Banking updates: September 2019

Monday, September 30, 2019

Rupee gains 14 paise at 70.73/$

The rupee gained against the US dollar amid steady global shares and rebound in crude oil prices.

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Markets open higher tracking firm global cues; Banking stocks lead

Nifty Bank was up by over 1% after falling sharply in Monday's session.

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Onion trade in Nashik disturbed as farmers, traders protest stock limit

In a series of decisions, the ministry of consumer affairs banned onion exports and imposed stock limits of 100 quintals on retail traders and 500 quintals on wholesale traders on Sunday evening to rein the prices.

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Top tech investor bets India corner shops can fight Amazon

India has the market size and talent pool to make things happen and now investors are lining up with capital.

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Rekha Jhunjhunwala buys 19.65 lakh shares of Tata Communications

According to bulk deal data available with the BSE, Rakesh Jhunjhunwala's wife Rekha has bought 19.65 lakh shares of Tata Communications for an estimated Rs73cr through an open market transaction.

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Money Market Operations as on September 30, 2019

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Cadila Healthcare to sell rights of Zypitamag drug to Medicure Inc.

Medicure had previously acquired US marketing rights with a profit-sharing arrangement with Cadila.

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Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on September 30, 2019 is as under:

Amount (Face Value in ₹ crore)
Items		Overnight Reverse Repo Auction 5.15% Fixed Rate
1. Bids received
(i)	Number	81
(ii)	Amount	59,442
2. Bids accepted
(i)	Number	81
(ii)	Amount	59,442

Ajit Prasad
Director

Press Release: 2019-2020/838

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IRCTC IPO subscribed 0.81 times on first day of bidding

The price band has been fixed at Rs315 to Rs320 per share.

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NBCC signs MoU for for development of National Sports University in Manipur

The approximate cost of project would be Rs400cr.

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India's Current account deficit narrows to 2% of GDP: RBI

The CAD contracted on a yoy basis, primarily on account of higher invisible receipts at US$ 31.9 bn as compared with US$ 29.9 bn a year ago.

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Banking

Government looks to achieve 40 billion digital transactions in the current financial year.

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Banking

An institution that uses public funds to buy stalled projects from builders could halt this crisis of confidence.

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HDFC Bank, ICICI, others in MeitY’s digital good books

Government looks to achieve 40 billion digital transactions in the current financial year.

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How to put India's shadow banks on firmer ground

An institution that uses public funds to buy stalled projects from builders could halt this crisis of confidence.

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SGX Nifty indicates a positive opening for Indian markets

For today, expect another day of consolidation as holiday on Wednesday will see less commitments to carry trades.

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Asian markets up on US-China trade deal hopes

Markets in China and Hong Kong are closed on Tuesday for holiday.

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Kharif crop to gain from wettest monsoon in 25 years

Officials expect record food output but experts await second advance estimates.

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What not to miss today

Here is the important news to watch out for today.

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Top stocks in focus: M&M, NBCC, Karur Vysya Bank

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

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India, US to continue efforts to link investment with trade

Bilateral Talks Part II Commerce minister Piyush Goyal will meet US commerce secretary Wilbur Ross on the sidelines of the India Economic Summit later this week.

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Govt to borrow Rs 2.68 lakh crore in H2 as fiscal deficit on track

During the first half the govt has raised Rs 4.42 lakh cr, about 62% of the total borrowing.

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India blocks US request at WTO to set up a panel to settle its disagreement over retaliatory tariffs

India said it was confident it would prevail in this dispute but that it was not in a position to agree to the establishment of the panel.

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Sunday, September 29, 2019

Onion cries: Why the market swings from glut to shortage

Onion prices usually rise during the lean period (July to Sept/Oct) in the onion production-marketing cycle.

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Farmers in poll-bound Maharashtra fume at centre over onion export ban

Retail prices of onions have gone up to Rs 70-80/kg from Rs 30/kg in the last couple of weeks due to supply disruption.

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USFDA completes inspection at Cipla's Goa facility

The inspection ended with 12 observations, none of which are related to data integrity. The Company will respond to the agency within the stipulated timeline.

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Broker Radar for September 30

Check out the stock commentaries and recommendations from brokerage houses.

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Reliance Capital completes 21.5% stake sale in Reliance Nippon Life Asset Management

Reliance Capital will further monetise its balance 4.28% stake in RNAM worth ~Rs700cr (US$ 100 mn).

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Money Market Operations as on September 27, 2019

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IRCTC IPO to open for subscription today

The IPO, with a price band of Rs315 to Rs320 per equity share, will open on September 30, 2019, and close on October 03, 2019.

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Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

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

Amount (Face Value in ₹ crore)
Items		3 day Reverse Repo Auction 5.15% Fixed Rate
1. Bids received
(i)	Number	96
(ii)	Amount	55,727
2. Bids accepted
(i)	Number	96
(ii)	Amount	55,727

Ajit Prasad
Director

Press Release: 2019-2020/814

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AION Capital puts $40 million in SME lender Clix Capital

Firm to use funds to build consumer lending business, digital platform.

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Banking

With lending by banks to realty slowing down since 2011-12, the role of NBFCs and housing finance companies had gained prominence.

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Asian markets trade mixed; China's manufacturing PMI improves in Sept

A private survey showed Chinese manufacturing activity expanding more than expected in September.

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Agriculture share in India's 'Gross Value Added' fell to 17.9% in FY17 from 18.6% in FY14

The crops sub-sector accounted for nearly 62% of the agriculture and allied sector in 2011-12, which has gradually come down to about 58% in 2016-17.

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Home loans likely to get cheaper from this week

As banks shift to a new system borrowers could be paying less on their mortgages .

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What not to miss today

Here is the important news to watch out for today.

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Indiabulls' assurance on proposed LVB merger: Chairman Gehlaut won’t sit on board if RBI insists

Group tells RBI it will comply with regulator’s demands; central bank not convinced.

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Four PSBs carry on their search for CEOs

The searches commenced before FM Nirmala Sitharaman announced the amalgamation in August, bringing down the total number of state-run banks to a dozen from 27 in 2017.

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Over two-thirds of PMC’s loan exposure is in HDIL group

Officials allegedly helped lend 73% of total loans of the bank to just HDIL.

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Top stocks in focus: Indiabulls Housing, Reliance Capital, Allcargo

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

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SGX Nifty indicates a flat opening for Indian markets

For today, expect some more action in the mid-cap space as markets look forward to a rate cut by the Central Bank on Friday.

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Banking

Group tells RBI it will comply with regulator’s demands; central bank not convinced.

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Banking

Officials allegedly helped lend 73% of total loans of the bank to just HDIL.

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Corporate tax rate cuts: New contract manufacturing units eligible for 15 per cent tax benefit

Companies opting for 22% tax regime won’t be eligible for minimum alternate tax credit.

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RBI wanted PMC chairman Waryam Singh to be sacked in 2018 for irregularities

RBI had found out his involvement in sanctioning loans to realty developer HDIL without proper due diligence and much above the regulatory limits.

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Banking

The admission came in after a board member leaked the actual balance sheet details to the Reserve Bank, a source in know of the details said.

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PMC's HDIL loan at Rs 6,500 crore, or 73 percent of total loan book: Ex-MD Thomas in letter to RBI

Centre may seek ₹30,000 cr interim dividend from RBI to meet fiscal target

Government finances have come under pressure due to moderation in revenue collection and a slew of measures are being taken to lift growth from a six-year low of 5% in the first quarter of the current fiscal.

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DHFL lenders led by SBI expected to complete debt resolution plan quickly

The company had floated draft resolution plan according to which, it has assumed a price of Rs 54 per share for debt conversion into equity by lenders to acquire 51 per cent in the company.

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Banking

View: Forget onion export ban, invest in storage and processing

Encouraging imports, not banning exports, is the remedy to augment supplies. But then, as he says, this must be done in ahead of time which is seldom the case.

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Banking

Apart from the RBI dividend, there are other means of bridging any shortfall, including mop up from disinvestment and higher utilisation of National Small Saving Fund (NSSF)

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Government may seek Rs 30,000 cr interim dividend from RBI

Apart from the RBI dividend, there are other means of bridging any shortfall, including mop up from disinvestment and higher utilisation of National Small Saving Fund (NSSF)

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Saudi Arabia to invest USD 100 billion in India

Saudi Arabia is a key pillar of India's energy security, being a source of 17 per cent or more of crude oil and 32 per cent of LPG requirements of India.

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Reserve Bank of India may go for another rate cut on Oct 4: Experts

The central bank has already slashed the repo rate (short-term borrowing rate) four times aggregating to 1.10 percentage points since January.

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Banking

Vehicle scrappage policy may bring in stricter fitness norms for pre-2005 built vehicles

As per estimates, there are about 2 crore pre-2005 built vehicles that are plying on Indian roads and the move is aimed at de-incetivising such vehicles.

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RBI may go for another rate cut on October 4: Experts

The RBI may cut the key policy rate again on Friday, the 5th in row, to complement the government's measures like reducing corporate tax and promoting credit offtake to spur economic activity during the festive season amid range-bound inflation. The RBI has already slashed the repo rate 4 times aggregating to 1.10 percentage points since January.

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Proposed policy seeks to de-incentivise pre-2005 vehicles under new emission norms

As compared to older regulations, pre-2005 vehicles are polluting 10 to 25 times more under the new norms.

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Govt to set up working group on proposed new industrial policy

The group will have members from different government departments of the Centre and states, as well as from industry chambers, including the CII.

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Saturday, September 28, 2019

Ease of doing business: India among 20 most improved countries

Trade is easier following the integration of several government agencies into an online system.

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Six of top-10 companies add ₹1.26 lakh crore in market valuation

RIL and HDFC Bank tops the chart

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PAN-Aadhaar linking date extended to December 31

The deadline to link permanent account number (PAN) with Aadhaar has been extended till December 31, a CBDT order said on September 28. Earlier, the d

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Help smallholder farmers thrive economically: Simon Groot

By offering smallholder farmers quality vegetable seeds, both hybrid and non-hybrid, and the knowledge and training to properly grow and harvest them, we are making more varieties of more nutritious food available to more people than ever before.

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Dipam , Niti Aayog aim to cut government stake in select CPSEs to below 51%

At the initial stage it will be 2-3 PSUs where government stake in these PSUs would be brought down to less than 51 per cent which would also require amendment to certain laws.

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There should be just 3 GST rates: 6, 12 & 18%: Bibek Debroy

The way both the Union and states are working together is phenomenal. Also, let us not forget the success in terms of the GST subsuming all sorts of erstwhile taxes and the way freight moves today.

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Gold to regain its glitter despite lull: Analysts

After a strong upward move between May and August, the price of gold in India is showing a flat trend, more so after last Friday’s announcements of fiscal sops. However, analysts see a one-year price target as high as Rs 44,000 per 10 grams, from about Rs 37,000, since gold prices are influenced less by local events and more by global factors.

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Centre asks PSUs to clear vendor, contractor dues by October 15 to boost spending, growth

State-owned companies have also been asked to set up a portal where service providers, vendors and contractors can track bills and payments so that liquidity crunch is mitigated.

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PSUs told to clear vendor, contractor dues by October 15 to boost spending

Finance Secretary Rajiv Kumar said 34 central PSUs have already spent Rs 48,077 crore till August.

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PAN-Aadhaar linking deadline: Key things to know

The deadline to link Permanent Account Number or PAN with unique identity Aadhaar is fast approaching. PAN not linked with Aadhaar will turn 'inoperative' after September 30.

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‘Ganagandharvan’ review: This Mammootty-starrer has few positives

With a script all over the place and too many characters making their appearance, this dated film fails to move you on any front

from The Hindu - Reviews https://ift.tt/2lOSzR9
September 28, 2019 at 01:57PM

RBI initiates regulatory action against Lakshmi Vilas Bank amid police probe

Financial services company Religare Finvest has accused Lakshmi Vilas of misappropriating funds to the tune of ₹790 crores in a complaint filed with the EOW.

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Hotels gear up to remove plastic usage

A couple of years ago, ITC Hotels conducted a study to map the plastic items in use across hotels. While they had already done away with use of single use plastic bottles, even then to their surprise, the final list was about 350 plastic items that are used in any hotel.

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RBI puts Lakshmi Vilas Bank under PCA norms

The Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against Lakshmi Vilas Bank (LVB) after its directors are being probed for alleged fraud, the private lender said in a statement to exchanges on Saturday.

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