View: Bank mergers and minor policy changes won’t revive economy

Simply freezing lending by the worst banks was never a long-term solution.

from Economy-News-Economic Times https://ift.tt/2Lbq6Pk
via

Banking

Simply freezing lending by the worst banks was never a long-term solution.

from Banking/Finance-Industry-Economic Times https://ift.tt/2PwZT21

View: Bank mergers and minor policy changes won’t revive economy

Simply freezing lending by the worst banks was never a long-term solution.

from Banking/Finance-Industry-Economic Times https://ift.tt/2PwZT21
via

Banking

The oldest is Kolkata-based Allahabad Bank, which is also the oldest joint stock company in India.

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

Bank merger: A move 6 months in making that even bank bosses had no idea about

There were several calculations, including political ones. Finally, it was tech that settled the issue.

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

Once city of banks, Kolkata may have one PSU bank headquarter

Now Kolkata could soon be left with just one HQ of a state-run lender — UCO Bank.

from Banking/Finance-Industry-Economic Times https://ift.tt/32ewTgU
via

Half of merging banks had ‘foreign’ origins

The oldest is Kolkata-based Allahabad Bank, which is also the oldest joint stock company in India.

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

MeitY seeks views on non-personal data

Government may also leave it to ministries to define what data should come under policy.

from Economy-News-Economic Times https://ift.tt/32g50Fd
via

State-run bank mergers: How tech platform sealed the fate

For the last six months or so, officials in the department of financial services and the public sector bank brass had been brainstorming to move ahead with the long-pending consolidation plan. But it was not until Friday afternoon that even the bank chiefs were informed about the combinations that had been worked out by the government.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/329TOKm

PSB mergers: Tech, HR synergy key challenges

The biggest challenge in implementing an amalgamation of public sector banks (PSBs) is the integration of technology platforms and managing HR & cultural issues, said bankers who have gone through a merger exercise.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/34dX6hp

Air India’s boeing to turn billboard

Photos of heritage sites to be put up

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

Google reveals years-long ‘indiscriminate’ iPhone hack

Google security experts uncovered an “indiscriminate” hacking operation that targeted iPhones over a period of at least two years and used websites to implant malicious software to access photos, user locations and other data.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/32f4t6v

HAL-made Dornier 228 aircraft can now be used in Europe

In a first, a made-in-India plane can now be used for commercial regional flights in Europe. The Directorate General of Civil Aviation (DGCA) had in end of 2017 given type certification (TC) for Hindustan Aeronautics Ltd’s (HAL)-made Dornier 228.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Ld0WzW

FM Sitharaman announces merger of public sector banks

The aim of this massive consolidation is to reduce the banks lending cost, check NPAs and increase the merged banks operational stability, which will provide synergy benefits and improve profitability.

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

Big bank theory: 10 PSBs merged into 4 large entities

The merged entity comprising Punjab National Bank, Oriental Bank of Commerce and United Bank of India will become the second largest lender after SBI. The merger of Canara Bank and Syndicate Bank will create the fifth largest lender, with the Union Bank, Andhra Bank and Corporation Bank amalgamation at number six, based on business at the end of March 2019.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Uo1dD5

At 5%, GDP growth slumps to over 6-year low in Apr-June

The country's GDP growth slowed to an over six-year low of 5% in the April-June quarter, dragged down by manufacturing sector expansion of just 0.6%, sluggish financial services, farm and construction sectors and a slowdown in consumption. “The slowdown in growth is due to endogenous and exogenous factors,” said chief economic adviser Krishnamurthy Subramanian.

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

How the new banks will look

After these mergers, the total number of PSBs in India will come down to 12 from 27 two years ago.

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

Bancassurance JVs may see a change in ownership structure

Post merger, these insurance companies may get better opportunities and reach for business.

from Banking/Finance-Industry-Economic Times https://ift.tt/2MJ24gF
via

Banking

After these mergers, the total number of PSBs in India will come down to 12 from 27 two years ago.

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

Banking

Post merger, these insurance companies may get better opportunities and reach for business.

from Banking/Finance-Industry-Economic Times https://ift.tt/2MJ24gF

Midcaps in demand, on the verge of inverse head & shoulder breakout

Bank Nifty too formed a Doji pattern after falling sharply in the previous two weeks.

from India Infoline News Service https://ift.tt/2LbXnu0

Sensex snap 2-week losing streak; Nifty reclaims 11000 mark

The Nifty Bank index outperformed and ended higher by 2% during the week.

from India Infoline News Service https://ift.tt/2Uih99X

Bilateral trade in rupee-rouble up 5-fold during Modi govt

Modi, Putin to discuss ways to boost trade ties in Vladivostok next month.

from Economy-News-Economic Times https://ift.tt/2NEpVO6
via

Cabinet may clear food processing scheme soon

The World Bank will be giving 1,500 crore, while 1,000 crore will be provided by the Centre. State governments will put in 500 crore.

from Economy-News-Economic Times https://ift.tt/34fucxB
via

Big bank mergers: Government turns ten PSBs into four

Other Measures Separate mechanism for sanctioning and monitoring of big loans, operational flexibility in hiring from the market.

from Economy-News-Economic Times https://ift.tt/2UhCvEt
via

Acreage under kharif crops nears last year's level

The government expects to meet its food grain production target of 291.1 million tonnes set for this year.

from Economy-News-Economic Times https://ift.tt/2Hz97UW
via

Rupee opens flat at 71.78/$

On Thursday, the rupee inched lower by 3 paise at 71.80 against the USD amid the uncertainty regarding the US-China trade talks.

from India Infoline News Service https://ift.tt/2Zx90U1

Sensex gains over 150 points; HDFC Bank, ITC among top contributors

HDFC Bank, ITC and ICICI Bank among top gainers, while losers include TCS, Tech Mahindra and HCL Tech on the Sensex pack.

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

Glenmark Pharma gets USFDA nod for Pimecrolimus Cream; stock up ~1%

Glenmarks current portfolio consists of 160 products authorized for distribution in the US marketplace and 55 ANDAs pending approval with the USFDA.

from India Infoline News Service https://ift.tt/2MM37fV

GRUH Finance jumps 6% on report of HDFC's plan to sell 9.2% stake in co. in open market

The sale will involve 67.4mn shares at a floor price of Rs243-249/share in the open market on Friday, as per an ET report.

from India Infoline News Service https://ift.tt/2L88iEQ

ICRA sacks MD and group CEO Naresh Takkar; stock down 3%

ICRA remains committed to ensuring the independence and integrity of its rating process and sound corporate governance, the company added.

from India Infoline News Service https://ift.tt/2ZDZD0M

PNC Infratech Bags a National Highway EPC Project of Rs1,062cr

The price bids were opened on Thursday, August 29, 2019, with PNCs bid being the lowest (L1).

from India Infoline News Service https://ift.tt/2L7nTo6

HDFC Bank to sell entire stake in GSTN to state govts, UTs

GSTN is a nonprofit organization for facilitating the collection of Goods & Services Tax (GST). Its total revenue was Rs170.02cr for FY18.

from India Infoline News Service https://ift.tt/30KiI31

RBI contingency fund down by Rs1.96 lakh cr in FY19: RBI Annual Report

In terms of the number of frauds, share of public sector banks is 55.4%, private banks 30.7% share, and foreign banks 11.2%, as per annual report.

from India Infoline News Service https://ift.tt/2L4NzBK

ICRA sacks MD and group CEO Naresh Takkar

ICRA remains committed to ensuring the independence and integrity of its rating process and sound corporate governance, the company added.

from India Infoline News Service https://ift.tt/2Pr8ao0

HDFC Ltd. to sell 9.2% stake in Gruh Finance in open market: Report

The sale will involve 67.4mn shares at a floor price of Rs243-249/share in the open market on Friday, as per the report.

from India Infoline News Service https://ift.tt/2L8q4YI

Digital media firms term FDI norms as ‘restrictive’

Companies operating news portals on Thursday expressed disappointment with the government’s new Foreign Direct Investment (FDI) policy capping the inv

from The Hindu - Industry https://ift.tt/325TGvo

Train 18 no less an achievement than Chandrayaan, says architect of Vande Bharat Express

Architect of Vande Bharat Express seeks a working environment 'free from fear'

from The Hindu - Industry https://ift.tt/32oebUn

Adani Green Energy signs agreement to acquire 205 MW solar assets

Adani Green has signed a definitive agreement for acquisition of 205 MW operatingsolar assets of Essel Group

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

India’s insurance industry is improving efficiency through the use of new-age technology

Insurers have launched mobile phone apps, making it easier for customers to transact with them. They are, slowly and surely, moving towards paperless claims as well.

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

Banking

Insurers have launched mobile phone apps, making it easier for customers to transact with them. They are, slowly and surely, moving towards paperless claims as well.

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

SGX Nifty indicates a negative opening for Indian markets

Expect September to bode well for the markets as macros see better elevation with consumption demand lifting as holidays and Government initiatives kick in.

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

What not to miss today

Here is the important news to watch out for today.

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

Asian stocks climb on trade optimism; US yields steady

Earlier, the S&P 500 Index rose for a second day after a spokesman for Chinas commerce ministry said that escalating the conflict wont benefit either side and that it was more important to discuss removing the extra duties.

from India Infoline News Service https://ift.tt/34d2ykw

Banking

Development managers may be appointed; Adani, Piramal and Tata among groups approached.

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

Top stocks in focus: HDFC Bank, Future Retail, Adani Green, PNC Infra

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/2PnSn9t

Around Rs 32,000 crore of loans may be transferred: DHFL lenders plan to put loans to builders in SPVs

Development managers may be appointed; Adani, Piramal and Tata among groups approached.

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

Government to check if cash reached the farmers

It has decided to conduct physical verification of PM Kisan beneficiaries by picking 5% beneficiaries randomly to rule out any discrepancy in cash transfer.

from Economy-News-Economic Times https://ift.tt/30HNuti
via

Economy undergoing cyclical, not structural, slowdown: RBI report

The RBI report added that land, labour & marketing issues must be addressed to arrest broad-based downturn in some sectors.

from Economy-News-Economic Times https://ift.tt/2NFQp20
via

Piramal Enterprises defers plan to issue Rs3,000cr NCDs; stock down 1%

No details regarding the reason for the deferment were provided by the company.

from India Infoline News Service https://ift.tt/2Llel86

Sensex slips over 200 pts ahead of F&O expiry; Sugar stocks in sweet spot

Sun Pharma, Coal India and Vedanta gained while, Indiabulls Housing, Yes Bank and HDFC fell in todays trade in the Nifty50.

from India Infoline News Service https://ift.tt/2LdV4W3

Rupee opens lower by 14 paise at 71.9/$

The local unit fell by 29 paise to end at 71.77/$ on Wednesday owing to rising fears of a global recession, which pushed investors to resort to safe havens such as the Japanese yen.

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

Sugar stocks surge as Govt approves Rs6,268cr export subsidy for sugar

The move comes in as a surplus stock of 162 lakh MT of sugar would create downward pressure throughout the season on sugar prices affecting liquidity of the sugar mills, thereby leading to accumulation of cane price arrears of farmers.

from India Infoline News Service https://ift.tt/2Zis6Oq

Vodafone Idea gets nod to raise share capital up to Rs50,000cr

The company said in the filing that the approval has been sought to incorporate investments from the Rs25,000cr rights issue, which led to the issue of additional shares by the company.

from India Infoline News Service https://ift.tt/2zva4Jq

India making serious efforts to bring standards up to global norms: US advocacy group on FDI reforms

The Union Cabinet liberalised foreign direct investment (FDI) rules in several sectors.

from Economy-News-Economic Times https://ift.tt/2L1gneh
via

India Ratings downgrades Wockhardt to 'IND BB+'; Outlook negative

India Ratings and Research (Ind-Ra) has downgraded Wockhardt Limited's Long-Term Issuer Rating to 'IND BB+'. The outlook is negative.

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

Govt approves Rs6,268cr export subsidy for sugar

The move comes in as a surplus stock of 162 lakh MT of sugar would create downward pressure throughout the season on sugar prices affecting liquidity of the sugar mills, thereby leading to accumulation of cane price arrears of farmers.

from India Infoline News Service https://ift.tt/30GkVfz

Govt relaxes FDI norms for multiple sectors to fight slowdown, boost growth

FDI norms have been relaxed with respect to coal mining, digital media, and domestic sourcing in single-brand retail.

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

Government in huddle as fragrance of Chinese agarbattis spreads far and wide

High-level meeting to chart revival path for indigenous industry.

from Economy-News-Economic Times https://ift.tt/2HwydUn
via

Worst unemployment in decades strains Indian consumer loans

Given the slowdown in the economy, analysts are signaling potential risks, though publicly available data on personal loan arrears is sparse.

from Economy-News-Economic Times https://ift.tt/3284SHO
via

NSE to include Nestle in Nifty50 from Sept. 27, remove Indiabulls Housing

These changes shall become effective from September 27, 2019 (close of September 26, 2019).

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

SGX Nifty indicates a negative opening for Indian markets

For today, expect some moderate relief after the Government announced big bang reforms on FDI into many sectors to prompt foreign investment into the country.

from India Infoline News Service https://ift.tt/2L3Zz6o

Asian stocks slip in trade; Treasury yields fall

The pound held losses after UK Prime Minister Boris Johnson moved to suspend parliament, increasing the risk of a no-deal Brexit.

from India Infoline News Service https://ift.tt/2HqPb6L

What not to miss today

Here is the important news to watch out for today.

from India Infoline News Service https://ift.tt/2NEax4g

Asian stocks slip on trade; Treasury yields fall

The pound held losses after UK Prime Minister Boris Johnson moved to suspend parliament, increasing the risk of a no-deal Brexit.

from India Infoline News Service https://ift.tt/2L4AyIB

Top stocks in focus: Nestle, Hexaware, Just Dial, Infosys

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/2NCmtne

Testing ground for fintech a game changer or a work in progress? RBI's sandbox move divides industry

RBI has made it clear that any losses incurred by customers during testing would be borne by participant.

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

Lenders likely to put bad loans worth Rs 8,000 crore on the block

Loans mainly from power, manufacturing sectors, UBI may put up the largest chunk.

from Banking/Finance-Industry-Economic Times https://ift.tt/2NCiO8Y
via

Banking

RBI has made it clear that any losses incurred by customers during testing would be borne by participant.

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

Banking

Loans mainly from power, manufacturing sectors, UBI may put up the largest chunk.

from Banking/Finance-Industry-Economic Times https://ift.tt/2NCiO8Y

Sugar industry gets Rs 6,268-crore export subsidy

The subsidy will be transferred directly to the farmers’ accounts on behalf of the mills against cane price dues.

from Economy-News-Economic Times https://ift.tt/2Ue2xbv
via

MeitY may not include E-commerce data in privacy bill

Likely to reject DPIIT proposal; bill to only address privacy and security issues related to personal data and not info in public domain.

from Economy-News-Economic Times https://ift.tt/2NFtzHE
via

Hindustan Unilever reduces soap prices; stock slips 1.5%

In the month of July, the company reduced prices of Lifebuoy, Lux and Dove soaps in order to counter weak demands and tough competition, the media reports added.

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

Govt to decide how funds from RBI will be used: FM

Lashing out at Rahul Gandhi for his remark that the goverment had looted the RBI, finance minister Nirmala Sitharaman on Tuesday said, “Whenever Rahul Gandhi raises things like ‘chor, chori’, one thing comes to my mind... the public has given him a befitting reply. What is the point of using the same words again,” she said, referencing Rahul attacking PM Modi with the “chowkidar chor hai” jibe.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Huz5ce

M.K. Dandeker resign as auditors from Talwalkars Better Value; stock hits lower circuit

Auditors cited that failure to receive satisfactory responses for their queries raised from the management during the audit of the companys accounts.

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

Air India goes soft on erring pilot, again

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Pd8ZR9

ICRA withdrawas rating assigned to borrowing programme of MEP Infrastructure Developers

ICRA withdrew ratings of MEP Infra Developers bank Limit of Rs50cr on slower than anticipated progress in 6 ongoing HAM projects.

from India Infoline News Service https://ift.tt/30IXylG

Sensex, Nifty trade volatile; Tata Motors, ITC stocks lead

Among sectoral front, the Nifty metal index is trading in the negative zone as selling pressure was seen in SAIL, Tata Steel, Jindal Steel and NMDC.

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

BP to exit Alaska in $5.6 billion deal

The sale, which is due to be completed next year, is part of BP’s $10 billion divestment programme to help the company shore up its balance sheet.

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

Power Grid Corp up 2% as board approves investment of Rs2,578cr for transmission systems in Rajasthan

The transmission systems are meant for Solar Energy Zones in Rajasthan.

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

Oberoi Realty updates on search operations by Tax authorities

We fully co-operated and responded to all clarifications that were sought by the Income Tax authorities and shall continue to do so for any further clarifications/ information that they may require, the company said in the filing.

from India Infoline News Service https://ift.tt/2ZmbuW7

Broker Radar for August 28

Check out the stock commentaries and recommendations from brokerage houses.

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

Hinduja Ventures reorganizes media biz to become operating media organization

HVL believes that this media business has a high growth potential going forward due to a fast maturing industry and recent regulatory reforms.

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

Animal spirits get worse as India slowdown spills over to July

Weakness in India’s investment and consumption activity worsened in July, with economic growth showing little signs of recovery from a five-year low.

from Economy-News-Economic Times https://ift.tt/2PiyMrs
via

RBI windfall: Where did the money come from

The RBI accepted the Jalan committee’s recommendation, agreeing to transfer Rs 1.76 lakh crore to the government for 2018-19.

from Economy-News-Economic Times https://ift.tt/32dH7hH
via

Asian stocks trade lower on trade uncertainty, US recession worries

Late Tuesday, China released measures to boost consumption amid uncertainties in the trade war between the US and China.

from India Infoline News Service https://ift.tt/30DgeTO

SGX Nifty indicates a flat opening for Indian markets

For today, expect higher volatility as Nifty sees expiry of derivative contracts tomorrow with August month seeing huge intra month swings.

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

Top stocks in focus: Power Grid, Oberoi Realty, Dilip Builcon, Yes Bank

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/2NxdCDr

Stringent rules to protect consumers under new Act: Ram Vilas Paswan

ET talks to the Union minister for consumer affairs, food and public distribution Ram Vilas Paswan about the new Consumer Protection Act.

from Economy-News-Economic Times https://ift.tt/2NH124F
via

A year after IL&FS collapse: Debt, destruction and dithering

When the government superseded the IL&FS board and appointed Uday Kotak to head it, there was hope of a quick resolution.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Zq1ISb
via

Banking

When the government superseded the IL&FS board and appointed Uday Kotak to head it, there was hope of a quick resolution.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Zq1ISb

What not to miss today

Here is the important news to watch out for today.

from India Infoline News Service https://ift.tt/342LNbR

CBDT clarifications on I-T return bring relief to NRIs

The move comes following representations from the industry seeking clarifications on various aspects to the new return forms.

from Economy-News-Economic Times https://ift.tt/34623IX
via

Direct tax code task force favours scrapping dividend distribution tax

Proposes reworking personal income-tax structure with lower rates.

from Economy-News-Economic Times https://ift.tt/2U6OuVk
via

New guidelines are in for e-tailors

Refund requests, procedure to resolve complaints are some of them

from The Hindu - Industry https://ift.tt/2LfD5OH

RBI to transfer record surplus Rs 1.76 lakh crore to government

The RBI board, headed by governor Shaktikanta Das, approved a transfer of Rs 1,76,051 crore to the government on Monday. This includes Rs 1,23,414 crore of surplus or dividend for the year 2018-19 and Rs 52,637 crore of excess provisions — a one-time transfer which is a first for RBI. The move is expected to stimulate the economy without widening fiscal deficit.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/324eh33

What are RBI’s surplus funds, where do reserves come from?

The RBI holds a little over 566 tons of gold, which along with its forex assets make up almost 77% of its assets.

from Economy-News-Economic Times https://ift.tt/33Zzvky
via

How the govt pulled off Rs 1.76 lakh crore fund transfer from RBI

After Garg's ouster, the Centre's revised pitch before the committee was to agree to a level of reserves that completely covered the risks during a turmoil in the financial, forex and money markets.

from Economy-News-Economic Times https://ift.tt/31YfMjo
via

Digit Insurance eases SME property cover using automation

New-age insurer Digit Insurance has made it viable to provide a cover to such small businesses by automating the underwriting process.

from SME Sector-Small Biz-Economic Times https://ift.tt/2MFLn5R
via