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Banking Awareness :: October 15, 2013

Small private bank stocks soar on RBI chief’s talk:
 Shares of small private sector banks were on song on the bourses on Monday after RBI Governor Raghuram Rajan indicated that rules for foreign banks to enter India, and even acquire existing banks, would be liberalized. Stocks of small private sector banks such as Karur Vysya Bank, Karanataka Bank, South Indian bank, Lakshmi Vilas Bank, City Union Bank and Federal Bank witnessed a huge surge in buying.

Inflation hits 7 – month high as food prices soar :
WPI – based inflation rose 6.46 percent to a seven-month high in September against 6.1 percent the previous month. Consumer Price Index based inflation rose to 9.84 percent in September from 9.52 percent in August. The government has also revised the July WPI – inflation reading to 5.9 percent from 5.75 percent.

IndusInd Bank net profit grows 32% in Q2:
Private sector lender IndusInd Bank posted a 32 percent year-on-year (y-o-y) rise in net profit at Rs 330.23 crore for the second quarter (Q2) ending September 30 due to growth in interest income and fee income. The core fee income grew by 32 percent to Rs 389.48 crore, while non-interest income grew by 30 percent to Rs 416.73 crore. The Current Accounts – Savings Accounts (CASA) ratio of the bank improved to 31.76 percent for the first six of the current fiscal compared with 27.98 percent in the same period previous financial year. Net interest margin for the current quarter was 3.65 percent as against 3.25 percent in the corresponding quarter of the previous financial year.

RIL first Indian firm to clock Rs 1-lakh-cr sales in a quarter :
Reliance Industries Ltd became the first company in the country to achieve quarterly turnover or sales of more than Rs 1 lakh crore in a quarter. Its turnover during the quarter stood at Rs 1, 06,523 crore, against Rs 93266 crore in the previous quarter.

Fraud against bank is offence against society:
Offences related to banking activities are not only confined to banks but have a harmful impact on their customers and society at large, the Supreme Court has said while asking courts not to show leniency to the accused in such cases. Such offences, including offences under Sections 420 (cheating), 471 (using forged document) have harmful effect on the public and threaten the well-being of the society. This fall under the category of moral turpitude committed by public servants and the accused should not be let off after refunding the money taken from the bank fraudulently. It set aside the Calcutta High Court order which had quashed the criminal proceedings against a bank employee and a private person after they refunded the amount to bank.

LIC HFL reduces home loan rates by 0.25 per cent:
Housing finance company LIC Housing Finance (LIC HFL) today said it has reduced home loan rates by 0.25 per cent with effect from October 15. The new rates on home loans are applicable up to November 30. LIC HFL is also offering lower processing fee during the period, a company press release said. An additional rebate of 0.25 per cent throughout the loan term is applicable after conversion to floating rate after the fixed period, the release said.

Countries avoid IMF unless they are desperate, RBI Governor:
RBI governor Raghuram Rajan has said that countries now go to the IMF only when they are desperate which, according to him, is a dangerous situation, because it would be politically very difficult for them to get anywhere very close unless they were desperate, Rajan said at an Institute of International Finance event on Saturday. "There's no way we are close to being a country in financial or economic crisis... There's not a chance we will go to the IMF for money in the next five years," he said at a debate on global economy on a private news channel. "We bought over $60 billion dollar gold last year- $60 billion accounts for three-fourth of our current account deficit. If the push comes to shove, we can pay the world in gold," Rajan added.
Banking Awareness :: October 15, 2013 Reviewed by Manohar Veera on 9:44:00 PM Rating: 5

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