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Banking Awareness One Liners September 2019

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Banking Awareness One Liners September 2019

shape Introduction

The article Banking Awareness One Liners September 2019 includes Banking Awareness One Liners with an explanation, analysis and issues of current events in the month of September. And these One Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.


shape Sept 2019

Banking:

  • Shares of Central Bank of India (down 5.47 per cent), Syndicate BankNSE -6.63 % (down 4.71 per cent), Indian BankNSE -4.57 % (down 3.86 per cent) and Jammu & Kashmir Bank (down 3.70 per cent) were the worst performers in the index.

  • Shares of YES BankNSE -15.08 % (down 10.67 per cent), RBL Bank (down 7.02 per cent), IndusInd Bank (down 6.01 per cent), DCB Bank (down 3.46 per cent) and ICICI Bank (down 2.45 per cent) fell as much as 10 per cent.

  • Federal Bank (down 1.60 per cent), Kotak Mahindra Bank (down 1.55 per cent) and HDFC Bank (down 1.06 per cent) too were trading with losses.

  • Shares of YES Bank (down 8.10 per cent), RBL BankNSE -10.21 % (down 6.02 per cent), IndusInd BankNSE -6.57 % (down 4.59 per cent) and Federal Bank (down 2.03 per cent) were trading lower.

  • Bank of Baroda (down 1.95 per cent), ICICI Bank (down 1.48 per cent), State Bank of India (down 1.37 per cent) and Kotak Mahindra Bank (down 1.32 per cent) too were with losses.

  • Jay Thakkar of Anand Rathi has a buy call on Federal BankNSE -3.42 % with a target price of Rs 97.5 . The current market price of Federal Bank is Rs 91.55. Jay Thakkar recommended to keep a stop loss at Rs 92.

  • Terming the Punjab and Maharashtra Cooperative (PMC) Bank crisis as an “eye opener”, Minister of State for Finance Anurag Thakur on Monday said the banking sector regulator RBI is looking into various aspects, including lapses on part of auditors.

  • The bank came under stress due to alleged financial irregularities forcing the Reserve Bank of India (RBI) to impose restriction on the Mumbai-based lender.

  • The State Bank of India opened its Melbourne office on Monday, becoming the first Indian bankNSE -4.57 % to have a branch in the Australian state of Victoria.

  • Shares of private sector lender YES Bank tumbled over 15 per cent on Monday amid concerns over its exposure to Indiabulls Housing Finance.

  • The news that the bank received an approval from the Reserve Bank of India (RBI) to raise capital could not lift the counter. The scrip settled the day at Rs 41.45 on BSE, down 15.06 per cent.

  • YES BankNSE -15.08 % with over 1.30 crore shares changing hands was leading among the most traded stocks on NSE. It was followed by HDFC Bank (Rs 61.05 crore), RILNSE 1.77 % (Rs 60.20 crore), YES Bank (Rs 51.68 crore), BPCLNSE 0.06 % (Rs 39.85 crore), Axis Bank (Rs 38.55 crore), Bajaj Finance (Rs 37.10 crore), HDFC (Rs 36.13 crore), Maruti Suzuki (Rs 33.59 crore) and SBI (Rs 30.82 crore).

  • Shares of Lakshmi Vilas BankNSE -4.93 % (LVB) fell 5 per cent in Monday’s trade after the Reserve Bank of India initiated Prompt Corrective Action (PCA) against the bank due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.


Economy:


  • Federal Bank key products/revenue segments include interest & discount on advances & bills which contributed Rs 9,089.62 crore to sales value (79.60 per cent of total sales), income from investment which contributed Rs 2,037.45 crore to sales value (17.84 per cent of total sales).

  • Benchmark equity indices Sensex and Nifty posted their worst quarterly decline since March 2018 in the September quarter marked by sluggish economic growth data and tepid quarterly earnings.

  • Banking sector has capability to meet credit needs for 8% GDP growth: Rajnish Kumar, SBI

  • The dollar index gained support as global political uncertainty and fears over a widening of the China-US trade war kept investors in safe harbours ahead of a slew of global economic indicators this week.

  • Private sector lender HDFC Bank on September 30 took the battle on consumption straight to e- commerce majors with a three-month long campaign offering best deals on transactions through its platform.

  • Clix Capital Services, a digital-lending NBFC, on Monday said it has raised USD million (about Rs 280 crore) from its existing investors, including AION Capital Partners, to fund growth plan.

  • Benchmark indices have recovered some lost ground but is still trading in the red with Nifty50 down 42 points and is trading at 11,469 level while the Sensex shed 162 points and is trading at 38,660 mark.

  • The Indian rupee has erased all its morning gains and trading near day’s low at 70.70 per dollar, down 14 paise from previous close.


  • APTEL has upheld approval granted for transfer of 75.01 percent ownership of Prayagraj power project to Renascent Venture but without any reduction of adopted tariff

  • The government had to act decisively because there was an absolute sense of pessimism and ‘given up‘ feeling, which has gone.


Business:


  • The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year India Strategy – our shared future.

  • Shares of Lupin gained intraday on September 30 after the pharma company launched Sildenafil Tablets USP for treating erectile dysfunction.

  • Drug firm Glenmark Pharmaceuticals on Monday said it has received approval from the Ministry of Healthcare, Russia, to market Montlezir film-coated tablets used for treatment of allergic rhinitis.

  • Russia is one of the key markets for us and we are consistently looking to expand our product portfolio,” Glenmark Pharmaceuticals Senior Vice President and Head – Asia, Russia and CIS region Csaba Kantor said.

  • Union Minister Nitin Gadkari on Monday inaugurated the Delhi-Meerut Expressway phase-3, built at a cost of Rs 1,058 crore. The 82-kilometre long Delhi-Meerut Expressway connects Delhi with Meerut in western Uttar Pradesh.

  • The Delhi-Meerut Expressway project is being implemented in four packages – an 8.72 km long 6-lane expressway/ 8-lane NH 24 from Sarai Kale Khan in Delhi to Ghazipur border, already completed in June 2018, a 19.28 km long 6-lane expressway/ 8-lane NH 24 from Ghazipur border to Dasna in UP which is 60 per cent done and 22.23 km long 6-lane NH 24 with 2+2 lane service roads on either sides from Dasna to Hapur in UP, which is being inaugurated.

  • The RBI may cut the key policy rate again on Friday, the fifth 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 Governor Shaktikanta Das headed Monetary Policy Committee (MPC) will announce the fourth bi-monthly monetary policy for 2019-20 on Friday, October 4.

  • The central bank has already slashed the repo rate (short-term borrowing rate) four times aggregating to 1.10 percentage points since January. At its previous meeting in August, the MPC had reduced the benchmark lending rate by an unusual 35 basis points to 5.40 per cent.

  • The government may seek an interim dividend of about Rs 30,000 crore from the RBI towards the end of the financial year to meet its fiscal deficit target of 3.3 per cent of GDP for 2019-20, sources said.

  • The government got a higher dividend of Rs 95,414 crore during the current fiscal as against the budgetary estimate of Rs 90,000 crore.

  • Saudi Arabia, the world’s biggest oil exporter, is looking at investing USD 100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country’s growth potential.

  • Saudi Arabia’s biggest oil giant Aramco’s proposed partnership with Reliance IndustriesNSE 0.94 % Ltd reflected the strategic nature of the growing energy ties between the two countries.

  • In a boost to Prime Minister Narendra Modi’s ambitious target of India breaking into top 50 nations on the World Bank’s ease of doing business ranking, the country has figured among the 20 countries that have improved the most on the list.

  • Economies are selected based on the number of reforms and on how much their ease of doing business score improved. First, Doing Business selects the economies that implemented reforms making it easier to do business in three or more of the 10 areas included in this year’s aggregate ease of doing business score.

  • European Central Bank policymaker Ignazio Visco said on Saturday recent expansionary measures agreed by the bank were necessary to counter the risk of a return to deflation in the euro area.

  • Earlier this month the ECB, in Mario Draghi’s last policy meeting as the central bank’s chief, pledged new indefinite stimulus to revive an ailing euro zone economy, a decision opposed by a third of the policymakers.

  • Tax rate cut not an enough solution to increase private capex, growth; also need these 6 measures

  • Union minister Nitin Gadkari will inaugurate the 22-km long stretch from Dasna to Hapur of Delhi-Meerut Expressway on September 30.

  • Income Tax (I-T) department website https://www.incometaxindiaefiling.gov.in/home – click on Aadhaar Linking – fill in your 12-digit Aadhaar number; 10-digit PAN; name and Captcha for the one-time password (OTP).

  • Due to recent implementation of demonetisation and GST, industries in India have faced a lot of challenges. Economic growth has stagnated, leading to hiccups in many sectors. But we are sure it is going to be shortlived. At this juncture, emerging sectors such as e-commerce, insurance and MSME are on the verge of the rapid growth.

  • Lakshmi Vilas BankNSE -4.95 % on Saturday said it has got shareholders’ approval to raise up to Rs 1,000 crore by issuance of securities.

  • Benchmark equity indices BSE Sensex and NSE Nifty registered their biggest weekly gains in four months for the week ended September 27.

  • The Reserve Bank has initiated Prompt Corrective Action (PCA) against Lakshmi Vilas BankNSE -4.95 % (LVB) due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years, the private sector lender said.

  • The RBI move comes amidst the Delhi Police’s Economic Offences Wing registering a complaint against the board of LVB alleging cheating and misappropriation of funds.

  • Punjab & Mumbai Cooperative Bank’s managing director Joy Thomas said on Friday that the central bank was rather harsh and hasty in taking punitive action against the lender without giving it an opportunity to recover loans advanced to real estate company HDILNSE -4.55 %.

  • PMC has lent Rs 2,500 crore to the Mumbai-based HDIL group in the last seven years, and the amounts were not reported to the regulator. These constituted 30 per cent of the bank’s total advances of Rs 8,383 crore, as of March 2019.

  • Investor sentiment remained upbeat in equity market after Finance Minister Nirmala Sitharaman last Friday said that India has become a highly competitive investment destination post corporate tax reduction as the rates are now lower than that in China and most Southeast Asian countries.

  • The 30-share Sensex added around 2.13 per cent, or 808 points, to 38,822, while the 50-share Nifty index gained 2.11 per cent, or 238 points, to 11,512.

  • Yes Bank came under pressure after YES Capital (YCPL), one of the promoter entities of the lender, sold nearly 1.8 per cent stake in the bank. YCPL sold 46.5 million shares at Rs 51.94 apiece. The proceeds will be utilised to prepay the entire balance outstanding NCDs of YCPL subscribed by various schemes of Franklin Templeton Asset Management.

  • YES Bank stood as the top loser in the Nifty pack. The scrip declined to Rs 48.80 from 55.50 during the week. It was followed by Tata Motors (down 10 per cent), Zee Entertainment (down 9 per cent) and State Bank of India (down 6.78 per cent).

Banking:

  • YES Bank with over 0.94 crore shares changing hands was leading among the most traded stocks on NSE. Shares of Suzlon EnergyNSE -10.71 % (number of shares traded: 0.18 crore), Ballarpur Industries (number of shares traded: 0.17 crore), NMDC (number of shares traded: 0.12 crore).

  • The police have opened a probe into the directors of Lakshmi Vilas BankNSE -4.95 % after a customer accused them of misappropriating funds, the bank said. Indian financial services company Religare Finvest (RFL) has accused Lakshmi Vilas of misappropriating Rs 790 crore ($111.4 million).

  • Shares of IndusInd Bank (down 1.47 per cent) , IDFC First BankNSE -2.52 % (down 1.38 per cent) , ICICI BankNSE -0.61 % (down 1.07 per cent) and Bank of Baroda (down 0.78 per cent) were the worst performers in the index.

  • Shares YES BankNSE -4.51 % (down 3.62 per cent), DCB Bank (down 1.53 per cent), IndusInd Bank (down 1.30 per cent), ICICI Bank (down 1.27 per cent) were among the top losers in the index. Kotak Mahindra Bank (down 1.14 per cent), IDFC First Bank (down 1.03 per cent) and Axis Bank (down 0.35 per cent) too were trading in the red.

  • Nifty futures on the Singapore Exchange were trading 32.50 points, or 0.28 per cent, lower at 11,597.50, indicating a negative start for Dalal Street. Here are a few stocks which may buzz the most in today’s trade.

  • Shrikant Chouhan of Kotak Securities Limited has a sell call on RBL Bank Ltd.NSE -4.68 % with a target price of Rs 365. The current market price of RBL Bank Ltd. is Rs 381.9. Time period given by analyst is Intra Day when RBL Bank Ltd. price can reach defined target. Shrikant Chouhan recommended to keep stoploss at Rs 394.

  • a number of housing societies whose funds are held up in PMC Bank are facing a crisis of payments. Managing committees are distressed to find crores blocked in collapsing cooperative banks.

  • Shares of YES Bank tumbled 5 per cent in Friday’s trade as YES Capital cut its shareholding in the bank by 1.80 per cent to prepay Rs 630 crore borrowed from Franklin Templeton Asset Management through non-convertible debentures (NCDs). YES Capital is a holding company controlled by Yes Bank co-founder Rana Kapoor.

  • The Reserve Bank of India (RBI) has eased the restrictions on depositors of Punjab & Maharashtra Cooperative Bank (PMC Bank), two days after it put a Rs 1,000 cap on the money a saver could withdraw, triggering protests.


Economy:


  • Benchmark equity indices Sensex and Nifty edged lower on Friday, mirroring weakness in Asian peers on increasing political uncertainty in the US. Financials contributed the most to the losses.

  • Domestic stocks declined in the early trade amid weak global cues. Market benchmark BSE Sensex was down by 148.01 points or 0.37 per cent at 38,841.73 while the broader NSE Nifty slipped by 51.60 points or 0.44 per cent to 11,519.60.

  • See Nifty at 13,500 in next 12-18 months and the theme is quality


  • Money is going to move to quality whether it is largecap or is midcap.

  • $5 trillion will happen. You don’t want to fight Modi at the moment.

  • Specialty chemicals, insurance do well even when markets fall.


  • Finance Minister Nirmala Sitharaman will brief the media where she is expected to make announcements to boost economy, which is at a six-year low.

  • Odisha government has approved investment proposals worth Rs 2,435 crore in different sectors which would provide direct employment to 5,432 people in the state

  • Expressing serious concern over substantial drop in investment in the country in the last decade, India’s Chief Economic Advisor Krishnamurthy Subramanian has said investment is key to the country becoming a USD5-trillion economy in five years.


Business:


  • The Indian rupee has extended gains and trading at day’s high level at 70.56 per dollar, up 32 paise from its previous close.

  • It opened lower by 7 paise at 70.95 per dollar against previous close 70.88.

  • Juul CEO, Kevin Burns; WeWork CEO, Adam Neumann; and Ebay CEO, Devin Wenig have all stepped from their post recently.

  • Total liabilities of the government increased to Rs 88.18 lakh crore at end-June 2019 from Rs 84.68 lakh crore at end-March 2019, according to the latest data on public debt.

  • Shares of Cox & Kings climbed 2 percent to Rs 4.06 on BSE on September 27 amid reports that the company is in talks with several firms to sell assets.

  • The world’s third biggest crude oil importer shipped in about 1.32 million barrels per day (bpd) of Iraqi oil last month, about a third more than July and 29% higher than August 2018.

Banking:

  • Shares of ICICI Bank (up 2.83 per cent) , IndusInd BankNSE 2.93 % (up 2.40 per cent) , Kotak Mahindra BankNSE 1.58 % (up 1.68 per cent) and Bank of Baroda (up 1.66 per cent) were the top gainers in the index.

  • Shares of ICICI Bank (up 2.28 per cent), IndusInd Bank (up 1.88 per cent), Kotak Mahindra Bank (up 1.37 per cent), Federal Bank (up 0.76 per cent) and IDFC First Bank (up 0.47 per cent) were among the top gainers in the index.

  • Kunal Bothra has a buy call on IDFC First BankNSE 1.51 % with a target price of Rs 50. The current market price of IDFC First Bank is Rs 44.1. Kunal Bothra recommended to keep a stop loss at Rs 40.

  • IDFC First Bank key products/revenue segments include interest & discount on advances & bills which contributed Rs 7,825.54 crore to sales value (65.49 per cent of total sales), income from investment which contributed Rs 3,905.65 crore to sales value (32.68 per cent of total sales).

  • Nifty futures on the Singapore Exchange were trading 40 points, or 0.35 per cent, higher at 11,515, indicating a positive start for Dalal Street. Here are a few stocks which may buzz the most in today’s trade.

  • A cooperative run by RBI officers is among many whose money is stuck in the troubled Punjab and Maharashtra Co-operative (PMC) Bank. The RBI on Tuesday barred the PMC from carrying out a majority of its routine business transactions for a six-month period.

  • Shares of YES BankNSE -4.93 % were trading lower in Thursday’s session after the private sector lender said it was waiting for the Reserve Bank of India’s (RBI) approval for increasing the bank’s authorised share capital.

  • Mallika Jha rushed to the Malviya Nagar branch of Punjab and Maharashtra Cooperative (PMC) Bank on Wednesday to withdraw money to pay for her sister’s hospital bill. She was in for a rude shock when she was told that she could only withdraw Rs 1,000 daily for the next six months.

  • RBI increases withdrawal limit from Rs 1,000 to Rs 10,000 for PMC Bank customers.

  • Shares of Axis BankNSE 0.71 % (down 2.06 per cent), Kotak Mahindra Bank (down 1.86 per cent), DCB Bank (down 1.78 per cent), RBL Bank (down 1.70 per cent), HDFC Bank (down 1.30 per cent), ICICI Bank (down 0.93 per cent), Federal Bank (down 0.58 per cent) and IDFC First Bank (down 0.35 per cent) were among the top losers in the index.


Economy:


  • Ratings agency ICRANSE 0.00 % on Thursday revised the outlook on construction equipment (CE) sector to ‘negative‘, citing sharp drop in unit sales amidst slowing economic growth.

  • GST exemption granted for fish meal till this month-end has brought relief to the fisheries sector, its levy from October could hit the seafood industry as the product is a key ingredient in shrimp and fish feed.

  • 70 fish meal factories spread over the coastal states of Karnataka, Gujarat, Kerala, Tamil NaduNSE 3.72 %, Maharashtra and Goa had protested against the decision of the government to collect 5% GST with retrospective effect.

  • Petrol and diesel prices were hiked on Thursday after a pause the previous day. With effect from 6 am on September 26, the price of petrol was Rs. 74.19 per litre in Delhi and Rs. 79.85 per litre in Mumbai, according to notifications from Indian Oil Corporation. The rates of diesel were Rs. 67.14 per litre in Delhi and Rs. 70.44 per litre in Mumbai.

  • India’s economic growth showed little signs of a recovery from a six-year-low, with investment and consumption activity in August remaining fairly subdued.


Business:


  • The Nifty gained strength from the word go and traded higher through September 26, though there was volatility on account of the expiry day for the monthly derivatives contracts.

  • Tamil Nadu Chief Minister K Palaniswami on September 26 launched a number of initiatives in the industrial sector totalling over Rs 7000 crore, including signing of MoUs for new investments.

  • Miniso Ìndia will add 20 to its store count by December, and another 100 by December 2020, taking the total count to 240.

  • 11 stocks where brokerages have initiated coverage this week, expect 13-38% returns.

  • Amassing a net worth of Rs 380,700 crore, Reliance Industries Chairman Mukesh Ambani maintained his number one spot for the eighth consecutive years, as per the IIFL Wealth-Hurun India Rich List 2019. Ambani’s wealth grew by three percent from the previous year.

Banking:

  • Reports appearing in some sections of social media about the RBI closing down certain commercial banks are false, the central bank said in a statement.

  • The banking sector fund category has offered 13.98 per cent returns in one year. The top five performers in the category have given over 20 per cent returns in one year. A look at their long-term track record shows that the category has been posting good returns in one-, three-, five- and ten-year horizons.

  • Shares of Axis BankNSE -1.34 % (down 2.06 per cent), Kotak Mahindra Bank (down 1.86 per cent), DCB Bank (down 1.78 per cent), RBL Bank (down 1.70 per cent), HDFC Bank (down 1.30 per cent), ICICI Bank (down 0.93 per cent), Federal Bank (down 0.58 per cent) and IDFC First Bank (down 0.35 per cent) were among the top losers in the index.

  • The lives of thousands of deposit holders of Punjab and Maharashtra Co-operative (PMC) Bank were thrown into disarray on Monday. This is because the Reserve Bank of India (RBI) ordered PMC Bank not to engage in any business for six months and capped depositor withdrawals. As per the RBI statement.

  • Abhijit Pathak of Definedge Solutions has a buy call on Punjab National BankNSE -4.31 % with a target price of Rs 74. The current market price of Punjab National Bank is Rs 65.3.

  • Public lender the State Bank of India (SBI) logged its biggest single-day fall in over four years on Wednesday after Morgan Stanley downgraded the stock to equal-weight. A market-wide profit booking also weighed on the bank.

  • State Bank of India has also approached the Securities and Exchange Board of India, seeking a one-time exception for mutual funds over a rule on segregation of assets so that they could be part of a resolution plan being worked on for Dewan Housing Finance Corporation.

  • Shares of YES Bank slipped after gaining over 1 per cent in Wednesday’s trade after Rana Kapoor-controlled Morgan Credits, a promoter, paid Rs 792 crore to Reliance Nippon Asset Management (RNAMNSE 0.73 %).

  • Shares of Au Small Finance BankNSE -3.87 % (number of shares traded: 0.33 crore) , YES BankNSE -4.19 % (number of shares traded: 0.30 crore) , GMR Infra (number of shares traded: 0.22 crore) , SBI (number of shares traded: 0.18 crore).


Economy:


  • Srinivasan said that there was disappointment when the government did not make any provisions for an economic stimulus in the last Budget.

  • Tax cuts – Benefits likely for building material and consumer facing companies

  • The e-commerce landscape continues to attract regulatory attention. The latest is the Competition Commission of India (CCI) reportedly keeping a close watch on deep discounts offered by e-commerce marketplaces.

  • Contraction in demand and reluctance to invest are key reasons for the current slowdown in the Indian economy, which grew at its slowest pace in over six years in the June quarter, said former Union finance minister Yashwant Sinha.

  • India’s cotton production in 2019/20 is likely to jump as much as 20% from a year ago to the highest level in five years due to a bigger cultivated area and a boost to yields from above-average monsoon rains, a senior industry official told Reuters.


Business:


  • Corporate India’s merger and acquisition activity moderated in August with 23 deals worth $845 million, the second lowest monthly deal volume till date amid ongoing global uncertainties.

  • Investors are moving from real estate to mutual funds for better returns . Not too long ago, mutual fund investment was perceived to be for the rich alone. But now with ample awareness around the subject, the focus has shifted to make it a more inclusive affair.

  • Experts expect the Nifty to be volatile amid F&O expiry but if the index breaks 11,382, the crucial support level, then the selling could intensify.

  • Coal India produced a total of 466,000 tonnes of coal on September 24, which compared to an business-as-usual production estimate of 1.05 million tonnes.

  • Bajaj Auto, the country’s third largest two-wheeler maker, has slashed prices by as much as Rs 6,000 on its range of motorcycles as part of the upcoming festival offers.

  • Fall in crude prices could cause the Rupee to outperform as one key risk is out of the way. However, nationalized banks are likely to keep buying spot USD to shore up reserves and protect the value of Rupee in REER terms.

  • WiproNSE 0.56 % has launched the first phase of noomis, online platform of Febraban, to help financial services organisations to collaborate and share information.

  • Shares of Ashok Leyland (number of shares traded: 0.46 crore) , YES BankNSE 1.08 % (number of shares traded: 0.30 crore), Vodafone Idea (number of shares traded: 0.24 crore) , ZEEL (number of shares traded: 0.14 crore), Exide Industries (number of shares traded: 0.12 crore).

  • Maruti Suzuki (Rs 83.47 crore), HDFC BankNSE -0.27 % (Rs 51.52 crore), Axis Bank (Rs 36.71 crore), ZEEL (Rs 31.89 crore), Ashok Leyland (Rs 31.67 crore), ICICI Bank (Rs 29.86 crore), TCS (Rs 27.10 crore), Bajaj Finance (Rs 26.77 crore) and RIL (Rs 26.20 crore).

  • Shares of Canara Bank (down 2.31 per cent), Syndicate BankNSE -1.96 % (down 1.96 per cent), Oriental Bank of CommerceNSE -1.84 % (down 1.76 per cent) and Union Bank of India (down 1.64 per cent) were the top losers in the index.

  • Indian Bank (down 1.55 per cent), State Bank of India (down 1.50 per cent), Punjab National Bank (down 1.35 per cent) and Central Bank of India (down 1.23 per cent) too were trading lower.

  • Shares of RBL Bank (down 2.22 per cent) , YES BankNSE 1.08 % (down 1.53 per cent) , Kotak Mahindra BankNSE -1.37 % (down 1.18 per cent) and HDFC Bank (down 1.13 per cent) were the top losers in the index.

  • State Bank of India (down 1.07 per cent) , ICICI Bank (down 0.97 per cent) , Punjab National Bank (down 0.52 per cent) and Bank of Baroda (down 0.20 per cent) too were trading lower.

  • Shares of YES BankNSE 1.08 % (down 2.89 per cent), ICICI Bank (down 1.42 per cent), Kotak Mahindra Bank (down 1.26 per cent), RBL Bank (down 1.02 per cent), Federal Bank (down 0.73 per cent) and IDFC First Bank (down 0.58 per cent) were among the top losers in the index.

  • CK Narayan of Chart Advise has a buy call on Axis Bank Ltd.NSE -2.91 % with a target price of Rs 733. The current market price of Axis Bank Ltd. is Rs 727.05. Time period given by the analyst is Intra Day when Axis Bank Ltd. price can reach the defined target.

  • The Reserve Bank of India (RBI) has barred the Punjab & Maharashtra Cooperative Bank Ltd (PMC), Mumbai from carrying out the majority of its routine business transactions for a period of six months, sparking panic among the depositors and sending shock-waves in the city banking and business circles.

  • The Reserve Bank of India has put limitations on the withdrawal of amount by account-holders of the Mumbai-based Punjab and Maharashtra Co-Operative Bank (PMC Bank).

  • The issue of the directions by the Reserve Bank should not, per se, be construed as cancellation of banking licence by the Reserve Bank,” the RBI said.

  • The bank will continue to undertake banking business with restrictions till further notice/instructions. The Reserve Bank may consider modifications of these directions depending upon circumstances, the central bank added.

  • Banks say that there is a sub-section among the new generation of salaried professionals to whom the ticket size of Rs 35-50 lakh is most attractive. “A Rs 50 lakh flat — immediately has associations of a gated community, possibly a pool, security, gym, sauna and other facilities.

  • Shares of HBL PowerNSE 14.75 % (up 17.26 per cent) , Premier Polyfilm (up 14.73 per cent) , Tyche Industries (up 14.48 per cent), Advance Metering (up 13.37 per cent), Inditrade Capital (up 11.84 per cent), Allcargo Logistics (up 10.28 per cent).

  • High Energy Batteries (up 9.89 per cent), Niraj Cement (up 9.78 per cent), MCXNSE 5.53 % (up 5.84 per cent) and IDBI Bank (up 5.02 per cent) were among the top performers. The Nifty 50 index was trading 29.95 points up at 11,630.15.

  • Finance minister Nirmala Sitharaman announced big cuts in corporate tax rate last week. The rate cut may boost the estimated ad-spend during the festive quarter by 5-7%, in addition to the ₹28,000 crore which India Inc was expected to spend before the announcement.

  • ICICI BankNSE -1.21 % on Monday said it will expand its retail network by adding 450 new branches this financial year. Of these, the bank has made 320 branches operational for customers and in the process, it has crossed the milestone of having 5,000 branches, ICICI Bank said in a statement.

  • The government’s move to slash goods and services tax (GST) on job work services in diamond trade to 1.5% from 5% will help arrest job losses in Gujarat, the country’s diamond cutting and polishing hub, and get exporters a refund of Rs 200 crore which was blocked on this account.

  • Four unions of bank officers had threatened to go on a two-day strike from September 26 to protest against the consolidation of 10 state-run lenders into four.

  • PNBNSE -1.05 % Housing Finance on Monday said the company’s effective tax rate will come down by 8-9 percentage points following the government’s decision to slash corporate tax rate.

  • Shares of Allahabad BankNSE -1.27 % (up 2.12 per cent) , State Bank of India (up 1.89 per cent) , Central Bank of India (up 1.78 per cent) and Jammu & Kashmir Bank (up 1.53 per cent) were trading with gains.

  • Syndicate BankNSE -1.96 % (up 0.83 per cent) , Punjab National Bank (up 0.68 per cent) and Bank of India (up 0.36 per cent) too were trading higher.

  • The Reserve Bank of India’s (RBI) decision on the proposed merger of Lakshmi Vilas BankNSE 0.00 % with Indiabulls Housing Finance could largely be guided by the precarious state of the bank’s finances, its urgent need for capital and the desire to reassure nervous financial markets about systemic stability of banks and other financial firms, according to people familiar with the matter.

  • Benchmark equity indices continued their euphoric rally for the second day on Dalal Street with Sensex jumping 1,075 points to hit its highest level in more than two months as investors cheered the historic cut in corporate tax rate.

  • BSE Capital Goods index recorded 6.55 per cent gain on the sectoral return chart followed by Bankex, Finance and FMCG index. In terms of index contribution, HDFC twins, ICICI BankNSE -1.21 % and ITC were chart.

  • Axis BankNSE -2.91 %, ICICI BankNSE -1.21 %, HDFC BankNSE -0.27 %, ACC and Britannia Industries are among the top picks of the poll participants.

  • Around 1200 employees attended a town hall meeting on Saturday in Chennai to mark Indian BankNSE 1.49 % and Allahabad BankNSE -1.27 %’s amalgamation as part of the government’s PSU bank merger move.

  • Shares of Ashok LeylandNSE 0.67 % (number of shares traded: 0.16 crore) , Petronet LNG (number of shares traded: 0.12 crore) , RattanIndia Infrast (number of shares traded: 0.08 crore) , ICICI Bank (number of shares traded: 0.07 crore).

  • YES Bank (number of shares traded: 0.06 crore) , Idea Cellular (number of shares traded: 0.06 crore) , HDFC BankNSE -0.27 % (number of shares traded: 0.05 crore) , Axis Bank (number of shares traded: 0.04 crore) and NTPC (number of shares traded: 0.04 crore) also featured among the most traded stocks on the NSE.

  • Yes Bank’s shares increased by 13.5% after reports that Indian digital payments network Paytm’s parent company One97 Communications Pvt Ltd, may buy out a 9.6% stake from Rana Kapoor, Yes Bank’s co-founder.

  • Shares of IndusInd Bank (up 6.43 per cent) , RBL BankNSE 0.67 % (up 4.19 per cent) , HDFC BankNSE -0.27 % (up 3.62 per cent) and ICICI Bank (up 3.50 per cent) were the top performers in the index.

  • Axis Bank (up 3.20 per cent) , Kotak Mahindra Bank (up 2.81 per cent) , Punjab National Bank (up 1.67 per cent) and Federal Bank (up 1.58 per cent) too were trading with gains.

  • Shares of IndusInd BankNSE 0.31 % (up 6.37 per cent), RBL Bank (up 5.44 per cent), ICICI Bank (up 4.87 per cent), HDFC Bank (up 4.17 per cent), Axis Bank (up 3.81 per cent) and DCB Bank (up 2.24 per cent) gained up to 6 per cent.

  • Power Finance Corp pulled a sale of three-year notes of as much as 50 billion rupees ($705 million) on Friday and Bank of BarodaNSE -1.49 % delayed its plan to sell as much as 16.50 billion rupees perpetual debt.

  • State Bank of India or SBI, the country’s largest lender, has withdrawn the repo-rate linked home loan scheme. The bank mentioned this on its official Twitter handle while responding to a customer’s query.

  • Kindly note that RLLR based home loan scheme have been withdrawn. You can get the home loan migrated to MCLR based home loan.

  • The Punjab National Bank (PNB), which is the anchor bank for a scheduled merger with the United Bank of India (UBI) and the Oriental Bank of Commerce (OBC), has said that it does not see any erosion in asset quality after the merger.

  • Around four lakh bank employees across the country are set to go on 2-day strike in September to protest against the merger of public sector banks, reported news agency Asian News International. The strike has been called by four bank unionsAll India Bank Officer’s Confederation (AIBOC), the All India Bank Officer’s Association (AIBOA), the Indian National Bank Officer’s Congress (INBOC) and the National Organisation of Bank Officers (NOBO).

  • Finance Minister Nirmala Sitharaman’s announcements on corporate tax cut turned out to be the biggest news for domestic stocks, which triggered the biggest one-day rally on Dalal Street since May 2009. Friday’s fireworks helped Sensex and Nifty closed the week gaining 1.7 per cent and 1.8 per cent to 38,014.6 and 11,274.2 points, respectively.

  • The Punjab National BankNSE -1.05 % (PNB), which is the anchor bank for a scheduled merger with the United Bank of IndiaNSE 0.53 % (UBI) and the Oriental Bank of CommerceNSE -1.84 % (OBC), has said that it does not see any erosion in asset quality after the merger.

  • The OBC was earlier a Prompt Corrective Action (PCA) bank under the Reserve Bank of India (RBI) with lending, management compensation and directors’ fees and branch expansion restrictions. But in February this year, it was out of the PCA.

  • The market valuation of six of the 10 most valued firms rose by a whopping Rs 1.15 lakh crore last week, with HDFC BankNSE -0.27 % and HUL notching up the biggest gains

  • The BSE Sensex on Friday posted its biggest single-day jump in over a decade at 1,921 points after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates. Riding on Friday’s rally, the 30-share index logged a weekly gain of 629.63 points or 1.68 per cent.

  • RIL, Kotak Mahindra BankNSE -1.37 %, ICICI BankNSE -1.21 % and SBI were the other firms that witnessed gains in their market capitalisation (m-cap) for the week ended Friday, whereas TCS, HDFC, InfosysNSE 3.89 % and ITC suffered losses.

  • The m-cap of Reliance IndustriesNSE 3.19 % Ltd (RIL) climbed Rs 18,288.37 crore to Rs 7,95,179.62 crore and that of Kotak Mahindra Bank advanced Rs 10,494.42 crore to Rs 2,93,824.83 crore.

  • The government’s big announcement of a cut in corporate tax will benefit sectors such as banking and FMGC but IT and pharma may not see any tangible benefits as their current effective tax rate is lower, ICICI Direct Research said in a report.

  • State Bank of IndiaNSE -4.06 % (SBI) is expected to launch a co-lending business model soon with 4-5 medium to large-sized NBFCs.

  • HDFC BankNSE -0.27 %, India’s largest lender by market capitalisation, has planned to organise 1,000 Grameen Loan Melas over the next six months after the finance minister asked lenders to expand credit through loan melas last week.

  • HDFC Bank will also offer business loans and emerging enterprise loans to small traders and shopkeepers. Furthermore, self help groups (SHGs) can avail of finance through the bank’s Sustainable Livelihood Initiative (SLI).

Banking:

  • Wealth managers said investors can build a debt fund portfolio consisting of ultra short-term funds, banking and PSU debt funds and credit risk funds after the finance minister announced tax cuts for companies.

  • Yes BankNSE 2.59 % has clarified that the sale of stake by former CEO Rana Kapoor will have no impact on the bank’s plans. In a statement to the BSE, the bank said that its growth plans remain firmly on track.

  • Morgan Credits Pvt Ltd (MCPL), the holding company controlled by Yes Bank co-founder Rana Kapoor has reduced its stake in the bank by 2.3% to prepay non convertible debentures (NCDs) from RelianceNSE 6.39 % Nippon Life Asset Management Co.

  • A federal probe team dealing with financial fraud has told a Delhi court that State Bank of India and Punjab National BankNSE 6.05 % (PNB) were guilty of ‘dereliction in the performance of their duties’ while assessing the credit worthiness of Bhushan SteelNSE 6.48 % (BSL), allowing the debt-laden steelmaker to avail credit that later bled the lenders.

  • The Reserve Bank of India (RBI) and Department of Financial ServicesNSE 7.69 % (DFS). The SFIO has shared the report so that the banking regulator and the DFS can enquire and take appropriate action against the bankers concerned.

  • The SFIO report found that in May 2016, RBI directed PNB to conduct audit for the 2014-16 period as well. Since Deloitte was already conducting the audit, the scope of the engagement was revised by SBINSE 10.09 %.


Economy:


  • GST rate cut in diamond job work to free up Rs 1,500 cr working capital

  • Prime Minister Narendra Modi arrives in the U.S. a day after delivering a $20 billion tax-cut stimulus for companies, which strengthens his pitch to American chief executives about the ease of doing business in India.

  • The auto industry was very hopeful of GST reduction. It is clear that there is no reduction of GST rate on vehicles from 28 per cent to 18 per cent,” Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said.

  • The Goods and Services Tax (GST) Council on Friday more than doubled the GST rate for caffeinated beverages such as Thums Up Charged and Red Bull from 18 per cent to 40 per cent while giving relief for hotels and outdoor catering services.

  • Corporate tax cut to boost manufacturing; unutilised capacity a concern

  • The GST rate rationalisation is an extremely positive development, which augurs well for the Indian tourism industry. We are grateful for considering this demand of the industry.


Business:


  • the Sensex surged 1,921.15 points or 5.32 percent at 38,014.62, while Nifty gained 569.40 points or 5.32 percent at 11,274.20, the biggest single-session gains in the last 10 years.

  • The mobile phone industry has reason to cheer as the Finance Ministry’s tax cut and policy initiative is set to help boost production to $190 billion by 2025, Indian Cellular and Electronics Association (ICEA) data shows.

  • The Chinese company which built huge capacities has been dumping the vaccine 20-30 cents to a dollar in India per dose, we couldn’t compete at that price, said a top executive from one of the vaccine company mentioned in the story.

  • The government has provided big fiscal stimulus to the economy through a large cut in the corporate tax rate. The effective tax rate is now 25.17 percent from 30 percent for regular tax-paying corporates, and 15 percent from 18 percent for minimum alternate tax (MAT) paying ones.

  • The GST Council on September 20 took an in principle decision to link Aadhaar with registration of taxpayers under GST and also examine the possibility of making the 12-digit unique identification number mandatory for claiming refunds.

  • The GST Council also decided that a committee of officers will be constituted to examine the simplification of forms for annual return and reconciliation statement.

Banking:

  • Shares of YES Bank (up 3.05 per cent) , HDFC BankNSE 8.95 % (up 1.27 per cent) , Kotak Mahindra BankNSE 5.94 % (up 1.02 per cent) and ICICI Bank (up 0.70 per cent) were the top gainers in the index. RBL Bank (up 0.39 per cent) , IndusInd Bank (up 0.36 per cent) and IDFC First Bank (up 0.06 per cent) too were trading higher.

  • Shares of Canara Bank (up 1.32 per cent), Syndicate BankNSE 2.57 % (up 1.20 per cent), Punjab National BankNSE 6.05 % (up 0.97 per cent) and Oriental Bank of Commerce (up 0.83 per cent) were trading in the green.

  • Bank of Baroda (down 1.43 per cent), Allahabad Bank (down 0.82 per cent), Jammu & Kashmir Bank (down 0.41 per cent) and Central Bank of India (down 0.04 per cent) were trading lower.

  • Shares of YES Bank (up 5.27 per cent), HDFC Bank (up 1.18 per cent), IndusInd Bank (up 0.91 per cent) and Kotak Mahindra Bank (up 0.74 per cent) were among the top gainers in the index.

  • While Axis Bank (down 1.47 per cent ), RBL Bank (down 0.87 per cent ), DCB Bank (down 0.44 per cent ) and IDFC First Bank (down 0.25 per cent ) were among the top losers. The Nifty Private Bank index was trading 0.5 per cent up at 14,898.55

  • YES Bank: Morgan Credits Pvt Ltd (MCPL), the holding company controlled by Yes BankNSE 2.59 % co-founder Rana Kapoor has reduced its stake in the bank by 2.3% to prepay nonconvertible debentures (NCDs) subscribed by Reliance Nippon Life Asset Management Co.

  • The Reserve Bank is in discussions with the government to ensure that the mega bank merger process is carried out in a non-disruptive, governor Shatikanta Das said.

  • Public-sector lender, Allahabad Bank, announced Wednesday that it has launched external benchmark linked loans for retail borrowers and micro and small enterprises.

  • Shrikant Chouhan of Kotak Securities Limited has a buy call on HDFC Bank Ltd.NSE 8.95 % with a target price of Rs 1160. The current market price of HDFC Bank Ltd. is Rs 1100.4.

  • The SoftBank Group Corp founder has pledged 38% of his stake in the Japanese firm as collateral for personal loans from 19 banks, including Credit Suisse Group AG and Julius Baer Group Ltd.

  • Shares of YES Bank (number of shares traded: 0.52 crore) , Vodafone IdeaNSE 7.34 % (number of shares traded: 0.19 crore) , Astron Paper & Board Mill (number of shares traded: 0.09 crore) , Tube Investments of India (number of shares traded: 0.08 crore).

  • Mumbai: IIFL Home Finance, a unit of the IIFL group, has got Rs 300 crore from state-owned Syndicate BankNSE 2.57 % in what will likely be the first flows from the liquidity tap the Reserve Bank of India (RBI) recently turned on to make cash readily available to non-bank lenders.


Economy:


  • Auto industry body SIAM on Friday said the reduction in corporate tax rate and other announcements made by Finance Minister Nirmala Sitharaman would help give boost to local manufacturing in the sector.

  • Non-banking finance companies (NBFCs) will have to reinvent themselves with niche offerings and consolidate for survival and growth after getting bruised in the last round of credit squeeze.

  • Corporate tax reform will make manufacturing sector attractive now: Maruti Suzuki’s RC Bhargava

  • We have received representations the law committee has examined the matter, a government official said, adding that it could figure at the GST Council meeting here.

  • The overall outlook of India’s external sector is one of cautious optimism, albeit with some downside risks accentuated at this juncture, RBI Governor Shaktikanta Das said.

  • Union Finance Minister Nirmala Sitharaman has announced a slew of measures to attract fresh investments in manufacturing and give a boost to Government’s Make-in-India’ initiative. This is ahead of the GST Council meet on Friday.

  • Maruti Suzuki share prices surged 11 per cent in intraday trade on Friday, the biggest rally in seven years, amid short covering in the beaten-down counter ahead of the GST Council meeting, which is to take up a proposal for tax cuts.

  • India’s goods and services tax panel is likely to recommend tax cuts on 20 – 25 products on Friday but will avoid lowering rates for items that will significantly dent revenue collections, two government sources said.


Business:


  • From RBI Governor Shaktikanta Das to HDFC Chairman Deepak Parekh, here’s who India Inc reacted to Finance Minister Nirmala Sitharaman’s announcement to cut corporate tax to 22 percent.

  • Track this space for all live updates on the media briefing by Finance Minister Nirmala Sitharaman following the 37th GST Council meeting on September 20.

  • Fiscal stimulus, with one stroke, changes narrative for India as an investment hotspot

  • The top gainers from the auto space included Ashok Leyland, which zoomed over 16 percent, followed by Maruti Suzuki, Hero MotoCorp and Eicher Motors.

  • The share touched its 52-week high Rs 550.40 and 52-week low Rs 337.85 on 22 January, 2019 and 24 July, 2019, respectively.

Banking:

  • Finance minister, Nirmala Sitharaman announced the consolidation of 10 public sector banks into four mega state – owned ones. If you are a customer of one or more of the banks being merged.

  • IDBI Bank on Thursday approved the proposal for preferential issue to the government and LIC aggregating after their infusion of Rs 4,557 crore and Rs 4,743 crore, respectively, a total capital infusion of a little over Rs 9,000 crore.

  • European shares edged higher helped by a rise in banks, after the US Federal Reserve cut interest rates but set a higher bar for further reductions. European banks rose 1.1 per cent, the most among the major sectors.

  • Shares of YES BankNSE -15.60 % (down 5.69 per cent), IndusInd BankNSE -3.62 % (down 2.74 per cent), ICICI Bank (down 2.50 per cent), RBL Bank (down 2.31 per cent), Punjab National Bank (down 1.99 per cent), State Bank of India (down 1.82 per cent) were among top losers in the index. The Nifty Bank index was trading 1.14 per cent down.

  • Shares of YES Bank (down 4.21 per cent), ICICI Bank (down 1.84 per cent), IndusInd Bank (down 1.12 per cent), Axis Bank (down 0.72 per cent) and Kotak Mahindra Bank (down 0.69 per cent) were among the top losers in the index.

  • IDFC First Bank (down 0.60 per cent), Federal Bank (down 0.59 per cent) and RBL Bank (down 0.57 per cent ) were in the red too. The Nifty Private Bank index was trading 0.78 per cent down

  • Mandar Jamsandekar of Precision Technicals has buy call on Axis BankNSE -1.57 % with a target price of Rs 660. The current market price of Axis Bank is Rs 646.9.

  • Yes BankNSE -15.60 % (13 crore shares), Tata Motors (2.5 crore shares), SAIL (1.7 crore shares) and DHFL (1.5 crore shares) were the next four most active stocks. Ashok LeylandNSE -2.10 % (1.3 crore shares), ICICI BankNSE -3.19 % (1.2 crore shares), National Aluminium (1.2 crore shares), State Bank of India (1.2 crore shares) and PC Jeweller (1.1 crore shares) were other most active stocks in terms of volume on NSE.

  • Shares of YES BankNSE -15.60 % tanked over 14 per cent after Moody’s said Altico Capital’s default was credit negative for the banks with significant exposure to the real estate sector.

  • The rating agency added that ICICI BankNSE -3.19 % and IndusInd BankNSE -3.62 % also have major exposure to commercial real estate sector.


Economy:


  • Yes BankNSE -15.60 % fell 16 per cent. It was the biggest Nifty loser. IndusInd BankNSE -3.62 % and ICICI BankNSE -3.19 % fell 3 per cent each. Below are the top factors that could be affecting the market today:

  • Sensex plunged 470.41 points or 1.29 per cent to 36,093.47, while Nifty tumbles 135.85 points or 1.25 per cent to 10,704.80.

  • Employees’ Provident Fund Organization or EPFO, the nodal agency that monitors Employees’ Provident Fund contributions, allows the subscriber – or employees of an organisation of 20 or more individuals – to transfer provident fund (PF) balance with the previous employer to a new employer.

  • Bharti AirtelNSE 0.60 % shares were also up 0.5 per cent at Rs 337.50, in a weaker broader market.

  • Vodafone IdeaNSE 12.37 % shares rose 16 per cent in early trade, after the telecom regulator issued a discussion paper on deferring the implementation of the zero interconnect usage charges (IUC) regime that was slated to kick in from January 2020

  • In Delhi, the prices of petrol and diesel stood at Rs. 72.71 per litre and Rs. 66.01 per litre respectively on Thursday, as against Rs. 72.42 per litre and Rs. 65.82 per litre the previous day, according to notifications from Indian Oil Corporation, the country’s largest fuel retailer. Petrol and diesel rates in Mumbai were revised to Rs. 78.39 per litre and Rs. 69.24 per litre respectively.

  • Describing the US economic outlook as “favourable“, Federal Reserve Chairman Jerome Powell said the rate cut was designed “to provide insurance against ongoing risks” including weak global growth and resurgent trade tensions.


Business:


  • Jet Airways revival | Synergy Group, Centre discuss flying slots; govt wants it to comply with FDI rules

  • RBL Bank-backed Utkarsh Small Finance Bank (USFB), which mainly gives microfinance loans in Bihar and Uttar Pradesh, has begun work on its initial public offering (IPO), three people aware of the matter said.

  • Bhargava, a former bureaucrat, said there is “no point” in a temporary cut in the goods and services tax (GST) on vehicles as it would not help the industry in the long run. He said the introduction of stricter safety and emission regulations would improve the quality of vehicles produced in India and put them on a par with those in Europe.

  • The Reserve Bank of India (RBI) has mandated that payment aggregators and payment gateways maintain a minimum net worth of Rs 100 crore within a year of the issuance of these norms or else wind up operations, as part of the discussion paper.

  • Hundred per cent commercial mining is approved. By December or so we are planning to roll it out, Coal, Mines and and Parliamentary Affairs Minister Joshi told reporters on the sidelines of the National Geoscience Award 2018.

Banking:

  • Shares of Union Bank of India (up 1.96 per cent) , Canara Bank (up 1.88 per cent) , State Bank of IndiaNSE 2.35 % (up 1.22 per cent) and Punjab National BankNSE 0.88 % (up 1.12 per cent) were trading with gains.

  • Bank of India (up 0.85 per cent) , Indian Bank (up 0.60 per cent) , Oriental Bank of Commerce (up 0.48 per cent) and Jammu & Kashmir Bank Ltd. (up 0.27 per cent) too were trading higher.

  • Shares of DCB Bank (up 1.61 per cent), Kotak Mahindra Bank (up 1.11 per cent), Axis Bank (up 0.91 per cent) and YES Bank (up 0.77 per cent) were among the top gainers.

  • Federal Bank (up 0.48 per cent), RBL Bank (up 0.41 per cent) and IndusInd Bank (up 0.25 per cent) too were trading in the green.

  • The Nifty Private Bank was trading 0.28 per cent up at 15,149.55. Benchmark NSE Nifty50 index was up 21.30 points at 10,838.9, while the BSE Sensex was up 94.33 points at 36,575.42.

  • Massive fire breaks out at UCO Bank building in Bengaluru

  • FMO, the Netherlands’ entrepreneurial development bank will be financing €15.00 million (around Rs 119.24 crore) in Nashik based Sahyadri Farmers Producer Co. Ltd. (SFPCL).

  • SoftBank Vision Fund has been a major investor in some of this year’s most significant listings. Uber Technologies Inc. and Slack Technologies Inc. were among them. Both have fallen this quarter, dragging down the value of the Fund.

  • Shares of Kotak Mahindra BankNSE 1.14 % (up 1.52 per cent), State Bank of India (up 1.00 per cent), Punjab National BankNSE 0.88 % (up 0.96 per cent) and Axis Bank (up 0.87 per cent) were the top performers in the index.

  • Federal Bank (up 0.66 per cent), RBL Bank (up 0.48 per cent), Bank of Baroda (up 0.47 per cent) and YES Bank (up 0.15 per cent) too were trading higher.

  • Shares of YES Bank (number of shares traded: 0.30 crore), CG Power (number of shares traded: 0.17 crore), PC Jeweller (number of shares traded: 0.15 crore) , DHFL (number of shares traded: 0.14 crore), Sintex Plastics Technology.

  • RILNSE 0.69 % (Rs 27.71 crore) was leading the pack of most active stocks in value terms.

  • Shares of Axis Bank (down 2.68 per cent), HDFC BankNSE -1.07 % (down 0.87 per cent) and Kotak Mahindra BankNSE 1.14 % (down 0.66 per cent) were trading in the red.

  • ICICI Bank (down 0.57 per cent), IDFC First Bank (down 0.47 per cent) and Bank of Baroda (down 0.05 per cent) too were trading lower.

  • Shares of YES BankNSE -1.54 % (number of shares traded: 0.39 crore), SAIL (number of shares traded: 0.34 crore), Unitech (number of shares traded: 0.21 crore), Idea Cellular (number of shares traded: 0.19 crore), Alok Industries (number of shares traded: 0.16 crore), Tata Motors (number of shares traded: 0.15 crore), MMTC (number of shares traded: 0.11 crore), ICICI BankNSE -0.32 % (number of shares traded


Economy:


  • Discoms have been facing financial crisis. The fundamentals are not very good and until and unless the distribution reforms happen in a big way, we would continue to face this challenge, says Praveer Sinha, CEO & MD, Tata PowerNSE 0.16 %.

  • Double-digit demand growth very feasible in power sector: Subhash Chandra Garg

  • Nikkei snaps 10-day winning streak; investors take profits before central bank meetings.

  • Labour ministry has circulated the draft code seeking comments from stakeholders by October 25 following which tripartite consultations will be held to finalise the code.

  • This financing is expected to give a boost to the agriculture and food processing operations of Sahyadri and reduce wastages and spoilage.

  • The government is looking at a single rate of 28% goods and services tax (GST) on lottery as part of the “one-nation, one-tax” principle, while also exploring the option of putting restrictions on online lottery. The GST Council, which meets in Goa.


Business:


  • The Nifty50 registered a bearish candle after moving in a narrow range of 80 points but managed to defend Tuesday’s low of 10,796, which may be hinting at a brief consolidation going forward.

  • India’s second largest pharmacy retail chain MedPlus, which raised around Rs 200 crore from Wipro Chairman Azim Premji’s family office PremjiInvest in April this year, is planning to enter the Mumbai market.

  • The ministerial panel which gave the final touches to the ordinance was headed by Finance Minister Nirmala Sitharaman. The ban on e-cigarettes was among the top priorities of the Narendra Modi government’s first 100 days agenda in its second term.

  • Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares or 2.71 percent stake in Reliance.

  • The top Nifty50 gainers include BPCL, Tata Steel, JSW Steel, Vedanta and State Bank of India while the top losers are Britannia Industries, ONGC, UPL, Indiabulls Housing Finance and Coal India.

  • The Reserve Bank of India (RBI) has intensified its “fit and proper” checks on the managements of Lakshmi Vilas BankNSE 2.20 % (LVB) and Indiabulls Housing FinanceNSE -2.31 % (IHF), which plan to merge, following fresh accusations of wrongdoing and the sudden exit of the bank’s CEO.

  • The midsize Indian bank had a Rs 450 crore exposure to Altico, the third-highest after Mashreq and HDFC BankNSE -1.07 % Ltd. While HDFC Bank, the country’s most valuable lender, has the capital — and current profit — to take the occasional credit hit, Yes’s capital cushion is already frayed by dodgy loans to beleaguered shadow banks and troubled tycoons.

  • Indian Overseas BankNSE -1.01 % on Tuesday said it will offer consumer loans linked with RBI’s repo rate from October.

  • The bank has decided to offer Repo Linked Lending Rate (RLLR) for new loans sanctioned under retail segment –housing, vehicle, education and clean loans– and MSMEs from October 1, it said in a release.

  • The Reserve Bank through a notification in early September had advised banks to link all new floating rate for personal or retail loans and MSMEs to one of the external benchmarks.

  • Airtel Payments Bank here on Tuesday launched “Bharosa” savings account services, designed for deepening the financial inclusion in the country.

  • The Reserve Bank of India on Tuesday released a discussion paper detailing the possibility of bringing all payment aggregators and payment gateways under its direct regulation.

  • As recently as last week, UTI Mutual Fund and Reliance Nippon Asset Management sliced off the holdings of Altico Capital bonds after a default and suspended normal subscriptions and redemptions. Kotak Mutual Fund and Aditya Birla Mutual Fund faced similar pressures after some companies such as the Essel Group defaulted.

  • Cox & Kings Financial Service on Monday saw its stock price fall after the company surrendered its non-banking financial company (NBFC) licence. Cox & Kings Financial’s stock fell 6.25% to Rs 0.75 on Monday, while parent company Cox & Kings’ stock climbed 5% and ended the day at Rs 4.20 on the NSE.

  • Shares of Axis Bank (down 2.68 per cent), HDFC BankNSE -1.07 % (down 0.87 per cent) and Kotak Mahindra BankNSE 1.14 % (down 0.66 per cent) were trading in the red. ICICI Bank (down 0.57 per cent), IDFC First Bank (down 0.47 per cent) and Bank of Baroda (down 0.05 per cent) too were trading lower.

  • Shares of YES BankNSE -1.54 % (number of shares traded: 0.39 crore), SAIL (number of shares traded: 0.34 crore), Unitech (number of shares traded: 0.21 crore), Idea Cellular (number of shares traded: 0.19 crore), Alok Industries (number of shares traded: 0.16 crore), Tata Motors (number of shares traded: 0.15 crore), MMTC (number of shares traded: 0.11 crore), ICICI BankNSE -0.32 % (number of shares traded: 0.11 crore) and Reliance Naval and (number of shares traded: 0.11 crore).

Banking:

  • State Bank of IndiaNSE -2.40 % chairman Rajnish Kumar has slammed a “selfish” private sector lender for the crisis at Altico Capital, as its unilateral move to secure its own money can potentially cause troubles to the wider financial system

  • Integration of technology platforms will remain the key challenge for the merger of Punjab National BankNSE -0.54 %, Oriental Bank of CommerceNSE -1.68 % and United Bank of IndiaNSE -1.05 %, senior executives at these banks said, even as the government has selected the merger partners on the basis of their IT compatibilities instead of geographic reach.

  • Canara BankNSE -0.10 % and Syndicate Bank are on the same iFlex platform. Union Bank of India, Andhra Bank and Corporation Bank are again on the Finance platform.

  • Bank of Baroda has given us a template on the merger and the likely challenges in this exercise. It was a great learning.

  • Shares of RBL Bank (down 1.76 per cent) , Federal BankNSE -1.89 % (down 1.55 per cent) , YES BankNSE -2.19 % (down 0.95 per cent) and State Bank of India (down 0.89 per cent) were the top losers in the index.

  • Shares of Federal Bank (down 2.07 per cent) , YES BankNSE -2.19 % (down 1.90 per cent) , RBL BankNSE -3.06 % (down 1.83 per cent) and IndusInd Bank (down 1.00 per cent) were the top losers in the index.

  • Emerging markets will again be looking to central banks to provide the next leg-up in a rally that’s making it the best September so far for stocks and currencies since 2013.

  • CK Narayan of Chart Advise has a buy call on ICICI Bank Ltd.NSE -0.30 % with a target price of Rs 422. The current market price of ICICI Bank Ltd. is Rs 410.8. Time period given by the analyst is Intra Day when ICICI Bank Ltd.

  • IndiaFirst Life Insurance, in which Andhra BankNSE 0.26 % owns 30 per cent equity, might see Warburg Pincus emerge as its biggest shareholder.

  • The private equity investor, which already owns 26 per cent in the insurer, might buy an additional 20.5 per cent stake from Andhra Bank. State-run lenders Bank of BarodaNSE -1.10 % currently owns 44 per cent and Andhra Bank 30 per cent in the life insurer.

  • Shares of Alok Industries (number of shares traded: 0.98 crore), Vodafone IdeaNSE -2.78 % (number of shares traded: 0.71 crore), Reliance Communications (number of shares traded: 0.61 crore).

  • As at the end of the first quarter ending June, the PSBNSE -2.17 %’s credit growth was up 8.7 per cent, while the aggregate desposits growth was 6.7 per cent.


Economy:


  • Finance Minister Nirmala Sitharaman said a new tax refund program for exporters from January 1 will cost the government Rs. 50,000 crore ($7 billion) in revenue annually. But it may only amount to an additional 90 billion rupees a year in benefits to exporters, a review of budget numbers show.

  • The government will separately set up a Rs. 10,000-crore funding window for affordable housing to revive stalled projects, she told reporters in New Delhi while unveiling what was her ministry’s third set of measures in four weeks to boost growth.

  • Wholesale inflation remained at 1.08 per cent in August, the same level as the previous month, government data. In July, wholesale inflation – determined by the Wholesale Price Index (WPI) – had come in at a 25-month low of 1.08 per cent. Wholesale inflation is the rate of increase in wholesale prices.

  • The industry body welcomed the government’s move a day after Finance Minister Nirmala Sitharaman announced steps to help the nearly stalled real estate sector and increase India’s exports. Ms Sitharaman on Saturday announced a fresh set of measures worth around Rs. 60,000 crore to boost exports and the housing sector.


Business:


  • The index appears to be stuck at 11,084 – 10,945 levels, traders should remain neutral till it registers a fresh breakout, says Mazhar Mohammad

  • India’s GDP grew at 5 percent in the first quarter of FY20, the slowest pace in six years.

  • Tata Power Renewable Energy Ltd (TPREL), a 100 percent subsidiary of Tata Power, has commissioned 150 MW solar capacity in village Chhayan at tehsil Pokhran in Rajasthan.

  • Don’t see auto stocks bouncing back in the near future: Ajay Srivastava, Dimensions Corporate Finance Services

  • Rupee recovers but trades lower at 71.53 per dollar. The Indian currency has appreciated by 147 paise in the last seven trading sessions.

  • Nifty holds 11K, Sensex falls 261 pts; OMCs take a beating, Titan up 2%. The Sensex was down 261.68 points at 37,123.31, while Nifty was down 72.40 points

  • TVS Motor launches new NEO NX in Africa. NEO NX is powered by a 110cc motor producing 8.5 BHP of power and 8.5 Nm of torque mated to a semi-automatic 4-speed gearbox

Banking:

  • The largest lender State Bank of IndiaNSE -2.40 % will be seeking clarifications from the Reserve Bank whether it can offer long-term home loans with fixed rates in the beginning and convert the same into floating rates later

  • Six of the 10 most valued domestic companies together added Rs 50,580.35 crore in market valuation last week, with banking majors SBINSE -2.40 % and ICICI BankNSE -0.30 % emerging as the lead gainers.

  • While RILNSE -1.21 %, HDFC Bank, HDFC and Kotak Mahindra Bank were the other winners, Tata Consultancy Services Ltd (TCSNSE 0.38 %), HUL, Infosys and ITC suffered losses in their market capitalisation (m-cap)

  • The market cap of State Bank of India (SBI) zoomed Rs 15,841.19 crore to Rs 2,60,330.92 crore. ICICI Bank’s valuation jumped Rs 14,062.37 crore to Rs 2,66,874.13 crore.

  • The m-cap of Kotak Mahindra Bank climbed Rs 8,011.67 crore to Rs 2,83,330.41 crore and that of HDFC rallied Rs 7,695.41 crore to Rs 3,60,062.95 crore. HDFC Bank’s valuation rose by Rs 3,036.27 crore to Rs 6,17,170.55 crore and that of Reliance Industries Ltd (RIL) increased Rs 1,933.44 crore to stand at Rs 7,76,891.25 crore.

  • With a drop of 2.93 per cent, Zee EntertainmentNSE -1.58 % emerged as top loser in the 50-share pack. It was followed by HCL Technologies (2.93 per cent), Wipro (down 2.60 per cent) and Tata Consultancy Services (down 2.56 per cent).

  • Benchmark equity indices BSE Sensex and NSE Nifty ended the truncated week in the green, following firm global cues amid mixed macroeconomic data. The 30-share Sensex gained 403 points, or 1.09 per cent, for the week to end at 37,385 while 50-share Nifty added 129.70 points, or 1.18 per cent, to end at 11,075.


Economy:

  • With automobile industry‘s August sales touching the lowest level since 1997-98, industry insiders assert that the time is ripe for the government to take other steps to save as many as million contractual jobs which depend on this sector.

  • There has been an uptick in power use in the country recently, with demand rebounding to register a 6.7 per cent growth in first three months of 2019-20 against 5.05 per cent demand expansion in 2018-19. It crossed 183 GW for the first time in the first three months of 2019-20, not because of growth in the economy but due to the Saubhagya Scheme, i.e meant for last mile connectivity.

  • The Indian government’s decision to launch a $1.4 billion fund to salvage stalled residential projects is unlikely to revive a sector that’s been the worst hit by the growth slowdown in Asia’s third – largest economy.

  • “Looking at the grave situation of the real estate industry, I think this is not enough. The government has just scratched the surface,” Jaxay Shah, chairman of the Confederation of Real Estate Developers Association of India told Bloomberg Quint.

  • As part of a broader plan to kick – start the economy, Finance Minister Nirmala Sitharaman announced the setting up of a 100 billion rupee fund to finance middle-income and affordable housing projects. State-run National Investment Infrastructure Fund and Life Insurance Corp.


Business:


  • Ashok Kumar Pradhan, Managing Director and CEO, United Bank of India, on Saturday said that though the merger of the bank with Punjab National Bank and Oriental Bank of Commerce is likely to come into force from April 1, 2020, the integration of HR and IT is expected to take more time.

  • “The best of products, services and processes across each of these verticals will be identified and offered to the customers”.

  • Investor interest for its cards business is very high, and SBI Card listing will happen in the March quarter.

  • The bank was earlier looking for an IPO for SBI General Insurance in FY21.

  • SBI owns 74 per cent in the cards venture, while its foreign partner can also choose to dilute its stake through the IPO (initial public offering).

  • The Reserve Bank of India (RBI) on Friday proposed a minimum equity capital of Rs 200 crore to set up a small finance bank (SFB) under the ‘on tap‘ licence regime to expand the banking services through high technology-low cost operations.

  • The Board of Directors of the Indian BankNSE 0.00 % will meet on September 18 to consider the amalgamation of Allahabad BankNSE -0.30 % with itself,

  • The board of directors of Andhra BankNSE 0.00 % on Friday accorded in-principle approval for the amalgamation of Andhra Bank and Corporation BankNSE -0.59 % with Union Bank of IndiaNSE 0.34 % as the anchor bank.

  • Banks and mutual funds scrambled on Thursday to contain the fallout of the default by Altico Capital, with investor attention turning to non-banking finance companies’ liquidity problems on the eve of the first anniversary of IL&FS’ bankruptcy.

  • Mutual funds such as UTI and RelianceNSE 1.26 % Nippon AMC rushed to ring fence the value of their debt schemes by segregating, or ‘sidepocketing’, Altico’s securities.

  • Finance Minister Nirmala Sitharaman recently announced the merger of Oriental Bank of CommerceNSE -2.24 % and United Bank with Punjab NationalBank, Syndicate Bank with Canara Bank, while Andhra Bank and Corporation Bank would merged with Union Bankof India.

  • Bank of America Merrill Lynch (BofAML) said there is a possibility of a 50-basis point cut in interest rates by the Reserve Bank of India in its upcoming monetary policy on October 4 following lower-than-expected August inflation data.

  • Moody’s Investors Service has assigned a first-time provisional rating of (P)Baa2 to the proposed 30-year dollar-backed senior secured notes to be issued under the newly established Adani TransmissionNSE 2.08 % Ltd Restricted Group (ATL RG).

  • Sensex closed the day at 37,384.99, up 281 points, or 0.76 percent, with 25 stocks in the green and five – Bharti Airtel, Sun Pharma, HDFC Bank, ITC and Hindustan Unilever – in the red.

  • Benchmark indices Sensex and Nifty lost just fourth of a percent in August against a 5 percent and 5.7 percent correction,

  • FM Nirmala Sitharaman announces Rs 10,000cr fund for last-mile funding of stuck housing projects

  • This week in Auto: Bajaj Auto may make e-bicycles; car makers chase new buyers after demand meltdown

  • The Nifty gained strength in the last hour of trade and closed on a strong note on September 13, driven by hopes of a further stimulus by the government. The European Central Bank (ECB) stimulus and easing of US-China trade tensions also lifted sentiment.

  • The country’s foreign exchange reserves increased by $1.004 billion to $429.608 billion in the week to September 6, helped by a rise in foreign currency assets, RBI data showed on Friday. In the previous week, the reserves had fallen by $446 million to $428.604 billion.

Banking:

  • Shares of YES BankNSE 0.88 % (number of shares traded: 0.15 crore) , Reliance Naval (number of shares traded: 0.12 crore) , Cerebra (number of shares traded: 0.09 crore) , Lloyds Steels Industries (number of shares traded: 0.08 crore) , KSK Energy (number of shares traded: 0.07 crore)

  • HDFC BankNSE -0.59 % (Rs 29.30 crore) was leading the pack of most active stocks in value terms.

  • JSW SteelNSE 1.87 % Ltd. expects to exceed its export target of 2.2 million to 2.4 million tons for the fiscal year “after having seen the slowdown in the domestic demand”.

  • Brokerage firm Maybank Kim Eng Securities has upgraded India’s telecom sector to ‘neutral’ from ‘negative’, saying that the worst was over for the industry. Average revenue per user (ARPU) will increase and free cash flows improve in the sector, with lower capital expenditure lifting severe pressure on market values.

  • Shares of Bank of Baroda (down 3.76 per cent) , Union Bank of IndiaNSE 0.34 % (down 3.47 per cent) , Canara BankNSE -0.05 % (down 2.87 per cent) and Bank of India (down 2.56 per cent) were the top losers in the index.

  • Oriental Bank of Commerce (down 2.32 per cent) , Syndicate Bank (down 1.89 per cent) , Punjab National Bank (down 1.86 per cent) and Jammu & Kashmir Bank Ltd. (down 1.26 per cent) too were trading in the red.

  • Shares of YES Bank (down 4.42 per cent) , Bank of BarodaNSE -1.14 % (down 2.82 per cent) , Punjab National BankNSE 0.54 % (down 1.94 per cent) and IDFC First Bank (down 1.74 per cent) were the top losers in the index.

  • State Bank of India (down 1.52 per cent) , RBL Bank (down 1.38 per cent) , IndusInd Bank (down 0.83 per cent) and HDFC Bank (down 0.81 per cent) too were trading lower.

  • Share of YES BankNSE 0.88 % (down 4.12 per cent), IDFC First Bank (down 1.74 per cent), RBL Bank (down 0.89 per cent), HDFC Bank (down 0.56 per cent), Federal Bank (down 0.47 per cent), IndusInd Bank (down 0.38 per cent) were among the top losers in the index.

  • Kotak Mahindra Bank (up 0.85 per cent), DCB Bank (up 0.69 per cent) and ICICI Bank (up 0.34 per cent) were among the top gainers.

  • CK Narayan of Chart Advise has a buy call on Bank of BarodaNSE -1.14 % with a target price of Rs 107. The current market price of Bank of Baroda is Rs 101.25. Time period given by the analyst is Intra Day when Bank of Baroda price can reach defined target.

  • Shrikant Chouhan of Kotak Securities Limited has a buy call on HDFC Bank Ltd.NSE -0.59 % with a target price of Rs 2240. The current market price of HDFC Bank Ltd. is Rs 2270.3. Time period given by analyst is Intra Day when HDFC Bank Ltd. price can reach the defined target.

  • Yes Capital and Morgan Credit have written to the Surveillance and Investigation Department, National Stock Exchange, asking them to investigative and act against rumours spread against Yes BankNSE 0.88 %.


Business:


  • “The company achieved a sales turnover of Rs 20,844 crore , which included sale of trial run production of Rs 506.32 crore, with a growth of 25% over the previous year”.

  • “The indigenously developed facility is one of its kind in India, and will help in improving Metro train ride quality and increases the reliability of coaches,“.

  • As investors, we get paid to either see the world in ways others cannot see and/or for uncovering data/facts others have not discovered. Another profession which gets paid for much the same things is investigative journalism.

  • “Subdued inflation kept hopes alive for rate cut and positive vibes to support the auto sector lifted the markets.

  • It’s been a downward slope for the automobile sector in India and most manufacturers have been asking for a cut in the Goods & Services (GST) rate to 18 percent from 28 percent.

  • Shares of Bharat Petroleum Corporation gained 7 percent intraday on September 13 after a media report indicated that the government may be considering stake sale to a private player.

  • Wipro recently signed a $300 million digital transformation deal with ICICI Bank. Infosys signed a deal with a co-operative bank in India.


Economy:


  • According to global as well as domestic brokerages, moderating inflation and a negative output gap are likely to open the door for an accommodative monetary policy.

  • “The reforms that are being executed as detailed by the BRAP (Business Reform Action Plan) framework may not necessarily have the desired impact on certain sectors that are most important for the state, to increase its GSDP“.

  • Maruti Suzuki India has hired consultants KPMG and PricewaterhouseCoopers (PwC) for advice on mitigating impact of the downturn in the auto sector.

  • IMF blames regulatory uncertainty for India’s ‘much weaker than expected’ economic growth. IMF warned that risks to its India outlook is tilted to the downside

Banking:

  • Shares of ICICI Bank (up 2.91 per cent), IndusInd Bank (up 2.43 per cent), DCB Bank (up 1.23 per cent), Federal Bank (up 1.11 per cent) and HDFC BankNSE 0.87 % (up 0.86 per cent) were among the top gainers in the index.

  • While YES Bank (down 3.63 per cent ), RBL Bank (down 2.74 per cent ), Axis Bank (down 1.20 per cent ) and IDFC First Bank (down 0.57 per cent ) were among the top losers.

  • Shares of ICICI Bank (up 2.64 per cent) , IndusInd BankNSE 1.32 % (up 1.81 per cent) , Federal BankNSE 0.06 % (up 1.63 per cent) and State Bank of India (up 0.81 per cent) were the top performers in the index.

  • IDFC First Bank (up 0.57 per cent) , Bank of Baroda (up 0.56 per cent) , HDFC Bank (up 0.44 per cent) and Kotak Mahindra Bank (up 0.30 per cent) too were trading with gains.

  • CK Narayan of Chart Advise has a buy call on Union Bank of IndiaNSE -0.92 % with a target price of Rs 65. The current market price of Union Bank of India is Rs 59.75 Time period given by analyst is Intra Day when Union Bank of India price can reach defined target. CK Narayan recommended to keep stoploss at Rs 58. Union Bank of India, incorporated in 1919

  • State Bank of IndiaNSE 0.63 % with a target price of Rs 297. The current market price of State Bank of India is Rs 285.3. Time period given by the analyst is Intra Day when State Bank of India price can reach the defined target.

  • Yes Bank needs a lot of capital and the news that has come in is of the likelihood of a promoter stake sale, which does not necessarily bring in the capital

  • The State Bank of India will revise service charges for deposits and withdrawal on October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways.


Business:


  • INVESTMENT RATIONALE Led by easing headwinds on asset quality front and improving balance sheet, ICICI Bank is expected to deliver sustained improvement across operating metrics. Further, its strong liability franchise with the industry-best CoF adds to our comfort.

  • The Ministry of New & Renewable Energy (MNRE) on Thursday postponed the 3rd Global Renewable Energy Investors‘ Meet, which was to be inaugurated by Prime Minister Narendra Modi on October 30.

  • Banking solutions provider InfosysNSE -0.45 % Finacle on Thursday said the government’s decision to merge several public sector banks is a positive development and will not adversely impact its business.

  • Mutual funds add around 5 lakh folios in August, total tally reaches to 8.53cr. Folios are numbers designated to individual investor accounts. An investor can have multiple folios.

  • Tax relief to SMEs Small businesses may be exempt from filing FY18 GST returns. The Law Committee associated with the GST Council has green lighted the exemption, but the council is yet to approve it

  • OYO will be working with companies like Mountania Developers, that will acquire the assets, while OYO will provide its core expertise in property onboarding, renovation and redesigning using tech-enabled interior designing capabilities and revenue management (pricing and yield) services, it added.


Economy:


  • Expect some economic recovery next year. “We do think India’s banks and bank credit is going to lead the recovery because they are coming out of cleanup.”

  • LIC maintains its vice-like grip, gains 3.34% in April-Aug period. LIC has done well to see off competition from private life insurers, whose market share in the five months came down to 26.94 percent, from 30.28 percent a year earlier.

  • Economic slowdown: 11 tragic stories from India’s heartland. With sliding incomes, rural households are struggling to stay afloat and are curtailing consumption of essential goods

  • Power reforms | Govt plans to develop 2,000 MW clean energy parks for $2 bn. Investments in the country’s renewable energy sector doubled over the last five years to around $20 billion in 2018

  • Low GDP growth is temporary. Talking about the 5 percent GDP growth registered in the first quarter of the fiscal, Prasad said here that global as well as local factors were responsible for it.

  • Ball in FinMin’s court over GST rate cut for automobiles. The Road Transport and Highways Minister also said a scrappage policy, which also includes two-wheelers, is in the works and will be launched soon.

  • Govt may soon announce fund to offer home loan guarantees for non-eligible borrowers. The step could especially benefit those without steady income flows and credit histories, the group that has traditionally turned towards the informal sector for high-cost credit

Banking:

  • Canara Bank is expecting over Rs 1,000 crore through disinvestment of its about 30 per cent stake in its arm CanFin Homes.

  • With the Reserve Bank of India mandating banks to link fresh retail and SME loans from October 1 to an external benchmark, the pressure is now on housing finance companies and non-banking finance companies to match the rates.

  • The Centre’s holdings in public sector banks have seen a steep ₹1.6 lakh crore erosion in value over the past five years, even as it pumped in a massive ₹2.5 lakh crore of capital into these banks.

  • Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, has been inducted to the managing committee of Indian Banks’ Association (IBA). This was announced during the annual general meeting of IBA in Mumbai

  • SEBI wants debt securities marked to market; liquid schemes may be hit the most


Business:


  • The US-India Strategic and Partnership Forum (USISPF) in a recent report “Hi-tech Manufacturing in India”, submitted to the Indian government, stated that India’s high-tech sectors can create 550,000 direct jobs and 1,400,000 indirect jobs over the next five years.

  • India’s fuel demand rose 2.8 percent in August compared with the same month last year.

  • Consumption of fuel, a proxy for oil demand, totalled 17.04 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

  • The government is working on Rs 40,000 crore on subsidies and benefits to give electric vehicles (EVs) a push from the manufacturing side, the Business Standard reported.

  • Finance Minister Nirmala Sitharaman for her remarks that the automobile sector slowdown was due to factors like change in mindset of millennials, with party leader Abhishek Singhvi saying blame everyone but the BJP’s handling of the economy.

  • The government may exempt certain businesses, particularly those dealing with farmers, from the 2 percent tax deducted at source (TDS) levied on cash withdrawal of over Rs 1 crore annually, two officials aware of the development said.

  • Finance Minister Nirmala Sitharaman kicked up a storm with her statement that the millennial mindset of using services such as Uber and Ola instead of purchasing vehicles had contributed to the auto sector slowdown.

  • The Modi government over the proposed ban on use of single use plastic, saying it will only grab headlines and “mask” this regime’s true environmental record.

  • The Punjab government slashed value added tax on natural gas to 3.3 percent from from 14.3 percent earlier to encourage industries to shift to the eco-friendly fuel.

  • Describing his visit to woo investments as successful, he said deals have been inked with 41 companies and the government would expeditiously render all support to them for commencing operations.


Economy:


  • Gold futures traded lower by Rs 61 to Rs 38,192 per 10 gram on Wednesday due to profit-booking by participants on low demand.

  • The rupee pared initial gains to settle almost flat at 71.71 against the US dollar on Monday as rising crude oil prices kept investors edgy. Rising crude oil prices and foreign fund outflows weighed on the domestic currency.

  • Yes Bank Shares Jump 19% After CEO Ravneet Gill Says Lender Near Deal To Sell Stake

  • Shares of Union Bank of India (up 3.29 per cent) , Indian BankNSE 3.05 % (up 2.99 per cent) , Jammu & Kashmir Bank Ltd. (up 2.80 per cent) and Canara Bank (up 2.65 per cent) were the top performers in the index.

  • Shares of YES Bank (up 5.86 per cent), IndusInd Bank (up 1.82 per cent), RBL Bank (up 1.50 per cent) and IDFC First Bank (up 0.81 per cent) were among the top gainers in the index.

  • HDFC BankNSE 0.08 % is offering pre-approved vehicle loans to customers on the websites of car makers, creating application programming interfaces (APIs) that will help India’s biggest car financier strengthen its presence in a line of business it already leads.

  • YES Bank (Rs 303.79 crore), Kalpataru Power (Rs 243.77 crore), HDFC BankNSE 0.08 % (Rs 157.66 crore), Maruti Suzuki (Rs 149.41 crore), Tata Motors (Rs 119.19 crore) , MCX India (Rs 117.31 crore), ICICI Bank (Rs 107.78 crore), HDFC (Rs 84.50 crore) and Indiabulls Housing Finance (Rs 84.29 crore).

  • Nifty takes winning run to 5th day, ends at 11,033; RIL, auto stocks lift Sensex by 125 points.

  • Shares of Piramal Enterprises (up 2.69 per cent) , Cadila HealthcareNSE 1.40 % (up 1.82 per cent) , Sun Pharmaceutical Industries (up 0.76 per cent) and Biocon (up 0.71 per cent) were the top performers in the index.

  • Moody’s Investor Service on Tuesday said the RBI’s mandate on aligning commercial bank floating loan rates to the external benchmark from next month is credit negative for Indian banks.

  • Yes Bank is close to securing a deal to sell a minority stake to a global technology company to help boost the private lender’s capital, the bank’s CEO said.

  • Shares in Yes Bank closed on Monday at Rs. 63, 77 per cent below trading levels at the start of the financial year on April 1. The bank has said the tech investment would help restore investor confidence in the stock

  • SoftBank Group, a leading shareholder in the holding company of U.S. office-sharing startup WeWork, has urged it to shelve a planned IPO on concerns over the valuation, the Financial Times reported on Monday.

  • The Nikkei share average ended the day up 0.35 per cent at 21,392.10 after touching 21,438.35, its highest since Aug. 1. There were 161 advancers on the Nikkei index against 64 decliners.

  • The index has risen for the sixth consecutive session as an ebb in US-China trade war concerns has lifted global equities.

  • Amid a rise in frauds, the Reserve Bank of India has alerted all lenders of instances where ‘intermediary’ or transitory accounts in banks have been misused to hide bad loans or mask money laundering.


Telanga Budget highlights:

  • Telangana Budget 2019-2020 highlights: Revenue expenditure is estimated at RS. 1,32,629 Crore

  • Telanga Government also presented revised budget expenditure for 2018 – 2019 with surplus of RS 353 crore.

  • All 12,000 Gram panchayats in the state get RS. 8,000 Crore grant this year from various sources and Rs.40, 000 Crore in the next five years.

  • The state owned tax revenue is estimated RS. 94,776 Crore which is about RS.22,000 Crore More as compared to 2018 – 19 Financial Year.

  • Two Medical Colleges at Nalgonda and Suryapet will be started from next year.

  • For Implementation of various health schemes and improvement of health infrastructure, RS. 5536 crore have been allocated.

  • The Govt will establish 119 Residential schools for Backward Castes from 2019 – 20 academic year.

  • For minority welfare sector, RS. 1,450 crore have been allocated by the Telangana Govt.

  • Govt Promises to complete Mission Bhagiratha scheme by April and provide tapped water to all households in the sate.

  • Telangana CM presents RS.1,82,017 crore budget for 2019 – 20. Revenue expenditure is estimated to be RS. 1,32,329 crore.

  • Govt allocates RS. 25,500 crore for irrigation sector.

  • Telangana Govt earmarks RS. 6,000 crore towards farmer loan waiver scheme. Also, RS. 650 crore will be given for farmers insurance scheme.

  • Government allocates RS. 12,600 crore for Aasara pensions.

  • The cut in interest rates comes on the back of the Reserve Bank of India (RBI)’s 1.1 percentage point reduction in the repo rate – the key interest rate at which it lends short-term funds to commercial banks – so far this year. (Also read: SBI offers repo-linked home loan starting at interest rate of 8.05%)

  • Ind-Ra has cut its growth forecast for NBFCs for FY20 to 10-12 per cent from 15 per cent in view of the funding challenges and slowdown in economic activity, which is evident from the fall in auto sales, slowdown in rural infra activity and small and medium enterprises (SME) challenges.

  • The failure to slash stressed assets is undermining India’s efforts to revive economic growth that has cooled to a six-year low. A cash crunch in the shadow-banking sector that started with the collapse of IL&FS Group last year and the delays in the bankruptcy process are adding to the challenges faced by banks as they seek to tidy up their balance sheets.

  • The finance ministry has come out with a code of conduct for non-official directors of public sector banks (PSBs) and asked the boards to send an annual performance report that rates a director based on professional and ethical conduct, and contribution to the board.

  • Public sector lender State Bank on Monday announced yet another reduction in lending rates by 10 basis points across tenors.The new rates are effective Tuesday, the lender said announcing the third rate reduction in the current fiscal year.One year MCLR, to which all the retail lending rates are linked to, has been reduced to 8.15 percent from 8.25 percent earlier.It also slashed retail term deposit rates by 20-25 bps and bulk term deposit rates by 10-20 bps across tenors

  • Shares of Cholamandalam Investment & Finance Company (up 2.08 per cent), ICICI BankNSE 1.05 % (up 1.67 per cent), Power Finance CorporationNSE 1.20 % (up 1.47 per cent) and HDFC Life Insurance Company (up 1.42 per cent) were trading in the green.

  • Shares of Sun Pharmaceutical Industries (up 1.21 per cent) , Aurobindo PharmaNSE 1.02 % (up 0.73 per cent) , Piramal EnterprisesNSE 0.52 % (up 0.53 per cent) and Cipla (up 0.44 per cent) were trading higher.

  • As many as 24 stocks in the Sensex pack were trading in the red with Tata MotorsNSE 0.54 % falling the most — 2.50 per cent. It was followed by Maruti Suzuki (down 2.03 per cent), HCL Technologies (down 1.13 per cent) and Hero MotoCorp (down 1.13 per cent).

  • Sensex drops 180 pts, Nifty slips below 10,900; Equitas tanks 10%; Eveready jumps 4%

  • Bank, FMCG stocks give Sensex 164-pt lift, Nifty tops 11,000; YES Bank climbs 4%, Maruti 3%.

  • Smallcap and midcap indices of the BSENSE 2.42 % have tumbled up to 15.42 per cent so far this fiscal, taking bigger hit when compared to their blue-chip peers.

  • The S&P BSE smallcap index has dropped 2,317.4 points or 15.42 per cent so far this fiscal and midcap index has tanked 1,985 points or 12.82 per cent.

  • “The trend clearly indicates the formalisation of the economy,” said SK Ghosh, group chief economist at State Bank of IndiaNSE 1.48 %. “As many in this lowest segment of the economy now have bank accounts, they are borrowing from the formal sector.”

  • The country’s largest lender State Bank of IndiaNSE 1.48 % (SBI) remained the biggest prey to frauds with 38 per cent share, Neemuch-based activist Chandrashekhar Gaur told on Sunday quoting an official of the RBI who furnished him replies to his RTI application.

  • After SBI, Allahabad BankNSE 0.45 % faced the heat with 381 cheating cases involving Rs 2,855.46 crore. Punjab National BankNSE 2.12 % stood third in the list with 99 sham cases worth Rs 2,526.55 crore.

  • Traffic violations could soon increase your motor insurance premiums. IRDAI sets up working group to examine linking of motor insurance with traffic violations

  • Andhra Bank has announced the opening of Sovereign Gold Bond Scheme 2019-20 Series-IV notified by Government of India for public subscription. The subscription will be open at all its branches spread over the country from September 9 to 13, 2019.

  • In order to achieve India’s vision of a USD 5 trillion economy and 8 per cent GDP growth, significantly higher contribution by mining sector in gross domestic product would be required.

  • The government is in the process of rolling out a new tariff policy and UDAY 2.0 to address the issue of losses of discoms, which is the “only difficulty” in ensuring round the clock electricity supply for all, Power Minister R K Singh said.

  • Markets regulator Sebi is likely to give approval to Deutsche Bank by next month to operate as a custodian in the commodities space, a move which will enable participation from institutional investors, including mutual funds and portfolio management service providers, in such segment.

  • Six of the 10 most valued domestic firms suffered a combined erosion of Rs 87,973.5 crore in market valuation last week, with TCS and HDFC taking the biggest hit.

  • Reliance Industries Ltd (RIL), HUL, ITC and ICICI BankNSE 0.60 % were the other firms which witnessed a drop in their market capitalisation (m-cap), while HDFC BankNSE 0.48 %, InfosysNSE 0.73 %, Kotak Mahindra BankNSE 2.23 % and State Bank of IndiaNSE 0.24 % (SBI) were on the gainers’ side.

  • The m-cap of Tata Consultancy ServicesNSE -0.80 % (TCS) tanked Rs 22,664.4 crore to Rs 8,24,642.82 crore and that of HDFC plunged Rs 21,492.9 crore to Rs 3,52,367.54 crore.

  • As India prepares to analyse troves of Swiss banking details of its citizens, a large portion of the first tranche of data being shared by Switzerland under an automatic information exchange framework this month relates to accounts that have been already closed due to fear of action, bankers and regulatory officials said.

  • Markets regulator Sebi is working on a mobile app for e-voting by retail investors of listed companies to facilitate greater participation in management proposals, especially those related to corporate governance.

  • Bank Of India Revises Fixed Deposit Interest Rates. On maturity periods such as 31-45 days and 46-60 days, the bank is offering an interest rate of 4.25% and 5.50% respectively to the general public.

  • The key reason is IT is seen as a defensive sector,” said Gaurav Dua, senior vice-president and head of capital market strategy & investments at Sharekhan by BNP ParibasNSE 6.35 %.

  • Though the quarter one results were not great, the commentary on the growth wasn’t bad at all. InfosysNSE 0.73 % actually upgraded its guidance. The rupee is also helping,” said Dua.

  • PSU bank mergers: Customers of which banks are likely to be impacted and how. Retail customers including account holders of amalgamating banks are likely to get affected.

  • If Prime Minister Narendra Modi’s government can extend Parliament session to abrogate Article 370, solving the problem of the auto industry which is facing a slowdown is a “minor” thing, Union minister Arjun Ram Meghwal said on Friday.

  • The Indian automobile industry has been going through one of the longest slowdowns for nearly a year and have reached out to the government for support, including a demand to reduce GST on vehicles to 18 per cent from 28 per cent.

  • The WeWork IPO comes at a critical time for SoftBank, which is currently trying to convince investors to bankroll a second $108 billion iteration of its Vision Fund.

  • The Reserve Bank of India (RBI) has taken action against Equitas Small Finance Bank (ESFB) for failing to meet the deadline for getting its shares listed. The central bank has barred the lender from opening any new branches and has also frozen the salary of the CEO.

  • SoftBank is closely evaluating the mobility sector in India, including the two-wheeler mobility space, multiple people familiar with the matter told ET, as the Japanese investment powerhouse scouts for the next phase of innovation after ride hailing.

  • India’s retail inflation rate eased slightly in July, staying below the central bank’s 4 per cent medium-term target for a 12th straight month, strengthening views that there will be a policy rate cut in October.

  • Unified Payments Interface (UPI) Transactions Jump Six Times In 2019-18. The number of UPI transactions increased to 535.34 crore in 2018-19, from 91.52 crore the previous year.

  • Oriental Bank Reveals Loan Exposure To Nirav Modi, Mehul Choksi. Oriental Bank has issued notices declaring the duo and their companies as ‘Willful Defaulters‘ for loan amounts, totaling to around Rs. 289 crore.

  • Banks Unlikely To Reduce Lending Rates Despite New Rules. The RBI late on Wednesday ordered all banks to link certain loans to the external benchmark based interest rate from October 1.

  • Shares of PSU banks were trading in the positive zone in Friday’s morning session. Shares of Canara Bank (up 2.06 per cent) , Union Bank of IndiaNSE 1.01 % (up 1.28 per cent) , State Bank of IndiaNSE 0.24 % (up 1.19 per cent) and Jammu & Kashmir Bank (up 1.01 per cent) were trading with gains.

  • Bank of India (up 0.94 per cent) , Indian Bank (up 0.93 per cent) , Punjab National Bank (up 0.49 per cent) and Oriental Bank of Commerce (up 0.46 per cent) too were trading higher.

  • Shares of Private Banks were trading on a mixed note in Friday’s morning session. Shares of Axis Bank (up 1.34 per cent), IndusInd Bank (up 0.83 per cent), Kotak Mahindra Bank (up 0.59 per cent) and ICICI Bank (up 0.45 per cent) were among the top gainers in the index.

  • While YES Bank (down 1.29 per cent), RBL Bank (down 0.84 per cent), DCB Bank (down 0.45 per cent) and HDFC Bank (down 0.33 per cent) were among the top losers. The Nifty Private Bank index was trading 0.31 per cent up at 14,996.95

  • Some old names in Indian banking are going to be history soon. Lenders like Oriental Bank of Commerce, Syndicate BankNSE -0.79 % and Allahabad BankNSE -1.05 %, which have been part of the Indian banking landscape for decades, and in the case of the latter, for more than 150 years, will pass into history.

  • Shares of Yes BankNSE -2.50 % rallied 4.12 per cent to Rs 61.90 on Thursday after the lender arrived at a settlement with market regulator Sebi in a case related to alleged disclosure lapses to the stock exchanges.

  • Yes Bank, along with its compliance officer, has paid a total amount of Rs 66 lakh towards settlement charges. In February this year, Yes Bank had told stock exchanges that it had ‘nil’ divergence, and as a result the stock jumped from Rs 169.45 to Rs 219.

  • RegTech startup Signzy said it had partnered with blockchain startup, Primechain Technologies, to co-develop artificial intelligence-based solutions for banks and financial institutions.

  • Canara BankNSE 0.08 % and Union Bank of IndiaNSE 1.01 %, which are part of a merger plan announced by the government, have seen the yields on their rupee bonds fall as much as 7 basis points this week, according to pricing data provided by Crisil.

  • The Reserve Bank of India is not in favour of banks buying out insurance companies — they will not be able to acquire more than 30 per cent stake in insurance companies at one go.

  • The benchmark indices, the Sensex and the Nifty, surged in late session, to close 0.9 per cent higher on Friday.

  • The Sensex finished at 36,981, up 337 points or 0.92 per cent higher, while the Nifty closed at 10,946, up 98 points or 0.91 per cent firmer.

  • The top gainers on the Sensex were Tech Mahindra (up 3.77 per cent), Maruti (3.61 per cent), Axis Bank (3.35 per cent), Tata Steel (2.99 per cent ) and NTPC (2.96 per cent). The laggards were YES Bank, Sun Pharma, HCL Tech, TCS and Hindustan Unilever.

  • PNB Shares Rise Over 3% After Moody’s Upgrade. PNB share: On August 30, Finance Minister Nirmala Sitharaman announced that PNB will be merged with Oriental Bank of Commerce (OBC) United Bank.

  • Centre sensitive to slowdown in auto sector: Maruti Suzuki. The government is sensitive towards the slowdown in the auto industry, a senior Maruti Suzuki official said on Thursday. The government is sensitive towards the slowdown in the auto industry, a senior Maruti SuzukiNSE 2.37 % official said on Thursday.

  • Government lining up big-ticket reforms to energise Indian power sector. The coming set of reforms is potentially the biggest since the enactment of the Electricity Act of 2003.

  • Shares of YES Bank (number of shares traded: 0.14 crore) , ICICI BankNSE -2.14 % (number of shares traded: 0.12 crore) , PNBNSE 2.00 % (number of shares traded: 0.11 crore) , High Ground (number of shares traded: 0.11 crore), Vodafone Idea (number of shares traded: 0.10 crore) , SAIL (number of shares traded: 0.09 crore) , JSPL (number of shares traded: 0.08 crore) , JP Power (number of shares traded: 0.08 crore) and Vedanta (number of shares traded: 0.06 crore) also featured among the most trad.

  • PNB board approves amalgamation with OBC, United Bank. The board meeting held on Thursday followed the finance ministry asking the three banks to consider the proposal of amalgamation, PNB said in a regulatory filing.

  • The board of Punjab National BankNSE 2.00 % (PNB) has given in-principle approval for amalgamation of Oriental Bank of CommerceNSE -2.18 % and United Bank of IndiaNSE -1.97 % with PNB.

  • The Reserve Bank of India (RBI) has made it mandatory for banks to link loans to retail customers and Micro, Small and Medium Enterprises (MSMEs) to external interest rate benchmarks in a big push to make transmission of monetary policy more effective. Ho

  • Share market update: Bank shares slip; ICICI Bank down over 1%. The Nifty Bank index was trading 0.19 per cent down at 27,073.25

  • Shares of ICICI Bank (down 1.55 per cent) , RBL BankNSE -0.92 % (down 0.88 per cent) and State Bank of IndiaNSE -0.65 % (down 0.71 per cent) were the top losers in the index. Bank of Baroda (down 0.70 per cent), Kotak Mahindra Bank (down 0.53 per cent) and IndusInd Bank (down 0.05 per cent) too were trading lower.

  • In a strong message to the auto sector, Asia’s richest banker Uday Kotak today said Indian auto industry should get ready for structural changes as cars are no more an aspiration as they once were.

  • RBI makes it mandatory for banks to link lending rate to external benchmark. Banks now don’t have any excuse to not pass on rate cut benefits to consumers.

  • The amalgamation of 10 public sector banks into four seems to have taken a political turn with bank staff associations seeking the intervention of West Bengal Chief Minister Mamata Banerjee. The two Kolkata-headquartered banks, Allahabad Bank and United Bank of India, have reached out to the CM.

  • LIC has lost ₹17,000 crore in PSBs in a year; mergers could worsen erosion

  • Crisis Among Shadow Banks Pushes Up Funding Costs Overseas. India’s slowest economic growth in six years has prompted predictions for deeper interest-rate cuts.

  • Services Growth Slows In August On Weaker Demand. Country’s economy grew at an annual rate of 5.0 per cent last quarter, its slowest in more than six years.

  • Amid Growth Plunge, Why There’s An Almost 7% Rise In Power Demand. Data on Friday showed GDP expanded 5 per cent in the three months through June from a year earlier, the slowest pace since March 2013.

  • India May Have Entered ‘Quasi-Recession‘ As Growth Slumps. Official data on Friday showed that gross domestic product in Asia’s No. 3 economy grew 5 per cent in April-June from a year earlier.

  • Auto Stocks Extend Losses On Weak Sales Numbers, Tata Motors Dips Over 5%. Ashok Leyland, Tata Motors, Maruti Suzuki and Mahindra & Mahindra were the top losers on the Nifty Auto index.

  • In largecaps, retail financials backed by retail liability franchise, oil and gas, property, power utilities are the sectors we would bank on in terms of recommending an overweight position right now, says Gautam Chhaochharia, Head of India Research, UBS.

  • The blue-chip CSI300 index rose 0.8 per cent, to 3,886.00, while the Shanghai Composite Index ended up 0.9 per cent, at 2,957.41.

  • Uco Bank as regional bank causes heartbreak in United Bank of India. Uco Bank is, however, a bigger bank with 3088 branches and Rs 3.11 lakh crore business mix compared with UBI’s 2055 branches and Rs 2.06 lakh crore business. The choice of Uco BankNSE -1.32 % as the regional bank for the east has raised many eyebrows as the United Bank of India (UBI).

  • Slowdown has no bearing on power sector, growing at almost 7 %. “Our power demand has also grown at 6.7 per cent in the last quarter (April-June) compared to previous quarter.

  • Share market update: Bank shares slip; IndusInd Bank dips over 2%. The Nifty Bank index was trading 0.03 per cent up at 26,831.85.

  • Bank shares were trading in the negative zone in Wednesday’s morning session. Shares of IndusInd Bank (down 2.53 per cent), IDFC First BankNSE -0.70 % (down 1.74 per cent) and YES BankNSE 1.19 % (down 0.85 per cent) were trading in the red. Federal Bank (down 0.68 per cent), Axis Bank (down 0.30 per cent) and Punjab National Bank (down 0.17 per cent) too were trading lower.

  • Share market update: PSU bank shares gain; J&K Bank rises 3%. The Nifty PSU Bank index was trading 1.19 per cent up at 2381.85. Shares of PSU banks were trading in the positive zone in Wednesday’s morning session.

  • Shares of Jammu & Kashmir Bank (up 2.90 per cent) , Union Bank of IndiaNSE 0.19 % (up 1.87 per cent) , State Bank of IndiaNSE 2.50 % (up 1.36 per cent) and Punjab National Bank (up 1.35 per cent) were the top performers in the index.

  • Bank of Baroda (up 1.31 per cent) , Indian Bank (up 1.22 per cent) , Central Bank of India (up 0.80 per cent) and Allahabad Bank (up 0.60 per cent) too were trading higher.

  • PSBs were sub par in size and this merger will help them,” said Arundhati Bhattacharya, former chairman, State Bank of India (SBINSE 2.50 %).

  • ICICI BankNSE -4.27 % has set the target for retail loan disbursement at Rs 4,900 crore in Uttar Pradesh for 2019-20, marking a growth rate of 23 per cent over the last year, a senior bank official said on Tuesday.

  • State-owned Indian BankNSE -11.68 % expects to complete the merger with Allahabad BankNSE -5.95 % by the end of current fiscal, a top official said.

  • Opposing the merger of banks, officers associations of various banks will meet in the national capital on September 5 to chalk out the future course of action, a top official of All India Andhra BankNSE 1.02 % Officers Association said here on Tuesday.

  • Finance Minister Nirmala Sitharaman last week announced the merger of Oriental Bank of Commerce and United Bank with Punjab National BankNSE -8.47 %, Syndicate BankNSE -1.08 % with Canara Bank, while Andhra Bank and Corporation Bank will merge with Union Bank of India.

  • Indian Bank will be merged with Allahabad BankNSE -5.95 %, making it the seventh largest state-owned bank. Andhra Bank is the second city-based bank which will lose its geographical identity.

  • India’s core sector output remained weak in July, with growth slowing to 2.1% from a year earlier, as production of coal, crude oilNSE -3.35 %, natural gas and refinery products declined, the government said on Monday.

  • The Department of Financial Services has asked heads of all state-run banks to initiate the process of reforming their boards in line with governance changes announced by finance minister Nirmala Sitharaman on Friday as part of the mega banking reform package.

  • State-owned Indian BankNSE -11.68 % expects to complete the merger with Allahabad BankNSE -5.95 % by the end of current fiscal, a top official said.

  • Cabinet Clears Rs. 9,300-Crore Capital Infusion In IDBI Bank; Shares Jump. The Cabinet cleared the IDBI Bank recapitalisation plan with a one-time infusion by the government and LIC, Union Minister Prakash Javadekar said.

  • Banks may take 3 years for tech merger. Banks may take 2-3 years to standardise core technology, products and customer applications.

  • View: Bank mergers and minor policy changes won’t revive economy. Simply freezing lending by the worst banks was never a long-term solution for the economic slowdown.

  • Willing to address sectoral grievances: Nirmala Sitharaman. A week back, Sitharaman announced the infusion of Rs 70,000 crore of capital into public sector banks to improve lending and enhance the liquidity situation.

  • Finance Minister Nirmala Sitharaman on Sunday allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be removed following the amalgamation.

  • ECL Finance Limited, a subsidiary of Edelweiss Financial Services Limited and Central Bank of India (CBI)have signed an agreement for Priority Sector Lending to Micro, Small and Medium Enterprise (MSME) customers.

  • There Won’t Be Single Job Loss Due To Banks‘ Merger: Nirmala Sitharaman. The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger lenders.

  • PAN and Aadhar card. Representational Image. – Representational Image. PAN and Aadhaar, both will continue: Revenue Secretary Soon, Tax Dept to send SMS on 18 types of high-value transactions
    According to a CBDT notification, a person who furnishes Aadhaar, as they do not have PAN, shall be deemed to have applied for allotment of PAN.

  • The Life Insurance Corporation (LIC) on Sunday said its assets have grown to over Rs 31.11 lakh crore, mainly helped by a bouquet of 32 plans under individual business.

  • The Reserve Bank of India may need to sterilise the liquidity that will eventually find its way into the financial system once the government starts spending the staggering ₹1,76,051 crore surplus which was approved to be transferred by its central board last week.

  • Market share of the insurer rose to 73.1 per cent. The Life Insurance Corporation (LIC) on Sunday said its assets have grown to over Rs 31.11 lakh crore, mainly helped by a bouquet of 32 plans under individual business.

  • Interest cover of 318 firms in Nifty 500 basket shrinks to 3.99 times in 2018-19. There has been a deterioration in the ability of India’s top listed companies to repay loans.

  • After ‘Hyderabad‘, now ‘Andhra‘ to slip into banking history. The Centre’s decision to merge Andhra Bank with Union Bank of India and Corporation Bank will snap the emotional link the people of Andhra Pradesh and Telangana had with this 96-year-old bank.

  • Federal Bank to link savings deposit rate to external benchmarks. The Federal Bank said from September 1 its savings deposits up to Rs 2 lakh will earn interest in tandem with the repo rate.

  • SBI Card to soon issue Rupay credit cards: CEO Hardayal Prasad. RuPay is the first-of-its-kind domestic debit and credit card payment network of India developed by National Payments Corporation of India (NPCI).

  • View: Bank mergers and minor policy changes won’t revive economy. Simply freezing lending by the worst banks was never a long-term solution for the economic slowdown.

  • Era of Swiss bank secrecy over, Govt to get details from September

  • Economic slowdown just got more pronounced with June quarter GDP print coming in at 5 per cent. This adds to worries already plaguing the domestic stock market.

  • M&M to acquire 55% stake in Meru for cash consideration of up to Rs 201.5 crore. After picking up a significant stake in Zoom car, Mahindra & Mahindra has picked up a majority 55% stake in Meru cabs for a cash consideration of Rs 201 crore in a bid to participate in the growing shared mobility space.

  • Sebi bets on data analytics, new generation tech to address market challenges. Continuing its efforts to bolster supervision and identify non-compliance, regulator Sebi plans to deploy data analytics and new generation technologies to deal with various challenges in the market.

  • Finance minister Nirmala Sitharaman said that the government will continue to promote use of electric vehicles but not at the cost of other vehicles which will continue to have their due market share.

  • Foreign investors pulled out a net amount of Rs 5,920 crore from the Indian capital markets in August even as the government rolled back enhanced surcharge on FPIs last week.

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