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Public sector banks will embark on second round of 2-day bottom-up ideation exercise beginning Thursday for further streamlining the banking sector to help the nation become a USD 5 trillion economy in 5 years. The second leg of the month-long campaign will be inter-bank and will be held at state-level as per the direction of Department of Financial Services, Ministry of Finance. The first round was focussed at branch level and suggestions and ideas received from there will now be discussed at the state level from tomorrow, official sources said. -Economic Times Members of the RBI's Monetary Policy Committee at its rate review held on 7 August have agreed that supporting growth will remain their top priority in the midst of inflation remaining stable within the next 1 year, according to the minutes of the meeting released on today. -Livemint The Banks Board Bureau has invited applications for the post of MD & CEO in 4 leading PSBs — Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank. -Moneycontrol.com The IL&FS had not disclosed any NPAs for the last 4 years, the RBI has said in a report. The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT. -Economic Times SBI is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its Chairman Rajnish Kumar today. The platform is secure and will eliminate the requirement of using debit cards, Kumar said. -Business Line BookMyForex.com, a marketplace for foreign exchange and remittances, has partnered with YES Bank to launch a co-branded multi-currency forex travel card for Indian overseas travellers. BookMyForex will offer zero margin or exact inter-bank rates 24x7 on forex card sales. -Business Line SEBI today provided more teeth to rating agencies by allowing them to obtain details of borrowings and defaults by companies. It also announced rewards for whistle blowers and approved changes in norms prohibiting insider trading. -Economic Times SBI Cards and Payment Services Pvt. Ltd, the credit card subsidiary of SBI, invited investment banks and lawyers to act as advisers for its proposed IPO. -Moneycontrol.com The finance ministry has initiated a review of India’s free trade agreement framework to assess the impact of such pacts on the overall economy. The view has been gaining ground among policymakers and industry that these free trade agreements (FTAs) brought little tangible benefit to India, while helping the partner country. -Economic Times IL&FS has informed NCLT that in contravention of a NCLAT order, banks have debited about Rs 759 crore in the last 8 months for repayment on their dues which amounts to coercive creditor action. -Economic Times Parle Products Pvt Ltd, a leading biscuit maker, might layoff up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a Co executive said today. -Business Line The probe by the Enforcment Directorate in the money laundering case, involving former finance minister P Chidambaram, has been enlarged. It suspects his role in granting alleged illegal Foreign Investment Promotion Board clearances to at least four more business deals, apart from INX Media and Aircel-Maxis, and receiving multi-crore kickbacks through multiple shell firms, official sources said today. The CBI has issued a Look Out Circular P Chidambaram to prevent him from leaving the country, officials said. -Business Line USD/INR 71.55 SENSEX 37060.37(-267.64) NIFTY50 10918.70 (-98.30)
MPs, state legislatures, or local bodies such as municipal corporations cannot be on the boards of public sector banks. Also, partners of chartered accountancy firms engaged as statutory central auditors at any PSB cannot join the boards of these banks, RBI said in an updated circular on fit and proper criteria in PSBs. -Economic Times The RBI clarified that banks and NBFCs cannot impose foreclosure charges / pre-payment penalties on any floating rate term loan sanctioned, for purposes other than business, to individual borrowers with or without co-obligant(s). The RBI has done away with foreclosure charges /pre-payment penalties on all floating rate term loans sanctioned to individual borrowers with effect from May 7, 2014. -Business Line IMPS is gaining traction and the number of transactions rose to 19 crores in July even as the transaction value for UPI and the Centre’s flagship digital payment app BHIM continued to decline for the second straight month. According to data released by the NPCI, IMPS hit a record high in July in terms of value, too. As many as 18.92 crore transactions amounting to over ₹1.82-lakh crore were conducted through IMPS in July against 17.13 crore transactions worth over ₹1.73-lakh crore in June. -Business Line Clearcorp Dealing Systems India Ltd (Clearcorp), a wholly owned subsidiary of Clearing Corporation of India Ltd, will launch its forex trading platform, FX-Retail, for the customers of banks on Aug 5. The FX-Retail platform will provide an anonymous and order driven dealing in US Dollar (USD) / Indian Rupee (INR) currency pair for bank customers -- individuals, sole proprietorship firms, partnership firms and corporates, Clearcorp said in a statement. -Business Line Corporation Bank registered a net profit of ₹103.27 crore in the first quarter of 2019-20 as against a profit of ₹84.96 crore in the corresponding period of the previous fiscal, recording a growth of 21.55%. -Business Line SBI today said the RBI has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds. -Economic Times Oriental Bank of Commerce & Punjab National Bank today said the RBI has imposed a penalty of Rs 50 lakhs on them for non-compliance relating to reporting of frauds in the Kingfisher Airlines account. -Economic Times Bandhan Bank would open 187 new branches by the end of the current FY, taking the total number to 1,187, a top official said today. The bank would also open 340 doorstep service centres by 2019-20, MD & CEO Chandra Sekhar Ghosh said. -Economic Times Punjab & Sind Bank said it has declared NPA account Fairdeal Supplies Ltd as a fraud and has reported the matter to the RBI, it said in a regulatory filing. -Economic Times LIC Housing Finance reported an 8% increase in standalone net profit at ₹611 crore in the first quarter (Q1FY20) against ₹568 crore in the year-ago period. -Business Line Former RBI Governor Duvvuri Subbarao on Friday said that any government trying to “raid” the balance sheet of a central bank can be seen as a desperate move. -Business Line A spate of reforms undertaken by the Government has led to the current slowdown in the country, Amitabh Kant, the CEO of policy think-tank NITI Aayog, said. This came as a note of caution from the senior official as he was advocating a series of policy decisions to revive the economy. -The Hindu The country's forex reserves decreased by $727 million to $429.649 billion for the week ended July 26, led by a decline in foreign currency assets, RBI data showed on Friday. -Moneycontrol.com As the Rajya Sabha passed the Code on Wages, 12 Central Trade Unions, except the BMS, held protest across the country demanding the Centre to withdraw the proposed Labour Codes. Terming the 4 proposed codes anti-labour, the trade unions alleged that the Bills are being passed without any tripartite negotiations with trade unions, chambers of commerce and the Governments. They alleged that there is a conspiracy to take away the right to work for 8 hours and give the power to the State governments and the Centre to set working hours. -Business Line
It's official, the crypro market is still extremely immature and speculation-driven, and most investors are still completely unaware of the real-world utiliy Ripple has in the pipe for XRP. When bitconnect went up 100% yesterday and XRP is now under $.40, it is clear that the average Joe investor is simply throwing darts at a computer screen and or is chasing crypro-news reports like a dog chases a frisbee and has not yet discovered or researched big-daddy-XRP. And frankly, I'm fine with that; I actually prefer it that way. If the market blesses us with an opportunity to accumulate more XRP for less, before XRP's mighty hammer of utility drops, so be it. It'll be quite the awakening to many though, when the first bank starts using XRapid end of this year and dozens in 2019. And when SBI VC starts utilizing XRP to run their forex trading, pumping the volume, as well many of their consortium of 61 banks eventually running XRapid, many still won't even have a clue what's going on. When XRP overtakes BTC by market cap in 2019, off of sheer utility alone, your average investor will probably be blind-sided and still thinking XLM is "direct competition" to XRP. When a majority of the market is still focused on coinbase, who makes up only about 12% of the world's BTC exchange volume, and getting excited over them debating about possibly, maybe, hypothetically, adding some digital assets in the future, you know the market is still extremely uneducated to the potential of the XRP, that's real utility is right around the corner. And when you see news articles about BTC needing to go to $200k to perform the duty of word-currency, when we've all witnessed first-hand how BTC litterally becomes unusable as a currency at $20k, you know a majority of the market is still completely in the dark and has no idea that XRP is poised to be the digital bridge-asset to the world. But for the XRP holder, we're an informed lot, we've done our own research and have looked beyond the FUD. All the constant weekly, even daily good news for Ripple and XRP is just common knowledge and is another day in the life of an XRP investor. We know that big-daddy-Ripple is chugging away behind the scenes, like the little engine that could, building liquidity, adding XRP on exchanges as primary asset and base currency, getting ready to bring XRapid prime-time and making those sweet, sweet partnerships that will ultimately result in the increased utility of XRP. Let a majority of retail crypro investors put their hope and money in an asset that is litterally non-functional as designed, is controlled by China, and uses more power to secure the network than Greenland, smart money has done the research and knows which asset will be the ultimate champion. If the rest of the market fails to do their research and misses the boat, due to being distracted with chasing superficial pumps or buying into purposeful FUD, all it means it a chance for us, knowledgeable investors to accumulate more XRP for less as finances allow, while we wait for the real-world utility of XRP hit the fan. It might be a month, 3 months or a year but sooner than later the market will come to know XRP, and in a big way. And when that time happens, there is no time machine to go back to the days before the world came to recognize the power of the XRP. Boom, baby, BOOM BOOM!
Forex trade India defined as trading in foreign currency. Investors invest to take advantage of currency trading in the short and medium term. Indian exchanges like NSE, BSE, MCX-SX trade forex and forex trade India is legal, only if it is through registered Indian forex brokers. The main currency pairs are EURINR, USDINR, JPYINR and GBPINR. You can also trade with the help of brokers but they should have membership in mentioned exchanges.
How Does Forex Trading from India Work?
Forex trading is the same as equity trading. In forex trading exchange rate matters but in equity trading rate of shares matters. Further, investors can buy or sell their currency pair as per movement in currencies.
Some Examples To Understand Forex Trade India clearly:
Let’s take the dollar if you want to take the benefit of the growing dollar. You have to buy USDINR contract on the exchange at the present price. If the price of dollar increases then you can sell it to take the profit but if you sell it in decreased value then you lose some of your invested money.
An investor can square off their position whenever they want during the period of the contract. By selling currency future contract investor can short close their position.
The investor can take a similarly short and long position in EURINR, JYPINR or GBPINR.
Foreign currency trading is done with registered Indian brokers. The most common exchanges are the NSE (National Stock Exchange) and MCX-SX (Multi-Commodity Exchange). COMEX is used as regulators at the international level exchange. RBI and SEBI regulate currency market.
Some of the best Forex brokers:
SBI FX Trade
Risk In Forex Trading
Forex trade in India may not suit everyone and carries a high-level risk. Before investing in forex trading you should know your risk-carrying capacity, investment objectives and level of experience. If you are interested in forex trading then you should take advice from a financial advisor.
How Are Currency Prices Determined?
Various political and economic conditions are responsible for the change in currency prices. But, apart from these, international trade, interest rates, political stability and inflation are also responsible for currency prices. Many times governments also participate in the foreign exchange market to affect the value of their currency. They do this by lower or raise the price of their domestic market. These factors are highly responsible for currency prices. Must Read:SMALL FINANCE BANK IN INDIA Therefore if you know your objectives then you can make money by forex trade in India. Some examples of hard currencies are – the Euro, the US Dollar, the Japanese Yen, and the Pound. The central bank of the country like Federal Reserve Bank of US, Reserve Bank of India etc. issues the currency for every country. Some investors have a myth that only the US dollar in the base currency in currency trading. But it is not necessary you can use any currency as the base currency. So the investors who are looking for forex trade India should know their aims and then only invest in this.
Verona Pharma plc - American Depositary Share (VRNA)
ICU Medical (ICUI)
Vitamin Shoppe (VSI)
W&T Offshore (WTI)
Impax Laboratories (IPXL)
Weight Watchers International (WTW)
Integra Lifesciences (IART)
Wright Medical Group (WMGI)
Ituran Location and Control Ltd. (US) (ITRN)
Jazz Pharmaceuticals (JAZZ)
Zosano Pharma (ZSAN)
PRE-MARKET MOVERS: $MNK $M $PANW $DGAZ $ESV $DBVT $KSS $UVXY $VXX $DWT $FEYE ROCKET BOT - FINVIZ TOP GAINERS - FINVIZ TOP LOSERS Crypto Watch List: XRB BTC XLM LTC ETH WTC ETC OMG POE ICX FUN STEEM VEN GAS NEO XRP PPT SALT LEND XVG EOS SC ZCL COIN MARKET CAP - COINDESK NEWS - RISING/FALLING - COIN 360 HEATMAP Disclaimer: The opinions in this thread and forum are solely the opinions of the individual account holders and contributors. The info should not be regarded as investment advice or as a recommendation of any particular security. All investments entail risks. As with most things in life, caveat emptor.
Indian consumers appear to show zero loss of appetite for cash despite Government’s numerous efforts to wean them away from currency notes and get them to transact digitally. Currency in circulation in India in the fortnight to July 5 was Rs 21.1 lakh crore, as against Rs 18.7 lakh crore in the same period last year, translating into growth of 13%. -Economic Times Finance Minister Nirmala Sitharaman today said Government has de-registered 4 lakh shell companies as the Lok Sabha approved a bill seeking to tighten CSR norms and ensuring stricter action for non- compliance of the Co law regulations. Piloting the Companies Amendment Bill 2019, the minister said companies not spending the mandatory 2% profit on Corporate Social Responsibility (CSR) activites for a total period of 4 years will be required to deposit the amount in a special account. -Economic Times RBI Governor Shaktikanta Das has expressed concerns over the impact of stressed trade negotiations and rising geopolitical tensions on global economy while backed the building up of forex reserves by emerging economies as safe-guard against global contagion. -Economic Times Punjab National Bank today reported a net profit of Rs 1,019 crore as compared to a net loss of Rs 940 crore recorded in the same quarter last fiscal. -Business Line The New Delhi-based agri services solutions firm Sohan Lal Commodity Management (P) Ltd said today that it entered into an agreement with SBI for collateral management and warehousing services. As part of the pact, SLCM will act as custodian of the commodities that SBI has taken as a security against loans, said a press statement. -Business Line The South Indian Bank has achieved a net profit of ₹73.26 crore in Q1 of FY19, against ₹23.04 crore during the corresponding period of the previous year. The bank’s operating profit has also grown to ₹317.63 crore from ₹269.64 crore. -Business Line The Mumbai bench of the NCLT, on Thursday, put a stay on its own order which had allowed the government’s plea to prosecute IL&FS’ erstwhile auditor, Deloitte. -Business Line Union Home Minister Amit Shah received a dividend cheque of Rs 15.26 crore from the representatives of the Repco Bank, a multi state cooperative finance and development bank controlled by the Home Ministry. The Repco Bank is a multi state cooperative society established in 1969 by the Central Government for rehabilitation of repatriates from Myanmar and Sri Lanka, an official statement said. -Economic Times Indian authorities are concerned that WhatsApp’s payment service might share user data with group companies Facebook & Instagram, compromising the security, privacy and non-commercial information of its subscribers. The Government has asked the NPCI to look into the matter and ensure that user data collected through payment services such as WhatsApp and Google Pay is not shared, top officials said. -Economic Times Muthoot Finance has halted gold loan processing and disbursal in several branches for about 3 days from Thursday. The NBFC did not respond to a query on the likely impact of the halt in gold loan disbursal on its business. It may be noted that the RBI had said earlier this week that it was seeing ‘signs of fragility’ and that it was constantly watching 50 NBFCs, including large ones. -Business Line USD/INR 68.89 SENSEX 37882.79 (+51.81) NIFTY50 11284.30(+32.15)
Belarus’ Biggest Bank is ‘Working on’ Launching Its Own Cryptocurrency Exchange
According to a report by local news outlet BeITA, Belarusbank, the largest bank in Belarus, is considering the launch of its very own cryptocurrency exchange platform. The plans for the exchange were revealed by Viktor Ananich, the Chairman of Belrusbank’s board. Speaking with Belarus 1 TV channel, Ananich remarked:
“We are considering a possibility to establish a cryptocurrency exchange. We are working on it.”
For Belarusbank, Digitization is the Future The bank is looking to intensify its focus on digitization, and it is reportedly seeking ways to expand its range of services by forming alliances with various mobile service providers. In addition to the reported cryptocurrency exchange, BeITA also stated that the bank is in the process of issuing virtual cards soon. Ananich added, “Digitalization-related projects will be virtually exclusive in nature. However, at present, things are changing very fast, and we need to keep up with them.” Crypto-Friendly Belarus It is widely speculated that Belarusbank’s efforts will go on quite smoothly, especially considering that the government of Belarus already legalized cryptocurrency-related activities to be carried out in the country last year. President Alexander Lukashenko signed a presidential decree that introduced comprehensive legislation and allowed for the legalization of the crypto sector. The presidential decree, titled “On the Development of the Digital Economy” came into effect on March 28, 2018. To encourage the development of the digital economy in the country, the presidential decree provided legalization of crypto-related activities in the country and also introduced tax reliefs for crypto-based businesses, which will last till January 1, 2023. The Latest Bank-Backed Crypto Exchange Belarusbank’s efforts will be in similar style to that of Japanese financial services giant SBI Group. The financial services provider partnered with Denmark-based blockchain startup Sepior in October 2018. In a published press release, Sepior announced that SBI would by using its “threshold signature” wallet technology with its VCTRAADE exchange to ensure “on-line contents and transactions.” SBI Virtual Currencies, a subsidiary of SBI Holdings, launched VCTRADE in June 2018 and it became the first government-licensed and bank-backed cryptocurrency exchange. At its inception, VCTRADE provided support for XRP, although trading in Bitcoin (TC) and Bitcoin Cash (BCH) were announced later. Earlier this month, major crypto exchange Bitstamp announced its partnership with Swiss online bank Dukascopy to conduct Bitcoin transactions on behalf of the bank. The terms of the agreement state that clients will be able to make Bitcoin transfers to their accounts, convert them to fiat currency, and make trades on the Swiss Forex market. Such news can not but rejoice, because it can be a second wind for the entire cryptorink, for example, as Gamblica.
BEST BANK FOR CURRENT ACCOUNT IN INDIA – READ CAREFULLY
https://preview.redd.it/gfzi2wagvyd31.jpg?width=825&format=pjpg&auto=webp&s=601921ef69e2cc7f10b0accdbf7983db11b518f7 People who are a unit in business principally they need a accounting. Most of the banks provide differing types of current accounts. you'll be able to target your demand to settle on best banks for accounting. There area unit 2 most typically used accounts – bank account and accounting. Here, apprehend the most effective Bank For accounting In India, the newest list for you. Best Bank for accounting In India – options That Differentiate Overdraft facility More free transactions allowed Moreover, Interest-free account Minimum account balance starts from Rs.10,000 typically Unlimited deposit and withdrawal facility Allows direct payments victimization Doctor of Divinity, cheques and pay orders Must Read: AADHAR LINK TO BANK ACCOUNT- straightforward STEP BY STEP GUIDE Features And advantages Of accounting – Best Bank for accounting In India Zero-interest rate account The facility of draft and unsecured loans Also, Unlimited withdrawals from the house branch Can be operated by public and personal firms, people, proprietors, trusts, NGOs etc. Multiple direct payment facilities like demand drafts, free cheque leaves, pay orders, NEFT, RTGS etc. Types Of accounting – Best accounting In India Standard Current Account: It offers AN draft facility, cheque leaves, debit cards, SMS banking, internet banking, etc. and contains a monthly average balance demand. Single Column money Book: It permits transactions however doesn’t provide options like AN draft facility. It records daily transactions underneath separate credit and debit columns. Packaged Current Account: It offers packaged options like travel insurance and medical support. Premium Current Account: It offers premium offers, services and advantages with tailor- made options for its high-end customers. Foreign Currency Accounts: it's for businesses or people that need vast foreign currency transactions to be administrated often. Must Read: tax REFUND standing – ELIGIBILITY, PROCEDURE, ONLINE Which Type Of accounting Is appropriate For You? Basic current accounts area unit dealing accounts with zero interest rates and high minimum balance account needs. But, banks currently provide a spread of Current Accounts designed to fulfill completely different client needs. Examples like low or naught minimum balance account, draft facility, higher transactional capabilities and a relationship manager. you've got to match this account options to pick out the most effective banks for current accounts. Here is that the List Of ten Best Bank For accounting In India State Bank Of India SBI provides unlimited daily transactions with their services. It additionally offers draft facility that comes with a credit limit. Probably, SBI is that the best accounting for tiny business in India. Features And advantages Low account maintenance charges The convenience of straightforward money pickup facilities and money handling Free monthly statement Ease of SMS alerts Nomination facility offered Fastest Safest & Securest company net Banking SBI internet banking is incredibly straightforward to use HDFC Bank HDFC Bank offers a bunch of options on its current accounts. The freed from charges feature from it’s a home branch on money withdrawals, RTGS and NEFT payments and collections. Features And advantages Avail on non-cash services High dealing amounts Easy net banking ICICI Bank ICICI bank targets its customer’s needs into thought. Also, it offers special privileges, tailor-made offerings, free services and better free limits for daily transactions Features And advantages Unlimited transactions Free RTGS and NEFT transactions Free mobile alerts Also, an infatuated relationship manager user-friendly ICICI internet Banking Axis Bank Axis bank provides varied options to their customers. Also, there's AN choice of free money deposit up to Rs. two lakhs during a month reception branch and in non-home branch free money withdrawal up to Rs. 1 lakh. Features And advantages 500 cheque leaves free per month Free money deposit up to Rs. two lakhs during a month Minimum balance demand is Rs. 10,000 easy Axis internet banking Bank Of Baroda There area unit differing types of accounting offered in Bank of Baroda. Further, they provide money withdrawals in line with their customer’s needs. Features And advantages Based on the conception of PAY AS you employ 5 Non-ADC transactions area unit free per month Unlimited issue of cheque books Auto sweep / Reverse sweep feature offered Kotak Mahindra bank They focus to supply their best to their customers by their current accounts. Services, like retreating funds and issuance cheques area unit one amongst the most effective from this bank and it's one amongst the most effective banks for current accounts. Features And advantages Faster out-station cheque assortment Better Forex rates and economical trade services Cash management services Also, free cheque payments and assortment Free NEFT and RTGS through Kotak internet Banking HSBC Bank HSBC offers current accounts to its customers to fulfill their desires. Further, these accounts go together with several added advantages and options. Features And advantages No monthly account fee Exclusive access to offers and discounts Dedicated relationship manager Available draft service, subject to standing Yes bank It is a invasive public sector bank. affirmative bank provides many tailor-made accounting banking product to people yet as businesses. Features And advantages Free demand drafts across India Flexibility to extend the dealing limit Also, free cheque payments and collections and free money deposits Multi-city cheque books area unit provided Union Bank Union bank offers unlimited transactions to their customers. Its accounting comes with varied advantages and options, therefore their customers don’t face any downside. Features And advantages Unlimited payments Overdraft facility Upcountry cheque assortment facility Also, nomination facility IndusInd Bank The IndusInd bank has AN array of current accounts for giant company, businesses, importers and exporters and for niche industries. Therefore, one amongst the foremost vital advantages is that the shoppers will simply avail the draft facility. Features And advantages No limits on withdrawals Provides AN draft facility Also, Mobile banking and net banking facilities Must Read: ten BEST BANKS for private LOAN IN India Summary – Best accounting In India Therefore we tend to here mentioned a number of the most effective banks for current accounts in India. So, Current accounts have their own advantages. 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The Government has no proposal to increase the amount provided under the Pradhan Mantri Awaas Yojana, the Minister for Rural Development Narinder Singh Tomar informed the Rajya Sabha today. -Economic Times India’s financial system remains stable against the backdrop of improving resilience of the banking sector, even though the emerging trends in global economic as also geopolitical environment pose challenges, the RBI said. -Business Line The RBI is reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report (FSR). -Livemint The RBI today set an average base rate of 9.18% for non-banking financial companies and micro finance institutions to be charged from their customers for the quarter beginning July 1. “The applicable average base rate to be charged by non-banking financial companies and micro finance institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2019 will be 9.18%,” RBI said in a release. -Business Line In a staggering revelation indicating that Indian banks have been under-reporting frauds. The Data released by the RBI in its latest edition of the Financial Stability Report, suggests that nearly 40% of the under-reported frauds actually took place in 3 years between 2013 to 2016. -Economic Times Gross NPAs of NBFCs have risen from 5.8% in 2017-18 to 6.6% of their loans in 2018-19 even as net NPAs declined by 10 basis points from 3.8 to 3.7 per cent in the same period, the RBI’s Financial Stability Report has said. -Business Standard After taking a hit on account of loans to IL&Fs, Bandhan Bank will stay away from big corporate loans, and will remain focused on micro-loans in the short term, C S Ghosh, MD & CEO of the bank said. -Business Standard IndusInd Bank has now become 2.58% owner of micro -finance firm Satin Creditcare following allotment of 13.43 lakh equities against preference shares. -Economic Times United Bank of India (UBI) is targeting an NPA recovery of around Rs 4,000 crore in the 2019-20 fiscal on the back of a one-time settlement (OTS) scheme, a top official said. In the April-June quarter, the bank is expecting a recovery of Rs 300-400 crore, which would mainly accrue from the retailing sector, MD and CEO Ashok Kumar Pradhan said. -Business Line As per latest NPCI data, 33.5 million transactions worth Rs 9,000 crore happened over micro ATMs in May. The Aadhar-Enabled Payments Channel (AEPS), which falls under the broader category of micro-ATMs, has emerged as one of the fastest growing payments systems in the country, second only to the UPI system in terms of annual volume growth. -Economic Times The SBI today revealed the names of 10 new big-ticket firms from the pharmaceuticals, gems and jewellery and power sectors and also their top officials as it declared them 'wilful defaulters'. Mostly based in Mumbai, the outstandings from these loan defaulters are pegged at nearly 1,500 crore, and they have been served repeated reminders to clear their borrowings. -Livemint Bank of Maharashtra said it will raise up to Rs 3,000 crore equity capital through various modes, including follow-on public offer or preferential issuance of shares. The decision was taken at the bank's annual general meeting held on June 27, 2019. -Moneycontrol.com SIDBI has committed Rs 3,123.2 crore to 49 SEBI registered Alternative Investment Funds (AIFs), who in turn have invested Rs 1,625.73 crore into 247 startups, commerce and industry minister Piyush Goyal said today. -Economic Times In a first-of-its-kind initiative, a Jet Airways Employee Consortium and AdiGroup today announced a partnership to bid for 75% of the airline through the NCLT process, members of the consortium said. -Economic Times Union Minister for MSME Nitin Gadkari said that his vision is to increase MSMEs contribution to India’s GDP to over 50% from the current 29% and that for the Indian economy to scale the $5 trillion mark. -Economic Times PM Modi and US President Donald Trump Friday "aired" their concerns over the bilateral trade disputes and agreed for an early meeting of their commerce ministers to sort out the issues, a day after the US leader demanded withdrawal of the "very high" tariffs levied by India on American goods. -Economic Times India has received USD 1.81 billion FDI from China during April 2014 to March 2019, Parliament was informed Friday. -Economic Times India's foreign exchange reserve touched a life-time high of $426.42 billion after it surged by $4.215 billion in the week to June 21, RBI data showed. Forex reserves had scaled a record high of $426.028 billion in the week to April 13, 2018. -Livemint USD/INR 69.02 SENSEX 39394.64(-191.77) NIFTY50 11788.85(-52.70)
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