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The finance ministry is working on the capital infusion strategy for PSBs and an announcement to this effect will come soon, a senior finance ministry official said today. The funds infusion matrix as per the Indradhanus scheme is being given a final shape on the basis of representations from various banks for their capital needs, the official said.
-Economic Times

The RBI will shortly issue bank notes of denomination Rs 20 in Mahatma Gandhi series 2005 that will be similar in design to those currently in circulation. The new notes will be bearing inset letter 'S' in the number panel and signature of Governor Urjit R Patel, the RBI said in a notification today. Both the number panels will have inset letter 'S', the RBI said, adding that the design of these banknotes to be issued now is similar in all aspects to the Rs 20 banknotes in the same series issued earlier.

RBI will monitor foreign shareholding in Federal Bank and Sintex Plastics Technology so that it does not cross the upper limit of 74%. The boards of both the companies have passed resolutions to hike the limit of foreign investment to up to 74%, RBI said. Earlier, foreign investment in Federal Bank was 49% and that in Sintex Plastics was 24%.

The National Company Law Tribunal (NCLT) admitted insolvency proceedings against textile co Alok Industries, which owes about Rs 23,000 crore to a consortium of lenders. An application for insolvency was filed on June 29 by SBI which is taking the lead in recovering its Rs 3,772 crore loan to the co. The other lenders include Punjab National Bank, Bank of Baroda, IDBI Bank, Standard Chartered Bank and DBS Bank.
-Economic Times

Canara Bank's net profit in June quarter grew by 9.9% year-on-year to Rs 251.6 crore, but the higher provisions capped growth.It was driven by net interest income, other income and operating income. Net interest income increased 17.6% to Rs 2,713.2 crore from Rs 2,307 crore on year-on-year basis.  Non-interest income during the quarter shot up 33% to Rs 2,108.5 crore and operating profit grew by 36% to Rs 2,472.38 crore compared with year-ago quarter. Asset quality deteriorated further in the quarter ended June 2017 as gross NPA jumped 93 basis points to 10.56% and net NPA rose 76 bps to 7.09% on sequential basis. In absolute terms, gross NPA increased 10.1% sequentially to Rs 37,658 crore and net NPA rose 12.2% to Rs 24,301 crore in April-June quarter. Canara Bank said it has shifted securities from HTM (held-to-maturity) to AFS (available for sale) category amounting to Rs 6,187 crore in Q1.

Karnataka Bank Ltd is targeting a farm credit of ₹6,800 crore during 2017 - 18, constituting 18.09%of ANBC  as against the minimum regulatory requirement of 18%. Mahabaleshwara MS, MD and CEO of the bank, said that the bank had achieved its agriculture advance target of 18% in 2016-17, and it is confident of maintaining the achievement level in future.
-Business Line

Banks may have to incur significant losses in the process of resolving the mammoth bad loans, billed as bane for the country’s sluggish banking sector, according to the rating co CRISIL. Lenders may have to forget 60% of its outstanding dues or about Rs 2.4 lakh crore from top 50 stressed companies that could not repay their loans leading to insolvency battles, shows a CRISIL analysis. Total value of bad loans from that universe is about Rs 4 lakh crore. Out of those stressed companies construction sector holds one-fourth share of total bad loans. While the metal sector forms the highest share of sticky loans at 30% while the power sector is at 15%. The rest is segregated among other companies.
-Economic Times

Can Fin Homes said it plans to raise about Rs 6,000 crore by way of debt issuances. The Board of Directors at its meeting on July 21, will consider and approve raising of secured non-convertible debentures to the extent of Rs 6,000 crore on private placement basis, the company said in a BSE filing.

India has told UK authorities that all wanted Indians, including Vijay Mallya, will get equal treatment like any other prisoner in India and the facilities in its jails are no less than what European nations have, a senior official said. This was conveyed by Union Home Secretary Rajiv Mehrishi to his British counterpart  Patsy Wilkinson, the second permanent secretary in the British Home Office, during a meeting last week in London.
-Economic Times

The Union Cabinet today approved a plan to sell Government's stake in state-refiner HPCL to explorer ONGC. The Cabinet in a meeting approved selling 51% stake in HPCL to ONGC. The deal will be exempted from open offer.
-Economic Times

With privatization on the anvil,  Air India  chairman  Ashwani Lohani told employees to be ready for a complete change in work culture and that merit will get a "better deal".
-Times of India

Retirement fund body Employees 'Provident Fund Organisation (EPFO) has issued directions to its field offices to settle pension benefits to employees on the day of retirement itself, Labour Minister Bandaru Dattatreya said in a written reply to the Rajya Sabha.
-Deccan Chronicle

Employees who have got job on the basis of fake caste certificates are to be sacked from the Govt service, Union Minister Jitendra Singh said today.

A positive attitude gives you power over your circumstances instead of your circumstances having power over you.

tHANKS Mr/ Murali --BFIT

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