Banking and Financial News as per Today's newspapers and media 07.08.2017
As many as 12 PSBs including PNB, Bank of India and Indian Bank have lined up plans for raising funds from markets to shore up their capital base to meet global risk norm, Basel III. About 6-7 lenders including Andhra Bank expect to close their capital raising plan by the end of the current fiscal, sources said. The remaining would raise funds through follow on public offer (FPO) or Qualified Institutional Placement (QIP) from the market during the course of the next fiscal, they added.
-Economic Times
There is no need for central government employees to visit banks to start pension as their copy of the PPO will be handed over to them at the time of retirement, the Personnel Ministry has said. Citing existing rules in this regard, the ministry, in a recent order issued to all Central Govt departments has said, "The pensioner is no longer required to visit the bank to activate the first payment of pension."
-Economic Times
Come September, Punjab National Bank (PNB) customers will have to pay charges for depositing cash above ₹ 5,000 in a non-base branch even if it is located in the same city, PNB said in a communication to customers. Currently, the customers are levied charges only for depositing cash over ₹ 25,000 at a non-base branch within the same city.
-Business Line
Indian Bank is looking to bring down its gross NPAs to below 5% by March from over 7% in the June quarter on the back of better recoveries, upgrades and write-offs, Kishor Kharat, MD and CEO told.
-NDTV Profit
Noted economist Rajiv Kumar will be the next Vice-Chairman of NITI Aayog, which is a think-tank that replaced the Planning Commission. He will succeed Arvind Panagariya, who had recently quit as Vice Chairman of Niti Aayog
-Business Line
Switzerland found India's data security and confidentiality laws "adequate" for entering into an automatic exchange of information pact, which will open a continuous access to details about alleged black money hoarders in once-all-secret Swiss bank.
-Economic Times
The external value of the Indian rupee currently supersedes its internal strength and the resulting mismatch is hurting exporters, whose competitive edge gets hit with the declining value of the dollar vis-a-vis the rupee, industry lobby Assocham said today.
-Economic Times
Tightening its disclosure norms for listed companies defaulting on loans taken from banks and other financial intuitions, regulator SEBI today asked firms to make such information public within one working day. This would come into force from Oct 1, the SEBI said in a circular.
-Business Line
About 400 senior executives of Cognizant have accepted the co’s voluntary separation package (VSP), a move that the US-based co said, will help it save about $60 million annually. In May, the co had initiated a VSP, offering up to 9 months of salary as part of it to some of its top-level executives in the US and India.
-Financial Express
As many as 12 PSBs including PNB, Bank of India and Indian Bank have lined up plans for raising funds from markets to shore up their capital base to meet global risk norm, Basel III. About 6-7 lenders including Andhra Bank expect to close their capital raising plan by the end of the current fiscal, sources said. The remaining would raise funds through follow on public offer (FPO) or Qualified Institutional Placement (QIP) from the market during the course of the next fiscal, they added.
-Economic Times
There is no need for central government employees to visit banks to start pension as their copy of the PPO will be handed over to them at the time of retirement, the Personnel Ministry has said. Citing existing rules in this regard, the ministry, in a recent order issued to all Central Govt departments has said, "The pensioner is no longer required to visit the bank to activate the first payment of pension."
-Economic Times
Come September, Punjab National Bank (PNB) customers will have to pay charges for depositing cash above ₹ 5,000 in a non-base branch even if it is located in the same city, PNB said in a communication to customers. Currently, the customers are levied charges only for depositing cash over ₹ 25,000 at a non-base branch within the same city.
-Business Line
Indian Bank is looking to bring down its gross NPAs to below 5% by March from over 7% in the June quarter on the back of better recoveries, upgrades and write-offs, Kishor Kharat, MD and CEO told.
-NDTV Profit
Noted economist Rajiv Kumar will be the next Vice-Chairman of NITI Aayog, which is a think-tank that replaced the Planning Commission. He will succeed Arvind Panagariya, who had recently quit as Vice Chairman of Niti Aayog
-Business Line
Switzerland found India's data security and confidentiality laws "adequate" for entering into an automatic exchange of information pact, which will open a continuous access to details about alleged black money hoarders in once-all-secret Swiss bank.
-Economic Times
The external value of the Indian rupee currently supersedes its internal strength and the resulting mismatch is hurting exporters, whose competitive edge gets hit with the declining value of the dollar vis-a-vis the rupee, industry lobby Assocham said today.
-Economic Times
Tightening its disclosure norms for listed companies defaulting on loans taken from banks and other financial intuitions, regulator SEBI today asked firms to make such information public within one working day. This would come into force from Oct 1, the SEBI said in a circular.
-Business Line
About 400 senior executives of Cognizant have accepted the co’s voluntary separation package (VSP), a move that the US-based co said, will help it save about $60 million annually. In May, the co had initiated a VSP, offering up to 9 months of salary as part of it to some of its top-level executives in the US and India.
-Financial Express
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