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Video : Banking News 20 February 2016

Hello Everyone, From today on wards we will try to keep you updated on banking news as a video.

This is the first one in the series, we hope there would help you.

Your valuable comments will definitely the quality of news in coming days and any suggestions regarding the sit  is welcome.

The excerpts are

Busybees Logistics Solutions, which operates under 'Xpressbees' brand, has raised $12.5 million (nearly Rs 85.43 crore) funding from existing investors, including SAIF Partners, IDG Ventures India, NEA, Vertex Ventures and Valiant Capital.
Incubated by the founding team of Ratan Tata-backed, Xpressbees started operations in September last year. Xpressbees is an e-commerce logistics specialist company, providing reliable and fast logistics solutions to its partners. It delivers over 60,000 shipments daily.

The country's foreign exchange reserves rose by $347.2 million to $351.831 billion in the week to February 12, helped by an increase in foreign currency assets (FCAs), according to the Reserve Bank of India (RBI).

In the previous week, the reserves had surged by $2.332 billion to $351.484 billion in the reporting period.

Finance minister Arun Jaitley is likely to introduce some incentives in the budget that can make the life of the common taxpayer easy. These may include benefits for housing, healthcare and education and some steps to encourage savings and investment.

The finance minister is also expected to lay down a clear road map for implementing his earlier promise of lowering the corporate tax rate to 25%, while balancing this with the exercise of pruning exemptions and deductions for the corporate sector.

Higher level of stress loans is likely to significantly impact earnings and solvency profile of public sector banks over next 2-3 years, says an ICRA report.
"Credit profile of PSBs has worsened because of higher than anticipated stress, slower than expected pace of recovery and weak outlook for several credit intensive sectors," it said.

Manohar Veera

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