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CURRENT AFFAIRS FOR SYNDICATE BANK PO EXAM

The Centre Government  today announced that it would infuse over Rs 88,000 crore as capital in PSBs this fiscal, including Rs 80,000 Crore through recapitalisation bonds and Rs 8,139 crore as budgetary support. “This plan addresses the regulatory capital requirement of all PSBs and provides a significant amount towards growth capital for increasing lending to the economy,” said Finance Minister Arun Jaitley.
-Business Line

The capital infusion plan for 17-18 includes ₹80,000 Cr through recapitalisation bonds and ₹8,139 crore as budgetary support. The bonds are to have a maturity period of 10-15 years and would be issued in 6 tranches. They will be non-SLR and non-tradable bonds priced at a 3-month average plus a certain spread decided by the Govt. The reform plan sets a goal of ‘Enhanced Access and Service Excellence (EASE)’ and the 6 pillars to achieve this include customer responsiveness, responsible  banking,  credit offtake, PSBs as Udyami Mitra, deepening financial inclusion, and digitalisation and developing personnel.
-The Hindu

The government reiterated that the capital infusion for the PSBs would be contingent on performance. It said that the wholetime directors of the PSBs would be assigned theme-wise reforms to oversee. Their performance on the themes would be evaluated by the boards of the banks. The government also said that it would hire an independent agency to conduct a survey of the PSBs on the aspects of EASE to measure public perception about improvements in access and service quality. The recapitalisation and reform agenda includes a commitment to banking services within five km of every village, a refund within 10 days of any unauthorised debit in electronic transactions, a mobile app designed to locate banking outlets, and a mobile ATM in every  in every under-served district.
-The Hindu

 Finance Minister Arun Jaitley today said the government decision on  privatisation of IDBI Bank stands and it will be implemented at the right time.
-Economic Times

Canara Bank  net profit plunged 61%  to Rs 126 crore in its third quarter financial results ended Dec 31, 2017, due to higher provisions for NPAs. The net profit stood at Rs 126 crore for the quarter ended Dec 31 compared with Rs 322 crore a year ago, the bank said. "The net profit has declined to 61%, mainly because of ageing provision on the treasury. Hence we had to make Rs 74 crore provision on treasury bonds which affected decline in profits," Canara Bank MD and CEO Rakesh Sharma told reporters. "However, it is only a provision. Let us see how the yields move in the next quarter. Accordingly, we will take a view to make adjustments," he told  after announcing the results here
-Moneycontrol.com

Vijaya Bank today reported a 65.45% decline in net profit at Rs 79.56 crore for the third quarter ended on Dec 31, 2017, due to the rise in provisions. The bank had posted a net profit of Rs 230.28 crore in the Oct-Dec quarter of the 2016-17 fiscal.
-Business Line

RBL Bank has reported a 28% year-on-year (y-o-y) increase in third quarter net profit at ₹165 crore against ₹129 crore in the year-ago period.
-Business Line

ONGC has borrowed Rs 4,000 crore from ICICI Bank on top of over Rs 18,000 crore it has taken from 3 other banks to part finance its Rs 36,915 crore acquisition of HPCL. Sources said ICICI Bank has extended 1-year loan to ONGC to fund the acquisition of government's 51.11% stake in Hindustan Petroleum Corp Ltd (HPCL).
-Economic Times

State Bank of India  chairman Rajnish Kumar
backs government's move to specially monitor loans of over Rs 250 crore. Notably, SBI will get Rs 8,800 crore as part of the road map to improve the functioning of PSBs.
-Economic Times

Banking sector may require up to Rs 89,000 crore of capital towards incremental provisioning for advances while transiting to the new accounting system Ind-AS, says India Ratings and Research said in a note today. The provisioning required for migration to Ind-AS along with asset quality overhang and Basel III transition would surge capital consumption by banks especially PSBs.
-Economic Times

The percentage of banks reporting a rise in NPAs in July-Dec last year has reduced significantly, indicating stability in credit environment, according to the latest round of the Ficci-IBA survey drew responses from 19 public sector, private and foreign banks.
-Economic Times

Banks must accept and use blockchain, the technology behind Bitcoin and other cryptocurrencies, to expand their business rather than fighting its development and spread, Amarendra Sahoo, former Chief General Manager and  Regional Director at RBI, has  said.
-Moneycontrol.com

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