgrade unwarranted: DHFL

Ratings agency did not consider asset sale, reduced CP exposures, says firm

from The Hindu - Industry https://ift.tt/2VtRLgZ

Banking

There is a reduction in the marginal cost of funds based lending rate (MCLR) with effect from March 1, 2019, PNB said in a regulatory filing.

from Banking/Finance-Industry-Economic Times https://ift.tt/2XtCTkf

‘RBI pay norms may make private bank CEOs more accountable’

Proposals to help improve transparency in banking system

from The Hindu - Economy https://ift.tt/2EAyoNw
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‘Poor decisions harming aviation’

SpiceJet chairman points to delay in bringing aviation turbine fuel under GST

from The Hindu - Economy https://ift.tt/2T3E6jO
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PNB cuts MCLR rates by 10 bps from March 1

Croma plans small format stores of 2,000 sq.ft.

Tata-owned Infiniti Retail Ltd, which owns the Croma electronics retail chain, is planning to run both large and small format stores to cater to diffe

from The Hindu - Industry https://ift.tt/2GPx3F4

Shriram Properties ties up with Kotak India

Shriram Properties Ltd. (SPL) has partnered with Kotak India Affordable Housing Fund-I (KIAHF) for development of its next phase of affordable housin

from The Hindu - Industry https://ift.tt/2Nv6hlA

Jeypore Sugar comes under insolvency action

NCLT order follows IDBI Bank petition

from The Hindu - Industry https://ift.tt/2GKX5cg

Banking

In an RTI reply, SBI said it has found fraud worth Rs 7,951.29 crore in first nine months of this fiscal year.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Nv215P

SBI has found fraud worth Rs 7,951.3 crore in Apr-Dec: RTI reply

In an RTI reply, SBI said it has found fraud worth Rs 7,951.29 crore in first nine months of this fiscal year.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Nv215P
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Jet Airways grounds 7 more planes due to non-payment to lessors

Jet said in a regulatory filing on Wednesday: “Further to our letter dated February 23, 2019, we now write to inform you that an additional seven aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements… company is actively engaged with all its aircraft lessors….”

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2T2ZntV

Jet Airways wants DGCA to relax crew timing curbs

Jet Airways has sought relaxation in flight duty and rest-hour norms from the regulator DGCA due to the closure of the Pakistani airspace and subsequent rerouting of the west-bound flights amid escalation of tension between the two nations. The dispensation has been sought as these west-bound flights will now have to be operated over the sea.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2EzVK5P

Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign entities

RBI/2018-19/132
A.P. (DIR Series) Circular No. 20

February 27, 2019

To,

All Category - I Authorized Dealer Banks

Madam / Sir

Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign entities

Attention of the Authorised Dealer (AD - Category I) banks is invited to the Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any Other Place of Business) Regulations, 2016, notified by the Reserve Bank vide Notification No FEMA 22(R)/RB-2016 dated March 31, 2016, as amended from time to time.

2. In terms of extant Regulations, applications received from a Non-Government Organisation, Non-Profit Organization, Body/Agency/Department of a foreign Government for opening of a branch office or a liaison office or a project office or any other place of business in India are to be forwarded to the Reserve Bank for prior approval and be considered in consultation with the Government of India. This has since been reviewed and as notified through Notification No FEMA 22(R)(1), it is advised that if such an entity is engaged, partly or wholly, in any of the activities covered under Foreign Contribution (Regulation) Act, 2010 (FCRA), it shall obtain a certificate of registration under the said Act and shall not seek permission under FEMA 22(R).

3. Accordingly, the Form FNC has also been suitably modified and the following phrase added under the heading ‘Declaration’ in Part II clause (ii), at the end of the existing sentence.

“We will not undertake either partly or fully, any activity that is covered under Foreign Contribution Regulation Act, 2010 (FCRA) and we understand that any misrepresentation made or false information furnished by us in this behalf would render the approval granted under the Foreign Exchange Management (Establishment in India of a branch office or liaison office or a project office or any other place of business) Regulations, 2016, automatically as void ab initio and such approval by the Reserve Bank shall stand withdrawn without any further notice”.

4. All other provisions of the LO/BO/PO policy shall remain unchanged. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers.

5. The Master Direction No. 10 dated January 1, 2016 is being updated simultaneously to reflect the changes.

6. The directions contained in this circular have been issued under Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully

(R. K. Moolchandani)
Chief General Manager

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